-- Posted Wednesday, 10 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $739.80 | +$3.10 |
Silver | $13.54 | +$0.11 |
XAU | 176.45 | +1.74% |
HUI | 405.26 | +1.72% |
GDM | 1260.74 | +1.56% |
JSE Gold | 2568.20 | +0.56% |
USD | 78.33 | -0.13 |
Euro | 141.33 | +0.53 |
Yen | 85.31 | -0.09 |
Oil | $81.30 | +$1.04 |
10-Year | 4.647% | -0.004 |
T-Bond | 110.78125 | UNCH |
Dow | 14078.69 | -0.61% |
Nasdaq | 2811.61 | +0.27% |
S&P | 1562.47 | -0.17% |
The Metals:
Gold traded about 0.5% higher in Asia and added to its gains in London to climb as high as $745.65 by early trade in New York before it fell back off into the close, but it still ended with a gain of 0.42%. Silver rose to as high as $13.677 by midday in London before it also trended slightly lower in New York, but it still ended with a gain of 0.82%.
Euro gold remained above €523, platinum gained $18 to $1,385 to a new record high, palladium gained $10 to $372, and copper rose roughly eight cents to about $3.69.
Gold and silver equities rose over 2% to new record highs by late morning before they fell back off a bit in afternoon trade, but they still ended with over 1.5% gains at new all time closing highs.
Cbanks sold 475.75 tonnes gold in pact 3rd yr Reuters
Central banks start new agreement year selling 9 tonnes of gold Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Aug | 0.1% | 0.3% | 0.2% |
Tomorrow at 8:30AM EST brings Import and Export Prices for September, Initial Jobless Claims for 10/06 expected at 315,000, and the Trade Balance for August expected at -$59.5 billion. At 2PM is the Treasury budget for September expected at $100.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded in a tight range on either side of unchanged for most of the day as traders waited for inventory reports that were delayed until tomorrow due to the Columbus Day Holiday, but it then shot higher in later trade and ended with an over 1% gain on news of a surprise strike in Nigeria that threatens supplies from Chevron facilities there.
The U.S. dollar index continued to fall on the view that the fed may continue to cut interest rates.
Treasuries ended near unchanged as traders debated future rate cuts and watched the mixed major indices.
The Dow and S&P fell on mostly poor earnings reports while the Nasdaq was spared and rose.
Among the big names making news in the market today were Chrysler, Boeing, Monsanto, Cadbury, and Costco.
The Commentary:
“December Gold finished up 2.9 at 746, 5.8 off the high and 1.8 up from the low.
December Silver closed up 0.085 at 13.668. This was 0.008 up from the low and 0.112 off the high.
The gold market showed impressive early gains on Wednesday but into mid session the market saw the gains evaporate. Perhaps seeing the stock market slide and seeing the US Dollar recover from its initial lows undermined the gold market. The Bundesbank indicated that they had no plans to sell more gold in year 4 of the gold sales agreement. However, the Bundesbank did suggest that they would sell up to 8 tons of gold to Finance German Finance Ministry operations and they also suggested that options to sell gold might be offered to other central banks in the gold sales agreement.
Like the gold market, the silver market showed a rather expansive trading range on Wednesday, with an impressive early rally losing momentum. It is possible that weakness in equity prices fostered the mid day turn setback from the highs, or it is possible that a slight bounce in the Dollar prompted the silver market to retrench.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul heads for the belly of the beast on Friday ...
