-- Posted Tuesday, 13 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $797.00 | -$8.90 |
Silver | $14.55 | -$0.18 |
XAU | 176.27 | +2.40% |
HUI | 417.49 | +2.30% |
GDM | 1301.54 | +2.57% |
JSE Gold | 2585.75 | -0.83% |
USD | 75.88 | -0.21 |
Euro | 145.95 | +0.30 |
Yen | 90.48 | -0.47 |
Oil | $91.17 | -$3.45 |
10-Year | 4.256% | +0.031 |
T-Bond | 114.40625 | -0.28125 |
Dow | 13307.09 | +2.46% |
Nasdaq | 2673.65 | +3.46% |
S&P | 1481.05 | +2.91% |
The Metals:
Gold continued yesterday’s fall in after hours access trade and dropped to as low as $790.10 by early trade in Asia before it rallied back to $808.70 by the end of trade in Hong Kong. After that it waffled on either side of unchanged in London and early morning New York trade ahead of a late morning drop to $793.75, but it then came off that low in afternoon trade and ended with a loss of 1.10%.
Silver dropped to $14.31 in after hours access trade yesterday before it rallied to as high as $14.90 by midmorning in New York, but it then fell back off in the last few hours of trade and ended with a loss of 1.22%.
Euro gold fell to about €546, platinum gained $29 to $1415, palladium gained $5 to $369, and copper remained at about $3.15.
Gold and silver equities rose over 2.5% at the open before they fell back near unchanged by late morning, but they then rallied back higher in afternoon trade and ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Oct | -$55.6B | -$59.0B | -$49.3B |
Pending Home Sales | Sep | 0.2% | -2.5% | -6.5% |
Tomorrow at 8:30AM EST brings PPI for October expected at 0.3%, Core PPI expected at 0.2%, and Retail Sales for October expected at 0.2% with sales excluding autos expected at 0.3%. At 10AM is the Business Inventories report for September expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell markedly as the International Energy Agency lowered its world demand forecast and provided a catalyst for speculative positions to bail out and take profits from the recent record run. Inventory reports, normally due out tomorrow, are delayed until Thursday due to the Veteran’s Day Holiday.
The U.S. dollar index fell back off after yesterday’s rebound, but it did end short of making a new all-time low.
Treasuries fell while the Dow, Nasdaq, and S&P rallied over 2% from oversold conditions as Wal-Mart did not lower guidance as many feared and financials rebounded on a lack of more bad news about significant writedowns related to credit problems. Traders seemed especially encouraged by Goldman Sachs who again reiterated, today by their CEO Lloyd Blankfein, that they would not have a big writedown as many other financial institutions have had to do.
Among the big names making news in the market today were Bank of America, Home Depot, Countrywide, Wal-Mart, and Citigroup.
The Commentary:
"December Gold finished down 8.7 at 799, 10.3 off the high and 3.3 up from the low.
December Silver closed down 0.152 at 14.61. This was 0.1 up from the low and 0.295 off the high.
The gold market initially waffled around unchanged but as the energy complex came under progressively more aggressive selling pressure it seemed as if gold prices were being pulled down again by broad based physical commodity liquidation fears. Once again it seemed as if the December gold contract was attracted to the even number $800 level. However, with European gold closing below $800 and the US market also failing at that critical psychological level it was clear that the bearish bias in gold from the prior session remained in place on Tuesday. Certainly residual strength in the December US Dollar Index probably kept up the currency related pressure on gold during the action Tuesday and it goes without saying that the aggressive slide in oil prices favored the gold bears.
While December silver managed to respect the prior session's low, it was clear from the action in gold and energy prices that outside market influences were serving to keep silver prices off balance on Tuesday. However, it should be noted that silver prices managed to test positive ground on several occasions and managed that strength in the face of ongoing weakness in gold prices. It is possible that favorable equity market action temporarily distracted the silver, platinum and copper prices from the growing fear of a full blown physical commodity market washout.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The cop on the beat
Dollar drop puts UAE at 'crossroads' on currency link
Redburn Partners vindicates GATA in 'Gold War' report
Let 'em eat banknotes: British food prices soar
No free market here: Japan threatens currency speculators
E*Trade sinks 59% on losses and fear of bankruptcy
The Statistics:
As of close of business: 11/12/2007
Gold Warehouse Stocks: | 7,345,863 | - |
Silver Warehouse Stocks: | 133,539,483 | -94,067 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 599.50 | 19,274,450 | US$ 15,485m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,180 | US$ 2,509m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.33 | 492,537 | US$ 393m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,923 | US$ 489m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/12/2007 | |
Total Net Assets | $1,402,528,267 | 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 11/12/2007 | |
Total Net Assets | $2,201,131,662 | Ounces of Silver
in Trust | 145,408,391.000 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,522.71 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Allied Nevada’s (ANV) third quarter results, Tanzanian Royalty’s (TRE) private placement, New Gold’s (NGD) third quarter results, Taseko’s (TGB) private placement, Metallica’s (MRB) third quarter results, Great Basin’s (GBN) exploration update, IAMGOLD’s (IAG) third quarter results and project update, ECU’s (ECU.TO) third quarter results and CFO appointment, Great Panther’s (GPR.TO) drilling, SNS’ (SNS.V) drill results, Yale’s (YLL.V) assay results, First Majestic’s (FR.V) project update, Excellon’s (EXN.V) exploration results, and Alexco’s (AXU) increased resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MGH+17.86% $1.32 |
2. Fronteer | FRG +7.04% $12.31 |
3. Great Basin | GBN +6.57% $3.08 |
LOSERS
1. Gammon Gold | GRS -8.13% $7.68 |
2. Paramount | PZG -7.02% $2.12 |
3. Richmont | RIC -6.29% $3.28 |
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:
Allied Nevada Announces Third Quarter 2007 Financial Results - "For the quarter ended September 30, 2007, which was its first complete quarter of operations, the Company reported a consolidated net loss of $ 3.4 million ($0.08 per share), compared with a consolidated net loss of $0.9 million for the third quarter of 2006." More
- November 13, 2007 | Item | E-mail
Ernst & Young Pvt. Ltd. engaged for $10 million financing - More
- November 13, 2007 | Item | E-mail
Airborne Geophysical Survey Completed at Bokan Mountain - More
- November 13, 2007 | Item | E-mail
ECU Silver Announces Third Quarter Financial Results and Appointment of a Chief Financial Officer - "The net loss for the 3rd quarter of 2007 was $1,493,464 or $0.01 per share, compared with net loss of $2,116,894 or $0.01 per share for the same period in 2006. The change is due to the shift in focus from production to exploration and development at the mines and additional administration costs described above." More
- November 13, 2007 | Item | E-mail
Vantex Resources Ltd. Announces Flow-Through Financing - More
- November 13, 2007 | Item | E-mail
Valdez Gold provides update on Jarros Norte - More
- November 13, 2007 | Item | E-mail
Largo Intersects 53.6 Metres Grading 0.32% Tungsten at Northern Dancer Tungsten-Molybdenum Project, Yukon - More
- November 13, 2007 | Item | E-mail
Gitennes Exploration - Update on TotoRoko drilling - More
- November 13, 2007 | Item | E-mail
Tagish Reports on Gold and Silver Values in the Rainbow Two Zone - More
- November 13, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Over 1% But Miners Gain Over 2%