-- Posted Wednesday, 3 October 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $729.40 | +$0.20 |
Silver | $13.33 | +$0.02 |
XAU | 165.36 | -1.23% |
HUI | 381.17 | -1.50% |
GDM | 1181.55 | -1.59% |
JSE Gold | 2540.34 | -0.67% |
USD | 78.63 | +0.34 |
Euro | 141.08 | -0.44 |
Yen | 85.70 | -0.57 |
Oil | $79.94 | -$0.11 |
10-Year | 4.543% | +0.014 |
T-Bond | 111.84375 | -0.15625 |
Dow | 13968.05 | -0.56% |
Nasdaq | 2729.43 | -0.64% |
S&P | 1539.59 | -0.46% |
The Metals:
Gold rose to find over $5 gains at $736.10 in Asia before it fell back off a bit in London and dropped even further in New York to see slight losses at as low as $726.10 by just after noon EST, but it then rallied back higher in the last hour of trade and ended with a small gain. Silver rose to as high as $13.462 in early New York trade before it dropped to as low as $13.20 by a little after noontime, but it also rallied back higher into the close and ended with a small gain.
Euro gold rose to about €517, platinum gained $15 to $1356, palladium gained $5 to $351, and copper rose a couple of cents to over $3.75.
Gold and silver equities opened briefly higher, but they fell back off for most of the rest of trade and ended over 1% lower as gold, silver, and the major indices all dropped off heading into their respective closes.
Central banks conclude 2007 gold sales with a whisper
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Sep | 54.8 | 55.0 | 55.8 |
Also making economic news today was the MBA’s report showing mortgage applications were down 2.7% last week and the ADP’s report showing employers added 58,000 jobs in September. Tomorrow at 8:30AM EST brings the Initial Jobless Claims report for 9/29 expected at 310,000 and at 10AM is the Factory Orders report for August expected at -2.8%, though most are already looking forward to Friday’s government jobs report.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged near $80.00 after a confusing inventory report kept traders guessing. Crude inventories were expected to fall and instead built 1.2 million barrels while gasoline and distillates were expected to build and instead fell 100,000 barrels and 1.2 million barrels, respectively. Refinery utilization rose 0.6% to 87.5%, but is still considered to be running at a low rate for this time of the year.
The U.S. dollar index rose and treasuries fell as the ISM Services report did not come in surprisingly weak as so many other economic reports seem to have lately.
The Dow, Nasdaq, and S&P fell on uncertainty over this Friday’s jobs report and its impact on what the fed will do and also over apprehension about upcoming earnings reports that may show significant impacts due to August’s credit problems.
Among the big names making news in the market today were Bear Stearns and Hershey.
The Commentary:
“December Gold finished down 0.6 at 735.7, 5.3 off the high and 3.2 up from the low.
December Silver closed up 0.02 at 13.47. This was 0.12 up from the low and 0.11 off the high.
The gold market lost its early bullish bias and then was mostly without a defined trend in the action today. With the Dollar showing signs of ongoing strength one cold suggest that the gold market held up relatively well. However, the Dollar was certainly making some noise on its charts and that could eventually come back to haunt the bull camp in gold. However, strength in energy prices and another new high for the move in the copper market could have given the gold market support in the face of the negative Dollar action. In the end the US market seemed to outperform the European gold market which closed lower on the day.
In the end the silver market spent most of the trading session holding above the prior session's close and that in turn could make the $13.45 level a critical pivot point price in the coming sessions. We suspect that silver was indirectly lifted in the wake of ongoing strength in copper prices and perhaps because of the recovery in oil prices. However, the direction of the US Dollar and the direction of gold continued to be the main focal point of the silver trade on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Looking back, to see ahead
Central banking's main purpose now is market suppression
Greg Peel: Citigroup report reignites gold manipulation debate
The Statistics:
As of close of business: 10/2/2007
Gold Warehouse Stocks: | 7,101,021 | - |
Silver Warehouse Stocks: | 132,838,616 | +250,716 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 577.85 | 18,578,347 | US$ 13,566m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 95.45 | 3,068,871 | US$ 2,234m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 484,009 | US$ 353m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,662 | US$ 416m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.18 tonnes and the ASX added 0.76 tonnes.
