-- Posted Tuesday, 23 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $759.00 | +$6.10 |
Silver | $13.54 | +$0.08 |
XAU | 175.00 | +3.13% |
HUI | 405.13 | +2.68% |
GDM | 1269.08 | +2.73% |
JSE Gold | 2484.93 | +1.97% |
USD | 77.57 | -0.47 |
Euro | 142.51 | +0.96 |
Yen | 87.13 | -0.41 |
Oil | $85.27 | -$0.75 |
10-Year | 4.405% | +0.012 |
T-Bond | 113.1875 | -0.21875 |
Dow | 13676.23 | +0.81% |
Nasdaq | 2799.26 | +1.65% |
S&P | 1519.59 | +0.88% |
The Metals:
Gold steadily rose in Asia and London and climbed to a high as $760.50 by a little after 9AM EST in New York before it fell back to $755.00 in late morning action, but it then rallied back higher in the last two hours of trade and ended back near its high with a gain of 0.81%. Silver followed a similar pattern and rose to as high as $13.625 before it also moderated its gains in late morning action, but it also climbed back higher in early afternoon trade and ended with a gain of 0.59%.
Euro gold remained at about €532, platinum gained $14 to $1445 to a new record high, palladium gained $3 to $360, and copper remained at about $3.55.
Gold and silver equities rose a little over 2% at the open before they cut into their gains by late morning, but they then climbed back higher in afternoon trade and ended with roughly 3% gains.
European central banks stay the course on gold sales - Resource Investor
The Economy:
There were no major economic reports today. Tomorrow at 10AM is the Existing Home Sales report for September expected at 5.25 million.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly found slight gains on worries over conflict between Turkey and Iraq, but it sold off for the third straight session by the close as traders continued to look for a correction in the recent 2 month run from under $70 to nearly $90 just last Thursday.
The U.S. dollar index erased nearly all of yesterday’s significant bounce from record lows hit last week, but it did end short of making a new all-time low today.
Bonds fell as treasury yields rebounded from the over 1 month lows made yesterday.
The Dow, Nasdaq, and S&P rose at the open on mostly stronger than expected earnings reports before they fell back off by late morning on worries over the economy and a possible recession, but all three indices rose to find impressive gains by the close on optimism over earnings reports going forward.
Among the big names making news in the market today were Amazon, Countrywide, Lockheed Martin, AT&T, Lexmark, United Parcel, Apple, and American Express.
The Commentary:
“December Gold finished up 3.1 at 763.1, 2.4 off the high and 4.1 up from the low.
December Silver closed up 0.095 at 13.65. This was 0.095 up from the low and 0.04 off the high.
Gold seemed to be vulnerable early in the session Tuesday but seeing the December gold contract manage to reject a sub $760 probe would seem to have been a minor technical victory for the bull camp. With the Dollar mostly weak throughout the session Tuesday, the gold bulls didn't have to look far for its most supportive outside market element. However, two sided volatility in the oil market and a mostly weak Richmond Fed manufacturing survey at times seemed to give the bear camp an edge. With a brokerage firm cutting ratings on a gold mining stock during the session Tuesday it is possible that broad based investment interest is being dented. However, there were some Press reports on Tuesday suggesting that bargain hunting buying was being seen in the afternoon trade and that might have been the reason why gold managed to finish on an up note.
The silver market also waffled around unchanged throughout the session and generally underperformed gold into the close Tuesday. With copper prices giving significant ground from their early highs Tuesday and oil prices also weak it is possible that silver was being held back because of its industrial demand component. However, seeing the US stock market post another positive session seemed to adequately offset weak US economic readings and the fear of sagging physical demand.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Grandich interviewed by BNN on markets and metals
Gartman Letter notes Turk's disclosure of U.S. gold lending, swaps
IMF chief warns of threat to dollar but doesn't acknowledge its source
The Statistics:
As of close of business: 10/22/2007
Gold Warehouse Stocks: | 7,355,597 | -201 |
Silver Warehouse Stocks: | 134,270,762 | -5,279 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 594.45 | 19,112,196 | US$ 14,354m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,915 | US$ 2,385m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,901 | US$ 367m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,300 | US$ 442m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/22/2007 | |
Total Net Assets | $1,248,504,605 | 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 10/22/2007 | |
Total Net Assets | $1,914,889,451 | 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:
A possible strike at Barrick Gold's (ABX) Pierina mine in Peru, DRDGOLD’s (DROOY) reopening mine, Anglopat’s (AMSJ.J) reopening mine, discussions about Northern Dynasty’s (NAK) Pebble Mine, First Majestic’s (FR.V) record third quarter production, South American Silver’s (SAC.TO) drill results, Fury’s (FUR.V) and Southern Silver’s (SSV.V) drill results, Alexco’s (AXU) drill results, and Arian Silver’s (AGQ.V) exploration update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +7.27% $1.18 |
2. Almaden | AAU +7.09% $2.87 |
3. Metalline | MMG+7.09% $3.17 |
LOSERS
1. Paramount | PZG-4.35% $2.20 |
2. Orezone | OZN-2.38% $1.64 |
3. Crystallex | KRY -1.79% $2.75 |
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:
Raven Gold Corp.-La Currita Update - More
- October 23, 2007 | Item | E-mail
Campbell Resources begins production from Merrill Island pit, mining scheduled to begin at Corner Bay shortly - More
- October 23, 2007 | Item | E-mail
Gabriel Resources Third Quarter 2007 Results, Conference Call and Webcast Information - More
- October 23, 2007 | Item | E-mail
Mediterranean investor relations agreement - More
- October 23, 2007 | Item | E-mail
Novawest stakes important Vanadium-Titanium-Iron claims near Chibougamau - More
- October 23, 2007 | Item | E-mail
Bullion River Gold Corp. Provides Gold Recovery Data for the Period 10/1/07 Through 20/7/07 - More
- October 23, 2007 | Item | E-mail
Mainstream Minerals Intersects 1.56 OZ/T Gold Over 8 Feet, Red Lake, Ontario - More
- October 23, 2007 | Item | E-mail
Gabriel Meets with International Labour Organization on "Decent Work Agenda" for Romania - More
- October 23, 2007 | Item | E-mail
King's Bay Gold Intersects 1.56 OZ/T Gold Over 8 Feet, Red Lake, Ontario - More
- October 23, 2007 | Item | E-mail
EXMIN Announces First Pour at the Moris Mine, Chihuahua, Mexico - More
- October 23, 2007 | Item | E-mail
Yale Identifies Extension to the La Verde Grande Deposit - More
- October 23, 2007 | Item | E-mail
UC Resources Limited and Spider Resources Inc. Diamond Drilling Program at McFaulds VMS project in Northern Ontario - More
- October 23, 2007 | Item | E-mail
Uranium 308 Corp. Establishes Charitable Foundation - More
- October 23, 2007 | Item | E-mail
Spider Resources Inc. and UC Resources Limited Update on Diamond Drilling Program at McFaulds VMS Project in Northern Ontario - More
- October 23, 2007 | Item | E-mail
Zambia says new mineral royalty won't be punitive - "Zambia has engaged a team of foreign consultants to help it renegotiate mineral royalties and taxes with foreign miners, Finance Minister Ng'andu Magande said on Tuesday, adding that the new taxes would not be "punitive"." More
- October 23, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Gain Nearly 1%