-- Posted Monday, 16 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $665.30 | -$0.70 |
Silver | $12.94 | -$0.08 |
XAU | 149.54 | -1.02% |
HUI | 352.70 | -1.15% |
GDM | 1111.66 | -1.07% |
JSE Gold | 2703.45 | +0.60% |
USD | 80.53 | -0.05 |
Euro | 137.81 | -0.08 |
Yen | 82.10 | +0.18 |
Oil | $74.15 | +$0.22 |
10-Year | 5.041% | -0.066 |
T-Bond | 107.71875 | +0.75 |
Dow | 13950.98 | +0.31% |
Nasdaq | 2697.33 | -0.36% |
S&P | 1549.52 | -0.19% |
The Metals:
Gold traded roughly $1-$2 higher in Asia and London before it fell back off in choppy trade in New York and ended near its low of the session with a loss of 0.11%. Silver followed a similar pattern and lost 0.61%.
Euro gold fell slightly under €482, platinum gained $3 to $1,313, palladium remained unchanged at $366, and copper fell roughly 4 cents to about $3.54.
Gold and silver equities fell about 2% by mid-afternoon, but they then rallied back higher in the last two hours of trade and ended with only about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
NY Empire State Index | July | 26.5 | 17.0 | 25.8 |
Tomorrow at 8:30AM EST brings PPI for June expected at 0.1% and Core PPI expected at 0.2%. At 9AM is the Net Foreign Purchases report for May expected at $72.0 billion, and at 9:15AM is Capacity Utilization for June expected at 81.6% and Industrial Production expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended modestly higher in mixed trade on refinery problems and forecasts of strong future demand.
The U.S. dollar index fell and treasuries rose on continued subprime concerns, but moves were somewhat limited ahead of important economic data and Bernanke testimony later in the week.
The Dow rose while the Nasdaq and S&P fell as buyout rumors battled worries over subprime mortgages and high oil prices.
Among the big names making news in the market today were RBS and ABN, Vodafone and Verizon, Mattel, Ihop and Applebee’s, ReAble Therapeutics and DJO, and McDonald’s.
The Commentary:
“August Gold finished down 1 at 666.3, 3.2 off the high and 1.3 up from the low.
September Silver closed down 0.045 at 13.065. This was 0.04 up from the low and 0.09 off the high.
Gold mostly waffled early in the session and then seemed to weaken toward the close and that might have been the result of an aggressive washout in energy prices and perhaps because of a setback in equity prices. Fortunately for the bull camp in gold the Dollar mostly remained weak but the failure to add to the early downward probe in the Dollar might have prompted some gold longs to exit positions. It is also possible that muted mid day inflationary forecasts for this week's CPI and PPI prompted the gold market to fade from its early high. In the end, the bull camp was left with the hope that the slightly better than expected Empire State Manufacturing reading would keep prices from sliding into the next round of scheduled US numbers.
The silver market started out mixed and faded throughout the session, as the weakness in gold prices and the lack of additional downside extension in the Dollar was disappointing to some players. In fact, with equity and energy prices showing a significant reversal during the session, it is possible that the silver trade saw its macro economic concerns heightened, especially with the copper and platinum markets both finishing weak. In addition to critical support at the $13.00 level, some traders were pointing to $12.975 as the next lower support zone on the charts.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Arrogant Germany and fearful France tearing euro apart
Got Gold Report: Big traders betting heavily that dollar will recover
And maybe the U.S. will buy some Chinese railroad bonds
ECB demotes money supply in inflation forecasts
Iran tells Japan to pay for oil in yen
The Statistics:
As of close of business: 7/13/2007
Gold Warehouse Stocks: | 7,129,799 | - |
Silver Warehouse Stocks: | 136,379,613 | + 597,075 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 484.84 | 15,588,081 | US$ 10,388m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,425 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,358 | US$ 262m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,664 | US$ 287m |
Note: No change in Total Tonnes from yesterday’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)
Profile as of 7/12/2007 | |
Total Net Assets | $1,802,186,677 | Ounces of Silver
in Trust | 139,186,961.000 |
Shares Outstanding | 14,000,000 | Tonnes of Silver
in Trust | 4,329.20 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) new area of copper-gold mineralization, Gammon Gold’s (GRS) new President of Mexican Operations, U.S. Energy’s (USEG) drill results, Northern Orion’s (NTO) ESIA submission, Aurelian’s (ARU.TO) COO appointment, Minco Silver’s (MSV.TO) geological studies, Fortuna’s (FVI.V) drill results, MAG Silver’s (MVG) drill results, and Coeur’s (CDE) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. MAG Silver | MVG+6.91% $13.92 |
2. Arizona Star | AZS +3.75% $11.89 |
3. Kimber | KBX +3.13% $1.32 |
LOSERS
1. Eldorado | EGO -5.18% $4.76 |
2. Banro | BAA-4.16% $10.02 |
3. Nevsun | NSU -3.93% $2.69 |
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:
Uranerz Acquires Texas Uranium Project - More
- July 16, 2007 | Item | E-mail
Eloro Options Four James Bay District Properties to NFX Gold Inc. - More
- July 16, 2007 | Item | E-mail
NFX Gold Options Four James Bay District Properties - More
- July 16, 2007 | Item | E-mail
Avalon Provides Corporate Update and Progress Report; Drilling Set to Commence on Thor Lake Rare Earth Elements Target - More
- July 16, 2007 | Item | E-mail
Uranerz Energy Corporation: Mongolian Joint Venture Update - More
- July 16, 2007 | Item | E-mail
/C O R R E C T I O N from source -- Gold Eagle Mines Ltd./ - More
- July 16, 2007 | Item | E-mail
Fire Destroys GWR Core Cutting Building - More
- July 16, 2007 | Item | E-mail
Almaden Minerals Ltd.: New Copper-Gold Porphyry Zone Discovered at Caballo Blanco - "Almaden Minerals Ltd. ("Almaden") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that geologic mapping and geochemical sampling has identified a new area of copper-gold mineralization associated with quartz stockwork and alteration on the Caballo Blanco property, Mexico. The new area is located two and one-half kilometres north of the Central Grid Zone, where porphyry copper-gold mineralization is known to occur." More
- July 16, 2007 | Item | E-mail
Sherwood Reports Geotech Program Results in Improved Pit Slopes at Minto Mine - More
- July 16, 2007 | Item | E-mail
Step out drilling continues to expand the Bruce Channel Discovery. Latest results include 15.36 metres (50.39 ft) (at) 23.24 g/t (0.68 oz/t) - More
- July 16, 2007 | Item | E-mail
Mantis identifies a dynamic hydrothermal system on its Orphan property - More
- July 16, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Slightly to Start off the Week