-- Posted Monday, 19 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $776.50 | -$8.90 |
Silver | $14.12 | -$0.31 |
XAU | 164.28 | -4.86% |
HUI | 398.22 | -3.35% |
GDM | 1229.68 | -3.83% |
JSE Gold | 2442.73 | -1.81% |
USD | 75.80 | -0.06 |
Euro | 146.65 | +0.01 |
Yen | 90.96 | +0.72 |
Oil | $94.64 | +$0.80 |
10-Year | 4.079% | -0.071 |
T-Bond | 116.21875 | +0.65625 |
Dow | 12958.44 | -1.66% |
Nasdaq | 2593.38 | -1.66% |
S&P | 1433.27 | -1.75% |
The Metals:
Gold rose to find nearly 1% gains above $792 in Asia and held near $790 in early London trade, but it then fell in midmorning New York trade and ended near its low of the session with a loss of 1.13%. Silver followed a similar pattern and ended with a loss of 2.15%.
Euro gold fell to about €530, platinum gained $2 to $1448, palladium lost $8 to $357, and copper fell nearly fifteen cents to about $3.00.
Gold and silver equities fell over 3% by late morning and remained near their lows into the close.
The Economy:
There were no major economic reports today, but a report showing homebuilder confidence held at a record low in November and an economist survey expecting a recession next year did have some talking.
Tomorrow at 8:30AM EST brings Building Permits for October expected at 1,200,000 and Housing Starts expected at 1,175,000 and at 2PM is the release of FOMC minutes from the fed’s October 31 meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended higher after a choppy session as traders talked about the OPEC summit this past weekend that focused on the dollar’s recent weakness and whether or not oil should continue to be priced solely in dollars.
The U.S. dollar index traded mostly slightly lower while treasuries rose on a flight to safety as interest rates fell to their lowest in over two years on concerns over the banking sector and derivative losses.
The Dow, Nasdaq, and S&P fell on more credit worries as Goldman downgraded Citigroup and caused all three indices to fall over 1.5% to make for the seventh losing session in the past 9.
Among the big names making news in the market today were Celgene and Pharmion, Citigroup, Lowe’s, Xerox, and Campbell Soup.
The Commentary:
“December Gold finished down 9 at 778, 11.1 off the high and 2 up from the low.
December Silver closed down 0.35 at 14.16. This was 0.04 up from the low and 0.415 off the high.
The fear of slowing certainly seemed to be undermining a host of physical commodities on Monday, even if the energy complex was largely immune to that influence. However, seeing the US equity market under significant pressure and seeing the market tossing around the idea of a US recession apparently prompted a number of gold bulls to question the validity of prices sitting just under the $800 per ounce level. Some in the trade suggested that the action in the Dollar prompted the selling interest in gold, but in reality the Dollar wasn't that active and in general spent a lot of time in negative ground and that would seem to suggest that the action in the stock market was dominating the gold trade. In fact, even with the market dredging up fresh financial sector anxiety the gold trade just didn't seem to be interested in the flight to quality issues during the Monday trade.
Like the gold market the silver market seemed to be under a macro economic slowing fear as December silver prices fell to the lowest level since the beginning of November. With the copper market under significant duress it was clear that physical demand fears were front and center in a number of metals markets. With the copper market declines seemingly signaling concerns of slowing demand from China, it is likely most of the losses in silver were the result of broad based commodity liquidation fears. In short, the direction of the US equity market is apparently being seen as a leading indicator for silver investment demand.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: It's still a bull market
Eric Hommelberg: HUI -- too young to die!
