-- Posted Wednesday, 4 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $671.90 | +$7.90 |
Silver | $13.53 | +$0.17 |
XAU | 142.98 | +1.32% |
HUI | 356.02 | +1.89% |
GDM | 1121.46 | +1.64% |
JSE Gold | 2980.68 | +0.52% |
USD | 82.95 | -0.23 |
Euro | 133.71 | +0.38 |
Yen | 84.26 | +0.10 |
Oil | $64.38 | -$0.26 |
10-Year | 4.652% | -0.012 |
T-Bond | 111.28125 | +0.09375 |
Dow | 12530.05 | +0.16% |
Nasdaq | 2458.69 | +0.34% |
S&P | 1439.37 | +0.11% |
The Metals:
Gold traded near unchanged in Asia, rose slightly in London, and jumped over $10 higher to about $675 around 9AM EST in New York as Iranian President Mahmoud Ahmadinejad spoke. After initially coming out defiant, Ahmadinejad then announced plans to free the 15 captured British sailors and gold briefly dropped back under $668, but it soon rose back near its high of the session as the dollar fell on poor economic data. Gold topped $674 in afternoon trade before it dipped slightly into the close, but it still ended with a gain of 1.19%. Silver rose over $13.60 before it also dipped slightly into the close, but it still ended with a gain of 1.27%.
Euro gold rose to about €503, platinum gained $6 to $1,244, palladium lost $1 to $351, and copper rose slightly to about $3.29.
Gold and silver equities steadily rose throughout most of trade and ended with near 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Feb | 1.0% | 1.9% | -5.7% |
ISM Services | Mar | 52.4 | 54.7 | 54.3 |
ISM Services fell to a four year low and raised concerns about the economy, but also increased hopes for a fed interest rate cut. Also adding to interest rate cut hopes was a private report showing a worse than expected 106,000 addition in payrolls in March, though most are waiting for the Labor Department's payroll report on Friday before drawing any sound conclusions. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/31 expected at 320,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about a dollar at one point on easing geopolitical tensions as Iran announced it would pardon and release the 15 captured British military personnel, but prices moved back near unchanged after some surprising inventory data that was expected to come in about unchanged across the board. Far from unchanged, crude inventories built 4.3 million barrels, but that upward surprise was offset by a downward surprise in gasoline inventories which fell 5.0 million barrels as distillates came in unchanged. When all was said and done, prices ended just slightly lower.
The U.S. dollar index fell and treasuries rose after economic data came in worse than expected and pushed interest rates lower.
The Dow, Nasdaq, and S&P traded mostly slightly higher on easing concerns about Iran and disappointing economic news that raised hopes for falling interest rates.
Among the big names making news in the market today were Circuit City, NYSE and Euronext, Yukos, DaimlerChrysler, Apollo, Best Buy, and Monsanto.
The Commentary:
“June Gold finished up 7.7 at 677.4, 3.6 off the high and 6.6 up from the low.
May Silver closed up 0.19 at 13.62. This was 0.16 up from the low and 0.07 off the high.
The gold market proved with its action that the market is focused on the prospect of ongoing physical and investment demand instead of on flight to quality demand. Certainly a slightly lower US Dollar provided some buying incentive but it is also possible that soaring copper prices and an economic exhale in the wake of the hostage release provided the bull camp with a new bullish angle on gold prices. While crude oil prices were weaker because of the resolution of the hostage crisis and an increase in weekly crude oil inventories, the gasoline market saw another significant decline in stocks and that in general propelled a number of energy markets higher. In the end, we suspect that the gold market was indirectly lifted by the gains in unleaded but also because of massive gains in the copper market.
