-- Posted Thursday, 12 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $674.60 | -$1.70 |
Silver | $13.79 | -$0.02 |
XAU | 143.58 | +0.15% |
HUI | 355.91 | +0.43% |
GDM | 1122.35 | +0.41% |
JSE Gold | 3036.85 | -0.58% |
USD | 82.34 | -0.22 |
Euro | 134.85 | +0.64 |
Yen | 84.03 | +0.32 |
Oil | $63.85 | +$1.84 |
10-Year | 4.737% | -0.002 |
T-Bond | 110.46875 | +0.03125 |
Dow | 12552.96 | +0.55% |
Nasdaq | 2480.32 | +0.85% |
S&P | 1447.80 | +0.62% |
The Metals:
Gold rose near $679 by late trade in Asia before it fell back near unchanged around $676 in London and early New York trade, but it then fell off a cliff at about 11AM EST and dropped to as low as $670.90 in New York before it rebounded into the close and ended with a loss of just 0.25%. Silver fell to as low as $13.64 before it also rebounded into the close and ended with a loss of just 0.14%.
Euro gold fell to about €501, platinum lost $7 to $1,272, palladium gained $5 to $372, and copper fell a couple of cents to about $3.46.
Gold and silver equities remained near unchanged in early trade before they fell off a bit with gold and silver around 11AM EST, but they then rallied higher into the close and ended with near 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/07 | 342K | 320K | 323K |
Export Prices | Mar | 0.7% | - | 0.7% |
Export Prices ex-ag. | Mar | 0.6% | - | 0.5% |
Import Prices | Mar | 1.7% | 1.0% | 0.1% |
Import Prices ex-oil | Mar | 0.3% | - | 0.1% |
Tomorrow at 8:30AM EST brings the Trade Balance for February expected at -$60.5 billion, PPI for March expected at 0.7%, and Core PPI expected at 0.2%. At 10AM is the preliminary reading for April Michigan Sentiment expected at 87.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose at the end of trade after Valero announced one of its refineries will not be able to return to full capacity by the end of the year as previously hoped.
The U.S. dollar index fell to new 2 year lows as the euro rose after the European Central Bank kept interest rates unchanged, but indicated they will hike rates in the future.
Treasuries fell slightly after a disappointing auction of $6 billion in 10-year Treasury Inflation Protected Securities, but they still held minor gains at the close on a surprise jump in Initial Jobless Claims announced earlier in the day.
The Dow, Nasdaq, and S&P rose despite disappointing economic reports, mostly poor retail sales reports, and noticeably higher oil.
Among the big names making news in the market today were Toyota, Countrywide, Rite Aide, Dow chemical, Wal-Mart, Vonage, Nestle and Gerber, and MedImmune.
The Commentary:
“June Gold finished down 2 at 679.7, 3.6 off the high and 4.2 up from the low.
May Silver closed down 0.035 at 13.855. This was 0.145 up from the low and 0.095 off the high.
The gold market attempted to throw off early liquidation effort but the bear camp seemingly re-gathered itself later in the session. However, with the Dollar down sharply and reaching the lowest level since December 6th of 2006, the bear camp might want to be careful pressing gold on the downside. However, some players have continued to point to the fact that the gold market is going to show a significantly overbought spec and fund long positioning in the upcoming COT report but other traders have suggested that a number of longs will probably attempt to stay long for what is expected to be a hot PPI report on Friday morning. With the equity market also managing to bounce into positive territory in the early afternoon trade it is possible that gold was feeling somewhat better about the economy into its close today.
The silver market also waffled around unchanged for most of the session but was unable to forge a higher high and in fact managed a lower low and that could give the bear camp some technical confidence. With the copper forging an extremely wide trading range and also taking out the prior two session's lows, it is possible that some selling in silver was inspired by the copper market. While the silver trade is also fearful of an overbought spec and fund position in the coming COT report, it is possible that the silver market is found to be slightly less overdone than the gold market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China's foreign reserves rise past $1.2 trillion
European report to let hedge funds off easy, FT says
Leave hedge funds alone, Fed chief says
The Statistics:
As of close of business: 4/11/2007
Gold Warehouse Stocks: | 7,455,703 | - |
Silver Warehouse Stocks: | 125,791,331 | - 643,030 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 494.56 | 15,900,551 | US$ 10,782m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,856,030 | US$ 1,931m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,881 | US$ 248m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,777 | US$ 247m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
|
Profile as of 4/11/2007 | |
Total Net Assets | $972,762,140 | 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 4/11/2007 | |
Total Net Assets | $1,863,459,709 | Ounces of Silver
in Trust | 133,888,613.800 |
Shares Outstanding | 13,450,000 | Tonnes of Silver
in Trust | 4,164.40 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
South Africa’s investigation about the rumored Gold Fields (GFI) bid, Richmont’s (RIC) increase in resources, Great Basin’s (GBN) C$130 million equity offering pricing, Barrick’s (ABX) purchase of Emperor’s 20% interest in the Porgera mine, Silvercorp’s (SVM.TO) drill program, Fury’s (FUR.V) pre-production engineering activities, and Bear Creek’s (BCM.V) leach test results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Richmont | RIC+16.41% $2.98 |
2. Seabridge | SA +7.29% $16.64 |
3. Great Basin | GBN +6.61% $2.42 |
LOSERS
1. Kimber | KBX-6.29% $1.64 |
2. Cardero | CDY-2.88% $2.70 |
3. Almaden | AAU-2.49% $2.35 |
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:
Stellar to proceed with the distribution of 8.75 million shares of Stelmine Canada Ltd. - More
- April 12, 2007 | Item | E-mail
Richmont Mines Inc. and Patricia Mining Corp. Announce a Significant Increase In Resources at the Island Gold Project - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (CDNX:PAT.V - News) are pleased to announce that there is a significant overall increase in ounces of gold in the Measured and Indicated Resources categories at the Island Gold Project. Total Measured and Indicated Resources at the project are now calculated to be 477,462 ounces with another 195,550 ounces in the Inferred Resource category. This new resource calculation was prepared by the independent consultant GENIVAR." More
- April 12, 2007 | Item | E-mail
CanAm Recognizes Importance of Uranium Spot Price At $113 Per Pound - More
- April 12, 2007 | Item | E-mail
CanAlaska Updates Winter Uranium Exploration Program - More
- April 12, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Ledcor Awarded Pre-Construction Services of the Ruby Creek Molybdenum Project - More
- April 12, 2007 | Item | E-mail
Global Uranium Corp.: Initial Sampling at Tin Negouran Returns Up to 11.7% U308 From Old Workings
Gold Seeker Closing Report: Gold & Silver Close Slightly Lower After Early Gains