-- Posted Tuesday, 6 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $820.70 | +$13.60 |
Silver | $15.24 | +$0.57 |
XAU | 193.17 | +3.52% |
HUI | 455.93 | +4.38% |
GDM | 1427.58 | +3.98% |
JSE Gold | 2470.78 | +2.31% |
USD | 76.04 | -0.39 |
Euro | 145.56 | +0.87 |
Yen | 87.36 | -0.15 |
Oil | $96.70 | +$2.72 |
10-Year | 4.357% | +0.039 |
T-Bond | 113.75 | -0.4375 |
Dow | 13660.94 | +0.87% |
Nasdaq | 2825.18 | +1.07% |
S&P | 1520.27 | +1.20% |
The Metals:
Gold steadily rose throughout trade in Asia, London, and New York and climbed to as high as $824.50 by just before noon EST before it fell back off slightly into the close, but it still ended with a gain of 1.69% at a new 27 year high. Silver exploded higher and leaped past its May 2006 high to join gold at new 27 year highs. It climbed to as high as $15.45 by late morning in New York before it also came back off a bit into the close, but it still ended with an impressive gain of 3.89%.
Euro gold rose to over €564, platinum gained $14 to $1473 to a new record high, palladium gained $4 to $375, and copper rose over 4 cents to about $3.41.
Gold and silver equities steadily rose throughout most of trade and ended with roughly 4% gains at new all-time highs.
Central banks step up gold sales as prices approach all-time highs Resource Investor
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the preliminary reading for 3rd quarter Productivity expected at 3.1% and at 10AM is the Wholesale Inventories report for September expected at 0.1%. At 3PM is Consumer Credit for September expected at $8.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose about 3% to a new all-time high above $97 on an attack on a pipeline in Yemen, bombings in Afghanistan, increased demand forecasts, and worries over supply draw downs in tomorrow’s inventory reports.
The U.S. dollar index fell to yet another new record low all the way to under 86 at one point before it rebounded a bit, but it still ended with a loss of more than 0.5%. Interest rate outlooks continue to pressure the currency as the fed is only seen as cutting interest rates further in the U.S. while the European Central Bank may raise interest rates at their future meetings.
Treasuries fell as the Dow, Nasdaq, and S&P rose on partially easing credit worries as Goldman Sachs again came out and denied that it was facing a large write down to cover credit market losses as other financial institutions have been forced to do.
Among the big names making news in the market today were Molson Coors, InterContinental, Citigroup, and IndyMac.
The Commentary:
“December Gold finished up 12.6 at 823.4, 4.6 off the high and 2.9 up from the low.
December Silver closed up 0.595 at 15.38. This was 0.35 up from the low and 0.075 off the high.
The gold market started out strong and then ran up into mid session before falling back as much as $7 an ounce before rebounding back toward the highs. News that a Yemen oil pipeline was attacked added to the already tense geopolitical situation that was taking place in Pakistan. With the Dollar hammered into fresh new lows for the move and a host of physical commodity markets giving off signs of inflation it wasn't surprising to see gold remain well bid. In fact, with the IMF throwing off warnings that the sharp rise in oil prices is increasing the chance of a world food price shock, one could suggest that gold was seeing as much inflation buying on Tuesday as it was flight to quality buying.
With December silver prices forging a rather significant upward extension the market managed to rise above the critical 2006 highs and that in turn puts the silver market in somewhat the same category as the gold market. Apparently spot silver prices reached up to the highest price level in 27 years and that probably serves to fan even more investment dialogue in the Press. As mentioned in the mid day coverage the silver market was certainly being lifted by a tide of physical commodity buying, which in turn seems to be fostered by classic inflation expectations.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India's largest bank gets into gold coin retailing
John Dizard: Treading the foothills of a gold bull market
Ted Butler sounds cautious for silver in the short term
Grandich Letter's special alert cites GATA's work
The Statistics:
As of close of business: 11/6/2007
Gold Warehouse Stocks: | 7,246,134 | -100,559 |
Silver Warehouse Stocks: | 133,891,068 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 15,454m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,425 | US$ 2,586m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,826 | US$ 398m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,113 | US$ 480m |
Note: No change in Total Tonnes from yesterday’s data.
