-- Posted Monday, 7 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $687.50 | +$0.60 |
Silver | $13.49 | +$0.07 |
XAU | 134.14 | +0.91% |
HUI | 346.24 | +0.10% |
GDM | 1116.65 | +0.76% |
JSE Gold | 2838.70 | -0.43% |
USD | 81.68 | -0.07 |
Euro | 136.12 | +0.16 |
Yen | 83.31 | +0.06 |
Oil | $61.47 | -$0.46 |
10-Year | 4.636% | -0.004 |
T-Bond | 111.9375 | +0.09375 |
Dow | 13312.91 | +0.36% |
Nasdaq | 2570.95 | -0.05% |
S&P | 1509.48 | +0.26% |
The Metals:
Gold traded mostly slightly higher in Asia and London and topped $690 in early New York trade before it dropped in midmorning trade to as low as $686.30 at one point, but it then rallied back higher into the close and ended with a gain of 0.09%. Silver topped $13.55 before it also fell back off a bit, but it still ended with a gain of 0.52%.
Euro gold rose to about €506, platinum gained $20 to $1,349, palladium gained $4 to $379, and copper lost a couple of cents to about $3.74.
Gold and silver equities rose over 1% at the open and remained near their highs for most of trade, but they then dipped a bit in the last two hours of trade and ended with less than 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | Mar | $13.5B | $4.5B | $5.6B |
Tomorrow at 10AM EST brings Wholesale Inventories for March expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the sixth straight session on speculation over sufficient supplies heading into the summer driving season.
The U.S. dollar index fell and treasuries rose on continued reaction to Friday’s poor jobs report.
The Dow and S&P rose on takeover news while the Nasdaq dipped on weakness in the technology sector. The Dow rose for the 24th time in the last 27 sessions to match the record set in 1927.
Among the big names making news in the market today were Dell, Microsoft, Novell, Warren Buffet, Alcoa and Alcan, BAE Systems and Armor Holdings, ABN Amro, and American Tower.
The Commentary:
“June Gold finished up 0.7 at 690.4, 2.8 off the high and 0.9 up from the low.
May Silver closed up 0.112 at 13.527. This was 0.027 up from the low and equal to the high.
A sharp slide in oil prices (particularly unleaded gasoline) could have turned up the heat on gold but apparently the expectation of more weakness in the Dollar was regaining the focus of the gold trade. Reports that Indian 2006-2007 gold output increased by 32% over year ago levels could have been undermining of the gold trade on Monday, especially since the market recently was fearful that Indian gold imports were poised to slacken in the months ahead. With the US Consumer Credit readings showing an increase of $13.5 million and that would seem to be inflationary or perhaps even a flight to quality type development. However, some players might suggest that seeing credit as a large portion of the fuel behind current US growth could eventually mean that the economy is due to slow and that could be negative toward gold.
While the silver market mostly managed to outperform the gold market in the action Monday, the sharp slide in copper prices could have discouraged buyers from silver, especially in the wake of rather aggressive selling in the energy complex. However, with US Consumer Credit reading virtually exploding by $13.5 billion from the prior month, many traders might expect to see the Dollar firm and that in turn could serve to undermine the gold and silver markets. With Apex silver reporting a net loss in the quarter it was a little surprising that silver was able to maintain its positive tilt throughout the trading session Monday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: The pressure is building
Asia grumbles over apportioning burden of U.S. dollar's potential fall
GATA sympathizers in Alaska may organize
Doug Casey: GATA is right
Hastened dehedging is surprise; and dishoarding may end soon
Tribute to Jim O'Connell shows that fearless journalism survives
Faltering U.S. dollar poses dilemma for equity investors
The Statistics:
As of close of business: 5/04/2007
Gold Warehouse Stocks: | 7,677,120 | -148,175 |
Silver Warehouse Stocks: | 131,362,237 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 485.78 | 15,618,263 | US$ 10,757m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,711 | US$ 2,012m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.69 | 375,579 | US$ 259m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,676 | US$ 251m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.15 tonnes and the ASX added 0.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/4/2007 | |
