-- Posted Friday, 13 July 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $666.00 | -$0.70 | +2.07% |
Silver | $13.02 | -$0.07 | +3.01% |
XAU | 151.06 | +0.18% | +4.18% |
HUI | 356.82 | -0.07% | +1.19% |
GDM | 1123.63 | +0.07% | +2.28% |
JSE Gold | 2687.36 | +1.52% | +6.39% |
USD | 80.58 | -0.06 | -1.06% |
Euro | 137.89 | +0.03 | +1.23% |
Yen | 81.92 | +0.22 | +1.05% |
Oil | $73.93 | +$1.43 | +1.54% |
10-Year | 5.107% | -0.009 | -1.62% |
Bond | 106.96875 | +0.125 | +0.82% |
Dow | 13907.25 | +0.33% | +2.17% |
Nasdaq | 2707.00 | +0.20% | +1.52% |
S&P | 1552.50 | +0.31% | +1.44% |
The Metals:
CoT Reports: Gold | Silver
Gold remained near unchanged in Asia, traded about a dollar higher in London, and fell off a few dollars to as low as $663.60 by late morning in New York before it rallied back higher into the close, but it still ended with a loss of 0.10%. Silver rose near $13.15 in London before it dropped to $12.97 in New York and then bounced back higher into the close to end with a loss of 0.53%.
Euro gold fell near €483, platinum lost $5 to $1,310, palladium lost $1 to $366, and copper gained roughly 3 cents to about $3.58.
Gold and silver equities remained near unchanged throughout trade and closed mixed.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | June | 1.0% | 0.7% | 1.1% |
Import Prices ex-oil | June | 0.2% | - | 0.5% |
Export Prices | June | 0.3% | 0.3% | 0.2% |
Export Prices ex-ag. | June | 0.1% | - | 0.2% |
Retail Sales | June | -0.9% | 0.0% | 1.5% |
Retail Sales ex-auto | June | -0.4% | 0.2% | 1.6% |
Business Inventories | May | 0.5% | 0.3% | 0.4% |
Michigan Sentiment | July | 92.4 | 86.0 | 85.3 |
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index on Monday, PPI, Net Foreign Purchases, Capacity Utilization, and Industrial Production on Tuesday, CPI, Housing Starts, and Building Permits on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, the Philadelphia fed survey, and FOMC minutes on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose about 2% to a new 11 month high on supply disruptions in the North Sea and an IEA report expecting demand growth.
The U.S. dollar index fell yet again to a new record low versus the euro and treasuries rose despite stronger than expected consumer sentiment as Retail Sales came in weaker than expected and dampened views about the health of the U.S. economy overall.
The Dow and S&P rose to new record highs and the Nasdaq rose to a new 6 and ½ year high on takeover activity and optimism over earning reports due out next week.
Among the big names making news in the market Friday were Hovnanian, Alcoa, Energizer and Playtex, GE, and Barclays and ABN Amro.
The Commentary:
“Having gold end the week holding its gains is a good signal for next week’s trading. Upside bias should prevail under continuously strong oil prices and a US Dollar hanging on for dear life at the massive support below. Gold could potentially have another great week ahead, although a rebound in the US Dollar along with a falling oil price could damper prospects. Otherwise talk of $700 shall reemerge.”- Peter Spina, www.goldforecaster.com
“August Gold finished down 1 at 667.3, 2.4 off the high and 2.8 up from the low.
September Silver closed down 0.07 at 13.11. This was 0.03 up from the low and 0.1 off the high.
After a somewhat rocky start the gold market managed to climb back toward unchanged just after mid session on Friday. In other words, the early weak scheduled US numbers seemed to undermine the gold trade, but the bull camp was evidently capable of battling back. Perhaps the strength in the equity market, strength in oil prices and the up tick in the Michigan sentiment readings provided the impetus for the bounce, but the bear camp has to leave the week with less confidence than they entered the week. In fact, with the Dollar definitively weak, it would seem like the bull camp in gold has at least one factor expected to remain in their favor.
It's not too surprising to see silver pull back on what looks to be end of the week profit taking given the market's stellar price gains so far this month. The weak Retail Sales data and early weakness in copper may have inspired some traders to book profits. However, the environment for metals remains positive with gains in the stock market reaching record levels this week, sharply higher crude oil prices and sub-prime mortgage uncertainty improving the attractiveness of hard assets. Also, with the Dollar continuing on a downward path, Friday's price pullback in silver certainly appears to be a pause in the upward action.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ambrose Evans-Pritchard: With no serious rivals except gold, dollar won't collapse
John Embry: 'Sovereign wealth' funds will support gold
Spain seizes U.S. treasure-hunting boat off Gibraltar
Qatar's gold reserves up 1,500% in year
Kuwait again lets dinar rise to reflect dollar's decline
Class action charges Amaranth, Morgan with manipulating natgas
The Statistics:
As of close of business: 7/12/2007
Gold Warehouse Stocks: | 7,129,799 | - |
Silver Warehouse Stocks: | 135,782,538 | + 599,672 |
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 | 484.84 | 15,588,081 | US$ 10,400m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,524 | US$ 1,998m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,372 | US$ 264m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,678 | US$ 288m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 3.69 tonnes. This makes for an addition of 20.62 tonnes to Streettracks Gold Shares compared to last Friday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/12/2007 | |
Total Net Assets | $983,688,860 | 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)
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 3% and Streettracks Adds Over 20 Tonnes on the Week