-- Posted Wednesday, 2 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $672.60 | -$1.20 |
Silver | $13.23 | +$0.02 |
XAU | 139.92 | +2.68% |
HUI | 341.76 | +1.39% |
GDM | 1095.49 | +2.56% |
JSE Gold | 2867.89 | +0.05% |
USD | 81.76 | +0.12 |
Euro | 135.97 | -0.13 |
Yen | 83.25 | -0.26 |
Oil | $63.68 | -$0.72 |
10-Year | 4.646% | +0.004 |
T-Bond | 111.71875 | UNCH |
Dow | 13211.88 | +0.58% |
Nasdaq | 2557.84 | +1.04% |
S&P | 1495.92 | +0.65% |
The Metals:
Gold remained near unchanged in Asia and London before it dropped in early New York trade to as low as $667 at one point, but it then rallied back higher into the close and ended with a loss of just 0.18%. Silver dropped to as low as $12.97 before it rallied about 2% off its low and ended with a gain of 0.15%.
Euro gold fell to about €494, platinum lost $2 to $1,297, palladium gained $2 to $368, and copper lost a couple of cents to about $3.72.
Gold and silver equities steadily rose throughout trade and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Mar | 3.1% | 2.1% | 1.4% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/28 expected at 325,000 and first quarter Productivity expected at 0.8%. At 10AM is the ISM Services report for April expected at 53.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as crude inventories built a healthy 1.1 million barrels, gasoline inventories fell a less than expected 1.1 million barrels, distillates fell 200,000 barrels, and refinery utilization rose 0.5% to 88.3%.
The U.S. dollar index rose and treasuries fell after Factory Orders rose more than expected and pushed interest rates higher.
The Dow, Nasdaq, and S&P rose markedly on positive economic and earnings news.
Among the big names making news in the market today were Cablevision, MasterCard, Citigroup, Time Warner, Sprint Nextel, Biogen Idec, and Visteon.
The Commentary:
“June Gold finished down 2.2 at 675.1, 1.1 off the high and 5.1 up from the low.
May Silver closed down 0.031 at 13.214. This was 0.214 up from the low and 0.046 off the high.
The gold bulls should have been happy with the fact that the Dollar breakout on the upside Wednesday at least initially failed to hold. In fact, instead of the Dollar being lifted by the better than expected US Factory orders information, it seemed to fail and that might have allowed the bargain hunting buyers in gold pull the gold market off the initial Wednesday lows. It would also seem like gold began to benefit from the strength in the US equity market and the slightly improved US economic outlook and that to would be a change of pace for the gold market. Just to point out another possible change in the action Wednesday it should be noted that a sharp mid morning washout in oil prices also didn't seem to stand in the wake of a minor intersession bounce in gold prices. After seeing European gold prices close near 1 month lows, the US action seemed to suggest that support was potentially set to firm just under current prices.
The silver market was at times Wednesday roughly 22 cents lower and by mid day the market had actually managed to climb back into positive ground. Apparently the funds were thought to be the source of the aggressive early selling but some Press outlets were suggesting that bargain hunting buying was also a feature during the session. In the end a better than expected flow of US economic information and a strong upward thrust in equity prices probably prompted the sellers to let up in the silver market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Quick and huge profits made in Dow Jones calls
Butler says silver now rarer than gold, and Phillips endorses gold manipulation complaint
E-Gold denies charges in federal indictment
Barrick joins Lihir in huge gold hedge buyback
The Statistics:
As of close of business: 5/01/2007
Gold Warehouse Stocks: | 7,624,842 | +21,448 |
Silver Warehouse Stocks: | 131,343,197 | -44,534 |
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$ 10,680m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,873 | US$ 1,965m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.55 | 370,999 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,700 | US$ 249m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/1/2007 | |
Total Net Assets | $969,096,665 | 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 5/1/2007 | |
Total Net Assets | $1,826,793,116 | Ounces of Silver
in Trust | 135,878,979.400 |
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:
Peru’s mining strike, Barrick’s (ABX) possible diversification, Richmont’s (RIC) closure plan, Kimber’s (KBX) drill results, Aquiline’s (AQI.TO) drill results, Meridian’s (MDG) financial results, Endeavour’s (EXK) closed acquisition, Arian Silver’s (AGQ.V) drilling, and Hecla’s (HL) financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+10.26% $2.15 |
2. Endeavour | EXK +6.86% $5.30 |
3. NovaGold | NG +6.05% $14.72 |
LOSERS
1. Minco Gold | MGH -12% $1.32 |
2. Entree Gold | EGI -4.17% $2.07 |
3. Hecla Mining | HL -3.99% $8.43 |
