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-- Posted Monday, 3 December 2007 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | Gold | $788.20 | +$5.10 | Silver | $14.07 | +$0.09 | XAU | 171.60 | +0.31% | HUI | 409.97 | +0.93% | GDM | 1269.95 | +1.05% | JSE Gold | 2575.43 | -1.87% | USD | 75.95 | -0.20 | Euro | 146.70 | +0.22 | Yen | 90.61 | +0.59 | Oil | $89.31 | +$0.60 | 10-Year | 3.895% | -0.077 | T-Bond | 118.00 | +0.8125 | Dow | 13314.57 | -0.43% | Nasdaq | 2637.13 | -0.90% | S&P | 1472.42 | -0.59% |
The Metals:  Gold rose to as high as $791.45 in Asia before it fell to as low as $776.88 in London, but it then rallied back higher in New York trade and ended with a gain of 0.65%. Silver topped $14.00 in Asia before it fell to as low as $13.75 in London, but it then rallied back higher in New York and climbed to as high as $14.215 ahead of a slight dip from that high in afternoon trade that left it with a gain of 0.64%.
Euro gold rose to about €538, platinum gained $18 to $1455, palladium lost $2 to $345, and copper fell over 11 cents to about $3.05. Gold and silver equities rose over 1% by late morning before they cut into their gains as the major indices fell off in early afternoon trade, but they then rallied back higher in late trade and ended near their highs with roughly 1% gains. ECB sells off 42 tonnes of gold reserves; will China start buying? Resource Investor The Economy: Report | For | Reading | Expected | Previous | ISM Index | Nov | 50.8 | 50.5 | 50.9 |
There are no major economic reports due out tomorrow. 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 fell for most of trade on easing geopolitical tensions as Chavez did not win an election to end his term limits and a government report stated that Iran halted its nuclear weapons program in 2003, but oil then turned higher in late trade and ended with a gain on uncertainty over whether or not OPEC will increase production at their meeting on Wednesday. Previous expectations assumed that OPEC would in fact raise production, but with oil now below $90 some are predicting that OPEC will state it no longer needs to bring more supply to the market. The U.S. dollar index fell and treasuries rose on uneasiness over the credit market as Treasury Secretary Henry Paulson announced that a plan to combat subprime mortgage foreclosures will be released soon. The Dow, Nasdaq, and S&P eventually fell on worries over the mortgage industry, but losses were relatively small when compared to recent large market movements. Among the big names making news in the market today were Ford, Toyota, Nissan, Honda, Vivendi, VeriFone, Agrium and UAP Holding, MetLife, and Google. The Commentary:  “February Gold finished up 5.6 at 794.7, 0.3 off the high and 5.9 up from the low.
March Silver closed up 0.045 at 14.21. This was 0.19 up from the low and 0.16 off the high. CBOT gold fell sharply early in the session but held above the November 20th lows and the moderately higher close might be seen as a successful test of support. This is a positive technical development. The rally in the face of sharply lower energy prices and a weaker dollar suggests that gold may be more tied to the international economic growth prospects. Talk of increased demand from India and middle-east commercial dealers, ideas that investment demand buying could continue into December as investors position for next year and talk of the oversold technical condition provided support. In addition, deliveries were down sharply from late last week. Talk that the recent steep liquidation trend has run its course with open interest already down 31% from the early November peak added to the positive tone. Open interest was down 18 contracts to 15,881 for the CBOT 100 oz contract. March silver closed sharply higher on the session after the early break to the lowest level since October 25th failed to attract new selling interest. Ideas that the global economy will continue to expand and that demand will eventually out-strip supply helped to support. In addition, the South Africa minors strike is set for tomorrow which may have sparked some short-covering and the strength in platinum was an added supportive force. Deliveries in Chicago slowed dramatically from the hefty numbers seen on Friday which added to the positive tone.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
German finance minister blames 'snooty,' secretive bankers Grandich Letter analyzes metals markets and cites GATA Fed looks for new ways to pump more money into banks Interbank loan collapse worse in Britain than U.S. Gene Arensberg: Large commercials hastening to cover gold shorts James Turk: 100 months so far Ben Stein: Goldman pushed and shorted mortgage junk simultaneously Paulites raid Virginia Republican retreat, capture straw poll Foot soldiers for the Ron Paul revolution Magazine cover's curse may save dollar again Arab Monetary Fund chief urges ending dollar pegs in Gulf The Statistics: As of close of business: 11/30/2007 Gold Warehouse Stocks: | 7,383,375 | - | Silver Warehouse Stocks: | 134,368,510 | +71,078 |
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 | 601.65 | 19,343,578 | US$ 15,150m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.91 | 3,115,907 | US$ 2,462m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,575 | US$ 403m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,829 | US$ 505m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 7.68 tonnes. COMEX Gold Trust (IAU) Profile as of 11/30/2007 | | Total Net Assets | $1,361,170,911 | 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 11/30/2007 | | Total Net Assets | $2,068,286,751 | 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, Goldcorp’s (GG) hikes in output and costs at Penasquito, Gold Fields’ (GFI) partially closed mine due to a worker death and completed sale of its Venezuelan assets, Richmont’s (RIC) normal course issuer bid, First Majestic’s (FR.V) drill results, Endeavour’s (EXK) operation team appointments, Apogee’s (APE.V) board appointment, ECU’s (ECU.TO) trading activity, and Fury’s (FUR.V) completed drilling were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Gammon Gold | GRS+18.38% $8.76 | 2. Paramount | PZG +7.73% $1.95 | 3. Crystallex | KRY +7.36% $2.48 |
LOSERS 1. US Gold | UXG-8.45% $3.14 | 2. Metalline | MMG-5.26% $2.70 | 3. Solitario | XPL -4.76% $5.00 |
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: Solitaire Minerals Corp. Options Athabasca Basin Properties - More
- December 03, 2007 | Item | E-mail
Golden Band Resources Tower East gold deposit updated resource estimate - More
- December 03, 2007 | Item | E-mail
Amerix Changes the Board of Directors and Announces the Appointment of Officers - More
- December 03, 2007 | Item | E-mail
Gilla Looking at Africa - More
- December 03, 2007 | Item | E-mail
Cameco gets green light for Cigar Lake remediation - More
- December 03, 2007 | Item | E-mail
Areva, Denison to go ahead with Saskatchewan mine - More
- December 03, 2007 | Item | E-mail
CGW contracts SRK consulting engineers and scientists to design leach pad - More
- December 03, 2007 | Item | E-mail
Sienna Grants Stock Options - More
- December 03, 2007 | Item | E-mail
Probe Mines Announces Appointment of Dennis H. Peterson to the Board of Directors and Resignation of Harry J. Hodge from the Board of Directors - More
- December 03, 2007 | Item | E-mail
Goldcorp hikes Penasquito output and cost outlook - "Goldcorp Inc (G.TO: Quote, Profile, Research) boosted the expected output for its Penasquito mine by 69 percent on Monday, but also announced a 30 percent hike in its capital cost estimate for the project." More
- December 03, 2007 | Item | E-mail
Los Andes Announc | 
Gold Seeker Closing Report: Gold and Silver Gain As Dollar Resumes Fall