The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell over $2 at one point as inventory reports came in better than expected, but it did come back by the close and end less than a dollar lower as concerns over heating oil were raised heading into winter.  Draws were expected across the board, but crude inventories surprisingly built 2.8 million barrels, gasoline inventories built 700,000 barrels, distillates fell 2 million barrels, natural gas stocks fell 9 billion cubic feet, and refinery utilization rose 1.5% to 87.7%.

The U.S. dollar index climbed back above 76 by the close while treasuries rose as risk aversion and carry trade unwinding prompted investors to ditch higher yielding currencies and assets for the perceived safety of lower yielding U.S. related assets.

The Dow, Nasdaq, and S&P fell about 1% by the close on worries over poor consumer spending during the upcoming holiday season as high energy prices and a tight credit market finally appear to be taking their toll on the American public.

Among the big names making news in the market today were MBIA, Ambac, Barclays, Tyco, J.C. Penny, Merrill Lynch, Ralcorp and Kraft Foods, and Delphi and GM.

The Commentary:

“December Gold finished down 27.4 at 787.3, 16.2 off the high and 3.3 up from the low.

December Silver closed down 0.583 at 14.482. This was 0.132 up from the low and 0.368 off the high.

Clearly gold was feeling the weight of another broad based physical commodity market liquidation wave during the action on Thursday. However, seeing the Dollar manage a fresh upside breakout on the charts certainly turned up the currency related liquidation pressure, which in turn was accentuated by a fresh round of economic slowing fears. In addition to evidence of US slowing, the gold market also saw evidence of slowing in the UK and Canadian economies. In short, a number of bearish themes seemed to be operating and the overt weakness in the US equity market throughout the trading session simply seemed to accentuate another shift away from inflation and back toward deflation.

It was no surprise that the silver market fell in sync with gold on Thursday and considering the long list of quasi deflationary developments the bull camp might have been lucky to have avoided even steeper losses. As in the gold market a host of physical commodity markets were under pressure in the wake of the revived economic concerns and perhaps most importantly an upside breakout in the US Dollar. Seeing the copper market down by a very aggressive 22 cents had to undermine a portion of the bull camp in silver and with the equity market very weak in the afternoon action, it was clear that nearly all the markets were accepting the renewed threat of slowing.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Feds raid Liberty Dollar and seize and freeze everything

Rogers mocks Bernanke's indifference to dollar's fall

Ron Paul collecting fans and campaign money

Gold bugs riding wave of rising prices

Ailing GE 'enhanced' cash fund breaks the buck

Seeing little inflation, Bank of England ready to cut rates

Dollar to remain China's main reserve, central banker says

The Statistics:

As of close of business: 11/15/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

 Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

 Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

Rubicon’s (RBY) increased drill programs, ITH’s (THM) drill results, Gold Fields’ (GFI) reopened mine shaft and delay and increase in costs for another project, Allied Nevada’s (ANV) drill results, IAMGOLD’s (IAG) agreement with the Government of Ecuador, Apollo Gold’s (AGT) option to purchase the Smuggler Mines, Freeport’s (FCX) back to normal mine operations after an earthquake yesterday, Barrick’s (ABX) plans to continue to hedge, Ivanhoe’s (IVN) third quarter results, Mines Management’s (MGN) third quarter results, Bear Creek’s (BCM.V) metallurgical testing update, Abcourt’s (ABI.V) drill results, Minefinders’ (MFN) third quarter results, Endeavour’s (EXK) third quarter results, Aquiline’s (AQI.TO) increased resource estimate, and SilverCrest’s (SVL.V) resource increase were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Delta Uranium Appoints John Cottrell to the Board of Directors - More
- November 15, 2007 | Item | E-mail

PBX Files NI43-101 Molybdenum-Copper Resource at Copaquire - More
- November 15, 2007 | Item | E-mail

Mines Management Announces Third Quarter Earnings and Montanore Project Update - "The Company reported a net loss for the quarter ended September 30, 2007 of $1.7 million, or $0.09 per share, compared to a net loss of $1.4 million, or $0.11 per share, for the quarter ended September 30, 2006." More
- November 15, 2007 | Item | E-mail

Rubicon Announces Major Increase to Red Lake Drill Programs - "Following the closing of its recently announced $10 million flow through financing, Rubicon Minerals Corporation (AMEX:RBY - News)(TSX:RMX - News), is pleased to announce a major increase in its planned drill programs in Red Lake, focused on the following 100%-controlled projects:" More
- November 15, 2007 | Item | E-mail

27 g/t Gold and 1.47% U3O8 Reported From Ucore's Sandybeach Lake Property - More
- November 15, 2007 | Item | E-mail