-- Posted Friday, 12 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $748.10 | -$3.20 | +0.92% |
Silver | $13.77 | -$0.10 | +2.91% |
XAU | 179.04 | +1.34% | +4.54% |
HUI | 413.34 | +0.70% | +4.91% |
GDM | 1289.59 | +1.01% | +4.71% |
JSE Gold | 2569.95 | -0.44% | +0.09% |
USD | 78.21 | +0.05 | -0.13% |
Euro | 141.76 | -0.38 | +0.29% |
Yen | 85.12 | -0.16 | -0.43% |
Oil | $83.69 | +$0.61 | +3.04% |
10-Year | 4.687% | +0.028 | +1.01% |
Bond | 110.375 | -0.25 | -0.37% |
Dow | 14093.08 | +0.56% | +0.19% |
Nasdaq | 2805.68 | +1.21% | +0.91% |
S&P | 1561.80 | +0.48% | +0.27% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it rose in early New York trade and saw slight gains at as high as $752.15 by a little before 9AM EST, but it then fell back off slightly into the close and ended with a loss of 0.43%. Silver fell nearly 20 cents in after hours trade yesterday and traded about 1% lower in Asia and London before it rose in New York back near unchanged at as high as $13.852 by about 9AM EST, but it too fell back off into the close and ended with a loss of 0.72%.
Euro gold remained at about €528, platinum gained $8 to $1415 to a new record high, palladium remained unchanged at $377, and copper remained at about $3.68.
Gold and silver equities traded roughly 1% higher throughout the day and ended at new record highs despite losses in the metals.
CoT Reports: Gold | Silver
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Sep | 0.6% | 0.2% | 0.3% |
Retail Sales ex-auto | Sep | 0.4% | 0.3% | -0.4% |
PPI | Sep | 1.1% | 0.5% | -1.4% |
Core PPI | Sep | 0.1% | 0.2% | 0.2% |
Business Inventories | Aug | 0.1% | 0.3% | 0.5% |
Michigan Sentiment | Oct | 82.0 | 84.0 | 83.4 |
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index on Monday, Net Foreign Purchases, Industrial Production, and Capacity Utilization on Tuesday, CPI, Housing Starts, Building Permits, and the fed’s Beige Book on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high at $84.05 a barrel before easing slightly and making a new record closing high at $83.69 on geopolitical concerns over Turkey possibly invading Northern Iraq “to quell Kurdish rebels.”
The U.S. dollar index rose slightly and treasuries traded mostly lower as generally better than expected economic data pushed interest rates higher, though most were pointing towards the fact that the dollar still sits less than 1 point away from making a new all-time low under 77.657 that was made just last Monday.
The Dow, Nasdaq, and S&P rose on strong retail sales and a buyout announcement, but they still ended short of their recent record highs.
Among the big names making news in the market Friday were General Motors, Oracle and BEA, and GE.
The Commentary:
“December Gold finished down 2.9 at 753.8, 3.7 off the high and 2.9 up from the low.
December Silver closed down 0.082 at 13.903. This was 0.063 up from the low and 0.057 off the high.
The gold market initially seemed to be in a profit taking mode Friday morning after some rather stellar gains earlier in the week. Certainly seeing the US Dollar manage a recovery bounce in the wake of a slightly better than expected US retail sales reading was cause for some players to bank profits. In fact, after the recent record spec and fund long positioning reading in the gold market, it is possible that some players were concerned about the potential for an extensively overbought spec positioning and that in conjunction with the bounce in the Dollar was more than enough excuse for weak handed longs to bank profits. It is also possible that gold was undermined by the fact that the Michigan Sentiment readings were weak and yet the Dollar mostly held in positive ground in the wake of that news. However, it had to be disappointing to the bull camp in gold to see prices weak in the face of strength in oil and equities prices. News that the recent Harmony Mine accident only cost that company 1,000 ounces of gold production was probably disappointing to the bull camp in gold.
