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-- Posted Thursday, 8 March 2007 | Digg This Article
| Close | Gain/Loss | Gold | $653.50 | +$4.30 | Silver | $13.00 | +$0.04 | XAU | 132.66 | +0.01% | HUI | 329.39 | +0.02% | GDM | 1039.06 | +0.08% | JSE Gold | 2758.18 | +1.15% | USD | 84.11 | +0.34 | Euro | 131.31 | -0.44 | Yen | 85.38 | -0.58 | Oil | $61.64 | -$0.18 | 10-Year | 4.509% | +0.012 | T-Bond | 113.375 | -0.125 | Dow | 12260.70 | +0.56% | Nasdaq | 2387.73 | +0.55% | S&P | 1401.89 | +0.71% |
The Metals:  Gold traded about $3 higher for most of trade in Asia and London and found over $5 gains in early New York trade before it fell to as low as $650.50 in late morning trade, but it then rallied back higher into the close and ended near its high with a gain of 0.66%. Silver rose above $13.10 in London before it fell throughout most of trade in New York to as low as $12.90 at one point, but it then rebounded higher in afternoon trade and ended with a gain of 0.31%.
Euro gold rose over €495, platinum gained $19 to $1,208, palladium gained $2 to $348, and copper rose over 6 cents to about $2.83. Gold and silver equities rose over 1.5% at the open, but they then steadily sold off for the rest off trade and ended with minimal gains. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 3/03 | 328K | 335K | 338K |
Tomorrow at 8:30AM EST brings the Trade Balance for January expected at -$60 billion and February’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Wholesale Inventories report for January expected at 0.1%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell slightly on warm weather forecasts as traders viewed yesterday’s large draw in inventories as a temporary setback due to a shipping delay. The U.S. dollar index rose as the yen cut into its recent gains and the euro fell. The ECB raised interest rates as expected, but ECB president Trichet described rates as “moderate,” rather than “low,” and that was not as hawkish as most expected towards the likeliness of future rate hikes. Treasuries fell as the stock market found decent gains, but losses were small as traders were cautious ahead of tomorrow’s jobs report and rumors over new problems in the subprime mortgage market surfaced late in the day. The Dow, Nasdaq, and S&P rose on easing worries over the economy, but worries over the subprime mortgage sector held any substantial gains in check ahead of tomorrow’s jobs data. Among the big names making news in the market today were Clearwire, McDonald’s, Costco, Express Scripts and Caremark, and Ford. The Commentary:  “There are a number of Café members, including myself, who are trying to figure out what the large gold open interest means for the gold price in the weeks ahead. Yesterday’s gold OI fell 6291 contracts to 382,550 (as reported yesterday ... fund selling and trade buying), which is only about 10,000 contracts lower than the highs made last fall before gold was trounced, and the OI sank dramatically as The Gold Cartel engineered yet another spec liquidation.
Does that mean we must go through another liquidation such as that one? Not at all. The most common mistake traders make is to point to history to predict the future. It is understandable to reflect on what just occurred, and occurred so often in the past, and believe we must go through the same drill again before we make another serious advance. Sure we can get really nailed again, but the odds are against it this time. Markets are dynamic and their internals often change. When they do so, it is almost NEVER acknowledged at the time by the punditry and market players…” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com  “April Gold finished up 2.6 at 655.5, 2 off the high and 3.5 up from the low.
May Silver closed up 0.015 at 13.12. This was 0.1 up from the low and 0.07 off the high. The gold market waffled around unchanged for most of the session, which is partly disappointing to the bull camp after an early attempt to rally. As suggested in the mid day coverage, the tight positive correlation to the equity market seems to be breaking down somewhat, as a stellar rally into the metals close could have prompted broad based small spec and fund buying in gold. In fact, with platinum and copper prices also showing very impressive gains on the session, one might have indeed expected more gains in the gold market. Certainly seeing the Dollar at times venture into the vicinity of the highest level since February 23rd caused some gold longs to bank profits and move to the sidelines. However, as long as the trade takes the strength in equity prices as a de-facto all clear on the economy, one would expect the bull camp to maintain an edge. After some two sided trade into mid session, the silver market seemed to settle back into a mostly positive trading posture. We suspect that overt strength in the equity market and stellar gains in the copper and platinum markets provided the silver market with residual buying interest. However, one should also realize that the market on Friday morning will see an extremely important US Non Farm payroll report and that could have discouraged some would be buyers of silver on Thursday. In fact, it will be interesting to see what reaction the equity market will have to the ultra important Unemployment report as that in turn could directly impact the silver market.” - The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Martin Armstrong: The white-collar defendant time forgot The Statistics: As of close of business: 3//2007 Gold Warehouse Stocks: | 7,486,093 | - | Silver Warehouse Stocks: | 118,211,287 | +574,129 |
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 | 481.16 | 15,469,742 | US$ 9,999m | LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.00 | 2,829,136 | US$ 1,842m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,923 | US$ 237m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.86 | 349,066 | US$ 225m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.13 tonnes. COMEX Gold Trust (IAU) Profile as of 3/7/2007 | | Total Net Assets | $925,779,749 | Ounces of Gold
in Trust | 1,423,071.777 | Shares Outstanding | 14,350,000 | Tonnes of Gold
in Trust | 44.26 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 3/7/2007 | | Total Net Assets | $1,636,533,063 | Ounces of Silver
in Trust | 126,974,157.100 | Shares Outstanding | 12,750,000 | Tonnes of Silver
in Trust | 3,949.34 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Goldcorp’s (GG) fourth quarter earnings, Fronteer’s (FRG) drill results, Banro’s (BAA) exploration titles, Silver Eagle’s (SEG.TO) drill results, Fury’s (FUR.V) acquired property, SilverCrest’s (SVL.V) drill program, and Endeavour’s (EXK) tripled reserves and resources at Guanacevi were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Minco Gold | MGH+6.76% $1.58 | 2. Rio Narcea | RNO +5.56% $3.42 | 3. Metallica | MRB +4.31% $4.60 |
LOSERS 1. Northgate | NXG -2.95% $3.29 | 2. Crystallex | KRY -2.82% $2.76 | 3. Aurizon Mines | AZK -2.56% $3.43 |
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: Medoro Resources Announces Initial Drilling Results - More
- March 08, 2007 | Item | E-mail
Nevada Star Increases Brokered Private Placement to CDN $9 Million and Confirms Special Meeting Date - More
- March 08, 2007 | Item | E-mail
Goldcrest Resources Ltd. - Grant of Stock Options and Corporate Changes - More
- March 08, 2007 | Item | E-mail
Operations suspended by work stoppage at Ity gold mine - More
- March 08, 2007 | Item | E-mail
BacTech Sets Mid-March Date to Drill Quinto Uranium Property - More
- March 08, 2007 | Item | E-mail
Moss Lake appoints Senior Officer - More
- March 08, 2007 | Item | E-mail
Western Troy Completes $500,000 Financing With MineralFields Group - More
- March 08, 2007 | Item | E-mail
Crescent Provides Oviedo Uranium Project Update - More
- March 08, 2007 | Item | E-mail
Starfire appoints Mr. Philip J. Rush, former director of exploration for Inco, as director and qualified person - More
- March 08, 2007 | Item | E-mail
TSX: EDR - Endeavour Triples Silver Reserves and Resources at Guanacevi Mines Project, Durango, Mexico
- March 08, 2007 | Item | E-mail |
Gold Seeker Closing Report: Gold & Silver Rise Again