Bureau of Labor Statistics to replace toilet paper with corn cobs in CPI
Adrian Ash: Gold and the end of history's holiday
The Statistics:
As of close of business: 10/9/2007
Gold Warehouse Stocks: | 7,184,976 | +22,620 |
Silver Warehouse Stocks: | 133,245,141 | +599,065 |
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 | 585.53 | 18,825,503 | US$ 13,854m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,369 | US$ 2,331m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,971 | US$ 359m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,431 | US$ 430m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/9/2007 | |
Total Net Assets | $1,185,451,702 | 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 10/9/2007 | |
Total Net Assets | $1,895,152,330 | Ounces of Silver
in Trust | 143,481,444.700 |
Shares Outstanding | 14,450,000 | Tonnes of Silver
in Trust | 4,462.77 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
The death of four miners at Gold Fields’ (GFI) Kloof mine, Highland Gold’s (HGM.L) extended project license, Harmony Gold’s (HMY) possible lost production, Fortuna’s (FVI.V) investor relation consultants and exercised warrants, Endeavour’s (EXK) new vice president, Palmarejo’s (PJO.V) drill results, SNS Silver’s (SNS.V) completed drilling, ECU’s (ECU.TO) commenced drilling, Alexco’s (AXU) new CFO, Orko’s (OK.V) additional drill rig, and Apogee’s (APE.V) plans to triple production were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +7.90% $5.35 |
2. Yamana | AUY +6.35% $12.90 |
3. Northern Orion | NTO +6.26% $6.96 |
LOSERS
1. International Tower Hill | THM -4.38% $2.40 |
2. US Gold | UXG -3.51% $5.50 |
3. Crystallex | KRY -3.06% $2.85 |
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:
Mill City Gold Corp. - News Release - More
- October 10, 2007 | Item | E-mail
Acero-Martin Announces Changes to Management and Board of Directors - More
- October 10, 2007 | Item | E-mail
Nevoro Inc. Acquires the Monarch and Boulderfield Projects - More
- October 10, 2007 | Item | E-mail
Guyana Releases Initial Resource Estimate 1.97 Million Ounces Indicated and 2.68 Million Ounces Inferred - More
- October 10, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. announces closing of flow-through private placement - More
- October 10, 2007 | Item | E-mail
Fortuna Retains Investor Relations Consultants - "O&M is an independent investor relations consultancy based in New York with investor relations expertise in the natural resources sector. O&M will assist Fortuna in establishing a market profile within the North American investment community, with a particular focus on New York and the east coast of the USA." More
- October 10, 2007 | Item | E-mail
Tribute Minerals Inc. Exploration Update - More
- October 10, 2007 | Item | E-mail
New Cantech Ventures Inc.: Settlement of Legal Proceedings Regarding Reed Lake Mineral Property in Manitoba - More
- October 10, 2007 | Item | E-mail
Kodiak Controls Dominant Land Position in Beardmore-Geraldton Gold Belt - More
- October 10, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.: Appointment of New Chief Financial Officer - More
- October 10, 2007 | Item | E-mail
Four Gold Fields miners killed in more South African mishaps - "The world’s fourth largest gold producer, Gold Fields Ltd. [NYSE:GFI], said four workers died today at its Kloof mine and one at South Deep - the second and third accident in a week at a South African mine." More
- October 10, 2007 | Item | E-mail
High Desert Gold Corporation Files Final Prospectus - More
- October 10, 2007 | Item | E-mail
Grande Portage Resources Ltd. Announces Target Updates - More
- October 10, 2007 | Item | E-mail
Highland Gold extends Mayskoye project licence - "Russia's Highland Gold Mining (HGM.L: Quote, Profile, Research) said on Wednesday it had successfully won an extension to 2010 of the operating licence for its large Mayskoye deposit, which was due to expire at the end of this year." More
- October 10, 2007 | Item | E-mail
Fortuna Warrant Exercises Increase Cash Position to CDN $44 Million - "Fortuna Silver Mines Inc. (CDNX:FVI.V - News). Mr. Jorge Ganoza, President of Fortuna Silver Mines Inc., is pleased to announce that since the start of August 2007, a total of 8.6-million share purchase warrants have been exercised for cash proceeds to the Company of approximately Cdn$10.9-million. This has increased Fortuna's cash position to Cdn$44-million." More
