-- Posted Friday, 2 March 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $640.80 | -$22.40 | -6.16% |
Silver | $12.82 | -$0.76 | -11.53% |
XAU | 132.36 | -3.15% | -9.23% |
HUI | 323.29 | -3.31% | -9.52% |
GDM | 1029.55 | -3.35% | -9.47% |
JSE Gold | 2571.93 | +0.71% | -11.10% |
USD | 83.73 | UNCH | -0.37% |
Euro | 131.94 | +0.03 | +1.46% |
Yen | 85.71 | +0.71 | +3.73% |
Oil | $61.64 | -$0.36 | +0.82% |
10-Year | 4.515% | -0.041 | -3.48% |
Bond | 113.25 | +0.375 | +1.46% |
Dow | 12114.10 | -0.98% | -4.22% |
Nasdaq | 2368.00 | -1.51% | -5.85% |
S&P | 1387.17 | -1.14% | -4.41% |
The Metals:
CoT Reports: Gold | Silver
Gold fell about $5 in early Asian trade before it rebounded and saw slight gains in early London trade, but it then began to fall off in later London trade and dropped over $10 to about $650 just after the open in New York. After remaining in the low $650s for much of the morning, it then began to fall off further in late morning and early afternoon trade and ended near its low of the day with a loss of 3.38%. Silver remained near unchanged in Asia and London before it steadily sold off throughout most of trade in New York and ended about 1% off its low with a loss of 5.60%.
Euro gold fell near €485, platinum lost $33 to $1,200, palladium lost $2 to $344, and copper fell roughly 4 cents to about $2.67.
Gold and silver equities steadily fell throughout most of trade and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Feb | 91.3 | 93.3 | 93.3 |
All of this week’s economic reports:
Next week’s economic highlights include ISM Services on Monday, Productivity and Factory Orders on Tuesday, the fed’s Beige Book and Consumer Credit on Wednesday, Initial Jobless Claims on Thursday, and February’s jobs data, the Trade Balance, and Wholesale Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged in early trade, but it then began to fall off with the stock market and ended modestly lower on worries that slowing economic growth will hurt demand.
The U.S. dollar index remained near unchanged as the yen continued to gain on the unwinding of the carry trade.
Treasuries rose on worries over the stock market and on weaker than expected consumer sentiment data, pushing the yield on the 10-year to its lowest in over 2 months and making for the largest weekly gain for bonds in five months.
The Dow, Nasdaq, and S&P again fell on worries over the subprime mortgage market and its potential impact on the economy as a whole.
Among the big names making news in the market Friday were EMI and Warner Music Group, UPS and Airbus, Ford, Gap, Oracle and Hyperion, and Goldman Sachs, Merrill Lynch, and Morgan Stanley.
The Commentary:
“April Gold finished down 21 at 644.1, 12.4 off the high and 1.9 up from the low.
March Silver closed down 0.685 at 12.845. This was 0.095 up from the low and 0.375 off the high.
The gold market ratcheted sharply lower in the wake of another sharp down thrust in equity prices. With the Press also talking up the idea of investment liquidation in gold, it probably wasn't surprising to see the gold market come under such intense profit taking, especially with the mainstream Press trumpeting concern for significant global slowing ahead. With crude oil prices divergent from strength in the gasoline market and the Dollar mostly trading in positive ground throughout the session Friday, it was clear that the gold bulls weren't going to get any support from outside market action. In the end, fear of significant slowing, declining inflationary concerns and flight to quality interest in the Dollar, the bear camp seems to have a number of themes working in their favor.
From the action Friday it would seem like the silver contract was under significantly more aggressive spec and fund liquidation than some of the other precious metals. In fact, the March silver contract fell to the lowest level since January 19th, while the April gold contract only fell to the lowest level since January 23rd. With the platinum market coming under pressure it was clear that even a solid fundamentally supported precious metals market was under intense liquidation pressure. In the end, the tight correlation between action in the equity market and action in the silver market held on Friday and the trade expects that relationship to remain tight next week!”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Embry: Manipulation couldn't be more blatant now
James Turk: Almost a record
Credit derivatives volumes soar
Top Wall Streeters charged in 'pervasive' insider trading ring
The Statistics:
As of close of business: 3/1/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 117,637,158 | + 444,102 |
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 | 481.31 | 15,474,497 | US$ 10,371m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,322 | US$ 1,802m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,947 | US$ 234m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.73 | 345,127 | US$ 231m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/1/2007 | |
Total Net Assets | $942,489,999 | Ounces of Gold
in Trust | 1,423,505.730 |
Shares Outstanding | 14,350,000 | Tonnes of Gold
in Trust | 44.28 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/1/2007 | |
Total Net Assets | $1,800,242,320 | Ounces of Silver
in Trust | 126,026,951.100 |
Shares Outstanding | 12,650,000 | Tonnes of Silver
in Trust | 3,919.88 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Northgate’s (NXG) earnings, Almaden’s (AAU) exploration in Mexico, Exeter’s (XRA) drill results, Apollo’s (AGT) production restart, Canyon’s (CAU) 2006 financial results, Bear Creek’s (BCM.V) drill results, and Valencia’s (VVI.V) project sale were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Banro | BAA +0.88% $12.54 |
2. International Royalty | ROY +0.79% $5.09 |
3. Entree Gold | EGI +0.70% $1.44 |
LOSERS
1. Claude Resources | CGR -8.38% $1.53 |
2. Northgate | NXG -7.78% $3.32 |
3. Silver Standard | SSRI -6.72% $30.56 |
Winners & Losers tracks NYSE and AMEX listed gold and silver m
Gold Seeker Weekly Wrap-Up: Gold & Silver Lose Over 6% & 11% on the Week