-- Posted Thursday, 1 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $790.20 | -$1.50 |
Silver | $14.23 | -$0.14 |
XAU | 181.00 | -3.77% |
HUI | 422.11 | -2.98% |
GDM | 1328.80 | -3.06% |
JSE Gold | 2450.82 | -3.14% |
USD | 76.67 | +0.12 |
Euro | 144.50 | -0.06 |
Yen | 87.09 | +0.20 |
Oil | $93.49 | -$1.04 |
10-Year | 4.361% | -0.114 |
T-Bond | 113.84375 | +1.25 |
Dow | 13567.87 | -2.60% |
Nasdaq | 2794.83 | -2.25% |
S&P | 1508.44 | -2.64% |
The Metals:
Gold rose to as high as $799.40 in Asia before it fell to as low as $784.00 by midmorning in New York, but it then rallied back higher into the close and ended with a loss of just 0.19%. Silver rose to over $14.50 in Asia before it dropped to as low as $13.90 by about 10AM EST in New York, but it then rallied over 2% off its low in the last few hours of trade and ended with a loss of just 0.97%.
Euro gold fell back under €547, platinum gained $3 to $1444, palladium remained unchanged at $369, and copper fell over 10 cents to about $3.41.
Gold and silver equities fell over 3% in the first half hour of trade before they rebounded with the metals and saw only about 1% losses by early afternoon, but they then fell back off with the major indices in the last few hours of trade and ended with roughly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Sep | 0.4% | 0.4% | 0.4% |
Personal Spending | Sep | 0.3% | 0.4% | 0.5% |
Core PCE Inflation | Sep | 0.2% | 0.2% | 0.1% |
Initial Claims | 10/27 | 327K | 330K | 333K |
ISM Index | Oct | 50.9 | 51.5 | 52.0 |
Tomorrow at 8:30AM EST brings October’s jobs data. Nonfarm Payrolls are expected at 80,000, the Unemployment Rate is expected at 4.7%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Factory Orders report for September expected at -0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell from new record highs above $96 reached overnight, but it did come off its early lows near $92 by the close to end with a loss of only about 1%.
The U.S. dollar index rebounded slightly from yesterday’s new all time lows on the idea that the fed may not continue to cut interest rates.
Treasuries rose back markedly from yesterday’s deep losses on worries over the credit market and necessary financial write downs which also sent the Dow, Nasdaq, and S&P over 2% lower as the fed indicated yesterday that they may longer help the markets with a lower fed funds rate.
Among the big names making news in the market today were Citigroup, Kodak, Exxon Mobil, and Sprint Nextel.
The Commentary:
“December Gold finished down 1.6 at 793.7, 1.9 off the high and 6.8 up from the low.
December Silver closed down 0.113 at 14.325. This was 0.325 up from the low and 0.075 off the high.
Some in the bull camp might have been disappointed in the gold market’s initial reaction to a quasi financial market meltdown, as the gold market certainly didn't see much in the way of flight to quality buying on Thursday. Even more surprising to the bull camp in gold is the fact that the Dollar was mostly higher despite the new financial market concerns that would seem to be centered inside the US. It is also possible that gold was simply in a profit taking or position squaring posture ahead of the potentially ultra critical US Non Farm payroll report on Friday morning. With oil and copper prices forging surprising reversals from this week's highs it is also likely that some gold bulls are becoming more fearful of some type of significant physical commodity market washout.
Like the gold market the silver market was whipped wildly on both sides of unchanged throughout the Thursday trading session. However, seeing the copper market under the most pressure since the end of August and seeing crude oil prices down by more than $4.00 a barrel from their daily high at one time during the session, certainly gave off the impression of significant economic slowing ahead and that was clearly discouraging to the bull camp in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul defends liberty in nine minutes on 'Tonight Show'
The Statistics:
As of close of business: 10/31/2007
Gold Warehouse Stocks: | 7,353,643 | +7,881 |
Silver Warehouse Stocks: | 133,704,691 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 15,162m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,600 | US$ 2,484m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,853 | US$ 382m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,248 | US$ 461m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/31/2007 | |
Total Net Assets | $1,331,691,685 | 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 10/31/2007 | |
Total Net Assets | $2,060,927,977 | Ounces of Silver
in Trust | 143,977,749.600 |
Shares Outstanding | 14,500,000 | Tonnes of Silver
in Trust | 4,478.21 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick Gold’s (ABX) higher costs at Cerro Casale, Apollo Gold’s (AGT) completed private placement, New Gold’s (NGD) approved mine permit, Cardero’s (CDY) settled lawsuit, Richmont’s (RIC) exploration update and 3rd quarter results, Exeter’s (XRA) metallurgical testing, Royal Gold’s (RGLD) 1st quarter results, Eldorado’s (EGO) 3rd quarter results, Randgold’s (RGLD) 3rd quarter results, DRDGOLD’s (DROOY) gold output, AngloGold’s (AU) 3rd quarter results, Freeport’s (FCX) completed business sale, Great Panther’s (GPR.TO) commenced drilling, Valencia’s (VVI.V) acquired 80% interest in Silver Standard’s (SSRI) property, and Silvercorp’s (SVM.TO) acquired mine were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY+10.95% $2.23 |
2. New Gold | NGD +8.83% $7.15 |
3. Rubicon | RBY +4.04% $2.06 |
LOSERS
1. Metalline | MMG -8.28% $2.99 |
2. Pacific Rim | PMU -7.35% $1.26 |
3. Royal Gold | RGLD-6.79% $32.94 |
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:
Pacific North West Capital Corp.: Bunny Barlin C.Eng. (1924-2007) - More
- November 01, 2007 | Item | E-mail
GLR Resources Inc. Completes $2,000,000 Financing - More
- November 01, 2007 | Item | E-mail
Emgold Mining announces the appointment of President and Chief Operating Officer - More
- November 01, 2007 | Item | E-mail
Petaquilla Minerals Ltd. Closes First Tranche of Private Placement Financing - More
- November 01, 2007 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Trenching Expands Gold Zones, Includes 19 Metres of 2.15 gm/t Gold - More
- November 01, 2007 | Item | E-mail
Tagish Will Initiate the Next Phase of Diamond Drilling at Skukum Creek - More
- November 01, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Slightly While Dow Plunges Over 2%