-- Posted Tuesday, 15 April 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $928.15 | +$2.70 |
Silver | $17.80 | +$0.03 |
XAU | 184.35 | +1.19% |
HUI | 451.83 | +1.30% |
GDM | 1354.94 | +1.24% |
JSE Gold | 2520.55 | +73.07 |
USD | 72.08 | +0.23 |
Euro | 157.90 | -0.37 |
Yen | 98.41 | -0.49 |
Oil | $113.79 | +$2.03 |
10-Year | 3.570% | +0.067 |
T-Bond | 118.421875 | -0.875 |
Dow | 12362.47 | +0.49% |
Nasdaq | 2286.04 | +0.45% |
S&P | 1334.43 | +0.46% |
The Metals:
Gold rose over $10 to as high as $936.40 by midday in London before it fell back near unchanged at as low as $926.05 by late morning in New York, but it then rallied a couple of dollars higher into the close and ended with a gain of 0.29%. Silver rose to as high as $18.04 in Asia before it fell to as low as $17.67 by midmorning in New York, but it also rallied back higher into the close and ended with a gain of 0.17%.
Euro gold rose to about €588, platinum gained $10 to $1970, and copper fell over 3 cents to about $3.89.
Gold and silver equities traded roughly 1% higher for most of the day and ended near their highs of the session with about 1.25% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Mar | 1.1% | 0.6% | 0.3% |
Core PPI | Mar | 0.2% | 0.2% | 0.5% |
NY Empire State Index | Apr | 0.6 | -17.0 | -22.2 |
Net Foreign Purchases | Feb | $72.5B | $60.0B | $57.1B |
Tomorrow at 8:30AM EST brings CPI for March expected at 0.3%, Core CPI expected at 0.2%, Housing Starts for March expected at 1,010,000, and Building Permits expected at 970,000. At 9:15 is Industrial Production for March expected at -0.1% and Capacity Utilization expected at 80.4%, and at 2PM is the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high near $114 on more supply worries as U.S. imports from Venezuela were reported down 18%, several Mexican ports closed down due to weather, and Russia’s oil exports were down 1% from 2007 for the first three months of 2008 at about 10 million barrels a day. These supply shortfalls add to yesterday’s reports of a temporary U.S. pipeline shutdown and unrest in Nigeria while OPEC remains at current output levels with no signs of an increase.
The U.S. dollar index rose and treasuries fell as economic data came in higher than expected and pushed interest rates up, but movements were relatively limited as traders waited for tomorrow’s data to help confirm or deny an economic rebound and/or higher inflation readings.
The Dow, Nasdaq, and S&P traded mixed in low volume before ultimately ending higher on mostly better then expected earnings reports.
Among the big names making news in the market today were US Bancorp, Charles Schwab, Johnson & Johnson, Delta and Northwest, and State Street.
The Commentary:
“June Gold finished up 3.3 at 932, 7.8 off the high and 2 up from the low.
May Silver closed up 0.06 at 17.85. This was 0.06 up from the low and 0.02 off the high.
The gold market managed an initial new high for the move but then fell back in the wake of the scheduled US data flow. Apparently seeing a hotter than expected headline PPI reading was initially supportive for gold, but with the market also seeing a better than expected Empire State manufacturing reading, that shifted sentiment in the Dollar and in turn seemed to dampened some flight to quality interest in gold. Surprisingly seeing a slight overall improvement in the US macro economic outlook only lent minor support to gold prices and that was really disconcerting for the bull camp, especially when one considers that crude oil prices managed a series of new all time highs throughout the trading session Tuesday. Perhaps news of an ongoing influx of foreign capital into US securities (from the US Treasury capital flows report) dampened the gold markets appeal as an alternative investment, especially since the US Dollar managed to firm and regain some respect relative to other currencies in the wake of the Tuesday morning data.
The silver market simply lost ground throughout the morning trade Tuesday and then spent a large amount of time fluctuating around unchanged. Surprisingly the silver market wasn't supported by news of surging US inflation from the PPI report, rising oil prices from the crude oil market and signs that many physical commodity markets were seemingly coming back into vogue with the funds. However, moderately aggressive selling in the copper market might have put some silver bulls off balance during the trade Tuesday and certainly a higher US Dollar and periodic gains in the US equity market seemed to suggest that silver was indeed losing out to other investments.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 4/14/2008
Gold Warehouse Stocks: | 7,636,723 | - |
Silver Warehouse Stocks: | 136,225,052 | -1,995 |
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 | 641.82 | 20,635,087 | US$ 19,114m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.04 | 3,666,532 | US$ 3,401m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,561 | US$ 615m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.88 | 864,321 | US$ 800m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/14/2008 | |
Total Net Assets | $1,904,941,622 | Ounces of Gold
in Trust | 2,058,818.136 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 64.04 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/14/2008 | |
Total Net Assets | $3,222,896,291 | Ounces of Silver
in Trust | 184,728,713.100 |
Shares Outstanding | 18,650,000 | Tonnes of Silver
in Trust | 5,745.71 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Cardero’s (CDY) exploration results, Apollo Gold’s (AGT) bankable feasibility study, Orezone’s (OZN) moly-copper system discovery, and Aura Silver’s (AUU.V) assessment and ground staking were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +12.71% $1.33 |
2. Lihir | LIHR+7.66% $31.76 |
3. Orezone | OZN +6.98% $1.38 |
LOSERS
1. Entree | EGI -7.56% $1.59 |
2. Kimber | KBX-6.52% $1.29 |
3. Seabridge | SA-4.30% $21.12 |
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:
General Moly Announces Date for the Release of Hall-Tonopah Pre-Feasibility Study and Places Order for Mt. Hope Molybdenum Roaster - More
- April 15, 2008 | Item | E-mail
Mazorro Resources Completes Initial Public Offering - More
- April 15, 2008 | Item | E-mail
Constitution Mining Appoints New Member to Advisory Board - More
- April 15, 2008 | Item | E-mail
Cardero Defines Large Copper Target at San Jose Property, Baja IOCG District, Mexico - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that all claims have been successfully transferred to its 100% owned Mexican subsidiary following successful resolution of the lawsuit November 2007. Consequently the Company has restarted exploration on the Baja Iron Oxide Copper Gold (IOCG) District. Recent exploration has defined a large bulk tonnage copper target on the San Jose Property where surficial samples returned values ranging between 2.8 to 5.1% copper and up to 0.9 g/t gold." More
- April 15, 2008 | Item | E-mail
Lydian International: Preliminary Drill Results at Trpeza and St. Barbara Areas (Drazhnje Project) in Kosovo, Highlight Underground Base-Metal Target - More
- April 15, 2008 | Item | E-mail
Duran Ventures Completes $1,000,000 Private Placement with MacMillan Gold - More
- April 15, 2008 | Item | E-mail
Amera Exploration Update - More
- April 15, 2008 | Item | E-mail
Uranerz Closes US$23.6 Million Financing Including Strategic Investment by Denison Mines - More
- April 15, 2008 | Item | E-mail
Timmins Gold Corp.: Channel Sampling on Surface Yields 2.21 g/t Gold Across 99 Meters at Cocula Property, Jalisco, Mexico - More
- April 15, 2008 | Item | E-mail
Jinshan Gold Mines to Hold Conference Call on Thursday April 17, to Discuss Recent China National Gold Group Transaction - More
- April 15, 2008 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver End Slightly Higher Again