-- Posted Friday, 20 April 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $691.60 | +$7.30 | +0.99% |
Silver | $13.91 | +$0.25 | -0.71% |
XAU | 143.65 | +1.25% | -2.29% |
HUI | 356.16 | +1.23% | -2.28% |
GDM | 1126.65 | +1.34% | -1.98% |
JSE Gold | 2989.93 | +0.85% | -3.37% |
USD | 81.69 | +0.05 | -0.58% |
Euro | 135.98 | -0.02 | +0.46% |
Yen | 84.20 | -0.29 | +0.33% |
Oil | $63.38 | +$1.55 | -0.39% |
10-Year | 4.672% | +0.002 | -1.87% |
Bond | 111.28125 | -0.0625 | +0.94% |
Dow | 12961.98 | +1.20% | +2.77% |
Nasdaq | 2526.39 | +0.84% | +1.38% |
S&P | 1484.35 | +0.93% | +2.17% |
The Metals:
Gold traded on either side of unchanged in Asia, rose about $5 in London, furthered its gains in New York, and remained near its highs into the close to end with a gain of 1.07%. Silver also steadily rose in London and remained near its highs in New York to regain nearly all of yesterday’s losses and close with a gain of 1.83%.
Euro gold rose to about €508, platinum gained $26 to $1,324, palladium gained $9 to $382, and copper rose roughly 5 cents to about $3.62.
Gold and silver equities rose about 2% at the open before slowly and steadily sold off a bit into the close, but they still ended with over 1% gains.
The Economy:
There were no major economic reports today.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, Durable Goods Orders, New Home Sales, Existing Home Sales, and the fed’s Beige Book on Wednesday, Initial Jobless Claims and the Help-Wanted index on Thursday, and GDP, the Chain Deflator, Employment Cost Index, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on uneasiness leading up to this weekend’s elections in Nigeria as the May contract expired.
The U.S. dollar index remained near unchanged and ended slightly higher as a strong U.S. stock market battled expectations for higher interest rates in Europe and Asia that would help strengthen the euro and yen while the fed remains unchanged or even drops interest rates in the U.S.
Treasuries fell as stock indices surged higher and traders looked ahead to economic data next week.
The Dow, Nasdaq, and S&P rose markedly at the open on mostly strong earnings reports before they dipped a bit from their highs midday, but they then rallied back into the close and ended with roughly 1% gains. The Dow set a new record intraday day high and closing high.
Among the big names making news in the market Friday were Caterpillar, Foot Locker and Genesco, Pfizer, McDonald’s, Xerox, Schlumberger, and Honeywell. Traders were also reacting to earnings reports released after the close yesterday from Oakley, American Express, Google, and others.
The Commentary:
“June Gold finished up 7.5 at 695.8, 2.2 off the high and 1.8 up from the low.
May Silver closed up 0.22 at 13.955. This was 0.035 up from the low and 0.035 off the high.
The gold market managed a fairly impressive trade on Friday and seemed to get indirect support from both the US equity market and the energy complex. While the Dollar tried to show signs of strength, that action wasn't particularly significant to be the primary cause behind the strength in the gold market. It is certainly likely that the move above this week's highs prompted a concentration of stop loss buying and or fresh outright technical buying, but with the US equity market managing to play down the recent threat of Chinese slowing in the wake of the ultra hot Chinese growth rate, it is possible that some buyers were moving back into gold positions because of another recovery in the global macro economic outlook.
While the silver market spent most of the trading session inside the prior sessions trading range, a host of precious and base metals markets were sharply higher on the session. Therefore it would seem like both physical and investment demand expectations were improving in silver. With copper throwing off some early weakness and firming up late in the session, oil prices at time firm and the US equity market managing another round of new highs, it was tough to argue against the bull tilt in silver. While the Dollar wasn't exactly throwing off definitively supportive action on Friday, the silver trade continues to assume that the Dollar action will be supportive of prices in the near term.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Barrick sells NovaGold stake after takeover bid fails
The Statistics:
As of close of business: 4/19/2007
Gold Warehouse Stocks: | 7,612,970 | - |
Silver Warehouse Stocks: | 128,163,454 | - |
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$ 10,975m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana | Gold Bullion Securities | 89.76 | 2,885,777 | US$ 1,997m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,249 | US$ 256m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,744 | US$ 248m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.08 tonnes and the JSE subtracted 0.01 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/19/2007 | |
Total Net Assets | $983,456,907 | 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 4/19/2007 | |
Total Net Assets | $1,879,412,518 | Ounces of Silver
in Trust | 135,879,074.200 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,226.31 |
Note: Change in Total Tonnes from yesterday’s data: 30.95 tonnes were added to the trust.
The Stocks:
Freeport’s (FCX) worker protest, Barrick’s (ABX) sold NovaGold (NG) stake, Newmont’s (NEM) trial in Indonesia, Rio Narcea’s (RNO) mailed circular, UC Resources’ (UC.V) mill production, and Mines Management’s (MGN) closed offering were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Rubicon | RBY +8.56% $2.41 |
2. Endeavour | EXK +6.17% $5.16 |
3. Silver Wheaton | SLW+6.03% $11.61 |
LOSERS
1. Eldorado | EGO-2.40% $6.10 |
2. Pacific Rim | PMU -1.92% $1.02 |
3. Almaden | AAU -1.52% $2.59 |
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:
Palladon Announces Amended Private Placement - More
- April 20, 2007 | Item | E-mail
Chapleau Resources Ltd. acquires 39,878 hectares in the Cabeca Greenstone Belt in Northern Mato Grosso, Brazil - More
- April 20, 2007 | Item | E-mail
High River Gold Arranges a US $10 Million Revolving Credit Facility -
Gold Seeker Weekly Wrap-Up: Gold Gains While Silver Falls This Week