-- Posted Monday, 12 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $805.90 | -$26.20 |
Silver | $14.73 | -$0.75 |
XAU | 172.14 | -7.81% |
HUI | 408.12 | -7.65% |
GDM | 1268.91 | -7.73% |
JSE Gold | 2607.38 | -0.81% |
USD | 76.09 | +0.70 |
Euro | 145.65 | -1.06 |
Yen | 90.95 | +0.90 |
Oil | $94.62 | -$1.70 |
10-Year | 4.211% | -0.014 |
T-Bond | 114.6875 | UNCH |
Dow | 12987.55 | -0.42% |
Nasdaq | 2584.13 | -1.67% |
S&P | 1439.18 | -1.00% |
The Metals:
Gold fell all the way to $797.12 before it rebounded about 1% into the close, but it still ended with a loss of 3.15%. Silver dropped to as low as $14.51 before it rebounded over 20 cents from that low, but it still ended with a loss of 4.84%. At the time of writing, both metals are down about 2% more in after hours access trade.
Euro gold fell to €550, platinum lost $41 to $1386, palladium lost $5 to $364, and copper fell roughly 6 cents to about $3.15.
Gold and silver equities opened markedly lower and continued to drop throughout most of trade before finally closing with over 7% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Pending Home Sales for September expected at -2.0% and at 2PM is the Treasury Budget for October expected at -$53.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after Kuwait and Saudi Arabia said over the weekend that OPEC may consider increasing production, but it ended about a dollar of its low of the session as Saudi Arabia's Oil Minister Ali al-Naimi said late in the day that OPEC would not talk about that possibility at this weekend’s summit, but perhaps at their next policy meeting on December 5th.
The U.S. dollar index finally found a rebound from new all-time lows made several times last week. While the dollar rose versus most world currencies today, it still fell against the yen as traders were said to be unwinding carry trades due to risk aversion.
The bond market was closed today in observance of Veteran’s Day.
The Dow, Nasdaq, and S&P curiously found slight gains for most of trade despite the fact that apparent yen carry trade unwinding hit most other assets as traders bought back their previously borrowed yen after selling the assets they purchased with that borrowed yen, but all three indices fell by the close and the Nasdaq ended especially weak with a loss of nearly 2%.
Among the big names making news in the market today were Tyson Foods, BHP and Rio, IBM and Cognos, Blackstone, Citigroup, Bank of America, and JPMorgan.
The Commentary:
“December Gold finished down 27 at 807.7, 7.3 off the high and 8.7 up from the low.
December Silver closed down 0.783 at 14.762. This was 0.152 up from the low and 0.258 off the high.
The gold market at times on Monday traded as much as $37 lower but the market was pulled up away from the early lows by the bounce in the equity market. However, with the US Dollar seemingly forging a significant technical reversal and rising above the prior 3 session's highs in the process, it was clear that currency market influence had shifted from its recent patently supportive posture. With the added presence of sharp declines in oil prices on Monday, a number of recently supportive themes were being calling into question. While the December gold contract seemed to respect the $804 level throughout the session Monday the initial failure below the psychologically important $800 level probably undermined some technical systems.
With December silver prices on Monday seeing a slide of roughly $1.71 an ounce from last week's spike high it goes without saying that silver was under technical and fundamental selling pressure. With a mid day recovery in stocks and a bounce in copper prices some of the patently negative outside market influences seemed to mitigate but in the end the silver market wasn't that interested in the bullish spin. In fact, given the magnitude of selling in the energy complex, the fact that all the metals were under moderate pressure and that even the grain markers were under pressure suggests that a broad based commodity liquidation wave might have been in force.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Did the central banks REALLY 'blow it' with gold?
Digital gold as replacement for dollar is cited in Washington Post
James Turk: The last hurdle
Currency controls are already in operation to counter dollar's fall
Thomas Tan: Central banks and gold -- manipulation or money management?
Greenback is worth nothing in terms of American pride
Banks reported agreed on credit backup fund
The Statistics:
As of close of business: 11/9/2007
Gold Warehouse Stocks: | 7,345,863 | - |
Silver Warehouse Stocks: | 133,633,550 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 599.50 | 19,274,450 | US$ 16,025m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,215 | US$ 2,516m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.33 | 492,543 | US$ 394m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,943 | US$ 506m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.27 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/9/2007 | |
Total Net Assets | $1,449,054,460 | 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 11/9/2007 | |
Total Net Assets | $2,202,676,267 | Ounces of Silver
in Trust | 145,408,391.000 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,522.71 |
Note: Change in Total Tonnes from yesterday’s data: 30.87 tonnes were added to the trust.
The Stocks:
Royal Gold’s (RGLD) upcoming presentation, Richmont’s (RIC) option to acquire 50% operating interest in a mine, AngloGold’s (AU) COO resignation, Barrick’s (ABX) gold mine in Tanzania, and Aurizon’s (AZK) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. US Energy | USEG +1.20% $5.06 |
LOSERS
1. Orezone | OZN -17.42% $1.28 |
2. Gammon Gold | GRS -16.48% $8.36 |
3. Kimber | KBX -13.04% $1.00 |
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:
Macusani Yellowcake Announces Listing on TSX Venture Exchange - More
- November 12, 2007 | Item | E-mail
Duran Ventures and MacMillan Gold Drilling at Pasacancha - More
- November 12, 2007 | Item | E-mail
Zaruma Resources: Announces Drill Results and Commencement of Construction at the Luz del Cobre Copper Project (Sonora, Mexico) - More
- November 12, 2007 | Item | E-mail
Dia Bras Receives Positive Results From Preliminary Economic Assessment on the Bolivar Cu-Zn deposit - More
- November 12, 2007 | Item | E-mail
Mantis mobilizes field crews and begins trenching at 100% owned Orphan ('DikDik') Mine - More
- November 12, 2007 | Item | E-mail
Richview Files Third Quarter Statements - More
- November 12, 2007 | Item | E-mail
Royal Gold to Present at Southwestern Showcase Investor Conference - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, announced today that management will present at the Fifth Annual Southwestern Showcase in Dallas, Texas. The Southwestern Showcase Investor Conference is an invitation-only conference for professional investors featuring a broad range of small-cap companies." More
- November 12, 2007 | Item | E-mail
Bonaventure Enterprises Inc.: K9 Uranium Property Exploration Update - More
- November 12, 2007 | Item | E-mail
RJK Options On Strike South Uranium Claims to Atomic Uranium - More
- November 12, 2007 | Item | E-mail
Hawk Uranium Inc. Engages Corporate Communications Consultant - More
- November 12, 2007 | Item | E-mail
Millstream Provides Current Exploration Status of its Airport East Property - More
- November 12, 2007 | Item | E-mail
First Narrows Completes Initial Resource Definition Drilling Program on Chester Feeder Deposit - More
- November 12, 2007 | Item | E-mail
Merrex Jubilee Zinc Resource Estimate - More
- November 12, 2007 | Item | E-mail
Unico, Inc. Reports on Additional Work Completed by Atlas Fausett Contracting to Rehabilitate the Deer Trail Mine for Underground Mining Activities - More
- November 12, 2007 | Item | E-mail
Raven Gold Corp.-Appoints New President and CEO - More
- November 12, 2007 | Item | E-mail
International Nickel Ventures Acquires FNX Mining's Non-Sudbury Ontario Nickel Properties - More
- November 12, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Over 3% and 4%