-- Posted Thursday, 26 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $674.40 | -$9.60 |
Silver | $13.28 | -$0.46 |
XAU | 139.16 | -2.41% |
HUI | 343.27 | -2.29% |
GDM | 1090.25 | -2.15% |
JSE Gold | 2892.35 | -0.65% |
USD | 81.76 | +0.33 |
Euro | 136.09 | -0.33 |
Yen | 83.64 | -0.60 |
Oil | $65.06 | -$0.78 |
10-Year | 4.684% | +0.038 |
T-Bond | 111.0625 | -0.4375 |
Dow | 13105.50 | +0.12% |
Nasdaq | 2554.46 | +0.26% |
S&P | 1494.25 | -0.08% |
The Metals:
Gold traded a couple dollars higher in Asia before it fell about $5 in London and dropped even further in early New York trade to as low as $670.80 by late morning, but it then bounced higher into the close and ended nearly $4 off its low with a loss of 1.40%. Silver dropped to as low as $13.15 by late morning before it also rebounded in afternoon trade, but it still ended with a notable loss of 3.35%.
Euro gold fell near €495, platinum remained unchanged at $1,298, palladium lost $10 to $368, and copper fell roughly 5 cents to about $3.59.
Gold and silver equities fell over 2% at the open and remained near their lows for most of the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/21 | 321K | 330K | 341K |
Help-Wanted Index | Mar | 30 | 31 | 31 |
Tomorrow at 8:30AM EST brings the advanced reading for 1st quarter GDP expected at 1.8%, the Chain Deflator expected at 3.2%, and the Employment Cost Index expected at 0.9%. At 10AM is the revised reading for April Michigan Sentiment expected at 85.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade on easing tensions over Iran before it rose after a Marathon refinery was shut down due to a fire which interrupts the plant’s 115,000 barrels per day in production, but it then fell back off into the close and ended over 1% lower on profit taking.
The U.S. dollar index finally found some notable relief after dropping in ten of the last twelve sessions and flirting with all-time lows with the euro yesterday. Though there was no notable dollar bullish news today, some profit taking seemed to be in order as traders positioned themselves for tomorrow’s GDP report that may show some economic strength and counter recent indications of strong European growth. Weak inflation data out of Japan also hurt the yen to add to the dollar’s strength today, but any gains in the index are likely to be short-lived given the bearish fundamentals for the dollar.
Treasuries fell and interest rates rose on continued optimism over world stock indices, but moves were limited ahead of tomorrow’s economic data.
The Dow, Nasdaq, and S&P remained near unchanged despite more strong earnings reports, but the Dow was able to edge higher by the close to end at a new record high.
Among the big names making news in the market today were Harmon International, Apple, Nintendo, Nissan, Aetna, Halliburton, 3M, Comcast, US Airways, Ford, Exxon, Pulte, Beazer, Ryland, and Bristol-Myers.
The Commentary:
“June Gold finished down 9.4 at 678, 6.2 off the high and 3.5 up from the low.
May Silver closed down 0.44 at 13.325. This was 0.145 up from the low and 0.26 off the high.
The gold market came under liquidation pressure in the wake of a slight rise in the Dollar and perhaps because of a slight dip in energy prices. It is also possible that some progress in the Iran/EU negotiations prompted some of the selling but failures at several key chart support levels probably served to exaggerate the setback in prices. On balance, the US economic reports on the day should have supported gold prices but with the Dollar higher, it is possible that the stronger regional Fed readings were simply ignored. The question on many players minds is whether or not the physical or bargain hunting buyers will be enticed into the market quickly or if more declines will be seen in the coming sessions.
