-- Posted Tuesday, 6 February 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $652.80 | +$2.00 |
Silver | $13.60 | +$0.10 |
XAU | 139.96 | +0.52% |
HUI | 334.64 | +0.33% |
GDM | 1076.69 | +0.35% |
JSE Gold | 2790.43 | +1.51% |
USD | 84.77 | +0.34 |
Euro | 129.81 | +0.55 |
Yen | 83.26 | +0.15 |
Oil | $58.88 | +$0.14 |
10-Year | 4.765% | -0.043 |
T-Bond | 110.78125 | +0.46875 |
Dow | 12666.31 | +0.04% |
Nasdaq | 2471.49 | +0.04% |
S&P | 1448.00 | +0.07% |
The Metals:
Gold fell a few dollars in after hours access trade yesterday, rose back to about unchanged near $650 in Asia, added a few more dollars in London, and rose to roughly 1% higher on the day to about $658 in early New York trade before it fell back to $650.10 by late morning, but it then rallied back higher into the close and ended with a gain of 0.31%. Silver rose to about $13.80 in early New York trade before it fell back to $13.52 by late morning, but it also rallied back higher into the close and ended with a gain of 0.74%.
Euro gold rose over €503, platinum gained $10 to $1,180, palladium lost $3 to $338, and copper rose over 6 cents to about $2.50.
Gold and silver equities rose over 1% at the open before they fell back to about unchanged by late morning, but they then rallied back higher into the close and ended slightly higher.
The Economy:
There were no major economic reports today, but some remarks from Treasury Secretary Paulson and fed Chairman Bernanke did have some talking. Paulson noted that economic growth is slowing to a sustainable rate while Bernanke discussed education and the income gap. Tomorrow at 8:30AM EST brings 4th quarter Productivity expected at 2.0% and at 3PM is Consumer Credit for December expected at $6.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose up near $60 in early trade on cold weather, but it then fell back off into the close and ended only slightly higher on indications that OPEC cuts have not been as severe as previously thought as traders also prepared for tomorrow’s inventory reports.
The U.S. dollar index again fell versus the yen as traders had no economic data to act on and instead looked ahead to this weekend’s G7 meeting that is expected to address the yen’s weakness.
Treasuries fell in early trade, but they then cut their losses and turned them into gains leading up to and after a strong 3-year note auction as traders also prepared for tomorrow’s Productivity report and 10-year note auction.
The Dow, Nasdaq, and S&P again traded mixed and near unchanged on various company reports as traders also kept their eye on the oil market which closed only marginally higher after early gains and allowed the three indices to climb slightly higher by the close.
Among the big names making news in the market today were NBC Universal, BP, Toyota, Blackstone and Equity Office, Tyco, MGIC and Radian, and Emerson Electric.
The Commentary:
“There is almost zero interest in the smaller gold/silver stocks. As strange, or as far off as it sounds now, one day there will be nothing for sale. The public’s change in thinking will happen overnight. These shares will soar, many doubling very quickly. Buying in size will be difficult, at least at reasonable prices. Please keep that in mind during this deadsville. The big money is made by being patient.
GATA BE IN IT TO WIN IT!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 2.6 at 658.7, 5 off the high and 2.9 up from the low.
March Silver closed up 0.115 at 13.675. This was 0.085 up from the low and 0.205 off the high.
The gold market forged a choppy back and forth trade on Tuesday as the oil market also see sawed back and forth during the session. However, the Dollar was at times moderately lower and in the end the oil market did seem to favor positive territory for most of the session. It is also possible that some mid day weakness in the US equity market provided the gold market with a bit of fresh buying as the metals action recently has attracted the attention of many investors. However, the gold market did seem to lag behind the platinum and copper markets on the session and that would seem to hint at a slight shift in speculative interest. It should be noted that gold was indeed lifted later in the session by the release of a private bullish annual gold price forecast that called for a high of $775!
