-- Posted Tuesday, 3 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $664.00 | -$1.40 |
Silver | $13.36 | +$0.06 |
XAU | 141.00 | +1.22% |
HUI | 349.41 | +1.23% |
GDM | 1103.36 | +1.24% |
JSE Gold | 2965.18 | +1.78% |
USD | 83.18 | +0.32 |
Euro | 133.33 | -0.36 |
Yen | 84.16 | -0.74 |
Oil | $64.45 | -$1.49 |
10-Year | 4.664% | +0.022 |
T-Bond | 111.1875 | -0.15625 |
Dow | 12510.30 | +1.03% |
Nasdaq | 2450.33 | +1.16% |
S&P | 1437.77 | +0.93% |
The Metals:
Gold traded about $1-$3 lower in Asia and London and dropped to as low as $661.70 in early New York trade before it rose for the rest of the morning and found slight gains over $666 heading into afternoon trade, but it then fell off a bit into the close and ended with a loss of 0.21%. Silver dropped to as low as $13.21 before it rose to about $13.45 by late morning, but it also fell off a bit in afternoon trade and ended with a gain of just 0.45%.
Euro gold remained at about €497, platinum gained $2 to $1,238, palladium gained $4 to $352, and copper gained roughly 13 cents to about $3.28.
Gold and silver equities steadily rose throughout most of trade and ended with over 1% gains.
The Economy:
There were no major economic reports today, but a pending home sales report that unexpectedly rose 0.7% in February and a retail sales report from the International Council of Shopping Centers and UBS Securities LLC showing a 4.9% increase in sales last week did have some talking. Tomorrow at 10AM EST brings Factory Orders for February expected at 1.9% and ISM Services for March expected at 54.7.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell roughly 2% as tensions over Iran eased after Iran’s Supreme National Security Council announced there would be no need for a trial for the 15 captured British military personnel and that diplomacy should be able to resolve the issue.
The U.S. dollar index rose and treasuries fell after pending home sales came in better than expected, but moves were limited ahead of more significant economic data due out later in the week.
The Dow, Nasdaq, and S&P rose about 1% on easing worries over Iran and the housing sector.
Among the big names making news in the market today were Toyota, Ford, Chrysler, Bristol-Myers, Wesfarmers and Coles, Apple, Tribune and Zell, Moody’s, and GE, Lilly, and SunTrust.
The Commentary:
“June Gold finished down 1.8 at 669.7, 3.5 off the high and 2 up from the low.
May Silver closed up 0.08 at 13.43. This was 0.12 up from the low and 0.1 off the high.
The gold market mostly waffled around unchanged and given the performance of the outside metals markets, the lack of strength in the gold market had to disappoint the bull camp. Certainly the gold market was logically in line for some light selling off a downshift in geopolitical anxieties and certainly the sharp slide in oil prices justifies some additional selling pressure. Some Press outlets even suggested that the overt strength in the copper market was spilling over into the gold market and that is not a typical event.
With the equity market forging a very significant upward pulse and the initial US scheduled data coming in better than expected it was not surprising to see silver, platinum and copper lifted off the expectation of improving or ongoing solid demand patterns. With the copper market soaring to the highest level since November 9th, 2006 and in the process seeing gains in excess of 14 cents, it is not surprising that silver prices were lifted off spillover buying.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Treasury clams up on PPT
Ecuador's president denounces adoption of U.S. dollar
The Statistics:
As of close of business: 4/02/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 125,866,234* | + 90,698 |
*Silver Warehouse Stock data is certainly worth closer examination at http://www.nymex.com/sil_fut_wareho.aspx
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$ 10,238m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,315 | US$ 1,898m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,918 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,813 | US$ 240m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/2/2007 | |
Total Net Assets | $956,901,500 | 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 4/2/2007 | |
Total Net Assets | $1,758,812,237 | Ounces of Silver
in Trust | 131,952,260.500 |
Shares Outstanding | 13,250,000 | Tonnes of Silver
in Trust | 4,104.17 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) pollution trial, Crystallex’s (KRY) COO appointment, Gammon Lake’s (GRS) CEO appointment, U.S. Energy’s (USEG) exploration joint venture, Glencairn’s (GLE) board appointment, Apex Silver’s (SIL) year-end results, IAMGOLD’s (IAG) year end financial statements, Gammon Lake’s (GRS) 2006 financial results, Miramar’s (MNG) year-end results, Minco Silver’s (MSV.TO) assay results, Apogee’s (APE.V) drill results, and Sabina Silver’s (SBB.V) closed $30 million bought-deal financing and drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Almaden | AAU +14.49% $2.37 |
2. Minco Gold | MGH +9.79% $1.57 |
3. Taseko | TGB +8.88% $2.82 |
LOSERS
1. New Gold | NGD-7.89% $7.24 |
2. Rubicon | RBY -3.33% $1.45 |
3. Orezone | OZN -2.93% $1.99 |
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 Successfully Fullfilling Financial and Operational Obligations - More
- April 03, 2007 | Item | E-mail
Sunridge Gold Increases Ownership of Asmara Project, Eritrea to 100% - More
- April 03, 2007 | Item | E-mail
Taranis Resources Identifies New Copper-Gold Zone in Kettukuusikko Center Zone, Finland - More
- April 03, 2007 | Item | E-mail
Western Troy Announces $3,000,000 Financing with Sprott Asset Management and a Public Institutional Investor - More
- April 03, 2007 | Item | E-mail
Crystallex Hires Chief Operating Officer and Senior Vice President - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) announced today the appointment of William A. Faust as Chief Operating Officer and Senior Vice President, effective April 16, 2007. Mr. Faust will direct the Company's mining operations in Venezuela, including the development, construction and operation of the Las Cristinas gold project located in Bolivar State, Venezuela." More
- April 03, 2007 | Item | E-mail
Firstgold Corp. One Step Closer to Reopening Relief Canyon Mine - More
- April 03, 2007 | Item | E-mail
Carlisle Goldfields Ltd. retains Renmark Financial Communications Inc. - More
- April 03, 2007 | Item | E-mail
McVicar Resources private placement closing in escrow - More
- April 03, 2007 | Item | E-mail
Landore Resources Limited - West Graham-First Nickel option - More
- April 03, 2007 | Item | E-mail
American Bonanza Restarts Drilling at Copperstone - More
- April 03, 2007 | Item | E-mail
Gammon Lake Resources Board of Directors Appoints Russell Barwick as CEO - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company's Board of Directors has appointed Mr. Russell Barwick as Chief Executive Office (CEO) and Director of the Board, effective today. Mr. Barwick will be based out of Gammon Lake's corporate head office in Halifax, Nova Scotia. With more than 33 years of experience in the mining industry, he brings to Gammon Lake the experience and skills to grow the Company while maximizing the inherent value of the existing assets through optimization processes and organic growth." More
- April 03, 2007 | Item | E-mail
Laramide to Acquire Thunder Lake Properties From Corona Gold/ Teck Cominco. Plans Spin Off of Non-Uranium Assets - More
- April 03, 2007 | Item | E-mail
Project update - Red Lake joint venture - Progress towards underground drill program - More
- April 03, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Close Mixed and Near Unchanged Again