-- Posted Friday, 30 November 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $783.10 | -$12.10 | -4.69% |
Silver | $13.98 | -$0.25 | -4.83% |
XAU | 171.07 | -1.02% | -2.84% |
HUI | 406.21 | -2.46% | -5.51% |
GDM | 1256.79 | -1.91% | -5.14% |
JSE Gold | 2662.72 | +4.04% | +6.71% |
USD | 76.15 | +0.52 | +1.48% |
Euro | 146.48 | +0.89 | -1.27% |
Yen | 90.02 | -1.10 | -2.53% |
Oil | $88.71 | -$2.30 | -9.65% |
10-Year | 3.972% | +0.032 | -1.00% |
Bond | 117.1875 | -0.59375 | +0.27% |
Dow | 13371.72 | +0.45% | +3.01% |
Nasdaq | 2660.96 | -0.27% | +2.48% |
S&P | 1481.14 | +0.78% | +2.81% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it fell in morning New York trade and dropped to as low as $778.90 by about 10:45AM EST. It then rebounded about 0.5% higher into the close, but it still ended with a loss of 1.52%. Silver dropped all the way to $13.77 before it rallied over 20 cents off that low, but it still ended with a loss of 1.76%.
Euro gold fell to about €535, platinum lost $5 to $1438, palladium gained $2 to $347, and copper rose over 7 cents to about $3.16.
Gold and silver equities found slight gains at the open, but they soon fell off with gold and silver and traded roughly 2% lower for the rest of the day.
CoT Reports: Gold | Silver
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Oct | 0.2% | 0.4% | 0.4% |
Personal Spending | Oct | 0.2% | 0.3% | 0.3% |
Core PCE Inflation | Oct | 0.2% | 0.2% | 0.2% |
Chicago PMI | Nov | 52.9 | 50.5 | 49.7 |
Construction Spending | Oct | -0.8% | -0.2% | 0.2% |
Bernanke’s comments last night hinted towards further rate cuts to bolster the economy and fight "headwinds for the consumer in the months ahead,” though no action is likely to come until the fed’s next meeting on December 11th.
All of this week’s economic reports:
Next week’s economic highlights include the ISM Index on Monday, Productivity, Factory orders, and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and November’s jobs data, Michigan Sentiment, and Consumer Credit on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell under $89 to make for the biggest weekly decline in two years as traders looked ahead to next week’s OPEC meeting which is expected to officially boost output.
The U.S. dollar index continued its recent bounce higher as traders currently choose to ignore the otherwise bearish prospects of lower interest rates for the dollar and instead argue that a lower fed funds rate may help the US economy and therefore lead to dollar strength.
Treasuries fell as the Dow, Nasdaq, and S&P opened markedly higher on Bernanke’s assurance for more interest rate cuts, but the Dow and S&P ended well off their early highs with just slight gains and the Nasdaq ended lower on profit taking from this week’s impressive gains.
Among the big names making news in the market Friday were Sprint, Big Lots, Motorola, Dell, Morgan Stanley, and Tiffany.
The Commentary:
“With most market watchers hoping and praying for a $ bounce now, we are worried that the $ has suffered too much from a loss of confidence. If the bounce is temporary the next $ fall could be steep. We see strong support lower down and the Asian world positive on gold.”- Julian D.W. Phillips, www.goldforecaster.com
“December Gold finished down 13.1 at 782.2, 9.8 off the high and equal to the low.
December Silver closed down 0.274 at 13.963. This was 0.083 up from the low and 0.217 off the high.
CBOT gold collapsed under the weight of end of month long liquidation selling, sell recommendations from key New York investment firms, a sharp drop in energy markets and a surge in the US dollar. February lost near $41.40 for the week as investment flows turned against metals. Higher than expected deliveries and ideas that index funds would re-allocate their commodity mix to own less gold for the coming year (due to strong gains for this year) added to the negative tone. A late push to the highest level since November 6th for the dollar kept the selling pressure intact late in the day.
