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Gold Seeker Weekly Wrap-Up: Gold and Silver Lose Over 5% and 6% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 16 November 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

 

Close

Gain/Loss

On Week

Gold

$785.40

-$0.30

-5.61%

Silver

$14.43

+$0.01

-6.78%

XAU

172.67

+1.58%

-7.53%

HUI

412.04

+1.70%

-6.76%

GDM

1278.67

+1.53%

-7.02%

JSE Gold

2487.79

-1.75%

-5.36%

USD

75.86

-0.18

+0.62%

Euro

146.64

+0.48

-0.05%

Yen

90.24

-0.11

+0.21%

Oil

$95.10

+$1.67

-1.27%

10-Year

4.150%

-0.009

-1.78%

Bond

115.5625

+0.15625

+0.79%

Dow

13176.79

+0.51%

+1.03%

Nasdaq

2637.24

+0.72%

+0.35%

S&P

1458.74

+0.52%

+0.35%

 

The Metals:

 

Gold traded modestly higher in Asia and London and surged to find a nearly $10 gain at $797.50 by midmorning in New York, but it then fell back off for most of the rest of trade and ended with a loss of 0.04%.  Silver dropped to $14.347 by late trade in Asia before it rose in London and New York to find over 2% gains at as high as $14.717 by midmorning, but it also fell back off into the close and ended with a gain of just 0.07%.

 

Euro gold fell to about €536, platinum gained $18 to $1446, palladium lost $5 to $365, and copper rose over 4 cents to about $3.15.

 

Gold and silver equities traded mostly modestly higher and closed near their highs of the session with over 1.5% gains.

 

CoT Reports: Gold | Silver

 

Gold May `Easily' Rise to $1,000, Marc Faber Says  Bloomberg

A perfect storm for gold as mines left empty  Telegraph

 

Long-term prospects for bullion continue to glisten  FT

 

The Economy:

 

Report

For

Reading

Expected

Previous

Net Foreign Purchases

Sep

-$26.4B

$66.0B

-$70.6B

Industrial Production

Oct

-0.5%

0.1%

0.2%

Capacity Utilization

Oct

81.7%

82.0%

82.2%

 

Net Foreign Purchases were negative again!  Though the decline was not as bad as in August, it was still a decline in capital flows coming into the US that are needed in order to cover the nation’s trade deficit.  More on this from Dan Norcini at JSMineSet.com:

 

“It is amusing to read the various analysts being quoted by the wire service commentary writers this morning in regards to the Treasury International Capital Flows data for the month of September. Some were spinning the report as being a “positive” since it showed a net inflow. The problem for the spinmeisters who are doing nothing but talking their book anyway, is that while the long term flows were indeed positive, they were still insufficient to fund the negative trade balance for the second consecutive month (please see the first chart in the set provided). If one takes the even broader measure that Treasury releases which includes the short term securities as well as the long term ones, the capital flows data showed a NET OUTFLOW for the second month in a row. That is hardly “positive” as some of these mad dreamers are spouting.

 

The truth is that even after the debacle in August which was when we saw the first signs of the fallout from the subslime contagion, foreign appetite for US securities is not exactly on a screaming rebound. Given the meager performance of the US stock markets this month (November), I suspect we will soon see net foreign selling of US stocks before long in these reports (which by the way are extremely dated being two months old). Keep in mind that foreigners are observing the dollar falling through the floor and are not going to be in any huge haste to send their money over here as a result.

 

Next month’s data had better show numbers sufficient to cover the trade imbalance or the dollar is going to get whacked with an ugly stick.

 

It is also interesting to note in a memo that the Treasury published this morning that out of the -$14.7 billion in net capital outflows (this is the number we get when using the broader measure which includes short term securities), net foreign private flows were negative $27.8 billion, and net foreign official flows were positive $13.1 billion. In other words, it was only official sector buying which kept the number from being far worse.”  Much more free commentary from Dan Norcini, Jim Sinclair, and others at JSMineSet.com

 

Also making economic news today was the fed’s Kroszner who stated in a speech to international bankers in New York that “the current stance of monetary policy should help the economy get through the rough patch during the next year, with growth then likely to return to its longer-run sustainable rate.”  This was taken by many to mean that the fed may not cut interest rates further as the market is calling for.

