-- Posted Monday, 30 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $664.20 | +$4.70 |
Silver | $12.82 | +$0.22 |
XAU | 149.75 | +3.41% |
HUI | 347.43 | +2.79% |
GDM | 1095.94 | +2.67% |
JSE Gold | 2610.76 | +1.86% |
USD | 80.84 | -0.14 |
Euro | 136.87 | +0.37 |
Yen | 84.26 | +0.03 |
Oil | $76.83 | -$0.19 |
10-Year | 4.804% | +0.016 |
T-Bond | 109.625 | -0.15625 |
Dow | 13358.31 | +0.70% |
Nasdaq | 2583.28 | +0.82% |
S&P | 1473.91 | +1.03% |
The Metals:
Gold bounced around between unchanged and about $3 higher in Asia, London, and morning New York trade, but it then took off even higher in the last hour of trade and ended near its high with a gain of 0.71%. Silver traded about 5-10 cents higher in Asia and London before it steadily added to its gains throughout trade in New York and ended near its high of the session with a gain of 1.75%.
Euro gold rose over €485, platinum lost $3 to $1,268, palladium remained unchanged at $360, and copper rose roughly 8 cents to about $3.70.
Gold and silver equities steadily rose throughout trade and ended with about 3% gains.
The Economy:
There were no major economic reports today, but of note was a report from RealtyTrac showing “home foreclosure filings rose 58 percent in the first six months of the year versus the same span a year ago.”
Tomorrow at 8:30AM EST brings Personal Income for June expected at 0.5%, Personal Spending expected at 0.1%, Core PCE Inflation expected at 0.2%, and the Employment Cost Index for the second quarter expected at 0.9%. At 9:45 is Chicago PMI for July expected at 58.5, and at 10AM is Construction Spending for June expected at 0.2% and Consumer Confidence for July expected at 105.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended modestly lower on profit taking as a refinery came back online over the weekend and hurricane season has so far remained calm.
The U.S. dollar index fell yet again on credit market worries as the yen continued to rise on carry trade closings.
Treasuries fell as the Dow, Nasdaq, and S&P rebounded from last week’s sharp losses on decent earnings reports and more takeover activity.
Among the big names making news in the market today were RadioShack, Wrigley, Citadel, News Corp. and Dow Jones, Sanyo, Verizon Wireless and Rural Cellular, ABN and Barclays, Loews, American Home Mortgage, and Archer Daniels Midland.
The Commentary:
“December Gold finished up 4.3 at 676.6, 0.1 off the high and 4.6 up from the low.
September Silver closed up 0.188 at 12.903. This was 0.173 up from the low and 0.012 off the high.
The gold market staged a modest recovery today, mostly consolidating within Friday's range, which was also towards the bottom of last Thursday's big range down day. The dollar eased back after last Friday's gains and the S&P and other indices managed to recover after a test of last Friday's lows. These two outside factors, coupled with stronger crude oil prices meant that forces were lined up in gold's favor for a change.
The silver market staged a modest recovery as well today, staying mostly within Friday's range for most of the session and towards the lower end of last week's wide range. Like gold, silver found support from higher equity and energy markets as well as a weaker dollar. Silver may have also found support from a higher copper trade, which received news of possible strike action in Mexico on the heels of ongoing labor disputes in Chile.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Bundesbank looks to learn from its past
An exchange with Jay Taylor about deflation
Dan Norcini: Bullion bank efforts against gold reached record last week
Is gold's problem really an impending deflation?
Help compel Treasury to answer New York Post's John Crudele
The Statistics:
As of close of business: 7/27/2007
Gold Warehouse Stocks: | 6,907,147 | -3,191 |
Silver Warehouse Stocks: | 130,839,133 | -10,309 |
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$ 10,541m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.65 | 3,042,957 | US$ 2,023m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,796 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,302 | US$ 298m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/27/2007 | |
Total Net Assets | $986,707,905 | Ounces of Gold
in Trust | 1,495,451.595 |
Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.51 |
Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 7/27/2007 | |
Total Net Assets | $1,805,652,426 | 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:
Eldorado’s (EGO) mine update, New Gold’s (NGD) exercised over-allotment option, Rubicon’s (RBY) drill results, Canyon’s (CAU) increased mineralization estimate, IAMGOLD’s (IAG) drill results, Banro’s (BAA) Preliminary Assessment, Randgold’s (GOLD) announced) joint venture with IAMGOLD, and MAG’s (MVG) completed land purchase were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +8.07% $15.14 |
2. Seabridge | SA +7.10% $28.81 |
3. Minco Gold | MGH +6.95% $1.23 |
LOSERS
1. Almaden | AAU -3.92% $2.45 |
2. Gammon Lake | GRS -3.34% $11.30 |
3. US Energy | USEG -2.21% $4.86 |
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:
Letter From the President of Hemis Corp. - More
- July 30, 2007 | Item | E-mail
Eldorado Gold Corporation: Kisladag Mine Update - "The Turkish Ministry of Environment ("MOE") on July 19, 2007 received official notification from the 6th Department of Council of State ordering the shut down of the Kisladag mine within 30 days. Such order is in the nature of an interim injunction issued by the Appellate Court, pending a decision on the case." More
- July 30, 2007 | Item | E-mail
Altius Minerals Corporation Reports Annual Net Earnings of $52.8 Million - More
- July 30, 2007 | Item | E-mail
CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - Quarterly Report - June 2007 - More
- July 30, 2007 | Item | E-mail
Centamin Egypt Limited Reports on Activities in the Quarter Ended June 30, 2007 - More
- July 30, 2007 | Item | E-mail
Oromin Explorations Ltd.: Golouma West Gold Deposit Expanding Further West and Merging With Golouma Northwest Confirmed - More
- July 30, 2007 | Item | E-mail
Cabo to drill 7,000 meters for Fronteer Development Group Inc. - More
- July 30, 2007 | Item | E-mail
Bonaventure Becomes Leading Player in Athabasca Uranium Basin; Aggressive Program Commencing - More
- July 30, 2007 | Item | E-mail
Starfire Announces Porphyry Pearl Project Schedule - More
- July 30, 2007 | Item | E-mail
Sea Green Announces Partial Results From Casa-Berardi Drilling - More
- July 30, 2007 | Item | E-mail
Advisory: Intrepid Second Quarter 2007 Results and Conference Call - More
- July 30, 2007 | Item | E-mail
Hana Mining Announces $2 Million Private Placement - More
- July 30, 2007 | Item | E-mail
New Gold Inc.: Exercise of Over-Allotment Option, Gross Proceeds of Offering Increased to $392 Million - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that the over-allotment option granted to the agents in connection with New Gold's previously announced (May 29 and 30, 2007, and June 14 and 28, 2007) public offering (the "Offering") of Units, Debentures, Flow-Through Shares and Shares, was exercised in respect of 17,000 Units, resulting in additional gross proceeds of $17,000,000." More
- July 30, 2007 | Item | E-mail
St. Eugene Mining Corp. intersec
Gold Seeker Closing Report: Gold and Silver Gain Nearly 1% and 2%