-- Posted Tuesday, 1 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $673.80 | -$6.20 |
Silver | $13.21 | -$0.21 |
XAU | 136.19 | -0.63% |
HUI | 337.07 | -0.74% |
GDM | 1068.18 | -0.83% |
JSE Gold | 2866.50 | UNCH |
USD | 81.64 | +0.19 |
Euro | 136.10 | -0.51 |
Yen | 83.51 | -0.20 |
Oil | $64.40 | -$1.31 |
10-Year | 4.642% | +0.012 |
T-Bond | 111.71875 | -0.03125 |
Dow | 13136.14 | +0.56% |
Nasdaq | 2531.53 | +0.26% |
S&P | 1486.30 | +0.27% |
The Metals:
Gold fell about $2 in after hours access trade late yesterday and remained near $678 in Asia and London before it fell further in morning New York trade to as low as $671 at about 11AM EST, but it then bounced higher into the close and ended nearly $3 off its low with a loss of 0.91%. Silver dropped to as low as $13.10 midmorning before it rallied back near unchanged by early afternoon, but it then fell back off into the close and ended with a loss of 1.56%.
Euro gold fell to about €495, platinum gained $4 to $1,299, palladium lost $3 to $366, and copper rose roughly 7 cents to about $3.74.
Gold and silver equities traded mostly slightly lower and ended with near 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Apr | 54.7 | 51.0 | 50.9 |
Pending Home Sales | Mar | -4.9% | 0.4% | 1.1% |
Tomorrow at 10:30AM EST brings Factory Orders for March expected at 2.1%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about 2% on expectations for builds in inventories tomorrow.
The U.S. dollar index rose and treasuries fell after the ISM Index surprisingly came in at an 11 month high and pushed interest rates higher.
The Dow, Nasdaq, and S&P remained near unchanged for most of trade as disappointing home sales data battled encouraging manufacturing data, but all three indices then moved higher in the last couple of hours of trade and ended with decent gains on takeover news.
Among the big names making news in the market today were GM, Ford, Nissan, Toyota, Chrysler, News Corp. and Dow Jones, National City and MAF Bancorp, Qwest Communications, Liz Claiborne, Procter & Gamble, ADM, Sirius, Avon, Medco Health Solutions, and Circuit City.
The Commentary:
“June Gold finished down 6.2 at 677.3, 2.1 off the high and 2.6 up from the low.
May Silver closed down 0.2 at 13.245. This was 0.005 up from the low and 0.085 off the high.
The gold bulls had to be disappointed with the action Tuesday, as the US scheduled data was mixed and yet the Dollar firmed and gold fell. Perhaps the sharp decline in oil prices prompted a fresh wave of selling in gold but many traders suggested that an additional slide could be seen in gold in the event that the Dollar managed to rise above an extremely critical pivot point of 81.68. According to the Press the gold market was partially down off the strength in the Dollar while others suggested that simple long liquidation might have added to the downside momentum. With the US equity market chopping around and periodically fearful of further slowing in the US economy, it is also possible that physical and investment buyers are indeed backing away from gold.
The silver market tracked alongside the gold market and mostly ignored the partially favorable action seen in copper and platinum prices. With the Press suggesting that part of the weakness in silver was the result of long liquidation we have to think that the strength in the Dollar was a major function behind the selling impetus. With some profit taking also being seen in silver "stocks" it was clear that the bearish psychology in the silver market was indeed broad based. Late in the day US equity prices managed a recovery bounce but even that action didn't seem to bring silver up significantly.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
7-year contempt jailing ends but Armstrong is sentenced to 5 more
As funds leverage up, fears of 'The Great Unwind' rise
Venezuela withdraws from World Bank and IMF
E-Gold responds to federal indictment
The Statistics:
As of close of business: 4/30/2007
Gold Warehouse Stocks: | 7,603,394 | - |
Silver Warehouse Stocks: | 131,387,731 | -674,771 |
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$ 10,734m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,906 | US$ 1,966m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.55 | 371,003 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,704 | US$ 247m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/30/2007 | |
Total Net Assets | $977,875,935 | 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 4/30/2007 | |
Total Net Assets | $1,820,178,943 | 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, Gammon Lake’s (GRS) CFO appointment, Arizona Star’s (AZS) work at Cerro Casale, Seabridge’s (SA) filed 43-101, Crystallex’s (KRY) drill results, Ivanhoe’s (IVN) completed license transfer, Great Basin’s (GBN) sample grades, Vista Gold’s (VGZ) closing date, Agnico-Eagle’s (AEM) completed takeover of Cumberland, U.S. Silver’s (USA.V) new CFO, UC Resources’ (UC.V) project update, Yale’s (YLL.V) drill program, Valencia’s (VVI.V) drill results, and Great Panther’s (GPR.V) 2006 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN+4.55% $11.72 |
2. Gold Reserve | GRZ +4.53% $7.15 |
3. Rio Narcea | RNO +3.31% $4.68 |
LOSERS
1. U.S. Energy | USEG-6.11% $6.15 |
2. Rubicon | RBY -5.34% $1.95 |
3. Metalline | MMG -4.84% $2.95 |
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:
U.S. Silver Corporation: Appoints New Chief Financial Officer - "U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (CDNX:USA.V - News) is pleased to announce that Joseph Rauhala has been appointed Chief Financial Officer of the Corporation effective May 1, 2007." More
- May 01, 2007 | Item | E-mail
Northern Orion to Release First Quarter Results on May 10, 2007 - "Northern Orion (Toronto:NNO.TO - News)(AMEX:NTO - News) will release its first quarter results before the market opens on Thursday, May 10, 2007 and will host a telephone conference call at 1:00 p.m. Pacific Time (4:00 p.m. Eastern) to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally." More
- May 01, 2007 | Item | E-mail
Yukon Gold to Drill High Grade Gold/Silver Vein Targets on its Mt. Hinton Property in the Yukon - More
- May 01, 2007 | Item | E-mail
Diadem Resources Ltd.: Resignation of Director - More
- May 01, 2007 | Item | E-mail
Thistle Mining Inc. - Late Filing of Financial Statements and Update on PSGM - More
- May 01, 2007 | Item | E-mail
Goldex Announces $2 million Private Placement - More
- May 01, 2007 | Item | E-mail
Peak Gold - Annual General Meeting conference call/webcast details - More
- May 01, 2007 | Item | E-mail
USEC to Webcast Conference Call on May 7 at 8:30 a.m. ET - More
- May 01, 2007 | Item | E-mail
Newport Gold Inc. and Noront Resources Ltd.: China One Project Inner Mongolia China - More
- May 01, 2007 | Item | E-mail
Queenston Reports 193.1 g/t Au (5.6 oz/ton) Over 1.1 m From Resource Drilling at Upper Beaver - More
- May 01, 2007 | Item | E-mail
El Nino and CanAm Uranium Intercept Up to 0.31 Percent (6.2 lbs / ton) Uranium, The First to Revisit Bancroft's Past Producing Uranium Camp - More
- May 01, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver Fall About 1%