ADVERTISEMENT

Turn Your Portfolio Into A Perpetual Money Machine...

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil ended slightly higher after early losses as traders weighed possible waning demand from China versus potentially bullish inventory data tomorrow.

The U.S. dollar index fell and the yen found impressive gains as world market volatility encouraged traders to unwind carry trades.  Poor Durable Goods Orders data and worries over the subprime mortgage market also gave strength to the euro versus the dollar.

Treasuries rallied higher and ended with relatively huge gains on global market uncertainty and economically disappointing Durable Goods Orders data.

World market problems started in China as the Shanghai Composite Index ended nearly 9% lower on worries that China will take measures to slow the country’s impressive economic growth, though the loss comes after 13% gains over just the past two weeks took it to a record close above 3,000 on Monday.  Losses in China eventually extended to the rest of the world as Asian markets, European markets, Russia, India, and indices in the Americas all ended with sharp losses.

The Dow fell over 500 points, the Nasdaq fell over 100 points, and the S&P fell over 50 points at one point in late day trading before all three indices rebounded into the close, but they still ended with losses of over 3%.  When all was said and done, it was the worst day for the three indices since March 24^th 2003.

Among the big names making news in the market today were Target, Delphi, Sirius, Harrah’s, RadioShack, Volvo, Cablevision, Toyota, CBS, Freddie Mac, and Federated.

The Commentary:

“April Gold finished down 2.6 at 687.2, 5.3 off the high and 9.7 up from the low.

March Silver closed down 0.145 at 14.545. This was 0.285 up from the low and 0.105 off the high.

The gold market at times was sharply lower but into mid session the April contract attempted to return to unchanged levels. While the Dollar started out under significant pressure and mostly remained weak throughout the session, that outside market influence didn't seem to benefit the gold market. Perhaps the mid day recovery in gold prices was the result of an improvement in the US economic numbers and perhaps the bounce was the result of a recovery in oil prices. For the majority of the gold trading session, the US equity market remained under significant duress and that seemed to give off a deflationary influence on gold.

The silver market did manage to reject a large portion of the early losses into mid session but with the US equity market down sharply, US Durable goods much softer than expected and copper prices sharply lower during the session Tuesday, it wasn't surprising to see the silver remain under selling pressure. Like the gold market, the silver market just wasn't benefiting from the weakness in the Dollar and rising oil prices and that would seem to suggest that investment interest or concerns of slumping physical demand was behind the price weakness.” - The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Ted Butler: A critical juncture

Malaysians increasingly see gold as money, not jewelry

Postal Service plans inflation-proof stamp, like gold-backed dollars of old

Goldman Sachs takes over New York Stock Exchange

Chavez decrees takeover of Venezuelan oil projects run by foreigners

Are central banks preparing to prop up stocks directly?

The Statistics:

As of close of business: 2/26/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

 Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

 Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Kinross Gold’s (KGC) completed acquisition of Bema Gold, Barrick’s (ABX) completed feasibility study, Glencairn’s (GLE) drill results, South American Silver’s (SAC.TO) exercised over-allotment option, Endeavour’s (EXK) acquired exploration contracts, and Valencia’s (VVI.V) drill program were among the big stories in the gold and silver mining industry making headlines today.

No “winners” today.

LOSERS

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:

Colibri Resource Corporation announces brokered private placement - More
- February 27, 2007 | Item | E-mail

Explor Resources Inc.: New Stock Option Plan - More
- February 27, 2007 | Item | E-mail

Palladon Ventures Ltd. Announces Letter of Intent for Major Chinese Steel Concern to Acquire Luxor Capital Partners' Interest in Iron Mountain Project - More
- February 27, 2007 | Item | E-mail

Exploration license renewed, drilling in progress at Wadi Qutabah, new gold results for drilling at the Al Hariqah gold deposit, Yemen - More
- February 27, 2007 | Item | E-mail

UEX Commences 2007 Winter Exploration Program at Black Lake Uranium Project - More
- February 27, 2007 | Item | E-mail

Golden Patriot Mining Inc. to Change its Name to Hana Mining Ltd. - More
- February 27, 2007 | Item | E-mail

C2C Inc. Update Ecuador - More
- February 27, 2007 | Item | E-mail

DIA BRAS: 2006 Exploration Results and 2007 Exploration Program on the Cu-Zn Bolivar Property - More
- February 27, 2007 | Item |