-- Posted Friday, 4 May 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $686.90 | +$5.10 | +1.18% |
Silver | $13.42 | +$0.03 | -0.07% |
XAU | 141.85 | +0.20% | +1.54% |
HUI | 345.91 | +0.21% | +0.31% |
GDM | 1108.22 | +0.08% | +0.94% |
JSE Gold | 2850.83 | +0.87% | -1.44% |
USD | 81.75 | -0.20 | +0.33% |
Euro | 135.96 | +0.43 | -0.28% |
Yen | 83.25 | +0.20 | -0.37% |
Oil | $61.93 | -$1.26 | -6.82% |
10-Year | 4.640% | -0.034 | -1.23% |
Bond | 111.84375 | +0.40625 | +0.85% |
Dow | 13264.62 | +0.18% | +1.10% |
Nasdaq | 2572.15 | +0.26% | +0.58% |
S&P | 1505.62 | +0.21% | +0.77% |
The Metals:
CoT Reports: Gold | Silver
Gold rose to over $690 in the 2 and ½ hours following the weaker than expected jobs report that pushed the dollar lower, but it then fell back off into the close and ended about 0.5% off its high of the day with a gain of 0.75%. Silver rose to about $13.55 before it fell off and saw slight losses at $13.36 by early afternoon, but it then bounced back higher into the close and ended with a gain of 0.22%.
Euro gold rose to about €505, platinum gained $23 to $1,329, palladium remained unchanged at $375, and copper remained at about $3.76.
Gold and silver equities rose nearly 2% in the first hour and a half of trade before they fell back near unchanged in the next two hours of trade and remained just slightly higher into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Apr | 88K | 100K | 177K |
Unemployment Rate | Apr | 4.5% | 4.5% | 4.4% |
Hourly Earnings | Apr | 0.2% | 0.3% | 0.3% |
Average Workweek | Apr | 33.8 | 33.8 | 33.9 |
The BLS net birth/death adjustment added 317,000 jobs to April’s payrolls.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Credit on Monday, Wholesale Inventories on Tuesday, the FOMC policy statement on Wednesday, Export and Import Prices, Initial Jobless Claims, the Trade Balance and Treasury Budget on Thursday, and PPI, Retail Sales, and Business Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil found slight gains in early trade on news of more violence in Nigeria, but it then fell back off in late trade on low volume and ended around 2% lower on profit taking before the weekend.
The U.S. dollar index fell and treasuries rose on weaker than expected jobs data that pushed interest rates lower ahead of next week’s fed meeting.
The Dow, Nasdaq, and S&P rose yet again on takeover speculation despite poorer than expected jobs data and mostly disappointing earnings reports. Gains were limited, but the Dow still managed its 23rd gain in the last 26 sessions to a new record high.
Among the big names making news in the market Friday were Weyerhaeuser, EMI, Sears, Reuters, Yahoo and Microsoft, Kodak, and Hovnanian.
The Commentary:
“June Gold finished up 5.3 at 689.7, 3.3 off the high and 4.1 up from the low.
May Silver closed up 0.022 at 13.415. This was equal to the low and 0.005 off the high.
While some bulls might have been disappointed with the inability to close right on the session's highs, the upward thrust in gold prices seems to have put the bear camp back on its heels. With the Press persistently reiterating the presence of fund buying and the outlook for the US economy seemingly coming in "just good enough" but not so strong that the Dollar was able to strengthen, it would seem like the gold trade ended the week in an infinitely better position than it was at the beginning of the week. With the market also seeing signs that a Peru gold mine would join the copper mines already striking, it is possible that the gold market is set to garner some support from the threat of lost physical supply.
One could suggest that the silver market underperformed the gold market in the action Friday. However, in looking at the action in the silver, copper and platinum markets it would seem like the physical or industrial based metals markets were acting somewhat overdone into the afternoon action. In fact, with the stock market falling back into negative territory just after mid session, it is possible that the silver market was seeing second thoughts about the pace of the US economy.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Canadian financial TV journalist Jim O'Connell dies
Loan derivatives poised for explosive growth
GATA gatherings in Melbourne, Botswana, and Vancouver
Asia will start its own currency pool so it can dump IMF
Canada exhausts its gold reserves to make one big souvenir coin
The Statistics:
As of close of business: 5/03/2007
Gold Warehouse Stocks: | 7,825,295 | -68,509 |
Silver Warehouse Stocks: | 131,339,304 | +1,040 |
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$ 10,529m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,808 | US$ 2,006m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.61 | 373,191 | US$ 256m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,688 | US$ 245m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/3/2007 | |
Total Net Assets | $989,844,227 | Ounces of Gold
in Trust | 1,451,857.070 |
Shares Outstanding | 14,650,000 | Tonnes of Gold
in Trust | 45.16 |
Note: Change in Total Tonnes from yesterday’s data: 0.46 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 5/3/2007 | |
Total Net Assets | $1,810,429,509 | Ounces of Silver
in Trust | 135,821,754.600 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,224.53 |
Note: Change in Total Tonnes from yesterday’s data: 1.78 tonnes were subtracted from the trust.
The Stocks:
Peru’s mining strike and first quarter results from Eldorado (EGO), AngloGold Ashanti (AU), and Northgate (NXG) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
Gold Seeker Weekly Wrap-Up: Gold Gains Over 1% on the Week