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:
Thunder Sword Enters into Option Agreement with Tribune Resources - More
- May 02, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - 3.05 g/t gold over 28.0 meters - More
- May 02, 2007 | Item | E-mail
Barrick share price may spark diversification-Munk - "Barrick Gold Corp. (ABX.TO: Quote, Profile , Research) may eventually consider expanding further into other non-gold precious or base metals production if its share price continues to underperform, company chairman and founder Peter Munk said on Wednesday." More
- May 02, 2007 | Item | E-mail
Endeavour Closes Acquisition of Bolanitos Exploitation Contracts; Announces Acquisition of Bolanitos Property and Plant Assets From Industrias Penoles - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it has now closed the acquisition of the exploitation contracts to the producing Bolanitos silver (gold) mines and plant, located in the Guanajuato and La Luz silver districts of Guanajuato state, Mexico, from Minas de La Luz SA de CV ("MdlL"). Endeavour paid US$2.2 million in cash and 224,215 common shares priced at US$4.46 per share for the exploitation rights at Bolanitos." More
- May 02, 2007 | Item | E-mail
Apex Silver Files Restatement of Prior Financial Statements - "Apex Silver Mines Limited (AMEX: SIL - News) today filed a restatement of its financial statements for the third quarter of 2005 and the first three quarters of 2006, as previously announced. The restatements are necessary in order to correct the previously reported valuation of the company's metal derivative positions." More
- May 02, 2007 | Item | E-mail
Wealth Discovers Significant New Uranium Occurrence at its San Jorge Basin Project, Argentina - More
- May 02, 2007 | Item | E-mail
Tung Ding Resources Inc. to Acquire Chinese Mine - More
- May 02, 2007 | Item | E-mail
Barrick Increases Dividend By 36% - "Barrick Gold Corporation (Toronto:ABX.TO - News)(NYSE:ABX - News) today announced that its Board of Directors has increased its annual dividend to US30 cents per share from US22 cents per share. The semi-annual dividend of US15 cents per share is payable on June 15, 2007 to shareholders of record at the close of business on May 31, 2007." More
- May 02, 2007 | Item | E-mail
Abcourt Mines Inc.: Private placement - More
- May 02, 2007 | Item | E-mail
Taranis Selects DeLorme Diamond Drilling to Undertake Diamond Drilling Program at Thor, British Columbia - More
- May 02, 2007 | Item | E-mail
Notice-DPM Annual General Meeting and 2007 First Quarter Financial Results - More
- May 02, 2007 | Item | E-mail
El Nino & CanAm - First to Revisit Bancroft Uranium District after 30 Years and Intercept up to 0.31 % (6.2 lbs/Ton) Uranium - More
- May 02, 2007 | Item | E-mail
International Gold Resources: Recruits Ex-Newmont Mining Executive as their New Controller - More
- May 02, 2007 | Item | E-mail
Platinex Enabled to Proceed With Drilling Program on its Big Trout Lake Property - More
- May 02, 2007 | Item | E-mail
Richmont Mines Inc. Announces the Acceptance of the Closure Plan for Mine Production at the Island Gold Project - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (CDNX:PAT.V - News) are pleased to announce that they have reached an important milestone for the ongoing development of the Island Gold project. On April 30, 2007, the companies have received notice of acceptance of a certified Closure Plan for mine production at the Island Gold Project from the Ontario Ministry of Northern Development and Mines (MNDM)." More
- May 02, 2007 | Item | E-mail
Patricia Mining Corp. Receives Notice of Acceptance of Closure Plan for Lochalsh Mine at Island Gold Project, Ontario - More
- May 02, 2007 | Item | E-mail
Gold Bullion Development Corp.-IR Hub Is Live - More
- May 02, 2007 | Item | E-mail
ROBEX exercises its option on Mininko-Kamasso - More
- May 02, 2007 | Item | E-mail
Pershimco Positive Following Silver Results From the Cusi Project, Mexico - More
- May 02, 2007 | Item | E-mail
Kimber reports encouraging results from exploration at Monterde - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) - Kimber is pleased to announce that its regional exploration program at its 100% owned Monterde gold-silver project in the Sierra Madre of Mexico is returning encouraging results. This regional exploration program is being carried out in parallel with continuing work on advancing the Carmen deposit." More
- May 02, 2007 | Item | E-mail
Stratabound Finds New Gold Zone at Biq Presque Isle, New Brunswick - More
- May 02, 2007 | Item | E-mail
Yellowcake Mining Appoints Chief Financial Officer - More
- May 02, 2007 | Item | E-mail
Murgor releases drilling results from the Hudvam Deposit and gets ready for environmental study and permitting. - More
- May 02, 2007 | Item | E-mail
Production at Peru's largest mining companies - "As a nationwide mining strike went into its third day on Wednesday, Peruvian miners and government officials met for intensive talks aimed at ending the walkout this week.
