-- Posted Friday, 2 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $806.00 | +$15.80 | +2.87% |
Silver | $14.53 | +$0.30 | +2.54% |
XAU | 187.63 | +3.66% | +2.86% |
HUI | 439.38 | +4.09% | +4.47% |
GDM | 1379.75 | +3.83% | +4.61% |
JSE Gold | 2391.11 | -2.44% | -2.75% |
USD | 76.27 | -0.40 | -0.95% |
Euro | 145.07 | +0.57 | +0.87% |
Yen | 87.15 | +0.06 | -0.41% |
Oil | $95.93 | +$2.44 | +4.43% |
10-Year | 4.291% | -0.070 | -2.23% |
Bond | 114.50 | +0.65625 | +0.88% |
Dow | 13595.10 | +0.20% | -1.53% |
Nasdaq | 2810.38 | +0.56% | +0.22% |
S&P | 1509.65 | +0.08% | -1.67% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly lower at as low as $787.80 in Asia before it rebounded a few dollars in London and added a couple of dollars more to about $795 in morning New York trade, but the real move higher came in afternoon trade when gold added over $10 more in the last hour and a half of trade and ended with a 2.00% gain at a new 27 year high. Silver saw over 1% losses at as low as $14.06 by late morning in New York, but it also took off higher in afternoon trade and ended near its high of the session with a gain of 2.11% to close just 12 cents away from joining gold at new highs.
Euro gold rose to over €555, platinum gained $10 to $1454 to match its record high, palladium gained $4 to $373, and copper fell slightly to about $3.40.
Gold and silver equities rose throughout most of trade and ended with about 4% gains at or near new record highs.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | 166K | 80K | 96K |
Unemployment Rate | Oct | 4.4% | 4.7% | 4.7% |
Hourly Earnings | Oct | 0.2% | 0.3% | 0.3% |
Average Workweek | Oct | 33.8 | 33.8 | 33.8 |
Factory Orders | Sep | 0.2% | -0.4% | -3.5% |
The BLS adjustment added 103,000 payrolls to October’s data.
All of this week’s economic reports:
Next week’s economic highlights include ISM Services on Monday, Productivity, Wholesale Inventories, and Consumer Credit on Wednesday, Initial Jobless Claims on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high as a stronger than expected jobs report indicated that demand will remain strong in the face of struggling supplies.
The U.S. dollar index fell to a new record low and treasuries rose despite the strong jobs report as credit market concerns kept traders worried and pushed interest rates lower.
The Dow, Nasdaq, and S&P opened higher on strong jobs data before they again fell off markedly on worries over further financial write downs due to credit market problems, but all three indices fought back higher to find slight gains by the close.
Among the big names making news in the market Friday were Merrill Lunch, NYSE Euronext, Chevron, and Electronic Data.
The Commentary:
“December Gold finished up 14.8 at 808.5, 2.2 off the high and 14.7 up from the low.
December Silver closed up 0.274 at 14.599. This was 0.469 up from the low and 0.011 off the high.
The gold market initially saw a two sided trade Friday morning but in the wake of the critical US monthly Non Farm Payrolls report, it was clear that the bull camp was emboldened by the improved economic outlook. Apparently the gold bulls weren't that concerned about lingering economic concerns being embraced by the Treasury and equity markets. However, with the scheduled data providing at least a temporary improvement in the US economic outlook and the Dollar mostly weaker on the session, the bulls were able to push gold to yet another significant new high. In the end the bull camp saw a weak Dollar, rising oil, rising grain prices, ongoing geopolitical anxiety and lastly ongoing financial market uncertainty and that is really a bullish list of themes.
While December silver underperformed the gold market for a large portion of the trading session on Friday, the market still managed to make a higher high. However, seeing the copper market fearing further slowing ahead seemed to take part of the bullish edge out of the silver trade. As mentioned in the gold coverage strength in Treasury prices and periodic weakness in equities probably held the silver market back because of fears of sagging physical or industrial demand.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Credit Suisse gold report heightens suspicion about central banks
AngloGold Ashanti may reduce gold hedges
House easily passes mining royalty and cleanup bill
Credit Suisse: Central bank sales 'masked' gold market deficit
Fed's money dump is biggest since 9/11
Peter Brimelow: Halloween gold treat the result of a trick?
Darryl Robert Schoon: A golden hand in the house of cards
The Ron Paul revolution makes Time magazine
The Statistics:
As of close of business: 11/1/2007
Gold Warehouse Stocks: | 7,345,150 | -8,493 |
Silver Warehouse Stocks: | 133,650,235 | -55,456 |
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$ 15,176m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,565 | US$ 2,533m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,847 | US$ 390m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,235 | US$ 465m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/1/2007 | |
Total Net Assets | $1,329,490,541 | 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 11/1/2007 | |
Total Net Assets |
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 3% on the Week