 

All of this week’s economic reports:

 

Capacity Utilization - October

81.7% v. 82.2%

 

Industrial Production - October

-0.5% v. 0.2%

 

Net Foreign Purchases - September

-$26.4B v. -$70.6B

 

Philadelphia Fed - November

8.2 v. 6.8

 

NY Empire State Index - November

27.4 v. 28.8

 

Initial Claims - 11/10

339K v. 319K

 

CPI - October

0.3% v. 0.3%

 

Core CPI - October

0.2% v. 0.2%

 

Business Inventories - September

0.4% v. 0.3%

 

PPI - October

0.1% v. 1.1%

 

Core PPI - October

0.0% v. 0.1%

 

Retail Sales - October

0.2% v. 0.7%

 

Retail Sales ex-auto - October

0.2% v. 0.3%

 

Pending Home Sales - September

0.2% v. -6.5%

 

Treasury Budget - October

-$55.6B v. -$49.3B

 

Next week’s economic highlights include Building Permits, Housing Starts, and FOMC minutes on Tuesday and Initial Jobless Claims, Leading Economic Indicators and Michigan Sentiment on Wednesday.  US markets will be closed on Thursday for the Thanksgiving Holiday and markets will close early on Friday.

 

The Markets:

 

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

 

Oil rose on cold weather forecasts in the Northeast and closed above $95 after dropping to as low as $90 earlier in the week on Tuesday.  Attention now turns to the OPEC heads of state meeting this weekend, but the topic of conversation is scheduled to be climate change and not a possible output increase.

 

The U.S. dollar index fell and treasuries found small gains as the yield on the 2-year flirted with its lowest reading since February 2005 and the yield on the 10-year tested its lowest level since September 2005.  These moves came despite the hawkish remarks from Kroszner as poor economic data and worries over the subprime mess dominated overall market sentiment.

 

The Dow, Nasdaq, and S&P traded mixed in volatile trade before finally ending decently higher as traders debated ongoing credit concerns and whether or not the American consumer is finally slowing down spending due to high energy costs, a tighter credit market, and a continuously falling dollar.

 

Among the big names making news in the market Friday were FedEx, Fannie Mae, Garmin, and GM, Ford, and UAW.

 

The Commentary:

 

“Is it the battle of the gold price or the price of the $ outside the States?   Gold is fighting to hold up under the week’s end selling pressure.   Gold is moving up and countering the dollar’s fall.   Gold is following the dollar and is focused on it, not on its own market factors.   It should continue to do so through next week too.   The global picture is stronger than that seen today in the U.S. markets, so the battle should continue.”- Julian D.W. Phillips, www.goldforecaster.com

 

“December Gold finished down 0.3 at 787, 11 off the high and 0.3 up from the low.

 

December Silver closed up 0.028 at 14.51. This was 0.01 up from the low and 0.22 off the high.

 

While outside market action gave gold an early session push higher, profit taking began to pull prices back in the afternoon trade. Gold came under selling pressure despite early gains in the equity market and higher crude oil prices and another down turn in the Dollar which certainly has to be disappointing to the bull camp. We also suspect the trade was hesitant to lift gold prices back over key levels early in the session since comments from Fed members today were giving traders the impression the Fed may not cut rates next month. If expectations for a US rate cut are lowered, it could dampen the demand for gold as an inflation hedge. With expectations for slower economic growth in coming months, perhaps some traders are being encouraged to take profits since the October Industrial production report came in much weaker than expected.

 

Silver also pulled back from higher price levels reached earlier in the session as the market seemed to be trading lock-step with the gold market. We suspect silver was undermined to a certain degree by the slack US Industrial Production readings. Certainly silver's poor performance has to be disconcerting for the bulls since the weaker Dollar, higher crude oil, and rebound in copper prices should have provided plenty of outside market support to the market.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Do you wonder why central banking also is conducted in secret?

Saudis fear that open discussion by OPEC could collapse dollar

Liberty Dollar posts search and seizure warrants

Attack on Liberty Dollar also seized metal dies in Idaho

A perfect storm for gold as mines left empty

Gulf Arabs increasingly expected to ditch dollar pegs

FBI raid on Liberty Dollar confirmed without explanation

 

The Statistics:

As of close of business: 11/15/2007

Gold Warehouse Stocks:

7,362,127

+14,624

Silver Warehouse Stocks:

132,884,347

-646,291

 

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

588.74

18,928,555

US$ 15,026m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

97.85

3,146,076

US$ 2,472m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.62

501,921

US$ 395m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

18.94

608,903

US$ 483m

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

 

COMEX Gold Trust (IAU)

Profile as of 11/15/2007

 

Total Net Assets

$1,367,840,865

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 11/15/2007

 

Total Net Assets

$2,154,511,786

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:

 

Rio Tinto’s (RTP) possible counter-bid for BHP Billiton (BHP), Harmony’s (HMY) restarting Elandsrand mine, Orezone’s (OZN) financing, ITH’s (THM) drill results, Newmont’s (NEM) possible spinoff, Apex Silver’s (SIL) upcoming presentation at the Hard Assets Investment Conference in San Francisco this weekend, Apogee’s (APE.V) stock options, Fortuna’s (FVI.V) third quarter results, Coeur’s (CDE) discussions with environmental groups, and Alexco’s (AXU) water license were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Rubicon