March silver pushed sharply lower following gold and moving opposite the dollar. The market showed some support near the 50% retracement point of the August to November rally as there was increased buying on the sharp break in association with talk of quick actions by the Fed to boost liquidity and lower rates in the US in the weeks ahead and talk that South Africa miners could strike next week. A jump in the stock market and industrial metals also helped provide some underlying support. Big deliveries in New York and Chicago added to the bearish tone early.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Reg Howe: Gold derivatives -- options galore
Pleas for ECB rate cut grow as 1-month Euribor rate soars
Bernanke hints at further rate cuts
The Statistics:
As of close of business: 11/29/2007
Gold Warehouse Stocks: | 7,383,375 | -388 |
Silver Warehouse Stocks: | 134,297,432 | +1,179,321 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 609.33 | 19,590,598 | US$ 15,560m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.92 | 3,116,011 | US$ 2,448m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,592 | US$ 401m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,829 | US$ 505m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/29/2007 | |
Total Net Assets | $1,383,990,162 | 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 11/29/2007 | |
Total Net Assets | $2,090,126,642 | 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:
Barrick’s (ABX) striking workers in Tanzania and tentative deal with workers at the David Bell gold mine, Aurizon’s (AZK) "Company of the Year" award from the Association de L'Exploration Miniere du Quebec, Newmont’s (NEM) asset sale, Northgate’s (NXG) fourth quarter forecast, Glencairn’s (GLE) changes, and Great Panther’s (GPR.TO) exercised warrants were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Cardero | CDY+10.13% $1.74 |
2. Metalline | MMG +6.34% $2.85 |
3. Gammon Gold | GRS +5.71% $7.40 |
LOSERS
1. Paramount | PZG-9.05% $1.81 |
2. Exeter | XRA -7.00% $4.65 |
3. Allied Nevada | ANV -6.69% $6.70 |
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:
First Narrows Stock Option Grant - More
- November 30, 2007 | Item | E-mail
Tagish closes second tranche of previously announced flow-through private placement of units - More
- November 30, 2007 | Item | E-mail
Pacific Comox Closes $2.5 Million Flow-Through Financing - More
- November 30, 2007 | Item | E-mail
Pistala exploration begins ahead of schedule; Caldera drill program update - More
- November 30, 2007 | Item | E-mail
Lounor increases the Nickel Property - More
- November 30, 2007 | Item | E-mail
Connaught Silver Property Expands - More
- November 30, 2007 | Item | E-mail
Underground Sampling by Coronation Minerals Inc. Returns 1.08% Cu, 0.78% Ni, and 2.46 g/t Pt Pd Au Over 11.3 Metres - More
- November 30, 2007 | Item | E-mail
Aurizon Receives Quebec "Company of the Year" Award - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is very pleased to announce that the Company has received the prestigious "Company of the Year" award from the Association de L'Exploration Miniere du Quebec (AEMQ) during the annual awards ceremony at "Quebec Exploration 2007", organized by the AEMQ and the Ministry of Natural Resources." More
- November 30, 2007 | Item | E-mail
Verena Minerals Corporation: New Soil Anomaly Defined at Volta Grande - More
- November 30, 2007 | Item | E-mail
Uranium 308 Corp. Corporate Update - More
- November 30, 2007 | Item | E-mail
100% Exercise of Great Panther "I" Warrants - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that one hundred percent of its two-year "I" warrants issued in November 2005 have been exercised, prior to their expiration date today." More
- November 30, 2007 | Item | E-mail
Tentative deal reached at David Bell gold mine - "The union representing workers at the David Bell gold mine in northern Ontario, a joint venture of Teck Cominco Ltd (TCKb.TO: Quote, Profile, Research) and Barrick Gold (ABX.TO: Quote, Profile, Research), has reached a tentative agreement on a new contract, a union representative said on Friday." More
- November 30, 2007 | Item | E-mail
Acero-Martin Closes Non-Brokered Private Placement - More
- November 30, 2007 | Item | E-mail
Drake Gold Resources Announces Significant Gold Discoveries in Georgia - More
- November 30, 2007 | Item | E-mail
CMQ Announces Write-off and Filing of its Financial Statements and MD&A for the Period Ended September 30, 2007 - More
- November 30, 2007 | Item | E-mail
Patricia Mining Corp. Reports Results for the 3rd Quarter of 2007, Island Gold Mine Expected to Produce Positive Cash Flow in 4th Quarter - More
