-- Posted Monday, 19 March 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $652.80 | +$0.60 |
Silver | $13.12 | +$0.02 |
XAU | 134.99 | +1.26% |
HUI | 330.76 | +1.15% |
GDM | 1056.59 | +1.03% |
JSE Gold | 2884.81 | +1.74% |
USD | 83.36 | +0.15 |
Euro | 132.96 | -0.16 |
Yen | 85.06 | -0.62 |
Oil | $56.59 | -$0.52 |
10-Year | 4.571% | +0.026 |
T-Bond | 112.5625 | -0.3125 |
Dow | 12226.17 | +0.96% |
Nasdaq | 2394.41 | +0.92% |
S&P | 1402.06 | +1.09% |
The Metals:
Gold rose a few dollars to above $655 in Asia before it fell back off in London and New York, but it remained mostly slightly higher for most of trade and ended with a 0.09% gain. Silver rose above $13.15 in Asia before it fell back off to $13.04 in early New York trade, rebounded back above $13.15 in late morning trade, and then fell back off a bit again, but it still ended with a gain of 0.15%.
Euro gold rose to about €491, platinum gained $8 to $1,226, palladium gained $2 to $350, and copper rose slightly to about $3.03.
Gold and silver equities rose over 1% at the open, remained near their highs for most of trade, and closed with about 1% gains.
The Economy:
There were no major economic reports today, but a report from the NAHB showing falling home builder confidence did have some talking. Tomorrow at 8:30AM EST brings Building Permits for February expected at 1,550,000 and Housing Starts expected at 1,445,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the April contract dropped ahead of its expiration tomorrow and traders looked ahead to an anticipated build in inventories on Wednesday.
The U.S. dollar index rose and treasuries fell despite falling home builder confidence as the index still reads at 36 and sits decently above of its low of 30 set last September.
The Dow, Nasdaq, and S&P rose about 1% in early trade on merger and acquisition news and remained near their highs into the close.
Among the big names making news in the market today were Community Health and Triad, Petrobras and Ipiranga, ABN and Barclays, Take-Two, Hercules Offshore and Todco, and Clayton Dubilier & Rice and ServiceMaster.
The Commentary:
“Having traded, or been around, the futures markets for 30 years, I use whatever tools and input I can to try and figure out what is going on. Fundamental analysis is THE key to understanding the big picture, and comes first. Second, it is always important to understand the technical picture. And third it is essential to stay on top of day to day input to be on the watch for market developments which could change, or enhance, a developing scenario.
That said, I moan and groan about the technical picture for gold because it is a manipulated market. However, that doesn’t mean we throw the baby out with the bathwater. Where TA stinks is on gold strength … meaning just when gold ought to really accelerate and take off to the upside, it is almost inevitable The Gold Cartel will make their move to squash the price, after sucking in an excess amount of speculators and funds. Over the years there has been an exception here and there (like after Gold Rush 21), but they have been just that, exceptions. What is important to keep in mind is that for gold to what we expect it to do price-wise, the exceptions of the past will become the rule of the future.” - From last Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 0.4 at 654.3, 1.7 off the high and 1.5 up from the low.
May Silver closed up 0.018 at 13.233. This was 0.113 up from the low and 0.057 off the high.
Apparently the strength in the equity market served to clean up the macro economic outlook that caused the metals to dive early last week. In fact, the stock market ran up so aggressively that the metals trade hardly seemed to notice that the first scheduled economic report of the week resumed the pattern of overt weakness in the US economy. It also seemed as if the stock market, the precious metals and a number of other physical commodity markets are unconcerned about the upcoming FOMC meeting result. In other words, the whole sub-prime loan situation seems to have been relegated to a background issue in the wake of the sharp rally in stock prices. It should also be noted that the gold market could have been supported by sharp gains around mid session in the oil market, but the fact that the Dollar stayed higher for most of the session probably kept the gold market from getting too much outside market support at the start of the new week.
