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-- Posted Friday, 19 October 2007 | Digg This Article | Source: GoldSeek.com

The Metals:

CoT Reports: Gold | Silver

Gold traded roughly $5 higher in Asia and London and rose to as high as $770.15 by early trade in New York before it fell over 1% in midmorning trade to as low as $760.10 by about 11AM EST, but it then rallied back higher into the close and ended with a loss of just 0.04%.  Silver rose to as high as $13.895 by early trade in New York before it fell to as low as $13.275 by about 11AM EST, but it also rallied back higher into the close and ended over 1% off its low with a loss of 1.46%.

Euro gold remained above €535, platinum gained $3 to $1441 to a new record high, palladium lost $3 to $366, and copper gained a couple of cents to about $3.61.

Gold and silver equities fell roughly 2% by late morning and remained near their lows into the close, but they did end with less than 2% losses despite over 2.5% losses in the major indices.

The Economy:

There were no major economic reports today.

All of this week’s economic reports:

Next week’s economic highlights include Existing Home Sales on Wednesday, Durable Goods Orders, Initial Jobless Claims, and New Home Sales on Thursday, and Michigan Sentiment on Friday.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil briefly topped $90 to a new record high overnight before profit taking took over in New York and brought it back under $89, but it still ended with an impressive gain of 5.87% on the week.

The U.S. dollar index fell to a new record low and treasuries gained again as the yield on the 2-year fell to a 2 year low on increasing confidence that the fed with cut interest rates at their Halloween meeting.  All eyes are now on the G7 meeting this weekend and whether or not they will address the record low dollar that continues to weaken.

The Dow, Nasdaq, and S&P celebrated the 20^th anniversary of the 1987 crash in style and fell over 2.5% on poor earnings reports, concerns over declining profits, weak economic growth, and worries over the credit market.

Among the big names making news in the market Friday were Xerox, Wachovia, Caterpillar, 3M, Schlumberger, and Steven Madden.

The Commentary:

“December Gold finished down 0.3 at 768.4, 6.1 off the high and 5.4 up from the low.

December Silver closed down 0.168 at 13.635. This was 0.215 up from the low and 0.35 off the high.

The gold market saw an extremely volatile trading session with the market at times roughly $8 higher and at times roughly $6 lower. With the Dollar also waffling around on both sides of unchanged it was clear that the gold trade was getting mixed signals from the currency markets. With the US equity market down hard and US Treasury prices rising sharply, it certainly seemed as if the gold market was beginning to fret over classic economic slowing. In the current environment it is probably unlikely that the markets were undermined in a deflationary sense, but the threat of too much slowing could certainly prompt some weaker handed longs to bank profits, especially ahead of a weekend G7 meeting. With weaker oil prices also present at times during the session, it seemed as if a host of physical commodity markets were under pressure.

Like the gold market, the silver market saw a rather active two sided trade with a number of outside markets giving off mixed signals. At times silver seemed to be undermined as a result of equity market weakness and then it seemed as if the sellers in silver were being motivated by a slight bounce in the US Dollar. As suggested in the gold coverage and the mid day silver coverage, the precious metals markets could have been simply banking profits or they could have been fearful of too much slowing. It is also likely that fears of a G7 inspired Dollar rally early next week prompted some spec longs in silver to move to the sidelines.”- The Hightower Report, Futures Analysis and Forecasting

The Statistics:

As of close of business: 10/18/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Anglo Platinum’s (AMSJ.J) shut mine shafts, Coeur’s (CDE) proxy filing, and Oro Silver’s (OSR.V) granted stock options were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

LOSERS

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:

Phoenix Matachewan Mines Inc.: Possible Deep Moly Porphyry Target Discovered and Expanded Epithermal Gold Targets-Bottle Creek, NV - More
- October 19, 2007 | Item | E-mail

Rockport Mining Corp. to Spend $7.5 Million to Fast Track Freewest's Clarence Stream and Otter Lake Gold Properties in New Brunswick - More
- October 19, 2007 | Item | E-mail

Lincoln Announces Gold Resources at Pine Grove Property, Nevada - More
- October 19, 2007 | Item | E-mail

Geovic Mining Receives Conditional Approval for Listing on the Toronto Stock Exchange - More
- October 19, 2007 | Item | E-mail

Klondex's Hits New High-Grade Intercept (41.55 gpt/1.21 oz/ton over 4.5 feet) at Nevada ''Fire Creek'' Deposit - More
- October 19, 2007 | Item | E-mail

Avalon Completes Warren Township Calcium Feldspar Bulk Sample Processing and Delivers 460 Ton Product Sample to Customer - More
- October 19, 2007 | Item