-- Posted Monday, 24 September 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $731.10 | +$0.10 |
Silver | $13.48 | -$0.0 |
XAU | 170.59 | -0.56% |
HUI | 395.42 | -1.08% |
GDM | 1224.92 | -0.59% |
JSE Gold | 2751.08 | UNCH |
USD | 78.53 | -0.06 |
Euro | 140.84 | -0.04 |
Yen | 87.06 | +0.35 |
Oil | $80.95 | -$0.67 |
10-Year | 4.624% | -0.008 |
T-Bond | 110.875 | +0.125 |
Dow | 13759.06 | -0.44% |
Nasdaq | 2667.95 | -0.12% |
S&P | 1517.73 | -0.53% |
The Metals:
Gold soon rose nearly $5 in Asia and traded about $1-$5 higher in London before it fell in morning New York trade and dropped to find a $5 loss at $726.00 by late morning, but it then rallied back higher in afternoon trade and ended with a gain of 0.01%. Silver rose over $13.65 by midday in London and then fell to as low as $13.37 by late morning in New York before it also rallied back higher in late trade, but it still ended with a minimal loss of 0.07%.
Euro gold fell to about €519, platinum gained $9 to $1333, palladium remained unchanged at $338, and copper rose over 7 cents to $3.67.
Gold and silver equities fell nearly 1% in the first half hour of trade before they rallied back higher and found slight gains by a little after an hour into trade, but they then fell back off and traded mostly slightly lower for the rest of the day.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for September expected at 104.5 and Existing Home Sales for August expected at 5,500,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on profit taking as last week’s storm weakened as it entered the Gulf of Mexico and the hurricane season nears its end, though some unrest in Nigeria and the visit of Iranian President Mahmoud Ahmadinejad to New York did keep traders on edge and looking for any potentially bullish news.
The U.S. dollar index fell further near all-time lows under 78.19 as the euro rose to a new record high, but moves were minimal ahead of economic data due out tomorrow.
Treasuries fell in early trade as stocks rose, but they then rose to find slight gains by the close as the Dow, Nasdaq, and S&P turned morning gains into losses by early afternoon on uneasiness over the future of interest rates.
Among the big names making news in the market today were Apple, Google, UAW and GM, and Ford.
The Commentary:
“December Gold finished up 0.4 at 739.3, 2.3 off the high and 5.3 up from the low.
December Silver closed up 0.02 at 13.64. This was 0.1 up from the low and 0.13 off the high.
The gold market forged a relatively narrow trading range on Monday compared to most of last week's action. After an initial washout in the Dollar was rejected it seemed as if the gold market lost a portion of its flight to quality impetus. Apparently a slightly better than expected Fed National Activity Index and favorable action in the equity market provided the Dollar with a lift and that seemed to discourage a direct extension of last week's safe haven buying. With the copper and platinum market forging fairly impressive gains during the action Monday, the action in the gold and silver markets had to be disappointing to the bull camp.
The silver market did manage a new high for the move but was unable to hold those gains into the close. In retrospect, the silver market might have been discouraged by a weekend article suggesting that silver lacked the same bullish fundamentals as other industrial metals like copper and as a result it wasn't that surprising that both gold and silver underperformed copper and platinum prices. Apparently the markets have become more upbeat on physical and industrial demand versus flight to quality/safe haven investment interest and that would certainly be a shift from the tilt seen last week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Four important charts
Mike Kosares: What if you'd been waiting in line at Northern Rock?