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: No change in Total Tonnes from yesterday’s data.
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: No change in Total Tonnes from yesterday’s data.
The Stocks:
NovaGold’s (NG) “battle” with Barrick (ABX) over Donlin Creek, Entree Gold’s (EGI) C$43M financing, Almaden’s (AAU) completed field programs, Paramount’s (PZG) assay results, Kimber’s (KBX) new chairman, Fronteer’s (FRG) drilling, Royal Gold’s (RGLD) priced public offering, UC Resources’ (UC.V) new president, Yale’s (YLL.V) assay results, and Silver Dragon’s (SDRG.OB) new board member were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla | HL+14.08% $11.18 |
2. Coeur | CDE+13.54% $4.36 |
3. Exeter | XRA+12.21% $5.24 |
LOSERS
1. Vista Gold | VGZ-2.28% $7.28 |
2. Crystallex | KRY -0.99% $3.01 |
3. ITH | THM-0.41% $2.40 |
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:
NovaGold Girds for Battle - "Currently, NovaGold owns 70% of Donlin Creek, an undeveloped deposit estimated to have more than 30 million ounces of gold, with Barrick holding the remaining 30%. But if Barrick can deliver on two important items before Nov. 13 then it can up its own stake to 70% and leave NovaGold with just 30%." More
- November 06, 2007 | Item | E-mail
Entree Gold Announces C$43,000,000 Financing - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") has entered into an agreement, dated November 5, 2007, with a Canadian underwriter, for the purchase of 10,000,000 common shares of the Company. The offering price is C$3.00, representing proceeds of C$30,000,000." More
- November 06, 2007 | Item | E-mail
Gentor begins trading on the OTCBB - More
- November 06, 2007 | Item | E-mail
Almaden Completes Nevada Exploration Programs - "Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden") is pleased to announce that it has completed field programs on three of its 100% owned gold-silver projects in Nevada recently acquired through staking (see Almaden news release of November 6, 2007). The work program on each of the projects consisted of Induced Polarization (IP) geophysics, grid soil sampling, rock-chip sampling and geologic and alteration mapping." More
- November 06, 2007 | Item | E-mail
Olympus Continues to Extend High-Grade Gold Intersections at Phuoc Son - More
- November 06, 2007 | Item | E-mail
UC Resources Anounces Jim Voisin as New President - "Mr. Voisin, age 50, has been very active in the mining industry for the past twenty years, including previous Board of Director experience, numerous investor relations assignments, and senior executive positions. He is the very recent past President of Cadillac Ventures Inc. and presently President of First Mexican Resources Inc. Previous to the mining industry experiences he served on the Board of Directors of OK Tire, a corporation with one billion dollars in sales, based in Langley, B.C." More
- November 06, 2007 | Item | E-mail
GoldSpring, Inc. Announces Additions to Its Comstock Lode Team - More
- November 06, 2007 | Item | E-mail
Joint Venture Partner Newmont Begins Field Work on Birim's Banda Ahenkro Property in Ghana - More
- November 06, 2007 | Item | E-mail
Tara Gold Announces Assay Results From San Miguel Drill Program - More
- November 06, 2007 | Item | E-mail
Mantis increases land position at 100% owned Orphan ('DikDik') Mine and bordering Kodiak Exploration - More
- November 06, 2007 | Item | E-mail
Vena Resources Reports Positive Drill Results at Pucara Polymetallic Project - More
- November 06, 2007 | Item | E-mail
Franconia Minerals Appoints William C. Brice as Director of Government & Community Relations - More
- November 06, 2007 | Item | E-mail
No set deadline for Cigar Lake repairs -Cameco COO - More
- November 06, 2007 | Item | E-mail
</
Gold Seeker Closing Report: Gold and Silver Gain Nearly 2% and 4% to New 27 Year Highs