-- Posted Monday, 29 October 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $788.60 | +$5.10 |
Silver | $14.32 | +$0.15 |
XAU | 185.46 | +1.67% |
HUI | 428.68 | +1.92% |
GDM | 1348.34 | +2.23% |
JSE Gold | 2493.16 | +1.40% |
USD | 76.82 | -0.18 |
Euro | 144.25 | +0.43 |
Yen | 87.22 | -0.29 |
Oil | $93.53 | +$1.67 |
10-Year | 4.383% | -0.006 |
T-Bond | 113.65625 | +0.15625 |
Dow | 13870.26 | +0.46% |
Nasdaq | 2817.44 | +0.47% |
S&P | 1540.98 | +0.37% |
The Metals:
Gold rose to over $790 in Asia and held at about $792 in London before it fell back off in New York trade, but it still ended with a gain of 0.65% at a new 27 year high. Silver traded as high as $14.457 by about 8AM EST before it fell back to as low as $14.204 by late morning in New York, but it then rallied back higher into the close and ended with a gain of 1.06%.
Euro gold rose to over €547, platinum remained unchanged at $1454, palladium lost $1 to $371, and copper fell slightly to about $3.57.
Gold and silver equities rose over 2% at the open before they fell back to see abut 1% gains by late morning, but they then rallied back higher in afternoon trade and ended with roughly 2% gains at new all-time highs.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST is the Consumer Confidence report for October expected at 99.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil soared to a new record high above $93 as a crude supplier in Mexico was forced to halt production due to bad weather and geopolitical tensions remained firm.
The U.S. dollar index fell to a new record low and treasuries rose as traders look ahead to Wednesday’s FOMC announcement that is expected to see the fed funds rate cut by at least 25 basis points.
The Dow, Nasdaq, and S&P rose despite record high oil on confidence the fed will lower interest rates.
Among the big names making news in the market today were Merrill Lynch, Verizon, O’Neal, Humana, and Office Depot.
The Commentary:
“December Gold finished up 5.1 at 792.6, 2.4 off the high and 3.6 up from the low.
December Silver closed up 0.15 at 14.43. This was 0.14 up from the low and 0.11 off the high.
The gold market displayed moderate volatility on Monday after a very impressive early rally. With the Dollar down, oil prices sailing to even more impressive record levels and a host of physical commodity markets trading higher it appeared like a fund buying mentality was present in a number of markets. With a generally positive US equity market track and a mixed bag of regional Fed manufacturing readings the gold market didn't have to contend with much in the way of economic slowing fears. While the gold market didn't pay too much attention to the talk of potentially more aggressive South African mine safety rules, that is an issue that could make it difficult for South African gold production to recover and that was probably a factor that prompted some buying during the action Monday.
With December silver managing to at least temporarily take out the April highs the market seemed to have trouble holding above the psychologically important even number level of $14.50. However, seeing both platinum and copper prices fall back to basically finish lower after some pretty impressive early gains probably undermined the silver market. However, with the equity market spending most of the day in positive ground and energy prices forging a late run to fresh new all time highs, the bear camp just wasn't able to dent the bulls control over prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: We're almost there
Will trick or treat for Wall Street be the dollar's 'Halloween'?
Technical analysis of gold market increasingly acknowledges manipulation
China encourages its banks to look for overseas targets
China opens another copper mine in Zambia
Ed Steer: Larry Lindsey lays it on the line
Dollar's fall amid interest rate cuts distresses Arab countries
OPEC considers switching oil pricing from dollar to currency basket
The Statistics:
As of close of business: 10/26/2007
Gold Warehouse Stocks: | 7,355,597 | - |
Silver Warehouse Stocks: | 132,661,882 | -1,495,832 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 14,964m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,705 | US$ 2,487m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,869 | US$ 383m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,274 | US$ 459m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/26/2007 | |
Total Net Assets | $1,318,140,127 | 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 10/26/2007 | |
Total Net Assets | $2,018,089,822 | 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:
Barrick’s plan to acquire Arizona Star (AZS), Nevsun’s (NSU financing and project update, Buenaventura’s (BVN) gold output, Northern Dynasty’s (NAK) TSX listing, Polymetal’s (PMTL.MM) Kubaka mine, and Northgate’s (NXG) acquisition of Perseverance Corp (PSV.AX) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Arizona Star | AZS +22.7% $18.70 |
2. Nevsun | NSU +19.89% $2.23 |
3. Northgate | NXG+10.32% $3.10 |
LOSERS
1. New Gold | NGD -4.16% $6.45 |
2. Metalline | MMG-2.80% $3.12 |
3. US Energy | UXG -2.24% $4.79 |
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:
Novawest Resources Inc. retains AGORACOM to provide online investor relations and social network for shareholders - More
- October 29, 2007 | Item | E-mail
Robex - Signing of a drilling contract on Nampala - More
- October 29, 2007 | Item | E-mail
Northgate sees growth through Perseverance - "Northgate Minerals' (NGX.TO: Quote, Profile, Research) acquisition of Perseverance Corp (PSV.AX: Quote, Profile, Research) would sharply boost the Canadian gold miner's production and leave it well-positioned to grow in Australia, Northgate's chief executive said on Monday." More
- October 29, 2007 | Item | E-mail
Coro Mining Corp.: San Jorge Drill Results and Project Update - More
- October 29, 2007 | Item | E-mail
Sherwood Copper President & CEO, Stephen Quin, to Appear on BNN TV - More
- October 29, 2007 | Item | E-mail
Inter-Citic Adopts Shareholders Rights Plan - More
- October 29, 2007 | Item | E-mail
Mosquito Starts Metalurgical Testing at Cumo - More
- October 29, 2007 | Item | E-mail
Merrex Incentive Stock Options Granted - More
- October 29, 2007 | Item | E-mail
Barrick Gold in C$773 mln deal for Chilean project - "Barrick Gold (ABX.TO: Quote, Profile, Research)(ABX.N: Quote, Profile, Research) said on Monday it will acquire Arizona Star Resource Corp (AZS.V: Quote, Profile, Research) in a friendly cash deal worth C$773 million ($805 million) that will give it majority rights to the Cerro Casale project in Chile." More
- October 29, 2007 | Item | E-mail
Nevsun Completes CDN$15 Million Financing - "Nevsun Resources Ltd. ("Nevsun") (Toronto:NSU.TO - News)(AMEX:NSU - News) is pleased to announce that it has completed its non-brokered private placement financing of 10,000,000 common shares at $1.50 as reported on October 18, 2007. The common shares sold in the private placement are subject to a hold period that expires on March 1, 2008." More
- October 29, 2007 | Item | E-mail
Seafield Resources Lists on the TSX Venture Exchange - More
- October 29, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Annual and Special Meeting Results - More
- October 29, 2007 | Item | E-mail
Buenaventura sees Yanacocha gold output up in Q4 - "Peruvian miner Buenaventura said on Monday it expects gold output from the Yanacocha mine to rise in the fourth quarter from production of 373,150 ounces in the third quarter." More
- October 29, 2007 | Item | E-mail
Osisko Outlines New Gold Zone at Malartic CHL Prospect - More
- October 29, 2007 | Item | E-mail
JAG Closes 450,000$ Private Placement - More
- October 29, 2007 |
Gold Seeker Closing Report: Gold and Silver Gain About 1%