While the silver market seemed to flirt with key technical resistance areas on the charts throughout the session, it was clear that the favorable stock market action was only enough to discourage fresh selling. In fact, even with a favorable recovery in copper prices, silver was really hard pressed to hold in positive ground. With the US economic report data for the session mostly showing weakness, the bull camp in silver was simply fortunate to hold prices together.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: The power of the primary trend
Blanchard research note: Mine consolidation means less gold supply
Fines for market rigging are tiny fraction of its profits
China tries to reassure world about its impact on markets
The Statistics:
As of close of business: 3/16/2007
Gold Warehouse Stocks: | 7,546,010 | - |
Silver Warehouse Stocks: | 119,672,777 | - |
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 | 476.84 | 15,331,027 | US$ 10,012m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.98 | 2,828,791 | US$ 1,848m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,878 | US$ 237m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,948 | US$ 233m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/16/2007 | |
Total Net Assets | $928,534,880 | 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 3/16/2007 | |
Total Net Assets | $1,685,212,358 | Ounces of Silver
in Trust | 128,965,697.300 |
Shares Outstanding | 12,950,000 | Tonnes of Silver
in Trust | 4,011.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Coeur’s (CDE) overturned mine permit in Alaska, Almaden’s (AAU) amended Technical Report, Freeport’s (FCX) public offering, new board members, and completed acquisition of Phelps Dodge, Silver Dragon’s (SDRG.OB) drill results, Palmarejo’s (PJO.V) drill results, and Wildcat’s (CNQ: WILD) financing were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY+10.95% $2.33 |
2. Eldorado Gold | EGO +4.27% $5.86 |
3. New Gold | NGD +3.50% $7.68 |
LOSERS
1. Almaden | AAU-4.63% $2.06 |
2. Orezone | OZN-4.42% $1.73 |
3. Nevsun | NSU-4.19% $2.06 |
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:
Dhanoa Minerals Ltd. Cancels 12,730,267 Shares - More
- March 19, 2007 | Item | E-mail
Almaden Amends Elk Property Technical Report - "As a result of a review by the British Columbia Securities Commission ("BCSC"), Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden" or "the company") has amended its Technical Report ("2006 Update of Resource, Siwash Project, Elk Property") dated April 6, 2006. The amended Technical Report is dated March 15, 2007." More
- March 19, 2007 | Item | E-mail
NewWest Gold Corporation's Northumberland joint venture announces results from its 2006 program - More
- March 19, 2007 | Item | E-mail
MacMillan Gold Announces $1,925,000 Private Placement - More
- March 19, 2007 | Item | E-mail
Eloro Updates James Bay and Timmins Projects - More
- March 19, 2007 | Item | E-mail
Caledonia Announces NI 43-101 Report on the Nama Project in Zambia - More
- March 19, 2007 | Item | E-mail
La Mancha Resources Inc. - Frog's Leg resources update - More
- March 19, 2007 | Item | E-mail
UrAsia announces sales contract with Exelon Generation Company, LLC - More
- March 19, 2007 | Item | E-mail
Company Profile for Advanced Resources Group Ltd - More
- March 19, 2007 | Item | E-mail
TSX: SMR - Silvermex Resources: NI 43-101 Technical Report & Resource Estimate the Penasco Quemado Property
- March 19, 2007 | Item | E-mail
Wildcat Exploration Extends Gold Mineralization to 350 m south-east of the Jeep Mine Shaft. - More
- March 19, 2007 | Item | E-mail
Bear Stearns upgrades Freeport-McMoRan - "The brokerage, which has a price target of $80 on the stock, said the company's shares represent a compelling value given the diverse asset base, strong management team and attractive growth prospects." More
- March 19, 2007 | Item | E-mail
Acero-Martin Announces Closing of Second and Final Tranche of Private Placement - More
- March 19, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Close with Small Gains