-- Posted Friday, 9 February 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $666.70 | +$9.00 | +3.25% |
Silver | $13.83 | +$0.15 | +4.06% |
XAU | 141.67 | -0.17% | +2.00% |
HUI | 340.06 | -0.20% | +2.33% |
GDM | 1088.82 | -0.21% | +1.93% |
JSE Gold | 2822.99 | +3.43% | +2.22% |
USD | 84.88 | +0.19 | -0.08% |
Euro | 130.13 | -0.21 | +0.40% |
Yen | 82.25 | -0.36 | -0.39% |
Oil | $59.89 | +$0.18 | +1.47% |
10-Year | 4.784% | +0.054 | -0.89% |
Bond | 110.50 | -0.59375 | 0.35% |
Dow | 12580.83 | -0.45% | -0.57% |
Nasdaq | 2459.82 | -1.16% | -0.65% |
S&P | 1438.06 | -0.71% | -0.71% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly higher in Asia and London before it came into New York slightly lower, but it then rose throughout most of trade in New York and ended near its highs with a gain of 1.37%. Silver seesawed its way higher throughout trade in Asia, London, and New York and ended near its highs with a gain of 1.10%.
Euro gold rose near €515, platinum lost $1 to $1,194, palladium gained $3 to $340, and copper rose over 7 cents to $2.50.
Gold and silver equities rose about 1.5% by early afternoon, but they then fell off into the close along with the major indices and ended with slight losses despite the over 1% gains in the metals on Friday.
The Economy:
Fed members Poole, Pianalto, and Fisher all spoke today and would not rule out future interest rate hikes as fed governor Bies announced her retirement in March.
All of this week’s economic reports:
Next week’s economic highlights include the Treasury budget on Monday, the Trade Balance on Tuesday, Retail Sales and Business Inventories on Wednesday, Export and Import prices, Initial Jobless Claims, the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, Industrial Production, and the Philadelphia Fed on Thursday, and Housing Starts, Building Permits, PPI, Leading Indicators, and Michigan Sentiment on Friday. Bernanke will also be speaking midweek.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over $60 before pulling back slightly as Nigeria declared a force majeure to join Occidental Petroleum’s force majeure in California, OPEC lowered exports, cold weather continued in the U.S., and Iran declared attacks on U.S. interests around the world should it be attacked.
The U.S. dollar index rose on fed speak and on the view that the G7 meeting will not call for a stronger yen as previously thought earlier in the week.
Treasuries fell on profit taking from gains earlier in the week and on comments from fed members speaking about possible interest rate hikes.
The Dow, Nasdaq, and S&P fell as oil rose near $60, mortgage stocks fell markedly, Micron warned at its analyst meeting, and fed comments raised worries over higher interest rates.
Among the big names making news in the market Friday were Micron, Bank of America, Fortress, Chevron, DaimlerChrysler, LSE and Nasdaq, Lear, Alcatel-Lucent, MasterCard, FirstGroup and Laidlaw, and Ontario Pension Fund and General Nutrition Centers.
The Commentary:
“*Gold broke out of a minor bullish pennant formation to the upside, another positive technical development.
*The move up today confirms the EXTREME IMPORTANCE of the information brought to your attention yesterday regarding central bank buying. No sense rehashing the analysis, except to say the gold market cannot handle reduced ECB group selling, while other central banks are stepping up to the plate to buy.
*The gold open interest rose 5283 contracts to 366,189. This leaves that OI only 7,000 contracts below its multi-decade high. With today’s stunning reversal breakout, we are getting very close to another signal failure … the kind which occurred when gold rose from $436 to $730, following GATA’s Gold Rush 21 in the Yukon, our conference attended by Andrey Bykov, an economic advisor to Russian President Vladimir Putin.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 9.5 at 672.3, 1.2 off the high and 10 up from the low.
March Silver closed up 0.145 at 13.915. This was 0.095 up from the low and 0.055 off the high.
