-- Posted Wednesday, 18 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $688.40 | +$0.40 |
Silver | $13.92 | -$0.03 |
XAU | 145.70 | -0.86% |
HUI | 361.99 | -0.85% |
GDM | 1144.29 | -0.67% |
JSE Gold | 3023.92 | -1.64% |
USD | 81.70 | -0.10 |
Euro | 135.73 | +0.08 |
Yen | 84.30 | +0.25 |
Oil | $63.13 | +$0.03 |
10-Year | 4.654% | -0.034 |
T-Bond | 111.46875 | +0.34375 |
Dow | 12803.84 | +0.24% |
Nasdaq | 2510.50 | -0.26% |
S&P | 1472.50 | +0.07% |
The Metals:
Gold rose over $690 by late trade in Asia and early trade in London before it fell to about $686 in early New York trade, but it then roamed around on either side of unchanged for the rest of the day and ended slightly higher. Silver rose over $14.00 before it fell back under $13.90, but it also rebounded by the close and ended with a minimal loss.
Euro gold rose to about €507, platinum gained $26 to $1,290, palladium gained $2 to $376, and copper fell roughly 5 cents to about $3.62.
Gold and silver equities traded mostly slightly lower and ended with near 1% losses.
The Economy:
There were no major economic reports today, but a report showing a 47% increase in foreclosures in March compared with a year ago did have some talking. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/14 expected at 320,000. At 10AM are Leading Economic Indicators for March expected at 0.1%, and at noon is the Philadelphia Fed for April expected 3.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Crude inventories fell 1.0 million barrels, gasoline inventories fell 2.7 million barrels, and distillates fell 800,000 barrels. The data was not as good as expected and oil prices rose slightly as a result, but gains were limited by indications that refineries are coming back on line.
The U.S. dollar index continued to fall and treasuries continued to gain on easing inflation worries and hopes that the fed will cut interest rates.
The Dow and S&P rose while the Nasdaq fell on mixed earnings reports. The Dow set a new record high close.
Among the big names making news in the market today were Yahoo, Abbott Labs, IBM, Motorola, TXU, and JPMorgan.
The Commentary:
“June Gold finished up 0.8 at 693.3, 2 off the high and 3.1 up from the low.
May Silver closed down 0.045 at 13.975. This was 0.095 up from the low and 0.075 off the high.
The gold market waffled around unchanged throughout the session Wednesday, but with the Dollar remaining weak, it did seem like the trade was favoring the bull case. While the financial markets didn't pay that much attention to the surge in violence in Iraq that situation might have lent some indirect support to the gold market. With energy prices possibly in a corrective position, it is possible that the physical copper track is providing a minor negative bias to gold prices.
The silver market forged an inside day but seemed to favor the downside for most of the session. With the Press touting the need for a technical correction or a pause in the upside motion in silver, it would seem like the trade is becoming a little impatient with the fundamental news flow. We continue to note a pattern of increases in daily exchange stocks data and with weakness in copper and oil prices, the physical commodity market component might be set to turn even more negative for silver.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 4/17/2007
Gold Warehouse Stocks: | 7,612,970 | - |
Silver Warehouse Stocks: | 128,163,454 | + 594,520 |
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 | 500.72 | 16,098,651 | US$ 11,074m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,855,840 | US$ 1,971m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,857 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,752 | US$ 250m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 6.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/17/2007 | |
Total Net Assets | $989,084,724 | 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 4/17/2007 | |
Total Net Assets | $1,882,555,769 | Ounces of Silver
in Trust | 134,883,858.600 |
Shares Outstanding | 13,550,000 | Tonnes of Silver
in Trust | 4,195.36 |
Note: Change in Total Tonnes from yesterday’s data: 30.96 tonnes were added to the trust.
