-- Posted Thursday, 18 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $763.90 | +$6.90 |
Silver | $13.69 | +$0.04 |
XAU | 177.36 | +2.67% |
HUI | 411.15 | +2.29% |
GDM | 1288.27 | +2.39% |
JSE Gold | 2491.05 | -1.53% |
USD | 77.58 | -0.51 |
Euro | 142.92 | +1.09 |
Yen | 86.41 | +0.55 |
Oil | $89.47 | +$2.07 |
10-Year | 4.503% | -0.043 |
T-Bond | 112.15625 | +0.46875 |
Dow | 13888.96 | -0.03% |
Nasdaq | 2799.31 | +0.24% |
S&P | 1540.08 | -0.08% |
The Metals:
Gold traded mostly slightly higher in Asia and London, spiked about 1% higher at the New York open, remained near its highs into the close, and ended with a gain of 0.91% at a new 27 year high. Silver dropped to as low as $13.60 in late Asian/early London trade and rose to as high as $13.79 by midmorning in New York before it fell back off into the close, but it still ended with a gain of 0.29%.
Euro gold rose back over €535, platinum gained $3 to $1438 to a new record high, palladium remained unchanged at $369, and copper fell over 5 cents to about $3.59.
Gold and silver equities steadily rose throughout most of trade and ended with over 2% gains about 1% away from their record highs made on Monday.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/13 | 337K | 315K | 309K |
Leading Indicators | Sep | 0.3% | 0.3% | -0.8% |
Philadelphia Fed | Oct | 6.8 | 7.0 | 10.9 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high at $89.55 before settling at $89.47 on geopolitical worries, a record low dollar, and a smaller than expected build in natural gas inventories.
The U.S. dollar index fell to a brand new record low and treasuries again found nice gains on the outlook for more interest rate cuts from the fed due to more poor economic data and worries over more credit problems.
The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings reports.
Among the big names making news in the market today were Southwest Airlines, Continental, Hershey, Nokia, Bank of America, Pfizer, PMI Group, and Bank of New York.
The Commentary:
“December Gold finished up 6.4 at 768.7, 2.6 off the high and 2 up from the low.
December Silver closed up 0.053 at 13.803. This was 0.023 up from the low and 0.087 off the high.
The gold market showed impressive strength early in the session but seemed to fade somewhat just ahead of mid session. However, with the crude oil market managing another upward extension later in the trading session, the US Dollar forging another downside extension and significant concern being fostered in the wake of concerning Bank earnings it would seem like the flight to quality argument was being found in a number of areas. While the leading Indicator report was weak the Philly Fed survey showed a contraction in its October Business Index and that would seem to leave the concern for the US economy in the face of the gold market.
The silver market mostly followed in the wake of the gold market on Thursday but it was clear that the magnitude of the silver rally was somewhat skimpy compared to the gold move. With the sharp run up in energy prices and that sharp slide in the US Dollar, one could even suggest that the silver market underperformed versus its outside market correlation. In the end, silver is seeing flight to quality buying but it is perhaps being held back because of the fear that too much slowing could suddenly prompt industrial or physical selling.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Michael Kosares: What gold owners can learn from the stock bull market of the '90s
Australasian Investment Review notes gold market manipulation
Peter Brimelow: U.S. disclosure cited as proof of gold cartel's price-capping efforts
The Statistics:
As of close of business: 10/18/2007
Gold Warehouse Stocks: | 7,355,798 | -839 |
Silver Warehouse Stocks: | 134,276,041 | +499,565 |
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 | 594.45 | 19,112,196 | US$ 14,570m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,147,090 | US$ 2,411m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,928 | US$ 371m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,332 | US$ 449m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/17/2007 | |
Total Net Assets | $1,251,382,533 | Ounces of Gold
in Trust | 1,652,286.806 |
Shares Outstanding | 16,700,000 | Tonnes of Gold
in Trust | 51.39 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/17/2007 | |
Total Net Assets | $1,950,894,946 | 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) increasing production and completed transition, Claude’s (CGR) drill results, Newmont’s (NEM) CEO gold price outlook, Orezone’s (OZN) increase in resources, Polymetal’s gold license, Rubicon’s (RBY) planned drilling, ITH’s (THM) defined mineralization, Exeter’s (XRA) assay results, IMA’s (IMR) new geologist, UC Resources’ private placement, Minco Silver’s (MSV.TO) drilling, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +11.4% $5.18 |
2. Jaguar | JAG+9.33% $10.66 |
3. Rubicon | RBY +6.22% $2.05 |
LOSERS
1. Almaden | AAU -2.79% $2.79 |
2. New Gold | NGD-2.03% $6.26 |
3. US Gold | UXG-1.63% $4.83 |
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:
Baltic and Partners Acquire Noront Ni-Cu-PGE Discovery Area Properties - More
- October 18, 2007 | Item | E-mail
Aurus Increases Gold Production - More
- October 18, 2007 | Item | E-mail
Update on The O.T. Mining Corporation - More
- October 18, 2007 | Item | E-mail
Mexivada drills 6 metre mineralized intercept in second drill hole at La Republica Silver mine - More
- October 18, 2007 | Item | E-mail
Southampton Appoints VP Corporate Development - More
- October 18, 2007 | Item | E-mail
Carmax Explorations Ltd.: News Release - More
- October 18, 2007 | Item | E-mail
Yankee Hat Announces Successful Completion of Summer Work Program on Fran Gold Project - More
- October 18, 2007 | Item | E-mail
Pediment and Inmet Mining Begin Drill Testing Caborca Porphyry Targets - More
- October 18, 2007 | Item | E-mail
Petaquilla Increases Gold Resource at Molejon - More
- October 18, 2007 | Item | E-mail
Golden Star Schedules Third Quarter 2007 Results Conference Call - "Golden Star Resources Ltd. (TSX:GSC - News) (AMEX:GSS - News) will release its third quarter 2007 results after the market close on Tuesday, November 6, 2007 and has scheduled a conference call and webcast on Wednesday, November 7 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)." More
- October 18, 2007 | Item |
Gold Seeker Closing Report: Gold and Silver Gain As Oil and Dollar Hit a New Record High and Low