-- Posted Wednesday, 21 November 2007 | Digg This Article
| Source: GoldSeek.com
Note: Due to the Thanksgiving Holiday U.S. markets are closed tomorrow and will close early on Friday at 1PM EST. CoT reports are delayed until Monday.
| Close | Gain/Loss |
Gold | $797.70 | +$7.20 |
Silver | $14.39 | -$0.05 |
XAU | 169.17 | -1.62% |
HUI | 414.67 | -1.08% |
GDM | 1272.25 | -1.44% |
JSE Gold | 2450.05 | -0.25% |
USD | 75.00 | -0.21 |
Euro | 148.40 | +0.28 |
Yen | 92.05 | +0.81 |
Oil | $97.29 | -$0.74 |
10-Year | 4.024% | -0.030 |
T-Bond | 116.50 | +0.25 |
Dow | 12799.04 | -1.62% |
Nasdaq | 2562.15 | -1.33% |
S&P | 1416.77 | -1.59% |
The Metals:
Gold rose in after hours access trade yesterday and continued to gain in Asia to find an over 2% gain at as high as $807.25 at one point, but it then fell back off in London and New York and ended with a gain of just 0.91%. Silver rose to as high as $14.81 before it also fell back off and ended with a loss of 0.35%. Both metals are also seeing nearly 0.5% gains in today’s after hours access session at the time of writing.
Euro gold rose to over €538, platinum lost $2 to $1461, palladium lost $4 to $354, and copper fell nearly 10 cents to about $2.94.
Gold and silver equities fell about 3% in morning trade as the metals came off their overnight highs and the major indices saw notable losses as well, but they then rallied back higher into the close and ended with only about 1.5% losses despite the fact that the Dow fell off to new lows at the end of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/17 | 330K | 330K | 341K |
Leading Indicators | Oct | -0.5% | -0.3% | 0.1% |
Michigan Sentiment | Nov | 76.1 | 75.0 | 75.0 |
There are no major economic reports for the rest of the week.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to as high as $99.29 in electronic trade overnight before it dipped to find slight losses ahead of today’s inventory reports that initially sent oil back higher on the day, but it soon fell back off and closed marginally lower. While inventories did fall in most areas, they built at the key Cushing, Oklahoma refinery, and that was seen as a bearish sign for the market. Crude inventories fell 1.1 million barrels, gasoline inventories rose 200,000 barrels, distillates fell 2.4 million barrels, refinery utilization fell 0.7% to 87.0%, and natural gas inventories built by 4 billion cubic feet.
The U.S. dollar index fell to a new record closing low and treasuries rose on worries about the economy as the yield on the 10-year briefly fell under 4.00% for the first time since July 2005.
The Dow, Nasdaq, and S&P opened weak on continued concern about the credit market and hidden derivative losses that have yet to evidence themselves. All three indices attempted to rally back several times throughout the session and the Nasdaq even saw a small gain late in the day, but all three indices fell back off markedly in the last hour of trade and ended at or near new session lows with well over 1% losses.
Among the big names making news in the market today were Deere and Abercrombie & Fitch.
The Commentary:
“December Gold finished up 7.2 at 798.6, 6.4 off the high and 3.1 up from the low.
December Silver closed down 0.08 at 14.42. This was 0.07 up from the low and 0.25 off the high.
At several times during the trading session Wednesday the gold market was the only metals market holding in higher ground. While the Dollar mostly remains lower on the day the ebb and flow of the energy complex seemed to have the greatest impact on gold prices. Surprisingly a series of weaker than expected US scheduled data and a sharp slide in the US equity market didn't spark an aggressive wave of physical commodity market selling. The gold bulls are also fortunate that the repeated predictions of a US recession throughout the trading session didn't rekindle the type of selling seen in gold from November 8th to November 20th! It seems as if a portion of the gold trade was emboldened by the hope of another US Fed rate cut.
