-- Posted Friday, 25 May 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $654.90 | +$2.40 | -0.86% |
Silver | $12.90 | +$0.09 | +0.08% |
XAU | 135.77 | +0.93% | -0.69% |
HUI | 322.25 | +1.10% | -1.85% |
GDM | 1039.56 | +0.51% | -2.15% |
JSE Gold | 2737.01 | -1.89% | +0.56% |
USD | 82.35 | -0.07 | +0.22% |
Euro | 134.52 | +0.12 | -0.42% |
Yen | 82.16 | -0.21 | -0.47% |
Oil | $65.20 | +$1.02 | +0.87% |
10-Year | 4.861% | +0.004 | +1.19% |
Bond | 109.25 | -0.03125 | -0.63% |
Dow | 13507.28 | +0.49% | -0.36% |
Nasdaq | 2557.19 | +0.76% | -0.05% |
S&P | 1515.73 | +0.55% | -0.46% |
The Metals:
CoT Reports: Gold | Silver
Gold traded a couple of dollars higher in Asia and London and topped $656 in early New York trade before it dipped back near unchanged by late morning, but it then rallied back higher into the close and ended with a gain of 0.37%. Silver neared $13.00 in early New York trade before it fell back to $12.84 by late morning, but it also rallied into the close and ended with a gain of 0.70%.
Euro gold rose over €487, platinum lost $7 to $1,278, palladium remained unchanged at $364, and copper rose nearly 20 cents to about $3.40.
Gold and silver equities rose about 1% in the first hour of trade before they fell back near unchanged by late morning, but they then rallied back higher in afternoon trade and ended with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | Apr | 5.99M | 6.13M | 6.15M |
Inventories for existing homes rose to a 15-year high at 8.4 months and the median price of an existing home fell 0.8% from a year earlier to $220,900.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, FOMC minutes on Wednesday, GDP, the Chain Deflator, Initial Jobless Claims, Chicago PMI, Construction Spending, and the Help-Wanted Index on Thursday, and jobs data, Personal Income and Spending, Core PCE Inflation, the ISM Index, Michigan Sentiment, and Pending Home Sales on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil and gas rose over 1% on worries over Nigeria and Iran heading into the long weekend.
The U.S. dollar index fell as Existing Home Sales came in worse than expected, but losses were limited as interest rates continued to rise and kept treasuries lower.
The Dow, Nasdaq, and S&P again rallied on more takeover news.
Among the big names making news in the market Friday were Nasdaq and OMX AB, Coca-Cola and Vitaminwater, MGM Mirage, GM and Delphi, and Gap.
The Commentary:
“June Gold finished up 2 at 655.3, 1.5 off the high and 1.8 up from the low.
July Silver closed up 0.08 at 13. This was 0.06 up from the low and 0.03 off the high.
With the April existing home sales report showing a decline of 2.6% early in the session that seemed to undermine the Dollar just enough to give the gold a positive start. However, with the US equity market again showing early and aggressive strength, it was also clear that the gold market was presented with several reasons for the shorts to bank profits. In fact, with gold and silver prices seemingly rising in sync with the pulse up in the equity market it would seem as if the gold trade has once again altered its impression of the equity markets influence on gold prices.
While the silver market seemed to follow the gold markets early meanderings, it was clear that trade sentiment was being pulled in a number of directions throughout the session. With the platinum markets also showing some moderate additional downside weakness it is possible that part of the gains in the copper market were discounted by the bull camp in the silver market. In the end, the bull camp in silver was lucky that the US stock market was able to forge such significant gains, as the soft Existing home sales data could have rekindled slowing concerns again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Banks turning to credit derivatives as trading tools
Buenaventura eliminates gold hedges through 2009
Project Turquoise is Goldman's scheme to put markets in the dark
The Statistics:
As of close of business: 5/24/2007
Gold Warehouse Stocks: | 7,667,935 | - |
Silver Warehouse Stocks: | 132,013,261 | - |
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 | 472.23 | 15,182,570 | US$ 10,002m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,128 | US$ 1,912m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.84 | 380,403 | US$ 249m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.20 | 392,319 | US$ 258m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.08 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/24/2007 | |
Total Net Assets | $963,980,841 | Ounces of Gold
in Trust | 1,476,628.340 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/24/2007 | |
Total Net Assets | $1,770,527,567 | 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:
Canyon’s (CAU) private placement, Aurelian’s (ARU.TO) comments on an Ecuadorian news article, Great panther’s (GPR.TO) new CFO, and Minco Silver’s (MSV.TO) assay results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Exeter | XRA +10.29% $2.68 |
2. Allied Nevada | ANV +6.86% $4.67 |
3. Taseko Mines | TGB +6.21% $3.42 |
LOSERS
1. Banro | BAA -2.64% $9.96 |
2. Cardero | CDY -2.06% $1.90 |
3. Rio Narcea | RNO -1.92% $5.10 |
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:
Explor Resources Inc.: Private Placement - More
- May 25, 2007 | Item | E-mail
/ CORRECTION - Tonogold Resources, Inc. - More
- May 25, 2007 | Item | E-mail
Canyon Resources Announces $4.95 Million Private Placement - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, today announced that it has closed a private placement with a group of accredited investors in the aggregate principal amount of $4.95 million with net proceeds to the Company of approximately $4.7 million." More
- May 25, 2007 | Item | E-mail
Great Panther Adds New CFO to Management Team - "Raakel is a senior accounting professional with 17 years of experience in public practice as well as private industry. She has worked with both public and non-public companies, in both Canada and the USA." said Mr. Kaare Foy, the Company's Executive Chairman and former CFO. "Her background includes experience with natural gas distribution, facilities & real estate management, and engineering services." More
- May 25, 2007 | Item | E-mail
Oxide Copper Zone Identified at the Huantajaya Project, Chile - More
- May 25, 2007 | Item | E-mail
General Metals Corp. Amends Record Date of May 22, 2007 for 11:10 Forward Split Until After the Annual & Special General Meeting in June - More
- May 25, 2007 | Item | E-mail
Gold Seeker Weekly Wrap-Up: Gold Falls While Silver Gains on the Week