The Press was already trumpeting the overbought and vulnerable status of the silver market ahead of the Thursday break. In fact, even the most recent COT reports showed the silver to be overly long. However, it is a little surprising that the majority of internal fundamental news in silver this week was bullish but prices failed to respond to the news. While a particular silver producer talked about increasing output, the selling pressure seemed to be a metals wide sweep and not something particular to the silver market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold and silver bugs complain a lot, and rightly, but they're winning
Murphy's 'Midas' commentary addresses analyst's insult
The Statistics:
As of close of business: 4/25/2007
Gold Warehouse Stocks: | 7,680,192 | - |
Silver Warehouse Stocks: | 129,429,828 | - |
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 | 493.33 | 15,860,940 | US$ 10,846m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 89.75 | 2,885,585 | US$ 1,948m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,224 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,720 | US$ 249m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/25/2007 | |
Total Net Assets | $983,104,288 | 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 4/25/2007 | |
Total Net Assets | $1,859,419,961 | Ounces of Silver
in Trust | 134,883,938.200 |
Shares Outstanding | 13,550,000 | Tonnes of Silver
in Trust | 4,195.36 |
Note: Change in Total Tonnes from yesterday’s data: 30.95 tonnes were subtracted from the trust.
The Stocks:
Newmont’s (NEM) quarterly profit, DRDGOLD’s (DROOY) quarterly results, Miramar’s (MNG) drill results, Cardero’s (CDY) drilling, Glencairn’s (GLE) production, Apex Silver’s (SIL) board appointments, and Silver Wheaton’s (SLW) first quarter earnings were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG+6.71% $4.45 |
2. Great basin | GBN +6.05% $2.28 |
3. IAMGOLD | IAG +3.80% $7.92 |
LOSERS
1. Rubicon | RBY -6.52% $2.15 |
2. Orezone | OZN-5.42% $1.92 |
3. Seabridge | SA -4.50% $16.14 |
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:
Goldcorp to commence drilling on Vault Minerals' Lebel gold property - More
- April 26, 2007 | Item | E-mail
Platinum Group Metals Ltd.: Wesizwe Platinum to Acquire Africa Wide - More
- April 26, 2007 | Item | E-mail
Gowest Has New Expertise - More
- April 26, 2007 | Item | E-mail
Miramar Reports Suluk Drilling Encounters Wider Higher Grade Zones Near Surface - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced the first results from the 2007 exploration program at its Hope Bay Project in Nunavut focussed on the Madrid district, where drills are currently drilling the Suluk and South of Suluk deposits. These initial Suluk results have exceeded our expectations with more continuous and higher grade mineralization that could potentially have an impact on technical economic studies underway." More
- April 26, 2007 | Item | E-mail
Apex Silver Appoints Rodman Drake and Ian Hume to the Board of Directors - "Mr. Drake is an experienced corporate director and former chief executive officer with more than 30 years of diverse consulting and executive management experience. Since 1997, he has served as Managing Director of Baringo Capital, a private equity group focused on investments in mining and venture capital, which he also co-founded. He currently serves on the Advisory Board of Resource Capital Funds. He previously served as Co-Chairman of KMR Power Company, a developer of independent power projects in Latin America, and as Chief Executive Officer and Managing Director of Cresap McCormick and Paget, a leading international management consulting firm." More
- April 26, 2007 | Item | E-mail
Transglobal Mining Retains Investor Relations Firm - More
- April 26, 2007 | Item | E-mail
Peru mining companies downplay strike, talks go on - "Peru's largest mining group said on Thursday it does not expect most miners to join a nationwide strike planned for Monday, while union members met with government officials in a last-ditch effort to avoid a walkout." More
- April 26, 2007 | Item | E-mail
Geophysical and Geochemical surveys concluded at the Combarbala property in Chile - More
- April 26, 2007 | Item | E-mail
Wildcat shareholders elect management nominees to Board of Directors - More
- April 26, 2007 | Item | E-mail
Cardero Resource Corp.: Drilling Commences at the Former Incahuasi Gold Mine, NW Argentina Trenching Cuts 14 Metres @ 6.9 g/t Gold - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that a 2,750 metre, fourteen borehole, diamond drilling program has commenced on its 100% owned Incahuasi Sediment Hosted Vein (SHV) Gold property, Catamarca Province, NW Argentina." More
- April 26, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Fall Over 1% & 3%