-- Posted Monday, 22 January 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $633.40 | -$2.00 |
Silver | $12.87 | +$0.06 |
XAU | 132.09 | -0.77% |
HUI | 315.04 | -1.02% |
GDM | 1013.88 | -0.75% |
JSE Gold | 2699.00 | +0.31% |
USD | 85.03 | +0.16 |
Euro | 129.50 | -0.13 |
Yen | 82.21 | -0.25 |
Oil | $51.13 | -$0.86 |
10-Year | 4.759% | -0.014 |
T-Bond | 110.9375 | +0.15625 |
Dow | 12477.16 | -0.70% |
Nasdaq | 2431.07 | -0.83% |
S&P | 1422.95 | -0.53% |
The Metals:
Gold remained near unchanged in Asia, fell a couple of dollars in London, and dropped to as low as $632.60 in early New York trade before it rose near $640 by about 10Am EST, but it then fell back off into the close and ended near its lows with a loss of 0.31%. Silver fell to $12.72 before it rallied to about $13.10, but it also fell off into the close and ended with a gain of just 0.47%.
Euro gold fell back under €490, platinum remained unchanged at $1,157, palladium remained unchanged at $339, and copper fell a couple cents to about $2.55.
Gold and silver equities remained near unchanged in morning trade and then fell over 1% in afternoon trade before they rebounded a bit, but they still ended with about 1% losses.
The Economy:
The Leading Economic Indictors report was delayed until tomorrow at 10AM EST and is expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to over $53 in morning trade, but it then fell in afternoon trade and ended nearly a dollar lower on conflicting weather forecasts.
The U.S. dollar index and treasuries found slight gains as traders looked ahead to debt auctions and economic data later in the week.
The Dow, Nasdaq, and S&P fell markedly on worries over earnings reports.
Among the big names making news in the market today were American Express, Sun and Intel, Swift, Movie Gallery, Pfizer, Citigroup, OPEC, Goldman Sachs and Deutsche Bank, and Take-Two.
The Commentary:
“February Gold finished down 2.3 at 634.1, 6.1 off the high and 0.8 up from the low.
March Silver closed up 0.08 at 13. This was 0.17 up from the low and 0.21 off the high.
While the gold market managed an impressive upside breakout on the charts and reached the highest level since January 3rd, the market didn't exactly close impressively. According to the Press the market saw profit taking but it is also possible that weakness in the equity market and a reversal in the oil market prompted a change in attitude from the early morning bullishness. It is also likely that the strength of the US Dollar undermined gold sentiment, as the Dollar managed a 35 point bounce off the morning lows.
Like the gold market, the silver market mounted a very impressive early rally but into the afternoon session prices began to fade and the charts began to give off a disappointing look. Like the gold market, the silver market appears to have encountered some technical profit taking but it was also clear that a number of outside market forces that were positive in the morning turned bearish in the afternoon. For instance, the crude oil market in the afternoon was at times $2.50 below its highs of the day, while the Dollar managed a moderate 35 point bounce off its early lows.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Summers, Trichet warn Davos party-goers they underestimate risk
China will spend foreign exchange on 'strategic' resources
IMF will tell central banks to stop double-counting gold, Blanchard learns
China's multi-billion-dollar question
GATA supporters in Southeast Asia invited to dinner in Singapore
Leading Canadian banker recommends gold, denounces fiat system
China's reserves reach trillion; premier promises to start spending
Chinese govt. economist says yuan requires big revaluation
Ecuador calls foreign debt 'illegitimate,' may default on 60%
Venezuelan legislature votes to give Chavez dictatorial power
The Statistics:
As of close of business: 1/19/2007
Gold Warehouse Stocks: | 7,463,524 | -34,896 |
Silver Warehouse Stocks: | 112,955,820 | -359,982 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 451.84 | 14,527,242 | US$ 9,136m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,531 | US$ 1,759m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,749 | US$ 217m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,442 | US$ 204m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/19/2007 | |
Total Net Assets | $907,908,883 | 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 1/19/2007 | |
Total Net Assets | $1,514,575,567 | Ounces of Silver
in Trust | 119,101,742.400 |
Shares Outstanding | 11,950,000 | Tonnes of Silver
in Trust | 3,704.48 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Royal Gold’s (RGLD) General Counsel appointment, Gammon Lake’s (GRS) drill results, Goldcorp’s (GG) permits, Esperanza’s (EPZ.V) Chief Geologist appointment, Southern Silver’s (SSV.V) property acquisition, Silvercorp’s (SVM.TO) drill results, and Excellon’s (EXN.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +3.64% $7.68 |
2. Mines MGMT | MGN +3.22% $5.45 |
3. Hecla Mining | HL +2.28% $6.72 |
LOSERS
1. Metallica | MRB-2.85% $3.8375 |
2. Eldorado | EGO -2.50% $5.45 |
3. Vista Gold | VGZ -2.28% $7.70 |
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:
GenX Resource Corp Reports Geophysical Anomalies Identified on the McLaren Lake Property - More
- January 22, 2007 | Item | E-mail
Stellar Pacific to take high land position near Noront Resources in urban township - More
- January 22, 2007 | Item | E-mail
Majescor Announces a $150,000 Private Placement with SIDEX - More
- January 22, 2007 | Item | E-mail
Quantitative Methods, Corp. Announces Acquisition of 292 Claims in the Matagami Mining Camp - More
- January 22, 2007 | Item | E-mail
Global Minerals Ltd. Announces Private Placement Financing - More
- January 22, 2007 | Item | E-mail
Yukon Zinc Delivers Favourable Optimized Feasibility Study - More
- January 22, 2007 | Item | E-mail
Golden Goose Resources Inc. - Contract awarded to RSW Inc. in a 3,000 m drill program at Lac Levac - More
- January 22, 2007 | Item | E-mail
Greencastle Retains AGORACOM for Investor Relations - More
- January 22, 2007 | Item | E-mail
Vena Resources Provides Overview of Pucara Project in Peru - More
- January 22, 2007 | Item | E-mail
Paragon and Crosshair Expand High-Grade Gold Mineralization at Golden Promise Project - More
- January 22, 2007 | Item | E-mail
StrataGold reviews 2006 Exploration and Development Programs - More
- January 22, 2007 | Item | E-mail
Continuum closes $7,543,500 private placement - Amended - More
- January 22, 2007 | Item | E-mail
Geoinformatics Reports Significant Copper-Molybdenum-Silver-Lead-Zinc Anomalism Over a 2.2 kilometres by 850 metres Zone in Mexico - More
- January 22, 2007 | Item | E-mail
Wildcat receives requisition for shareholders' meeting - More
- January 22, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Cut Early Gains & End Mixed