Relatively speaking silver prices seemed to hold up somewhat better than gold prices in what appeared to be a profit taking session. However, some traders expressed concern that silver prices failed to manage a distinct rise above the even number $14.00 market early Friday morning. On the other hand, comments in the Press and from the trade would seem to suggest that many market participants remain upbeat toward silver despite its weakness on Friday. It is possible that the bull camp in silver was disheartened in the silver price action on Friday, especially when one considers the strength in equities and oil prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mining in South Africa: Deep, dark, and dangerous
Nickel may become Canada's new penny
The Statistics:
As of close of business: 10/11/2007
Gold Warehouse Stocks: | 7,190,380 | +5,404 |
Silver Warehouse Stocks: | 133,409,546 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 591.68 | 19,023,224 | US$ 14,247m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,299 | US$ 2,359m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,960 | US$ 363m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,418 | US$ 438m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 6.15 tnonnes.
COMEX Gold Trust (IAU)
Profile as of 10/11/2007 | |
Total Net Assets | $1,222,638,694 | Ounces of Gold
in Trust | 1,627,554.826 |
Shares Outstanding | 16,450,000 | Tonnes of Gold
in Trust | 50.62 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/11/2007 | |
Total Net Assets | $1,961,101,067 | 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:
Polyus Gold’s first half results, Apollo Gold’s (AGT) private placement, Gold Fields’ (GFI) sale of its Venezuelan assets to Rusoro (RML.V), and Metalline’s (MMG) concession purchase were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Crystallex | KRY +7.90% $3.14 |
2. Seabridge | SA +7.51% $35.09 |
3. Minco Gold | MGH+6.42%$1.2983 |
LOSERS
1. Orezone | OZN-7.43% $1.62 |
2. Eldorado | EGO-3.07% $6.64 |
3. Solitario | XPL -2.86% $5.10 |
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:
Uranium Hunter Enters Into Letter of Intent With Pinewood Resources Ltd. on the "Karoo" Project, a Large 8600 km2 Land Package in South Western Tanzan - More
- October 12, 2007 | Item | E-mail
New Island Resources Inc.: Investment in Prominex Resources Corp. - More
- October 12, 2007 | Item | E-mail
Ken Lunde Resigns From Board - More
- October 12, 2007 | Item | E-mail
Tournigan U.S. Uranium Acquisition Agreement and Reorganization Update - More
- October 12, 2007 | Item | E-mail
Cline Clarifies Disclosure on Iron Properties in Madagascar Announces Restatement of Financials - More
- October 12, 2007 | Item | E-mail
Madison Receives 3.5 Million Shares of Buffalo Gold on Closing of Mount Kare Property Option - More
- October 12, 2007 | Item | E-mail
Asia Now Intersects Copper-Gold-Molybdenum in Six Holes at Habo - More
- October 12, 2007 | Item | E-mail
Gold miners in South Africa plan to plumb record depths in 'deep, dark and dangerous' business - "South Africa's gold companies, already mining at the world's deepest depths, are looking to plumb even deeper veins in a new gold rush spurred by record prices.
The deeper miners go, the richer the ore being uncovered. The price in dangers, though, includes rockfalls, poisonous gas explosions, flooding and earthquakes. That has stirred up concerns about the safety of miners, who experts say have the worst lot among South Africa's industrial workers." More
- October 12, 2007 | Item | E-mail
Breakwater Resources Ltd.'s Third Quarter 2007 Financial and Operating Results Conference Call - More
- October 12, 2007 | Item | E-mail
Golden Goose Resources to be featured on CEO Clips on The Biography Channel - More
- October 12, 2007 | Item | E-mail
Polyus Gold 1st Half Net Loss $93 Million - "OJSC Polyus Gold said Friday for the first half of 2007 the revenues increased by $12 million (4%) as compared to the first six month of 2006 and amounted to $309 million.
