-- Posted Tuesday, 3 July 2007 | Digg This Article
Note: U.S. trading is closed tomorrow in observance of the 4th of July Holiday.
| Close | Gain/Loss |
Gold | $653.00 | -$3.30 |
Silver | $12.57 | -$0.03 |
XAU | 138.87 | -0.21% |
HUI | 336.25 | -0.29% |
GDM | 1050.48 | -0.29% |
JSE Gold | 2491.82 | +0.30% |
USD | 81.48 | +0.08 |
Euro | 136.18 | -0.05 |
Yen | 81.76 | -0.01 |
Oil | $71.41 | +$0.32 |
10-Year | 5.050% | +0.052 |
T-Bond | 107.50 | -0.53125 |
Dow | 13577.30 | +0.31% |
Nasdaq | 2644.95 | +0.48% |
S&P | 1524.87 | +0.36% |
The Metals:
Gold traded mostly slightly higher in Asia and London and then fell in midmorning New York trade to as low as $651.20 at one point before it rebounded slightly in afternoon trade, but it sill ended with a loss of 0.50%. Silver dropped to as low as $12.40 before it rebounded over 1% off its low and ended with a loss of 0.24%.
Euro gold fell to about €480, platinum gained $2 to $1,294, palladium lost $4 to $367 and copper gained a couple of cents to about $3.56.
Gold and silver equities traded in a tight range on either side of unchanged and ended with small losses.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | May | -0.5% | -1.2% | 0.5% |
Pending Home Sales | May | -3.5% | 0.3% | -3.4% |
Pending Home Sales fell 13.3% compared to a year earlier to the lowest level since September, 2001. Also making economic news was a retail sales report saying that consumer spending was slow, choppy, and uncertain. There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on terrorism worries and refinery concerns in the face of strong demand during the summer driving season.
The U.S. dollar index rebounded from steep losses in the last two sessions as traders looked ahead to the Bank of England’s meeting on Thursday which is expected to raise rates to 5.75%.
Treasuries fell as Factory Orders did not come in as bad as expected and pushed the yield on the 10-year back above 5%.
The Dow, Nasdaq, and S&P rose on more takeover news.
Among the big names making news in the market today were GM, Ford, Toyota, Kraft, Triarc and Wendy’s, United Capital, and Teck Cominco and Aur.
The Commentary:
“August Gold finished down 3.8 at 655.4, 3.6 off the high and 1.4 up from the low.
July Silver closed down 0.053 at 12.569. This was equal to the low and 0.001 off the high.
The gold market was a little disappointed by the fact that the Factory Orders report showed a decline but since the report was slightly better than expectations that probably discouraged some additional selling in gold. However, the Factory orders report really didn't add to the Dollar's strength in the session and therefore gold was really spared the brunt of the potential selling pressure. With oil prices initially weak, grain prices becoming very weak into their close and the stock market regaining ground after a mid session setback off the highs, the gold market wasn't supposed to bounce back off its lows, but with a mid week holiday ahead and some in the trade trying to play up the terrorism card before the close Tuesday, it wasn’t surprising to see the market bounce off its lows. In the end, a number of gold bulls just seemed to be content to bank profits after the prior three sessions of strength.
The silver market did manage to recoil from its mid morning lows and probably managed part of the bounce in the face of a minor recovery in the gold market and strong finish in the stock market. With copper, platinum and crude oil prices also regaining some ground ahead of the close, the silver market certainly finished better than it started the session.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Teck Cominco offers 29% premium for Aur Resources
Mining-state senators want cap gains tax cut for metals
David Bond: Silver Summit 2007 -- a magical mystery tour
James Turk: The antidote for subprime woes
The Statistics:
As of close of business: 7/2/2007
Gold Warehouse Stocks: | 7,238,241 | - 37,827 |
Silver Warehouse Stocks: | 132,913,342 | - 1,156,462 |
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 | 464.37 | 14,930,016 | US$ 9,772m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.12 | 2,993,857 | US$ 1,955m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,415 | US$ 258m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,811 | US$ 277m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/2/2007 | |
Total Net Assets | $968,743,182 | Ounces of Gold
in Trust | 1,476,134.274 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.91 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/2/2007 | |
Total Net Assets | $1,698,416,635 | Ounces of Silver
in Trust | 136,263,706.600 |
Shares Outstanding | 13,700,000 | Tonnes of Silver
in Trust | 4,238.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Coeur d'Alene’s (CDE), Bolnisi’s, and Palmarejo’s transaction update, US Gold’s (UXG) completed acquisitions and addition to the Russell 3000, Banro’s (BAA) preliminary economic assessment, and Valencia’s (VVI.V) exploration program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Almaden | AAU +12.95% $2.53 |
2. Northern Orion | NTO +3.36% $5.85 |
3. Minefinders | MFN+3.33% $11.80 |
LOSERS
1. Rubicon | RBY -3.66% $1.84 |
2. New Gold | NGD-3.32% $6.41 |
3. Cardero | CDY -2.56% $1.90 |
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:
International Kirkland Minerals Inc.: Progress Report From Rupert River Uranium Property, Quebec - More
- July 03, 2007 | Item | E-mail
JNR Announces Appointment of Director, Exploration - More
- July 03, 2007 | Item | E-mail
Aurora Gold Corporation Is Pleased to Announce a Private Placement of 4,000,000 Shares at a Price of USD $0.25 per Share - More
- July 03, 2007 | Item | E-mail
Tagish - Results from the Sampling of the Rainbow Two and Rainbow Three Drifts - More
- July 03, 2007 | Item | E-mail
Cigma Metals Corporation Is Pleased to Announce That a Further 3 Drill Rigs Have Been Engaged for Exploration on the Company's 14,000 km2 Dostyk Project - More
- July 03, 2007 | Item | E-mail
US Gold Added to Russell 3000! - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) is pleased to announce that its common shares have been added to the Russell 3000 index. The index is compiled annually by the Russell Investment Group and consists of the 3,000 largest U.S. companies by market capitalization." More
- July 03, 2007 | Item | E-mail
US Gold Completes Acquisitions of Target Companies! - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) is pleased to announce that it completed the acquisition of White Knight Resources Ltd., Nevada Pacific Gold Ltd., and Tone Resources Limited. US Gold's wholly-owned subsidiary, US Gold Canadian Acquisition Corporation, now owns 100% of the issued and outstanding common shares of each target company and has recently acquired the following remaining number of common shares of each target:" More
- July 03, 2007 | Item | E-mail
Cue Capital Corp. Signs a Term Sheet to Acquire Remaining 30% Of Transandes Paraguay S.A. - More
- July 03, 2007 | Item | E-mail
Alturas Minerals Appoints Chairman - More
- July 03, 2007 | Item | E-mail
Goldbelt Confirms Importance of Footwall Zones at the Inata Deposit, Burkina Faso - More
- July 03, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Slightly After Yesterday’s Gains