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-- Posted Monday, 6 August 2007 | Digg This Article
| Close | Gain/Loss | Gold | $671.40 | -$1.30 | Silver | $12.97 | -$0.12 | XAU | 141.63 | -1.45% | HUI | 335.81 | -1.15% | GDM | 1053.12 | -1.60% | JSE Gold | 2331.38 | -7.52% | USD | 80.33 | +0.14 | Euro | 137.92 | +0.03 | Yen | 84.55 | +0.19 | Oil | $72.06 | -$3.42 | 10-Year | 4.731% | +0.031 | T-Bond | 110.1875 | -0.4375 | Dow | 13468.78 | +2.18% | Nasdaq | 2547.33 | +1.44% | S&P | 1467.67 | +2.42% |
The Metals:  Gold traded mostly slightly lower in Asia before it rebounded and saw small gains in London above $674, but it then slowly and steadily fell off in morning New York trade to as low as $668.50 ahead of a rebound in the last hour of trade that left it with a loss of just 0.19%. Silver dropped to as low as $12.91 before it also rebounded in afternoon trade, but it still ended with a loss of 0.92%.
Euro gold fell to about €487, platinum gained $5 to $1,292, palladium lost $1 to $361, and copper rose roughly 4 cents to about $3.58. Gold and silver equities fell over 3% by late morning, but they then rebounded throughout most of afternoon trade and ended with less than 2% losses. The Economy: There were no major economic reports today. Tomorrow at 8:30AM EST brings the preliminary reading for second quarter Productivity expected at 2.0%. At 2:15PM is the FOMC policy statement that is expected to keep interest rates unchanged, but all will be paying attention to the fed’s statement that may comment on credit concerns recently impacting the markets. Finally at 3PM tomorrow is Consumer Credit for June expected at $6.0 billion. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell markedly on profit taking and worries that slowing economic growth will reduce demand. The U.S. dollar index fell to a 15 year low and briefly dropped under the 80.00 level in early trade on worries over U.S. economic growth, but it rebounded to find a slight gain by the close as traders positioned themselves ahead of tomorrow’s fed meeting. Treasuries fell slightly as interest rates rose in reaction to an impressive rebound in the Dow, Nasdaq, and S&P that was fueled by bargain hunting after last week’s late sell off. Among the big names making news in the market today were Wal-Mart and Bharti, American Home Mortgage, Bear Stearns, and Chrysler. The Commentary:  “December Gold finished down 1.1 at 683.3, 1.7 off the high and 3.3 up from the low.
September Silver closed down 0.125 at 13.033. This was 0.073 up from the low and 0.127 off the high. The gold market might have been fortunate to have been only slightly lower during the trade Monday, as the Dollar managed to clearly reject a fresh new low for the move, equity prices managed a surprise bounce and oil prices were under extreme pressure. However, despite the recovery in the stock market from its early lows, the sub-prime loan situation remained a potential flight to quality issue. In fact, the US gold price action was somewhat disappointing considering that the European gold market managed to climb to another new weekly high early in the trading session. With a host of physical commodities under pressure during the action on Monday, the environment was ripe for aggressive fund type selling but the uncertainty in the financial sector served to keep some players interested in gold. With the US equity market managing a somewhat impressive bounce off an early new low for the move and the copper market also reversing some significant early selling pressure it isn't surprising that silver was unable to recoil sharply from its early weakness. For the time being, the silver market looks to be held captive to outside market forces, but given the talk of fresh speculative selling on Monday morning, it would seem like the bear camp has more confidence in their position than does the bull camp.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
