-- Posted Monday, 1 October 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $746.90 | +$3.80 |
Silver | $13.69 | -$0.03 |
XAU | 171.64 | +1.71% |
HUI | 401.00 | +2.04% |
GDM | 1242.06 | +1.40% |
JSE Gold | 2584.94 | -3.90% |
USD | 77.92 | +0.15 |
Euro | 142.38 | -0.36 |
Yen | 86.41 | -0.75 |
Oil | $80.24 | -$1.42 |
10-Year | 4.557% | -0.022 |
T-Bond | 111.71875 | +0.375 |
Dow | 14087.55 | +1.38% |
Nasdaq | 2740.99 | +1.46% |
S&P | 1547.04 | +1.33% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it fell in early New York trade and dropped to as low as $741.35 by midmorning, but it then spiked back higher around 11AM EST, remained near its high of $747.75 in afternoon trade, and closed with a gain of 0.51% at a new 27 year high. Silver rose to as high as $13.84 in London before it also fell back off in late London/early New York trade and dropped to as low as $13.61, but it then rebounded higher for the rest of trade and closed with a loss of just 0.22%.
Euro gold rose to over €524, platinum lost $3 to $1382, palladium gained $13 to $356, and copper rose over 5 cents to about $3.73.
Gold and silver equities steadily rose throughout most of trade and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Sep | 52.0 | 52.5 | 52.9 |
Tomorrow at 10AM is the Pending Home Sales report for August expected at -2.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back near $80 on profit taking as weather stayed calm in the Gulf of Mexico over the weekend and worries over a slowing economy cut demand expectations.
The U.S. dollar index rebounded from the new all-time low made on Friday, but it still ended below the 78.00 level as treasuries rose on expectations for more interest rate cuts by the fed.
The Dow rose to a new all-time high and the Nasdaq climbed to a new 6 and ½ year high as lower oil prices and hopes for interest rate cuts helped the major indices get the fourth quarter off to a strong start.
Among the big names making news in the market today were UBS, Walgreen, Citigroup, Nokia and Navteg, and UPS.
The Commentary:
“December Gold finished up 4.1 at 754.1, 0.9 off the high and 6.3 up from the low.
December Silver closed down 0.065 at 13.855. This was 0.095 up from the low and 0.025 off the high.
The gold market flopped around unchanged in the morning trade but then began to gather itself right into mid session. Surprisingly the recovery in gold wasn't inspired by a weakening of the Dollar. In fact, the gold market seemed to firm in the face of accelerating gains in the US equity market. Perhaps seeing inflationary concerns from the former US Fed Chairman Greenspan and also seeing suggestions from a major US Bond Fund manager, that US housing woes might dominate the Fed for years prompted gold traders to bid up prices in a fresh flight to quality bid. Even more surprising is the fact that gold prices managed to recover into mid session despite a moderately large downside failure in crude oil prices.
The silver market seemed to under perform the gold market during the action Monday. Early in the session silver came under moderate pressure in the face of a minor slide in gold prices and even when gold managed to charge back into positive ground just after mid session silver prices mostly remained lower on the day. Even more surprising is the fact that silver prices failed to benefit from sharply higher copper prices and a soaring US equity market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Citigroup gold report getting around; MineWeb disparages BoE gold quality issue
IMF finds central bankers 'not hostile' to more gold sales
James Turk: More records are ready to fall
London Telegraph notes Citigroup's concurrence with GATA
Iranian oil exec says dollar's fall pushes oil up, not supply issues
Analysts Maund, Arensberg expect gold to fall soon
Bank of England insists its (remaining) gold is pure, if a bit cracked
Monetary research group holds fall dinner Oct. 25 in NYC
Paul would put gold back in circulation; defective BoE gold story spreads
London Times reports Bank of England's defective gold
Phony inflation data prompts expectation of more rate cuts
Gold getting recognized as 'ultimate hedge'
The Statistics:
As of close of business: 9/28/2007
Gold Warehouse Stocks: | 7,101,021 | +79,316 |
Silver Warehouse Stocks: | 132,623,913 | -1,431,199 |
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$ 13,804m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 95.45 | 3,068,939 | US$ 2,292m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,143 | US$ 343m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,693 | US$ 416m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/28/2007 | |
Total Net Assets | $1,194,274,743 | Ounces of Gold
in Trust | 1,608,254.908 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.02 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 9/28/2007 | |
Total Net Assets | $1,958,595,853 | Ounces of Silver
in Trust | 143,536,762.300 |
Shares Outstanding | 14,450,000 | Tonnes of Silver
in Trust | 4,464.49 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Anglo American’s (AAUK) share sale of about half of its stake in AngloGold Ashanti (AU), AngloGold’s miner deaths and production halt, Silvercorp’s (SVM.TO) proposed stock split, Metalline’s (MMG) new board member, Orko Silver’s (OK.V) increased resource estimate, and Lundin Mining’s (LMC) closed transaction with Silverstone (SST.V) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +10.80% $5.54 |
2. Kimber | KBX +9.89% $1.00 |
3. Freeport | FCX+6.00% $111.18 |
LOSERS
1. Paramount | PZG-6.13% $2.45 |
2. Crystallex | KRY -5.99% $2.98 |
3. US Gold | UXG-5.26% $5.94 |
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:
Laurion Announces Proposed Private Placement with MineralFields Group - More
- October 01, 2007 | Item | E-mail
VVC Exploration - Default Status Update Report - More
- October 01, 2007 | Item | E-mail
St. Genevieve Resources Ltd.: 12.4% Copper Recovered From Channel Sampling on the Satellite Copper Project Yerington Nevada - More
- October 01, 2007 | Item | E-mail
Canadian Royalties and Norilsk Nickel Sign Agreements for the Sale of Nickel Concentrates and an Equity Investment - More
- October 01, 2007 | Item | E-mail
Typhoon Undertakes Exploration Work on Its Cote-Nord Uranium Property, Quebec - More
- October 01, 2007 | Item | E-mail
Kodiak Drills 1.6m Grading 38.47 gpt Gold, Cuts 11.6m Grading 32.96 gpt Gold - More
- October 01, 2007 | Item | E-mail
Osisko Advances Community Relocation Plan - More
- October 01, 2007 | Item | E-mail
Geoinformatics Identifies a New Copper-Rich Zone at its Whistler Project in Initial 2007 Assay Results - More
- October 01, 2007 | Item | E-mail
Freewest Prioritizes Exploration Targets on its Mcfaulds Property, Ontario - More
- October 01, 2007 | Item | E-mail
KWG and Spider To Drill Targets Beside Noront Discovery - More
- October 01, 2007 | Item | E-mail
Intrepid and Aura to Commence Drilling at Taviche Project, Mexico - More
- October 01, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver End Mixed; Dow Hits New Record