-- Posted Thursday, 19 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $676.70 | +$4.60 |
Silver | $13.25 | +$0.05 |
XAU | 158.11 | +2.40% |
HUI | 371.11 | +1.65% |
GDM | 1171.67 | +1.73% |
JSE Gold | 2738.41 | +0.35% |
USD | 80.47 | +0.04 |
Euro | 138.05 | -0.01 |
Yen | 81.92 | -0.19 |
Oil | $75.92 | +$0.87 |
10-Year | 5.028% | +0.018 |
T-Bond | 107.78125 | -0.1875 |
Dow | 14000.41 | +0.59% |
Nasdaq | 2720.04 | +0.76% |
S&P | 1553.08 | +0.45% |
The Metals:
Gold remained near unchanged at about $672 in Asia before it found slight gains in London and morning New York trade, but it then advanced its gains in afternoon trade and ended right near its high of the session with a gain of 0.68%. Silver traded on either side of unchanged for most of world trade before it also rose in afternoon New York trade and ended with a gain of 0.38%.
Euro gold rose over €490, platinum gained $2 to $1,320, palladium gained $4 to $369, and copper rose roughly 8 cents to about $3.66.
Gold and silver equities rose throughout the day and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/14 | 301K | 310K | 309K |
Leading Indicators | June | -0.3% | -0.1% | 0.2% |
Philadelphia Fed | July | 9.2 | 14.0 | 18.0 |
Bernanke finished his testimony before the senate today and reiterated his concerns about subprime mortgages. FOMC minutes showed that fed members thought that risks to economic growth were more balanced and “core inflation would remain relatively subdued but concurred that a sustained moderation in inflation had not yet been convincingly demonstrated.” There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil added over 1% more to yesterday’s gains in further reaction to yesterday’s poor inventory reports as newly reported 11.9% GDP growth in China indicated continued strong demand as well.
The U.S. dollar index rose slightly and treasuries dipped despite poor economic data and continued subprime worries as traders decided to book profits from the recent run in bonds and fall in the dollar.
The Dow, Nasdaq, and S&P rose on mostly strong earnings reports despite notable weakness in financial stocks.
Among the big names making news in the market today were Continental Airlines, Hershey, Harley-Davidson, Nasdaq, Dow Jones, Citigroup, Lehman, Bank of America, Honeywell, Motorola, and Baxter.
The Commentary:
“August Gold finished up 4.4 at 678.1, 0.4 off the high and 4.6 up from the low.
September Silver closed up 0.085 at 13.375. This was 0.085 up from the low and 0.015 off the high.
After mostly waffling around unchanged throughout the first half of the trade session the gold market managed to firm considerably in the early afternoon trade. Once again it did not seem like the renewed buying interest correlated with a noted decline in the Dollar and that would seem to give additional credence to the idea that renewed investment interest is being seen. However, with the market managing to climb to another new high for the move and also reaching the highest level since June 5th, it is likely that gold was also the benefactor of technically inspired buying. With the gold rally coming in the wake of a weak Philly Fed survey release it would almost seem like some of the buying was prompted by macro economic flight to quality concerns.
With the September silver contract managing to rise to the highest level since June 20th and the gold market providing solid leadership, the bull camp seems to have ended the session with even more confidence than was seen at the start of the trading session. However, another ultra strong Chinese GDP reading seemed to give markets like, gold, copper and silver an added lift from renewed hopes of improving physical demand. With the US stock market also showing rather impressive action at times during the session, the whole idea of improving physical demand for certain metals markets wasn't difficult to embrace.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Markets dive as Fed raises stagflation fears
Gold's enemies have not yet evaded the laws of physics
The Statistics:
As of close of business: 7/18/2007
Gold Warehouse Stocks: | 6,968,917 | - |
Silver Warehouse Stocks: | 133,323,005 | -521,465 |
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 | 497.15 | 15,983,883 | US$ 10,779m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,325 | US$ 2,026m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,345 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.67 | 439,563 | US$ 293m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 9.23 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/18/2007 | |
Total Net Assets | $992,330,619 | 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 7/18/2007 | |
Total Net Assets | $1,800,645,628 | 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:
NovaGold’s (NG) dismissed lawsuit against Barrick (ABX), Royal Gold’s (RGLD) Taparko Mine royalty, Rio Narcea’s (RNO) Board changes, Centerra Gold’s (CG.TO) production forecast, Kirkland’s (KGI.TO) year end results, and Fury’s (FUR.V) consulting appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +9.91% $4.88 |
2. Entree | EGI +8.67% $3.14 |
3. Metalline | MMG+8.15% $3.85 |
LOSERS
1. Exeter | XRA -2.47% $3.56 |
2. Richmont | RIC -1.75% $2.80 |
3. International Royalty | ROY -1.53% $7.08 |
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:
Royal Gold to Begin Receiving Royalty Revenue From High River Gold's Taparko Mine - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced the initiation of gold production subject to the Company's royalty interests at the Taparko-Bouroum ("Taparko") gold mine in Burkina Faso, West Africa, operated by High River Gold Mines Ltd. ("High River"). Royal Gold holds four royalty interests at this property." More
- July 19, 2007 | Item | E-mail
MetalCORP Limited Announces Stock Options Granted - More
- July 19, 2007 | Item | E-mail
Rio Narcea Announces Changes to Board of Directors - "Following the acquisition of approximately 71 percent of the common shares and approximately 67 percent of the warrants of Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or the "Company") (Toronto:RNG.TO - News)(AMEX:RNO - News), by Lundin Mining Corporation, the Company today announced the composition of its new board of directors. The new board is comprised of Karl-Axel Waplan, Colin K. Benner, William A. Rand, Brian D. Edgar and John H. Craig. Each member of Rio Narcea's previous board has resigned." More
- July 19, 2007 | Item | E-mail
Taranis Resources Inc. Announces Private Placement - More
- July 19, 2007 | Item | E-mail
Antares Appoints Robert D. Wunder As COO Former Vice President of Operations for BHP's Escondida Copper Mine, Chile - More
- July 19, 2007 | Item | E-mail
Azco Mining Retains Premier Media Services Inc. to Lead Investor and Public Relations Efforts - More
- July 19, 2007 | Item | E-mail
Coronation Minerals Inc.: Press Release - More
- July 19, 2007 | Item | E-mail
Wind River Issues Update Regarding Mongolian Uranium Properties - More
- July 19, 2007 | Item | E-mail
Copper/Gold/Palladium Acquisition - More
- July 19, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Extend Wednesday’s Gains