RBY +8.59% $1.77

2.  Northern Dynasty

NAK +7.24% $11.99

3.  Kimber

KBX +5.15% $1.02

 

LOSERS

1.  Vista Gold

VGZ -4.42% $5.40

2.  Minco Gold

MGH-3.38% $1.14

3.  Orezone

OZN -3.10% $1.25

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:

Apex Silver to Present at Hard Assets Conference - "Apex Silver Mines Limited (AMEX: SIL - News) today announced that Jeffrey Clevenger, the company's President and Chief Executive Officer, will be making a presentation at the 2007 Hard Assets Investment Conference in San Francisco, California on Sunday, November 18, 2007." More
- November 16, 2007 | Item | E-mail


Laurion Announces Closing of Private Placement - More
- November 16, 2007 | Item | E-mail


Talon Metals announces CEO Resignation - More
- November 16, 2007 | Item | E-mail


Emgold Discovers Additional Tungsten Mineralization In Trenches At Stewart Property, Salmo, B.C. - More
- November 16, 2007 | Item | E-mail


Explor Increases Kidd Township Property - More
- November 16, 2007 | Item | E-mail


Venezuela Blamed in Gold Mine Blasts - "Guyana rushed troops and police to its western border Friday after Venezuelan soldiers allegedly blew up two Guyanese gold-mining dredges on a river near the frontier, the foreign ministry said." More
- November 16, 2007 | Item | E-mail


Apogee Announces Stock Options - "Apogee Minerals Limited ("Apogee") (CDNX:APE.V - News) is pleased to announce that it has granted a total of 200,000 options under the share option plan of the Company. The options have an exercise price of $0.35 per option exercised and will vest immediately subject to the statutory four month hold." More
- November 16, 2007 | Item | E-mail


Moss Lake Announces Closing of Private Placement for Gross Proceeds of $1,215,290.19 - More
- November 16, 2007 | Item | E-mail


Fortuna Reports Revenue of $9.2 Million, Operating Cash Flow of $3.84 Million, and Net Loss of $3.39 Million for 3Q 2007 - "For the third quarter of 2007 the Company had a net loss of $3.39 million after recording a non-cash compensation charge of $4.12 million. Quarterly revenue from the sales of lead-silver and zinc concentrate at the Caylloma Mine hit a record high for the year of $9.2 million. Net cash provided by operating activities at the consolidated level totaled $3.84 million." More
- November 16, 2007 | Item | E-mail


Harmony sees Elandsrand mine operational by weekend - "Harmony Gold's (HARJ.J: Quote, Profile, Research) South African Elandsrand mine, which suffered an accident last month, is likely to resume full output by Monday as scheduled, and some parts may resume blasting and production by Saturday." More
- November 16, 2007 | Item | E-mail


Eagle Plains Reports Results From 2007 Drilling Program on Sphinx Molybdenum Project - More
- November 16, 2007 | Item | E-mail


SRA Begins Commissioning Mill at Gordonsville - More
- November 16, 2007 | Item | E-mail


Geoinformatics Announces Additional Assay Results from Whistler Project - More
- November 16, 2007 | Item | E-mail


Cave-in kills miner at Grupo Mexico zinc pit - "A miner died after a cave-in at a Grupo Mexico pit in the central state of San Luis Potosi, the National Miners and Metal Workers Union said on Friday." More
- November 16, 2007 | Item | E-mail


Cangold Acquires Option on Gold Project in Sonora, Mexico; Rock Chip Samples Up to 7.62 g/t Gold - More
- November 16, 2007 | Item | E-mail


Orezone Resources Inc. Announces US$200,000,000 Financing - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) ("Orezone") announced today that it has agreed to issue a total of 166,700,000 common shares at a price of US$1.20 per share for aggregate gross proceeds of US$200,040,000." More
- November 16, 2007 | Item | E-mail


Southampton Announces NiMo Project, Yukon Results - More
- November 16, 2007 | Item | E-mail


Inspiration Intersects 0.489% Ni Over 20.87m or 68.47ft Containing 1.037% Ni Over 4.31m or 14.14ft (True Width) - More
- November 16, 2007 | Item | E-mail


Globex Options its Blackcliff Gold Property Interest - More
- November 16, 2007 | Item | E-mail


Benton Resources Corp. (BTC) to Aggressively Pursue Acquisition and Advancement of Copper-Nickel-Cobalt Projects - More
- November 16, 2007 | Item | E-mail


First Narrows Intersects Porphyry-Style Molybdenum-Copper Mineralization at Falls Creek Property, New Brunswick - More
- November 16, 2007 | Item | E-mail


