-- Posted Monday, 5 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $807.10 | +$1.10 |
Silver | $14.67 | +$0.14 |
XAU | 186.61 | -0.54% |
HUI | 436.75 | -0.60% |
GDM | 1372.82 | -0.50% |
JSE Gold | 2415.07 | +1.00% |
USD | 76.43 | +0.16 |
Euro | 144.69 | -0.38 |
Yen | 87.51 | +0.36 |
Oil | $93.98 | -$1.95 |
10-Year | 4.318% | +0.027 |
T-Bond | 114.1875 | -0.3125 |
Dow | 13543.40 | -0.38% |
Nasdaq | 2795.18 | -0.54% |
S&P | 1502.17 | -0.50% |
The Metals:
Gold fell in Asia and dropped to as low as $800.65 in London, but it then jumped higher in early afternoon trade in New York and closed about $4 off its high with a gain of 0.14% at a new 27 year high. Silver rose to its highest level since May of 2006 and closed with a gain of 0.96% to end just 27 cents away from breaking through that high set 18 months ago.
Euro gold rose to over €556, platinum gained $5 to $1459 to a new all-time high, palladium lost $2 to $371, and copper fell a few cents to about $3.37.
Gold and silver equities fell nearly 2% at the open and then rallied to find slight gains by early afternoon before they fell back to their lows of the session by about 2:30PM EST, but they then rallied back higher into the close and ended with minimal losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Oct | 55.8 | 54.0 | 54.8 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about $2 in morning New York trade before it rebounded to about unchanged by early afternoon, but it then fell back off into the close and ended near its lows on worries that credit market problems may result in lower demand in the future.
The U.S. dollar index rebounded slightly from Friday’s new all time low as ISM Services came in better than expected and pushed interest rates higher and treasuries lower despite continued credit market worries that dragged the Dow, Nasdaq, and S&P lower for most of the day, but all three indices rebounded to end well off their lows by the close despite those concerns.
Among the big names making news in the market today were Burger King, Citigroup, IAC/InterActiveCorp, and H&R Block.
The Commentary:
“December Gold finished up 2.3 at 810.8, 3 off the high and 5.8 up from the low.
December Silver closed up 0.186 at 14.785. This was 0.255 up from the low and 0.075 off the high.
Just ahead of mid session the gold market managed to climb back into positive ground and managed to do so despite the fact that the US Dollar remained in positive ground. Perhaps a mid morning bounce in the equity market and a slight recovery in oil prices provided the gold market with a fresh bullish incentive. In fact, on the mid day rally the December gold contract actually managed a fresh new high for the move and that should have countervailed a large portion of the early bearishness. With the equity market falling back toward its lows for the day just ahead of the metals close, one almost got the sense metals were shedding the deflationary mentality and regaining some measure of flight to quality interest.
Like the gold market the silver market managed to throw off the early weakness to charge back to a fresh new high for the move. Since the rally in silver took place without a commensurate rally in oil, equities or a decline in the Dollar one almost gets the sense that some fresh form of flight to quality buying interest was being seen. Even more surprising is the fact that the silver market managed a 40 cent intraday rally and did so in the face of a choppy to weak copper market. It should also be noted that even in the face of an early afternoon failure in the equity market, silver prices mostly managed to hold above the prior session's highs.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Dollar slide may prompt joint intervention, Morgan Stanley says
Supermodel joins hedge fund managers in dumping dollars
Rubin becomes Citigroup chairman amid mounting losses
Silver treatment cures antibiotic-resistant staph infection
Doug Noland's Credit Bubble Bulletin: The road to ruin
Qatar won't automatically copy U.S. interest rates anymore
Turk sees silver catching up; to Burak, gold seems unstoppable
CitiGroup CEO may quit at urgent meeting; Rubin asked to take over
The Statistics:
As of close of business: 11/02/2007
Gold Warehouse Stocks: | 7,346,693 | +1,543 |
Silver Warehouse Stocks: | 133,287,694 | -362,541 |
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$ 15,296m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,460 | US$ 2,537m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,831 | US$ 391m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,133 | US$ 475m |
Note: Change in Total Tonnes from yesterday’s data: 0.24 tonnes were added to the trust.
COMEX Gold Trust (IAU)
Profile as of 11/5/2007 | |
Total Net Assets | $1,374,673,016 | Ounces of Gold
in Trust | 1,701,209.307 |
Shares Outstanding | 17,200,000 | Tonnes of Gold
in Trust | 52.91 |
Note: Change in Total Tonnes from yesterday’s data: 0.60 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 11/5/2007 | |
Total Net Assets | $2,085,255,414 | Ounces of Silver
in Trust | 143,919,713.200 |
Shares Outstanding | 14,500,000 | Tonnes of Silver
in Trust | 4,476.40 |
Note: Change in Total Tonnes from yesterday’s data: 1.81 tonnes were removed from the trust.
The Stocks:
A mining strike in Peru, Tanzanian Royalty’s (TRE) thoughts on a proposed US mining law, AngloGold’s (AU) shut mine, International Royalty’s (ROY) completed bought-deal financing, Royal Gold’s (RGLD) public offering, Northgate’s (NXG) quarterly results, Yamana’s (AUY) completed formal offer for Meridian (MDG), Mines Management’s (MGN) completed $10 million private placement with Silver Wheaton (SLW), and MAG Silver’s (MVG) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines Management | MGN +13.66% $4.66 |
2. Allied Nevada | ANV +7.74% $8.35 |
3. Endeavour | EXK +6.98% $4.75 |
LOSERS
1. Royal Gold | RGLD-10.14% $29.41 |
2. Northgate | NXG -7.72% $3.11 |
3. ITH | THM -5.12% $2.41 |
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:
Uranium Hunter Engages VP3 GeoServices Ltd to Complete Due Diligence on 8600 km2 "Karoo" Project in South Western Tanzania - More
- November 05, 2007 | Item | E-mail
HudBay Announces Exploration Drilling in South West Ontario - More
- November 05, 2007 | Item | E-mail
Longview Capital Partners Congratulates Nevada Copper on Significantly Increasing Copper Resource - More
- November 05, 2007 | Item | E-mail
Denison Mines Corp. Third Quarter Conference Call Friday, November 9, 2007 - More
- November 05, 2007 | Item | E-mail
Novawest Resources Inc. - Private placement closed - More
- November 05, 2007 | Item | E-mail
$1.1 Million Private Placement Completed - More
- November 05, 2007 | Item | E-mail
Coro Mining Corp.: Acquisition of Andrea Copper Gold Prospect and New Claim Positions in South-Central Chile - More
- November 05, 2007 | Item | E-mail
Notice: DPM 2007 Third Quarter Financial Results - More
- November 05, 2007 | Item | E-mail
Workers go on strike at mines across Peru - "Workers demanding more benefits went on strike on Monday at mines across Peru, and the government urged them to return to their jobs in the fast-growing Andean economy." More
- November 05, 2007 | Item | E-mail
Purepoint Uranium Group Inc. Appoints Martin Schady to the Board of Directors - More
- November 05, 2007 | Item | E-mail
Shoshone Announces Management Change - More
- November 05, 2007 | Item | E-mail
Proposed US Mining Law Reinforces Tanzanian Royalty's Strategy to Focus on Republic of Tanzania - "Tanzanian
Gold Seeker Closing Report: Gold Rises and Silver Gains Nearly 1%