-- Posted Tuesday, 13 February 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $663.20 | +$1.00 |
Silver | $13.85 | +$0.21 |
XAU | 142.60 | +1.81% |
HUI | 342.59 | +1.69% |
GDM | 1095.03 | +1.66% |
JSE Gold | 2831.99 | -0.77% |
USD | 84.70 | -0.42 |
Euro | 130.30 | +0.69 |
Yen | 82.48 | +0.36 |
Oil | $59.06 | +$1.25 |
10-Year | 4.814% | +0.010 |
T-Bond | 110.1875 | -0.125 |
Dow | 12654.85 | +0.81% |
Nasdaq | 2459.88 | +0.39% |
S&P | 1444.26 | +0.76% |
The Metals:
Gold initially fell slightly in Asia before it found about two dollar gains by the London open, furthered its gains in London and early New York trade and rose up to about $669 with roughly 1% gains, but it then fell off for most of the rest of the day and dropped to as low as $661.40 in early afternoon trade ahead of a small rally into the close that left it with a gain of 0.15%. Silver also rose over 1% by early New York trade before it also pulled back a bit, but it was able to stay near its highs for the rest of trade and ended with a gain of 1.54%.
Euro gold dropped slightly under €510, platinum gained $14 to $1,196, palladium gained $6 to $340, and copper rose over 10 cents to about $2.53.
Gold and silver equities rose nearly 2% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Dec | -$61.2B | -$59.5B | -$58.1B |
The overall trade deficit set a record high for 2006 for the fifth straight year.
Tomorrow at 8:30AM EST is the Retail Sales report for January expected at 0.3%. Excluding autos, sales are expected at 0.4%. At 10AM is the Business Inventories report for December expected at 0.1% and the start of Bernanke’s testimony before the Senate Banking Committee.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on cold weather in much of the U.S., an IEA report showing higher demand, and news of a fire at a Valero facility.
The U.S. dollar index fell on the larger than expected trade deficit and on strong eurozone growth that strengthened the euro.
Treasuries initially rose on the larger than expected trade deficit, but they then fell back off and ended slightly lower on expectations for Bernanke to push interest rates higher by speaking of strong economic growth and inflation worries tomorrow.
The Dow, Nasdaq, and S&P rose markedly on takeover speculation.
Among the big names making news in the market today were BHP Billiton and Alcoa, Coca-Cola, Nasdaq, Blackstone, CVS and Caremark, and Marsh & McClennan.
The Commentary:
“Where do we go from here? The gold open interest is way up there, yet there is no reason it can’t rise to 500,000 contracts. The last time it was this high, The Gold Cartel launched a raid that set gold back for 2/3 of a year, taking it down about $160 per ounce off its highs. With gold on the move, they are digging in their heels once more.
The key, as is so often the case, is the cash market. Clearly, The Gold Cartel crew is trying to buy time to come up with enough physical gold to bomb the market and turn the specs into sellers. Should they come up with the gold, they probably will win another battle. However, they have gone through a great deal of the gold they had available last May. They are scraping the bottom of the barrel, as evidenced by their IMF growlings and lack of ECB group selling of gold. In addition, demand for gold is really on the upswing. It is significant that more and more central banks are adding to their holdings.
The lack of ECB group central bank gold selling has the bad guys in a twit. Demand for bullion is far greater than mine and scrap supply. The price of gold WILL EXPLODE. It is only a matter of time … so remember:
GATA BE IN IT TO WIN IT!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 1.2 at 668.5, 5.2 off the high and 2.7 up from the low.
March Silver closed up 0.2 at 13.915. This was 0.075 up from the low and 0.085 off the high.
While gold ended up closing higher on the day, one would have thought it would have had a stronger reaction to the weak Dollar and higher crude oil prices. The US dollar was under pressure from stronger than expected Eurozone growth data, which showed 4th quarter growth at 0.9 percent, and from the US Trade Deficit data, which showed an increase of almost 2 billion above expectations. Crude oil prices were up on a refinery fire in Delaware and a report from the International Energy Agency indicating stronger crude oil demand in 2007 than they previously forecasted. In the end, the Dollar managed to hold last week's lows, which may have kept the reins in on gold.
