-- Posted Wednesday, 11 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $660.40 | -$2.20 |
Silver | $12.85 | -$0.02 |
XAU | 145.91 | -0.08% |
HUI | 353.07 | -0.43% |
GDM | 1097.25 | -0.42% |
JSE Gold | 2588.91 | -0.61% |
USD | 80.78 | -0.07 |
Euro | 137.61 | +0.43 |
Yen | 81.89 | +0.01 |
Oil | $72.56 | -$0.25 |
10-Year | 5.080% | +0.042 |
T-Bond | 107.15625 | -0.50 |
Dow | 13577.87 | +0.56% |
Nasdaq | 2651.79 | +0.48% |
S&P | 1518.76 | +0.57% |
The Metals:
Gold traded roughly $2 higher in Asia and London before it fell back off in New York and dropped to as low as $659.30 by late morning, but it then rebounded slightly in afternoon trade and ended with a loss of just 0.33%. Silver dropped to as low as $12.79 before it also rallied back higher in afternoon trade and ended with a loss of just 0.16%.
Euro gold fell to about €480, platinum lost $10 to $1,300, palladium gained $1 to $366, and copper remained at about $3.59.
Gold and silver equities traded mostly slightly lower throughout the day and ended with less than 0.5% losses.
The Economy:
There were no major economic reports today, but the following headlines did have a few talking:
Fed's Plosser-housing not derailing growth outlook Reuters
U.S. Budget Deficit Will Narrow to $205 Billion This Year, Bush Aide Says Bloomberg
Single-family starts to decline again in 2008, realtors say MarketWatch
US home sales, prices to slip more this year-NAR Reuters
Mortgage Applications Increased 1.1 Percent Last Week, MBA Index Shows Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/07 expected at 315,000 and the Trade Balance for May expected at -$60.0 billion. At noon is the Treasury Budget for June expected at $30.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower after inventory reports came in a little better than expected overall. Crude inventories fell 1.4 million barrels, gasoline inventories built 1.2 million barrels, distillates built 800,000 barrels, and refinery utilization rose 0.2% to 90.2%.
The U.S. dollar index continued to fall on worries over subprime mortgages and the health of the U.S. economy. It fell to a new all-time low versus the euro above $1.37 and a new 26 year low versus the pound above $2.03, but losses were somewhat limited with no major economic reports to act on.
Treasuries fell as traders took profits from impressive gains achieved during the last two sessions as the yield on the 10-year failed to fall under 5%.
The Dow, Nasdaq, and S&P rebounded from yesterday’s steep losses on another round of takeover news and optimism over better than expected earnings reports after a slow start so far from this quarter’s results.
Among the big names making news in the market today were Dow Jones, Citigroup, Liz Claiborne, Gerdau and Chaparral Steel, and Ventana and Roche.
The Commentary:
GATA Posts:
James Turk: The dollar plumbs new depths
Now Japan is talking about diversifying out of dollar
Thanks to Samex Mining for sponsoring GATA reception
Dan Norcini: Gold price cappers aren't fooling anyone anymore
If we can fool the public, there's no inflation, Fed chief says
India would mine more gold, import less
Ted Butler: As good as it gets?
The Statistics:
As of close of business: 7/10/2007
Gold Warehouse Stocks: | 7,161,855 | - 50,013 |
Silver Warehouse Stocks: | 133995396 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 481.15 | 15,469,332 | US$ 10,235m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,591 | US$ 1,978m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,380 | US$ 261m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,773 | US$ 280m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/10/2007 | |
Total Net Assets | $977,512,520 | Ounces of Gold
in Trust | 1,475,649.875 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.90 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/10/2007 | |
Total Net Assets | $1,775,790,168 | Ounces of Silver
in Trust | 138,192,887.000 |
Shares Outstanding | 14,000,000 | Tonnes of Silver
in Trust | 4,298.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick’s (ABX) energy projects, Almaden’s (AAU) exploration update, Newmont’s (NEM) 2007 operating outlook and Uzbek mine dispute, Endeavour’s (EXK) raised 2007 production forecast, Silver Eagle’s (SEG.TO) assays, Silver Dragon’s (SDRG.OB) new controller, Sabina’s (SBB.V) drilling, and Coeur’s (CDE) mine update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI +7.82% $3.17 |
2. Nevsun | NSU+4.94% $2.55 |
3. Seabridge | SA +4.43% $24.75 |
LOSERS
1. US Energy | USEG -3.49% $5.53 |
2. Gold Reserve | GRZ -2.83% $5.49 |
3. Pacific Rim | PMU -2.68% $1.09 |
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:
MDN Withdraws From Eritrea - More
- July 11, 2007 | Item | E-mail
Endeavour Raises 2007 Production Forecast to 2.8 Million Oz Silver; Bolanitos Mines Project to Produce 300,000 Oz Silver in 2007 - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that with the recent acquisition of the Bolanitos Mines Project in Guanajuato State, Mexico, the Company has raised its 2007 production forecast to 2.8 million oz silver. Bolanitos is projected to produce 300,000 oz silver in 2007, and the Guanacevi Mines Project is now forecast to produce 2.5 million oz in 2007." More
- July 11, 2007 | Item | E-mail
Goldmarca Now in Position to Increase Interest in Condor Concession - More
- July 11, 2007 | Item | E-mail
Barrick Invests in Innovative Energy Projects in Chile, Tanzania - "Barrick Gold Corporation (Toronto:ABX.TO - News) (NYSE:ABX - News) today announced plans to invest approximately US$68 million in projects that will harness the advantages of clean energy and enhance existing power infrastructure in Chile and Tanzania." More
- July 11, 2007 | Item | E-mail
TEAL reports on Kalumines' initial Lupoto drill results and provides update on current mining - More
- July 11, 2007 | Item | E-mail
Silver Eagle Extends Its Calvario Vein Down Dip More Than 400 Metres (1300 Feet) - "Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") (Toronto:SEG.TO - News) is pleased to announce assays from six holes at its Miguel Auza Mine in Zacatecas, Mexico, including the deepest hole drilled on the Calvario Vein to date. Diamond drill hole number 2007-131 has intersected the Calvario Vein at 410 metres below surface and returned an equivalent grade of 732 g/t (24 oz.) Ag Eq.(1) over a vein true width of 3.0 metres." More
- July 11, 2007 | Item | E-mail
Standard & Poor's Releases an Updated Factual Stock Report on Uranium Explorer Cash Minerals Ltd. - More
- July 11, 2007 | Item | E-mail
Ashdown Mine issues its first cash distribution of US$1.25 million to Win-Eldrich and Golden Phoenix from Q2 molybdenum sales - More
- July 11, 2007 | Item | E-mail
Silver Dragon Resources Inc. Appoints Controller - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the appointment of Mr. Sri Siva-Kumaran to be the Company's Controller. Mr. Siva-Kumaran will be responsible for the day-to-day administration and consolidation of the Company's worldwide financial statements." More
- July 11, 2007 | Item | E-mail
Gabriel Resources Ltd.: EIA Approval Update - More
- July 11, 2007 | Item | E-mail
Consolidated Spire Ventures Announces Major Gold Mineralized Zone Discovered At the Prospect Valley Property - More
- July 11, 2007 | Item | E-mail
Mantis Geologist returns to Orphan Gold Mine property for further sampling - More
- July 11, 2007 | Item | E-mail
Intrepid Reports Additional Positive Drill Results at Casposo Leading to Probable Pit Extension - More
- July 11, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Slightly for the First Day in Four