Some mines had been affected by the indefinite strike, which began on Monday, but workers at many of the country's top pits were reporting for duty as usual." More
- May 02, 2007 | Item | E-mail
Puma Exploration Inc.: Update on Drill Results from Nicholas-Denys - More
- May 02, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (Pink Sheets:SBMI) Slates Equipment for Shipping - More
- May 02, 2007 | Item | E-mail
Gemini Explorations Inc in Final Negotiation Stage to Acquire Producing Gold Property in Colombia - More
- May 02, 2007 | Item | E-mail
Amarillo Gold Corp. Receives Final Independent Mineral Resource Estimate Report for the Mara Rosa Project, Goias, Brazil - More
- May 02, 2007 | Item | E-mail
Bayfield Ventures Announces Rainy River Diamond Drilling to Commence on Block 'B' in May, NW Ontario - More
- May 02, 2007 | Item | E-mail
Cream Minerals Ltd.: Drill Results for DDH 15 to DDH 18-06 Confirm Continuity of Dos Hornos Zone, Mexico - More
- May 02, 2007 | Item | E-mail
Moly Mines Limited Announces Spinifex Ridge-First Equipment Order - More
- May 02, 2007 | Item | E-mail
Dragon Goes for Gold - More
- May 02, 2007 | Item | E-mail
Gold World Appoints Chief Financial Officer - More
- May 02, 2007 | Item | E-mail
Mediterranean announces private placement to raise up to CDN$11,025,000 - More
- May 02, 2007 | Item | E-mail
Aurelian Intersects 88.99 Metres at 6.90 g/t Gold in Drilling at FDN - More
- May 02, 2007 | Item | E-mail
Colibri Extends and Confirms Near-Surface Silver-Lead-Zinc Mineralization at Ramard Project, Sonora, Mexico - More
- May 02, 2007 | Item | E-mail
Garibaldi Extends District Scale Acquisition Strategy Into Durango State and Expands Hyperspectral Survey - More
- May 02, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Promising Results from Swanson Drilling - More
- May 02, 2007 | Item | E-mail
Record Q1 earnings of US$5.6M up 21% from Q1-2006 despite production restrictions - More
- May 02, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Cutfield Freeman & Co. Appointed Financial Advisors for Tulsequah Project - More
- May 02, 2007 | Item | E-mail
USCorp, a Junior Gold Exploration Company, Reports on $1.2 Million and $17 Million Financings and $10 Million Commitment - More
- May 02, 2007 | Item | E-mail
Uranium Hunter Information Now Available Through Standard & Poor's Market Access Program - More
- May 02, 2007 | Item | E-mail
Oriental Drilling Confirms Continuity of Significant Tungsten-Molybdenum Mineralization at Sangdong - More
- May 02, 2007 | Item | E-mail
Western Goldfields Announces First Quarter Results - More
- May 02, 2007 | Item | E-mail
Sarissa Resources, Inc. Retains Brokerage Rights to 1,875-Acre Niobium Deposit - More
- May 02, 2007 | Item | E-mail
Core International Limited Completes VTEM Exploration Program on Wawa Property - More
- May 02, 2007 | Item | E-mail
Pacific Gold Corp 'Benchmark' Coverage Being Initiated by Investrend Research - More
- May 02, 2007 | Item | E-mail
General Metals Upgrades 150-sq.-km. Nyhinahin Mining Concession, Ghana, West Africa from a Reconnaissance License to a Full Prospecting License - More
- May 02, 2007 | Item | E-mail
Advanced Resources Group Ltd. Strategic Alliance - More
- May 02, 2007 | Item | E-mail
Keegan Resources Inc.: Resource Drilling Program Continues to Expand Size of Potential Resource at Esaase Gold Project - More
- May 02, 2007 | Item | E-mail
Blue Pearl Posts Corporate Video - More
- May 02, 2007 | Item | E-mail
General Metals Corporation Appears in Investors Business Daily - More
- May 02, 2007 | Item | E-mail
Gold Canyon Announces Rare Metals and Rare Earth Elements at the Cordero Gallium Project - More
