-- 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
Gold Seeker Closing Report: Gold and Silver Gain Again While Miners Surge to New Record Highs!