-- Posted Thursday, 29 March 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $661.00 | -$5.30 |
Silver | $13.25 | -$0.06 |
XAU | 137.03 | -0.23% |
HUI | 338.50 | -0.53% |
GDM | 1073.29 | -0.52% |
JSE Gold | 2856.92 | -1.44% |
USD | 83.09 | +0.02 |
Euro | 133.35 | +0.08 |
Yen | 84.78 | -0.82 |
Oil | $66.03 | +$1.95 |
10-Year | 4.632% | +0.012 |
T-Bond | 111.5625 | -0.03125 |
Dow | 12348.75 | +0.39% |
Nasdaq | 2417.88 | +0.03% |
S&P | 1422.53 | +0.37% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it fell throughout most of morning trade in New York to as low as $654.40 at one point, but it then rallied back higher into the close and ended with a loss of just 0.80%. Silver dropped to as low as $13.09 before it also rebounded into the close and ended with a loss of just 0.45%.
Euro gold fell back to €495, platinum lost $7 to $1,232, palladium lost $2 to $350, and copper rose a couple of cents to about $3.09.
Gold and silver equities found small gains in the first hour of trade, but they then steadily and slowly fell off into the close and ended with about 0.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/24 | 308K | 320K | 318K |
GDP-Final | Q4 | 2.5% | 2.2% | 2.2% |
Chain Deflator | Q4 | 1.7% | 1.7% | 1.7% |
Help-Wanted Index | Feb | 31 | 31 | 32 |
Tomorrow at 8:30AM EST brings Personal Income and Spending for February both expected at 0.3%, at 9:45 is Chicago PMI for March expected at 49.5, and at 10AM are Construction Spending for February expected at -0.6% and Michigan Sentiment for March expected at 88.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over $66 to a 6 month high as Iran did not release a female British sailor as they previously said they would and traders became increasingly worried over a possible increase in the conflict that would likely also result in a halt to supply coming out of Iran.
The U.S. dollar index traded mostly slightly higher on better than expected GDP growth.
Treasuries fell as GDP came in better than expected and a 5-year note auction drew poor demand.
The Dow, Nasdaq, and S&P opened higher on better than expected GDP before they fell and found moderate losses by mid-afternoon as oil rose, but they then rallied back higher into the close and ended with modest gains.
Among the big names making news in the market today were AT&T, Verizon, Qwest, CarMax, Family Dollar, Delta, U.S. Steel and Lone Star, and Home Depot and Wal-Mart.
The Commentary:
“April Gold finished down 5.3 at 661.5, 4.3 off the high and 6 up from the low.
May Silver closed down 0.115 at 13.34. This was 0.15 up from the low and 0.05 off the high.
While the gold trade tried to throw off the sharp downward press on prices, it was clear that a portion of the long camp was unwilling to stand up against the pressure. Bernanke's comments yesterday has thrown cold water on the idea the Fed may cut rates soon. However, with oil prices still showing resiliency and the Dollar seemingly unable to benefit from a much better than expected US economic report flow, there wouldn't seem to be a big reason to hammer prices downward. However, with the action Thursday it was apparent that geopolitical anxiety and not simply soaring oil prices was a major portion of the bull camp's case which helped gold cut losses by the close.
The silver market continued to follow in the footsteps of the gold market despite some generally upbeat long term silver predictions from Gold Fields Mineral Services. In fact, GFMS suggested that silver might be somewhat immune to demand setbacks in the face of sharp price appreciation, but apparently the bearish die was already cast for the session and the market wasn't in a position to recover regardless of the favorable flow of classical supply and demand news.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 3/28/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 121,393,846 | -202,043 |
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$ 10,272m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.85 | 2,856,474 | US$ 1,891m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,938 | US$ 243m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,833 | US$ 243m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tons.
COMEX Gold Trust (IAU)
Profile as of 3/28/2007 | |
Total Net Assets | $958,104,109 | 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 3/28/2007 | |
Total Net Assets | $1,735,631,575 | 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:
Claude’s (CGR) $20 million bought deal financing and drill results, Aurelian’s (ARU.TO) drilling, NovaGold’s (NG) exercised mining claim option, Crystallex’s C$53 million bought deal financing, Seabridge’s (SA) filed financial statements, Entree’s (EGI) updated mineral resource estimate, Randgold’s (GOLD) 2006 annual report revelations, Freeport’s (FCX) dividends, and financial results from Cumberland (CLG) New Gold (NGD), and Crystallex (KRY) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +8.18% $7.14 |
2. Almaden Minerals | AAU +3.86% $2.15 |
3. Anglo American | AAUK +3.57% $26.38 |
LOSERS
1. Crystallex | KRY -6.36% $3.68 |
2. Apex Silver | SIL -3.21% $12.98 |
3. Great Basin | GBN -3.03% $1.92 |
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:
Claude Resources Inc. Announces $20,000,000 Bought Deal Financing - "Claude Resources Inc. ("Claude" or the "Company") (Toronto:CRJ.TO - News)(AMEX:CGR - News) is pleased to announce today that it has entered into an agreement with a syndicate of Canadian underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 12,500,000 common shares at a price of Cdn$1.60 per common share to raise gross proceeds of Cdn$20,000,000 (the "Offering"), by way of short form prospectus." More
- March 29, 2007 | Item | E-mail
Gossan Acquires the Galaxy Prospect on the Bird River Sill - More
- March 29, 2007 | Item | E-mail
Pacific Comox Resources Ltd.: Drilling Has Started on the Mabel Property in Mexico and Will Resume on Ryan Lake Copper Molybdenum Property in Early April - More
- March 29, 2007 | Item | E-mail
Initial Drill Results on Weixi Zinc Project - More
- March 29, 2007 | Item | E-mail
Cumberland Reports 2006 Financial Results and Summary of Activities - "The Company's net income for the year ended December 31, 2006 was $9.6 million ($0.17 per share) compared to a net loss in 2005 of $9.7 million ($0.18 per share). This change in net income (loss) is primarily due to a $22.8 million gain realized on the sale of the Meliadine mineral property interests in 2006 as well as an increase in option receipts and interest income in 2006." More
- March 29, 2007 | Item | E-mail
Wildcat Exploration Provides Shareholders With Facts in Dispute with Dissidents - More
- March 29, 2007 | Item | E-mail
Melkior Completes the Final Tranche of a $1,980,000 Private Placement - More
- March 29, 2007 | Item | E-mail
Franklin Mining Consultant William Petty to Discuss Major Financing Plans - More
- March 29, 2007 | Item | E-mail
Copper Mountain Mining Corporation - Initial drilling confirms and extends historic resources - More
- March 29
Gold Seeker Closing Report: Gold & Silver Fall, But Recover From Over 1% Losses Seen Earlier in the Session