Ritual dating from 1919 sets price of gold
OPEC interested in replacement for dollar
British govt. bailout for Northern Rock may continue forever
Paulson's dollar policy tweak may only slow slide
G20 meeting leaves falling dollar alone
Gulf states will discuss revaluing their dollar-pegged currencies
OPEC finance ministers to keep discussing dollar's fall
Oil-producing Nigeria, Angola consider diversifying from dollar
Mistakenly disclosed affidavit outlines case against Liberty Dollar
Indian tourist sites refusing entry to dollar
Markets don't believe Fed's reluctance to keep cutting rates
The Statistics:
As of close of business: 11/16/2007
Gold Warehouse Stocks: | 7,362,127 | - |
Silver Warehouse Stocks: | 133,252,393 | +368,046 |
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$ 14,946m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.93 | 3,116,392 | US$ 2,432m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.62 | 501,904 | US$ 392m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,896 | US$ 480m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.92 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/16/2007 | |
Total Net Assets | $1,367,477,721 | 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 11/16/2007 | |
Total Net Assets | $2,100,681,167 | 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:
A merger between Atna (ATN.TO) and Canyon (CAU), Cardero’s (CDY) IP survey, Aurelian’s (ARU.TO) filed 43-101, Kinross Gold’s (KGC) operations in Brazil, Mines Management’s (MGN) Preliminary Draft Environmental Impact Statement, Sterling Mining’s (SRLM.OB) employment in Idaho, Oro Silver’s (OSR.V) purchased properties, Bear Creek’s (BCM.V) drill results, and Orko Silver’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +4.16% $5.01 |
2. ITH | THM +2.05% $1.99 |
3. Minefinders | MFN+1.61% $12.00 |
LOSERS
1. Richmont | RIC -8.82% $3.10 |
2. Anglo American | AAUK -7.78% $29.28 |
3. Freeport | FCX -7.54% $92.50 |
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:
Pure Nickel Presents Exploration Results From Its MAN Alaska Project - More
- November 19, 2007 | Item | E-mail
Canarc to Spin-Out its Mexican Gold Projects to Subsidiary Company "Caza Gold Corp." and Distribute Shares of Caza Gold to Canarc Shareholders - More
- November 19, 2007 | Item | E-mail
Sterling Hires 101st Employee at Sunshine Mine - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) today announced that the 101st full time employee has been hired on at Sunshine Mine in northern Idaho as the Company continues its preparation for mine start up. Combined with the eighteen other employees working in the exploration division, corporate headquarters, human resources and environmental department, the Company currently employs 119 people in Idaho." More
- November 19, 2007 | Item | E-mail
Nu-Mex Uranium Corp. and NWT Uranium Corp. Sign Letter Agreement for a Business Combination - More
- November 19, 2007 | Item | E-mail
Jasper Mining Corporation Commences Follow-Up Drill Program on McFarlane Property - More
- November 19, 2007 | Item | E-mail
Inter-Rock Acquires Nevada Mineral Properties - More
- November 19, 2007 | Item | E-mail
Cogitore completes 2007 drilling program at Scott Lake on high note - More
- November 19, 2007 | Item | E-mail
Cardero Initiates Geophysical Study at Former High-Grade Incahuasi Gold Mine - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that an Induced Polarization (IP) Geophysical Survey been initiated on its Incahuasi Gold Project, Catamarca Province, NW Argentina. The IP survey will build upon the positive exploration results to date and will be followed by planned drill target testing in early 2008." More
- November 19, 2007 | Item | E-mail
CCM Research Issues Update Report on Cream Minerals Ltd. - More
- November 19, 2007 | Item | E-mail
Augusta Appoints Raghunath Reddy as Vice-President, Finance - More
- November 19, 2007 | Item | E-mail
Cabo to drill 5,000 meters for Tagish Lake Gold at Skukum Creek - More
- November 19, 2007 | Item | E-mail
UC Resources Closes Strategic $4.1 Million Brokered Financing With PowerOne Capital Markets Limited - More
- November 19, 2007 | Item | E-mail
Sirios Inc.: Tilly Grades 4.36% Mo, 6.4% Cu, 201 g/t Ag, 0.6 g/t Au and 0.22% Bi - More
- November 19, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%