-- Posted Tuesday, 17 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $664.40 | -$0.90 |
Silver | $12.90 | -$0.04 |
XAU | 149.07 | -0.29% |
HUI | 351.20 | -0.43% |
GDM | 1108.06 | -0.32% |
JSE Gold | 2696.47 | -0.26% |
USD | 80.54 | +0.01 |
Euro | 137.82 | +0.01 |
Yen | 81.72 | -0.38 |
Oil | $74.02 | -$0.13 |
10-Year | 5.078% | +0.037 |
T-Bond | 107.28125 | -0.4375 |
Dow | 13971.55 | +0.15% |
Nasdaq | 2712.29 | +0.55% |
S&P | 1549.37 | -0.01% |
The Metals:
Gold remained near unchanged in Asia, fell a few dollars near $662 in London, and then rallied back higher to find slight gains by midmorning in New York, but it then slowly and steadily fell back off into the close and ended with a loss of 0.14%. Silver fell under $12.85 in London before it rose back over $13.00 in New York, but it then also fell back off into the close and ended with a loss of 0.31%.
Euro gold fell to about €482, platinum lost $6 to $1,307, palladium lost $1 to $365, and copper rose roughly 2 cents to about $3.56.
Gold and silver equities rose slightly at the open, but they soon fell back off near unchanged and remained modestly lower for the rest of the day.
Will central bank gold sales pick up? Just 9 weeks remain...
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
PPI | June | -0.2% | 0.1% | 0.9% |
Core PPI | June | 0.3% | 0.2% | 0.2% |
Net Foreign Purchases | May | $126.1B | $72.0B | $80.3B |
Capacity Utilization | June | 81.7% | 81.6% | 81.4% |
Industrial Production | June | 0.5% | 0.5% | -0.1% |
Net Foreign Purchases rose to a new record high in May, but that was despite the fact that China has been a net seller of treasuries for the second straight month as it diversifies its reserves away from the dollar.
Tomorrow at 8:30AM EST brings CPI for June expected at 0.1%, Core CPI expected at 0.2%, Housing Starts for June expected at 1,450,000, and Building Permits for June expected at 1,490,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose above $75 in the U.S. in early trade on concerns over supply disruptions along with forecasts of strong future demand, but it fell back off to find a small loss by the close as traders bet that refineries recently coming back online will provide for bearish data in tomorrow’s gasoline inventory report that will spread to the entire energy complex.
The U.S. dollar index found early gains on better than expected Net Foreign Purchases, but it fell back near unchanged by the close on continued subprime worries as traders also looked towards testimony from Bernanke over the next two days.
Treasuries fell after decent economic data sent interest rates back higher.
The Dow and Nasdaq rose while the S&P ended marginally lower on mixed earning reports.
Among the big names making news in the market today were Wells Fargo, Sallie Mae, Basell and Lyondell, News Corp and Dow Jones, Merrill Lynch, Coca-Cola, and J&J.
The Commentary:
“August Gold finished down 0.4 at 665.9, 2.3 off the high and 1.9 up from the low.
September Silver closed down 0.047 at 13.018. This was 0.038 up from the low and 0.117 off the high.
The gold market waffled around unchanged throughout the session and had to contend with a confusing PPI report and periodic strength in the US Dollar. However, it was clear following the release of the US Industrial Production report that some buyers were willing to step forward into the gold market but even that buying interest waned after mid session. Perhaps the gold market was supported by news that funds were interested players and perhaps some buyers were motivated by fresh terrorism concerns.
The silver market was also apparently lifted by talk of fund buying but that fund buying interest wasn't able to support prices throughout the session. Perhaps a slightly higher Dollar trade and weakness in the platinum, copper and gold market put the silver market on the defensive but a decent set of economic numbers from the US and at times a positive equity market seemed to keep the silver market from getting into a patently bearish position.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Grandich slips market manipulation into MarketWatch daily gold report
Ron Paul owns the whiplash point on the political spectrum
Canadian dollar hits US96 cents for first time in 30 years
Resurrected M3 may warn of inflationary blowoff in U.S.
The Statistics:
As of close of business: 7/16/2007
Gold Warehouse Stocks: | 7,129,799 | - |
Silver Warehouse Stocks: | 136,976,440 | +596,827 |
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 | 487.92 | 15,687,034 | US$ 10,446m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,391 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,354 | US$ 262m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,659 | US$ 287m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 3.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/16/2007 | |
Total Net Assets | $981,137,179 | 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 7/16/2007 | |
Total Net Assets | $1,813,221,884 | 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:
Lundin’s (LMC) bid for Rio Narcea (RNO), Cardero’s (CDY) completed property purchase, Allied Nevada’s (ANV) closed private placement, Stillwater’s (SWC) new labor agreement, Silver Dragon’s (SDRG.OB) 43-101 report, and UC Resources’ (UC.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG+4.05% $5.40 |
2. Aurizon | AZK +2.84% $3.62 |
3. Banro | BAA +2.77% $10.30 |
LOSERS
1. Seabridge | SA -6.27% $23.75 |
2. Northgate | NXG-4.62% $3.10 |
3. Pacific Rim | PMU-3.67% $1.05 |
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:
Columbia Metals Corporation Limited Announces $750,000 Non-Brokered Private Placement - More
- July 17, 2007 | Item | E-mail
Vault intersects gold in multiple structures at Lebel - More
- July 17, 2007 | Item | E-mail
Sage Completes 3800M Second Phase of Drilling at Jacobus Nickel/Copper - More
- July 17, 2007 | Item | E-mail
Richmond Minerals Inc. property aquisition - More
- July 17, 2007 | Item | E-mail
Timberline Retains Klepfer Mining Services and Acquires Dedicated Drill Rig to Advance Key Exploration Projects - More
- July 17, 2007 | Item | E-mail
Explor Acquires Montrose/Midlothian Township Property - More
- July 17, 2007 | Item | E-mail
Longview Capital Partners Acquires Additional Shares in Pacific Coast Nickel Corp. (Formerly Fargo Capital Corp.) - More
- July 17, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Slightly Again