-- Posted Monday, 30 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $680.00 | +$1.10 |
Silver | $13.42 | -$0.01 |
XAU | 136.99 | -1.95% |
HUI | 339.60 | -1.52% |
GDM | 1077.08 | -1.90% |
JSE Gold | 2874.20 | -0.63% |
USD | 81.45 | -0.04 |
Euro | 136.61 | +0.27 |
Yen | 83.71 | +0.15 |
Oil | $65.71 | -$0.75 |
10-Year | 4.630% | -0.068 |
T-Bond | 111.75 | +0.84375 |
Dow | 13062.91 | -0.44% |
Nasdaq | 2525.09 | -1.26% |
S&P | 1482.37 | -0.78% |
The Metals:
Gold climbed over $680 in Asia before it fell back near $675 by early trade in London, but it then steadily rose for the rest of trade and ended near its high in New York with a gain of 0.16%. Silver traded mostly slightly higher in Asia and London before it fell off a bit in New York and ended with a loss of 0.07%.
Euro gold stayed under €500, platinum remained unchanged at $1,295, palladium lost $1 to $369, and copper rose roughly 5 cents to about $3.67.
Gold and silver equities fell about 1% at the open before they rose back near unchanged by early afternoon, but they then fell back off into the close and ended with over 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Mar | 0.7% | 0.5% | 0.7% |
Personal Spending | Mar | 0.3% | 0.5% | 0.7% |
Core PCE Inflation | Mar | 0.0% | 0.1% | 0.3% |
Chicago PMI | Apr | 52.9 | 55.0 | 61.7 |
Construction Spending | Mar | 0.2% | 0.3% | 1.5% |
Tomorrow at 10AM EST brings the ISM Index for April expected at 51.0 and Pending Home Sales for March expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as worries eased following last week’s foiled plot to attack oil facilities in Saudi Arabia.
The U.S. dollar index fell and treasuries rose as interest rates dropped following this morning’s tame Core PCE Inflation reading that reignited talk about a possible interest rate cut by the fed.
The Dow, Nasdaq, and S&P fell in late trade on mixed economic data and lackluster earnings reports.
Among the big names making news in the market today were Deutsche Boerse and ISE, Verizon, Delta, Tyson, Hilton Hotels, and Humana.
The Commentary:
“June Gold finished up 1.7 at 683.5, 0.7 off the high and 3.5 up from the low.
May Silver closed up 0.002 at 13.445. This was 0.025 up from the low and 0.055 off the high.
An inside day with a slight upward bias might have been a moral victory for the bull camp Monday, as the Dollar was initially higher, stock prices were soft and the energy complex started out weaker. In fact, gold traders might have seen the overall flow of US scheduled numbers as a negative for gold prices as economic activity was a bit disappointing and the PCE Index was unchanged and that could have hinted at a dampening of inflation. Since the gold market wasn't really seeing support from the Peru strike threat, we doubt that the decision not to join the nation wide strike by Barrick Gold's and Yanacocha workers on Monday shouldn't really add to the period weakness in gold prices.
The silver market generally outperformed the gold market throughout the session on Monday. While neither market showed that much sense of direction during the action Monday, the fact that most of the metals markets managed to rise seemed to give off the impression that the markets were getting beyond the selling binge from last week. Apparently some Peru silver mine production was idled as a result of the strikes that originated in the copper mines and that could have been the reason why silver was periodically showing more buying interest than the gold market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Schiff: What record high?
Contacts for GATA circles in Australia
Holy Dow! Market's rise tied to dollar's dive
Feds accuse E-Gold of money laundering, unlicensed banking
Join GATA at the Vancouver conference in June
James Turk: U.S. dollar in freefall
At May 10 CMRE dinner, hear the guys who figured things out first
Eric Sprott: A bull in bear's clothing
Steven Kovaka: Just say no to the silver ETF
The Statistics:
As of close of business: 4/27/2007
Gold Warehouse Stocks: | 7,603,394 | -76,734 |
Silver Warehouse Stocks: | 130,712,960 | +686,760 |
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$ 10,743m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,938 | US$ 1,982m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.55 | 371,008 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,704 | US$ 247m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.1 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/27/2007 | |
Total Net Assets | $975,320,558 | 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 4/27/2007 | |
Total Net Assets | $1,800,020,326 | Ounces of Silver
in Trust | 134,883,938.200 |
Shares Outstanding | 13,550,000 | Tonnes of Silver
in Trust | 4,195.36 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Peru’s mining strike, Meridian’s (MDG) new vice president of investor relations, Randgold’s (GOLD) new chief financial officer, Sterling Mining’s (SRLM.OB) completed tunnel project, and Great Panther’s (GPR.TO) legal action were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines Management | MGN +4.61% $4.54 |
2. Kimber Resources | KBX +4.23% $1.48 |
3. Richmont | RIC +3.09% $3.00 |
LOSERS
1. Rubicon | RBY -6.36% $2.06 |
2. Orezone | OZN -5.08% $1.87 |
3. Gammon Lake | GRS -4.83% $16.15 |
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:
Guyana Goldfields and Aranka Gold Announce the Exercise of Back-In Agreement Rights - More
- April 30, 2007 | Item | E-mail
Cameco sees higher uranium production, revenue - More
- April 30, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Amphitheatre Zone - Additional High Grade - More
- April 30, 2007 | Item | E-mail
CORRECTION FROM SOURCE: Romarco Announces Fourth Quarter Results - More
- April 30, 2007 | Item | E-mail
Gold Port Resources Drilling Update - More
- April 30, 2007 | Item | E-mail
MDN Announces Corporate Changes, Appointment of Mr. Paul-A. Girard as CEO - More
- April 30, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver End Mixed & Near Unchanged