-- Posted Monday, 22 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $752.90 | -$10.70 |
Silver | $13.46 | -$0.03 |
XAU | 169.69 | -2.42% |
HUI | 394.55 | -2.54% |
GDM | 1235.32 | -2.67% |
JSE Gold | 2436.83 | -2.55% |
USD | 78.04 | +0.63 |
Euro | 141.55 | -1.29 |
Yen | 87.54 | +0.52 |
Oil | $87.56 | -$1.04 |
10-Year | 4.393% | -0.008 |
T-Bond | 113.40625 | +0.1875 |
Dow | 13566.97 | +0.33% |
Nasdaq | 2753.93 | +1.06% |
S&P | 1506.33 | +0.38% |
The Metals:
Gold fell to as low as $745.12 by late morning in New York before it rebounded about 1% in the last couple hours of trade, but it still ended with a loss of 1.40%. Silver traded at as low as $13.24 by midmorning in New York, but it also rallied back strongly in the last few hours of trade and ended with a loss of just 0.22%.
Euro gold fell to about €532, platinum lost $10 to $1431, palladium lost $9 to $357, and copper fell over 5 cents to about $3.55.
Gold and silver equities fell a little over 3% at the open and remained near their lows for most of trade, but they did rebound slightly in the last hour of trade and closed with only about 2.5% losses.
The Economy:
There were no major economic reports today and there are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on news of a possible ceasefire between Turkey and Kurdish rebels in Iraq as worries over slowing economic growth also cut into demand expectations.
The U.S. dollar index rebounded from new record lows hit last week in technical corrective action with little news or reports to react to.
Treasuries ended with slight gains as the yield on the 10-year fell under 4.4% for the first time since early September.
The Dow, Nasdaq, and S&P reversed significant early losses and ended with decent gains as mixed earnings reports kept traders guessing.
Among the big names making news in the market today were Bear Stearns and Citic Securities, Schering-Plough, Goodman Global and Hellman Friedman, and Merck.
The Commentary:
“December Gold finished down 8.4 at 760, 0.5 off the high and 9 up from the low.
December Silver closed down 0.08 at 13.555. This was 0.17 up from the low and 0.015 off the high.
A massive range down failure in gold probably prompted some concern in the technical camp on Monday but the main undermine of the market was probably the sharp rise in the Dollar. The trade probably shouldn't have been surprised in the short covering move in the Dollar considering the weekend G7 meeting but nonetheless the gold market was seeing a number of outside markets in a reversal mode. With oil prices sharply lower and the US equity market under early pressure a deflationary environment was suddenly more prevalent than inflation. In retrospect, the trade did suggest that recent evidence of an overdone spec positioning contributed to the steep washout on Monday. With the equity market managing to come back into positive ground shortly after mid session it seemed as if a portion of the deflationary pressure was alleviated in the afternoon gold trade.
While December silver did forge a new low for the move early in the session it was impressive that silver was able to recover rather impressively off those lows into the afternoon action. It almost seemed like the equity market and silver were correlated during the session Monday, but the sharp slide in equity prices seemed to exaggerate the initial washout in a host of physical commodity markets. However, a quasi failure in copper prices on Monday that would seem to hint at a residual drag from the industrial metals markets and that in turn could continue to drag on silver prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China to purchase overseas copper miners
Jim Sinclair: Gold sounds the alarm
Chris Powell: Markets, or just interventions?
