-- Posted Monday, 23 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $689.70 | -$1.90 |
Silver | $14.04 | +$0.13 |
XAU | 142.57 | -0.76% |
HUI | 355.00 | -0.33% |
GDM | 1117.03 | -0.85% |
JSE Gold | 2983.98 | -0.20% |
USD | 81.75 | +0.06 |
Euro | 135.70 | -0.28 |
Yen | 84.34 | +0.14 |
Oil | $65.89 | +$1.78 |
10-Year | 4.650% | -0.022 |
T-Bond | 111.46875 | +0.1875 |
Dow | 12919.40 | -0.33% |
Nasdaq | 2523.67 | -0.11% |
S&P | 1480.93 | -0.23% |
The Metals:
Gold rose a bit in Asia before it fell back off in London and dropped to as low as $687.30 a little after 10AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.27%. Silver dropped to about $13.85 in London before it rallied higher for most of trade in New York and ended near its high with a gain of 0.93%.
Euro gold remained at about €508, platinum lost $9 to $1,315, palladium lost $2 to $380, and copper rose a few cents to about $3.65.
Gold and silver equities traded mostly slightly lower and closed with near 1% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings the Consumer Confidence report for April expected at 105.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on refinery problems and violence in Nigeria over the country’s recent election that is still being disputed.
The U.S. dollar index rebounded from last week’s sell-off, but gains were limited ahead of economic data due out later in the week.
Treasuries rose in light trade as traders prepared for economic data and debt auctions over the next two days.
The Dow, Nasdaq, and S&P found small gains in early trade on takeover news, but they then fell off and ended modestly lower as oil rose late in the day and comments from GM reignited worries about subprime mortgages and their potential harmful impacts on other areas of the economy.
Among the big names making news in the market today were GM, Kimberly-Clark, Genesco and Foot Locker, Barclays and ABN Amro, AstraZeneca and MedImmune, Hasbro, and Affiliated Computer.
The Commentary:
“June Gold finished down 1.6 at 694.2, 2.6 off the high and 3.7 up from the low.
May Silver closed up 0.095 at 14.05. This was 0.19 up from the low and 0.03 off the high.
It wasn't surprising to see the gold market pare its initial losses and almost return to unchanged levels into the close. However, the gold market seemed to be in a profit taking mode early in the session and with the Dollar showing some early gains, the stock market weak and the metals markets in general showing some divergence it was clear that sentiment was at least partially conflicted. The US economic reports on the session were hardly indicative of any trend in the economy but that didn't seem to have much of an impact on the Dollar in the end analysis. However, during the session Monday there were several more signs that physical gold production was continuing to decline, and that in turn should have provided the bull camp with a bit of confidence. Surprisingly the gold market ended weak, while nearby silver and copper prices were moderately higher and that would seem to suggest that physical or industrial demand was a feature lifting only a portion of the metals complex.
As suggested already the May silver contract managed to rise to roughly 10 cents on Monday, while the gold and platinum markets actually finished lower. Typically divergence between the various metals markets hints at a lack of bullish consensus but it is difficult to discount a move to the highest level since April 16th in the May silver contract. Apparently another moderate rise in silver exchange stocks and some disappointing early Press coverage on a new silver ETF did nothing to discourage the silver market from moving higher and that is a sign that the market is embracing the bullish items and discounting the bearish items.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mike Kosares: The Gordon Brown indicator predicts gold rally
James Turk: This time gold will blow through $715
'Too big to fail' isn't explicit policy for European banks ... yet
Morgan joins Dubai exchange just days before it trades gold options
Paulson wants 'strong dollar' to be weaker against Chinese yuan
The Statistics:
As of close of business: 4/20/2007
Gold Warehouse Stocks: | 7,612,970 | - |
Silver Warehouse Stocks: | 131,162,478 | +2,999,024 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 494.87 | 15,910,462 | US$ 10,998m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana | Gold Bullion Securities | 89.75 | 2,885,681 | US$ 1,993m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,236 | US$ 255m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,732 | US$ 252m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 5.85 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/20/2007 | |
Total Net Assets | $994,514,632 | 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 4/20/2007 | |
Total Net Assets | $1,884,142,540 | Ounces of Silver
in Trust | 135,879,074.200 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,226.31 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport’s (FCX) worker strike end, Newmont’s (NEM) pending trial decision in Indonesia, Metalline’s (MMG) shareholder letter, SNS Silver’s (SNS.V) tunnel rehabilitation, and Arian Silver’s (AGQ.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +7.24% $8.90 |
2. Entree Gold | EGI +3.91% $2.39 |
3. Metalline | MMG+2.74% $3.38 |
LOSERS
1. Minco Gold | MGH -8.24% $1.56 |
2. Rubicon | RBY -6.64% $2.25 |
3. Lihir Gold | LIHR -5.54% $25.93 |
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:
Medoro Resources Announces Acquisitions in Mali - More
- April 23, 2007 | Item | E-mail
Meridian Gold Inc. First Quarter 2007 Release Date and Conference Call - "Meridian Gold Inc. (NYSE:MDG - News; TSX:MNG - News) would like to announce that the first quarter 2007 earnings results will be released before the markets open Wednesday May 2, 2007. Following the release, there will be a conference call at 11:00 a.m. EST on Wednesday, May 2, 2007." More
- April 23, 2007 | Item | E-mail
Mexico expects $3.6 bln mining investment in 2007 - "Mexico expects to attract about $3.6 billion of investment in mining during 2007, almost triple the amount it gained last year, the country's top mining official said on Monday.
About 75 percent of the investment will come from Canadian companies and most will be directed toward the exploration of silver, gold and copper from old mines, said Norberto Roque, Mexico's mining coordinator." More
- April 23, 2007 | Item | E-mail
Permit issued for Shahuindo project - More
- April 23, 2007 | Item | E-mail
Dejour's Fiscal Dec 31, 2006 Financial Results - More
- April 23, 2007 | Item | E-mail
Cogitore Resources Inc. Completes Non-Brokered Portion of Private Placement - More
- April 23, 2007 | Item | E-mail
Bearclaw Announces Private Placement Will Include Warrants - More
- April 23, 2007 | Item | E-mail
Wescan Goldfields Inc. announces year end results - More
- April 23, 2007 | Item | E-mail
Ontex Announces Appointment of Armen Chilian as Vice President Exploration; Ontex in Discussions With Potential Partners for JV or Buyout - More
- April 23, 2007 | Item | E-mail
Colibri Resource Corporation closes brokered, private placement - More
- April 23, 2007 | Item | E-mail
Chapleau Resources Ltd. Confirms High Grade Gold Values in Rock Samples at Coringa Project in Brazil & Update of the 2000 m (15 hole) Drill Program - More
- April 23, 2007 | Item | E-mail
Aurus Announces Share Purchase Price - More
- April 23, 2007 | Item | E-mail
Gowest and Newstrike Acquire Uranium Prospect - More
- April 23, 2007 | Item | E-mail
Acero-Martin Drills Additional High Grade Gold Intercepts at Pinaya: Highlights Include 60.20 Meters of 3.16 g/t Gold Equivalent - More
- April 23, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold Falls Slightly While Silver Gains Nicely