-- Posted Friday, 9 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $832.10 | -$3.10 | +3.24% |
Silver | $15.48 | +$0.01 | +6.54% |
XAU | 186.73 | -1.43% | -0.48% |
HUI | 441.92 | -1.28% | +0.58% |
GDM | 1375.14 | -1.64% | -0.33% |
JSE Gold | 2628.58 | +0.24% | +9.93% |
USD | 75.39 | -0.05 | -1.15% |
Euro | 146.71 | +0.04 | +1.13% |
Yen | 90.05 | +1.01 | +3.33% |
Oil | $96.32 | +$0.86 | +0.41% |
10-Year | 4.225% | -0.048 | -1.54% |
Bond | 114.65625 | +0.59375 | +0.14% |
Dow | 13042.74 | -1.69% | -4.06% |
Nasdaq | 2627.94 | -2.52% | -6.49% |
S&P | 1453.70 | -1.43% | -3.71% |
The Metals:
Gold remained near unchanged in Asia and rose to as high as $837.20 in London before it dropped to as low as $826.65 by early trade in New York, but it then moved back higher into the close and ended with a loss of just 0.37%. Silver rose to as high as $15.625 by early trade in London before it dropped to as low as $15.033 by early trade in New York, but it then rallied back higher into the close and ended with a gain of 0.06%.
Euro gold remained near record highs at about €567, platinum lost $33 to $1427, palladium lost $3 to $369, and copper fell nearly 7 cents to about $3.20.
Gold and silver equities fell over 2% by late morning before they rebounded in afternoon trade, but they still ended with about 1.5% losses.
CoT Reports: Gold | Silver
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Oct | 1.8% | 1.0% | 0.8% |
Import Prices ex-oil | Oct | 0.5% | - | -0.2% |
Export Prices | Oct | 0.9% | - | 0.3% |
Export Prices ex-ag. | Oct | 0.5% | - | -0.1% |
Trade Balance | Sep | -$56.5B | -$58.5B | -$56.8B |
Michigan Sentiment | Nov | 75.0 | 80.0 | 80.9 |
All of this week’s economic reports:
Next week’s economic highlights include Pending Home Sales and the Treasury Budget on Tuesday, Retail Sales, PPI, and Business Inventories on Wednesday, CPI, Initial Jobless Claims, the New York Empire State Index, and the Philadelphia Fed survey on Thursday, and Net Foreign Purchases, Industrial Production, and Capacity Utilization on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose by the end of the day as traders looked at tight supplies in the face of rising political tensions in Pakistan.
The U.S. dollar index dropped all the way to under the 75 level before it rebounded, but it still ended at a new record low on credit worries and a weak economic outlook.
Treasuries rose on the short end while longer term maturities remained near unchanged to further steepen the yield curve. The yield on the 10 year fell to the lowest in over two years.
The Dow, Nasdaq, and S&P again fell markedly on more credit worries as Wachovia added itself to the list of financials to announce write downs due to credit market related losses.
Among the big names making news in the market Friday were Wachovia, Fannie Mae, Merck, Barclay’s, and BHP and Rio.
The Commentary:
“Gold is taking a breather this Friday and will be all the healthier for it. So is the $, which is almost over $1.47 to the €. Europe is upset as President Sarkozy said in no uncertain terms, but to no avail. The fall of the $ takes international trade from Europe not China!
If gold holds above $800, then it will rise to a new hormone level in the next few days. Have we entered a new era of uncertainty? It seems so as currency fears mount next to credit fears.”- Julian D.W. Phillips, www.goldforecaster.com
“Round II of the “credit crisis” is developing further and creating an environment of additional fear and rising uncertainty. The bull market in gold appears to be undergoing a mega-bull run higher, aided now by this crisis which includes the sinking dollar. They are intertwined and it is too late to try to reverse the problem because it has turned into this crisis. It has to be confronted and it is unlikely to be easy or pretty.
Therefore gold will continue to find strong capital inflows from all around the globe, growing numbers now redeeming their dollars for precious metals. During such a period, even minor consolidations in gold may knock off investors from their positions expecting a more traditional, deeper consolidation to occur. I do not see gold losing its luster as deeper understanding of the Dollar’s grave position along with the “credit crisis” moves through more rounds in the coming months.”- Peter Spina, www.goldforecaster.com
“December Gold finished down 2.8 at 834.7, 2.7 off the high and 6.2 up from the low.
December Silver closed up 0.03 at 15.545. This was 0.375 up from the low and 0.075 off the high.
The gold market mostly waffled around early in the session but ended up spending most of the trading session in negative territory. However, the combination of a recovery from early new lows in the Dollar and ongoing weakness in US equity prices kept the gold trade off balance. It would seem like the gold market was at least partially undermined by the renewed fear that severe credit/housing crisis problems might translate inflationary expectations into deflationary fears. It is also likely that a slight improvement in the US Trade Deficit reduced flight to quality interest in gold and prompted some longs to bank profits after this week's initial run up in prices.
