-- Posted Tuesday, 5 February 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $886.60 | -$18.30 |
Silver | $16.31 | -$0.42 |
XAU | 173.22 | -3.89% |
HUI | 425.04 | -3.16% |
GDM | 1282.06 | -3.38% |
JSE Gold | 2381.41 | -5.67 |
USD | 76.12 | +0.77 |
Euro | 146.57 | -1.69 |
Yen | 93.54 | -0.16 |
Oil | $88.41 | -$1.61 |
10-Year | 3.587% | -0.056 |
T-Bond | 119.78125 | +0.59375 |
Dow | 12265.13 | -2.93% |
Nasdaq | 2309.57 | -3.08% |
S&P | 1336.64 | -3.20% |
The Metals:
Gold fell to as low as $884.45 by midmorning in New York before it rebounded back near $900 by early afternoon, but it the fell back off in the last 30 minutes of trade and ended back near its low with a loss of 2.02%. Silver fell to $16.255 before it rebounded back near $16.50, but it also fell back off in the last half hour of trade and ended with a loss of 2.51%.
Euro gold fell to about €605, platinum lost $15 to $1776, palladium lost $8 to $416, and copper fell roughly 7 cents to about $3.20.
Gold and silver equities fell roughly 3% at the open and remained near their lows for most of the day.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Jan | 44.6 | 53.0 | 53.2 |
Tomorrow at 8:30AM EST brings fourth quarter Productivity expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries that a weakening economy will cut into demand.
The U.S. dollar index rose as the euro fell on a weak European survey that raised hopes the ECB may join the fed in cutting interest rates.
Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on concerns about the health of the economy as ISM Services came in much weaker than expected and well below 50 which indicates contraction.
Among the big names making news in the market today were NYSE, Whirlpool, GMAC, Tyco, and Louisiana-Pacific.
The Commentary:
“April Gold finished down 19.1 at 890.3, 11.7 off the high and 1.8 up from the low.
March Silver closed down 0.435 at 16.345. This was 0.035 up from the low and 0.185 off the high.
With the gold market on Tuesday seemingly falling in sync with the US equity market, it would not seem like safe haven mentality was in play in the gold trade. Certainly a massive upward thrust in the US Dollar provided a portion of the undertow in the gold market but it was also clear that many a physical commodity markets were under some form of broad based liquidation wave. With the fear of recession undermining a number of markets and the US Dollar seemingly back in favor, the bull camp in gold was certainly seeing a number of outside market negatives. The market didn't even seem to derive any support from a private forecast that called for gold to regain the $1,000 level.
With only a select few physical commodity markets managing to avoid the downward liquidation pressure on Tuesday, it wasn't surprising to see silver fall along with gold and copper prices. With the trade focusing in on the much weaker than expected US scheduled report flow in the morning trade and recession talk on the lips of almost every stock market reporter throughout the trading session, few were shocked with the sharp losses in the silver market. Apparently investment interest is at least temporarily being dented by the fear of slowing and with both gold and silver falling in the face of sharp equity market declines, one also gets the sense that silver has lost some of its flight to quality status.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The real lesson of Societe Generale
Fed manipulates all markets with repurchase agreements
GATA participates in Phoenix Resource Investment Conference
The Statistics:
As of close of business: 2/4/2007
Gold Warehouse Stocks: | 7,587,972 | - |
Silver Warehouse Stocks: | 135,413,733 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 631.15 | 20,292,100 | US$ 18,135m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 105.19 | 3,382,097 | US$ 3,002m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.64 | 566,898 | US$ 503m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,674 | US$ 794m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS removed 0.21 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/4/2008 | |
Total Net Assets | $1,743,481,322 | Ounces of Gold
in Trust | 1,926,796.406 |
Shares Outstanding | 19,500,000 | Tonnes of Gold
in Trust | 59.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 2/4/2008 | |
Total Net Assets | $2,748,007,402 | Ounces of Silver
in Trust | 164,560,534.600 |
Shares Outstanding | 16,600,000 | Tonnes of Silver
in Trust | 5,118.40 |
Note: Change in Total Tonnes from yesterday’s data: 1.96 tonnes were removed from the trust.
The Stocks:
South Africa’s power problems, Keegan’s (KGN) drill results, Harmony’s (HMY) gold output, Exeter’s (XRA) drill results, Newmont’s (NEM) mining in West Africa, Claude’s (CGR) drill results, Cardero’s (CDY) private placement, Randgold’s (GOLD) mining in Africa, Barrick’s (ABX) gold mine in Tanzania, and Fortuna’s (FVI.V) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ+4.32% $4.5899 |
2. Banro | BAA +2.83% $9.666 |
3. Orezone | OZN +2.63% $1.56 |
LOSERS
1. Cardero | CDY -13.74% $1.13 |
2. ITH | THM -13.45% $1.93 |
3. Gammon Gold | GRS -8.66% $6.22 |
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:
Drilling commences at Moss Lake - More
- February 05, 2008 | Item | E-mail
GoldSpring, Inc. Announces Stage 1 Drill Results - More
- February 05, 2008 | Item | E-mail
Lounor finds gold at Harker - More
- February 05, 2008 | Item | E-mail
Intrinsic Minerals Ltd. Announces Option Agreement with Noront Resources Ltd. to Acquire 50% of 9 Claim Blocks in the "Ring of Fire" - More
- February 05, 2008 | Item | E-mail
Wave Uranium Responds to Reports of Video Spam - More
- February 05, 2008 | Item | E-mail
Atlanta Gold Inc. to Complete $5.6 Million Private Placement - More
- February 05, 2008 | Item | E-mail
Chapleau Resources Ltd.: Company Grants Incentive Stock Options - More
- February 05, 2008 | Item | E-mail
La Mancha to Spend $10.6 Million on Exploration in 2008 - More
- February 05, 2008 | Item | E-mail
N. I. 43-101 Technical Report on Kinbauri's El Valle, Spain, Significantly Increases Resources at Area 107 and Black Skarn North - More
- February 05, 2008 | Item | E-mail
Keegan Resources Inc.: Esaase Gold Project Stepout Drillholes Continue to Expand Deposit - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of 15 new drill holes to the south of the currently defined 43-101 resource area. The recent holes expand the resource to the south by successfully widening the South Zone." More
- February 05, 2008 | Item | E-mail
Network Exploration closes private placement - More
- February 05, 2008 | Item | E-mail
Tonogold Resources, Inc. Announces Extension to Letter of Intent With Centerra (U.S.) for Tonopah Divide - More
- February 05, 2008 | Item | E-mail
AURUS Publishes Geologist 43-101 Report - More
- February 05, 2008 | Item | E-mail
Amanta receives Drillcorp report on Mae Lama adit stability and rehabilitation - More
- February 05, 2008 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Over 2% While the Major Indices Drop Roughly 3%