Latest Headlines

Search

-- Posted Thursday, 29 November 2007 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to as high as $808.00 in Asia before it dropped to as low as $794.45 by midmorning in New York, but it then rallied back higher to $802.27 ahead of another drop into the close that left it near its earlier low with a loss of 0.62%.  Silver climbed to $14.51 and fell to $14.14 before it rallied back higher to $14.343, but it also fell back off into the close and ended with a loss of 0.70%.

Euro gold fell to about €539, platinum gained $7 to $1443, palladium gained $1 to $345, and copper gained nearly 6 cents to about $3.09.

Gold and silver equities fell about 2% at the open before they rallied back near unchanged by late morning, but they then fell back off into the close and ended with about 1% losses.

The Economy:

New Home Sales were up 1.7% in October, but that was only because September’s sales were revised down from 770,000 to 716,000.  Compared to a year ago, sales were down 23.5% while inventories fell to an 8.5 month supply.  Also on the housing front today was a report showing that foreclose filings were up an astounding 94% from a year ago.

Bernanke speaks tonight at 7PM EST and tomorrow at 8:30AM are Personal Income and Spending for October expected at 0.4% and 0.3% and Core PCE Inflation expected at 0.2%.  At 9:45 is Chicago PMI for November expected at 50.5 and at 10AM is Construction Spending for October expected at -0.2%.

Today's Gold Seeker Report Is Sponsored By: 

Starcore International is a gold and silver producer in Mexico and a 'Tier One' company listed on the TSX-V under the symbol SAM. The San Martin Gold mine was acquired January 2007 from Goldcorp Inc. It is located about 50 km east of the City of Querétaro in Querétaro State, a few hours drive from Mexico City. The company currently retains an 80 to 20 joint venture agreement with Goldcorp. Inc. in the development of the Cerro Dolores, El Transito Deposit 190 km south - southwest of Mexico City. The El Transito Deposit is a silver-lead-zinc replacement orebody defined by over $US 2 million in development expenditures Click Here to Learn More...

The Markets:

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

Oil topped $95 overnight on news of an explosion and an ensuing fire on an Enbridge pipeline in Minnesota that killed two workers and halted the flow of oil from Canada to the US on as many as four pipelines initially, but light sweet crude ended well off its highs with a relatively small gain near $91 as Enbridge assured the market that supply would not be impacted and all operations would be back to normal in just 2 or 3 days.

The U.S. dollar index ignored poor economic data and rose in technical trade as it furthered its bounce from an oversold position on poor economic indications from England and Germany that weakened the pound and euro.

Treasuries rose on poor economic data and credit worries.

The Dow, Nasdaq, and S&P waffled near unchanged throughout the day and ended slightly higher as traders waited for Bernanke’s comments tonight.

Among the big names making news in the market today were Heinz, Sears, E*Trade, LBO firms, and Brown-Forman.

The Commentary:

“December Gold finished down 5 at 795.3, 7.2 off the high and 0.5 up from the low.

December Silver closed down 0.098 at 14.237. This was 0.077 up from the low and 0.103 off the high.

The bull camp in gold can't seem to get its ducks in order, as a sharp early rally in crude oil prices on Thursday morning was mostly countervailed by an ongoing rise in the US Dollar. Furthermore, the US economic report slate seems to have been conflicting for gold as the new home sales report actually managed a rise but the fact that home prices declined seemed to result in renewed slowing fears in the US economy. In fact, with Wall Street downgrading retailing prospects, Treasury prices mounting an aggressive rally and the equity market seeing some weakness for most of the day Thursday the whole threat of slowing seemed to be back in focus. With the US Dollar returning to the prior sessions high and threatening to reach the highest level since November 20th, the bear camp certainly seems to have maintained an edge from the currency market argument.

In addition to March silver seemingly favoring the bottom of this week's trading range during the action Thursday, it also seemed like macro economic sentiment was deteriorating again. Some traders suggested that March silver disappointed a portion of the trade with its interest in levels below the $14.50 level on the charts. With copper and platinum prices managing a positive days trade and silver prices deciding to track with the gold market, many silver traders have increased their interest in the ultimate direction of the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

John Crudele: The Treasury's missing minutes mystery

China wins from credit crunch fallout

The Statistics:

As of close of business: 11/28/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

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

The Stocks:

Gold Fields’ (GFI) and Harmony’s (HMY) mine restarts, Seabridge’s (SA) assay results, ITH’s (THM) trenching, Cardero’s (CDY) iron project update, Aurelian’s (ARU.TO) drill results, Randgold’s (GOLD) priced offering, Great Panther’s (GPR.TO) drill results, First Majestic’s (FR.V) third quarter results, Yale’s (YLL.V) assay results, Valencia’s (VVI.V) drill program, Sabina’s (SBB.V) drilling, Silver Standard’s (SSRI) costs, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Lund Gold Ltd.: Initial Drilling Provides Encouraging Results at Carneirinho - More
- November 29, 2007 | Item | E-mail

Global Finishing, Inc. Drill Program Results from the First Hole at Joe Mann Mine - More
- November 29, 2007 | Item | E-mail

Erdene Announces Flow-Through Financing - More
- November 29, 2007 | Item | E-mail

Yonge Street Capital Corp. Has Signed LOI With Tamaka Holdings Inc. to Complete Qualifying Transaction and Pursue Gold Exploration Business - More
- November 29, 2007 | Item | E-mail

Great Panther Confirms Depth Continuity of High Grade Mineralization at Guanajuato Including 2,017 g/t Silver and 8.16 g/t Gold Over 10.3 Metres - "New underground development on the 430 metre level, 13 metres below the old workings just southeast of the Cata Shaft, has cut the extension of a zone known as the Cata 'Clavo', while the first hole of the deep underground drilling program has intersected two silica breccia zones, approximately 13 metres apart, beginning at the 460 metre level." More
- November 29, 2007 | Item | E-mail

Geoinformatics Receives Final Assay Results for 2007 Whistler Drilling - More
- November 29, 2007 | Item | E-mail

Gold Bullion Development Corp. Drill Program Results From the First Hole at Joe Mann Mine - More
- November 29, 2007 | Item |