-- Posted Monday, 14 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $668.50 | -$1.60 |
Silver | $13.13 | -$0.07 |
XAU | 137.37 | -1.71% |
HUI | 331.00 | -2.02% |
GDM | 1063.38 | -2.07% |
JSE Gold | 2670.78 | -2.15% |
USD | 82.05 | -0.07 |
Euro | 135.46 | +0.19 |
Yen | 83.10 | -0.16 |
Oil | $62.42 | +$0.05 |
10-Year | 4.690% | +0.020 |
T-Bond | 111.125 | -0.1875 |
Dow | 13346.78 | +0.15% |
Nasdaq | 2546.44 | -0.62% |
S&P | 1503.15 | -0.18% |
The Metals:
Gold rose a couple of dollars in Asia and saw about $4 gains near $674 in London before it fell in early New York trade and dropped to as low as $665.70 by about 10:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.24%. Silver fell to $13.00 before it also rebounded in late morning New York trade and ended with a loss of a 0.53%.
Euro gold fell to about €494, platinum lost $11 to $1,327, palladium lost $5 to $359, and copper fell nearly 10 cents to about $3.53.
Gold and silver equities fell over 2% by mid-afternoon before they rebounded a bit into the close, but they still ended with about 2% losses.
The Economy:
There were no major economic reports today, but a survey from the Philly fed forecasting slower economic growth in the second quarter did have some talking. Tomorrow at 8:30AM EST brings CPI for April expected at 0.5%, Core CPI expected at 0.2%, and the NY Empire State Index for May expected at 9.0. At 9AM is the Net Foreign Purchases report for March expected at $75.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on refinery problems and supply concerns while gasoline prices set a new record high at $3.073.
The U.S. dollar index fell versus the euro, rose versus the yen, and ended slightly lower as traders positioned themselves for tomorrow’s economic data.
Treasuries drifted lower on the view that the fed will likely not be cutting interest rates anytime soon, but any losses were minimal ahead of tomorrow’s CPI data.
The Dow, Nasdaq, and S&P opened higher on news that Daimler is selling Chrysler to Cerberus, but the three indices then began to fall off after 2PM EST and ended mixed after news that the Philly fed is forecasting slower economic growth.
Among the big names making news in the market today were Cardinal Heath and Viasys, Ford, DaimlerChrysler and Cerberus, and Mylan.
The Commentary:
“June Gold finished down 2.2 at 670.1, 4.5 off the high and 2.4 up from the low.
July Silver closed down 0.07 at 13.235. This was 0.085 up from the low and 0.055 off the high.
With the Dollar unable to extend on the downside the gold market seemed to be missing a supportive theme for the bull camp on Monday. The bear camp tried to embrace weak and choppy oil price action and at times tried to foster ideas that the US economy was slowing and that upcoming inflation readings were going to show a muting of inflation. It is possible that the gold market sees the Administrations push to curb domestic gasoline use as a negative to gold prices, as that might serve to slow the economy and it could also dampened retail and consumer inflation.
For most of the session Monday, the silver market seemed to show more weakness than gold prices. Certainly, the sharp slide in copper prices increased the spillover selling interest in silver and with the market doubting a long standing bull market like copper it isn't surprising to see the silver specs knocked back on their heels. Like the gold market, the silver market might not see the US attempt to cut back gasoline consumption as a positive and therefore oil prices action might become a little more important to silver prices in the coming sessions. Other traders were pointing to a critical 200 day moving average in July silver just below the market at $13.09 as an extremely critical upcoming pivot point.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Canada's National Post reports warnings given at CMRE meeting
China's money supply rises 17%, exceeding target
Independent cooperatives fight nationalizing mines in Bolivia
India may tap FX reserves for infrastructure projects
Mongolia's gold rush: blessing or curse?
