-- Posted Monday, 29 January 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $642.60 | -$2.00 |
Silver | $13.14 | -$0.12 |
XAU | 136.10 | -1.84% |
HUI | 325.09 | -2.24% |
GDM | 1045.11 | -1.81% |
JSE Gold | 2773.36 | -0.53% |
USD | 85.12 | -0.12 |
Euro | 129.54 | +0.42 |
Yen | 82.00 | -0.24 |
Oil | $53.92 | -$1.50 |
10-Year | 4.892% | +0.013 |
T-Bond | 109.40625 | -0.125 |
Dow | 12490.78 | +0.03% |
Nasdaq | 2441.09 | +0.23% |
S&P | 1420.62 | -0.11% |
The Metals:
Gold rose a couple dollars in early Asian trade, fell back near unchanged by the London open, fell a couple dollars in London trade, dropped to as low as $640.40 in early New York trade, rose for most of the rest of the morning, and saw about three dollar gains by late morning before it fell back off in afternoon trade and ended with a loss of 0.31%. Silver followed a similar pattern and ended with a loss of 0.90%.
Euro gold fell near €495, platinum lost $7 to $1,172, palladium lost $9 to $341, and copper fell over ten cents to about $2.53.
Gold and silver equities traded slightly lower in morning trade, extended their losses in afternoon trade, and ended with about 2% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST is the Consumer Confidence report for January expected 110.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on warm weather forecasts and conflicting reports on whether or not OPEC is living up to their stated production cuts.
The U.S. dollar index and treasuries found slight losses as traders looked ahead to a fed meeting and economic data later in the week. The yield on the 10-year rose to a new 5 month high.
The Dow, Nasdaq, and S&P rose on earnings and merger news before they pared their gains in afternoon trade on worries over interest rates and ended mixed and near unchanged.
Among the big names making news in the market today were Tyson Foods, Canon, Phelps Dodge, Merrill Lynch, Abitibi and Bowater, Verizon, Mattel, and Schering-Plough.
The Commentary:
“February Gold finished down 1.5 at 643.2, 4.8 off the high and 2.4 up from the low.
March Silver closed down 0.125 at 13.25. This was 0.04 up from the low and 0.14 off the high.
The gold market seemed to outperform the silver market throughout the session Monday as gold managed to fight its way back into positive ground in the early afternoon action, while silver had trouble holding above the prior session's lows. Apparently the Press was suggesting that gold was seeing geopolitical support off the idea that Iranian tensions with the US were escalating. Others suggested that gold was lifted by options expiration but it was also possible that slightly better than expected US economic numbers gave the market a positive bid. It is even possible that weaker US Dollar action, in the wake of favorable US economic information served to lift gold prices indirectly!
Apparently the silver market wasn't initially lifted by the same forces that lifted gold, as silver wasn't able to claw its way back into positive ground as easily as gold. Certainly the silver market was held back by overt weakness in copper prices and possibly because of the commodity drag off weakness in the oil market. However, one would have expected silver to have benefited from better than expected US economic reports that were released during the session Monday. Even more surprising is the fact that silver failed to garner any support from the upgrade of a silver stock at a major brokerage firm.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MineWeb: China scrambles for African mineral resources
James Turk comments on International Speculator report on GATA's work
Even central banks can't figure out market risks now
'Debt and Delusion' author Peter Warburton to address May 10 CMRE meeting
IMF gold trading rules changes are set to boost gold price
Jason Hommel reports on silver, Vancouver, and GATA
Malaysia shifts away from dollar, prime minister says
The Statistics:
As of close of business: 1/26/2007
Gold Warehouse Stocks: | 7,463,524 | - |
Silver Warehouse Stocks: | 114,238,099 | -519,845 |
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$ 9,343m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,316 | US$ 1,787m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,722 | US$ 221m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,391 | US$ 212m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/26/2007 | |
Total Net Assets | $904,714,397 | 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 1/26/2007 | |
Total Net Assets | $1,534,463,992 | 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:
Exeter’s (XRA) ringing of the opening bell on the Amex, Rubicon’s (RBY) project update, Gammon Lake’s (GRS) drill results, Glencairn’s (GLE) exploration program, Seabridge’s (SA) drill results, Endeavour’s (EXK) Amex listing, and Hecla’s (HL) Vancouver office opening were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Almaden | AAU +6.26% $2.5078 |
2. Nevsun | NSU +4.35% $2.40 |
3. Northern Dynasty | NAK +3.97% $8.39 |
LOSERS
1. Gold Reserve | GRZ -6.99% $3.46 |
2. Freeport | FCX-5.81% $55.09 |
3. Crystallex | KRY -5.70% $2.81 |
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:
International Precious Metals Group Inc. Hires Financial Advisor - More
- January 29, 2007 | Item | E-mail
Ditem Announces Closing of $2,750,000 Private Placement - More
- January 29, 2007 | Item | E-mail
Millstream Reports Assays & Interval Lengths of Stacked Massive Sulphide Zone Intercepts - More
- January 29, 2007 | Item | E-mail
Iberian Minerals Corp.: President's Letter # 3 - More
- January 29, 2007 | Item | E-mail
Solex Resources Corp. Appoints Mr. Robert Boaz as Independent Chairman - More
- January 29, 2007 | Item | E-mail
Forsys Metals Corp.: Senior Management Appointments for the Valencia Uranium Project - More
- January 29, 2007 | Item | E-mail
Millstream Completes Non-Brokered Private Placement - More
- January 29, 2007 | Item | E-mail
Azimut and Northwestern sign an Option Agreement for the Daniel Lake Uranium Property, Ungava Bay Region, Quebec - More
- January 29, 2007 | Item | E-mail
ABV Gold Signs Letter of Intent to Acquire the Parin Mining Properties - More
- January 29, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Endeavour Silver Corp. - "We proudly welcome Endeavour Silver Corp. to the American Stock Exchange," said John McGonegal, Senior Vice President of Amex's equities group. "Many resource companies have chosen to list at the Amex, and we are pleased that Endeavour Silver is the latest company to recognize our expanding presence in this important sector." More
- January 29, 2007 | Item | E-mail
Refiling of 2005 MD&A and Certificates - More
- January 29, 2007 | Item | E-mail
Nuinsco Shareholders Overwhelmingly Approve Creation of Victory Nickel Inc. - More
- January 29, 2007 | Item | E-mail
Caledonia's New Director Liverant - More
- January 29, 2007 | Item | E-mail
Asia Gold Corp.: Trench Results Continue to Expand the Kaputusan Porphyry Copper-Gold Prospect Bacan Island, Maluku, Indonesia - More
- January 29, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver End Slightly Lower After Earlier Gains