-- Posted Tuesday, 31 July 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $667.20 | +$3.00 |
Silver | $12.95 | +$0.13 |
XAU | 148.71 | -0.69% |
HUI | 345.04 | -0.69% |
GDM | 1087.90 | -0.73% |
JSE Gold | 2632.42 | +0.83% |
USD | 80.79 | -0.05 |
Euro | 136.88 | +0.01 |
Yen | 84.10 | -0.16 |
Oil | $78.21 | +$1.38 |
10-Year | 4.771% | -0.033 |
T-Bond | 110.0625 | +0.4375 |
Dow | 13211.99 | -1.10% |
Nasdaq | 2546.27 | -1.43% |
S&P | 1455.27 | -1.26% |
The Metals:
Gold traded slightly higher in Asia and added to its gains in London to find over $4 gains above $668 in early New York trade before it fell back off in midmorning trade to as low as $663.10 by about 11AM EST, but it then rallied back higher into the close and ended near its high of the session with a gain of 0.45%. Silver rose over $13.00 before it fell to $12.83 by about 11AM EST, but it also rallied back higher into the close and ended with a gain of 1.01%.
Euro gold remained above €485, platinum gained $22 to $1,290, palladium gained $3 to $363, and copper rose roughly 6 cents to about $3.76.
Gold and silver equities rose over 1% at the open, but they then fell back off with gold and silver midmorning and remained lower into the close despite gold and silver’s afternoon rebound as general market weakness seemed to keep the miners lower.
Central bank gold sales ramp up, but still far short of quota Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | June | 0.4% | 0.5% | 0.4% |
Personal Spending | June | 0.1% | 0.1% | 0.6% |
Core PCE Inflation | June | 0.1% | 0.2% | 0.1% |
Employment Cost Index | Q2 | 0.9% | 0.9% | 0.8% |
Chicago PMI | July | 53.4 | 58.5 | 60.2 |
Construction Spending | June | -0.3% | 0.2% | 1.1% |
Consumer Confidence | July | 112.6 | 105.0 | 105.3 |
Tomorrow at 10AM EST brings the ISM Index for July expected at 55.5 and Pending Home Sales for June expected at -0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over a dollar to above $78 and made a new record closing high on supply concerns ahead of tomorrow’s inventory data. Prices also closed just 19 cents away from the all-time record intraday high of $78.40.
The U.S. dollar index traded mostly slightly lower on mixed economic data and renewed subprime worries.
Treasuries rose on tame Core PCE Inflation data as weak Chicago PMI and Construction Spending data was offset by better than expected Consumer Confidence data. Credit worries added to bond gains late in the day and pushed the yield on the 10-year to its lowest close in 2 and ½ months.
The Dow, Nasdaq, and S&P rose markedly in early trade on mostly good earnings reports and tame Core PCE Inflation, but they then fell back off in afternoon trade and ended with over 1% losses as oil prices set a new record closing high and subprime worries returned to the market with American Home Mortgage Investment Corp. announcing some trouble with its credit lines.
Fed will act on market slide if warranted: Poole Reuters
Among the big names making news in the market today were American Home Mortgage Investment Corp., NCR, Northwest Air, Sirius, Avon, Nike, News Corp. and Dow Jones, CBS, General motors, and J&J.
The Commentary:
“December Gold finished up 2.7 at 679.3, 1.5 off the high and 3.8 up from the low.
September Silver closed up 0.114 at 13.017. This was 0.097 up from the low and 0.073 off the high.
A slightly weaker dollar and stronger stock market action today combined to provide a slight lift to the gold market, but this second day of recovery off of last week's steep declines seemed to run out of steam as the session progressed. A spate of economic reports this morning sent some mixed signals to the precious metals and contributed to choppy action early in the session. The market appeared to react negatively towards the Core PCE Inflator, which came in well below expectations, possibly because it lowered inflationary concerns. A stronger than expected US Consumer Confidence number, coming in at 112.6 for July, the highest reading since August 2001 and well above expectations was offset by a lower than expected Chicago PMI reading. Neither the stock market nor the dollar provided much leadership to gold today, as they were choppy as well, and sharply higher crude oil prices failed to generate much interest.
Silver started out strong on overnight strength in equities, a weaker dollar and calmer international debt markets, but like gold, its two day correction of last week's break seemed to run out of steam after mid-morning. A stronger copper market may have lent support through the mid-session and kept higher on the day, but by late in the session the market was threatening to trade lower on the day, as neither the dollar nor the stock market provided much direction.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India, another rich country insisting on being poor -- until now, maybe
Credit derivatives 'performing poorly' in crisis
Anti-gold cartel's UBS plans fund to short commodities
Gee, you think they might be trying to suppress gold?
The Statistics:
As of close of business: 7/30/2007
Gold Warehouse Stocks: | 6,907,147 | - |
Silver Warehouse Stocks: | 131,577,291 | + 738,158 |
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$ 10,557m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,923 | US$ 2,026m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,791 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,287 | US$ 303m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/30/2007 | |
Total Net Assets | $992,806,817 | Ounces of Gold
in Trust | 1,495,451.595 |
Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.51 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/30/2007 | |
Total Net Assets | $1,802,744,785 | 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:
AngloGold’s (AU) second quarter profit and retiring CEO, Gold Fields’ (GFI) Investor and Media Relations appointment, Royal Gold’s (RGLD) new Board member, Eldorado’s (EGO) development of the Vila Nova Iron Ore Project, Polyus’ gold production, Harmony’s (HMY) mine sale, Royal Gold’s (RGLD) amended merger agreement with Battle Mountain (BMGX.OB), Yamana’s (AUY) response to Meridian’s (MDG) Board rejection of Yamana’s offer, Palmarejo’s (PJO.V) project update, and Revett’s (RVM.TO) mine fatality were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +8.19% $1.45 |
2. Almaden Minerals | AAU +4.33% $2.556 |
3. Eldorado Gold | EGO +3.86% $4.57 |
LOSERS
1. Nevsun | NSU -4.62% $2.48 |
2. Orezone | OZN -4.26% $1.80 |
3. Kinross | KGC-3.06% $12.98 |
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:
Intrepid Reports Operating Activities for the Quarter Ended June 30, 2007 - More
- July 31, 2007 | Item | E-mail
Sparton Resources Inc.: Drilling Program Begins to Evaluate Waste Piles at Xiaolongtang Power Station - More
- July 31, 2007 | Item | E-mail
Yamana Gold's Offer Continues to be the Logical Choice for Meridian Gold's Shareholders - "Yamana expresses disappointment with the conclusions of the Meridian Board as outlined in the circular, and notes that the circular failed to address the many benefits which Meridian shareholders stand to gain by becoming part of the combination of Yamana, Northern Orion and Meridian. Moreover, after careful review of Meridian's Directors' Circular, investor presentation, and audit of their conference call, Yamana believes that there is no new material information concerning Meridian that is not already publicly known and inherent in their share price. Yamana has been offered no new information that would change its view that its offer is full and fair." More
- July 31, 2007 | Item | E-mail
Uranium Bay Adds U308 to Uskawanis, Doubles Size of Property and Continues Aggressive Program to Define Full U3O8 Potential - More
- July 31, 2007 |
Gold Seeker Closing Report: Gold and Silver Gain Again