Silver prices have Idaho's Silver Valley companies booming
There's a lot of money floating around with nothing to do
Disinformation about gold from The Globe and Mail
Business News Network interviews Peter Grandich
The Statistics:
As of close of business: 5/11/2007
Gold Warehouse Stocks: | 7,723,976 | - |
Silver Warehouse Stocks: | 131,462,184 | -58,088 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 480.23 | 15,440,018 | US$ 10,328m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,484 | US$ 1,954m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,949 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,648 | US$ 243m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/11/2007 | |
Total Net Assets | $973,496,530 | 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 5/11/2007 | |
Total Net Assets | $1,770,841,856 | 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:
Crystallex’s (KRY) first quarter results, Xstrata’s warrant exercise in Seabridge (SA), Great Basin’s (GBN) shareholder rights plan, Randgold’s (GOLD) ringing of the closing bell tomorrow, Aurelian’s (ARU.TO) exploration update, Gammon Lake’s (GRS) mine development, Centerra Gold’s (CG.TO) roadblock removal, Silver Standard’s (SSRI) and Esperanza’s (EPZ.V) drill results, and Silver Standard’s first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA +21.2% $10.75 |
2. Metalline | MMG +9.09% $3.96 |
3. U.S. Energy | USEG+5.62% $6.76 |
LOSERS
1. Gold Reserve | GRZ -12.92% $6.00 |
2. Vista Gold | VGZ -12.13% $6.52 |
3. Exeter | XRA -11.44% $2.09 |
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:
Crystallex Reports First Quarter 2007 Results - "The Company recorded a net loss of $8.2 million, or $0.03 per share for the first quarter of 2007, as compared with a net loss of $7.0 million, or $0.03 per share for the comparable period in 2006. The first quarter of 2007, as compared with the same period in 2006, reflects lower revenues due to selling fewer ounces of gold and higher charges for operating costs, general and administrative expenses and stock based compensation. These were offset, in part, by lower interest expense and amortization and depletion charges in the current quarter." More
- May 14, 2007 | Item | E-mail
Continuing Exploration at El Tigre Discovers Molybdenum Mineralization Representing New Exploration Opportunity - More
- May 14, 2007 | Item | E-mail
Ontex Resources Limited: First Quarter Interim Financial Statements and MD &A - More
- May 14, 2007 | Item | E-mail
Panoro Announces Listing on the Lima Stock Exchange - More
- May 14, 2007 | Item | E-mail
Powertech Uranium Corp.: Update on Warrant Exercises/Share Capital - More
- May 14, 2007 | Item | E-mail
Xstrata Exercises Seabridge Gold Share Purchase Warrants - "Seabridge Gold Inc. (CDNX:SEA.V - News)(AMEX:SA - News) reports that it has received a total of C$13.5 million from Xstrata plc (formerly Falconbridge Limited) pursuant to Xstrata's exercise of half of the two million Seabridge share purchase warrants it holds. The warrants were issued to Xstrata as part of the consideration by which Seabridge repurchased a 100% interest in its Kerr-Sulphurets project. (See news release of September 5, 2006). Each warrant permits the holder to purchase one common share of Seabridge Gold for C$13.50 until February 20, 2012." More
- May 14, 2007 | Item | E-mail
Merrex Exploration Update - More
- May 14, 2007 | Item | E-mail
Houston Lake to Raise $2.5 Million in a Private Placement Financing With Max Capital Markets Ltd. - More
- May 14, 2007 | Item | E-mail
International Royalty Corporation - First Quarter Conference Call and Annual General Meeting Notification - "The Company will host its quarterly conference call Wednesday, May 16, 2007 at 8:30 AM EDT, 6:30 AM MDT." More
- May 14, 2007 | Item | E-mail
Campbell Reports First Quarter 2007 Financial Results, Provides Summary of Activities - More
- May 14, 2007 | Item | E-mail
New Guinea Gold Announces First Gold Pour at Sinivit Later This Month - More
- May 14, 2007 | Item | E-mail
Tagish Extends the Mineralized Zone - More
- May 14, 2007 | Item | E-mail
Vena Resources Resumes Work Plan at Aurora Copper/Moly Project - More
- May 14, 2007 | Item | E-mail
Cigma Metals Corporation (Cigma, the Company) Is Very Pleased to Announce That Drilling Has Begun on the Company's Central Berezki Target Area - More
- May 14, 2007 | Item |
Gold Seeker Closing Report: Gold & Silver Cut Early Gains & End Slightly Lower