-- Posted Friday, 26 January 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $644.60 | -$3.70 | +1.45% |
Silver | $13.26 | -$0.10 | +3.51% |
XAU | 138.64 | +0.14% | +4.17% |
HUI | 332.53 | +0.47% | +4.48% |
GDM | 1064.37 | +0.17% | +4.19% |
JSE Gold | 2788.23 | -3.12% | +3.63% |
USD | 85.24 | +0.12 | +0.44% |
Euro | 129.12 | -0.17 | -0.39% |
Yen | 82.24 | -0.28 | -0.27% |
Oil | $55.42 | +$1.19 | +6.60% |
10-Year | 4.879% | +0.012 | +2.22% |
Bond | 109.53125 | -0.1875 | -1.13% |
Dow | 12487.02 | -0.12% | -0.62% |
Nasdaq | 2435.49 | +0.05% | -0.65% |
S&P | 1422.18 | -0.12% | -0.58% |
The Metals:
CoT Reports: Gold | Silver
Gold fell a few dollars in Asia and dropped near $640 in London before it rebounded in New York, but it still ended with a loss of 0.57%. Silver fell near $13.10 in London before it rebounded in New York and saw slight gains by late morning, but it then fell back off into the close and ended with a loss of 0.75%.
Euro gold fell slightly under €500, platinum lost $1 to $1,179, palladium remained unchanged at $350, and copper fell a couple cents to about $2.64.
Gold and silver equities traded mixed and near unchanged throughout the day and ended with small gains.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Dec | 3.1% | 3.5% | 2.2% |
New Home Sales | Dec | 1120K | 1050K | 1069K |
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, GDP, Chicago PMI, Construction Spending, and a fed meeting on Wednesday, Personal Income and Spending, Initial Jobless Claims, and the ISM Index on Thursday, and January’s jobs data, Factory Orders, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 2% on cold U.S. weather and geopolitical worries over Venezuela, Nigeria, and the Middle East. A new report showing that OPEC is living up to their production cuts and further reaction to the announcement that the U.S. is doubling its strategic petroleum reserves also had traders buying.
The U.S. dollar index rose and treasuries fell as economic data came in mostly strong and pushed the yield on the 10-year to a new 5 month high.
The Dow, Nasdaq, and S&P fell on poor earnings reports and worries over higher interest rates, but all three indices rebounded in the last two hours of trade and ended mixed and near unchanged.
Among the big names making news in the market Friday were KB Home, Halliburton, Caterpillar, Nasdaq and LSE, Honeywell, T. Rowe Price, and Microsoft.
The Commentary:
“February Gold finished down 3.4 at 644.7, 3.4 off the high and 2.2 up from the low.
March Silver closed down 0.115 at 13.375. This was 0.085 up from the low and 0.125 off the high.
The gold market started out soft, managed to rally into the second set of US economic readings and then seemed to soften again in the afternoon action. However, the Dollar wasn't specifically the culprit behind the weakness in gold prices Friday, as the Dollar was unable to sustain its early strength. Surprisingly the gold market seemed to pay little attention to the strength in the oil market Friday but considering the volatility in oil prices this week, it is possible that some gold bulls will need to see more persistent strength in oil prices before upgrading the prospects in gold. It is also possible that fears of the weekend G7 meeting forced some gold players to the sidelines. In the end, the US economic reports released Friday are expected to provide gold with support, but with the US equity market remaining under pressure on Friday, the trade was having trouble maintaining a positive macro economic outlook.
While the stronger than expected US New Home Sales figures should have provided silver with support, the fact that gold was weak, copper prices were under pressure and the fact that the equity market remained in a downward spiral could have pushed some would be buyers to the sidelines. With the equity market action offsetting the favorable economic readings from the US and the gold market also leading the precious metals downward on Friday, it wasn't surprising that the market simply ignored news that the world's 5th largest silver miner Polymetal saw a 8.5% decline in 2006 silver output.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MineWeb notes pro-gold speech by Royal Bank's Fell
The Statistics:
As of close of business: 1/25/2007
Gold Warehouse Stocks: | 7,463,524 | - |
Silver Warehouse Stocks: | 114,757,944 | +597,554 |
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 | 450.30 | 14,477,672 | US$ 9,434m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,408 | US$ 1,794m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,734 | US$ 221m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,402 | US$ 214m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/25/2007 | |
Total Net Assets | $909,358,026 | Ounces of Gold
in Trust | 1,404,140.630 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.67 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/25/2007 | |
Total Net Assets | $1,553,063,293 | Ounces of Silver
in Trust | 116,112,664.800 |
Shares Outstanding | 11,650,000 | Tonnes of Silver
in Trust | 3,611.51 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
IAMGOLD’s (IAG) illegal work stoppage, Meridian’s (MDG) new vice president of business development, Anglo American’s (AAUK) sought mining permits, Endeavour’s (EXK) listing on the American Stock Exchange, Abcourt’s (ABI.V) property option, and ECU Silver’s (ECU.V) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Orezone | OZN +2.86% $1.44 |
2. Arizona Star | AZS +2.58% $11.95 |
3. Northern Dynasty | NAK +2.41% $8.07 |
LOSERS
1. New Gold | NGD-3.97% $7.25 |
2. IAMGOLD | IAG -3.24% $8.37 |
3. Crystallex | KRY -2.30% $2.98 |
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:
Endeavour Silver Corp. Lists on the American Stock Exchange - "Endeavour Silver Corp. (Toronto Future:EDR.TO - News)(DBFrankfurt:EJD) announces that its common shares have been approved for listing on the American Stock Exchange ("AMEX") effective at the opening of trading on January 29, 2007. The AMEX listing approval is contingent on the Company being in compliance with all applicable listing requirements on the date that it begins trading and may be rescinded if the Company is not in compliance with such standards." More
- January 26, 2007 | Item | E-mail
AMEX: EXK - Endeavour Silver Corp. Lists on the American Stock Exchange
- January 26, 2007 | Item | E-mail
IAMGOLD Corporation: Operations Suspended by an Illegal Work Stoppage at Rosebel
Gold Seeker Weekly Wrap-Up: Gold & Silver Gain Over 1% & 3% on the Week