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-- Posted Tuesday, 27 November 2007 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | Gold | $813.80 | -$12.50 | Silver | $14.46 | -$0.35 | XAU | 168.97 | -0.32% | HUI | 413.62 | -0.56% | GDM | 1268.04 | -0.62% | JSE Gold | 2585.08 | +0.96% | USD | 75.13 | +0.30 | Euro | 148.33 | -0.27 | Yen | 92.02 | -0.49 | Oil | $94.42 | -$3.28 | 10-Year | 3.944% | +0.097 | T-Bond | 117.625 | -1.15625 | Dow | 12958.44 | +1.69% | Nasdaq | 2580.80 | +1.57% | S&P | 1428.23 | +1.49% |
The Metals:  Gold rose to as high as $829.20 in Asia before it fell throughout most of trade in London and New York and dropped to as low as $807.35 by about noon EST, but it did rebound a bit in afternoon trade and closed over $6 off its low with a loss of 1.51%. Silver dropped to as low as $14.28 by about noon EST, but it also rallied back higher in afternoon trade and ended over 1% off its low with a loss of 2.36%.
Euro gold fell to about €548, platinum lost $24 to $1443, palladium lost $2 to $351, and copper fell over 6 cents to about $2.98. Gold and silver equities fell over 2% in the first hour of trade and then rebounded back near unchanged by late morning before they fell back near their lows in mid-afternoon trade, but they then rallied back higher into the close and ended with only about 0.5% losses. Central bank gold sales chart shows inverted parabola Resource Investor The Economy: Report | For | Reading | Expected | Previous | Consumer Confidence | Nov | 87.3 | 91.5 | 95.6 |
Consumer Confidence showed the lowest reading since October 2005 after Hurricane Katrina. The S&P/Case-Shiller's index showed National home prices fell 4.5% compared to a year ago which was the most since record keeping started in 1988. The fed’s Plosser also came out with comments expecting weaker economic data ahead along with increased inflationary pressures due to recent rate cuts. He also expressed caution about lower interest rates in the future. Tomorrow at 8:30AM EST brings Durable Goods Orders for October expected at 0.0%. At 10AM is the Existing Home Sales report for October expected at 5.00 million and at 2PM is the release of the fed’s Beige Book.
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The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell markedly to under $95 on rumors that OPEC will increase production at their meeting next week. A higher dollar, worries over weak economic growth, and speculation about a strong inventories report tomorrow also added to the bear case. The U.S. dollar index rebounded slightly and treasuries cut into most of yesterday’s impressive gains on increased confidence in the financial sector as Citigroup received a $7.5 billion cash injection from the Abu Dhabi government. The Dow, Nasdaq, and S&P rose on falling oil and easing credit market worries in technical trade as the Dow bounced off its 10% correction level hit yesterday. Among the big names making news in the market today were Verizon, Citigroup, Staples, and American Eagle. The Commentary:  “December Gold finished down 12.5 at 814, 3.2 off the high and 6 up from the low.
