-- Posted Wednesday, 30 May 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $653.40 | -$3.30 |
Silver | $13.15 | +$0.01 |
XAU | 136.04 | +0.47% |
HUI | 322.52 | +0.30% |
GDM | 1030.50 | -0.24% |
JSE Gold | 2678.31 | -0.95% |
USD | 82.44 | +0.10 |
Euro | 134.23 | -0.30 |
Yen | 82.27 | +0.01 |
Oil | $63.49 | +$0.34 |
10-Year | 4.878% | -0.004 |
T-Bond | 109.15625 | +0.0625 |
Dow | 13633.08 | +0.83% |
Nasdaq | 2592.59 | +0.80% |
S&P | 1530.23 | +0.80% |
The Metals:
Gold traded mostly slightly higher in Asia before it began to fall off in London and dropped to as low as $651.50 by about 11AM EST in New York, but it then drifted back higher into the close and ended about $2 off its low with a loss of 0.50%. Silver dropped to as low as $12.99 before it rallied over 1% off its low in the last few hours of trade and ended with a gain of 0.08%.
Euro gold fell to about €486, platinum lost $2 to $1,259, palladium lost $3 to $368, and copper fell a few cents to about $3.35.
Gold and silver equities fell over 1% at the open, but they soon rallied back to about unchanged and traded mixed for the rest of the day.
The Economy:
FOMC minutes from their May 9th meeting noted that inflation uncertainty was still the main concern and that risks to economic activity were down slightly. GDP expansion is expected to be below trend for the rest of 2007 thanks in part to the ongoing correction in housing that has lasted longer than the fed expected. Also making economic news was a fall in mortgage applications as reported by the MBA and a fewer than estimated addition of 97,000 jobs in May as reported by ADP.
Tomorrow at 8:30AM EST brings Q1 GDP expected at 0.8%, the Chain Deflator expected at 4.0%, and Initial Jobless Claims for 5/26 expected at 315,000. At 9:45AM is the Chicago PMI report for May expected at 54.0 and at 10AM are Construction Spending for April expected at 0.1% and the Help-Wanted Index for April expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil bounced higher after yesterday’s large sell-off as traders prepared for tomorrow’s inventory reports that are delayed from today due to the long Memorial Day holiday weekend.
The U.S. dollar index rose and treasuries pared early gains as interest rates came off their earlier lows on the fed’s continued focus on inflation.
The Dow, Nasdaq, and S&P rose after FOMC minutes revealed no big surprises and kept investors minds at ease despite the fact that the Shanghai Composite Index fell over 6% on news that China is tripling taxes on share trades. The S&P joined the Dow at a new record closing high.
Among the big names making news in the market today were IBM, ICE and CBOE, Williams-Sonoma, Cantor Fitzgerald and ESpeed, Polo Ralph Lauren, Airbus, Borders Group, CDW, Pulte, and Tishman, Lehman, and Archstone-Smith.
The Commentary:
“June Gold finished down 4.1 at 653.1, 1.3 off the high and 1.4 up from the low.
July Silver closed down 0.003 at 13.22. This was 0.13 up from the low and 0.02 off the high.
The gold market ended up favoring the downside for most of the session Wednesday. With the Dollar showing some renewed bullish momentum later in the session it is not surprising that the gold market showed more weakness than the silver and platinum markets. However, gold also saw some light liquidation pressure in anticipation of the release of the FOMC meeting minutes but the market really didn't show a definitive reaction in the aftermath of the actual release. Some traders might have expected some support in the gold market in the wake of upbeat economic suggestions from the Fed, but apparently the inflation talk in the release just wasn't conclusive enough to drive buyers to the gold market.
