-- Posted Tuesday, 29 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $656.70 | +$1.80 |
Silver | $13.14 | +$0.24 |
XAU | 135.40 | -0.29% |
HUI | 321.56 | -0.21% |
GDM | 1032.99 | -0.63% |
JSE Gold | 2730.87 | +0.90% |
USD | 82.31 | -0.05 |
Euro | 134.53 | +0.01 |
Yen | 82.26 | +0.10 |
Oil | $63.15 | -$2.05 |
10-Year | 4.882% | +0.021 |
T-Bond | 109.09375 | -0.15625 |
Dow | 13521.34 | +0.10% |
Nasdaq | 2572.06 | +0.58% |
S&P | 1518.11 | +0.16% |
The Metals:
Gold remained near unchanged during world trade on Monday and Asian trade early Tuesday before it began to rise in London and early New York trade to find about 1% gains above $660 by 10AM EST, but it then fell back off for the rest of trade and closed with a gain of just 0.27%. Silver saw over 2% gains above $13.20 by 10AM EST before it also dipped lower for the rest of trade, but it still ended with a healthy gain of 1.86%.
Euro gold rose to about €488, platinum lost $17 to $1,261, palladium gained $7 to $371, and copper fell a couple of cents to about $3.38.
Gold and silver equities rose about 1% in the first half hour of trade before they steadily fell off for most of the rest of trade and saw near 1% losses by mid-afternoon, but they then rallied back higher in the last hour of trade and ended with negligible losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | May | 108.0 | 104.5 | 106.3 |
Tomorrow at 2PM EST brings FOMC minutes from their May 9th meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about 3% as a new president took office in Nigeria without conflict and Nigerian unions suspended a strike.
The U.S. dollar index fell as the euro found strength on comments suggesting more interest rate increases by the ECB, but the dollar did come off its lows and end just modestly lower after Consumer Confidence came in better than expected and pushed interest rates higher.
Treasuries fell as Consumer Confidence showed higher than expected economic growth and inflation expectations.
The Dow, Nasdaq, and S&P opened higher on more takeover activity and lower oil before they fell back off and saw losses by early afternoon, but they then rallied back higher in the last two hours of trade and ended slightly higher.
Among the big names making news in the market today were URS and Washington Group, RBS and ABN, Tishman, Lehman, and Archstone, and JBS and Swift.
The Commentary:
“June Gold finished up 1.9 at 657.2, 4.7 off the high and 1 up from the low.
July Silver closed up 0.223 at 13.223. This was 0.133 up from the low and 0.077 off the high.
While the gold market didn't hold all of the initial the big range up extension, the fact that the market at least temporarily challenged the bear camp would seem to countervail a portion of the patently bearish May market action. With the Dollar forging a big range down extension, there are some traders thinking that a change of trend might be developing in that market and that could be giving some fundamental hope to the bull camp. However, at least a portion of the gold trade was lamenting the sharp gains in the stock market, suggesting that the market could once again be faced with a migration of capital. However, the gold market should have been cheered by the fact that the US Dollar was down in the face of better than expected US scheduled data. Some might have considered it a positive to see gold prices hold in positive ground in the face of the late morning slide in energy prices.
While the gold market started out positive, rallied aggressively and then set back into mid session, the silver market started out firm and mostly held all of its gains and that was an impressive turn of events. In fact, the ability to hold onto the gains in the face of overt weakness in copper and platinum prices made the silver action look even more impressive. As suggested in the mid day coverage the silver market was probably lifted in part by a combination of technical stop loss buying and perhaps even fresh fund buying as the market cleared the closely watched 200 day moving average.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Deliberately missing the big points about gold
How soon will MorganChase, Goldman need seats on this exchange?