December Silver closed down 0.345 at 14.485. This was 0.185 up from the low and 0.065 off the high. Gold traded sharply lower on Tuesday as selling in the precious metals seemed to be part of a liquidation wave across a broad range of commodity markets. A rebound in the Dollar was certainly a key factor encouraging profit taking in gold this session. Reports that Citigroup was selling a portion of the company to the Abu Dhabi government seemed to ease some anxiety surrounding the subprime mortgage/credit crunch fallout which likely convinced some recent flight to safety buyers of gold to exit positions. A sharp break in crude oil on ideas OPEC will raise production again next month added to the selling pressure on lower inflation expectations. The gold market couldn't garner any support from a rebound in equity prices perhaps since consumer sentiment sank this month which seems to support recent concerns the economy is headed for a recession. With the market in a liquidation mode, news South Africa's National Union of Mineworkers are planning a one day strike on Dec 4th had negligible impact. Dec silver was also part of a broad commodity liquidation wave on Tuesday. The weaker action in gold and crude oil combined with a stronger Dollar made for bearish outside market influences. Dec silver's failure to push through $15 on Monday may also be encouraging some traders to take profits. The market now looks to be in a position to test the bottom end of the recent consolidation range near $14. To a certain degree, we suspect all the recent economic recession talk may also be souring sentiment in the silver market.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Ted Butler: Sheer speculation? Another rescue from the Middle East for Citigroup You'll find your fortune falling all over town ... Dimitri Speck: Gold's strange behavior during financial crisis The Statistics: As of close of business: 11/26/2007 Gold Warehouse Stocks: | 7,361,439 | - | Silver Warehouse Stocks: | 133,118,111 | +453,921 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 591.20 | 19,007,606 | US$ 15,772m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.92 | 3,116,115 | US$ 2,532m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,609 | US$ 414m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,856 | US$ 489m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 2.46 tonnes. COMEX Gold Trust (IAU) Profile as of 11/26/2007 | | Total Net Assets | $1,437,478,325 | 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 11/26/2007 | | Total Net Assets | $2,163,645,112 | 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 miner strike in South Africa set for December 4th, Barrick’s (ABX) Pascua Lama gold play and upcoming development estimate update for Donlin Creek, Taseko’s (TGB) comments on a recent court decision, ITH’s (THM) expanded target, Apollo Gold’s (AGT) expanded land position at Black Fox, Gold Fields’ sold project stake in Essakane and acquired interest in Orezone (OZN), Coeur’s (CDE) PROXY Governance recommendation, Endeavour’s (EXK) acquired properties, MAG Silver’s (MVG) closed private placement, and Silver Quest’s (SQI.V) drill results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. NovaGold | NG +5.49% $10.00 | 2. Tanzanian Royalty | TRE +2.71% $6.44 | 3. Royal Gold | RGLD +2.42 $30.10 |
LOSERS 1. Seabridge | SA-8.54% $24.85 | 2. ITH | THM-6.63% $1.69 | 3. Almaden | AAU-6.25% $2.40 |
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: Chile Pascua Lama gold play still facing tax issue - "The world's top gold miner, Barrick Gold Corp, may have to wait until mid-2008 for Chile and Argentina to agree how to share taxes from the giant Pascua Lama mine, a government source said on Tuesday.
Barrick (ABX.TO: Quote, Profile, Research) needs a deal before it can start building the $2.4 billion mine, which straddles the snow-capped peaks of the Andes that separate the two countries and has already faced protests from green campaigners and delays on receiving environmental permits." More
- November 27, 2007 | Item | E-mail
GLR Resources Inc. Completes Flow-Through Share Financing - More
- November 27, 2007 | Item | E-mail
Final Borealis uranium results - Additional staking completed - More
- November 27, 2007 | Item | E-mail
Explor Resources: New Management - More
- November 27, 2007 | Item | E-mail
Zab to Commence Trading in Canada on the CNQ - More
- November 27, 2007 | Item | E-mail
East Delta Completes Funding Required to Restart Huaqiao Gold Mine - More
- November 27, 2007 | Item | E-mail
Canasia Closes Private Placement - More
- November 27, 2007 | Item | E-mail
Final Prospectus Filed Regarding Spin-Off of Pro Minerals Inc. and IPO - More
- November 27, 2007 | Item | E-mail
Kodiak Closes $53.9 Million Bought Deal Financing - More
- November 27, 2007 | Item | E-mail
Barrick's C$4 bln Donlin estimate to get '08 update - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) reiterated on Tuesday it estimates the cost of developing the Donlin Creek gold project in Alaska, which it jointly owns with NovaGold Resources (NG.TO: Quote, Profile, Research), would be in the range of C$3.8 billion to C$4 billion." More
- November 27, 2007 | Item | E-mail
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Gold Seeker Closing Report: Gold and Silver Lose Over 1% and 2%