-- Posted Tuesday, 9 January 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $613.00 | +$5.60 |
Silver | $12.48 | +$0.21 |
XAU | 132.14 | -0.55% |
HUI | 312.79 | -0.64% |
GDM | 1004.91 | -0.65% |
JSE Gold | 2773.75 | -0.67% |
USD | 84.75 | +0.14 |
Euro | 130.04 | -0.15 |
Yen | 83.86 | -0.38 |
Oil | $55.64 | -$0.45 |
10-Year | 4.656% | -0.004 |
T-Bond | 112.125 | UNCH |
Dow | 12416.60 | -0.06% |
Nasdaq | 2443.83 | +0.23% |
S&P | 1412.11 | -0.05% |
The Metals:
Gold rose about $5 above $612 in Asia before it fell back near unchanged in London and dropped to as low as $605.60 in morning New York trade, but it then surged higher in afternoon trade and ended near its highs with a gain of 0.92%. Silver rose over 10 cents above $12.40 in Asia before it fell to as low as $12.14 in morning New York trade, but it also jumped higher in afternoon trade and ended near its highs with a gain of 1.71%.
Euro gold rose above €470, platinum gained $9 to $1,127, palladium gained $4 to $330, and copper gained roughly 6 cents to about $2.58.
Gold and silver equities fell over 2% in morning trade before they rebounded to about unchanged by early afternoon, but they then fell back off a bit into the close and ended slightly lower.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the Trade Balance for November expected at -$59.5 billion and at 10AM is the Wholesale Inventories report for November expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell to new 18 month lows under $55 in early trade on continued selling due to warm weather, but losses were pared to less than 1% by the close as traders prepared for tomorrow’s inventory reports.
The U.S. dollar index and treasuries remained near unchanged with no major economic data to act on, but the dollar did find small gains as the yen fell despite expectations of an interest rate hike by the Bank of Japan.
The Dow, Nasdaq, and S&P found gains in early trade as oil continued to fall, but all three indices then fell off heading into the afternoon on worries over earnings reports. Any weakness was short-lived, however, as an afternoon rally left the indices mixed and near unchanged by the close.
Among the big names making news in the market today were Alcoa, Apple, Sprint, Anheuser-Busch, D.R. Horton, LSE and Nasdaq, GE, and Supervalu.
The Commentary:
“Here and there I receive emails suggesting there are other market factors at work on the sell side other than The Gold Cartel. Of course! The point is that The Gold Cartel is a sophisticated trading operation. Think of how simple moving the gold market is compared to their other financial market maneuvers. They know when to push the buttons, etc., … it’s like shooting a rocket into a potential avalanche, which then becomes one. The snow roars down the mountain and The Gold Cartel is there to clean up the debris (buying gold as the funds sell).” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished up 5.6 at 615, 2.3 off the high and 7.8 up from the low.
March Silver closed up 0.235 at 12.595. This was 0.325 up from the low and 0.015 off the high.
The gold market seemed to be fortunate in holding together against periodic bouts of selling. In fact, the gold market mostly managed to weather a slight new high for the move in the Dollar without significant consequence. While the Press is trumpeting short covering buying interest it would seem like gold prices have begun to correlate with the energy market. While some players suggested that the President's speech on Iraq provided the trade with a flight to quality incentive that view wasn't widely embraced. In the end seeing the oil market recoil sharply from its lows and seeing the Dollar unable to hold its early highs probably discouraged some shorts and encouraged some bulls. It is possible that a modestly impressive up tick in the US weekly chain store sales figures mitigated some of the fear of slowing in the US and that in turn gave inflation players some hope.
