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-- Posted Wednesday, 21 February 2007 | Digg This Article
| Close | Gain/Loss | Gold | $679.50 | +$22.00 | Silver | $14.26 | +$0.45 | XAU | 145.82 | +3.72% | HUI | 354.57 | +4.56% | GDM | 1133.60 | +3.94% | JSE Gold | 2753.30 | +0.51% | USD | 84.22 | +0.05 | Euro | 131.42 | +0.07 | Yen | 82.70 | -0.58 | Oil | $60.07 | +$1.22 | 10-Year | 4.692% | +0.012 | T-Bond | 111.46875 | -0.15625 | Dow | 12738.41 | -0.38% | Nasdaq | 2518.42 | +0.21% | S&P | 1457.63 | -0.14% |
The Metals:  Gold traded mostly slightly higher in Asia and London before it dipped slightly in early New York trade to $656.50, but it then climbed above $660 in midmorning trade and began to accelerate its gains at about 11AM EST. Gold surged higher for most of the rest of trade and briefly topped $682 at one point before it dropped a bit off its highs in the last minutes of trade, but it still ended with an impressive gain of 3.35%. Silver dropped to $13.68 before it also rallied higher for most of the rest of trade and ended near its highs with a gain of 3.26%.
Euro gold rose over €515, platinum gained $16 to $1,226, palladium gained $6 to $342, and copper rose roughly 10 cents to about $2.68. Gold and silver equities found only slight gains in the first hour and a half of trade, but they then steadily rose for the rest of trade and ended with about 4% gains. The Economy: Report | For | Reading | Expected | Previous | CPI | Jan | 0.2% | 0.1% | 0.4% | Core CPI | Jan | 0.3% | 0.2% | 0.1% | Leading Indicators | Jan | 0.1% | 0.2% | 0.6% |
FOMC Minutes from the fed’s January 31st meeting showed that fed officials continue to be concerned about inflation, but believe that economic risks posed by the slowdown in housing have “diminished somewhat.” Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/17 expected at 325,000 and at 10AM is the Help-Wanted Index for January expected at 34. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose back above $60 on refinery shutdowns, renewed tensions over Iran, and expectations for draw downs in tomorrow’s inventory reports. The U.S. dollar index rose and treasuries fell as CPI came in higher than expected and reduced hopes for a cut in interest rates by the fed. The dollar also found support as the yen fell despite a hike in interest rates by the Bank of Japan as they indicated any future hikes would be gradual. The Dow, Nasdaq, and S&P fell in early trade on worries over inflation and interest rates, but the Nasdaq was able to find slight gains by the close on strength in Apple’s shares. Among the big names making news in the market today were YouTube and CBS, JetBlue, Taser, and Medco. The Commentary:  “April Gold finished up 23 at 684, 2.4 off the high and 23.5 up from the low.
March Silver closed up 0.443 at 14.273. This was 0.533 up from the low and 0.037 off the high. All in all the bull camp has to come away from the action Wednesday with a large measure of confidence. In fact, the bull camp early in the session didn't seem to be put off the least bit by the fact that oil prices were weak and the Dollar was higher. While the gold market hasn't been specifically lifted lately by the anticipation of inflation, it was clear that a minor up tick in the US CPI report prompted widespread bargain hunting buying. In fact, it was probably the "excluding" Food & Energy component gain that really inspired the buyers but with oil prices recovering and the UN potentially poised to take a harder line with Iran the market was certainly flush with a number of potentially bullish fundamental developments. Some players even suggested that the technicals were responsible for the recovery, as early selling might have ended up catching a number of shorts in the wrong side of the market. In the end, minute by minute price correlations would seem to suggest that the action in the oil market was the most dominating bullish catalyst. While the silver market was initially divergent with the gold market, silver had no difficulty tracking with gold on Wednesday. With the copper and platinum markets also joining in on the rally it was clear that a broad cross section of buyers were moving into the market. Extremely favorable earnings and costs news from Hecla Mining might even serve to spark a wave of merger/buyout talk in mining shares or it is possible that the news will also serve to attract fresh speculative investors in the futures markets.” - The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
