-- Posted Friday, 27 July 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $659.50 | -$2.80 | -3.51% |
Silver | $12.60 | -$0.23 | -5.12% |
XAU | 144.81 | -1.66% | -8.57% |
HUI | 338.00 | -2.25% | -8.71% |
GDM | 1067.48 | -2.25% | -8.67% |
JSE Gold | 2563.00 | -2.62% | -7.64% |
USD | 80.98 | +0.52 | +0.87% |
Euro | 136.50 | -1.01 | -1.24% |
Yen | 84.23 | -0.01 | +2.06% |
Oil | $77.02 | +$2.07 | +1.92% |
10-Year | 4.788% | +0.011 | -3.39% |
Bond | 109.78125 | -0.125 | +1.27% |
Dow | 13265.47 | -1.54% | -4.23% |
Nasdaq | 2562.24 | -1.43% | -4.66% |
S&P | 1458.95 | -1.60% | -4.90% |
The Metals:
CoT Reports: Gold | Silver
Gold rose as much as $5 in Asia, but it then fell back off in London, traded mostly slightly lower in New York, and ended with a loss of 0.42%. Silver rose to over $12.90 in Asia, but it also fell back off in London, remained notably lower in New York, and closed with a loss of 1.79%.
Euro gold rose near €485, platinum lost $44 to $1,271, palladium lost $4 to $360, and copper rose slightly to about $3.62.
Gold and silver equities fell about 2% by early afternoon before they rebounded to find only about 1% losses by mid-afternoon, but they then fell back off into the close and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q2 | 3.4% | 3.2% | 0.6% |
Chain Deflator | Q2 | 2.7% | 3.4% | 4.2% |
Michigan Sentiment | July | 90.4 | 91.5 | 92.4 |
All of this week’s economic reports:
Next week’s economic highlights include Personal Income and Spending, Core PCE Inflation, the Employment Cost Index, Chicago PMI, Construction Spending, and Consumer Confidence on Tuesday, the ISM Index and Pending Home Sales on Wednesday, Initial Jobless Claims and Factory Orders on Thursday, and July’s jobs data and ISM Services on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose above $77 to close within a penny of its record closing high set a little over a year ago on worries over the upcoming hurricane season in the U.S. and supply concerns in the face of continued strong demand.
The U.S. dollar index rose on decent U.S. GDP growth as the euro fell on concerns that subprime problems were spreading to European markets.
Treasuries ended slightly lower despite general market weakness as decent economic data brought interest rates up from the over 2 month lows set yesterday.
The Dow fell over 170 points by early afternoon before it rebounded and saw less than 50 point losses my mid-afternoon, but it then fell back off into the close and ended over 200 points lower to cap the worst week for the Dow in 5 years. The Nasdaq and S&P followed similar patterns as credit concerns continue to plague the markets.
Among the big names making news in the market Friday were Citigroup, PIMCO, Chevron, Cadbury, Blackstone, Medtronic and Kyphon, Medco, Alcoa, Macy’s, Clear Channel, and Volkswagen.
The Commentary:
“August Gold finished down 2.7 at 660.1, 2.7 off the high and 3.1 up from the low.
September Silver closed down 0.235 at 12.715. This was 0.025 up from the low and 0.085 off the high.
The gold market continued to be pinned down by the strength in the US Dollar. It would also seem like the gold market was given some added pressure off the fear of slowing off the seemingly unending credit crisis. However, the European gold fix did manage to hold above two week lows into its close on Friday but that fix didn't have the benefit of seeing the early afternoon slide in the US equity market. In a positive story that was mostly ignored on Friday, Gold Fields announced the purchase of some additional land rights next to the Deep South mine, and while that would suggest that a major gold miner maintains a bullish longer term look toward future gold prices, the trade was unmoved.
The silver market mostly remained sharply lower throughout the trading session on Friday, with the trade being pressured by a rising Dollar, sagging equities and a slack macro economic outlook. Apparently silver simply decided to track in the footsteps of gold and platinum instead of the copper market. The surprising thing about the action Friday is that neither gold, nor silver seemed to garner any benefit from the ongoing rise in energy prices.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 7/26/2007
Gold Warehouse Stocks: | 6,910,338 | -360 |
Silver Warehouse Stocks: | 130,849,442 | - |
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 | 496.53 | 15,964,095 | US$ 10,693m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.65 | 3,043,058 | US$ 2,008m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,809 | US$ 265m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,307 | US$ 307m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 0.62 tonnes and the JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/26/2007 | |
Total Net Assets | $977,338,605 | 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 7/26/2007 | |
Total Net Assets | $1,859,513,187 | Ounces of Silver
in Trust | 141,671,812.200 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,406.49 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Buenaventura’s (BVN) second quarter earnings, Gold Fields (GFI) acquisition, Randgold’s (GOLD) Loulo complex, Fronteer’s (FRG) agreement with NewWest Gold, Penoles’ second quarter profit, and Avino’s (ASM.V) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Northern Dynasty | NAK +7.36% $14.01 |
2. US Energy | USEG +7.00% $4.97 |
3. Pacific Rim | PMU +5.94% $1.07 |
LOSERS
1. Entree Gold | EGI -5.84% $2.627 |
2. Ivanhoe | IVN -5.63% $13.57 |
3. Buenaventura | BVN-5.41% $38.80 |
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:
Colibri Resource Corporation Announces Board Changes - More
- July 27, 2007 | Item | E-mail
Fronteer Development Group Inc. and NewWest Gold Corporation Enter into Arrangement Agreement - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer") and NewWest Gold Corporation (Toronto:NWG.TO - News) ("NewWest") announced today that NewWest and Fronteer have entered into an arrangement agreement pursuant to which Fronteer will acquire 100% of the common shares of NewWest through a court-approved plan of arrangement (
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 3% and 5% on the Week