-- Posted Tuesday, 24 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $684.40 | +$3.60 |
Silver | $13.35 | +$0.11 |
XAU | 155.41 | -1.80% |
HUI | 364.71 | -1.14% |
GDM | 1149.75 | -1.40% |
JSE Gold | 2725.19 | -0.64% |
USD | 80.13 | -0.24 |
Euro | 138.27 | +0.25 |
Yen | 82.96 | +0.53 |
Oil | $73.56 | -$1.33 |
10-Year | 4.944% | -0.020 |
T-Bond | 108.46875 | +0.09375 |
Dow | 13716.95 | -1.62% |
Nasdaq | 2639.86 | -1.89% |
S&P | 1511.04 | -1.98% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it spiked about 1% higher in early New York trade to above $686 by about 8:45 AM EST, but it then fell back off for most of the rest of trade and ended around $3 off its highs with a gain of 0.53%. Silver rocketed near $13.50 and saw close to 2% gains before it also fell back off in later New York trade, but it still ended with a notable gain of 0.83%.
Euro gold rose to about €495, platinum lost $6 to $1,322, palladium lost $3 to $366, and copper rose slightly to about $3.67.
Gold and silver equities found small gains in morning trade, but they were then dragged down in afternoon trade by general market weakness and closed with over 1% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Existing Home Sales for June expected at 5,900,000 and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the third session in a row and closed almost 2% lower as Iran agreed to let IAEA officials visit a reactor building site and speculation grew about OPEC possibly raising production.
Treasuries rose and the U.S. dollar index fell to yet to another new all-time low versus the euro and a new 26 year low versus the pound on worries that problems in subprime mortgages are spreading to other loans as well.
The Dow, Nasdaq, and S&P fell nearly 2% by the close as the homebuilders and financials took another hit on an especially disappointing report from Countrywide Financial that amplified worries about mortgage problems and their impact on the rest of the market and economy.
Among the big names making news in the market today were McDonald’s, PepsiCo, Countrywide, AT&T, DuPont, Lilly, JetBlue, American Express, UAL, and Lockheed.
The Commentary:
“August Gold finished up 3.3 at 684.8, 3.2 off the high and 2.1 up from the low.
September Silver closed up 0.113 at 13.443. This was 0.143 up from the low and 0.137 off the high.
With a massive range up extension in the gold market early in the session and the market subsequently falling back sharply from those highs, it almost seemed like gold was shifting its focus away from the weakness in the Dollar and toward the prospect of a sharp slowdown in the US economy off the sub-prime loan situation. It is also possible that a massive slide in the energy complex added to the reversal in the gold market, as sharply lower oil prices might have prompted some flight to quality buyers to bank profits and move to the sidelines. With the August gold contract to the highs Tuesday over $45 an ounce above the late June lows, it is certainly understandable that gold would encounter some stop loss selling in the wake of the interday reversal of prices.
Despite an extremely volatile trading session, the bull camp in the silver still managed to keep prices in positive ground for most of the session. It is possible that up beat silver price projections from Mexican silver producer Penoles inspired some buyers as that company predicted that silver prices could reach $15.00 an once before the end of 2007. However, as suggested in the mid day coverage Penoles also left off the potential for a moderate correction down to $12.00 and that could have prompted some spec longs to bank profits and move to the sidelines. With a mostly weak equity market and significant weakness in energy prices, the silver market could have been undermined by outside market forces during the action Tuesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Still the same
Ambrose Evans-Pritchard: When will gold go ballistic?
Adjusted for falling dollar, oil earning less for OPEC
Paulson supports a strong dollar -- and a weaker one
Mint's reply to Liberty Dollar's lawsuit is a wonderful hypocrisy
The Statistics:
As of close of business: 7/23/2007
Gold Warehouse Stocks: | 6,952,675 | - |
Silver Warehouse Stocks: | 131,460,925 | - 629,174 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 497.15 | 15,983,883 | US$ 10,898m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,159 | US$ 2,046m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,823 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.92 | 447,452 | US$ 305m |
Note: No change in Total Tonnes from yesterday’s data.
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: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) zinc silver properties, AngloGold’s (AU) shut mine shaft, Exeter’s (XRA) drill results, Seabridge’s (SA) drill results, Newmont’s (NEM) investment in Indonesia, Palmarejo’s (PJO.V) drill results, and Esperanza’s (EPZ.V) property updates were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +6.20% $3.77 |
2. Allied Nevada | ANV +3.53% $5.57 |
3. New Gold | NGD +2.50% $6.98 |
LOSERS
1. Nevsun | NSU -5.93% $2.54 |
2. Entree | EGI -4.85% $2.94 |
3. Ivanhoe | IVN-4.66% $14.92 |
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:
Wesdome Gold Mines Ltd. - Wesdome reports strong second quarter production and updates development work - More
- July 24, 2007 | Item | E-mail
Royal Gold Announces Fiscal 2007 Fourth Quarter and Year-End Conference Call - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, will report its fourth quarter and year-end fiscal 2007 results before the market opens for trading on Thursday, August 16, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- July 24, 2007 | Item | E-mail
Tagish closes first tranche of non-brokered private placement of units - More
- July 24, 2007 | Item | E-mail
Nuinsco Resources Limited Issues Early Warning Report Pursuant to National Instrument 62-103 Regarding Campbell Resources Inc. - More
- July 24, 2007 | Item | E-mail
Skyline Announces Closing of Final Tranche of Private Placement - More
- July 24, 2007 | Item | E-mail
Goldcliff's Multi-Sensor Airborne Geophysical Surveys Underway - More
- July 24, 2007 | Item | E-mail
Pearl Asian Mining Industries, in Cooperation with Its Transfer Agent and DTCC, Allows 3-Day Settlement Period from the Effective Date of July 20th 2007 - More
- July 24, 2007 | Item | E-mail
Explor Increases Carnegie-Kidd Township Land Position - More
- July 24, 2007 | Item | E-mail
Metanor Resources Inc. - Correction of the press release dated last July 20 - More
- July 24, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Premium Exploration, Inc. - More
- July 24, 2007 | Item | E-mail
Almaden Deals Zinc Silver Properties - "Almaden Minerals Ltd. (the "Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) advises that it has acquired and now beneficially owns 3,500,000 common shares, representing approximately 41% of the issued and outstanding voting securities, of Tarsis Capital Corp. ("Tarsis") as of the date of this News Release. The shares are subject to Escrow Restrictions as imposed by the TSX Venture Exchange." More
- July 24, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Alexandria Minerals Corp. - More
- July 24, 2007 | Item | E-mail
Amera Resources Corporation: Exploration Manager Appointed in Peru - More
- July 24, 2007 | Item | E-mail
Ur-Energy Announces Webcast for July 26, 2007 - More
- July 24, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Rise While the Dollar and Dow Drop