-- Posted Thursday, 25 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $767.00 | +$5.40 |
Silver | $13.82 | +$0.35 |
XAU | 177.20 | +0.74% |
HUI | 409.18 | +0.45% |
GDM | 1282.78 | +0.66% |
JSE Gold | 2498.02 | +1.62% |
USD | 77.27 | -0.27 |
Euro | 143.16 | +0.65 |
Yen | 87.80 | +0.15 |
Oil | $90.46 | +$3.36 |
10-Year | 4.352% | +0.021 |
T-Bond | 113.78125 | -0.15625 |
Dow | 13671.92 | -0.02% |
Nasdaq | 2750.86 | -0.86% |
S&P | 1514.40 | -0.10% |
The Metals:
Gold traded about $2 higher in Asia, rose further in London, and climbed to as high as $769.55 by late morning in New York before it fell back off slightly into the close, but it still ended with a 0.71% gain at a new 27 year high. Silver outpaced gold’s gains and rose to as high as $14.005 before it also backed off a bit into the close, but it still ended with a gain of 2.60%.
Euro gold rose to above €536, platinum gained $7 to $1445 to match its record high set on Tuesday, palladium gained $2 to $360, and copper rose roughly 4 cents to about $3.54.
Gold and silver equities traded roughly 0.5% higher throughout the day and closed about 2% away from new record highs.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/20 | 331K | 320K | 339K |
Durable Orders | Sep | -1.7% | 1.5% | -5.3% |
New Home Sales | Sep | 770K | 775K | 735K |
New Home Sales rose, but they only rose because August’s data was revised down from 795,000 to 735,000.
Tomorrow at 10AM EST brings Michigan Sentiment for October expected at 82.3.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose throughout trade and ended at a new record high above $90 with a nearly 4% gain on geopolitical uncertainty over Iran, Turkey, and Iraq, supply concerns after yesterday’s inventory draws, and also “news that OPEC production increases aren't coming as fast as expected and that the cartel won't announce new output quotas when it meets next month.”
The U.S. dollar index fell to a new record low and treasuries rose after more poor economic data increased confidence the fed will lower interest rates at least 25 basis points next week, but bonds did fall back off and close slightly lower after a 5-year note auction drew less than spectacular demand.
The Dow, Nasdaq, and S&P saw small gains about an hour into trading before they fell back off to find notable losses by about 2PM EST, but the Dow and S&P did rebound into the close to end with just small losses as traders debated federal reserve interest cuts and the impacts of the ongoing credit crisis that are evidencing themselves through write downs in earnings reports for both the current quarter and going forward.
Among the big names making news in the market today were Motorola, Comcast, Aetna, and MBIA.
The Commentary:
“December Gold finished up 5.4 at 771, 2.5 off the high and 1.5 up from the low.
December Silver closed up 0.315 at 13.905. This was 0.11 up from the low and 0.145 off the high.
The gold market almost managed to return to the October highs but it seemed like significant weakness in the US equity market tempered some of the bullishness in the market. Surprisingly European gold managed to close near 28 year highs, but US gold futures still seemed to lose momentum as the session progressed. While the US Dollar did manage a new low for the move it initially recoiled from that low and that seemed to take some of the upward momentum out of the gold market. With crude oil prices at times rising by almost $3.00 per barrel and not actually seeing a physical supply disruption it would seem like inflationary psychology was operating. In fact in addition to sharp upward gains in energy prices, the market also saw a rather impressive run up in grain prices and that also contributes to an inflationary perspective.
The silver bulls had to be happy with the action in the market on Thursday. In fact, at times the silver market clearly managed to out perform the gold market. Apparently the silver market was cheered on by the better than expected US new home sales report. However, suggesting that the new home sales reading reduced the recession threat is a little suspect, especially in the face of the rather significant slide in US equity prices Thursday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Jamaica hears about the gold price suppression scheme
The Statistics:
As of close of business: 10/24/2007
Gold Warehouse Stocks: | 7,355,597 | - |
Silver Warehouse Stocks: | 134,157,714 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 594.45 | 19,112,196 | US$ 14,474m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,845 | US$ 2,419m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,890 | US$ 372m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,287 | US$ 446m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/24/2007 | |
Total Net Assets | $1,280,660,563 | Ounces of Gold
in Trust | 1,681,961.330 |
Shares Outstanding | 17,000,000 | Tonnes of Gold
in Trust | 52.31 |
Note: No Change in Total Tonnes from yesterday’s data: 0.92 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 10/24/2007 | |
Total Net Assets | $1,927,749,886 | 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:
Gold Fields’ (GFI) earnings, Taseko’s (TGB) labour agreement, North American Palladium’s (PAL) resource estimate, Barrick’s (ABX) acquired properties, New Gold’s (NGD) completed surface rights acquisition, Royal Gold’s (RGLD) completed acquisition of Battle Mountain, Cardero’s (CDY) initiated IP survey, and Fortuna’s (FVI.V) new Vice President of Project Development were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +5.84% $5.80 |
2. Rubicon | RBY +4.28% $1.95 |
3. Silver Wheaton | SLW +4.20% $15.38 |
LOSERS
1. Crystallex | KRY -4.00% $2.64 |
2. US Gold | UXG -3.14% $4.62 |
3. Jaguar | JAG-3.07% $12.00 |
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:
Midwest Uranium Corporation Announces Commencement of Botham Lake Drill Program - Athabasca Basin, Saskatchewan - More
- October 25, 2007 | Item | E-mail
Titan 24 - Deep Electrical Earth Imaging field work complete; Exploration drills added - More
- October 25, 2007 | Item | E-mail
Grenville Changes Yearend - More
- October 25, 2007 | Item | E-mail
Taseko Mines Limited: Gibraltar Mines Signs Long-Term Labour Agreement - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) announced today that an extension to the labour agreement at its Gibraltar Mine was successfully ratified by its unionized employees. This new agreement will be in place until May 31, 2012." More
- October 25, 2007 | Item | E-mail
Minera Andes engages Macquarie Bank Limited for debt financing for San Jose Project - More
- October 25, 2007 | Item | E-mail
Jasper Mining Corporation announces follow-up exploration program for McFarlane property - More
- October 25, 2007 | Item | E-mail
Anaconda Mining Drills High Grade Iron Ore Intersections at San Gabriel Project - More
- October 25, 2007 | Item | E-mail
Shoreham Options Matless Lake Prospect, Setting Net Lake Area, Red Lake Mining Division, Ontario - More
- October 25, 2007 | Item | E-mail
Explor Resources Inc.: Private Placement - More
- October 25, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Gain Nearly 1% and 3% While Oil Tops $90