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-- Posted Thursday, 6 September 2007 | Digg This Article
| Close | Gain/Loss | Gold | $694.50 | +$13.60 | Silver | $12.34 | +$0.18 | XAU | 151.79 | +5.67% | HUI | 357.27 | +6.61% | GDM | 1111.96 | +6.87% | JSE Gold | 2406.92 | +26.63 | USD | 80.46 | -0.15 | Euro | 136.86 | +0.32 | Yen | 86.71 | -0.17 | Oil | $76.30 | +$0.57 | 10-Year | 4.500% | +0.027 | T-Bond | 112.28125 | -0.21875 | Dow | 13363.35 | +0.44% | Nasdaq | 2614.21 | +0.32% | S&P | 1478.55 | +0.43% |
The Metals:  Gold traded modestly higher in Asia and London and then added to its gains in early New York trade to see over 1% gains near $690 by about 10AM EST before it fell back near $685 by about 11AM EST, but it then took off to new highs between 11AM and noon and topped $697 ahead of some modest profit taking in afternoon trade that left it with a gain of 2.00%. Silver rose to as high as $12.50 by midday before it also fell back off a bit into the close, but it still ended with a gain of 1.48%.
Euro gold rose to over €507, platinum gained $15 to $1,283, palladium gained $4 to $334, and copper rose a few cents to about $3.32. Gold and silver equities saw roughly 6% gains by early afternoon and remained near their highs into the close. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 9/01 | 318K | 330K | 337K | Productivity | Q2 | 2.6% | 2.4% | 1.8% | ISM Services | Aug | 55.8 | 54.5 | 55.8 |
Also making economic news today was a report showing that the “number of Americans who may lose their homes to foreclosure reached a record in the second quarter as late payments by subprime borrowers surged to one out of every seven loans.” Also of note was that the “Federal Reserve on Thursday pumped the largest amount of liquidity into the banking system in a month after its European counterpart added funds to ease tension in the euro money market. The Fed injected $31.25 billion in three market operations in temporary reserves through repurchase agreements.” Tomorrow at 8:30AM EST brings August’s jobs data. Nonfarm Payrolls are expected at 110,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Wholesale Inventories report for July expected at 0.5%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose above $77 in early trade on renewed terror worries in the Middle east and Nigeria as inventory reports came in near expectations overall. It fell back off to find slight losses by early afternoon on comments urging OPEC to raise production at their meeting next week, but it then rose back higher in late trade and ended nearly 1% higher when all factors had settled in. Oil inventories fell 3.9 million barrels, gasoline inventories fell 1.5 million barrels, distillates rose 2.3 million barrels, and refinery utilization rose 1.8% to 92.1%. The U.S. dollar index fell after the European Central Bank and Bank of England both kept interest rates unchanged as expected due to credit problems recently impacting the markets, though ECB president Trichet still kept a tightening bias heading forward in his comments and that gave some strength to the euro. Treasuries traded on either side of unchanged and closed lower as economic data was mostly better than expected and pushed the yield on the 10-year up from the new 9 month lows hit yesterday and early today. The Dow, Nasdaq, and S&P traded mostly higher as various reports from retailers came in better than expected for the most part, but gains were limited as anxiety over future data and possible developments in credit problems remain and keep most on edge. Among the big names making news in the market today were Toyota and Chrysler, Wal-Mart, Macy’s, General Mills, Campbell, and Countrywide. The Commentary:  “December Gold finished up 13.9 at 704.6, 2.4 off the high and 9.6 up from the low.
