-- Posted Monday, 9 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $671.10 | -$2.50 |
Silver | $13.75 | +$0.10 |
XAU | 142.70 | +0.06% |
HUI | 354.00 | -0.04% |
GDM | 1116.72 | -0.25% |
JSE Gold | 2982.51 | UNCH |
USD | 83.08 | +0.37 |
Euro | 133.57 | -0.67 |
Yen | 83.83 | -0.39 |
Oil | $61.51 | -$2.77 |
10-Year | 4.745% | +0.071 |
T-Bond | 110.375 | +0.0625 |
Dow | 12569.14 | +0.07% |
Nasdaq | 2469.18 | -0.09% |
S&P | 1444.61 | +0.06% |
The Metals:
Gold fell a few dollars to roughly $670 in Asia before it rebounded in London to about unchanged by the open in New York. It next rose throughout the rest of the morning in New York to about $677, but it then fell off throughout most of afternoon trade and ended near its lows of the session with a loss of 0.37%. Silver rose over $13.80 by late morning trade in New York before it also fell off in afternoon trade, but it still ended with a gain of 0.73%.
Euro gold remained at about €502, platinum lost $3 to $1,261, palladium gained $3 to $355, and copper rose over 10 cents to about $3.33.
Gold and silver equities rose about 1% by late morning, but they then steadily fell off for most of the rest of trade and ended near unchanged.
The Economy:
Last Friday’s economic data:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Mar | 180K | 135K | 113K |
Unemployment Rate | Mar | 4.4% | 4.6% | 4.5% |
Hourly Earnings | Mar | 0.3% | 0.3% | 0.4% |
Average Workweek | Mar | 33.9 | 33.8 | 33.8 |
Wholesale Inventories | Feb | 0.5% | 0.4% | 0.6% |
Consumer Credit | Feb | $3.0B | $5.0B | $6.6B |
The BLS net birth/death adjustment added 128,000 jobs to March’s payrolls. There were no major economic reports released today and they are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over 4% as tensions over Iran continued to ease and traders saw supplies as ample for the short term.
The U.S. dollar index rose in reaction to Friday’s jobs data that came in stronger than expected and reduced the chances the fed will cut interest rates.
Treasuries rose a bit after notable losses on Friday as interest rates rose in reaction to strong jobs data, but any recouped gains were limited today as traders waited for economic data later in the week.
The Dow, Nasdaq, and S&P traded mostly slightly higher on lower oil as investors looked ahead to earnings reports.
Among the big names making news in the market today were AMD, Apple, Dow Chemical, CIT, Mirant, and Farallon.
The Commentary:
“June Gold finished down 2.5 at 676.9, 6.1 off the high and 1.1 up from the low.
May Silver closed up 0.07 at 13.81. This was 0.05 up from the low and 0.09 off the high.
While the gold market didn't seem to be getting that much flight to quality buying interest off the Iranian nuclear dialogue early on Monday morning, it would certainly seem like a large portion of the geopolitical environment was indeed facilitating the early gains. Certainly the optimism toward the US economy was emboldening the bull camp in gold, but many gold traders are still somewhat hesitant to price up gold exclusively on gains forged in the copper and industrial metals markets. It is also possible that environmental protests against Australia's Barrick Gold prompted some players to bid up gold off the idea that some Australian gold production might be threatened in the future.
May silver prices reached the highest level since the March 1st highs and in the process managed yet another new high for the move. Some traders have suggested that the next area of resistance in the May silver contract is the $14.00 level, while others have suggested that resistance isn't really encountered until the $14.50 level. The Press suggested that more fund buying interest was lifting silver during the early action on Monday and that action combined with the significant gains forged since the last COT report was measured could now be pushing up the combined spec long position in silver to a more significantly overbought level.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Dollars may come home from Mideast to buy Dow Chemical
Is Barrick trying to depress NovaGold's price before new bid?
Grandich Letter supports GATA as it surveys markets, miners
A bargain for those who'd suppress gold
Goldman Sachs is biggest creditor of bankrupt New Century
Blanchard research note: Not much more gold likely to come out of Europe
Guess which investment bank is short silver
NovaGold beats Barrick
The Statistics:
As of close of business: 4/05/2007
Gold Warehouse Stocks: | 7,302,511 | +199,679 |
Silver Warehouse Stocks: | 127,038,285 | +547,272 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 494.56 | 15,900,551 | US$ 10,708m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,856,125 | US$ 1,918m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,893 | US$ 247m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,805 | US$ 245m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 6.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/5/2007 | |
Total Net Assets | $969,088,444 | 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 4/5/2007 | |
Total Net Assets | $1,804,569,371 | Ounces of Silver
in Trust | 132,893,225.400 |
Shares Outstanding | 13,350,000 | Tonnes of Silver
in Trust | 4,133.44 |
Note: Change in Total Tonnes from yesterday’s data: 30.96 tonnes were added to the trust.
The Stocks:
Exeter’s (XRA) participation in the American Stock Exchange's Fourth Annual Precious and Base Metals Investor Conference, Gammon Lake’s (GRS) C$200 million offering and board appointment, Richmont’s (RIC) presentation at the American Stock Exchange Fourth Annual Precious and Base Metals Investor Conference, and Oremex’s (ORM.V) appointed project development plan were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +10.74% $1.65 |
2. Endeavour | EXK +7.52% $5.15 |
3. Northern Orion | NTO +7.09% $4.68 |
LOSERS
1. Great Basin | GBN -3.60% $2.14 |
2. Claude Resources | CGR -3.40% $1.42 |
3. Northern Dynasty | NAK -3.25% $10.72 |
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:
Western Troy Capital Resources Inc.-Press Release - More
- April 09, 2007 | Item | E-mail
Eaglecrest Underground Bulk Sample Gold Grades Average More Than Three Times Drill Intersected Grades - More
- April 09, 2007 | Item | E-mail
Sector Snap: Uranium Miners Shares Rise - More
- April 09, 2007 | Item | E-mail
USEC to See Boost From Uranium Prices - More
- April 09, 2007 | Item | E-mail
Jasper Mining Corporation - Management Discussion of results from 2006 exploration program on Isintok property - More
- April 09, 2007 |
Gold Seeker Closing Report: Gold Falls Slightly After Earlier Gains While Silver Remains Higher