-- Posted Monday, 2 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $665.40 | +$2.10 |
Silver | $13.30 | -$0.02 |
XAU | 139.30 | +1.67% |
HUI | 345.16 | +2.22% |
GDM | 1089.89 | +1.69% |
JSE Gold | 2913.22 | +1.01% |
USD | 82.86 | -0.06 |
Euro | 133.69 | +0.03 |
Yen | 84.90 | UNCH |
Oil | $65.94 | +$0.15 |
10-Year | 4.642% | -0.006 |
T-Bond | 111.34375 | +0.09375 |
Dow | 12382.30 | +0.23% |
Nasdaq | 2422.26 | +0.03% |
S&P | 1424.55 | +0.26% |
The Metals:
Gold traded on either side of unchanged in Asia and London before it fell over 1% to as low as $655.70 by about 10:30AM EST in New York, but it then rallied higher throughout the rest of trade and ended just off its high of the session with a gain of 0.32%. Silver traded mostly slightly higher in Asia and London before it fell over 2% in early morning New York trade and saw 37 cent losses at $12.95 at about 10:30AM EST, but it also rallied higher into the close and ended with a loss of just 0.15%.
Euro gold remained at about €497, platinum lost $5 to $1,236, palladium lost $2 to $348, and copper rose almost 5 cents to nearly $3.15.
Gold and silver equities dipped slightly in the first hour of trade, but they then steadily rose for the rest of the session and ended with roughly 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Mar | 50.9 | 51.0 | 52.3 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended with a small gain on continued worries over Iran.
The U.S. dollar index fell and treasuries rose as the ISM Index came in worse than expected, but moves were limited as traders waited for more economic data later in the week.
The Dow, Nasdaq, and S&P opened higher on takeover deals, fell back off after the poor ISM report, remained near unchanged for most of the rest of trade, and ended with small gains.
Among the big names making news in the market today were EMI, New Century, Xerox and Global Imaging Systems, KKR and First Data, Zell and Tribune, Starwood Hotels, and Brink’s.
The Commentary:
“June Gold finished up 2.5 at 671.5, 0.3 off the high and 9.8 up from the low.
May Silver closed down 0.1 at 13.35. This was 0.33 up from the low and 0.02 off the high.
With a number of physical commodity markets under what appeared to be significant fund liquidation or small spec liquidation it is a little surprising that gold wasn't under more pressure during the trade Monday. In fact, with the US economic data released during the session depicting slowing in the economy, the Dollar only minimally lower and oil prices generally soft, one might have expected more intense selling in gold. However, ongoing geopolitical concern for the Iranian hostage situation and perhaps ideas that the Dollar is still entrenched in a downward slide could have cushioned the gold from a bigger slide.
With the May silver contract at times Monday nearly 45 cents lower, it certainly seemed like the silver market was feeling the direct impact of the broad based commodity fund selling wave. However, seeing the silver market manage to throw off the initial selling wave could have discouraged the bear camp and encouraged the bull camp. Silver was seeing weak copper prices early in the session Monday but the copper market ended up closing much firmer and that might also have given the silver bull's some confidence that might have been destroyed by the early slide in prices. In an additional negative note the silver market was also confronted with news Monday that Peru February silver production rose by 3.4% over year ago levels and with the market also noting a sharp increase in exchange stocks prior to the opening Monday, we suspect that the overall physical supply situation was a significant portion of the selling impetus during the first trading session of the week.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: More trouble for the dollar
Derivatives soon may overwhelm trading even in Treasury bonds
China figures how to unload U.S. bonds without selling them
U.S. sanctions China over paper products
The Statistics:
As of close of business: 3/30/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 125,775,536 | + 5,374,222* |
*Friday’s large increase in silver stocks was the result of an adjustment by Scotia Mocatta. Accounting errors have falsely altered this data before and this issue will be looked into further if the potential error is not resolved by tomorrow. It is certainly possible that warehouse stocks did actually increase by that large amount, but reports explaining the large increase have so far not surfaced.
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 | 483.93 | 15,558,894 | US$ 10,293m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,347 | US$ 1,898m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,922 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,817 | US$ 241m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/30/2007 | |
Total Net Assets | $953,050,385 | 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 3/30/2007 | |
Total Net Assets | $1,760,863,885 | Ounces of Silver
in Trust | 131,952,260.500 |
Shares Outstanding | 13,250,000 | Tonnes of Silver
in Trust | 4,104.17 |
Note: Change in Total Tonnes from yesterday’s data: 30.96 tonnes were added to the trust.
The Stocks:
Randgold’s (GOLD) annual information update and voting rights, Northgate’s (NXG) public hearings on the Kemess project, New Gold’s (NGD) feasibility study, Glencairn’s (GLE) 2006 financial results, Endeavour’s (EXK) year-end reports release date, and Fortuna’s (FVI.V) drill program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+12.78% $1.50 |
2. Crystallex | KRY +9.19% $4.04 |
3. Coeur d’Alene | CDE +4.62% $4.30 |
LOSERS
1. Banro | BAA-7.82% $10.02 |
2. Nevsun | NSU -6.67% $1.96 |
3. New Gold | NGD -5.07% $7.86 |
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:
Endeavour Silver Corp.: 2006 Consolidated Financial Statements, Management Discussion and Analysis, Annual Information Form and Form 20F to Be Released - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it will be a few days late in filing its 2006 consolidated financial statements, management discussion and analysis, annual information form and form 40F. The Company expects to release the year-end financial reports on or before April 10, 2007." More
- April 02, 2007 | Item | E-mail
Dhanoa to Launch Intensive Exploration Program - More
- April 02, 2007 | Item | E-mail
Romios Adds to Head Office Management Team - More
- April 02, 2007 | Item | E-mail
North American Palladium Expands Mineral Resource at LDI Offset High Grade Zone - More
- April 02, 2007 | Item | E-mail
Caledonia Mining Announces Its Fourth Quarter and 2006 Annual Results - More
- April 02, 2007 | Item | E-mail
Continental Closes the Jinchuan Private Placement for Proceeds of $18 Million Financing - More
- April 02, 2007 | Item | E-mail
Duncan Park Holdings Announces Rock Creek Exploration Program Update - More
- April 02, 2007 | Item | E-mail
International Kirkland Acquires Creelman-Roberts Uranium Property, Ontario - More
- April 02, 2007 | Item | E-mail
Australian Mineral Fields Forms Strategic Alliance With Teck Cominco - More
- April 02, 2007 | Item | E-mail
Azimut and Rukwa Uranium sign 2 Letters of Intent for the North Minto and South Minto Properties, Northern Quebec - More
- April 02, 2007 | Item | E-mail
Tumi Resources Limited - Tumi Resources Commences Drilling at Phoenix in Sonora, Mexico - More
- April 02, 2007 | Item | E-mail
Columb
Gold Seeker Closing Report: Gold & Silver Rebound From Over 1% & 2% Losses & End Mixed