December Silver closed up 0.178 at 12.533. This was 0.153 up from the low and 0.137 off the high. With a massive range up extension breakout on the charts, the gold market would seem to be signaling a return to flight to quality or safe haven status. With the Dollar showing weakness at the same time that gold has firmed one could even suggest that another recent flight to quality instrument is being abandoned. Some players have suggested that recent OECD forecasts of a sustained housing market debacle in the US is partially responsible for the sharp upward extension in the gold market and the fact that silver and platinum prices are also rising would seem to suggest that the apparent flight to quality or investment interest in the metals markets is somewhat broad based. With the silver market rising in the wake of gold strength and Dollar weakness it is possible that the slightly better than expected US numbers on Thursday were only a sideline addition to the bull case. While the flight to quality buying argument is gaining acceptance in the trade, seeing the copper market manage a sharp recovery rally would seem to hint at the possibility of a broader based macro economic interest in silver. With slightly better than expected US scheduled reports released on Thursday and expectations high for the Friday morning US payroll report, one can't rule out the prospect that some of the silver buying was in some way inspired by a slight improvement in the economic outlook.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Australian central bank will buy mortgage-backed debt Billiton and CVRD may buy and break up Rio Tinto Jim Sinclair: Day of reckoning for derivatives has arrived The above post is a must read as free daily commentary at JSMineSet.com always is. Also look for Mr. Sinclair as a guest on GoldSeek Radio soon! Banks issue record amount of dollar debt to backstop commercial paper Foreign holdings of Treasuries fall sharply -- Is China dumping them? Developed nations' group urges U.S. interest rate cut The Statistics: As of close of business: 9/5/2007 Gold Warehouse Stocks: | 7,076,278 | +7,335 | Silver Warehouse Stocks: | 131,371,710 | -619,959 |
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 | 528.36 | 16,987,367 | US$ 11,551m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.01 | 2,829,516 | US$ 1,967m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.79 | 410,730 | US$ 286m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 16.62 | 534,245 | US$ 363m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/GX added 12.92 tonnes to reach a new record high in total tonnes held and the ASX added 0.08 tonnes. COMEX Gold Trust (IAU) Profile as of 9/5/2007 | | Total Net Assets | $1,035,580,329 | Ounces of Gold
in Trust | 1,519,196.874 | Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.25 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 9/5/2007 | | Total Net Assets | $1,686,468,686 | Ounces of Silver
in Trust | 138,135,340.200 | Shares Outstanding | 13,900,000 | Tonnes of Silver
in Trust | 4,296.49 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Cardero’s (CDY) iron ore projects update, Taseko’s (TGB) added mine reserves, IAMGOLD’s (IAG) scoping study, Kinross Gold’s (KGC) partnership with Linear (LRR.TO) on the Ixhuatan project, Silver Eagle’s (SEG.TO) assay results, and SilverCrest’s (SVL.V) expanded mineralization were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. DRDGOLD | DROOY+17.34% $6.70 | 2. Seabridge | SA +12.66% $28.29 | 3. Great Basin | GBN +12.56% $2.51 |
LOSERS 1. Nevsun | NSU -4.21% $1.59 | 2. Ivanhoe | IVN -2.78% $10.16 | 3. U.S. Energy | USEG -2.56% $4.56 |
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: Minera Andes San Jose project drilling hits 1.86 ounces per ton gold and 163 ounces per ton silver at the Frea vein - More
- September 06, 2007 | Item | E-mail
Aldridge Minerals Inc. announces non-brokered private placement - More
- September 06, 2007 | Item | E-mail
Radius Grants Incentive Stock Options - More
- September 06, 2007 | Item | E-mail
Belvedere intersects a further high grade zone of 5.2 g/t gold over 15.33 metres on the Kiimala gold property. - More
- September 06, 2007 | Item | E-mail
Cardero Iron Ore Projects Update; Glenn Hoffman Appointed President of Iron Ore Subsidiary - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that Mr. Glenn Hoffman has joined the Cardero group as President of Cardero Iron Ore Company Ltd. ("Cardero Iron"), its wholly owned iron ore subsidiary." More
- September 06, 2007 | Item | E-mail
BacTech Signs Letter of Intent to Acquire Scorpio Gold Assets - More
- September 06, 2007 | Item | E-mail
Genco Announces Four Additional Mining Concessions Totalling 32,457 Hectares - More
- September 06, 2007 | Item | E-mail
Duran Announces Results From Aguila Drill Holes 1 and 2 - More
- September 06, 2007 | Item | E-mail
First Nickel 2007 Update - More
- September 06, 2007 | Item | E-mail |
Gold Seeker Closing Report: Gold and Silver Soar Nearly 2% Higher; Streettracks Climbs to New Record