COMEX Gold Trust (IAU)
Profile as of 10/2/2007 | |
Total Net Assets | $1,173,323,457 | Ounces of Gold
in Trust | 1,607,768.854 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.01 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/2/2007 | |
Total Net Assets | $1,905,379,686 | 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:
Richmont’s (RIC) Island Gold Opening and Investor Day, Ivanhoe’s (IVN) drill results and Myanmar comments, Cardero’s (CDY) property acquisition, Kimber’s (KBX) investor relations appointment, Golden Star’s (GSS) record gold production, Canyon’s (CAU) hearing date, Taseko’s (TGB) copper production, AngloGold’s (AU) mine output restart, Bear Creek’s (BCM.V) metallurgical testing update, and EXMIN’s (EXM.V) drilling with Industrias Penoles were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +7.64% $5.92 |
2. Exeter | XRA +6.90% $3.72 |
3. Entree Gold | EGI +5.66% $2.80 |
LOSERS
1. Harmony | HMY -5.51% $10.46 |
2. Orezone | OZN -5.43% $1.74 |
3. Tanzanian Royalty | TRE -4.75% $5.41 |
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:
Bayswater Expresses Its Condolences to Family of Victim in Helicopter Accident - More
- October 03, 2007 | Item | E-mail
Richmont Mines Inc. and Patricia Mining Corp. Host Island Gold Opening and Investor Day - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (CDNX:PAT.V - News) are hosting an Island Gold Opening and Investor Day today at the Island Gold mine location in Dubreuilville, Ontario. Guests of the invitation event include management and Board of Director members from Richmont Mines and Patricia Mining, institutional investors and media representatives." More
- October 03, 2007 | Item | E-mail
Final Lucky Joe drill results - 1500 m copper-gold zone defined - More
- October 03, 2007 | Item | E-mail
White Mountain Increases Cerro Blanco Landholdings By 17% and Initiates Exploration on New Eli Prospect - More
- October 03, 2007 | Item | E-mail
Bear Creek Corani Project; Metallurgical Update - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to provide a metallurgical testing update on its Corani Silver-Lead-Zinc deposit in Peru, including several positive breakthroughs that will lead to definition of the final flow sheet for processing Corani ore. Metallurgical testing will continue through project development stages, along with ongoing drilling and resource updates. The fourth resource estimate for the Corani Project is expected by year-end 2007." More
- October 03, 2007 | Item | E-mail
Trans America Says Neutron Energy to Focus on Exploration and Development of U.S. Uranium Assets - More
- October 03, 2007 | Item | E-mail
Freewest Drilling Demonstrates Excellent Potential for Deep Gold Zones at Clarence Stream, New Brunswick - More
- October 03, 2007 | Item | E-mail
Cline Mining Announces Cline Lake Drilling Results and Additional Drilling - More
- October 03, 2007 | Item | E-mail
High-Grade Copper and Gold Mineralized Zone Discovered at Ivanhoe's Cloncurry Project in Australia - "Robert Friedland, Executive Chairman of Ivanhoe Mines (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News), and Douglas Kirwin, Ivanhoe Mines Executive Vice-President, Exploration, announced today that continued exploration drilling at the company's Cloncurry Project in the Mt. Isa District of northwestern Queensland, has resulted in the discovery of a significant high-grade zone of copper and gold mineralization on the western margin of the large, open-ended SWAN Iron Oxide Copper Gold (IOCG) Project." More
- October 03, 2007 | Item | E-mail
Pediment Exploration Ltd.: Hole PLRC-20 Intersects 6.1 Metres Grading 15.14 g/t Gold in Oxides Within a 152-Metre of 1.64 g/t Gold Mineralized Intersection - More
- October 03, 2007 | Item | E-mail
Farallon Resources Ltd. Adopts Shareholder Rights Plan - More
- October 03, 2007 | Item | E-mail
Happy Creek Minerals Ltd. begins drilling Fox tungsten-molybdenum property - More
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Gold Seeker Closing Report: Gold and Silver End Slightly Higher While Dow Drops Again