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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 5% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 26 October 2007 | Digg This ArticleDigg It! | 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:

 

Michigan Sentiment - October

80.9 v. 82.0

 

New Home Sales - September

770K v. 735K

 

Initial Claims - 10/20

331K v. 339K

 

Durable Orders - September

-1.7% v. -5.3%

 

Existing Home Sales - September

5.04M v. 5.50M

 

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


Osisko Adds Fifteenth Drill Rig at Canadian Malartic - More
- October 26, 2007 | Item | E-mail


ECU Silver Announces New Assay Results on CC Vein at Santa Juana - "As part of the work related in completing our new mineral resource estimation, new drifts were driven whereupon the most important zones within the new drifts were drilled and/or sampled to fit within the new norms. One such zone, centered on a main vein in Santa Juana, the CC vein, on level 18 west of the Tres Aguilas fault. This zone was sampled for over 200 metres and assayed for precious and base metals." More
- October 26, 2007 | Item | E-mail


Golden Star Breaks Ground on Hwini-Butre and Benso Project - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC - News) is pleased to announce the start of construction of the 50 kilometer haul road to connect its Wassa gold mine to the Benso deposit which is the first step in the development of the Hwini-Butre and Benso project." More
- October 26, 2007 | Item | E-mail


Ivanhoe Mines Completes Agreement for Interim Convertible Line of Credit for Up to US$350 Million From Rio Tinto - "Ivanhoe Mines' (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News) Deputy Chairman Peter Meredith announced today that the company now has completed the agreement for the non-revolving, convertible credit facility of up to US$350 million to be provided by Rio Tinto, Ivanhoe's strategic partner in the development of the Oyu Tolgoi copper-gold project in Mongolia's South Gobi Region." More
- October 26, 2007 | Item | E-mail


Sparrowtech Mine Visitation Completed - More
- October 26, 2007 | Item | E-mail


Kodiak Adds to Land Holdings in Beardmore-Geraldton Gold Belt - More
- October 26, 2007 | Item | E-mail


Stratabound Announces Financing - More
- October 26, 2007 | Item | E-mail


Skyline Announces Closing of Private Placements - More
- October 26, 2007 | Item | E-mail


AuEx Signs Agreement With Longview Capital on Baza Project - More
- October 26, 2007 | Item | E-mail


Gold Fields Says Investors Are More Cautious on South Africa - "Investors appeared to be taking an increasingly cautious approach towards investments in South Africa, judging from the rising number of calls Gold Fields [NYSE:GFI] had received in the past few months, Gold Fields CEO Ian Cockerill said yesterday." More
- October 26, 2007 | Item | E-mail


Australia's Paladin Resources sees long-term uranium prices remaining strong - More
- October 26, 2007 | Item | E-mail


Harte Gold Corp.: Stoughton-Porcupine Property-NI 43-101 Technical Report - More
- October 26, 2007 | Item | E-mail


Tanzanian Royalty chairman completes C$2 million private placement - "Tanzanian Royalty Exploration Corporation confirms that the private placement by Mr. James Sinclair, Chairman and CEO, announced October 11, 2007 closed on October 26, 2007. The private placement consists of 347,222 commons shares at a purchase price of $5.76 per share for proceeds totaling $2 million. Proceeds will be applied to general working capital." More
- October 26, 2007 | Item | E-mail


American Bonanza Featured on BTV - More
- October 26, 2007 | Item | E-mail


Crystallex International Corporation: Venezuelan National Assembly's Permanent Commission for Economic Development Issues Report and Recommendation - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) reported that the Venezuelan National Assembly's Commission of Economic Development has today published a report following its October 4th, 2007 Las Cristinas hearings. The Commission's Report noted that representatives from the Ministry of the Environment and Natural Resources of Venezuela (MinAmb), the Ministry of Basic Industries and Mining ("MIBAM"), the Corporacion Venezolana de Guayana ("CVG"), and Crystallex testified at the hearings." More
- October 26, 2007 | Item | E-mail


MacDonald $10,000,000 Brokered Financing-James Bay Exploration Program on Track for November Drill Program - More
- October 26, 2007 | Item | E-mail


Polymetal to buy Russian gold project from Kinross - "Russian miner Polymetal (PMTL.MM: Quote, Profile, Research) has agreed to pay $15 million plus royalties to buy the Kubaka gold project in the country's far east from Canada's Kinross Gold Corp (K.TO: Quote, Profile, Research), the company's chief executive said on Friday." More
- October 26, 2007 | Item | E-mail


Gladstone Nickel Project Feasibility Study - Capital and Operating Cost Estimates - More
- October 26, 2007 | Item | E-mail


Consolidated Abaddon Resources Inc.: Joint Venture Announced With Utah Uranium Corp. on Pinto Claims, Drilling to Commence Shortly - More
- October 26, 2007 | Item | E-mail


Work Permits Granted on Company's Wakefield Lake Zinc Property, Sask. - More
- October 26, 2007 | Item | E-mail


Breakwater Provides Update on Its Mochito Mine - More
- October 26, 2007 | Item | E-mail


Antares announces best hole to date at Haquira east porphyry 746 m with 0.86% Cu and open to depth - More
- October 26, 2007 | Item | E-mail


Option Agreement Extended on Sage Nevada Properties - More
- October 26, 2007 | Item | E-mail


Fortune Minerals announces Slurry Pipeline Transportation Study for Mount Klappan Coal Project - More
- October 26, 2007 | Item | E-mail


Announcement to the Australian Securities Exchange and Toronto Stock Exchange - More
- October 26, 2007 | Item | E-mail


Grand Central Silver Mines, Inc. Announces Intent to Register Common Stock under the Securities Exchange Act - More
- October 26, 2007 | Item | E-mail


Coeur Names Don Gray Vice President and General Manager of Cerro Bayo Mine - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) today announced the appointment of Donald Gray as Vice President and General Manager of Compania Minera Cerro Bayo, Coeur’s wholly owned subsidiary that owns and operates the Cerro Bayo Mine in southern Chile." More
- October 26, 2007 | Item | E-mail


Kinross Agrees to Sale of Kubaka - "Kinross Gold Corporation (Toronto:K.TO - News)(NYSE:KGC - News) announced today that its wholly-owned subsidiary, Kinam Magadan Gold Corporation, has entered into a Memorandum of Understanding with OAO Polymetal under which Polymetal has agreed to purchase all of the shares held by Kinam Magadan in OAO Omolon Gold Mining Company (representing approximately a 98.1% interest) for a purchase price of US $15,000,000, plus a variable royalty on future production from the Kubaka gold mine properties, subject to certain terms and conditions." More
- October 26, 2007 | Item | E-mail


Drilling to commence on Migori Gold Project in Kenya - More
- October 26, 2007 | Item | E-mail


Petaquilla Minerals Ltd.: Private Placement Financing - More
- October 26, 2007 | Item | E-mail


Probe Mines Announces Increase in Size of Non-Brokered Private Placement to Explore McFauld's Lake Project - More
- October 26, 2007 | Item | E-mail


Antares Minerals Inc. (ANM.TSX-V) - Antares drills significant copper-gold intercepts in first holes at North Zone, Rio Grande project, Argentina - More
- October 26, 2007 | Item | E-mail


Mansfield Minerals Inc.: Drilling Expands Rio Grande - More
- October 26, 2007 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2007

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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-- Posted Friday, 26 October 2007 | Digg This Article | Source: GoldSeek.com




 



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