-- Posted Monday, 13 August 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $669.80 | -$0.60 |
Silver | $12.77 | -$0.02 |
XAU | 143.05 | -0.89% |
HUI | 340.74 | -1.53% |
GDM | 1062.15 | -1.39% |
JSE Gold | 2277.64 | +0.16% |
USD | 81.07 | +0.37 |
Euro | 136.23 | -0.74 |
Yen | 84.48 | -0.06 |
Oil | $71.62 | +$0.15 |
10-Year | 4.778% | +0.002 |
T-Bond | 109.46875 | +0.15625 |
Dow | 13236.53 | -0.02% |
Nasdaq | 2542.24 | -0.10% |
S&P | 1452.92 | -0.05% |
The Metals:
Calm and stability returned to the markets today after last week’s volatility due to credit market worries as there were no new major announcements of fund closings or major subprime related losses over the weekend, though most agree that hidden problems remain and wild moves could return at any time.
Gold traded in a very tight range at mostly slightly lower levels throughout world trade and saw a low of $667.70 in early New York trade before it bounced back higher for the rest of trade and ended with a loss of just 0.09%. Silver dropped to $12.71 by midmorning in New York before it also rebounded higher in the last few hours of trade and ended with a loss of just 0.16%.
Euro gold rose above €491, platinum gained $3 to $1,275, palladium gained $4 to $354, and copper fell nearly 9 cents to about $3.56.
Gold and silver equities fell about 1% at the open and remained near their lows for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | July | 0.3% | 0.2% | -0.7% |
Retail Sales ex-auto | July | 0.4% | 0.3% | -0.2% |
Business Inventories | July | 0.4% | 0.4% | 0.5% |
Tomorrow at 8:30AM EST brings PPI for July expected at 0.1%, Core PPI expected at 0.2%, and the Trade Balance for June expected at -$61.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on worries over developing tropical depression in the Eastern Atlantic, but prices fell to find just slight gains by the close as new forecasts called for the tropical depression to move past and miss the Gulf of Mexico if it stays on its current path.
The U.S. dollar index rose back above 81 for the first time in a month as credit worries eased for the time being and reduced expectations for a possible fed rate cut.
Treasuries fell in early trade on decent economic data, but they rose to find small gains by the close on worries over further fallout in credit related losses in the days ahead.
The Dow, Nasdaq, and S&P rose for most of trade on strong Retails Sales as the fed injected another $2 billion in overnight repurchase agreements to ease liquidity concerns, but all three indices fell off to find minor losses by the close on uncertainty over further credit problems.
Among the big names making news in the market today were Accredited Home and Lone Star, Goldman Sachs, Sears, and Blackstone.
The Commentary:
“December Gold finished down 0.7 at 680.9, 1.6 off the high and 1.4 up from the low.
September Silver closed down 0.015 at 12.855. This was 0.065 up from the low and 0.01 off the high.
The gold market waffled around unchanged throughout most of the session Monday but the bull camp might suggest that the market held together rather impressively in the face of an upward extension in the US Dollar. However, the bull camp had to be disappointed that gold failed to rally in the face of gains in energy and equity prices. With the Dollar rising and gold softening in the face of a better than expected US retail sales report, one could suggest that a tempering of flight to quality conditions actually gave the bear camp a minor edge on Monday.
With a quasi inside day down trade on Monday in silver one gets the sense that some flight to quality buyers were forced out of position after last week's temporary influx. Seeing silver fall back in the wake of rather significant gains in copper prices and at least in the face of initial gains in the stock market would seem to highlight the markets lack of interest in the typical physical commodity market fundamentals. In other words, the action on Monday seems to suggest that silver is tracking financial or flight to quality issues closer than classic physical supply and demand forces.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Patterns that reveal gold price capping
China reports inflation up sharply
Central banks continue market intervention but at reduced levels
Currency swap expected from Fed and ECB
Gene Arensberg: Big markets worry, gold market sleeps?
Despite Sean Boyd's help, gold's slumber still mystifies Bloomberg
Indonesia would cut Grasberg mine's production by as much as third
James Turk: The search for a safe haven
Telegraph: Hedge funds' panic was behind worldwide market collapse
China backs off threats against dollar
Will Paulson ever consent to answer the right questions?
Mike Kosares: The morning after the open-ended bailout
Ambrose Evans-Pritchard: Inflation-busting Bernanke won't rush to relieve the pain
Government won't ease limits on loan giants
The Statistics:
As of close of business: 8/10/2007
Gold Warehouse Stocks: | 7,131,738 | - 10,356 |
Silver Warehouse Stocks: | 133,346,423 | - |
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 | 509.29 | 16,374,170 | US$ 10,945m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.63 | 3,042,484 | US$ 2,038m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,399 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,231 | US$ 306m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.23 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/9/2007 | |
Total Net Assets | $988,660,551 | 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 8/9/2007 | |
Total Net Assets | $1,837,191,153 | 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:
Canyon’s (CAU) second quarter results, Freeport’s (FCX) mine output, Rubicon’s (RBY) update on its exploration activities, ISS’ recommendation to vote for the Northern Orion (NTO) and Yamana (AUY) business combination, Revett’s (RVM.TO) and Silvercorp’s (SVM.TO) quarterly results, and Arian Silver’s (AGQ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla Mining | HL +7.26% $7.53 |
2. Tanzanian Royalty | TRE +7.21% $5.65 |
3. Paramount | PZG +7.17% $2.84 |
LOSERS
1. Gammon Gold | GRS -8.63% $9.00 |
2. Coeur d’Alene | CDE -5.62% $3.86 |
3. Vista Gold | VGZ -5.54% $4.60 |
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:
Roxmark hits high-grade gold at Northern Empire Mine property - More
- August 13, 2007 | Item | E-mail
ISS Recommends Shareholders Vote for the Northern Orion-Yamana Business Combination - "NORTHERN ORION RESOURCES INC. (Toronto:NNO.TO - News)(AMEX:NTO - News) is pleased to announce that Institutional Shareholder Services ("ISS Canada"), Canada's leading independent proxy advisory firm, has recommended that its clients, including investment firms, pension funds, mutual funds and other fiduciaries throughout Canada, the U.S. and the world, vote FOR the previously announced proposed business combination with Yamana Gold Inc. ("Yamana") at the upcoming Special Meeting of Northern Orion Shareholders to be held on August 22, 2007." More
- August 13, 2007 | Item | E-mail
Yellowcake Mining Completes Joint Venture Agreement on Sky Project With Strathmore - More
- August 13, 2007 | Item | E-mail
Nirek Resources Inc. has Filed for Listing on the Frankfurt Stock Exchange - More
- August 13, 2007 | Item | E-mail
Kimberly Provides Update on Wildfires near the Rescue Mine - More
- August 13, 2007 | Item | E-mail
International Kirkland Minerals Inc.: Results From the Rupert River Uranium Property, Quebec - More
- August 13, 2007 | Item | E-mail
New Guinea Gold Corporation: Sinivit Drilling Records Further Gold Results to 89.8g/t - More
- August 13, 2007 | Item | E-mail
Revett Minerals Reports Strong Operating and Financial Results for the Three and Six Months Ended June 30, 2007. - "For the second quarter of 200
Gold Seeker Closing Report: Gold and Silver Fall Slightly as Markets Calm