James Turk: Gold sets another record
U.S. House committee would impose royalties on hard-rock mining
Mining companies face crackdown in Congo
IMF may be starting to fall apart
Barclays, RBS prepare emergency credit with Fed
U.S. vetoed mention of falling dollar in G-7's statement
G-7's silence on dollar construed as license to keep selling
Russia is OK with a gradual decline of U.S. dollar
Greenspan rescued LTCM but isn't wild about new bailout
The Statistics:
As of close of business: 10/19/2007
Gold Warehouse Stocks: | 7,355,798 | - |
Silver Warehouse Stocks: | 134,276,041 | - |
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$ 14,579m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,950 | US$ 2,371m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,907 | US$ 365m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,319 | US$ 450m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/19/2007 | |
Total Net Assets | $1,262,094,850 | 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 10/19/2007 | |
Total Net Assets | $1,983,842,072 | 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:
Minco Gold’s (MGH) plan of arrangement update, North American Palladium’s (PAL) drill results, Randgold’s (GOLD) development, Centerra Gold’s (CG.TO) political update, Orezone’s (OZN) project executive appointment, Esperanza’s (EPZ.V) project update, Paramount’s (PZG) drill results, Angloplat’s (AMSJ.J) shut mine shafts, Minco Silver’s (MSV.TO) Preliminary Economic Assessment, Southern Silver’s (SSV.V) drill results, Apex Silver’s (SIL) first shipments, Coeur’s (CDE) new personnel, and Aura Silver’s (AUU.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +4.40%$5.22 |
2. Richmont | RIC +2.29% $3.58 |
3. Jaguar | JAG+2.05%$11.45 |
LOSERS
1. Eldorado | EGO -6.78% $6.32 |
2. Rubicon | RBY -6.63% $1.83 |
3. Tanzanian Royalty | TRE -6.61% $5.51 |
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:
Largo Explains Trading Halt - More
- October 22, 2007 | Item | E-mail
Minco Provides Update on Plan of Arrangement - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) announces that all conditions to the completion of the Plan of Arrangement between Minco Gold, Minco Base Metals Corporation ("MBM") and 0791852 B.C. Ltd. ("Newco"), as described in the Company's press release dated June 28, 2007 have been met." More
- October 22, 2007 | Item | E-mail
Jasper Mining Corporation confirms additional high grade molybdenum results from McFarlane property; 0.064% Mo over 3.00 m in chip samples - More
- October 22, 2007 | Item | E-mail
Sirios Closes $2 Million Flow-Through Private Placement - More
- October 22, 2007 | Item | E-mail
Golden Dawn Minerals Inc. Closes $967,610 Private Placement Financing - More
- October 22, 2007 | Item | E-mail
Ontex Resources Comments on Recent Share Activity - More
- October 22, 2007 | Item | E-mail
North American Palladium Reports Final Drill Results at Ahmavaara Deposit, Finland; Pilot Plant Operation & Feasibility Study Commencing - "North American Palladium (Toronto:PDL.TO - News)(AMEX:PAL - News) is pleased to announce the final results of an infill drill program at the Ahmavaara deposit, the larger of two deposits that comprise the Suhanko property. The Suhanko property is one of three advanced stage platinum group metal projects located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which the Company has a right to earn up to a 60% interest from Gold Fields." More
- October 22, 2007 | Item | E-mail
Mantis secures land package bordering Reed Lake discovery - More
- October 22, 2007 | Item | E-mail
Minco Silver Receives Positive Preliminary Economic Assessment on Fuwan; Conference Call - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce the results of a Preliminary Economic Assessment (PEA) on its 100% owned Fuwan Silver Project located in Guangdong Province, China, completed by independent engineering firm SRK Consulting (China)." More
- October 22, 2007 | Item | E-mail
Alamos Gold Inc. Appoints Mr. Eduardo Luna to the Board of Directors and Provides Notice of Release of Third Quarter 2007 Financial Results and Conference Call - More
- October 22, 2007 | Item | E-mail
Goldstake Completes Private Placement - More
- October 22, 2007 | Item | E-mail
Cameco Provides Update on Kyrgyz Republic - More
- October 22, 2007 | Item | E-mail
Apex reports first zinc shipment from Bolivian mine - "Apex Silver Mines Ltd has made the first shipment of zinc concentrate from its huge silver-zinc-lead San Cristobal project in central Bolivia, the company said on Monday." More
- October 22, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall As Dollar Bounces