-- 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
Gold Seeker Closing Report: Gold & Silver Rebound from Early Losses and End Near Unchanged