ROB-TV's Jim O'Connell takes medical leave Peter Grandich: Year of the pig and the trip to the slaughterhouse Vietnam forsakes real economy for stock trading Mark Hulbert blames bugs, not central banks, for gold's struggle The Statistics: As of close of business: 2/20/2007 Gold Warehouse Stocks: | 7,487,582 | - | Silver Warehouse Stocks: | 116,539,631 | + 272,835 |
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 | 475.76 | 15,296,086 | US$ 10,153m | LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.08 | 2,799,602 | US$ 1,900m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.08 | 355,783 | US$ 242m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,308 | US$ 218m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 2/20/2007 | | Total Net Assets | $922,148,840 | 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 2/20/2007 | | Total Net Assets | $1,751,312,910 | Ounces of Silver
in Trust | 126,026,951.100 | Shares Outstanding | 12,650,000 | Tonnes of Silver
in Trust | 3,919.88 |
Note: Change in Total Tonnes from yesterday’s data: 30.98 tonnes were added to the trust. The Stocks: Fronteer’s (FRG) offering in Canada, Kinross Gold’s (KGC) fourth quarter and full-year results, U.S. Energy’s (USEG) drill results, Great Basin’s (GBN) purchase of Hecla’s earn-in rights in the Hollister Development Block project and framework agreement to meet BEE objectives, Pacific Rim’s (PMU) project update, Orezone’s (OZN) assay results, IAMGOLD’s (IAG) 2006 operating results and guidance, Glencairn’s (GLE) expansion plans, MAG Silver’s (MAG.V) drilling, Almaden’s (AAU) optioned project to Apex Silver (SIL), Orko’s (OK.V) sampling results, Apogee’s (APE.V) resource estimate, and Hecla’s (HL) earnings were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Hecla Mining | HL +11.4% $8.11 | 2. Great basin | GBN +10.05% $2.08 | 3. Royal Gold | RGLD +8.02% $34.74 |
LOSERS 1. Anglo American | AAUK -1.64% $25.17 | 2. Fronteer | FRG -1.42% $13.19 | 3. Ivanhoe | IVN -0.88% $10.17 |
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: Fronteer Announces Marketed Deal in Canada - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has filed a preliminary prospectus in connection with an overnight-marketed public offering (the "Offering") of common shares in Canada. The Offering will be conducted through a syndicate of Canadian underwriters." More
- February 21, 2007 | Item | E-mail
Kinross Gold Achieves Record Fourth Quarter and Full-Year Results: Financial News - Yahoo! Finance - "Net earnings for the fourth quarter were $41.0 million or $0.11 per share (diluted), compared to a net loss of $154.3 million or $0.45 per share in the same period last year. Net earnings for the full-year were a record $165.8 million or $0.47 per share (diluted), compared with a net loss of $216.0 million in the same period last year. Net earnings in the fourth quarter were reduced by $0.01 per share (diluted) as a result of the impairment of certain long-term investments, partially offset by a gain on asset sales." More
- February 21, 2007 | Item | E-mail
Consolidated Gulfside Resources Ltd. - Confirmation of large Soviet Era Copper Anomalies - More
- February 21, 2007 | Item | E-mail
Hecla posts Q4 profit, shares rise to 3-year high - "Hecla Mining Co. (HL.N: Quote, Profile , Research) posted a profit in the fourth quarter largely due to higher-than-expected production and high metal prices, sending its shares to a three-year high.
The precious metals company reported earnings of 17 cents a share, compared with a loss of 6 cents per share a year earlier. Revenue rose to $70.3 million from $30 million a year ago." More
- February 21, 2007 | Item | E-mail
Bluerock Resources Signs Option Agreement on Tramp Mine Project, Montrose County, Colorado, USA - More
- February 21, 2007 | Item | E-mail
First Gold Exploration Inc. Announces the Closing of its Initial Public Offering - More
- February 21, 2007 | Item | E-mail
Golden Tag Resources Ltd: Diamond Drilling Commences on McCuaig Red Lake, Ontario Property - More
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