The Stocks:
Freeport’s (FCX) worker protest, NovaGold’s (NG) common share offering, Exeter’s (XRA) increased land position, Royal Gold’s (RGLD) definitive merger agreement with Battle Mountain Gold, MAG Silver’s (MAG.V) drill program, U.S. Silver’s (USA.V) increase in silver reserves and resources, Orko’s (OK.V) drill results, and Fury’s (FUR.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+4.39% $2.38 |
2. Richmont | RIC +3.45% $3.30 |
3. Solitario | XPL+3.36% $4.62 |
LOSERS
1. Exeter | XRA -7.32% $1.90 |
2. Nevsun | NSU -4.93% $1.93 |
3. Fronteer | FRG-3.96% $13.35 |
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:
NovaGold Announces Common Share Offering - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that it is offering 12.5 million common shares in the United States and Canada pursuant to a preliminary prospectus supplement to its base shelf prospectus dated April 16, 2007. NovaGold will grant the underwriters an option to purchase up to an additional 1.875 million common shares at the offering price during the period ending 30 days from the closing of the offering to cover over-allotments, if any." More
- April 18, 2007 | Item | E-mail
Gulfside Minerals Ltd. - Commencement of the 2007 field season in Mongolia - More
- April 18, 2007 | Item | E-mail
MAG Silver Begins Drill Program at Lagartos SE - "MAG Silver Corp. (CDNX:MAG.V - News) announces that a 2,500 (8,200 feet) metre diamond drill program has started on MAG's 100% owned Lagartos SE property in Zacatecas State, Mexico. This property is located within the Fresnillo Silver Trend and is 50 kilometres south east from the MAG and Industrias Penoles Juanicipio Joint Venture." More
- April 18, 2007 | Item | E-mail
Mediterranean commences trading on the Frankfurt Stock Exchange - More
- April 18, 2007 | Item | E-mail
Georgia Ventures Announces Cdn $30 Million "Bought Deal" Private Placement - More
- April 18, 2007 | Item | E-mail
Marathon acquires Bird River Ni-Cu PGM Property through option - More
- April 18, 2007 | Item | E-mail
Goldcorp First Quarter 2007 Results Release-May 11th - "Goldcorp Inc. (Toronto:G.TO - News)(NYSE:GG - News) will release first quarter results before market opens on Friday, May 11th, 2007. A conference call will be held Friday, May 11th at 9:00 a.m. (PT) to discuss these results." More
- April 18, 2007 | Item | E-mail
Hecla Announces First Quarter 2007 Earnings Release and Conference Call Schedule - "Hecla Mining Company (NYSE:HL - News), a precious metals company, will hold its quarterly conference call to discuss first quarter 2007 results on Wednesday, May 2, 2007, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time). Hecla will release its first quarter 2007 financial results on that morning." More
- April 18, 2007 | Item | E-mail
Marathon PGM Options Gossan's Bird River Property - More
- April 18, 2007 | Item | E-mail
Coastal Copper Project: Drill Indicated Resource Calculated for Double Ed Deposit - More
- April 18, 2007 | Item | E-mail
Dia Bras Drills 10.5 Metres of 678 g/t Ag at Cusi - More
- April 18, 2007 | Item | E-mail
Aurora Gold Corporation Is Pleased to Announce Drilling Has Confirmed That the Strike Length Has Been Extended by at Least 100m at the Molly Occurrence - More
- April 18, 2007 | Item | E-mail
Gold Resource Corporation Returns Additional High-Grade Silver Surface Samples From Its Las Margaritas Property and High-Grade Gold From New Area - More
- April 18, 2007 | Item | E-mail
Western Copper Confirms Potential at NW Expo and Discovers New Molybdenum Zone - More
- April 18, 2007 | Item | E-mail
Aurus Due Diligence Completed - More
- April 18, 2007 | Item | E-mail
Starfire Receives Preliminary Report Indicating Positive Results from Geophysical Surveys Conducted on the Stobie Lake Uranium Property - More
- April 18, 2007 | Item |
Gold Seeker Closing Report: Gold & Silver End Mixed & Near Unchanged