-- Posted Friday, 26 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $783.50 | +$16.50 | +2.61% |
Silver | $14.17 | +$0.35 | +5.04% |
XAU | 182.41 | +2.94% | +4.89% |
HUI | 420.59 | +2.79% | +3.90% |
GDM | 1318.94 | +2.82% | +3.91% |
JSE Gold | 2458.84 | -1.57% | -1.67% |
USD | 77.00 | -0.27 | -0.53% |
Euro | 143.82 | +0.66 | +0.69% |
Yen | 87.51 | -0.29 | +0.56% |
Oil | $91.86 | +$1.40 | +3.68% |
10-Year | 4.389% | +0.037 | -0.27% |
Bond | 113.50 | -0.28125 | +0.25% |
Dow | 13806.70 | +0.99% | +2.11% |
Nasdaq | 2804.19 | +1.94% | +2.90% |
S&P | 1535.28 | +1.38% | +2.31% |
The Metals:
CoT Reports: Gold | Silver
Gold gained about 1% in Asia and held near $776 in London before it extended it gains throughout trade in New York and ended at its high of the session with a gain of 2.15% at a new 27 year high. Silver followed a similar pattern and ended 5 cents of its high of the session with a gain of 2.53%.
Euro gold rose to over €545, platinum gained $9 to $1454 to a new record high, palladium gained $12 to $372, and copper gained over 3 cents to about $3.58.
Gold and silver equities rose throughout trade and ended with nearly 3% gains at new all-time highs.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Oct | 80.9 | 82.3 | 82.0 |
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, GDP, the Chain Deflator, Employment Cost Index, Chicago PMI, Construction Spending, and the FOMC policy statement on Wednesday, Personal Income and Spending, Core PCE Inflation, Initial Jobless Claims, the ISM Index, and Pending Home Sales on Thursday, and Factory Orders and October’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to as high as $92.22 overnight and made a new record closing high in New York on rising geopolitical tensions over Iran, Nigeria, Iraq, and Turkey.
The U.S. dollar index fell to a new record low as more poor economic data kept confidence high that the fed will cut interest rates at least 25 basis points next week.
Treasuries fell as the Dow, Nasdaq, and S&P rose markedly on better than expected earnings reports.
Among the big names making news in the market Friday were S&P, Standard Life and Resolution, Merrill Lynch and Wachovia, Volkswagen, Baidu, Microsoft, and Countrywide.
The Commentary:
“December Gold finished up 16.5 at 787.5, 0.3 off the high and 8.5 up from the low.
December Silver closed up 0.375 at 14.28. This was 0.22 up from the low and 0.03 off the high.
After a solid opening rally gold prices gave back $3.30 an ounce before making an early afternoon bounce. With the US equity market remaining strong, the Dollar weak and oil prices mostly positive the outside market forces were certainly in the bull's camp. Apparently the energy market was being propelled by a weaker Dollar and that would seem to present a spiraling condition that is certainly giving off inflationary undertones. With geopolitical anxiety running hot in Northern Iraq and the market also aware of a possible interest in attacking Nigerian oil facilities, there is potentially a long list of flight to quality issues presenting in the gold market.
The silver market finally managed a clear cut upside breakout on the charts and was largely following in the footsteps of gold and platinum. With copper prices rising at times by nearly 7 cents one could also suggest that the industrial component was providing a layer of support for prices. In the end seeing a weaker Dollar, soaring oil prices and a higher equity market seems to have left the silver market in a very positive position. Apparently the silver market wasn't the least bit concerned about the weak US data released during the session, possibly because the US equity market was giving a partial all clear on the negative economic views that were dominating the headlines on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
New IMF transparency rules likely prompted change in U.S. gold report
Stunning generosity to GATA by two longtime supporters
The Statistics:
As of close of business: 10/25/2007
Gold Warehouse Stocks: | 7,355,597 | - |
Silver Warehouse Stocks: | 134,157,714 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 14,740m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,810 | US$ 2,468m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,885 | US$ 380m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,280 | US$ 452m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 3.08 tonnes to a new record high.
COMEX Gold Trust (IAU)
Profile as of 10/25/2007 | |
Total Net Assets | $1,290,233,708 | 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.
Silver Trust (SLV)
Profile as of 10/25/2007 | |
Total Net Assets | $1,968,615,690 | 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:
Golden Star’s (GSS) started mine construction, Ivanhoe’s (IVN) convertible credit facility, Gold Fields’ (GFI) thoughts about investments in South Africa, Tanzanian Royalty’s (TRE) private placement, Crystallex’s (KRY) report from the Venezuelan National Assembly's Commission of Economic Development, Kinross Gold’s (KGC) sale of Kubaka to Polymetal (PMTL.MM), ECU’s (ECU.TO) new assay results, and Coeur’s (CDE) appointment of Donald Gray as Vice President and General Manager of Compania Minera Cerro Bayo were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Crystallex | KRY +17.42% $3.10 |
2. Minco Gold | MGH+12.26% $1.19 |
3. Vista Gold | VGZ +10.52% $6.41 |
LOSERS
1. Orezone | OZN -1.18% $1.67 |
2. NovaGold | NG -1.16% $18.76 |
3. Northern Dynasty | NAK -0.57% $11.981 |
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:
Jasper Mining Corporation closes $2,800,000 private placement with MineralFields Group - More
- October 26, 2007 | Item | E-mail
Rocmec Closes the Third Tranche of a Financing With the MineralFields Group - More
- October 26, 2007 | Item | E-mail
LOUNOR EXPLORATION INC. - Private placement - More
- October 26, 2007 | Item | E-mail
Fitch raises Freeport McMoRan rating on debt plans - "Fitch Ratings on Friday raised its ratings for Freeport McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research), citing the copper producer's expected debt reduction efforts." More
- October 26, 2007 | Item | E-mail
Explor Increases East Bay Gold Property - More
- October 26, 2007 | Item | E-mail
Spirit Exploration, Inc. Acquires 28,000 Acres in Fierro Urco Concessions in the Enormously Productive Loja Province, Ecuador - More
- October 26, 2007 | Item | E-mail
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 5% on the Week