It was clear that the silver market clearly underperformed the gold market and that wasn't that surprising considering the massive fall away weakness in the copper market. In other words the silver market seemed to be under the influence of physical commodity market considerations, instead of its classic financial market influences. Given the physical commodity market focus in silver it was also clear that the ongoing weakness in the equity market was contributing to the bear cause in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Saudi Arabia may revalue to avoid split with neighbors over dollar
Kudlow supports Liberty Dollar as NPR mocks feds over it
CNBC's Kudlow interviews Liberty Dollar founder tonight
Another true tale from the national security state
The Statistics:
As of close of business: 11/20/2007
Gold Warehouse Stocks: | 7,361,934 | - |
Silver Warehouse Stocks: | 132,664,190 | - |
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$ 15,054m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.93 | 3,116,323 | US$ 2,486m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.62 | 501,893 | US$ 401m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,869 | US$ 484m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/20/2007 | |
Total Net Assets | $1,375,425,488 | 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 11/20/2007 | |
Total Net Assets | $2,087,479,168 | 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:
Newmont’s (NEM) Franco-Nevada royalty-holding unit, Almaden’s (AAU) appointed CFO and Controller, Minco Gold’s (MGH) and Minco Silver’s (MSV.TO) statement to clarify changes related to the Guideline Catalogue on Foreign Investments in China, Tumi’s (TUMIF.OB) drill contract, Metalline’s (MMG) drill results, and Coeur’s (CDE) recommendation to vote “for” the proposals of pending acquisitions were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+3.61% $8.32 |
2. NovaGold | NG +2.34% $19.24 |
3. Nevsun | NSU +1.42% $2.15 |
LOSERS
1. Exeter | XRA -9.61% $4.61 |
2. Gammon Gold | GRS -7.94% $7.30 |
3. Jaguar | JAG -6.28% $9.70 |
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:
Eagle Plains Announces Financing - More
- November 21, 2007 | Item | E-mail
Coro Announces Drilling Results, Including 160m @ 0.74%CuT and Provides an Update for its Barreal Seco and Satellites Project in Northern Chile - More
- November 21, 2007 | Item | E-mail
Canadian gold miner High River expects takeover - More
- November 21, 2007 | Item | E-mail
Newmont's Franco-Nevada launches Canada IPO - "Newmont Mining's (NEM.N: Quote, Profile, Research) Franco-Nevada royalty-holding unit has launched an initial public offering that is expected to raise around C$1 billion and will see Franco-Nevada rejoin the Toronto Stock Exchange after a five-year absence." More
- November 21, 2007 | Item | E-mail
Zaruma Resources: Appointment of New Director - More
- November 21, 2007 | Item | E-mail
Luna Gold intercepts 46.80 m OF 8.94 g/t Au at the Aurizona Gold Project, Brazil - More
- November 21, 2007 | Item | E-mail
Almaden Appoints New Chief Financial Officer and Controller - "Mr. Brown obtained a Bachelor of Commerce degree from the University of British Columbia in 1990 and qualified as a Chartered Accountant in 1993 while working with PricewaterhouseCoopers, Chartered Accountants. In the mid 1990's Mr. Brown was the controller of Miramar Mining Corporation and Eldorado Gold Corporation. From the late 1990's until the present, Mr. Brown has assembled a highly qualified financial team at Pacific Opportunity Capital Ltd. where he is President and a Director." More
- November 21, 2007 | Item | E-mail
Tumi Signs Drill Contract for Sala in Sweden - "Tumi Resources Limited ("Tumi" and/or the "Company") (TSX VENTURE:TM - News; OTCBB:TUMIF - News; FRANKFURT:TUY - News). David Henstridge, President, announces the signing of a drill contract with Drill Skill AB of Sweden to undertake an initial diamond drill program at the Company's wholly-owned Sala property in the Bergslagen District of Sweden. The program, scheduled to start in December, will consist of a minimum of seven holes drilled to depths of up to 400m." More
- November 21, 2007 | Item | E-mail
Changes to Guideline Catalogue on Foreign Investments Have No Impact on Minco's Business in China - "Minco Gold Corporation ("Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) and Minco Silver Corporation ("Minco Silver") (Toronto:MSV.TO - News) issued a statement to clarify changes related to the Guideline Catalogue on Foreign Investments in China jointly issued by the National Reform and Development Commission (NRDC) and the Ministry of Commerce." More
Gold Seeker Closing Report: Gold and Silver End Mixed While Dow and Dollar Plunge