Crude oil trading above $60 per barrel may have been the initial catalyst to drive gold higher this morning, but gold seemed to take on a life of its own as it held its gains despite some mid-morning weakness in crude. In the end, gold made significant gains on the day, with April gold trading to its highest level since August despite nearby crude oil struggling with the $60 level. The US Dollar appeared to have little bearing on the market, as it stayed inside yesterday's range throughout the session. Comments by the Managing Director of the IMF stating that the agency could sell a limited amount of gold reserves to increase its source of income were mitigated by his assertion that it would be only part of a larger funding plan and should not disrupt the metals markets.
Like gold, silver made some impressive gains on the day that were initially brought about by strength in the crude oil market. Dollar action appeared to have little impact on the market today, but the market probably found support from higher copper and platinum prices as well as from fund buying, as the major trend in silver continues to be consistently strong. A pattern of higher lows would seem to leave the bias in silver pointing upward, even if the market is a bit short term overbought.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
ROB-TV's Jim O'Connell interviews Sprott's John Embry
Bolivia to seize mineral refinery
South Korea considers moving reserves into foreign stocks
Subprime mortgage bond risk surges, credit-swap index suggests
Clive Maund replies: You hurt my feelings
The Statistics:
As of close of business: 2/8/2007
Gold Warehouse Stocks: | 7,487,683 | - |
Silver Warehouse Stocks: | 114,753,954 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 461.71 | 14,844,449 | US$ 9,734m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,799,974 | US$ 1,868m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.93 | 351,080 | US$ 234m |
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 2/8/2007 | |
Total Net Assets | $923,535,140 | 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 2/8/2007 | |
Total Net Assets | $1,691,490,898 | Ounces of Silver
in Trust | 125,030,899.100 |
Shares Outstanding | 12,550,000 | Tonnes of Silver
in Trust | 3,888.90 |
Note: Change in Total Tonnes from yesterday’s data: 170.42 tonnes were added to the trust.
The Stocks:
Newmont’s (NEM) postponed trial in Indonesia, NovaGold’s (NG) Galore Creek project update, General Minerals (GNM.TO) filed final prospectus, and Silvercorp’s (SVM.TO) earnings were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Crystallex | KRY +11.41% $3.32 |
2. Gold Reserve | GRZ +6.88% $5.44 |
3. Claude Resources | CGR +5.37% $1.57 |
LOSERS
1. Pan American | PAAS -2.81% $28.01 |
2. Hecla Mining | HL -2.68% $7.25 |
3. Pacific Rim | PMU -2.63% $1.11 |
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:
Duncan Park Holding Corporation Announcement - More
- February 09, 2007 | Item | E-mail
NovaGold sees Q2 Galore Creek construction start - "NovaGold Resources Inc. (NG.TO: Quote, Profile , Research) said on Friday that its Galore Creek project is in the last stages of permitting, with construction expected to start in the second quarter of 2007.
NovaGold, which late last year rebuffed a hostile $1.7 billion bid from Barrick Gold (ABX.TO: Quote, Profile , Research), said it expects a provincial environmental assessment certificate will be issued in the first quarter of the year, with construction permits to follow." More
- February 09, 2007 | Item | E-mail
Minera Andes shareholders approve warrant exercise incentive program - More
- February 09, 2007 | Item | E-mail
Taseko Takes Up bcMetals Shares - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) ("Taseko" or the "Company") reports that all conditions of its offer to acquire all of the common shares and out of money warrants of bcMetals Corporation ("bcMetals") have been met or waived." More
- February 09, 2007 | Item | E-mail
Explor Resources Inc.: Acquisition of the Destor Property - More
- February 09, 2007 | Item | E-mail
Jasper Mining Corporation discussion of soil results from Erie Creek property and the addition of 5 mineral tenures - More
- February 09, 2007 | Item |
Gold Seeker Weekly Wrap-Up: Gold & Silver Gain Over 3% & 4% on the Week; SLV Adds Over 170 Tonnes to Its Trust