-- Posted Thursday, 27 September 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $732.50 | +$4.70 |
Silver | $13.48 | +$0.13 |
XAU | 167.31 | +1.39% |
HUI | 386.18 | +1.03% |
GDM | 1207.75 | +1.49% |
JSE Gold | 2692.79 | +0.70% |
USD | 78.41 | -0.12 |
Euro | 141.55 | +0.23 |
Yen | 86.47 | -0.14 |
Oil | $82.88 | +$2.58 |
10-Year | 4.573% | -0.047 |
T-Bond | 111.34375 | +0.625 |
Dow | 13912.94 | +0.25% |
Nasdaq | 2709.59 | +0.39% |
S&P | 1531.38 | +0.39% |
The Metals:
Gold remained near unchanged in Asia, gained a few dollars in London, and rose to as high as $736 in early New York trade before it fell back near unchanged by late morning, but it then climbed back higher in afternoon trade and ended with a gain of 0.65%. Silver rose to as high as $13.58 in early New York trade before it dropped to under $13.40 by late morning, but it also rallied back higher in afternoon trade and ended with a gain of 0.97%.
Euro gold rose over €518, platinum gained $12 to $1357 to a new record high, palladium gained $3 to $341, and copper rose over 3 cents to about $3.67.
Gold and silver equities rose over 1% at the open before they fell back near unchanged by late morning, but they then rallied back higher in afternoon trade and ended with over 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q2 | 3.8% | 3.9% | 4.0% |
Chain Deflator | Q2 | 2.6% | 2.7% | 2.7% |
Initial Claims | 9/22 | 298K | 320K | 313K |
Help-Wanted Index | Aug | 23 | 24 | 25 |
New Home Sales | Aug | 795K | 825K | 867K |
The fed injected a huge $38 billion in liquidity, the largest amount since August, to ease tight credit conditions. Tomorrow at 8:30AM EST brings Personal Income for August expected at 0.4%, Personal Spending expected at 0.4%, and Core PCE Inflation expected at 0.1%. At 9:45 is the Chicago PMI report for September expected at 53.0 and at 10AM is Construction Spending for August expected at -0.2% and Michigan Sentiment for September expected at 84.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% on worries over a couple of storms brewing in the Atlantic and the Gulf of Mexico, on supply concerns at an Oklahoma terminal, and on increased geopolitical tensions over Iran and Nigeria.
The U.S. dollar index fell to a brand new record low at 78.15 in early trade before it cut its losses after mixed economic data, but it still ended with a loss as the euro rose to yet another new record high.
Treasuries traded on either side of unchanged in morning trade in reaction to varied economic reports, but they then rose to find decent gains after another strong bond auction pushed interest rates decidedly lower by the close.
The Dow, Nasdaq, and S&P traded mostly slightly higher as traders weighed mixed economic data and the prospect for further interest rate cuts by the fed.
Among the big names making news in the market today were Rite Aid, Sallie Mae, KKR and First Data, and KB Home.
The Commentary:
“December Gold finished up 4.4 at 739.9, 3.1 off the high and 3.3 up from the low.
December Silver closed up 0.1 at 13.645. This was 0.08 up from the low and 0.075 off the high.
Gold prices waffled around both sides of unchanged but generally seemed to favor the bull track. While the gold market was somewhat undermined by the recovery in the US Dollar, that negative influence seemed to be more than countervailed by a strong late run up in energy prices. In fact, crude oil prices managed to return to within striking distance of their old highs into the gold close and that in conjunction with sharp gains in grain prices certainly fanned inflationary fears. In the end, seeing gold trade higher in the face of slack US numbers and a reversal in the Dollar would seem to hint at a bull camp that is capable of rising off various themes.
While silver prices failed to strengthen as much as gold prices during the session Thursday, they were mostly firm and were capable of returning to the vicinity of their September highs. Like the gold market it did seem like the sharp recovery pulse in the energy complex inspired some fresh buying in silver. However, with a host of physical commodities rising, one certainly came away from the action Thursday with a sense that inflation expectations were on the rise again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Why I distrust Goldman Sachs' good fortune
Grandich discourses on gold suppression and dollar's decline
Urge CNBC's Kudlow to give more time to gold suppression issue
Dollar gets respite as Saudi Arabia keeps dollar peg, for now
The Statistics:
As of close of business: 9/26/2007
Gold Warehouse Stocks: | 6,986,886 | - |
Silver Warehouse Stocks: | 133,930,016 | - |
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 | 578.03 | 18,584,096 | US$ 13,651m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 91.25 | 2,933,873 | US$ 2,154m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,164 | US$ 337m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,699 | US$ 418m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/26/2007 | |
Total Net Assets | $1,170,980,789 | Ounces of Gold
in Trust | 1,608,254.908 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.02 |
Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/26/2007 | |
Total Net Assets | $1,915,159,861 | Ounces of Silver
in Trust | 142,543,751.700 |
Shares Outstanding | 14,350,000 | Tonnes of Silver
in Trust | 4,433.61 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
International Tower Hill’s (THM) drill results and Great Basin’s (GBN) independence from Hunter Dickinson were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +17.27% $1.63 |
2. Crystallex | KRY +16.54% $3.10 |
3. International Tower Hill | THM +6.67% $2.40 |
LOSERS
1. Entree Gold | EGI -2.35% $2.49 |
2. New Gold | NGD-2.10% $6.07 |
3. Richmont | RIC -2.04% $2.88 |
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:
Canasia Hires Investor Relations Firm - More
- September 27, 2007 | Item | E-mail
Uranium 308 Corp. Corporate Update - More
- September 27, 2007 | Item | E-mail
Oromin Retains AGORACOM to Provide Google Search Engine IR Program and Social Network for Shareholders - More
- September 27, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - LF-105 Gold Assays - More
- September 27, 2007 | Item | E-mail
First Narrows Stage 1 Underground Program in Progress at Chester Copper Feeder Deposit - More
- September 27, 2007 | Item | E-mail
Probe Launches AGORACOM IR Hub Ahead of Schedule - More
- September 27, 2007 | Item | E-mail
Blue Ribbon Capital Corporation Enters into Agreement to acquire Kilo Goldmines Inc. - More
- September 27, 2007 |
Gold Seeker Closing Report: Gold and Silver Gain Nearly 1%