The silver market initially pushed up to another new high for the move but fell back into mid session before ending the session modestly strong. While the energy complex action at times undermined the silver market with its ebb and flow, the energy complex mostly finished positive, the Dollar was lower and the outside metals markets of platinum and copper managed very impressive gains. Therefore, one could suggest that a number of widely varied outside market developments were supportive of the silver market on Tuesday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Dizard: Goldman Sachs and its magic commodities box
Goldman Sachs seeks share of second Indian commodities exchange
Asarco charges Mexican parent company with stealing most valuable asset
Chinese president's shopping excursion arrives in Namibia
M.A. Nystrom: McNosis, retiring boomers, and the silent crash
GATA sympathizers invited to gather in Dublin for drinks and a movie
China's empire building in Africa means trouble for West
China drives copper prices -- and maybe manipulates them
The Statistics:
As of close of business: 2/5/2007
Gold Warehouse Stocks: | 7,490,913 | - |
Silver Warehouse Stocks: | 114,490,361 | + 591,113 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 458.63 | 14,745,324 | US$ 9,572m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,067 | US$ 1,831m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.89 | 349,892 | US$ 229m |
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 2/5/2007 | |
Total Net Assets | $913,599,178 | Ounces of Gold
in Trust | 1,403,670.518 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.66 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 2/5/2007 | |
Total Net Assets | $1,588,734,789 | Ounces of Silver
in Trust | 119,551,954.200 |
Shares Outstanding | 12,000,000 | Tonnes of Silver
in Trust | 3,718.48 |
Note: Change in Total Tonnes from yesterday’s data: 1.48 tonnes were subtracted from the trust.
The Stocks:
Barrick’s (ABX) production forecasts, Minco’s (MGH) exploration update, Eldorado’s (EGO) drill results, Randgold’s (GOLD) “Develop or Exploit” speech, AngloGold’s (AU) employee share plan, Kirkland’s (KGI.TO) drill results, Silver Dragon’s (SDRG.OB) 43-101 report, Fury’s (FUR.V) drill results, and First Majestic’s (FR.V) drilling and updated resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +5.11% $1.44 |
2. Mines MGMT | MGN +4.74% $5.9699 |
3. Crystallex | KRY +3.78% $2.9889 |
LOSERS
1. Cardero | CDY -3.14% $1.54 |
2. Apex Silver | SIL -2.93% $14.26 |
3. Gold Reserve | GRZ -2.61% $4.86 |
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:
Meridian Gold Inc. Fourth Quarter 2006 Release Date and Conference Call - "Meridian Gold Inc. (NYSE:MDG - News; TSX:MNG - News) would like to announce that the fourth quarter 2006 earnings results will be released after markets close Thursday, February 22, 2007. Following the release, there will be a conference call at 9:00 a.m. EST on Friday, February 23, 2007. " More
- February 06, 2007 | Item | E-mail
Minco Gold Corporation: High Grade Gold Zones Defined on the Jinniushan Gold Project and Aggressive Exploration Program is Underway - "Minco Gold Corporation (formerly "Minco Mining & Metals Corporation") (Toronto Future:MMM.TO - News)(MGH - News) (the "Company") is pleased to update its current exploration program on the Jinniushan or Gold Bull Mountain Gold Project (hereafter the GBM Project) located 6 km north of the famous Xiangxi Gold mine, which has been in production for over one hundred years." More
- February 06, 2007 | Item | E-mail
Quinto Mining Corp: Quebec Update - More
- February 06, 2007 | Item | E-mail
Purepoint Uranium Group Inc: Turnor Lake Project Update - More
- February 06, 2007 | Item | E-mail
Rambler to Begin Trading on the TSX Venture Exchange - More
- February 06, 2007 | Item | E-mail
Crowflight Commences Thompson Nickel Belt Regional Exploration Drilling, Announces Webcast to Discuss 2007 Program and Review 2006 Results - More
- February 06, 2007 | Item | E-mail
New Assays from Sisson Brook Tungsten-Molybdenum-Copper Project Continue to Give Encouraging Results - More
- February 06, 2007 | Item | E-mail
New Island Resources Inc.: Financing Arranged for Pine Cove Gold Mine - More
- February 06, 2007 | Item | E-mail
MetalCORP Limited Retains NORTH STAR for Investor Relations - More
- February 06, 2007 | Item | E-mail
Gemco engages "HabaneroIR" as investor relations firm - More
- February 06, 2007 | Item | E-mail
Abcourt Mines Inc.: The Validation tests on the Cyanidation-Flotation Abcourt Process Are Conclusive - More
- February 06, 2007 | Item | E-mail
Northern Peru Engages Financial Advisor to Pursue Strategic Alternatives - More
- February 06, 2007 | Item |
Gold Seeker Closing Report: Gold & Silver Gain for the Fifth Time in the Past Six Sessions