While the silver market didn't exhibit as much weakness as the gold market during the action Wednesday, the metals markets in total weren't positively biased throughout the session. Certainly the platinum market managed a late recovery bounce but the silver and gold markets didn't seem to be tracking those fundamentals. If the silver market had any reaction to the FOMC meeting release it was slightly positive but in the end, it is possible that the minor post release bounce was simply short covering from pre-report selling interest.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
The surprising relevance of Ron Paul
Forced to trial, MorganChase settles copper price-rigging lawsuit
Ted Butler: Raptor update
The Statistics:
As of close of business: 5/29/2007
Gold Warehouse Stocks: | 7,667,935 | - |
Silver Warehouse Stocks: | 132,127,715 | - |
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$ 10,354m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,966 | US$ 1,908m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.92 | 382,882 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,092 | US$ 272m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/29/2007 | |
Total Net Assets | $969,982,060 | 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 5/29/2007 | |
Total Net Assets | $1,769,048,938 | 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:
Gold Fields’ (GFI) loss of their Executive Vice President and Head of Exploration, Tanzanian Royalty’s (TRE) management services agreement, Miramar’s (MNG) plan approval, Randgold’s (GOLD) non water shortage, New Gold’s (NGD) offering terms, Rubicon’s (RBY) exploration program, ECU’s (ECU.V) financial results, Fortuna’s (FVI.V) drill results, and Orko’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH +3.70% $1.40 |
2. IAMGOLD | IAG +3.24% $7.00 |
3. Freeport-McMoRan | FCX +2.54% $77.77 |
LOSERS
1. Allied Nevada | ANV -6.26% $4.19 |
2. Exeter | XRA -6.18% $2.58 |
3. Vista Gold | VGZ -4.64% $5.34 |
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:
Lakota Resources Inc. Announces Private Placement - More
- May 30, 2007 | Item | E-mail
Amseco Exploration Purchased Four Claims in the Inverness Township - More
- May 30, 2007 | Item | E-mail
Tanzanian Royalty Enters Into Management Services Agreement With Sloane Developments For Prospecting Licenses In Tanzania - "Under the Management Services Agreement, a wholly-owned subsidiary of Tanzanian Royalty will carry out field and exploration work on the Kisunge and Shilalo Hills targets within the Luhala Project Area and similar work at the Golden Horseshoe Reef Project." More
- May 30, 2007 | Item | E-mail
Eurasia Gold Inc.'s Board recommends shareholders reject offer from Kazakhmys - More
- May 30, 2007 | Item | E-mail
Firstgold Corp. Completes Drilling on Heaps, Results Pending - More
- May 30, 2007 | Item | E-mail
Soltoro Releases 2007 Q1 Results - More
- May 30, 2007 | Item | E-mail
Miramar Reports Receipt of Approval for Con Mine Closure and Reclamation Plan - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) announced today the successful re-start of the autoclave at the Con Mine on May 6, 2007 as part of its ongoing reclamation activity at the mine in Yellowknife. The autoclave will process all of the remaining arsenic bearing sludges and calcines left on site from historic roaster operations prior to Miramar's ownership of the mine." More
- May 30, 2007 | Item | E-mail
ECU Silver-Update to Financial Results Press Release-First Quarter Ended March 31, 2007 - "ECU Silver Mining Inc. (CDNX:ECU.V - News) provides a correction to the press release previously announced of today's date for the quarter ended March 31, 2007." More
- May 30, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Exploration Update - More
- May 30, 2007 | Item | E-mail
Randgold Resources announces No water shortage at Loulo - "London and Nasdaq listed gold miner Randgold Resources said today its Loulo mine in Mali was not affected by the water shortage which could soon force the suspension of processing operations at Nevsun's Tabakoto mine." More
- May 30, 2007 | Item | E-mail
Network Exploration Ltd. - Preliminary trench and pit results confirm high surface copper and clarify gold zone at Caldera - More
- May 30, 2007 | Item | E-mail
Golden Chalice Commences Drilling on the New Langmuir Nickel Discovery - More
- May 30, 2007 | Item | E-mail
Drilling restarts at North Shore Property, Quebec - More
- May 30, 2007 | Item | E-mail
Coronation Minerals Inc.: Drilling Resumes at Wellgreen Mine Property - More
- May 30, 2007 | Item |
Gold Seeker Closing Report: Gold Falls Modestly as Silver Ekes Out a Gain