- May 02, 2007 | Item | E-mail
Mexoro Minerals Cieneguita Project - More
- May 02, 2007 | Item | E-mail
Asian Dragon Group Finalizes Acquisition Deal to Acquire a Majority Interest in China Base Metal Development Company - More
- May 02, 2007 | Item | E-mail
Cloudbreak Resources Nevada Gold and Copper Property Exploration Update-Elko County, Nevada - More
- May 02, 2007 | Item | E-mail
Gossan Awards Incentive Stock Options - More
- May 02, 2007 | Item | E-mail
Strategic Resources To Commence Drilling in Third Quarter - More
- May 02, 2007 | Item | E-mail
Khan Resources Announces Its Exploration Program at the Dornod Uranium Project in Mongolia - More
- May 02, 2007 | Item | E-mail
Trigon Drills Significant Uranium in First Holes at Marysvale - More
- May 02, 2007 | Item | E-mail
Russell Industries Continues Acquiring Uranium Mining Claims - More
- May 02, 2007 | Item | E-mail
Powertech Uranium Corporation Meets With Nuclear Regulatory Commission - More
- May 02, 2007 | Item | E-mail
Thelon Ventures Ltd.: Drilling is Complete and More is Planned at Pasfield Lake Uranium Property, Saskatchewan - More
- May 02, 2007 | Item | E-mail
Idaho General Leads Moly Mania - More
- May 02, 2007 | Item | E-mail
Mosquito Stakes Claims at High Grade Molybdenum Project in Idaho - More
- May 02, 2007 | Item | E-mail
East Asia Minerals acquires Tangse porphyry copper-molybdenum and Barisan copper-gold projects in Indonesia - More
- May 02, 2007 | Item | E-mail
Arian Silver Corporation:Drilling to start on San Jose Property - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)("PLUS":AGQ)(FRANKFURT:I3A - News) is pleased to announce the start of a thirty-four hole, 5,000 metre, NQ-size, diamond-drilling programme at its San Jose property, Zacatecas state, Mexico." More
- May 02, 2007 | Item | E-mail
U.S. Energy Corp. Announces Supreme Court Decision Concerning Patented Claims at Its Lucky Jack Molybdenum Project - More
- May 02, 2007 | Item | E-mail
Aquiline Intersects 69.8 g/t of Gold Over 1.8 Metres at Castro Sur - "Aquiline (TSX:AQI - News) is pleased to announce drilling results from its Castro Sur deposit which is located on the Company's Calcatreu Gold Project approximately five km north of the Vein49 gold deposit in Rio Negro province, Argentina. Drilling has encountered high grade gold mineralization; with drill hole AQI-522 assaying 69.8 g/t gold and 53 g/t silver across a downhole intersection of 1.8 metres." More
- May 02, 2007 | Item | E-mail
Hecla Reports Lowest Silver Cash Cost Ever, and Announces 200% Increase in Earnings from Operations Compared to First Quarter Last Year - "Hecla Mining Company (NYSE:HL - News) today reported net income of $8.1 million, or 7 cents per common share, on revenue of $53.1 million in the first quarter of 2007. First quarter production was 1.6 million ounces of silver and 36,330 ounces of gold, with all operations solidly on track to meet production estimates for the year of 6 million ounces of silver and 140,000 ounces of gold." More
- May 02, 2007 | Item | E-mail
Meridian Gold Announces First Quarter 2007 Financial Results and Exploration Update (All dollar amounts in U.S. currency) - "Meridian Gold Inc. ("Meridian Gold" or the "Company") (TSX:MNG - News; NYSE:MDG - News) is pleased to announce results for the quarter ended March 31, 2007. Meridian Gold continues its commitment to be "The Premier Value Gold Mining Company," with a focus on returns to all stakeholders and a dedication to responsible mining." More
- May 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 2 May 2007 | Digg This Article
Gold Seeker Closing Report: Gold & Silver Rebound from Early Losses and End Near Unchanged
