-- Posted Tuesday, 23 January 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $644.90 | +$11.50 |
Silver | $13.15 | +$0.28 |
XAU | 137.91 | +4.41% |
HUI | 329.82 | +4.69% |
GDM | 1058.98 | +4.45% |
JSE Gold | 2767.67 | +2.54% |
USD | 84.66 | -0.37 |
Euro | 130.26 | +0.76 |
Yen | 82.25 | +0.04 |
Oil | $55.04 | +$2.46 |
10-Year | 4.804% | +0.045 |
T-Bond | 110.40625 | -0.53125 |
Dow | 12533.80 | +0.45% |
Nasdaq | 2431.41 | +0.01% |
S&P | 1427.99 | +0.35% |
The Metals:
Gold rose slightly in Asia, added a few dollars in London, and then rose throughout trade in New York and ended near its highs with a gain of 1.82%. Silver climbed above $13.00 in London, continued its gains in New York, and closed near its highs with a gain of 2.18%.
Euro gold rose to about €497, platinum remained unchanged at $1,157, palladium gained $2 to $341, and copper rose a few cents to about $2.58.
Gold and silver equities rose throughout trade and ended near their highs with over 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Leading Indicators | Dec | 0.3% | 0.2% | 0.0% |
There are no major economic reports due out tomorrow.
The Markets:
)
Charts Courtesy of http://finance.yahoo.com/
Oil rose over two dollars on cold weather and word that the government will increase holdings in the strategic petroleum reserve.
The U.S. dollar index fell on indications for continued interest rate hikes in Europe that will help to strengthen the euro.
Treasuries fell after a 20-year TIPS auction drew limited demand ahead of 2 more auctions later in the week. The yield on the 10-year closed above 4.8% for the first time in 3 months.
The Dow, Nasdaq, and S&P rose on decent earnings as energy stocks rose on higher energy prices.
Among the big names making news in the market today were Bank of America, Wachovia, J&J, United Technologies, DuPont, and UAL.
The Commentary:
“With gold reacting to good news and ignoring bad, there is a welling up in the bias towards gold as it set out to tackle $640 to $650 resistance.
The now persistent talk of moving away from the $ to either strategic reserves or their currencies is swinging the view of gold towards its defensive capabilities in weathering currency storms of all kinds.
This is not just a view of the $, for the interrelated nature of currencies make gold an alternative to them all.” - Julian D.W. Phillips, www.goldforecaster.com
Regarding yesterday’s press release: Blanchard Lauds IMF Central Bank Gold Lending Accounting Change as Industry Landmark:
“Without a doubt, should the central banks reveal the amount of gold they have loaned out, this will rock the gold market like nothing else in its history. IMO the price could double in a very short period of time, as market participants begin to understand THE GOLD IS GONE. Now, we wait and see if this comes to pass. What I don’t get is why the process should take any time at all. Why should it take more than a week for central banks to report on WHAT IS? There is nothing to research here??
For more on the subject of central bank lending and the Blanchard Economic Research’s efforts:
http://www.blanchardonline.com/beru/lending_research_report_index.php” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished up 11.8 at 645.9, 1 off the high and 6.9 up from the low.
March Silver closed up 0.26 at 13.26. This was 0.12 up from the low and 0.055 off the high.
February gold traded to its highest level since December 5th today, finding support from a weaker dollar and stronger crude oil prices among others. The dollar fell against the Euro this morning upon the release of strong economic data in Europe and on suggestions by European Central Bankers calling for an increase in interest rates. Traders also cited good physical demand in the Far East, higher crude oil prices, and possible geopolitical concerns in anticipation of President Bush's State of the Union speech tonight as providing support as well.
Like gold, silver also appeared to gain off of the weaker Dollar and stronger crude oil today. March silver traded to its highest level of the year, trading into the big range down day on December 15th. The market may also have found support from stronger copper prices, as that market may be in the process of placing a major bottom.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gartman Letter patronizes GATA
Andy Mukherjee: Petrodollars will test Asia's dollar fixation
The Statistics:
As of close of business: 1/22/2007
Gold Warehouse Stocks: | 7,463,524 | - |
Silver Warehouse Stocks: | 114,149,989 | +1,194,169 |
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$ 9,281m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,501 | US$ 1,799m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,745 | US$ 222m |
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 1/22/2007 | |
Total Net Assets | $889,027,618 | Ounces of Gold
in Trust | 1,404,140.630 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.67 |
Note: Change in Total Tonnes from yesterday’s data: 0.78 tonnes were subtracted from the trust.
Silver Trust (SLV)
Profile as of 1/22/2007 | |
Total Net Assets | $1,531,783,077 | 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:
Northern Dynasty’s (NAK) drill results, Queenstake’s (QEE) drill results, Banro’s (BAA) drill results, Sterling Mining’s (SRLM.OB) tailings pond purchase, and Minco Silver’s (MSV.TO) drilling program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +10% $1.10 |
2. Vista Gold | VGZ +8.44% $8.35 |
3. Yamana | AUY +8.21% $12.91 |
LOSERS
1. Almaden | AAU -1.79% $2.19 |
2. U.S. Energy | USEG-0.65% $4.60 |
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:
Amerix Appoints New CEO - More
- January 23, 2007 | Item | E-mail
Sterling Completes Purchase of Tailings Pond for Sunshine Mine - "Sterling Mining Company (OTCBB:SRLM - News) today announced that their purchase of the Big Creek tailings facility as was previously announced (see press release dated Oct. 4, 2006) has been finalized. The Company made its final payment of US$3,900,000 to Essential Metals Corporation (EMC), a wholly-owned subsidiary of Formation Capital, on January 22nd. The agreement conveys ownership and exclusive management of the tailings facility to Sterling Mining." More
- January 23, 2007 | Item | E-mail
Jasper Mining Corporation 2007 Update - More
- January 23, 2007 | Item | E-mail
Strateco Begins Drilling on its Mont-Laurier Property - More
- January 23, 2007 | Item | E-mail
Denison Files Bidder's Statement to Acquire OmegaCorp Limited - More
- January 23, 2007 | Item | E-mail
Gemco closes financing and converts debt - More
- January 23, 2007 | Item | E-mail
Gold Canyon Closes Second Tranche of Private Placement for US$104,000 - More
- January 23, 2007 | Item | E-mail
Uravan Accelerates Drilling Expenditure on the Boomerang Uranium Project for 2007 - More
- January 23, 2007 | Item | E-mail
Goldeye Initiates Exploration on the Sonia and Puma Projects, Region V, Chile, and Approves $1.4 Million Exploration Program - More
- January 23, 2007 | Item | E-mail
Eaglecrest Commences Close-Spaced Infill Definition Drilling at San Simon - More
- January 23, 2007 |
Gold Seeker Closing Report: Gold & Silver Gain About 2%