The silver market closed higher on the day, possibly gaining support from a sharply higher copper market in addition to strength thin crude oil and the weakness in the Dollar. March silver traded to its highest level since mid December but failed to move above round number resistance at $14.00. With March copper's high over 22 cents above the recent lows, one could get the impression that the outlook for base and physical metals has improved significantly, which could spill over into silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russia entices Qatar for natural gas cartel
The Statistics:
As of close of business: 2/12/2007
Gold Warehouse Stocks: | 7,487,683 | - |
Silver Warehouse Stocks: | 115,437,975 | +599,378 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 466.20 | 14,988,824 | US$ 9,960m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.08 | 2,799,850 | US$ 1,861m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.08 | 355,814 | US$ 237m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,337 | US$ 218m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 4.62 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/12/2007 | |
Total Net Assets | $929,951,103 | 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 2/12/2007 | |
Total Net Assets | $1,722,654,346 | Ounces of Silver
in Trust | 125,030,899.100 |
Shares Outstanding | 12,550,000 | Tonnes of Silver
in Trust | 3,888.90 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) earnings, Meridian Gold’s (MDG) technical report, Tanzanian Royalty’s (TRE) private placement, IAMGOLD’s (IAG) approved sale, Golden Star’s (GSS) warrant expiration, and Sterling Mining’s (SRLM.OB) marketing manager were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Richmont | RIC +7.20% $2.68 |
2. Northern Orion | NTO +6.72% $3.81 |
3. Fronteer | FRG+6.24% $12.42 |
LOSERS
1. Endeavour | EXK-3.91% $4.67 |
2. Almaden | AAU-2.58% $2.27 |
3. Solitario | XPL -2.37% $3.79 |
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:
Gold Resource Corporation Engages COREVI to Commence the Permitting Process and Lyntek to Commence Engineering at the El Aguila Project, Mexico - More
- February 13, 2007 | Item | E-mail
Aura Silver Grants Stock Options - More
- February 13, 2007 | Item | E-mail
Meridian Gold files amended Technical Report for Minera Florida, Chile - "Meridian Gold Inc. ("Meridian Gold" or the "Company") (TSX:MNG - News; NYSE:MDG - News) provides a clarification and update on the completion of the NI 43-101 Technical Report for its Minera Florida mining operations located at Alhue, Chile (referred to throughout the Technical Report as Alhue). The report, dated November 25, 2006, and amended January 17, 2007, was prepared by Qualified Persons Hrayr Agnerian, M.Sc., P.Geo, and James L. Pearson, P.Eng, of Scott Wilson Roscoe Postle Associates Inc. and is available for public inspection on SEDAR (www.sedar.com)." More
- February 13, 2007 | Item | E-mail
Sterling's Marketing Manager, Monique Hayes, Joins the Board of the Idaho Mining Association - "Sterling Mining Company (OTCBB: SRLM - News) today announced that Ms. Monique Hayes, Sterling's Marketing Manager, has been appointed to the board of directors of the Idaho Mining Association. Ms. Hayes brings 15 years of experience in marketing and communications to the board, along with a rich family involvement in mining and associated industries for generations." More
- February 13, 2007 | Item | E-mail
Energy Fuels Provides Status Update - More
- February 13, 2007 | Item | E-mail
Tournigan Curraghinalt Acquisition Renegotiation - More
- February 13, 2007 | Item | E-mail
Queenston Reports McBean Drilling Results - More
- February 13, 2007 | Item | E-mail
UEX/AREVA Focus on Basement Potential at the Kianna Deposit - More
- February 13, 2007 | Item | E-mail
Copper Ridge Plans 2007 Drill Programs on Three Projects - More
- February 13, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold Pares Early Gains While Silver Gains Over 1.5%