With all the metals rising in sync and some metals managing extremely stellar gains in the face of slumping US economic information and a downshift in the level of geopolitical anxiety it would seem like the true focus of the silver market was measured on Wednesday. In other words long interest in the silver market is mostly being derived from good old fashioned physical and investment demand prospects and the whole hostage situation was apparently seen as an unnecessary impediment to global economic growth. Certainly the silver trade has been emboldened by the massive gains in copper as that indirectly hints at strong Asian demand for a host of commodities.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Blanchard research note: Gold defies bigger central bank sales
John Embry's not selling until the next life
Apex Silver's quarterly loss explodes with hedging charge
Fannie Mae has probably bought and repackaged this one already
Help NYPost's John Crudele expose the PPT
Ted Butler: The excellence of silver
The Statistics:
As of close of business: 4/03/2007
Gold Warehouse Stocks: | 7,478,872 | - 98,676 |
Silver Warehouse Stocks: | 126,491,013 | + 624,779 |
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 | 485.16 | 15,598,520 | US$ 10,358m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,284 | US$ 1,924m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,914 | US$ 247m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,809 | US$ 242m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.23 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/3/2007 | |
Total Net Assets | $954,447,318 | Ounces of Gold
in Trust | 1,437,467.912 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.71 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/3/2007 | |
Total Net Assets | $1,751,530,769 | 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:
Lundin Mining’s (LUN.TO) offer to buy Rio Narcea (RNO), Miramar’s (MNG) increased mineral resources and exploration program, Barrick’s (ABX) status as the world's No. 1 gold miner, Exeter’s (XRA) drill results, SNS Silver’s (SNS.V) progress report, Great Panther’s (GPR.TO) drill results, and Fury’s (FUR.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH+13.99% $1.79 |
2. Entree Gold | EGI +10.86% $1.94 |
3. Great Basin | GBN +10.29% $2.25 |
LOSERS
1. Northgate | NXG -3.26% $3.26 |
2. Royal Gold | RGLD-2.45% $29.48 |
3. New Gold | NGD -2.07% $7.09 |
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 Arranges U.S. $1.3 Million Financing at $1.90 per Share - More
- April 04, 2007 | Item | E-mail
Sprott sets price for molybdenum fund offering - More
- April 04, 2007 | Item | E-mail
SNS Silver Corp. - Progress report on the Crescent Mine - "SNS Silver Corp. ("SNS" or the "Company") is pleased to announce that progress is being made at its Crescent Mine ("Crescent") in Idaho. Utilities have now been installed on the property with water, gas, and telecommunications infrastructure completed. Rehabilitation of the surface structures is well underway and completion is expected in the next few weeks. Mine Safety and Health Administration (MSHA) Field Training has been completed and a training plan has been instituted at the mine for underground miners as well as surface personnel." More
- April 04, 2007 | Item | E-mail
Miramar Announces Approved $31 Million Program for Hope Bay - "Our 2007 exploration campaign is already underway at Hope Bay," said Tony Walsh, Miramar's President and CEO. "The program is aggressive and focuses on the work needed to get Miramar to a production decision on Doris North (Phase I), and determine the opportunities and commence a feasibility study for production for Phase II. This year's program also includes a significant component to look for new discoveries on the belt, either by returning to grass roots targets, or targets where mineralization in familiar geological settings has already been identified. We believe that Hope Bay has the potential to enable Miramar to become a significant gold producer with the ounces we have discovered to date, but we also seek to demonstrate the opportunities for organic growth and resource replenishment on the belt in future years." More
- April 04, 2007 | Item | E-mail
Miramar Reports Indicated Resources of 5.2 Million Ounces of Gold and Inferred Resources of 5.4 Million Ounces at Hope Bay-an Increase of 22% - "During 2006, Miramar completed 65,775 metres of drilling in 233 drill holes on the property, one of the most ambitious single-project programs in Canada, and certainly one of the most successful in Company history. The key objective of this aggressive $30m program, which will continue at similar levels of drilling and expenditure in 2007, was to help determine the scope of a second phase of production (Phase II) after the proposed Doris North Project (Phase I)." More
- April 04, 2007 | Item | E-mail
Capstone Mining Closes Previously Announced Agreement to Sell Cozamin Silver Production to Silverstone Resources Corp. - More
- April 04, 2007 | Item | E-mail
Vena Resources Closes Over-Subscribed Private Placement - More
- April 04, 2007 | Item | E-mail
MacDonald Mines Exploration Ltd. Announces Completion of $800,000 Private Placement With Mineralfields Group - More
- April 04, 2007 | Item | E-mail
Update on arbitration with Duncan Park - Arbitration postponed indefinitely - More
- April 04, 2007 | Item | E-mail
Anatolia Announces Annual and Special Meeting Details - More
- April 04, 2007 | Item | E-mail
For No. 1 gold miner Barrick, size is everything - "Barrick Gold (ABX.TO: Quote, Profile , Research) (ABX.N: Quote, Profile , Research) is keen to keep its status as the world's No. 1 gold miner because the advantages of being big outweigh the valuation risks, an executive said on Wednesday.
