-- Posted Thursday, 2 August 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $664.60 | +$0.80 |
Silver | $12.95 | +$0.07 |
XAU | 146.48 | +0.76% |
HUI | 341.74 | +0.62% |
GDM | 1078.21 | +0.79% |
JSE Gold | 2557.69 | +0.63% |
USD | 80.67 | -0.19 |
Euro | 136.89 | +0.27 |
Yen | 83.92 | -0.37 |
Oil | $76.86 | +$0.33 |
10-Year | 4.753% | -0.006 |
T-Bond | 110.21875 | +0.15625 |
Dow | 13463.33 | +0.76% |
Nasdaq | 2575.98 | +0.87% |
S&P | 1472.20 | +0.44% |
The Metals:
Gold rose a few dollars in after hours access trade late yesterday before it fell back near unchanged in Asia and then climbed back higher in London to find over $2 gains by early trade in New York, but it then fell back off in midmorning trade, waffled on either side of unchanged for most of the rest of the day, and ended with a gain of just 0.12%. Silver rose over $13.00 in early New York trade before it also fell back off by late morning, but it remained higher throughout the day’s session and ended with a gain of 0.54%.
Euro gold fell under €486, platinum lost $2 to $1,281, palladium remained unchanged at $362, and copper fell another 4 cents to about $3.62.
Gold and silver equities traded mostly slight higher and ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/28 | 307K | 310K | 303K |
Factory Orders | June | 0.6% | 1.0% | -0.5% |
Tomorrow at 8:30AM EST brings July’s jobs data. Nonfarm Payrolls are expected at 135,000, the Unemployment Rate is expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.9. At 10AM is the ISM Services report for July expected at 59.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly higher and ended with a slight gain as traders continued to debate yesterday’s conflicting inventory report and it appears less likely that OPEC will boost production anytime soon.
The U.S. dollar rebounded versus the yen, but it fell versus the euro as the ECB kept rates unchanged at 4.0% and unexpectedly indicated a likely rate hike next month. The Bank of England also kept its key interest rate unchanged at 5.75%.
Treasuries found modest gains by the close on continued subprime concerns.
The Dow, Nasdaq, and S&P rose on mostly strong earnings reports.
Among the big names making news in the market today were Clorox, Morningstar, Accredited Home, Northwest, Mattel, Viacom, CVS/Caremark, Kodak, and Fidelity.
The Commentary:
“December Gold finished up 0.7 at 676.6, 2.2 off the high and 2.4 up from the low.
September Silver closed up 0.04 at 12.995. This was 0.035 up from the low and 0.085 off the high.
Gold was mostly range bound today, trading in a choppy manner, and its failure to capitalize on neither gains in the stock market nor a weaker US Dollar may have promoted some liquidation. Press reports of hefty central bank selling may have also kept a lid on the market. With Europe heading into its prime vacation period in August, volume is thin. A lack of economic news, good or bad, also kept action quiet, as the trade remains "on edge" about the sub-prime loan mess. The unemployment report tomorrow will be monitored closely for signs of stability.
Silver showed a little more strength than gold today, possibly because it did not have the added pressure of central bank selling, but like gold it failed to make any significant gains through early afternoon. With calm once again returning to the markets after the latest round of sub-prime panic, silver seems to be benefiting from modest equity market gains and possibly the weaker dollar, even if the economic news hasn't been enough to really drive the market in one direction or another. With yesterday's threat of debt problems "infecting" the global economy fresh in everyone's mind, it's not surprising that market action is tentative today”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Remarkable' speedup in gold miners' dehedging
U.S. automakers lose majority of domestic market
Too big to fail: Germany rescues subprime lender
The Statistics:
As of close of business: 8/1/2007
Gold Warehouse Stocks: | 7,152,356 | +21,841 |
Silver Warehouse Stocks: | 132,706,578 | +600,609 |
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 | 506.69 | 16,290,581 | US$ 10,842m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,855 | US$ 2,025m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,783 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,277 | US$ 305m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 10.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/1/2007 | |
Total Net Assets | $992,037,285 | 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 8/1/2007 | |
Total Net Assets | $1,808,361,879 | 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:
Quarterly results from Newmont (NEM), Randgold (RG), Richmont (RIC), Agnico-Eagle (AEM), and Barrick (ABX), Barrick’s Pascua-Lama gold project approval process, Great Basin’s (GBN) announced approval of the black economic empowerment transaction, Pacific Rim’s (PMU) El Dorado project progress, Exeter’s (XRA) updated resources, Ivanhoe’s (IVN) clarification, Sterling Mining’s (SRLM.OB) private placements and conditional approval for a TSX listing, Yale’s (YLL.V) work program, and Arian Silver’s (AGQ.V) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +11.97% $5.24 |
2. Northern Dynasty | NAK +6.09% $13.93 |
3. Richmont | RIC +5.69% $2.6846 |
LOSERS
1. Northgate | NXG -4.44% $3.01 |
2. Endeavour | EXK -3.07% $4.73 |
3. Claude Resources | CGR -2.76% $1.41 |
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:
Crosshair Appoints New Chief Financial Officer - More
- August 02, 2007 | Item | E-mail
Sterling Mining Completes Private Placements and Receives Conditional Approval for Toronto Stock Exchange Listing - "Sterling Mining Company (OTCBB: SRLM - News; the "Company") announced today that it has closed two private placement offerings, that in the aggregate raised a total of US$24,734,755.50." More
- August 02, 2007 | Item | E-mail
Denison Reaches 96.3% Ownership of OmegaCorp - More
- August 02, 2007 | Item | E-mail
Yale Starts Work Program at the La Verde Property - "The work program is programmed to last 3 months and will include the rehabilitation of the La Verde Grande Mine, detailed sampling within the mine, sampling of the other known workings within the project, prospecting, geological mapping and property wide sampling. It will be supervised by Yale's Exploration Manager, Julio Lopez, and utilize a project geologist, two junior geologists and two sampling crews." More
- August 02, 2007 | Item | E-mail
Bayswater Provides Project and Corporate Update - More
- August 02, 2007 | Item | E-mail
Farallon Begins Trading in the United States - More
- August 02, 2007 | Item | E-mail
Barrick cautious as Pascua-Lama approvals drag on - "Barrick Gold Corp. (ABX.TO: Quote, Profile, Research) is "cautious" about the approval process for its Pascua-Lama gold project and could face construction delays if it can't soon reach agreements with the governments of Chile and Argentina, Chief Executive Greg Wilkins said on Thursday." More
- August 02, 2007 | Item | E-mail
Gold miner Newmont posts quarterly loss on charges - "Gold miner Newmont Mining Corp. (NEM.N: Quote, Profile, Research) on Thursday posted a quarterly loss from charges linked to the sale of its merchant banking operation and the elimination of its gold hedge positions." More
- August 02, 2007 | Item | E-mail
Pershimco: Initial Grab Sample Results From Magistral Return High Grades Copper - More
- August 02, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Ruby Creek Forges Ahead - More
- August 02, 2007 | Item | E-mail
Donner Metals Ltd.: 6 New Massive Sulphide Intersections, Including 19.75 Metres of 22.95% Zinc, 21.40 Metres of 12.47% Zinc at Bracemac - More
Gold Seeker Closing Report: Gold and Silver Gain Slightly; Streettracks Adds Over 10 Tonnes to New Record