How Bank of England was compelled to rescue Northern Rock
OPEC sees oil price rise offsetting dollar's fall
Gold's rise mystifies The New York Times
Master of the Universe (retired)
Gary North: Bernanke has snookered us all
Fears for global economy propel gold price
The credit crisis could be just beginning
Despite gains, gold lacks broad investor appeal
If Canadians could play REAL football, they'd be dangerous now
British chickens may have to start laying smaller eggs
Government guarantee effectively nationalizes Northern Rock
The Statistics:
As of close of business: 9/21/2007
Gold Warehouse Stocks: | 7,041,263 | -6,623 |
Silver Warehouse Stocks: | 133,409,064 | - |
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 | 577.10 | 18,554,433 | US$ 13,672m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.59 | 2,912,591 | US$ 2,130m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.75 | 441,579 | US$ 323m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,737 | US$ 418m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/21/2007 | |
Total Net Assets | $1,161,556,451 | Ounces of Gold
in Trust | 1,588,466.024 |
Shares Outstanding | 16,050,000 | Tonnes of Gold
in Trust | 49.41 |
Note: Change in Total Tonnes from yesterday’s data: 0.93 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/21/2007 | |
Total Net Assets | $1,906,190,246 | Ounces of Silver
in Trust | 141,550,672.700 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,402.72 |
Note: Change in Total Tonnes from yesterday’s data: 46.34 tonnes were added to the trust.
The Stocks:
Meridian’s Gold’s (MDG) accepted bid from Yamana (AUY), International Tower Hill’s (THM) drill results, Anatolia’s (ANO.TO) project financing, Taseko’s (TGB) inclusion in the S&P/TSX Global Mining Index, Gammon Gold’s (GRS) CEO appointment, BHP Billiton’s (BHP) possible gold find, Fronteer’s (FRG) closed acquisition of NewWest, Coeur’s (CDE) filed proxy materials, Sterling Mining’s (SRLM.OB) 43-101 report, and Apogee’s (APE.V) new mineralized vein discovery were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+8.28% $1.83 |
2. Taseko | TGB+7.72% $5.44 |
3. Alexco | AXU+4.98% $4.85 |
LOSERS
1. Golden Star | GSS -6.07% $4.02 |
2. International Tower Hill | THM -3.88% $2.23 |
3. Gold Reserve | GRZ -3.87% $3.97 |
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:
CORRECTION FROM SOURCE/Sirios: Seven Drill Holes Hit the Silver-Zinc Zone and Two New Potential Areas Found on PONTAX - More
- September 24, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: $140,000 Private Placement - More
- September 24, 2007 | Item | E-mail
Fronteer Development Group Acquires Shares of NewWest Gold - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") announced today that it has acquired ownership of 58,392,000 common shares of NewWest Gold Corporation ("NewWest") from existing shareholders of NewWest in a private arrangement transaction." More
- September 24, 2007 | Item | E-mail
Grandview Gold President Issues Third Quarter Update to Shareholders - More
- September 24, 2007 | Item | E-mail
UNOR Announces Financing - More
- September 24, 2007 | Item | E-mail
Vault Minerals grants stock options - More
- September 24, 2007 | Item | E-mail
ITH Reports Continued High-Grade Gold Intersections from Terra Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the drill results from its 2007 resource drilling program on the Ben Vein at its Terra Project in Alaska. This drilling is the first detailed definition drill campaign conducted on one of the four currently defined high-grade gold veins on the property. Results confirm the extensive nature of the gold mineralization, with every hole intersecting the main vein and many intersecting multiple subsidiary gold bearing veins in the hanging wall and footwall." More
- September 24, 2007 | Item | E-mail
Pacific North West Capital Corp to Attend Denver Gold Forum - More
- September 24, 2007 | Item | E-mail
Carpathian Gold Inc.: Update to Shareholders - More
- September 24, 2007 | Item | E-mail
Arctic Platinum Project Infill Drilling Confirms Good Continuity of Widths and Grades - More
- September 24, 2007 | Item | E-mail
Pearl Asian Mining Expands to the Very Rich Gold and Copper Reserve Region 12 of Cotabato; Gango Gold Project to Start Processing Sept. 30 - More
- September 24, 2007 | Item | E-mail
Yale Completes Sampling at La Verde Grande Cu-Zn-Ag-Au Mine - More
- September 24, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports on encouraging results at Mahala Creek, Jerritt Canyon - More
- September 24, 2007 | Item | E-mail
ABV Gold, Inc. Closes Acquisition of a 70% Interest in a Producing Gold Mine in Russia -
Gold Seeker Closing Report: Gold and Silver End Near Unchanged in Mixed Trade