Barrick has bemoaned its share performance relative to junior miners, but its size means it can afford to explore in risky areas, squeeze savings from suppliers, and tap broad corporate mine-building experience, said James Mavor, vice-president of investor relations." More
- April 04, 2007 | Item | E-mail
UNOR Commences 2007 Nunavut Exploration Program - More
- April 04, 2007 | Item | E-mail
Melkior Resources Inc.: New Claims in Otish - More
- April 04, 2007 | Item | E-mail
Great Panther Extends Gold-Rich Zones With Surface Drilling at Topia Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that surface drilling in portions of the Animas vein at the Company's 100% owned Topia Silver-Lead-Zinc Mine in Durango, Mexico is continuing to demonstrate good gold grades. The best intersection in this phase of the program, from hole ST07-36, returned 2.58 g/t Au over 2.50 metres, while individual samples in other holes returned assays up to 12.70 g/t Au." More
- April 04, 2007 | Item | E-mail
Acero-Martin Reports: Trench Results Continue to Expand the Pinaya Gold-Copper Project in Southern Peru - More
- April 04, 2007 | Item | E-mail
First Metals Reports Fabie Pit Ready for Production - More
- April 04, 2007 | Item | E-mail
Northern Shield Resources Identifies Platinum and Nickel Minerals in Sediment Sample from Highbank Lake - More
- April 04, 2007 | Item | E-mail
Orex Names Jean Lafleur to the Board - More
- April 04, 2007 | Item | E-mail
Amarillo Gold Establishes New Gold Exploration Project (Ourolandia) in Central Brazil - More
- April 04, 2007 | Item | E-mail
Strait Gold Obtains Approval to Drill Culebrilla Property in Peru - More
- April 04, 2007 | Item | E-mail
Garrison Announces Appointments - More
- April 04, 2007 | Item | E-mail
Geoandina Mining Corp. Continues Property Negotiations Through South American Division - More
- April 04, 2007 | Item | E-mail
Grenville Gold Hires Horizon South America S.A.C for Aerial Mapping of the Silveria Project - More
- April 04, 2007 | Item | E-mail
Mediterranean announces commencement of economic scoping study for Tac in Turkey - More
- April 04, 2007 | Item | E-mail
Unico, Inc. Releases April 2007 Edition of Monthly Investor Newsletter - More
- April 04, 2007 | Item | E-mail
Hana Mining Closes $550,000 Private Placement - More
- April 04, 2007 | Item | E-mail
Norsemont Shares to Commence Trading on the Toronto Stock Exchange on Thursday, April 5, 2007 - More
- April 04, 2007 | Item | E-mail
Full Metal Options Inmachuck Property to First Factor - More
- April 04, 2007 | Item | E-mail
DIAGNOS Acquires two New Mining Properties in the Abitibi Region for Gold, Copper and Zinc - More
- April 04, 2007 | Item | E-mail
Can-Cal Resources Ltd. Announces Further Test Results From Its Pisgah Property - More
- April 04, 2007 | Item | E-mail
Sierra Commences 10,000 Metre Phase II Drill Program at Cerro Colorado Mine, Mexico - More
- April 04, 2007 | Item | E-mail
San Gold Development and Operations Update - More
- April 04, 2007 | Item | E-mail
Northern Mining: Tulawaka Gold Mine Operating Update - More
- April 04, 2007 | Item | E-mail
Midlands Minerals Drills to Increase and Expand Gold Resource on Sian-Ghana - More
- April 04, 2007 | Item | E-mail
Grandview Gold Hires Canadian Exploration Manager to Oversee Red Lake and Rice Lake Gold Project Development - More
- April 04, 2007 | Item | E-mail
Alhambra Resources Ltd. - Mamay Diamond Drill Results - More
- April 04, 2007 | Item | E-mail
Oriental Hits More Molybdenum and Tungsten Mineralization at Sangdong - More
- April 04, 2007 | Item | E-mail
Miranda Gold Corp. Joint Venture Updates: Redlich, Iron Point and Coal Canyon - More
- April 04, 2007 | Item | E-mail
Roberts Mountain Thrust With Gold Values in Lower Plate Discovered in Golconda's Ralston Valley - More
- April 04, 2007 | Item | E-mail
Scorpio's Infill Drilling of the Hoag Zone Continues to Demonstrate Continuity and Width - More
- April 04, 2007 | Item | E-mail
Marathon drilling continues to expand W and RD Zones - More
- April 04, 2007 | Item | E-mail
Murgor releases drilling results from the Hudvam deposit - 1.36% Copper, 1.24% Zinc & 6.15 g/t Gold over 10.10 meters true width - More
- April 04, 2007 | Item | E-mail
