-- 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 | $2,066,658,855 | 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:
A strike at Barrick’s (ABX) Tanzanian mine, AngloGold’s (AU) shut mine due to a worker death, Gold Fields (GFI) re-started shaft, Coeur’s (CDE) 3rd quarter results, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Entree Gold | EGI +14.19% $3.54 |
2. Ivanhoe | IVN+12.16% $15.13 |
3. Nevsun | NSU +11.11% $2.50 |
LOSERS
1. Golden Star | GSS -2.54% $3.45 |
2. Banro | BAA -2.25% $13.0501 |
3. Exeter | XRA -1.83% $4.84 |
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:
Los Andes Announces $6Million Private Placement to Fund an Additional 15,000 Metres of Drilling at Vizcachitas - More
- November 02, 2007 | Item | E-mail
Metalex-Arctic Star Poised to Drill 30 Noront Style Sulfide and Kimberlite Targets - More
- November 02, 2007 | Item | E-mail
Benton Resources Corp. (BTC) Receives Final 2007 Assay Results From the Kingurutik Lake Copper-Nickel-Cobalt Project in Labrador - More
- November 02, 2007 | Item | E-mail
Oromin Corporate Update - More
- November 02, 2007 | Item | E-mail
Aurus Announces Postponement of Shareholders Meeting From November 9 to December 7 - More
- November 02, 2007 | Item | E-mail
Great Western Minerals Group Welcomes Audrey McMillan as New Chief Financial Officer - More
- November 02, 2007 | Item | E-mail
Franc-Or Announces Drilling Campaign at Mario, Peru Property - More
- November 02, 2007 | Item | E-mail
House votes to rewrite mining law - "The bill, which passed 244-166, also would put new environmental controls on hard-rock mining, set up a cleanup fund for abandoned mines and permanently ban cheap sales of public lands for mining." More
- November 02, 2007 | Item | E-mail
Dumont closes $680,000 private placement financing - More
- November 02, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Progress in Negotiations for Acquisition of Massive Iron Ore Property in West Africa - More
- November 02, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI): War Eagle Mountain Compared to Historically-Famous 'Comstock Mother-Lode' - More
- November 02, 2007 | Item | E-mail
Consolidated Goldfields Signs Letter of Intent with Teras Resources to Option Mining Projects - More
- November 02, 2007 | Item | E-mail
Notice: DPM Exploration Update - More
- November 02, 2007 | Item | E-mail
Eloro Commences Drilling at Amelie Lake - More
- November 02, 2007 | Item | E-mail
Colibri appoints two, new Directors to Board and issues stock options - More
- November 02, 2007 | Item | E-mail
Tanzania's Barrick strike on until demands met-union - "A strike disrupting Tanzania's Bulyanhulu gold mine, owned by Canada's Barrick Gold Corp (ABX.TO: Quote, Profile, Research), will continue until workers' grievances on pay, health and risk allowances are met, a union official said on Friday." More
- November 02, 2007 | Item | E-mail
AngloGold shuts TauTona mine,union meets over strike - "AngloGold Ashanti Ltd (ANGJ.J: Quote, Profile, Research) shut one of its larger mines in South Africa on Friday after a miner was killed in a rockfall as a miners' strike to protest against the spate of mine deaths in the country loomed." More
- November 02, 2007 | Item | E-mail
Goldrea Updates Status of Daye Acquisition - More
- November 02, 2007 | Item | E-mail
Boliden: Notice Regarding Change in Major Holding - More
- November 02, 2007 | Item | E-mail
Gold Fields re-starts shut shaft, full ouput Monday - "Gold Fields (GFIJ.J: Quote, Profile, Research), the world's fourth ranking gold producer, had restarted operations at the shut No. 4 shaft at Kloof, its second-biggest mine, on Friday morning and would ramp-up to full output by Monday." More
- November 02, 2007 | Item | E-mail
Kazakh uranium sulphuric acid issue solved by Jan - More
- November 02, 2007 | Item | E-mail
CanAlaska Uranium Ltd.: New High Grade Uranium Assays from Summer Program - More
- November 02, 2007 | Item | E-mail
Russian partners want a bigger cut of Cameco's uranium business - More
- November 02, 2007 | Item | E-mail
Ahead of the Bell: USEC Rises - More
- November 02, 2007 | Item | E-mail
Coeur Reports Third Quarter 2007 Results - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) today reported quarterly revenue of $52.9 million compared to $50.6 million during last year’s third quarter. Quarterly net income totaled $3.6 million, or $0.01 per diluted share, compared to net income of $18.4 million, or $0.06 per diluted share for the third quarter of 2006. Included in the third quarter results for 2007 are expenses of $2.5 million associated with the cessation of mining activities at the Rochester mine during the third quarter." More
- November 02, 2007 | Item | E-mail
Scorpio's Deep Drilling of Nuestra Senora Deposit From 11th level Hits 2,620 g/t Ag, 3.87% Zn, 9.22% Cu, 8.63% Pb and 0.579 g/t Au Over 1.3 Meters - "The grades from the 11th Level (Table 4) are showing a consistent and uniform metal content with the occasional high-grade sweet spot showing grades in the 1,000 to 2,600 grams per ton silver range with no indication of silver grades or widths decreasing at depth. All known mineralization remains open in all directions. The Company continues to advance the underground development and mill construction." More
- November 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 2 November 2007 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 3% on the Week
