-- Posted Friday, 20 July 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $683.50 | +$6.80 | +2.63% |
Silver | $13.28 | +$0.03 | +2.00% |
XAU | 158.39 | +0.18% | +4.85% |
HUI | 370.23 | -0.24% | +3.76% |
GDM | 1168.76 | -0.25% | +4.02% |
JSE Gold | 2774.88 | +1.33% | +3.26% |
USD | 80.28 | -0.19 | -0.37% |
Euro | 138.22 | +0.17 | +0.24% |
Yen | 82.53 | +0.61 | +0.74% |
Oil | $75.57 | -$0.35 | +2.22% |
10-Year | 4.956% | -0.072 | -2.96% |
Bond | 108.40625 | +0.625 | +1.34% |
Dow | 13851.08 | -1.07% | -0.40% |
Nasdaq | 2687.60 | -1.19% | -0.72% |
S&P | 1534.10 | -1.22% | -1.19% |
The Metals:
CoT Reports: Gold | Silver
Gold remained near unchanged in Asia and London, but it then steadily rose throughout trade in New York and ended near its high with a gain of 1.00%. Silver rose to about $13.40 by midmorning in New York before it fell back off a bit in afternoon trade, but it still ended with a gain of 0.23%.
Euro gold rose to about €494, platinum gained $10 to $1,330, palladium gained $1 to $370, and copper rose roughly 5 cents to about $3.71.
Gold and silver equities traded mostly slightly lower and ended mixed and near unchanged.
The Economy:
All of this week’s economic reports:
Next week’s economic highlights include Existing Home Sales and the fed’s Beige Book on Wednesday, Durable Goods Orders, Initial Jobless Claims, the Help-Wanted Index, and New Home Sales on Thursday, and GDP and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended lower in mixed trade as traders closed out positions in the expiring August contract.
The U.S. dollar index fell and treasuries rose as the yield on the 10-year fell below 5% on continued worries about subprime mortgages.
The Dow, Nasdaq, and S&P fell over 1% on poor earnings reports and weakness in the homebuilders as KB Home came out and said that they don’t expect the housing market to bottom until the end of 2008.
Among the big names making news in the market Friday were Google, Whirlpool, Citigroup, Caterpillar, Wachovia, and Boston Scientific.
The Commentary:
“After eating away at resistance steadily and pushing through into the higher $670’ gold is showing remarkable strength, out of season. In a time usually dubbed, “the Doldrums” for gold the gold price is showing remarkable resilience.
Physical demand is ‘on holiday’ from the end of May to the second half of August usually, but this year is now seeing investment demand for gold jumping strongly on the back of a buckling buck and a surging oil price. Both these features are not short-term weaknesses but structural faults set to remain in place for some time to come.
Consequently, investment demand has leapt nearly 38 tonnes on the global gold Exchange Traded Funds alone. This demand is set to continue against a backdrop of continuing subdued Central Bank Sales, until the end of September at least.
Of course once physical demand returns in the fourth quarter of this year it will have to push and shove investment demand to get its share, with exciting possibilities for the gold price.”- Julian D.W. Phillips, www.goldforecaster.com
“August Gold finished up 6.6 at 684.7, 2.3 off the high and 6.4 up from the low.
September Silver closed up 0.028 at 13.403. This was 0.003 up from the low and 0.097 off the high.
The gold market forged a very impressive upward extension on Friday and clearly seemed to be driven by renewed flight to quality buying in the wake of another re-visiting of the US sub-prime loan situation. Certainly weakness in the Dollar and sliding equity prices contributed to the flight to quality environment, but some buyers of gold might have been investment buyers who were deciding to return to gold because of the overall environment was beginning to resemble a classical bull market environment. While the Dollar did manage another new low for the move, the Dollar did manage to reject the new low and return to the vicinity of a prior low. With the Press during the session fanning the investment interest flames by suggesting that money supply growth was providing buying fuel for the precious metals it would certainly seem like a number of bullish themes are circulating.
While the September silver did manage to touch the quasi even number level of $13.50, the market initially was unable to hold that level. Certainly a broadening fundamental argument for all the precious metals markets helped silver add to an already impressive run up for the week and with the Press hyping up the prospect of even more fund buying interest ahead, the bull camp seemed to have the bear camp on the run.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ambrose Evans Pritchard: 'Dutch disease' could shake the pound
Facts, Evidence and Logical Inference by Frank A. J. Veneroso
The Statistics:
As of close of business: 7/19/2007
Gold Warehouse Stocks: | 6,968,177 | -740 |
Silver Warehouse Stocks: | 132,102,603 | - 1,220,402 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 497.15 | 15,983,883 | US$ 10,779m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,292 | US$ 2,042m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,840 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.79 | 443,515 | US$ 299m |
Note: Change in Total Tonnes from yesterday’s data: the ASX added 0.2 tonnes and the JSE added 0.12 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/19/2007 | |
Total Net Assets | $999,107,733 | 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 7/19/2007 | |
Total Net Assets | $1,843,768,920 | 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:
Meridian’s (MDG) response to Yamana’s (AUY) takeover bid and Fronteer’s (FRG) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. MAG Silver | MVG +8.29% $15.55 |
2. Allied Nevada | ANV +7.17% $4.93 |
3. Banro | BAA +5.62% $12.02 |
LOSERS
1. Apex Silver | SIL -5.26% $18.90 |
2. Minco Gold | MGH -4.41% $1.30 |
3. Rubicon | RBY -3.74% $2.262 |
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:
Cameco Reports Chemicals Found Below Conversion Building - More
- July 20, 2007 | Item | E-mail
Norsemont Mining Closes C$7.92 million Private Placement - More
- July 20, 2007 | Item | E-mail
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 2% on the Week