Hemisphere Gold Receives Auger Assays - More
- April 04, 2007 | Item | E-mail
Asian Dragon Group Inc. Finalizes First Deal on World-Renowned China Tieluping Silver and Lead Mine, Opening Door to 200,000,000 oz Silver Equivalent Deposit - More
- April 04, 2007 | Item | E-mail
Cloudbreak Commences Work on Project Adjacent to Consolidated Gold Win's Dolly Varden Property - More
- April 04, 2007 | Item | E-mail
Mustang Minerals Corp.: Maskwa Open Pit Drill Results Include 47 Meters at 0.85% Nickel - More
- April 04, 2007 | Item | E-mail
Globex Vends Nickel and Copper-Zinc Properties - More
- April 04, 2007 | Item | E-mail
Lundin Mining Corporation and Rio Narcea Gold Mines, Ltd. Enter Into Definitive Support Agreement in Connection With Cash Take-Over Bid by Lundin Mining - "Lundin Mining Corporation (Toronto:LUN.TO - News)(AMEX:LMC - News)(Shenzhen:LUMI.SZ - News) (Lundin Mining) and Rio Narcea Gold Mines, Ltd. (Toronto:RNG.TO - News)(AMEX:RNO - News) (Rio Narcea) announced today that they have entered into a definitive support agreement pursuant to which Lundin Mining will offer to acquire (the "Offer") all of the outstanding common shares of Rio Narcea (the "Shares") on a fully diluted basis and all of the outstanding warrants of Rio Narcea (Toronto:RNG-WT.TO - News) (the "Warrants") by way of a take-over bid for Cdn $5.00 cash per Share and Cdn $1.04 cash per Warrant." More
- April 04, 2007 | Item | E-mail
Bluerock Resources Starts Drilling at the Tramp Mine - More
- April 04, 2007 | Item | E-mail
Matamec Closes $400,000 Debenture for Uranium Projects - More
- April 04, 2007 | Item | E-mail
Hinterland doubles size of Hearne Uranium Project near Churchill, Manitoba - More
- April 04, 2007 | Item | E-mail
Ditem Explorations: Update on Beartooth Project, Athabasca Basin - More
- April 04, 2007 | Item | E-mail
Sparton Reports Positive Leach Test Results on Coal Ash - More
- April 04, 2007 | Item | E-mail
Uranium Energy Corp to Present at the American Stock Exchange Fourth Annual Precious and Base Metals Investor Conference - More
- April 04, 2007 | Item | E-mail
Azimut and Silver Spruce sign a Letter of Intent for the Hudson Bay Uranium Property, Northern Quebec - More
- April 04, 2007 | Item | E-mail
Monroe Minerals completes $1 million financing - More
- April 04, 2007 | Item | E-mail
Energy Metals Submits Radioactive Material License Applications for Hobson Processing Plant and Palangana Deposit in Texas - More
- April 04, 2007 | Item | E-mail
Exeter Resource Corporation: Don Sixto (La Cabeza) Drilling Extends Luna Zone to the Northeast and Southwest - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter") reports that results from twenty-three new drill holes have further defined extensions to the Luna Zone at its Don Sixto (La Cabeza) gold project, in Argentina. The Luna Zone is one of five mineralized zones at Don Sixto." More
- April 04, 2007 | Item | E-mail
Fury Readies for Phase Two Drilling of Up to 5,000 Metres at Magistral Property - "Ground reconnaissance and sampling continue to advance multiple prospects to final target selection. Up to twelve drill holes totaling approximately 2,500 metres will test a series of gold and copper enriched quartz-hematite veins in the San Luis and Cerro de la Cruz prospect areas where preliminary drilling in January 2007 (see PR2007-5) returned greater than 1 g/t Au and 0.5% Cu over greater than 4m estimated true widths and strong down-dip and easterly vectors for follow-up drilling." More
- April 04, 2007 | Item | E-mail
Lundin Mining to buy Rio Narcea for nickel assets - "Lundin Mining Corp. (LUN.TO: Quote, Profile , Research) has offered to buy junior miner Rio Narcea Gold Mines Ltd. (RNG.TO: Quote, Profile , Research) for about C$864 million ($745 million) in order to jump into the red-hot nickel market, it said on Wednesday.
Nickel prices have more than tripled over the past year, leading to a takeover spree that has already swept up venerable Canadian players Inco and Falconbridge, who were bought last year by rivals in Brazil and Switzerland." More
- April 04, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 4 April 2007 | Digg This Article
Gold Seeker Closing Report: Gold & Silver Rise Over 1%