- October 10, 2007 | Item | E-mail
Noront Provides Project Update - More
- October 10, 2007 | Item | E-mail
Eloro Updates Delta Project - More
- October 10, 2007 | Item | E-mail
Endeavour Appoints New Vice President, Mexico Operations; Provides Update on Guanacevi Plant Expansion - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) is pleased to announce the appointment of David Howe, M.Sc. Mining Geology as its new Vice President, Mexico Operations. Mr. Howe brings to Endeavour some 20 years experience in mine management, operations, engineering and exploration." More
- October 10, 2007 | Item | E-mail
Golden Band Resources: Exploration and Development Updates - More
- October 10, 2007 | Item | E-mail
Klondex to Highlight Nevada Gold Exploration and Development Progress at Toronto Resource Investment Conference, October 21st - 22nd - Booth #636 - More
- October 10, 2007 | Item | E-mail
Eagle Plains/Alexco Enter Into Option/Purchase Agreement for McQuesten Gold Property, Yukon Territory - More
- October 10, 2007 | Item | E-mail
TSX-V: SNS - SNS Silver Completes 32,000 Feet of Drilling at the Crescent Mine
- October 10, 2007 | Item | E-mail
SNS Silver Completes 32,000 Feet of Drilling at the Crescent Mine: Financial News - Yahoo! Finance - More
- October 10, 2007 | Item | E-mail
Historic Uranium Deposit Takes New Shape for Fronteer's Aurora - More
- October 10, 2007 | Item | E-mail
JOURDAN Resources Inc.: Discovery of Uranium Deposits of Sedimentary Origin in the Wakeham Basin, Havre St.Pierre Area, Quebec - More
- October 10, 2007 | Item | E-mail
Prophecy Resource Corp. - Private Placement arranged for $507,500 - More
- October 10, 2007 | Item | E-mail
Bulk Sampling has begun at the Barry Open Pit - More
- October 10, 2007 | Item | E-mail
Inspiration Intersects 1.004% Ni Over 13.77m or 45.19ft and 1.758% Ni Over 3.54m or 11.61ft Containing 5.790% Ni Over 0.58m or 1.91ft (True Width) - More
- October 10, 2007 | Item | E-mail
Rockcliff Resources Inc.: Drilling Underway at the Snow Lake VMS Project - More
- October 10, 2007 | Item | E-mail
Duluth Metals announces first drill results from eastern exploration area - More
- October 10, 2007 | Item | E-mail
Nomination of two new board members - More
- October 10, 2007 | Item | E-mail
StrataGold discovers new gold zone at Dublin Gulch, Yukon - More
- October 10, 2007 | Item | E-mail
Sirios Resources Inc.: Diamond Drilling Started on Cheechoo Gold Project, James Bay, Quebec - More
- October 10, 2007 | Item | E-mail
Geneva Resources, Inc. to Resume Core Drilling Program in Plateau State, Nigeria - More
- October 10, 2007 | Item | E-mail
Azteca Gold Corp.: Diamond Core and RC Drilling Intersect Vein at Depth at Guerra al Tirano and Diamond Drilling to Start this Week at Marietta - More
- October 10, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Cheechoo Gold Project-James Bay, Quebec - More
- October 10, 2007 | Item | E-mail
Mirabela Nickel announces more Southern Deeps results at Santa Rita - More
- October 10, 2007 | Item | E-mail
Midlands Minerals Intersects Akyem Type Carbonate-Silica Mineralization and Porphry Quartz in 5 DD Holes on Sian-Ghana - More
- October 10, 2007 | Item | E-mail
Earn-In Partner Castillian Resources Intersects 60.87 m. of 0.78% Nickel, 0.50% Copper & Significant PGM Near Surface at Marifil's Las Aguilas Property - More
- October 10, 2007 | Item | E-mail
Golden Hope Mines Ltd.: Frank Candido Joins Board, Options Granted - More
- October 10, 2007 | Item | E-mail
Virginia Mines Inc.: Coulon JV Project Lens 44 Returns 6.95% Zn, 1.51% Cu and 34.28 g/t Ag / 26.8m and 4.34% Zn, 1.12% Cu and 33.79 g/t Ag / 30.85m - More
- October 10, 2007 | Item | E-mail
Phase III Nickel Acquisition Acquires Nickel Plats Project in Saskatchewan - More
- October 10, 2007 | Item | E-mail
Breakwater and Virginia provide Coulon JV project update - More
- October 10, 2007 | Item | E-mail
Mill City Drills 2.18 grams/tonne Gold Over 120 ft On Carlin Trend Property - More
- October 10, 2007 | Item | E-mail
Liberty's Deep Drilling at Redstone and Exploration Update - More
- October 10, 2007 | Item | E-mail
Castillian Intersects 60.87 Meters Grading 0.78% Nickel, 0.50% Copper Including 12.6 Meters Grading 1.19% Nickel, 0.75% Copper and Significant PGM Near Surface - More
- October 10, 2007 | Item | E-mail
