-- Posted Monday, 5 February 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $650.80 | +$5.10 |
Silver | $13.50 | +$0.21 |
XAU | 139.24 | +0.26% |
HUI | 333.54 | +0.37% |
GDM | 1072.94 | +0.44% |
JSE Gold | 2748.96 | -0.46% |
USD | 85.11 | +0.16 |
Euro | 129.26 | -0.35 |
Yen | 83.10 | +0.53 |
Oil | $58.74 | -$0.28 |
10-Year | 4.808% | -0.019 |
T-Bond | 110.3125 | +0.21875 |
Dow | 12661.74 | +0.07% |
Nasdaq | 2470.60 | -0.21% |
S&P | 1446.99 | -0.10% |
The Metals:
Gold traded about $3 higher for most of trade in Asia and London, added a couple dollars more in early New York trade, held near $650 for the rest of trade, and ended with a gain of 0.79%. Silver rose about 10 cents in Asia before it fell back off in London and dropped near $13.25, but it then rallied higher in New York and ended with a gain of 1.58%.
Euro gold rose back above €500, platinum gained $16 to $1,170, palladium gained $9 to $341, and copper rose slightly to about $2.43.
Gold and silver equities rose about 1% by early afternoon, but they then steadily fell off into the close and ended with only minor gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Jan | 59.0 | 57.0 | 56.7 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on cold weather and geopolitical concerns, but it then fell back off and ended slightly lower on indications that no actual supply has come off the market due to those concerns.
The U.S. dollar index rose as ISM Services came in better than expected, but gains were limited as traders bought the yen on speculation the G7 meeting late this week will discuss the yen’s weakness and possibly call for action to strengthen the currency.
Treasuries rose despite the overall strength in the ISM Services report as a labor component within the report fell and brought renewed attention to last week’s poor jobs data.
The Dow, Nasdaq, and S&P traded mixed and near unchanged on varied company reports.
Among the big names making news in the market today were Sallie Mae, Icahn and Lear Corp., Triad Hospitals, State Street and Investors Financial, Humana, and GE.
The Commentary:
“April Gold finished up 4.6 at 656.1, 1.4 off the high and 2.6 up from the low.
March Silver closed up 0.185 at 13.56. This was 0.1 up from the low and 0.03 off the high.
The bull camp might view the action in Monday's trade as a sign that the market is favoring the long side, as early weakness was rejected and the trade didn't seem to be that concerned about recent reports of an overbought speculative positioning. However, seeing slightly better than expected US economic readings, periodic strength in oil prices and generally indecision in the Dollar, seems to favor the bull camp. In the end, the majority of the trade seemed to think that strength in oil prices seemed to be the primary catalyst behind the recovery rally. It is also possible that some recently forced out longs were pulled back into the market, as the April gold contract rose above the prior close.
Just like the gold market, the silver market managed to reject some early signs of weakness to post a pretty impressive rally. While the regularly scheduled US economic information on Monday was indicative of ongoing growth it is possible that silver received some indirect support from a mid session Fed survey that suggested US Consumer and Business credit was set to worsen, as that type of dialogue undermines the Dollar and might add to the flight to quality interest. In the end the copper market did manage to reject some early weakness and managed to close higher and for most of last week the copper market was serving to undermine both gold and silver prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Golden suspicions -- newsletters wonder about market manipulation
Another yen carry trade -- this one boosts Brazilian economy
Syria turns to euro for half of currency reserves
Gene Arensberg's Got Gold Report: Commercials, ETF investors diverge sharply
China spends $800 million to buy Zambia
Tracking and trading market intervention is a growing industry
China prepares to spend $200 billion to buy stuff around the world
Somebody knows it's still money: Gold rush tears up patch of Amazon jungle
A tale of two markets, and two futures
Chinese president takes his African tour to copper-rich Zambia
Unconventional St. Louis money manager invests only in mining companies
St. Louis Business Journal notes GATA's work
Neal Ryan's research note turns into essay at MineWeb
Fishy stuff in gold market is making it into news reports
The Statistics:
As of close of business: 2/2/2007
Gold Warehouse Stocks: | 7,490,913 | -402 |
Silver Warehouse Stocks: | 113,901,352 | -34,164 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 458.63 | 14,745,324 | US$ 9,518m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,098 | US$ 1,815m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.89 | 349,896 | US$ 227m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,366 | US$ 212m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/2/2007 | |
Total Net Assets | $913,599,178 | 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 2/2/2007 | |
Total Net Assets | $1,588,734,789 | Ounces of Silver
in Trust | 119,599,586.000 |
Shares Outstanding | 12,000,000 | Tonnes of Silver
in Trust | 3,719.96 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Randgold’s (GOLD) Q4 results and dividend, Cumberland’s (CLG) permits, Orezone’s (OZN) drill results, Seabridge’s (SA) gold study, Queenstake’s (QEE) merger with YGC, Apogee’s (APE.V) agreement with Trafigura, and Fortuna’s (FVI.V) and Continuum’s processing plant purchase were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN+5.18% $10.56 |
2. Orezone | OZN +4.90% $1.50 |
3. Mines MGMT | MGN +4.40% $5.70 |
LOSERS
1. Exeter | XRA -4.00% $2.10 |
2. New Gold | NGD-2.42% $7.25 |
3. Solitario | XPL -2.34% $3.75 |
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:
Capella Provides Update on Ecuador Project - More
- February 05, 2007 | Item | E-mail
Golden Patriot Announces $550,000 Private Placement - More
- February 05, 2007 | Item | E-mail
Goldbelt announces cost savings at Inata Gold Project - More
- February 05, 2007 | Item | E-mail
UNOR Reports Significant Uranium Intersections from BOG Drilling - More
- February 05, 2007 | Item | E-mail
Gold Eagle Mines Ltd.: 2007 Update and Launch of New Website - More
- February 05, 2007 | Item | E-mail
Richview Resources Announces Board Nominees - More
- February 05, 2007 | Item | E-mail
Chapleau Resources Ltd. Signs a Letter of Intent with Bear Creek Mining Corporation - More
- February 05, 2007 | Item | E-mail
Keegan Increases Non Brokered Private Placement to $15,125,000 - More
- February 05, 2007 | Item | E-mail
Jaguar Mining Announces Early Exercise of Warrants to Raise Development Capital - More
- February 05, 2007 | Item | E-mail
Marathon Announces the Appointment of Micon International Ltd to Lead its Feasibility Study - More
- February 05, 2007 | Item | E-mail
Golden Phoenix Activates Its Top Leadership: Prahl Made COO; Martin Named President; Caldwell Replaces Ripley as CEO - More
- February 05, 2007 | Item | E-mail
Brownsville Company Retains Investor Relations Firm - More
- February 05, 2007 | Item | E-mail
Anaconda Gold Closes US$2,500,000 Facility for Completion of the Pine Cove Gold Mine - More
- February 05, 2007 | Item | E-mail
Murgor signs aggreement with Noront and Freewest to option 29 claims of the Windfall Property - More
- February 05, 2007 | Item | E-mail
Wildcat Exploration calls Requisitioned Special Meeting for April 12, 2007 - More
- February 05, 2007 | Item | E-mail
GoldQuest Drills 9.74 Meters of 2.06% Cu, 6.24% Zn & 1.52 g/t Au at Las Animas - More
- February 05, 2007 | Item |
Gold Seeker Closing Report: Gold & Silver Start the Week with About 1% Gains