The increase in Group's revenues is mainly a result of the 4% increase of the average gold price from $590 in the first half of 2006 to $659 in the first half of 2007." More
- October 12, 2007 | Item | E-mail
Company Profile for General Moly, Inc - More
- October 12, 2007 | Item | E-mail
Aurus Issues Dividend - More
- October 12, 2007 | Item | E-mail
Pele Mountain Publishes Positive Scoping Study for Uranium Mine Project at Elliot Lake - More
- October 12, 2007 | Item | E-mail
Work to Commence on the Hawk Joint Venture McNugget Claims in the McFaulds Lake Area of the James Bay Lowlands - More
- October 12, 2007 | Item | E-mail
Behre Dolbear Completes Due Diligence Study for International Gold Resources, Inc. Yukon Properties - More
- October 12, 2007 | Item | E-mail
New Cantech Ventures Inc.: Further Announcement Regarding Reed Lake Mineral Property in Manitoba - More
- October 12, 2007 | Item | E-mail
African Gold Group, Inc: Drilling Extends Continuity of Mineralized Strike Length to 1.35 km at Kobada and Remains Open Along Strike - More
- October 12, 2007 | Item | E-mail
IAMGOLD Third Quarter Results Release-November 13, 2007 - "A conference call will be held on Tuesday November 13, 2007 at 11:00 a.m. (EDT) to discuss these results. A webcast of the conference call will be available through the Company's website - www.iamgold.com." More
- October 12, 2007 | Item | E-mail
Metalline Mining Announces Concession Purchase. - "Metalline Mining Company (Amex: MMG - News) announces the purchase of the Volcan Dolores concession covering 10.4946 hectares, Exploitation Title No. 224873, expiring June 15, 2055. The Volcan Dolores concession is located within Metalline's large Sierra Mojada concession, on the western boundary of the Unificacion Mineros Nortenos concession and the southern boundary of the Esmeralda I concession." More
- October 12, 2007 | Item | E-mail
Stratabound Reports Copper-Gold Intersection on Captain - More
- October 12, 2007 | Item | E-mail
El Nino announces appointment of new Directors and Chief Executive Officer - More
- October 12, 2007 | Item | E-mail
Eaglecrest Announces $4,771,827 Million Non-Brokered Private Placement - More
- October 12, 2007 | Item | E-mail
Radisson Mining Grants Incentive Options and Issues Shares to Cancel Debt - More
- October 12, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Stock Options Granted - More
- October 12, 2007 | Item | E-mail
Aurelio Continues to Expand Near-Surface Oxide Mineralization in the South Courtland Area - More
- October 12, 2007 | Item | E-mail
Ross appointed as President of Goldex Resources - More
- October 12, 2007 | Item | E-mail
Pacific Cascade Minerals Purchases 100% Interest in Claims Adjacent to Existing Molybdenum Discovery in Central B.C. - More
- October 12, 2007 | Item | E-mail
Strathmore Minerals Corp./Fission Energy Corp.: Spin-Off Valuation - More
- October 12, 2007 | Item | E-mail
Korean Consortium execute $19 million investment in Cree East Uranium Project - More
- October 12, 2007 | Item | E-mail
Uranium Resources, Inc. to Acquire Mill Site and Uranium Properties holding 20 Million Pounds U3O8 from BHP Billiton - More
- October 12, 2007 | Item | E-mail
Apollo Gold Announces Private Placement Financing of CDN$4,070,000 - "Apollo Gold Corporation ("Apollo" or the "Company") (AMEX: AGT - News; TSX: APG - News) wishes to announce that it has entered into an agreement for a private placement financing pursuant to which Apollo would sell 4,600,000 flow-through shares for purposes of the Income Tax Act (Canada) ("Flow Through Shares") on a bought basis, and 2,800,000 Flow Through Shares on a best effort basis at CDN$0.55 per Flow Through Share to raise gross proceeds of up to CDN$4,070,000." More
- October 12, 2007 | Item | E-mail
Gold Fields Sells its Venezuela Assets for US$532 Million - "Gold Fields Limited (Gold Fields) (NYSE, JSE) (DIFX: GFI) is pleased to announce that agreement has been reached in terms of which Gold Fields will effectively dispose of its assets in Venezuela to Rusoro Mining Ltd. (Rusoro) (TSXV: RML), for a total consideration of approximately US$532(i) million." More
- October 12, 2007 | Item | E-mail
Gold Fields sells Venezuela assets for $520 mln - "South Africa's Gold Fields (GFIJ.J: Quote, Profile, Research) sold its Venezuelan assets for $520 million a day after selling a West African project and it said on Friday it would focus on quality mines internationally.
Canadian-listed Rusoro Mining Ltd. (RML.V: Quote, Profile, Research), a junior gold producer, said it had agreed to buy Gold Field's Venezuelan assets, including its Choco 10 mine, for $150 million in cash, $30 million in a convertible vendor loan and 140 million Rusoro shares." More
- October 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 12 October 2007 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain for the Seventh Week in Eight