As suggested in the mid day coverage the silver market clearly outperformed the gold market for most of the session and that is really surprising considering the magnitude of the weakness in copper and the US equity market. Like the energy complex, the silver market seemed to make a statement on Friday by standing up to the physical commodity market liquidation tilt that seemed to come into play in the last two trading sessions of the week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Veterans aren't panicking over Dow's plunge
Rio Tinto could be in the sights of more suitors, analysts say
The Statistics:
As of close of business: 11/8/2007
Gold Warehouse Stocks: | 7,345,863 | +99,729 |
Silver Warehouse Stocks: | 133,633,550 | +249,940 |
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 | 599.50 | 19,274,450 | US$ 16,210m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,320 | US$ 2,619m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,810 | US$ 403m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,949 | US$ 512m |
Note: No change in Total Tonnes from yesterday’s data: The NYSE/SGX added 2.15 tonnes to a new record high and the JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/8/2007 | |
Total Net Assets | $1,453,770,470 | Ounces of Gold
in Trust | 1,740,769.772 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.14 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/8/2007 | |
Total Net Assets | $2,217,998,436 | Ounces of Silver
in Trust | 144,415,944.600 |
Shares Outstanding | 14,550,000 | Tonnes of Silver
in Trust | 4,491.84 |
Note: Change in Total Tonnes from yesterday’s data: 15.44 tonnes were added to the trust.
The Stocks:
NovaGold’s (NG) and Barrick’s (ABX) agreement over Donlin Creek, Royal Gold’s (RGLD) closed public offering, AngloGold’s (AU) reopening mine, Goldcorp’s (GG) third quarter earnings, Glencairn’s (GLE) third quarter results, Mines Management’s (MGN) royalty purchase, and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. DRDGOLD | DROOY+4.85% $9.51 |
2. Kimber | KBX +2.68% $1.15 |
3. Paramount | PZG +2.48% $2.48 |
LOSERS
1. Nevsun | NSU -7.21% $2.06 |
2. Orezone | OZN -6.63% $1.55 |
3. Western Goldfields | WGW -6.62% $3.67 |
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:
Minera Andes announces San Jose update - More
- November 09, 2007 | Item | E-mail
Belvedere awarded Hirsikangas Gold Property in Finland through Public Tender - More
- November 09, 2007 | Item | E-mail
Firstgold Releases Initial Drill Results - More
- November 09, 2007 | Item | E-mail
Thompson Creek lowers outlook over ore grades - More
- November 09, 2007 | Item | E-mail
Robex private placement closing - New orientation - More
- November 09, 2007 | Item | E-mail
Claude Resources Announces Third Quarter Results - "For the quarter ended September 30, 2007, the Company recorded a net loss of $1.8 million, or $0.02 per share, compared to break-even net earnings for the comparable period last year." More
- November 09, 2007 | Item | E-mail
Apex Silver Reports on Third Quarter 2007 Results - "Apex Silver Mines Limited (AMEX: SIL - News) today reported a net loss of $151.9 million or $2.59 per share for the third quarter 2007 compared to net income of $67.8 million or $1.16 per share for the same 2006 period." More
- November 09, 2007 | Item | E-mail
LKA Grants Richmont Mines An Option to Earn a 50% Interest In Golden Wonder Mine - More
- November 09, 2007 | Item | E-mail
Mines Management Purchases Underlying Royalty on Montanore Project - "Mines Management, Inc. (AMEX:MGN - News) (TSX:MGT - News) is pleased to announce that it has acquired a net profits royalty ("NPR") held by former investors in the Montanore Silver-Copper Project in northwestern Montana. The 5% NPR was purchased from Montana Reserves Company ("MRC") of Spokane, Washington, for a payment of $500,000 in cash." More
- November 09, 2007 | Item | E-mail
Geovic Mining Corp. Appoints Greg Hill Senior Vice President and CFO - More
- November 09, 2007 | Item | E-mail
Longview Capital Partners Congratulates Waratah Coal on Its Latest Acquisition - More
- November 09, 2007 | Item | E-mail
High River Gold Reports on Status of NI 43-101 Resource Estimates - More
- November 09, 2007 | Item | E-mail
Yankee Hat Signs Letter of Intent to Acquire 70% of George's Lake Gold Property From War Eagle - More
- November 09, 2007 | Item | E-mail
Ur-Energy Announces Third-Quarter Update Webcast - More
- November 09, 2007 | Item | E-mail
Royal Gold Announces the Closing of Its 7.25% Mandatory Convertible Preferred Stock For Gross Proceeds of $115 Million - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News) the leading publicly-traded precious metals royalty company, today announced the closing of its public offering of 1.0 million shares of its 7.25% Mandatory Convertible Preferred Stock ("Preferred Stock") for $100.00 per share. The underwriters also exercised their option to purchase an additional 150,000 shares of the Preferred Stock to cover over-allotments." More
- November 09, 2007 | Item | E-mail
Message From the President of Carpathian Gold Inc. - More
