-- Posted Monday, 4 February 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $904.90 | +$0.10 |
Silver | $16.73 | -$0.06 |
XAU | 180.24 | -2.37% |
HUI | 438.93 | -2.80% |
GDM | 1326.93 | -2.56% |
JSE Gold | 2387.08 | -111.29 |
USD | 75.35 | -0.13 |
Euro | 148.26 | +0.10 |
Yen | 93.70 | -0.28 |
Oil | $90.02 | +$1.06 |
10-Year | 3.643% | +0.043 |
T-Bond | 119.1875 | -0.59375 |
Dow | 12635.16 | -0.85% |
Nasdaq | 2382.85 | -1.26% |
S&P | 1380.82 | -1.05% |
The Metals:
Gold rose to over $910 in Asia before it fell back off in London and dropped to as low as $891.75 in midmorning New York trade, but it then rallied back higher into the close and ended with a gain of 0.01%. Silver dropped to as low as $16.38 before it also rebounded, but it still ended with a loss of 0.36%.
Euro gold fell to about €610, platinum gained $35 to $1791 to a new record high, palladium gained $13 to $424, and copper rose slightly to about $3.27.
Gold and silver equities fell over 2% in the first hour of trade and then rebounded midday, but they then fell back off into the close and ended with nearly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Dec | 2.3% | 2.0% | 1.7% |
Tomorrow at 10AM EST is the ISM Services report for January expected at 53.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back over $90 as a waterway in Texas closed due to fog and prevented supplies from entering the country.
The U.S. dollar index and treasuries fell slightly as traders looked forward to central bank meetings later in the week.
The Dow, Nasdaq, and S&P fell roughly 1% on worries over the economy.
Among the big names making news in the market today were Wendy’s and Microsoft.
The Commentary:
“April Gold finished down 4.1 at 909.4, 0.6 off the high and 13.4 up from the low.
March Silver closed down 0.09 at 16.78. This was 0.33 up from the low and 0.02 off the high.
While the gold market did managed to throw off a portion of the big early losses, seeing April gold forge a large range down pattern to start the week must have discouraged some bulls. Apparently a mostly weak US Dollar and talk of soaring US Budget deficits failed to inspire flight to quality interest in gold and that probably discouraged the bull camp. In fact, gold distinctly diverged from the mostly favorable industrial metals price action on Monday and that could suggest that the gold market saw the US Factory orders release as a negative development. While a portion of the trade saw the initial weakness as technical in nature, it is also possible that a lack of fresh supply disruption news from South Africa prompted some longs to bank profits. However, the gold market did manage to climb back toward unchanged just after mid session in conjunction with a fresh low for the day in the stock market and that could suggest that the flight to quality argument was trying to come back into vogue.
Clearly the silver market diverged with other industrial metals markets on Monday, as March silver in the morning trade reached down to the lowest level since January 28th, while platinum and copper prices were strong throughout the trading session. With the silver markets last two day trading range stretching out to roughly 90 cents and the market recently posting a rather significant non commercial and non reportable long positioning, reports of technical selling pressure was not that surprising. With the market seemingly disappointed with the US Factory Orders release and perhaps undermined by a weak equity market, there seemed to be a number of classic physical commodity market fundamental issues weighing on silver prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mining Interactive interviews GATA Chairman Bill Murphy
James Turk: The flight from the dollar
Banks join to solve bond insurer crisis
Connecticut editor helps sponsor gold-rigging ad in Wall Street Journal
The Statistics:
As of close of business: 2/4/2008
Gold Warehouse Stocks: | 7,587,972 | - |
Silver Warehouse Stocks: | 135,413,733 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 631.36 | 20,298,893 | US$ 18,562m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 105.20 | 3,382,134 | US$ 3,054m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.64 | 566,904 | US$ 512m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,704 | US$ 812m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 0.62 tonnes and the JSE added 0.49 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/1/2008 | |
Total Net Assets | $1,750,860,711 | Ounces of Gold
in Trust | 1,927,405.542 |
Shares Outstanding | 19,500,000 | Tonnes of Gold
in Trust | 59.95 |
Note: Change in Total Tonnes from yesterday’s data: 0.92 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 2/1/2008 | |
Total Net Assets | $2,828,758,314 | Ounces of Silver
in Trust | 164,622,682.500 |
Shares Outstanding | 16,600,000 | Tonnes of Silver
in Trust | 5,120.34 |
Note: Change in Total Tonnes from yesterday’s data: 61.67 tonnes were added to the trust.
The Stocks:
Orezone’s (OZN) EPCM contract, Newmont’s (NEM) analyst day, NovaGold’s (NG) credit facility, Allied Nevada’ (ANV) assay results, Randgold’s (GOLD) quarterly results, Abcourt’s (ABI.V) property payment, Minco Silver’s (MSV.TO) assay results, and Arian Silver’s (AGQ.V) COO appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +4.84% $1.30 |
2. Orezone | OZN +4.83% $1.52 |
3. Richmont | RIC +4.28% $3.41 |
LOSERS
1. ITH | THM -7.09% $2.23 |
2. Banro | BAA -5.53% $9.40 |
3. Randgold | GOLD-5.31% $44.19 |
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:
Gilla Closes Acquisition of Rutile Titanium Properties in Cameroon - More
- February 04, 2008 | Item | E-mail
Merrex Launches 2008 Siribaya Drilling Program - More
- February 04, 2008 | Item | E-mail
Radiometric airborne on Center Uranium Project - Quebec complete - More
- February 04, 2008 | Item | E-mail
Orezone Awards Essakane Contract to GRD Minproc - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) Orezone Resources Inc. is pleased to announce that leading international engineering and construction group GRD Minproc has been awarded the engineering, procurement and construction management (EPCM) contract for the processing facilities at the Essakane Gold Project in Burkina Faso, West Africa." More
- February 04, 2008 | Item | E-mail
302ozs Gold Produced in January at Sinivit Mine, Papua New Guinea - More
- February 04, 2008 | Item | E-mail
Hawk Uranium Inc. Announces TSX-V Approval of Option Agreement with Noront - More
- February 04, 2008 | Item | E-mail
Azteca Gold Corp.: 5 FT RC Intercepts as High as 451 g/t Silver and 9.8 g/t Gold Reported at Guerra al Tirano - More
- February 04, 2008 | Item | E-mail
Gold Canyon Resources Inc.: Drilling Underway at Cordero Gallium Project - More
- February 04, 2008 | Item | E-mail
Canadian Royalties Inc./Mequillon Preliminary Economic Assessment: Positive Economics and Potential for 9 Year Mine Life Extension Demonstrated - More
- February 04, 2008 | Item | E-mail
Molycor Enters Option Agreement - More
- February 04, 2008 | Item | E-mail
Cabo awarded 15,000 meter drill contract by Marathon PGM Corporation - More
- February 04, 2008 | Item | E-mail
Ur-Energy Completes In-House Economic Analysis on Lost Creek Project and Commissions Independent Technical Report - More
- February 04, 2008 | Item | E-mail
New Los Planes Drill Results; 76.2 m of 1.52 g/t and 88.4 m of 1.13 g/t Gold - More
- February 04, 2008 | Item
Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged