-- Posted Tuesday, 4 September 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $682.30 | +$9.10 |
Silver | $12.27 | +$0.25 |
XAU | 145.02 | +3.02% |
HUI | 336.36 | +2.79% |
GDM | 1047.50 | +2.77% |
JSE Gold | 2368.89 | +1.38% |
USD | 80.88 | +0.06 |
Euro | 136.12 | -0.27 |
Yen | 86.06 | -0.21 |
Oil | $75.08 | +$1.04 |
10-Year | 4.558% | +0.021 |
T-Bond | 111.65625 | -0.125 |
Dow | 13448.86 | +0.68% |
Nasdaq | 2630.24 | +1.30% |
S&P | 1489.42 | +1.05% |
The Metals:
Gold remained near unchanged during world trade on Monday and early Tuesday, but it then took off in New York shortly after 9AM EST, topped $680 by noon, remained near its high in afternoon trade, and ended with a gain of 1.35%. Silver briefly dropped back under $12.00 in early New York trade before it also surged higher for the rest of the morning and closed near its high with a gain of 2.08%.
Euro gold topped €500, platinum gained $3 to $1,269, palladium gained $3 to $332, and copper fell a few cents to about $3.33.
Gold and silver equities steadily rose for most of the day and closed with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | July | -0.4% | -0.1% | 0.1% |
ISM Index | Aug | 52.9 | 53.0 | 53.8 |
Tomorrow at 10AM brings Pending Home Sales for July and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on forecasts for an active end to the hurricane season as new refinery problems pushed gasoline higher.
The U.S. dollar index followed stocks higher as traders positioned themselves ahead of the European Central Bank and Bank of England meetings on Thursday to decide on interest rates.
Treasuries fell while the Dow, Nasdaq, and S&P rose as lackluster economic data gave further confidence to the idea of a fed rate cut at their meeting on September 18th.
Among the big names making news in the market today were MetroPCS and Leap Wireless, First American, and NovaStar.
The Commentary:
“December Gold finished up 9.6 at 691.5, 0.5 off the high and 10 up from the low.
December Silver closed up 0.218 at 12.448. This was 0.288 up from the low and 0.037 off the high.
With another impressive range up trade in the gold market, it is possible that the bear camp is feeling the heat of a moderate change in sentiment. Surprisingly the rally in gold took place in the face of a rally in the Dollar and even more surprising in the face of somewhat slack US economic information. However, the gold market seems to have a tight correlation with the US equity market, as the action in the market is currently being seen as a bellwether for the economy going forward. With the ISM employment reading up on the month it almost seems like the market is discounting the slowing threat and as long as the stock market is throwing off optimism, the actual scheduled numbers might not be that important.
The silver market continues to take the lead of the gold market and to perhaps even a larger degree it is tracking in the footsteps of the equity market. Apparently silver was uninterested in the overt weakness in copper and other base metals markets because it managed a very impressive range up extension. In fact, the upside action in silver would seem to put a number of recent shorts under water, especially a large portion of the shorts established in the big down/big volume day of August 16th. In short, improved macro economic psychology seems to leave the bull camp with a fresh edge.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Will Japan be next to feel fallout of U.S. financial crisis?
Jay Taylor addresses inflation/deflation and junior miners on BNN
Treasury market volatility is highest in three years
James Turk: Gold closes August at nearly a record high
Credit turmoil seen as a run in the 'shadow' banking system
Too-low interest rates caused housing boom and bust, central bankers told
John Hathaway: A new chapter for gold
Gartman admits gold price suppression but leaves out why
Bush to announce housing loan relief as Bernanke speaks
John Crudele: Just what does Paulson talk about when he calls Wall Street?
The Statistics:
As of close of business: 8/31/2007
Gold Warehouse Stocks: | 7,086,254 | - |
Silver Warehouse Stocks: | 131,898,413 | + 1,376,165 |
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 | 515.44 | 16,571,995 | US$ 11,133m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.01 | 2,829,579 | US$ 1,931m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,299 | US$ 279m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 16.62 | 534,251 | US$ 359m |
COMEX Gold Trust (IAU)
Profile as of 8/31/2007 | |
Total Net Assets | $1,022,414,751 | Ounces of Gold
in Trust | 1,519,696.371 |
Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.27 |
Silver Trust (SLV)
Profile as of 8/31/2007 | |
Total Net Assets | $1,649,976,106 | Ounces of Silver
in Trust | 138,135,340.200 |
Shares Outstanding | 13,900,000 | Tonnes of Silver
in Trust | 4,296.49 |
.
The Stocks:
Yamana’s (AUY) comments on Meridian’s (MDG) discovery, Royal Gold’s (RGLD) upcoming presentation, Glencairn’s (GLE) litigation settlement, Paramount’s (PZG) trading on the TSX, Goldcorp’s (GG) analyst tour, Seabridge’s (SA) drill results, Meridian’s (MDG) exploration results, Vista Gold’s (VGZ) exploration licenses and drill results, Sabina’s (SBB.V) drilling update, Apogee’s (APE.V) CFO appointment, and Fury’s (FUR.V) updated mineral resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines MGMT | MGN+14.75% $3.50 |
2. Seabridge | SA +10.38% $25.85 |
3. Endeavour | EXK +9.07% $3.85 |
LOSERS
1. Arizona Star | AZS -6.50% $9.35 |
2. Rubicon | RBY -3.64% $1.59 |
3. Ivanhoe | IVN -2.42% $10.90 |
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:
United Reef Announces Director's Resignation - More
- September 04, 2007 | Item | E-mail
Hinterland Summer 2007 Exploration Update - More
- September 04, 2007 | Item | E-mail
Searchgold Grants Stock Options - More
- September 04, 2007 | Item | E-mail
Ginguro Exploration Inc. Completes Initial Public Offering - More
- September 04, 2007 | Item | E-mail
Yamana says Meridian's discovery was expected - "The battle for the hearts of Meridian Gold (MNG.TO: Quote, Profile, Research) (MDG.N: Quote, Profile, Research) shareholders intensified on Tuesday, with Yamana Gold Inc (YRI.TO: Quote, Profile, Research) shrugging off Meridian's claim of an "exciting discovery" at its flagship mine, three days before Yamana's hostile offer for the miner expires." More
- September 04, 2007 | Item | E-mail
Azimut and Channel sign a Letter of Intent for the West Bienville Uranium Property, Northern Quebec - More
- September 04, 2007 | Item | E-mail
Grenville Begins to Secure & Priorize Stockpiles of Mineralized Rock for Transporation & Processing - More
- September 04, 2007 | Item | E-mail
Wallbridge Mining Announces Corporate Appointment - More
- September 04, 2007 | Item | E-mail
SRA Begins Definition Drilling at MTM Zinc Project in Preparation for Mining Activities - More
- September 04, 2007 | Item | E-mail
Ungava Minerals Corp.: Ontario Litigation Update - More
- September 04, 2007 | Item | E-mail
Simberi Grants Extension to Period for Completion of Amari Due Diligence - More
- September 04, 2007 | Item | E-mail
Additional assay results from Kingurutik - More
- September 04, 2007 | Item | E-mail
Anooraq Resources Will Discuss the BEE Transaction Which Has Been Announced With Anglo Platinum at 2:00pm EST on September 4, 2007 - More
- September 04, 2007 | Item | E-mail
Yamana Comments on Meridian Exploration Update-Nothing New-Offer Remains Full, Fair and Final - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today responded to a press release issued this morning by Meridian Gold with respect to some of their recent exploration results. From Yamana's point of view, the results did not include anything that would not have been expected by Yamana and that would cause it to consider altering the terms of its offer for Meridian shares. In formulating its views on value for Meridian's assets, Yamana has already factored in a considerable amount of exploration success in addition to resource to reserve conversions." More
- September 04, 2007 | Item | E-mail
Metanor now holds 100% of Bachelor Property - Update on Bachelor and Barry Properties - No Financial Exposure to ABCP - More
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Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%