Murgor Drilling Extends WIM Copper-Gold Deposit by at least 120 Meters in Northern Manitoba. - More
- October 10, 2007 | Item | E-mail
Trade Winds Intersects 19.27 Grams/Tonne Gold Over 7.18 Metres Within the M Zone on Block A Property at Detour Lake, Ontario - More
- October 10, 2007 | Item | E-mail
AAA Energy Inc. Agent Signs LOI on China Moly Prospects - More
- October 10, 2007 | Item | E-mail
Grandview Drills 2.18 Grams/Tonne Gold Over 120 ft on Carlin Trend Property - More
- October 10, 2007 | Item | E-mail
Gemini Explorations, Inc. Reports on La Planada Gold Project Drill Program - More
- October 10, 2007 | Item | E-mail
Aurora Energy Resources Inc.: Historic Uranium Deposit Takes New Shape - More
- October 10, 2007 | Item | E-mail
Strathmore Increases Land Position in Gas Hills Uranium District, Wyoming, to Over 29,000 Acres: Company Owns 100% of Six Near-Surface Open-Pit Deposits - More
- October 10, 2007 | Item | E-mail
East Asia Minerals Declares CAD$1.30 Per Share Cash Dividend - More
- October 10, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Drilling Commences at Waterfound - More
- October 10, 2007 | Item | E-mail
Gold Fields says 3 miners die in mine accident - "South African miner Gold Fields said on Wednesday three miners died in an underground accident at its Kloof Gold Mine. The firm said in a statement that a loaded spillage skip was being hoisted up an incline from the shaft bottom when the rope broke." More
- October 10, 2007 | Item | E-mail
Palmarejo Silver and Gold Announces Further Drill Results From the Guadalupe Project - "Palmarejo Silver and Gold Corporation (TSX VENTURE:PJO - News; the "Company") is pleased to announce results from the continuing reverse circulation (RC) and diamond drill program at its Guadalupe project, 7.0 kilometres southeast of the Palmarejo Project, in the Temoris District, Chihuahua, Mexico." More
- October 10, 2007 | Item | E-mail
SNS Silver Completes 32,000 Feet of Drilling at the Crescent Mine - "SNS Silver Corp. ("SNS" or the "Company") (TSX-V: SNS - News) reports that 32,000 feet of surface drilling has now been completed, and assay results are pending. The remaining 8,000 feet of surface drilling is expected to be completed prior to the winter season." More
- October 10, 2007 | Item | E-mail
ECU Silver Mining Inc. and Golden Tag Resources Ltd.: Commencement of Phase 3 Drilling on San Diego Property, Mexico - "Golden Tag Resources Ltd. (TSX VENTURE:GOG - News) and operator ECU Silver Mining Inc. (TSX:ECU - News) are pleased to report the commencement of a Phase 3 program of surface diamond drilling on the San Diego Joint-Venture property in Durango State, Mexico. This program will entail approximately 6,000 meters of drilling to test or evaluate:" More
- October 10, 2007 | Item | E-mail
Harmony Gold may lose 600 kg of gold at mine - "Harmony Gold could lose some 600 kg of gold in outout at its Elandsrand mine after it launched repairs and a probe into an accident that trapped thousands of workers, an official said on Wednesday." More
- October 10, 2007 | Item | E-mail
Alexco Appoints New Chief Financial Officer - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) is pleased to announce the addition of David E. Whittle to its management team as Chief Financial Officer and Corporate Secretary, effective immediately." More
- October 10, 2007 | Item | E-mail
Orko Silver Adds Fourth Drill Rig - "Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that Major Drilling S.A. de C.V. of Hermosillo, Sonora, Mexico, has delivered a fourth diamond drilling rig and crew to Orko Silver's La Preciosa project. The fourth rig will be initially utilized at Orko Silver's La Preciosa property to accelerate drill target testing of the impressive Martha Vein." More
- October 10, 2007 | Item | E-mail
Apogee Aims to Triple Metal Production at Its 100% Owned La Solucion Zinc-Lead-Silver Mining Operation, Bolivia - "The objective is to triple the metal output within the next 15 months, with initial gains to be made by January, 2008 to take full advantage of the current very high prices for zinc and lead. Expanding production capacity at this time provides Apogee a great opportunity to participate in this exceptional base metal market." More
- October 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 10 October 2007 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Again While Miners Surge to New Record Highs!