Why the Plunge Protection Team needs scrutiny
First the Mint went after the Liberty Dollar; now it's the Silver Surfer
U.S.-based lender touts a dollar carry trade
James Turk: Central bank dishoarding isn't breaking gold
There's really no rationalizing the gold price suppression scheme
Max Keiser and Al Jazeera examine rigged U.S. markets
Iran says 70% of its oil sales are now outside dollar
Peter Grandich endorses GATA's work in Canadian radio interview
John Embry raps Greenspan and World Gold Council leader
The Statistics:
As of close of business: 5/25/2007
Gold Warehouse Stocks: | 7,667,935 | - |
Silver Warehouse Stocks: | 132,127,715 | +114,454 |
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$ 9,946m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,998 | US$ 1,917m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.92 | 382,886 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.57 | 404,178 | US$ 266m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.08 tonnes and the JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/25/2007 | |
Total Net Assets | $967,071,196 | 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 5/25/2007 | |
Total Net Assets | $1,754,883,811 | 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:
Tanzanian royalty’s (TRE) private placement, Gold Reserve’s (GRZ) closed over-allotment options, Orezone’s (OZN) new permits, Nevsun’s (NSU) water shortage, Kinross Gold’s (KGC) appointed vice-president, Aurelian’s (ARU.TO) proposed stock split, Palmarejo’s (PJO.V) financial results, U.S. Silver’s (USA.V) drill results, Sterling’s (SRLM.OB) mine development, SNS Silver’s (SNS.V) hired IR firm, new geology staff member, and drilling, Arian Silver’s (AGQ.V) drill results, Fortuna’s (FVI.V) financial results, and First Majestic’s (FR.V) mine update were among the big stories in the gold and silver mining industry making headlines today and yesterday.
WINNERS
1. Cardero | CDY +5.26% $2.00 |
2. Entree | EGI +4.43% $2.12 |
3. Metallica | MRB+4.27% $4.64 |
LOSERS
1. Allied Nevada | ANV -4.28% $4.47 |
2. Richmont | RIC -3.41% $2.73 |
3. Fronteer | FRG-3.35% $11.84 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's and yesterday’s gold and silver stock news:
Dragon Capital (Arehada) reports first quarter results - More
- May 29, 2007 | Item | E-mail
Energentia Announces Year-end Results - More
- May 29, 2007 | Item | E-mail
CanAm Uranium Completes Property Option Agreement to Expand in the Athabasca Basin - More
- May 29, 2007 | Item | E-mail
Atlanta Gold Announces Engagement of Environmental Manager and Other Environmental Initiatives - More
- May 29, 2007 | Item | E-mail
Pro-Spect-Or Resources Inc. Announces Closing of Financing With the MineralFields Group - More
- May 29, 2007 | Item | E-mail
Wildwood Management Corporation Provides Corporate Profile and Company Business Plan - More
- May 29, 2007 | Item | E-mail
Melkior: Suspension of Drilling Activities at Otish Uranium Project - More
- May 29, 2007 | Item | E-mail
Tournigan Receives Positive Pre-Feasibility on Kremnica Gold - More
- May 29, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation Announces Its Financial Results for the Third Quarter Ended March 31, 2007 - "Financial highlights (in Canadian dollars) for the quarter include total capitalized exploration and project development expenditures of $16,186,000, administration costs of $316,000 and interest income of $360,000. A total of 242,000 stock options were exercised during the quarter for cash proceeds of $367,500." More
- May 29, 2007 | Item | E-mail
Weststar Resources Corp.: New Trading Symbol - More
- May 29, 2007 | Item | E-mail
U.S. Silver Corporation Reports Continued Success of Core Drilling on the 3400 Level of the Galena Mine - "U.S. Silver Corporation ("U.S. Silver") (CDNX:USA.V - News) recently completed a twenty-four hole underground exploration drilling program in the lead-silver zone of the 3400 level at their underground Galena mine near Wallace, Idaho. Drilling results from silver bearing galena mineralization continue to show great promise as these new areas have provided excellent results. The last drill hole from this first phase of drilling in the 3400 lead-silver zone intersected 13.5 feet (true thickness) of 11.77 ounce per ton (opt) silver and 13.97 percent lead." More
- May 29, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold Rises and Silver Gains Almost 2%