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-- Posted Monday, 15 October 2007 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | Gold | $756.90 | +$8.80 | Silver | $13.74 | -$0.03 | XAU | 179.82 | +0.44% | HUI | 418.77 | +1.31% | GDM | 1308.78 | +1.49% | JSE Gold | 2582.26 | +0.48% | USD | 78.08 | -0.13 | Euro | 142.00 | +0.24 | Yen | 85.31 | +0.19 | Oil | $86.33 | +$2.64 | 10-Year | 4.673% | -0.014 | T-Bond | 110.4375 | +0.0625 | Dow | 13984.80 | -0.77% | Nasdaq | 2780.05 | -0.91% | S&P | 1548.71 | -0.84% |
The Metals:  Gold rose steadily in Asia and London and saw over $10 gains at as high as $760.00 by midmorning in New York before it fell back off a bit into the close, but it still ended with a gain of 1.18% at a new 27 year high. Silver rose to as high as $14.005 by about 8:30AM EST in New York, but it then fell about 2% in the last four hours of trade and ended with a loss of 0.22%.
Euro gold rose to over €533, platinum gained $6 to $1421 to a new record high, palladium gained $1 to $378, and copper gained over 5 cents to about $3.73. Gold and silver equities rose over 2% at the open before they fell back off with the major indices by late morning, but they still ended with about 1% gains at new all time highs. The Economy: Report | For | Reading | Expected | Previous | NY Empire State Index | Oct | 22.8 | 14.0 | 14.7 |
Tomorrow at 9AM EST is the Net Foreign Purchases report for August and at 9:15 is Industrial Production for September expected at 0.1% and Capacity Utilization expected at 82.1%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose about 3% to a new record high above $86 and Brent crude topped $82 on worries over rising tensions between Turkey and Kurdish rebels in Iraq. The U.S. dollar index fell back near new record lows as traders looked ahead to the meeting of the Group of Seven finance ministers later in the week. IMF Rato: IMF Analysis Signals US Dollar Still Overvalued FXSTREET Treasuries fell in early trade as the NY Empire State Index came in much better than expected, but they rose to find gains by the close as the Dow, Nasdaq, and S&P fell markedly on poor earnings reports and worries over the credit market. Among the big names making news in the market today were Danaher and Tektronix, Schwab, Bank of America, Citigroup, and Mattel. The Commentary:  “December Gold finished up 8.4 at 762.2, 3.3 off the high and 2.2 up from the low.
December Silver closed down 0.048 at 13.855. This was 0.025 up from the low and 0.255 off the high. With the Dollar down early in the session it wasn't surprising to see the gold market start out higher but it was clear that a slightly better than expected Empire State Manufacturing report prompted a temporary Dollar rally and a temporary gold market correction. However, with the market sensing some renewed financial sector concern in a rather significant US equity market slide, it seemed as if gold was benefiting from flight to quality concerns. Certainly gold was also being lifted in the wake of sharp gains in energy prices and talk that Turkey was planning to undertake military action against the Kurds in Northern Iraq. In fact, the Turkish military actually fired on a Northern Iraq village and that would seem to validate the flight to quality condition. Relatively speaking the silver market was tightly correlated with the gold market but it did seem as if silver was partially lagging behind the gold market on its latest upward thrust. With the December silver contract waffling around both side of the critical $14.00 level and eventually closing below that level, the market was not experiencing the same bullishness as gold and it is evident that the bull camp was disappointed by the technical action in silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
Banks move to help credit markets -- or themselves? Slumping dollar puts G7 back in spotlight Unhedged Newcrest, Lihir fuel takeover talk as gold price soars Paulson is pressured by G-7 demands to aid dollar, credit markets Merv Burak: Who could afford such losses shorting gold? Jim Puplava interviews James Turk on the flight to gold Ambrose Evans-Pritchard: A scramble for exposure to global inflation Establishment's new line: Let dollar fall and it won't spark inflation Peter Grandich: Man your battle stations Gene Arensberg: Commercials in gold have never been shorter Big banks ponder creating fund to rescue mortgage-backed securities Commodities will move out of pricing in dollars, fund manager says The Statistics: As of close of business: 10/12/2007 Gold Warehouse Stocks: | 7,310,980 | +120,600 | Silver Warehouse Stocks: | 132,464,434 | -945,112 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 593.22 | 19,072,654 | US$ 14,293m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,194 | US$ 2,387m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,944 | US$ 367m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,412 | US$ 438m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 1.54 tones. COMEX Gold Trust (IAU) Profile as of 10/12/2007 | | Total Net Assets | $1,236,910,486 | Ounces of Gold
in Trust | 1,652,286.806 | Shares Outstanding | 16,700,000 | Tonnes of Gold
in Trust | 51.39 |
Note: Change in Total Tonnes from yesterday’s data: 0.77 tonnes were added to the trust. Silver Trust (SLV) Profile as of 10/12/2007 | | Total Net Assets | $1,978,291,976 | 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: Yamana’s (AUY) accepted offer for Meridian (MDG) and possible dividend increase, Minco Gold’s (MGH) and Minco Silver’s (MSV.TO) appointed CFO, and U.S. Silver’s (USA.V) assay results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Metalline | MMG+11.71%$3.52 | 2. Seabridge | SA +10.34% $38.72 | 3. US Energy | USEG+8.67% $4.89 |
LOSERS 1. Minco Gold | MGH-13.73% $1.12 | 2. US Gold | UXG -6.77% $4.68 | 3. Ivanhoe | IVN -4.01% $14.37 |
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: Chapleau Resources Retains AGORACOM To Provide Investor Relations, Social Network and Google Search Engine Program - More
- October 15, 2007 | Item | E-mail
SAGE Announces Private Placement - More
- October 15, 2007 | Item | E-mail
LOUNOR EXPLORATION INC. - Private placement - More
- October 15, 2007 | Item | E-mail
Minco Gold Appoints Garnet Clark Chief Financial Officer - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to announce the appointment of Mr. Garnet Clark as Chief Financial Officer of the Company effective October 15th, 2007. Mr. Clark, a Certified Management Accountant (CMA), is a senior executive with two decades of national and international experience in the resource sector." More
- October 15, 2007 | Item | E-mail
Africo Resources signs MOU with DRC Ministry of Social Affairs - More
- October 15, 2007 | Item | E-mail
Avalon Concludes Phase 1 Drilling on Thor Lake Rare Earth Elements Target - More
- October 15, 2007 | Item | E-mail
Bolero secures large, undeveloped molybdenum property in Colorado - More
- October 15, 2007 | Item | E-mail
Bayswater Resumes Labrador Uranium Project Drilling With Two Drills - More
- October 15, 2007 | Item | E-mail
Laurion Announces Proposed Private Placement - More
- October 15, 2007 | Item | E-mail
Yamana bullish on gold, could raise dividend - "Yamana Gold Inc (YRI.TO: Quote, Profile, Research) could raise its dividend in the near future as it wraps up its C$4.5 billion takeover of Meridian Gold (MNG.TO: Quote, Profile, Research) and Northern Orion Resources (NNO.TO: Quote, Profile, Research), Chief Executive Peter Marrone told Reuters on Monday." More
- October 15, 2007 | Item | E-mail
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Gold Seeker Closing Report: Gold Gains Over 1% While Silver Falls Slightly