Silver Falcon Mining, Inc. (SFMI) Searches for Additions to Management Team - More
- November 16, 2007 | Item | E-mail


Pearl Asian Mining Industries, Inc. Implements Reverse Split of Common and Preferred Shares with Record Date of Nov. 19, 2007 - More
- November 16, 2007 | Item | E-mail


Meridian Gold Commences Drilling Atna's Clover Project - More
- November 16, 2007 | Item | E-mail


ITH's Livengood Gold Deposit Continues to Grow; Step-Out Drilling Dramatically Expands Bulk Tonnage Potential - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce final drill hole results from its 2007 Livengood resource definition program. The results from the final four diamond holes at Livengood continue to increase the Lillian Creek zone of the deposit and indicate significant additional expansion potential beyond the core target area." More
- November 16, 2007 | Item | E-mail


Amerigo Acquires Additional Common Shares of Candente - More
- November 16, 2007 | Item | E-mail


Geodex Releases Independent 'Preliminary Economic Assessment' on the Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick, Canada - More
- November 16, 2007 | Item | E-mail


Continuum Adopts Shareholders Rights Plan - More
- November 16, 2007 | Item | E-mail


Sage Closes Flow-Through Private Placement - More
- November 16, 2007 | Item | E-mail


Africo Resources Announces C$4.0 million IFC Private Equity Placement - More
- November 16, 2007 | Item | E-mail


Amerix Precious Metals Corporation: Acceleration of Warrants Expiration - More
- November 16, 2007 | Item | E-mail


Hemis Acquires Share Position in Allegra Corporation - More
- November 16, 2007 | Item | E-mail


Largo Reports Drill Results and New Target Outlined at Macuchi Property in Ecuador - More
- November 16, 2007 | Item | E-mail


Pacific Imperial Mines Inc.: Mining Agreement Finalized on Gold Properties - More
- November 16, 2007 | Item | E-mail


International Minerals Reports Fiscal First Quarter Financial Results and Mine Opening at Pallancata Silver Mine, Peru - More
- November 16, 2007 | Item | E-mail


International Nickel Ventures and Joint Venture Partner Intend to Make Final Payment to Complete Acquisition of an Indirect 75% Interest in Santa Fe-Ipora - More
- November 16, 2007 | Item | E-mail


Eaglecrest to Present at San Francisco Hard Assets Investment Conference - More
- November 16, 2007 | Item | E-mail


Rochester Announces Mill Production and Silver Recovery Update for Its Mina Real Mill - More
- November 16, 2007 | Item | E-mail


Aurelio Intercepts 165 feet Averaging 2.30% Zinc and 18.25 ppm Silver at Hill Copper-Zinc Project, Arizona - More
- November 16, 2007 | Item | E-mail


Kalimantan Gold Signs Heads of Agreement on Indonesian Coal Prospects - More
- November 16, 2007 | Item | E-mail


Newmont spinoff decision expected soon - "Newmont Mining Corp. is expected to decide by next week whether to spin off Franco-Nevada Corp. as a reborn public company or sell its mining and energy royalty subsidiary to a consortium of buyers, who would split up the $1-billion portfolio." More
- November 16, 2007 | Item | E-mail


Mayor of Juneau Announces Progress in Discussions between Coeur d'Alene Mines Corporation (Coeur Alaska) and Environmental Groups on Kensington Tailings Plan - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) reported that Bruce Botelho, Mayor of Juneau, Alaska, has announced that the Southeast Alaska Conservation Council, Lynn Canal Conservation, the Juneau Group of the Sierra Club, and Coeur Alaska all stated they will ask the U.S. Forest Service to examine the use of an alternative site using paste technology for disposal of mine tailings at Coeur’s Kensington Gold Mine." More
- November 16, 2007 | Item | E-mail


Rio seen unlikely to counter bid for BHP - "Rio Tinto (RIO.AX: Quote, Profile, Research) is reportedly considering a counter-bid for BHP Billiton (BHP.AX: Quote, Profile, Research) as a defence against a multi-billion-dollar takeover proposal from its bigger mining rival, but analysts said such a move was unlikely." More
- November 16, 2007 | Item | E-mail


Alexco Secures Water Licence for Care & Maintenance Work at Keno Hill - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco") is pleased to announce the issuance by Yukon Water Board to Alexco's subsidiary, Elsa Reclamation & Development Company Ltd. ('ERDC'), of a Water Licence for the care and maintenance of the Keno Hill property. Issuance of the Licence was a condition of the purchase of the property by ERDC. The Licence, effective for 5 years until November 30, 2012, is not related to exploration or any future mine production." More
- November 16, 2007 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2007

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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-- Posted Friday, 16 November 2007 | Digg This Article | Source: GoldSeek.com




 



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