Total Net Assets | $997,673,407 | Ounces of Gold
in Trust | 1,451,857.070 |
Shares Outstanding | 14,650,000 | Tonnes of Gold
in Trust | 45.16 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/4/2007 | |
Total Net Assets | $1,819,912,231 | Ounces of Silver
in Trust | 135,821,754.600 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,224.53 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) appealed trial in Indonesia, New Gold’s (NGD) first quarter financial results, Gold Reserve’s (GRZ) public offering, Golden Star’s (GSS) processing plant, Aurelian’s (ARU.TO) drilling, Hecla’s (HL) annual meeting presentation, Silver Dragon’s (SDRGE.OB) 10-KSB, Apex Silver’s (SIL) first quarter results, Sterling Mining’s (SRLM.OB) appointed treasurer, SNS Silver’s (SNS.V) drill, and Minefinders’ (MFN) personnel appointments were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR+11.03% $1.6099 |
2. Metalline | MMG +7.91% $3.41 |
3. Minco Gold | MGH +4.55% $1.38 |
LOSERS
1. Kimber Resources | KBX -3.16% $1.53 |
2. Entree Gold | EGI -3.15% $2.0144 |
3. Aurizon Mines | AZK -2.54% $3.46 |
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:
Medoro Resources Announces 2006 Year-End Results - More
- May 07, 2007 | Item | E-mail
Hecla's Annual Meeting Presentation Posted; Baker to Speak at the Merrill Lynch Global Metals & Mining Conference in Dublin - "Hecla Mining Company's (NYSE:HL - News) PowerPoint presentation given at its Annual Meeting of Shareholders is now available at the company's web site at www.hecla-mining.com. At the meeting held Friday, May 4, Hecla's President and Chief Executive Officer, Phillips S. Baker, Jr., reported to shareholders that the company obtained record earnings for the year ending 2006. The presentation also includes new 3-D views of the exploration potential surrounding the company's Lucky Friday mine and its Silver Valley land position in Idaho, as well as the positive first quarter 2007 financial results." More
- May 07, 2007 | Item | E-mail
Silver Dragon Resources Inc. Updates Status of Form 10-KSB - "Silver Dragon Resources Inc. (OTC BB:SDRGE.OB - News) reports that the Company expects to file its Form 10-KSB this week. As described in an April 16, 2007 press release, the complexities associated with managing accounting activities in both China and Mexico have caused the 2006 annual audit to take longer than expected. However, the Company's auditors, SF Partnership LLP, continues to work diligently through the process. To this end, SF Partnership LLP has retained the services of one of its affiliates, CWCC-China in Beijing China, to assist." More
- May 07, 2007 | Item | E-mail
Jurisdictional hearing delayed for procedural reasons - More
- May 07, 2007 | Item | E-mail
Carmax Closes Private Placement - More
- May 07, 2007 | Item | E-mail
Centamin Egypt Announces Update in Resource at Sukari - More
- May 07, 2007 | Item | E-mail
Rio Narcea Announces Reporting Date for First Quarter Results - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (Toronto:RNG.TO - News)(AMEX:RNO - News) today announced it will report 2007 first quarter results, after the close of trading, on May 14, 2007." More
- May 07, 2007 | Item | E-mail
Copper Mountain engages Raymond James Ltd. to lead IPO - More
- May 07, 2007 | Item | E-mail
Molycor Announces $500,000 Private Placement for Crow-Rea Moly Project with MineralFields - More
- May 07, 2007 | Item | E-mail
New Gold Inc.: First Quarter 2007 Financial Results - "The Company incurred a loss of $0.4 million or $0.02 per share in the first quarter 2007, compared with a loss of $1.3 million or $0.07 per share in the first quarter of 2006. The reduction in the loss is directly related to lower stock-based compensation amortization charges and higher interest revenue due to the higher average cash balances in the quarter compared with those in the first quarter 2006." More
- May 07, 2007 | Item | E-mail
First Nickel Inc.: 5.20 Metres of Massive and Semi-Massive Sulphide Grading 2.03% Ni and 0.26% Cu on Morgan-Lumsden - More
- May 07, 2007 | Item | E-mail
Klondex to Highlight Nevada Gold Exploration Progress at Hard Assets Investment Conference in New York May 14th - 15th - Booth #417 - More
Gold Seeker Closing Report: Gold & Silver Close Slightly Higher