Not to be outdone, the silver market managed a very impressive upward extension over the prior session and almost reached the highest close since January 4th. While the Press suggested that the gains were mostly short covering, other sources suggested that the funds were showing interest in the long side of the market and that certainly diversifies the bull theme a bit.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Hedge fund borrowing examined by U.S. and European regulators
William Pesek: Time for Asia to kick its strong-dollar habit
Butler and Friedman on silver's logic and dreams
Chavez to socialize Venezuela, shuts opposition TV, promises 'permanent revolution'
Thailand won't lift capital controls
Thank Goldman Sachs, not weather, for oil price plunge
The Statistics:
As of close of business: 1/08/2007
Gold Warehouse Stocks: | 7,530,907 | - |
Silver Warehouse Stocks: | 113,776,434 | + 299,304 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 453.08 | 14,566,908 | US$ 8,878m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.28 | 2,902,689 | US$ 1,783m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.57 | 339,598 | US$ 209m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,463 | US$ 200m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/8/2007 | |
Total Net Assets | $868,005,409 | Ounces of Gold
in Trust | 1,428,943.630 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/8/2007 | |
Total Net Assets | $1,490,563,524 | Ounces of Silver
in Trust | 122,091,233.400 |
Shares Outstanding | 12,250,000 | Tonnes of Silver
in Trust | 3,797.46 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Gold Fields’ (GFI) new head of its South African operations, New Gold’s (NGD) acquired surface rights, Fronteer’s (FRG) drill results, Seabridge’s (SA) new mineral resource estimate, Newmont’s (NEM) trial in Indonesia, Apollo gold’s (AGT) update, Taseko’s (TGB) raised bid for bcMetals, Impact’s (IPT.V) purchased silver concessions, and Pan American’s (PAAS) exploration program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +9.37% $1.75 |
2. New Gold | NGD +6.74% $7.69 |
3. Exeter | XRA +5.92% $1.79 |
LOSERS
1. Crystallex | KRY -8.48% $3.13 |
2. Northern Dynasty | NAK -8.47% $6.92 |
3. Gold Reserve | GRZ -8.41% $3.81 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Impact Acquires Seven Silver Concessions in Zacatecas - "A geological team has commenced field work on the four Zacatecas Venture properties with Yale Resources in December 2006 and will begin work on the 100% IMPACT properties in early 2007. These programs will include mapping and detailed sampling of the historic workings and old mine dumps as well as prepare for a multi-property drill program planned for first quarter 2007." More
- January 09, 2007 | Item | E-mail
Gen-X Resources Property Agreement Imminent - More
- January 09, 2007 | Item | E-mail
Rimfire Partners With Robert McEwen to Explore Alaskan Properties - More
- January 09, 2007 | Item | E-mail
Vault commences drilling Kirkland North - More
- January 09, 2007 | Item | E-mail
Taseko Raises Bid for bcMetals to $1.15, Drops Key Conditions - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announced today that it is raising its bid for the shares of bcMetals Corporation ("bcMetals") to $1.15 from $1.10 and that Taseko has dropped the litigation opinion condition, as well as the condition regarding the proposed joint venture between bcMetals and Global International Jiangxi Copper Company Limited ("Jiangxi"), from its bid." More
- January 09, 2007 | Item | E-mail
American Creek Intersects Bonanza Grade Gold and Silver at the Electrum Project - More
- January 09, 2007 | Item | E-mail
Newmont's Former Chief Geologist Joins Eaglecrest's Board - More
- January 09, 2007 | Item | E-mail
Patricia Mining Corp. Announces a Winter Exploration Program on its Edwards Gold Property - More
- January 09, 2007 | Item | E-mail
StrataGold announces appointment - More
- January 09, 2007 | Item | E-mail
Ontex Completes $130,000 Private Placement - More
- January 09, 2007 | Item | E-mail
Taranis Resources Inc. Closes Acquisition of Thor Property, Located Near Ferguson, Revelstoke Mining District, B.C. - More
- January 09, 2007 | Item | E-mail
Melkior Resources Inc. & Santoy Resources Ltd./Otish Mountain Uranium Joint Venture Announced - More
- January 09, 2007 | Item | E-mail
Campbell Resources Announces The Closing Of A Financing And The Reimbursement Of Debentures - More
- January 09, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Gain Roughly 1%