The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil started off trading in New York lower, but it then rose throughout trade and ended back above $81 on supply concerns.

The U.S. dollar index fell and treasuries rose after another round of disappointing economic data, but moves were somewhat limited ahead of tomorrow’s jobs report.  Traders also paid close attention to the Bank of England and European Central Bank who both kept interest rates unchanged as ECB President Trichet expressed concern over both inflation and slowing economic growth.

The Dow, Nasdaq, and S&P remained near unchanged as traders awaited tomorrow’s jobs report.

Among the big names making news in the market today were Constellation, Wendy’s, and Marriott.

The Commentary:

“December Gold finished up 8.1 at 743.8, 0.7 off the high and 17.3 up from the low.

December Silver closed up 0.03 at 13.5. This was 0.3 up from the low and 0.02 off the high.

After seeing December gold fall down to the lowest level since September 18th it was quite surprising that the market was able to come roaring back. Certainly some weakening in the Dollar helped the market reverse course but it is also possible that strength in oil prices added into the bullish wave. Some Press outlets suggested that the recovery in gold prices was a speculation on a weaker than expected US payroll reading and that is certainly a possibility. It is also possible that the closure of the Harmony Mine by South African officials is signaling increased oversight on issues of safety and that could end up stalling deep mine operations and in turn serving to crimp South African gold production even further.

While the silver market managed to reject its early lows and in the process forge a 33 cent bounce, one could look at the silver action and conclude that it underperformed the gold market during the trading session Thursday. Perhaps the closure of the South African gold mine explains part of the silver markets lack of strength relative to gold, but it is also possible that speculative buying ahead of the upcoming US Non farm payroll report was mostly in gold as opposed to silver.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Paul shows you can be conservative and anti-war too

Bank of England pressured for emergency rate cut

Stunning fund-raising success for Paul's presidential campaign

Dollar takes blows from Vietnam and Qatar

The Statistics:

As of close of business: 10/3/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.45 tonnes.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: Change in Total Tonnes from yesterday’s data: 1.72 were removed from the trust.

The Stocks:

The bad news was that 3200 South African gold miners became trapped more than a mile underground at Harmony’s (HMY) Elandsrand mine late yesterday after the “electricity cable of the mine's main lift was severed,” but the good news is that the last of all 3200 was rescued to safety by publication time today.  Northern Orion’s (NTO) planned mine construction, Russia’s plans to sell its Sukhoi Log gold deposit through a tender, Harmony’s ordered mine closure for six weeks, Northern Dynasty’s (NAK) drill results, Aurelian’s (ARU.TO) inferred mineral resource estimate, Harmony’s plans to sell its uranium and copper projects and $290 million debt facility, Entree Gold’s (EGI) drill results, Impact Silver’s (IPT.V) sampling results, Minco’s (MSV.TO) assay results, Tumi’s (TUMIF.OB) drill contract, Paramount’s (PZG) assay results, Bear Creek’s (BCM.V) drill results, MAG Silver’s (MVG) listing on the TSX, Aquiline’s (AQI.TO) drill results, and Apogee’s (APE.V) commenced drill program were among the other big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Pele Mountain Achieves Major Milestone with Positive Scoping Study for Uranium Mine Project at Elliot Lake - More
- October 04, 2007 | Item | E-mail

Northern Orion to start work on Argentine mine in '08 - "Canada's Northern Orion Resources Inc could begin construction of a copper and gold mine next year in northeastern Argentina with an investment of $2 billion, the company's president said on Thursday." More
- October 04, 2007 | Item | E-mail

Last of 3,200 trapped SAfrican miners saved - "The last of 3,200 miners trapped deep in a South African mine shaft was saved on Thursday, capping a day-long rescue mission that began with fears of the worst and ended in wild celebrations." More
- October 04, 2007 | Item | E-mail

Rising C$ puts squeeze on Canadian miners' profits - "The Canadian dollar's rise to parity with the U.S. dollar will take a bite out of Canadian miners' third-quarter earnings, although the impact could be muted for companies with diverse international holdings, analysts say." More
- October 04, 2007 | Item | E-mail

Sherwood Reports that Minto Mine Declares Commercial Production - More
- October 04, 2007 | Item | E-mail

Global Minerals begins drilling at Quarter Horse Ranch - Nevada - More
- October 04, 2007 | Item | E-mail

Katanga Announces US$150 Million Loan Following Review of Strategic Options - More
- October 04, 2007 | Item | E-mail

10.50 Metres of 11.19% Copper Within 43.05 Metres of 4.38% Copper in Drill Hole 2, at VMS Ventures Reed Lake Property, Snow Lake, Manitoba - More
- October 04, 2007 | Item | E-mail

Denison Updates Athabasca Basin Exploration Activities - More
- October 04, 2007 | Item | E-mail