-- Posted Monday, 23 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $680.80 | -$2.70 |
Silver | $13.24 | -$0.04 |
XAU | 158.26 | -0.08% |
HUI | 368.93 | -0.35% |
GDM | 1166.04 | -0.23% |
JSE Gold | 2742.68 | -1.16% |
USD | 80.37 | +0.09 |
Euro | 138.02 | -0.20 |
Yen | 82.43 | -0.10 |
Oil | $74.89 | -$0.90 |
10-Year | 4.964% | +0.008 |
T-Bond | 108.375 | -0.03125 |
Dow | 13943.42 | +0.67% |
Nasdaq | 2690.58 | +0.11% |
S&P | 1541.57 | +0.49% |
The Metals:
Gold traded about a dollar lower in Asia and London before it extended its losses in late New York trade and ended near its low of the session with a loss of 0.40%. Silver saw over 10 cent gains in Asia, but it then fell back off in London and New York and closed with a loss of 0.30%.
Euro gold fell to about €493, platinum lost $2 to $1,328, palladium lost $1 to $369, and copper fell roughly 5 cents to about $3.66.
Gold and silver equities traded marginally lower throughout the day and ended with minimal losses.
The Economy:
There were no major economic reports today and they are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as several refineries came back online over the weekend and OPEC expressed concern about high prices and said that $60 to $65 a barrel is a reasonable price.
The U.S. dollar index rebounded from the past few weeks of consistent losses, but gains were limited with no major economic data to act on.
Treasuries fell slightly as stocks rose, but the yield on the 10-year remained under 5.00%.
The Dow, Nasdaq, and S&P rose on decent earnings reports and buyout news.
Among the big names making news in the market today were Transocean and GlobalSanteFe, United Rentals and Cerberus Capital, Merck, Halliburton, Schering-Plough, Hasbro, Barclays and ABN, and Wal-Mart.
The Commentary:
“August Gold finished down 3.2 at 681.5, 4.3 off the high and 1 up from the low.
September Silver closed down 0.073 at 13.33. This was 0.01 up from the low and 0.14 off the high.
The gold market mostly remained under pressure throughout the session and with the US Dollar managing to recover into its close, it would seem like the bearish attitude toward gold prices was at least partially justified. In fact, the gold market managed to finish lower despite late breaking news that South African miners had rejected a higher pay offer from the gold producers. With the South African labor Unions rejecting a 7% wage increase and agreeing to meet again on August 1st, the gold market doesn't really see a distinct supply threat and that could explain why gold wasn't lifted by a slight increase in the strike threat. It is also possible that a reduction in flight to quality interest (that was generated by the strength in the equity market) provided an additional undermine for gold prices on Monday, but many traders think that the gold market was also pressured as a result of a broad based commodity liquidation wave.
The silver market mostly forged an inside day down trade on Monday and against a moderate liquidation in gold and a minor rise in the US Dollar it is surprising that silver didn't actually end up forging even more declines. With the rest of the metals complex in a downdraft and a broad based physical commodity fund liquidation taking place it wasn't surprising that silver prices drifted right back down to the Friday lows. Surprisingly strength in the equity market and a better than expected US economic report did little to alter the weak course of silver prices on Monday morning and that might have been a function of the short term overbought status of silver and it might also have been caused by a let down in flight to quality buying or a reduction of investment interest.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Getting ready for $700
Peter Brimelow: Gold to test $720?
Chinese government falls
Financial watchdog says U.S. at risk from non-ally bondholders
There's no inflation, just a lot more theft
Clive Maund: This time it's for real
GATA sympathizers meet for lunch in Perth on Aug. 6
Analysts ask how low dollar can go
The Statistics:
As of close of business: 7/20/2007
Gold Warehouse Stocks: | 6,952,675 | -15,502 |
Silver Warehouse Stocks: | 132,090,099 | -12,504 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 497.15 | 15,983,883 | US$ 10,892m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,192 | US$ 2,039m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,827 | US$ 273m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.92 | 447,467 | US$ 304m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.13 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/20/2007 | |
Total Net Assets | $1,008,983,638 | 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 7/20/2007 | |
Total Net Assets | $1,869,125,447 | Ounces of Silver
in Trust | 140,677,879.400 |
Shares Outstanding | 14,150,000 | Tonnes of Silver
in Trust | 4,375.57 |
Note: Change in Total Tonnes from yesterday’s data: 46.37 tonnes were added to the trust.
The Stocks:
Newmont’s (NEM) resolved dispute with Uzbekistan, Gammon Gold’s (GRS) Corporate Director appointment, and Pacific Rim’s (PMU) year-end results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +9.46% $28.24 |
2. Allied Nevada | ANV +9.13% $5.38 |
3. Taseko | TGB +3.75% $4.98 |
LOSERS
1. Vista Gold | VGZ -8.38% $4.81 |
2. Eldorado | EGO -3.02% $4.81 |
3. Exeter | XRA -2.47% $3.55 |
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:
Gemini Explorations, Inc. Reports on La Planada Gold Project Drill Program - More
- July 23, 2007 | Item | E-mail
Solitaire Minerals Identifies IOCG Drill Targets on the Mystery Island/ Eldorado Project, NWT - More
- July 23, 2007 | Item | E-mail
Gold miner Newmont resolves dispute with Uzbekistan - "Newmont Mining Corp. (NEM.N: Quote, Profile, Research) said on Monday it has resolved all disputes relating to its Uzbekistan joint venture, whose gold and some assets were seized last year by the government." More
- July 23, 2007 | Item | E-mail
CGW President Completes 6th Tranche of One Million Dollar Financing - More
- July 23, 2007 | Item | E-mail
Anatolia Continues on Path After Election Results - More
- July 23, 2007 | Item | E-mail
SIRIOS to be Featured on CEO CLIPS on the Biography Channel - More
- July 23, 2007 | Item | E-mail
International Gold Resources, Inc. Identifies 10 Exploration Targets on Its Cupixi Project in the Porto Grande Area of Amapa State, Brazil - More
- July 23, 2007 | Item | E-mail
Consolidated Gold Win Ventures Inc.: Snow Gone-Drill Program at Yeti Ready to Start - More
- July 23, 2007 | Item | E-mail
Cangold Acquires Option on Gold Project Adjacent to Mulatos Gold Mine in Mexico - More
- July 23, 2007 | Item | E-mail
Anaconda Mining Begins Drill Program at Restauradora Copper-Gold Project - More
- July 23, 2007 | Item | E-mail
Pan African Mining Corp. Receives Additional $1.4 Million From Exercise of Warrants and Options - More
- July 23, 2007 | Item | E-mail
Cameco shares drop on Port Hope plant suspension - More
- July 23, 2007 | Item | E-mail
Gentor acquires tungsten/molybdenum project - More
- July 23, 2007 | Item | E-mail
UEX Reports Best Hole Ever from West Bear Deposit: Hole UEX-206 Intersects High-Grade Mineralization Grading 6.03% U(3)O(8) over 10.67 metres - More
- July 23, 2007 | Item | E-mail
FEC Resources Announces Encouraging Update on Lascogon Project and Release of Year End Financial Statements -
Gold Seeker Closing Report: Gold and Silver Fall Slightly