-- Posted Thursday, 3 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $681.80 | +$9.20 |
Silver | $13.39 | +$0.16 |
XAU | 141.58 | +1.19% |
HUI | 345.20 | +1.01% |
GDM | 1107.29 | +1.08% |
JSE Gold | 2826.32 | -1.45% |
USD | 81.95 | +0.19 |
Euro | 135.53 | -0.44 |
Yen | 83.05 | -0.20 |
Oil | $63.19 | -$0.49 |
10-Year | 4.674% | +0.028 |
T-Bond | 111.4375 | -0.28125 |
Dow | 13241.38 | +0.22% |
Nasdaq | 2565.46 | +0.30% |
S&P | 1502.39 | +0.43% |
The Metals:
Gold remained near unchanged in Asia before rose slightly in London and then dropped back near unchanged in early New York trade, but it then rocketed higher after 11:30AM EST and ended near its high of the session with a gain of 1.37%. Silver followed a similar pattern and gained 1.21%.
Euro gold rose back over €500, platinum gained $9 to $1,306, palladium gained $7 to $375, and copper rose roughly 4 cents to about $3.76.
Gold and silver equities remained near unchanged in early trade before they rose about 1% along with the metals in late morning trade and remained at about that level into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/28 | 305K | 325K | 326K |
Productivity | Q1 | 1.7% | 0.8% | 2.1% |
ISM Services | Apr | 56.0 | 53.0 | 52.4 |
Tomorrow at 8:30AM EST brings April’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on news that the department of energy will stop buying oil to fill the strategic petroleum reserve until the end of the summer driving season, but natural gas rose back near $8 on forecasts for strong demand over the next few months as consumers deal with summer weather.
The U.S. dollar index rose and treasuries fell after economic data again came in better than expected, but moves were limited ahead of tomorrow’s jobs report.
The Dow, Nasdaq, and S&P continued to rise on better than expected earnings and good economic data. The Dow rose for the 22nd time in the last 25 sessions to a new record high and the S&P rose past 1500 to a new 6 and ½ year high.
Among the big names making news in the market today were CBS, General Motors, Cablevision, SSAB and Ipsco, and Rupert Murdoch.
The Commentary:
“June Gold finished up 9.3 at 684.4, 0.8 off the high and 8.6 up from the low.
May Silver closed up 0.179 at 13.393. This was equal to the low and 0.027 off the high.
While the sharp rally in gold might eventually be proven to be off other forces than a simple improvement in the US economy, the economy does appear to be the force behind the Thursday bounce. With the Dollar up and gold still managing the rally, it would seem like the market has shifted at least part of its focus away from the currency markets. The Press was also reporting a sharp increase in fund buying and that could have initially been prompted by the US numbers, while some of the later buying might have been propagated by the technicals. With the platinum, copper grains and many soft commodity markets also higher, one gets the sense that the commodity funds were moving into a number of markets on the long side.
Certainly silver was lifted by solid leadership from the gold, platinum and copper markets but the trade was probably equally inspired by the better than expected flow of US economic information on Thursday morning. Some players suggested that strong productivity readings and expectations of a strong US non Farm payroll report on Friday also inspired the funds to re-enter silver on the long side. With a host of physical commodities strong it wasn't surprising to see silver rise with the tide.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
European junk bond supply grows dramatically
Blanchard Research: Central banks are biggest factors in gold market
Hedge fund risk worst since LTCM crash, Fed report says
Unhappy with its share price, Barrick may diversify
Resource Investor: Central banks frantically hasten gold sales
The Statistics:
As of close of business: 5/02/2007
Gold Warehouse Stocks: | 7,893,804 | + 268,962 |
Silver Warehouse Stocks: | 131,343,197 | - |
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 | 485.93 | 15,623,261 | US$ 10,456m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,841 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.61 | 373,195 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,692 | US$ 244m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 7.4 tonnes and the ASX added 0.06 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/2/2007 | |
Total Net Assets | $966,068,361 | Ounces of Gold
in Trust | 1,436,991.965 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.70 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/2/2007 | |
Total Net Assets | $1,790,080,767 | Ounces of Silver
in Trust | 135,878,979.400 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,226.31 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Miramar’s (MNG) water license application, IAMGOLD’s (IAG) launch of IAMRESPONSIBLE, Royal Gold’s (RGLD) closed over-allotment and third quarter results, Exeter’s (XRA) drill results, Apollo Gold’s (AGT) geophysical report, Gold Fields’ (GFI) quarterly results, Fury’s (FUR.V) sample results, ECU Silver’s (ECU.V) drill results, SNS Silver’s (SNS.V) mine progress, Aura Silver’s (AUU.V) sample results, and Coeur d’Alene’s (CDE) merger with Palmarejo (PJO.V) and Bolnisi were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU+11.06% $2.21 |
2. Exeter | XRA+10.42% $2.12 |
3. Orezone | OZN +6.56% $1.95 |
LOSERS
1. Claude Resources | CGR -4.35% $1.4252 |
2. Coeur d’Alene | CDE -3.70% $3.90 |
3. Cardero | CDY -2.50% $2.34 |
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:
Yamana Gold First Quarter Financial Results Notification and Conference Call - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU)(LSE:YAU.L - News) announces that as indicated in its press release dated April 24, 2007 the first quarter 2007 financial results will be released after market closes on May 14, 2007. A conference call and audio webcast has been scheduled for May 15, 2007 at 11:00 a.m. E.T. to discuss the results." More
- May 03, 2007 | Item | E-mail
GBS Gold to Release First Quarter Results on May 10, 2007 - More
- May 03, 2007 | Item | E-mail
Olympus: Announces Board and Management Changes - More
- May 03, 2007 | Item | E-mail
Eaglecrest's San Simon Project Unaffected by Bolivian Mining Law Decree - More
- May 03, 2007 | Item | E-mail
Miramar Water Licence Materials Filed Today - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced that it will file the additional materials requested by the Nunavut Water Board ("NWB") in relation to Miramar's water licence application for the Doris North project in Nunavut, Canada today." More
- May 03, 2007 | Item | E-mail
Wesdome Gold Mines Announces New President - More
- May 03, 2007 | Item | E-mail
Conference Call Notification - Q1-2007 financial results - More
- May 03, 2007 | Item | E-mail
RJK Explorations Ltd. (RJX.A) Stakes the "On Strike Uranium Claim Group" in the East Bancroft Area, Ontario - More
- May 03, 2007 | Item | E-mail
Carat grants stock options - More
- May 03, 2007
Gold Seeker Closing Report: Gold & Silver Gain Over 1% in Late Trade