- November 09, 2007 | Item | E-mail
Frontera Copper Announces the Election of Norman Hardie to the Board of Directors - More
- November 09, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Management Change - More
- November 09, 2007 | Item | E-mail
New Jersey Mining Company Receives Drill Report on Mineral Ridge Property - More
- November 09, 2007 | Item | E-mail
Gold Mill Plant Processing Operations Begin At Pearl Asian Mining's Gango Mine Sites - More
- November 09, 2007 | Item | E-mail
Strike called off at mines across Peru - "Unions called off a strike at mines across Peru on Friday after five days as the government pledged to work on their demands for better benefits, officials said." More
- November 09, 2007 | Item | E-mail
Bellhaven and Empire Minerals Expand Drill Program at the Cerro Chorcha Porphyry Copper Project and Provides Progress Report - More
- November 09, 2007 | Item | E-mail
Monroe Minerals closes first tranche of $2.5 million financing - More
- November 09, 2007 | Item | E-mail
Kakanda Closes Otish Acquisition and Non-Brokered Private Placement - More
- November 09, 2007 | Item | E-mail
War Eagle Signs Letter of Intent to Option 70% of George's Lake Gold Property to Yankee Hat - More
- November 09, 2007 | Item | E-mail
Azteca Gold Corp.: Mexican Santa Matilde Acquisition Closes and Drilling Targeted to Begin Q1 2008 - More
- November 09, 2007 | Item | E-mail
Victory Nickel Announces Third Quarter Results, Provides Update of Activities - More
- November 09, 2007 | Item | E-mail
Hawthorne Gold and Cusac Gold Mines Agree to Merge - More
- November 09, 2007 | Item | E-mail
Upgrade from the inferred to indicated mineral resource category and pre-feasibility study progress at TEAL's Otjikoto Gold Project - More
- November 09, 2007 | Item | E-mail
Extract Resources - Rossing South Exploration Programme resumes - More
- November 09, 2007 | Item | E-mail
Consolidated Abaddon Resources Inc.: Utah Uranium Receives Final Permit, Drill and Crew Mobilized - More
- November 09, 2007 | Item | E-mail
Continental Minerals Corporation Announces Major Steps Toward Permitting of Xietongmen Copper Project and Comments on the New Policy of Foreign Investment - More
- November 09, 2007 | Item | E-mail
Soltoro Reports First Drill Hole Completed at Quila & Induced Polarization Study at La Tortuga Near Completion - More
- November 09, 2007 | Item | E-mail
Logan Resources intersects gold over 1km strike at Heidi project, Yukon Territory - More
- November 09, 2007 | Item | E-mail
S.Africa's AngloGold partly reopens TauTona mine - "South Africa's AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) said on Friday it was given the greenlight by authorities to re-open parts of its TauTona mine for blasting and production after it was closed a week ago." More
- November 09, 2007 | Item | E-mail
Augur Sampling From Sacre-Coeur's Northwest Gold Project Confirms Near-Surface High-Grade Gold; Augur Samples Include 26.8 g/t Au - More
- November 09, 2007 | Item | E-mail
Thompson Creek announces third-quarter financial results and revised outlook - More
- November 09, 2007 | Item | E-mail
HudBay Third Quarter 2007 Results - More
- November 09, 2007 | Item | E-mail
Thompson Creek announces positive Endako mine expansion feasibility study - More
- November 09, 2007 | Item | E-mail
Uranium Resources, Inc. Reports $10.4 Million in Revenue and $2.2 Million in Net Income for Third Quarter 2007 - More
- November 09, 2007 | Item | E-mail
Anglo-Canadian Uranium Announces Colorado Uranium Drill Program Commenced - More
- November 09, 2007 | Item | E-mail
Utah Uranium Receives Final Permit, Drill and Crew Mobilized - More
- November 09, 2007 | Item | E-mail
Aquiline Reports Navidad Drill Results up to Cut-off for Pending Resource Estimate Loma de La Plata Hole NV07-581 Returns 43.36m @ 177 g/t Ag 750m - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to report on the results of 45 diamond drill holes (NV07-545 to NV07-589) at its Navidad Project in Chubut Province, Argentina. Drill holes up to number NV07-581 are included in the analysis being performed by Snowden Mining Industry Consultants ("Snowden") in the NI 43-101 compliant Mineral Resource Estimate to be published this month." More
- November 09, 2007 | Item | E-mail
Goldcorp Reports Third Quarter Earnings - "Adjusted net earnings totalled $82.3 million, or $0.12 per share. At the 37.5% -owned Alumbrera mine, both gold and copper sales were significantly lower than production due to a concentrate shipment being delayed until the second week of October. The Company estimates that the delay reduced third quarter earnings by $0.03 per share." More
- November 09, 2007 | Item | E-mail
Glencairn Gold Reports Third Quarter Results - "Net loss totalled $60.2 million, or a $0.25 per share loss in the latest period, compared to $3.2 million or $0.01 per share loss in the corresponding period of 2006." More
- November 09, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 9 November 2007 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 3% and 6% on the Week