- November 30, 2007 | Item | E-mail
Spirit Exploration, Inc. Publishes Information and Disclosure Statement - More
- November 30, 2007 | Item | E-mail
Ivernia Inc. and Yunnan Metallurgical Group to Form Visionary Long-Term Strategic Relationship - More
- November 30, 2007 | Item | E-mail
Callinan to Option and Drill Candorado's Rayfield River Copper Property - More
- November 30, 2007 | Item | E-mail
Full Metal Signs Option Agreement with Freeport-McMoRan Exploration Corporation to Explore Pebble South Property, Alaska - More
- November 30, 2007 | Item | E-mail
Western Warrior announces equity offering - More
- November 30, 2007 | Item | E-mail
Romarco Adopts Shareholder Rights Plan - More
- November 30, 2007 | Item | E-mail
Adex Mining Grants Stock Options to Certain Consultants - More
- November 30, 2007 | Item | E-mail
Scandinavian Minerals Reports Year End Results - More
- November 30, 2007 | Item | E-mail
Bolivar Mining Corp. Announces Mining Prospects and Begins New Business Opportunity - More
- November 30, 2007 | Item | E-mail
Geophysical survey identifies new lateral extension of 400 metres at Lac Levac nickel property - More
- November 30, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI): Poorman Mine Tailings Show Significant Recoverable Values - More
- November 30, 2007 | Item | E-mail
Gemini Explorations Report Includes Joint Venture Update on a Deposit That May be in the $2 Billion Range - More
- November 30, 2007 | Item | E-mail
Centerra's Kumtor Mine Receives Mining License for Sarytor Deposit - "Centerra Gold Inc. (TSX:CG - News) announced today that the Kumtor mine, located in the Kyrgyz Republic, has received the mining license for its nearby Sarytor deposit. The Sarytor deposit is approximately 4.5 kilometres southwest of the Kumtor mill and has about 300,000 contained ounces of gold in probable reserves which are included in Kumtor's total 4.7 million contained ounces of proven and probable reserves as at December 31, 2006. The total proven and probable reserves are comprised of 1.9 million contained ounces of proven reserves and 2.8 million contained ounces of probable reserves." More
- November 30, 2007 | Item | E-mail
Mediator refers Barrick Tanzania dispute to court - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Friday a local mediator had suspended efforts to end a strike at a mine in Tanzania, referring the matter instead to court.
Spokesman Teweli K. Teweli said the mediator had concluded he lacked authority to handle demands by the Tanzania Mines and Construction Workers Union (TAMICO) for five years' compensation for workers fired for participating in the strike since Oct. 25." More
- November 30, 2007 | Item | E-mail
Titan Concludes 2007 Athabasca Drill Program - More
- November 30, 2007 | Item | E-mail
Ucore Reports 0.51% U3O8 From Mineralized Float Proximal to 3 km Long Radiometric Anomaly at Elliott Lake - More
- November 30, 2007 | Item | E-mail
Newmont Agrees to Sell Royalty and Other Non-core Assets Valued at Approximately $1.3 Billion to Franco-Nevada - "Newmont Mining Corporation (NYSE: NEM - News) confirmed today that it has agreed to sell its royalty assets and certain other non-core investments to Franco-Nevada Corporation ("Franco- Nevada") in a transaction valued at approximately $1.3 billion (assuming a 20 day average US dollar/Canadian dollar exchange rate of 1.034)." More
- November 30, 2007 | Item | E-mail
Goldcliff Discovers New Targets in the Ainsworth Silver Camp - More
- November 30, 2007 | Item | E-mail
Northgate Revises Fourth Quarter Metal Production Forecast - "Northgate Minerals Corporation (TSX: NGX - News)(AMEX: NXG - News) today announced an update of its fourth quarter 2007 metal production at Kemess South, reflecting ore scheduling changes necessitated by the realignment of a portion of the ramp system in the west-end of the Kemess pit." More
- November 30, 2007 | Item | E-mail
Platinum Group Reports Year End Financial Results - More
- November 30, 2007 | Item | E-mail
New Guinea Gold Corporation: Commerical Gold Production At Sinivit; Imwauna System Extended By 300m-Corporate Restructure - More
- November 30, 2007 | Item | E-mail
Glencairn Gold Announces Name Change, Share Consolidation and Exercise of Previously Issued Subscription Receipts - "Glencairn Gold Corporation (the "Company")(Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) announces that it has changed its name to Central Sun Mining Inc. and implemented a share consolidation on a one-for-seven basis effective November 29, 2007." More
- November 30, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 30 November 2007 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Nearly 5% on the Week
