-- Posted Monday, 26 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $826.30 | +$4.70 |
Silver | $14.81 | +$0.12 |
XAU | 169.51 | -3.73% |
HUI | 415.97 | -3.24% |
GDM | 1275.95 | -3.69% |
JSE Gold | 2560.49 | +2.61% |
USD | 74.83 | -0.21 |
Euro | 148.60 | +0.24 |
Yen | 92.51 | +0.15 |
Oil | $97.70 | -$0.48 |
10-Year | 3.847% | -0.165 |
T-Bond | 118.78125 | +1.90625 |
Dow | 12743.44 | -1.83% |
Nasdaq | 2540.99 | -2.14% |
S&P | 1407.22 | -2.32% |
The Metals:
Gold traded slightly higher in Asia and rose to as high as $836.80 with a nearly 2% gain by early trade in London, but it then fell back off for most of the rest of trade and ended with a gain of just 0.57%. Silver rose to as high as $15.00 by early trade in London before it fell to as low as $14.59 by late morning in New York, but it then bounced back higher into the close and ended with a gain of 0.82%.
Euro gold closed at about €556, platinum lost $1 to $1467, palladium remained unchanged at $353, and copper rose slightly to abut $3.02.
Gold and silver equities fell along with the major indices in the last two hours of trade and ended with over 3% losses.
CoT Reports: Gold | Silver
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for November expected at 91.5. Also this week will be speeches from 8 fed members at various times.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil prices fell on news that the Saudis increased production to over 9 million barrels a day.
The U.S. dollar index fell to a new record low and treasuries rose markedly on worries over a continually weakening credit market. The yield on the 10-year fell under 4% and the yield on the 2-year fell under 3%.
The Dow, Nasdaq, and S&P opened higher on reports of strong retail sales over the long holiday weekend, but all three indices fell back off in afternoon trade and ended with about 2% losses on worries over the credit market.
Among the big names making news in the market today were HSBC, Virgin and Northern Rock, BHP and Rio, Philips and Genlyte, and Bank of America.
The Commentary:
“December Gold finished up 1.8 at 826.5, 5.5 off the high and 4.5 up from the low.
December Silver closed up 0.095 at 14.83. This was 0.22 up from the low and 0.03 off the high.
With February gold initially trading sharply higher and eventually carving out a trading range of $17 an ounce Monday, it was clear that the gold trade was indeed conflicted. However, seeing oil prices reverse sharply away from their early highs and in turn seeing the US equity market fall away from its highs one certainly got the feeling that gold was once again concerned about slowing. With the Chicago Fed National Activity Index on Monday morning, posting a .76 decline and the Press attempting to rekindle concerns toward the holiday sales period, it wasn't surprising to see gold prices retrench. However, it is a little surprising that gold didn't respond to a brokerage firm suggestion that the threat of a US Dollar crisis was the highest in over ten years.
While the silver market did manage to fix higher in the Monday PM fix, traders were just a little disappointed in the silver markets slide from its early highs. However, seeing the March silver contract show some interest in the even number $15.00 level on the charts, did seem to temper some of the bearish technical dialogue that swirled in the first half of the trading session. In the end seeing platinum, gold, crude oil and the stock market waffle wildly on both sides of unchanged seemed to favor the bear camp in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Super SIV' fund seen as device for ingratiating banks with the government
Dollar displaces yen, Swiss franc as favorite for carry-trade funding
Antal Fekete: Our diseased monetary bloodstream
Dollar's fall is now a bigger political issue than an economic one
Will Europe impose exchange controls to head off disaster?
Trichet has plenty of helicopters too
Credit 'heart attack' strikes China and Korea
The Statistics:
As of close of business: 11/23/2007
Gold Warehouse Stocks: | 7,361,439 | - |
Silver Warehouse Stocks: | 132,664,190 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 588.74 | 18,928,555 | US$ 15,427m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.92 | 3,116,149 | US$ 2,562m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,615 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,856 | US$ 489m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/23/2007 | |
Total Net Assets | $1,434,043,932 | 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 11/23/2007 | |
Total Net Assets | $2,115,020,219 | 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:
Orezone’s (OZN) completed financing, Tanzanian Royalty’s (TRE) drill results, Fronteer’s (FRG) drill results, Gammon Gold’s (GRS) monthly update, Kimber’s (KBX) board appointment, Northern Dynasty’s (NAK) director appointment, Exeter’s (XRA) drill results, NovaGold’s (NG) suspended construction at Galore Creek, Yamana’s (AUY) exploration update, Coeur’s (CDE) mining tax reform in Bolivia, Great Panther’s (GPR.TO) management appointments, and Silver Standard’s (SSRI) increased reserves and updated Capex were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA+5.47 $4.8199 |
2. Coeur | CDE +1.66% $4.29 |
3. Claude | CGR+0.69% $1.45 |
LOSERS
1. NovaGold | NG -53.16% $9.48 |
2. Seabridge | SA-12.72% $27.17 |
3. Pacific Rim | PMU -8.66% $1.16 |
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:
Orezone Resources Inc. Completes US$200 Million Financing, Completes Acquisition of the Essakane Project - "Orezone Resources Inc. (Toronto:OZN.TO - News) (AMEX:TSX - News) ("Orezone") announced today that it has issued 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. Through an underwriting agreement Orezone issued 154,200,000 common shares to the public for aggregate gross proceeds of US$185,040,000. In addition, Minquest Fund I, L.P. has subscribed, by way of a concurrent private placement for 12,500,000 common shares of Orezone at US$1.20 per share, resulting in gross proceeds of US$15,000,000 to Orezone." More
- November 26, 2007 | Item | E-mail
Sage Options Four Properties-Beardmore Geraldton Camp - More
- November 26, 2007 | Item | E-mail
Abacus Announces Ajax Drill Results from Afton Project - More
- November 26, 2007 | Item | E-mail
Asia Now Revises Private Placement - More
- November 26, 2007 | Item | E-mail
Rusoro Initiates 50,000 Metre Drill Program at Valle Hondo - More
- November 26, 2007 | Item | E-mail
Longview Capital Partners Congratulates Macarthur on $110 Million Deal - More
- November 26, 2007 | Item | E-mail
Northern Peru Reports Final Mineral Resource Estimate for Galeno for Feasibility Study - More
- November 26, 2007 | Item | E-mail
Record High Gold Values Reported by Tanzanian Royalty From RC Drill Program at Kigosi Project in Tanzania - "Tanzanian Royalty is pleased to announce that a Phase 4 Reverse Circulation (RC) drill program has returned record high gold values at the Company's Kigosi Project in Tanzania. In addition, the Company has discovered a seventh gold bearing shoot containing encouraging values within one of two previously established shear zones on the Kigosi property which is located in the prolific Lake Victoria Greenstone Belt." More
- November 26, 2007 | Item | E-mail
Revett Minerals Acquires Rock Creek Mitigation Lands - More
- November 26, 2007 | Item | E-mail
Coeur Affirms That Bolivian Congress Has Approved President Morales' Mining Tax Reform - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) today announced that the Bolivian Congress on Friday approved a reform to the mining tax code, bringing tax certainty to the country’s mining industry and Coeur’s San Bartolomé silver mine in Potosí, Bolivia." More
- November 26, 2007 | Item | E-mail
Vena Resources Discovers Zinc Skarn Zone in Azulcocha West Project - More
- November 26, 2007 | Item | E-mail
Copper Canyon Responds to Galore Creek Announcement - More
- November 26, 2007 | Item | E-mail
Romios Gold Resources Inc.: Corporate Update - More
- November 26, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Gain Again While Dow and Dollar Plunge