James Turk: Two weeks closer to $700 Richard Russell still going strong at 83 (and reading LeMetropole Cafe) Jim Sinclair: How to spot manipulative late and after-hours trading If only the CFTC cared as much about gold ... or at all Shipping costs rise to record on Chinese demand New York gold exhibit moves to New Orleans on eve of conference there Of course illegal aliens will remain exempt Paul Craig Roberts: Return of the robber barons Barrick should close last hedges, Citigroup analyst says The Statistics: As of close of business: 8/3/2007 Gold Warehouse Stocks: | 7,151,958 | -398 | Silver Warehouse Stocks: | 132,777,798 | +596,279 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 506.52 | 16,285,133 | US$ 10,919m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,720 | US$ 2,039m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,765 | US$ 269m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,256 | US$ 307m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 8/3/2007 | | Total Net Assets | $1,005,320,572 | Ounces of Gold
in Trust | 1,494,949.081 | Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.50 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 8/3/2007 | | Total Net Assets | $1,835,218,273 | Ounces of Silver
in Trust | 141,612,134.500 | Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,404.63 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Harmony’s (HMY) earnings forecast and Chief Executive resignation, Newmont’s (NEM) gold price prediction, and Hecla’s (HL) use of IFS applications were among the big stories in the gold and silver mining industry making headlines today, though news was slow with Canada closed for a Civic Holiday. WINNERS 1. New Gold | NGD +5.65% $6.92 | 2. Gold Reserve | GRZ +4.19% $4.97 | 3. Coeur d’Alene | CDE +4.09% $3.82 |
LOSERS 1. Harmony | HMY-18.19% $11.02 | 2. Fronteer | FRG -9.91% $10.55 | 3. Allied Nevada | ANV -8.85% $5.46 |
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: Geoinformatics Announces Granting of Stock Options - More
- August 06, 2007 | Item | E-mail
Golden Cycle Gold Corporation Reports Completion of the Mine Life Extension Pre-Feasibility Study at Its Joint Venture - More
- August 06, 2007 | Item | E-mail
Thistle Announces Extension of Time for Holding Annual Shareholders' Meeting - More
- August 06, 2007 | Item | E-mail
Harmony Gold sees EPS loss in quarter to end-June; CEO resigns - "Harmony Gold Mining Company Ltd (nyse: HMY - news - people ) forecast an EPS loss for the quarter ending June 30, due to lower production and an increase in costs, and said chief executive Bernard Swanepoel has resigned with immediate effect." More
- August 06, 2007 | Item | E-mail
Lakota Updates Status of Financing - More
- August 06, 2007 | Item | E-mail
Harmony Gold Mining - BERNARD SWANEPOEL RESIGNS - "Johannesburg, 6 August 2007. The Board of Harmony Gold Mining Company Limited (Harmony) announces that Bernard Swanepoel, Chief Executive for the past 12 years, has resigned with immediate effect." More
- August 06, 2007 | Item | E-mail
Harmony Gold Mining - Trading Statement - "Harmony Gold Mining Company Limited (Harmony) announces that its financial results for the quarter ending 30 June 2007 are expected to differ significantly from those of the three previous quarters as well as from the analysts' consensus." More
- August 06, 2007 | Item | E-mail
Harmony expects Q4 headline loss between 130-160 cts - "South African gold miner Harmony Gold expects to report headline loss per share of between 130-160 cents per share for the June 2007 quarter, the firm said in a statement on Monday." More
- August 06, 2007 | Item | E-mail
Hecla Mining to Standardize Global Operations on IFS Applications - "IFS, the global enterprise applications company, announced today that Hecla Mining Company has signed a contract to implement IFS Applications at its Coeur d'Alene, Idaho headquarters, with plans to expand the implementation to all domestic and international facilities." More
- August 06, 2007 | Item | E-mail
Franklin Prepares Escala to Resume Operations - More
- August 06, 2007 | Item | E-mail
Galway Resources provides an update on the Indian Springs open-pittable tungsten project - More
- August 06, 2007 | Item | E-mail
Silverado Placer gold recovery at Nolan already exceeds last year's production - More
- August 06, 2007 | Item | E-mail
Newmont sees gold price approaching $750/ounce - "Newmont Mining (NEM.N: Quote, Profile, Research) said on Monday that strong demand from the jewelry sector was set to push gold prices up to around US$750 an ounce in the northern autumn." More
- August 06, 2007 | Item | E-mail |
Gold Seeker Closing Report: Gold and Silver Fall Slightly Before Fed Day