-- Posted Monday, 16 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $689.80 | +$5.00 |
Silver | $14.04 | +$0.03 |
XAU | 148.11 | +0.74% |
HUI | 368.28 | +1.05% |
GDM | 1162.61 | +1.15% |
JSE Gold | 3116.67 | +0.56% |
USD | 82.08 | -0.09 |
Euro | 135.49 | +0.13 |
Yen | 83.49 | -0.43 |
Oil | $63.61 | -$0.02 |
10-Year | 4.735% | -0.026 |
T-Bond | 110.59375 | +0.34375 |
Dow | 12720.46 | +0.86% |
Nasdaq | 2518.33 | +1.06% |
S&P | 1468.47 | +1.08% |
The Metals:
Gold rose a few dollars to the highs 680s in Asia and London before it fell in morning New York trade and saw slight losses at $682.90, but it then rallied back in afternoon trade and made new highs by the close. Silver fell over 1% to as low as $13.81 in morning trade before it also rallied higher in afternoon trade and ended slightly higher.
Euro gold rose to about €510, platinum gained $2 to $1,286, palladium lost $2 to $378, and copper rose a couple of cents to about $3.52.
Gold and silver equities steadily rose throughout most of trade and ended with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Mar | 0.7% | 0.4% | 0.5% |
Retail Sales ex-auto | Mar | 0.8% | 0.7% | 0.4% |
NY Empire State Index | Apr | 3.8 | 10.0 | 1.9 |
Net Foreign Purchases | Feb | $58.1B | $80.0B | $98.8B |
Business Inventories | Feb | 0.3% | 0.3% | 0.2% |
Tomorrow at 8:30AM EST brings CPI for March expected at 0.6%, Core CPI expected at 0.2%, Housing Starts for March expected at 1,500,000, and Building Permits expected at 1,515,000. At 9:15 are Industrial Production for March expected at 0.0% and Capacity Utilization expected at 81.9%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell midday on hopes that some output from Nigeria may return to the market after being disrupted by militants last year, but it then rebounded back near unchanged by the close on concerns surrounding election-related violence.
The U.S. dollar index rose versus the yen as it fell on comments from the G7 meeting this past weekend, but the dollar fell versus nearly every world currency and treasuries rose after the NAHB/Wells Fargo Housing Market Index fell to 33 from 36 and renewed worries about the U.S. housing market.
The Dow, Nasdaq, and S&P rose on better than expected Retails Sales data and decent earnings reports.
Among the big names making news in the market today were Sallie Mae, Citigroup, Wachovia, InnKeepers USA and Apollo, and Lilly.
The Commentary:
“June Gold finished up 4.6 at 694.5, 0.5 off the high and 6.8 up from the low.
May Silver closed down 0.01 at 14.08. This was 0.26 up from the low and 0.05 off the high.
The gold market started out firm, faded into negative ground ahead of mid session and then the market managed a rather impressive late rally. We suspect that the permanence of the big rally in the US equity market emboldened the buyers but the Press was suggesting that the wave of buying in gold was primarily the result of physical buyers. Others suggested that the presence of increased seasonal buying in India off the festival season inspired the run up and with the silver market mostly missing out on the late rally and platinum mostly tracking sideways during the pulse up in gold, it would seem like the gold buying interest was indeed an isolated event.
Despite the favorable leadership from the gold market, the silver market was unable to erase a quasi double top formation on the charts. Some players suggested that the rejection of a lower low in silver during the action Monday suggests that the bear camp lacks resolve, but given the divergence between gold and silver on the session Monday, one could also suggest that the bull camp also lacks resolve. With the recovery in the copper market back off its lows and the rather sharp run up in equity prices on Monday, the bull camp in silver should have been emboldened by outside market action but apparently the market wasn't easily pulled out of its tight trading range.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Gold jumps but bugs are still suspicious
Eric Hommelberg puts British gold sales in perspective
Japan endorses call to sell IMF's gold
Canada's 'Market Matters' national radio program interviews James Turk
Recommending gold stocks, Dubai's AMEInfo cites GATA
U.S. mad it's not alone in rigging currency markets
IMF gold sales threat raised for 427th time in 3 years -- by guess who!
London Times calls British gold sales a 'blunder,' misses their success
G7 mulls better use of oil money and China's reserves
Financial adviser Armstrong gets another five years in prison
GATA supporters in Boston area invited to reception and presentation
The Statistics:
As of close of business: 4/13/2007
Gold Warehouse Stocks: | 7,612,970 | + 157,267 |
Silver Warehouse Stocks: | 126,384,650 | + 593,319 |
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$ 10,839m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,855,904 | US$ 1,971m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,865 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,760 | US$ 248m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/13/2007 | |
Total Net Assets | $985,103,071 | 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 4/13/2007 | |
Total Net Assets | $1,858,053,258 | 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:
Royal Gold’s (RGLD) presentation at the European Gold Forum, International Royalty’s (ROY) acquired 2,150,000 common shares in the capital of Crossroads Exploration, Orezone’s (OZN) granted uranium permits in Niger, Rubicon’s (RBY) drill results, Seabridge’s (SA) drilling, Entree Gold’s (EGI) drill program, Freeport’s (FCX) worker talks, Hecla’s (HL) annual report, Shoshone’s (SHSH.PK) CEO appointment, Arian’s (AGQ.V) drill results, Palmarejo’s (PJO.V) drill results, Silvercorp’s (SVM.TO) new lead smelter agreement, and Silver Standard’s (SSRI) and Esperanza’s (EPZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +25.5% $2.51 |
2. Northgate | NXG +8.47% $3.97 |
3. International Royalty | ROY +4.95% $7.00 |
LOSERS
1. Cardero | CDY-3.05% $2.54 |
2. Crystallex | KRY -2.57% $4.17 |
3. Kimber | KBX-1.88% $1.57 |
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:
International Tower Hill Mines Ltd. Increases Brokered Private Placement to $14,650,800 - More
- April 16, 2007 | Item | E-mail
Continued exploration at El Tigre discovers a new target area containing high grade gold and silver samples - More
- April 16, 2007 | Item | E-mail
Alamos Gold Inc. Grants Stock Options - More
- April 16, 2007 | Item | E-mail
Goldeye and Polar Chip Samples From the Sonia Vein Return 26.73 g/t Au and 56.3 g/t Ag Over 3m - More
- April 16, 2007 | Item | E-mail
Bullard Pass Property lithogeochemical results - More
- April 16, 2007 | Item | E-mail
Denison Approved for Listing on the American Stock Exchange (AMEX) - More
- April 16, 2007 | Item
Gold Seeker Closing Report: Gold Rises to an 11-Month High