-- Posted Wednesday, 28 March 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $666.20 | +$4.40 |
Silver | $13.36 | +$0.18 |
XAU | 137.22 | -0.23% |
HUI | 340.29 | -0.06% |
GDM | 1078.89 | +0.60% |
JSE Gold | 2898.65 | +1.70% |
USD | 83.07 | +0.10 |
Euro | 133.27 | -0.21 |
Yen | 85.60 | +0.78 |
Oil | $64.08 | +$1.15 |
10-Year | 4.620% | +0.008 |
T-Bond | 111.59375 | -0.15625 |
Dow | 12300.36 | -0.78% |
Nasdaq | 2417.10 | -0.83% |
S&P | 1417.23 | -0.87% |
The Metals:
Gold rose over $5 to about $668 in after hours access trade yesterday before it fell back off to about $664 in Asia, traded near $665 in London, and rose to over $668 in early New York trade, but it then fell for the rest of the morning to as low as $663 ahead of a rally back higher into the close that left it with a gain of 0.66%. Silver rose over 15 cents to $13.35 in after hours access trade yesterday before it fell back to about $13.25 in Asia and then rose in London and early New York trade to nearly $13.45, but it also fell off for the rest of morning New York trade and dropped to as low as $13.26 ahead of a rally into the close that left it with a gain of 1.37%.
Euro gold rose to about €500, platinum gained $8 to $1,239, palladium gained $2 to $352, and copper rose a couple of cents to about $3.07.
Gold and silver equities traded on either side of unchanged throughout trade and ended mixed.
Be sure to check out D. Stewart Armstrong’s report on Geocom Resources posted on GoldSeek.com today. I would also highly suggest that you email him at consulting@seacoastpub.com and ask for a free CD that includes an in-depth company presentation.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Feb | 2.5% | 3.5% | -9.3% |
Bernanke spoke before congress about moderating economic growth and noted that inflation was uncomfortably high and that it was the greater risk at this time, discounting the belief that the fed had gone to a more neutral stance as many interpreted from their last FOMC policy announcement.
Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 2.2%, the Chain Deflator expected at 1.7%, and Initial Jobless Claims for 3/24 expected at 320,000. At 10AM is the Help-Wanted Index for February expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly spiked over 8% higher above $68 in late electronic trade yesterday on rumors of a U.S. military confrontation with Iran and then fell back off as those rumors were discounted, but it still ended nearly 2% higher as geopolitical worries remain at least somewhat elevated. Inventories came in about as expected and had little impact due to worries over Iran. Crude inventories fell 900,000 barrels, gasoline inventories fell 300,000 barrels, and distillates fell 700,000 barrels.
The U.S. dollar index fell and treasuries rose after Durable Goods came in worse than expected, but those moves reversed and the dollar ended slightly higher while bonds fell a bit after Bernanke spoke about increased inflationary worries and pushed interest rates higher.
The Dow, Nasdaq, and S&P fell on increased geopolitical tensions and higher oil, weaker than expected Durable Goods data, and inflationary worries raised by Bernanke.
Among the big names making news in the market today were New Century and Freddie Mac, American Air and Boeing, Circuit City, and Beazer.
The Commentary:
“April Gold finished up 4.3 at 666.8, 2.7 off the high and 3.3 up from the low.
May Silver closed up 0.175 at 13.455. This was 0.105 up from the low and 0.085 off the high.
Initially the gold market seemed to benefit from all the geopolitical uncertainty and perhaps even managed to benefit from the slight deterioration in the macroeconomic outlook. However, after the initial Bernanke testimony reaction, the gold market seemed to reconnect with the equity market and consequently gold prices fell back off their initial highs. In other words, the gold market showed signs of buckling under the weight of economic slowing fears. However, with oil prices expected to remain hypersensitive to Mideast developments, it is possible that some flight to quality buying interest will stick with the gold trade.
While the silver market managed to correlate positively with the gold and oil markets early in the session Wednesday, it remains to be seen if silver will see enough flight to quality buying to offset the potential selling that might arise in the event economic sentiment is ruptured. In other words, the silver market recently has been undermined by threats of severe economic slowing and the question becomes which focus will be able to dominate the silver trade in the coming sessions? Right now the focus appears to be on the geopolitical arena.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Murphy's 'Midas' commentary from LeMetropole Cafe posted at GoldSeek
European central bank sales rise sharply but fail to keep gold down
Spend those Treasury bonds, Asian Development Bank urges
Dow Jones notes IMF plan to clarify gold loans and swaps
Ted Butler: The long term
The Statistics:
As of close of business: 3/27/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 121,595,889 | -1,253,968 |
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 | 479.31 | 15,410,289 | US$ 10,229m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.85 | 2,856,505 | US$ 1,904m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,942 | US$ 245m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,913 | US$ 236m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/27/2007 | |
Total Net Assets | $951,787,586 | Ounces of Gold
in Trust | 1,437,943.875 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.73 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/27/2007 | |
Total Net Assets | $1,733,056,090 | Ounces of Silver
in Trust | 129,961,277.700 |
Shares Outstanding | 13,050,000 | Tonnes of Silver
in Trust | 4,042.25 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Crystallex’s (KRY) market activity comments, Gold Reserve’s (GRZ) environmental approval and construction permit, Freeport’s (FCX) completed financings, NovaGold’s (NG) expanded resource estimate, Golden Star’s (GSS) gold production, Aurizon’s (AZK) updated resource estimate, Aquiline’s (AQI.TO) drill results, Metallica’s (MRB) drill results, Aurelian’s (ARU.TO) legal action, Anotolia’s (ANO.TO) drill results, Southern Silver’s (SSV.V) new director, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ+49.77% $6.59 |
2. Crystallex | KRY +28.85% $3.93 |
3. Cardero | CDY +8.91% $2.81 |
LOSERS
1. Great Basin | GBN -3.41% $1.98 |
2. Banro | BAA -3.16% $11.03 |
3. Tanzanian Royalty | TRE -3.12% $5.28 |
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:
Stuart Ross resigns as Chief Financial Officer, Secretary and Director - More
- March 28, 2007 | Item | E-mail
Sargold Pours First Gold at Furtei-Developing Longer Term Production Plan - More
- March 28, 2007 | Item | E-mail
Rockcliff Announces Grant of Stock Options - More
- March 28, 2007 | Item | E-mail
Crystallex Comments on Recent Market Activity - "The awarding of the Brisas environmental permit is a clear signal that Venezuela is fulfilling its promise to advance mining projects. Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN." More
- March 28, 2007 | Item | E-mail
Gammon Lake to Release 2006 Annual Financial Results April 2, 2007 - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company's 2006 annual financial results will be released on Monday, April 2, 2007. A conference call will be held on Tuesday, April 3, 2007 at 11:00am Atlantic Time (10:00am Eastern Time) to discuss the results." More
- March 28, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Completes Private Placement - More
- March 28, 2007 | Item | E-mail
Pershimco Initiates Work at New Gold-Copper Project In Mexico, Adds 7 New Properties to Original Camila-Melina Concessions - More
- March 28, 2007 | Item | E-mail
Alexco Announces Addition to the Board of Directors - More
- March 28, 2007 | Item | E-mail
Goldeye Private Placement - More
- March 28, 2007 | Item | E-mail
Sienna Obtains Drill Permit for Pachin Alto Exploration Program - More
- March 28, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Fall from Early Highs, But Still Gain Roughly 1%