-- Posted Wednesday, 5 December 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $797.20 | -$3.90 |
Silver | $14.30 | +$0.03 |
XAU | 171.13 | +0.32% |
HUI | 402.97 | -0.71% |
GDM | 1245.59 | -0.73% |
JSE Gold | 2574.40 | -0.24% |
USD | 76.50 | +0.82 |
Euro | 146.22 | -1.37 |
Yen | 90.44 | -0.54 |
Oil | $87.49 | -$0.83 |
10-Year | 3.911% | +0.022 |
T-Bond | 117.65625 | -0.34375 |
Dow | 13444.96 | +1.48% |
Nasdaq | 2666.36 | +1.78% |
S&P | 1485.01 | +1.52% |
The Metals:
Gold saw over $5 gains at as high as $806.70 by late trade in Asia before it fell in London and found a loss of about $10 by midmorning in New York, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.49%. Silver rose to as high as $14.39 and fell to as low as $14.10 before it also rallied back higher in late trade and ended with a gain of 0.21%.
Euro gold remained at about €543, platinum lost $1 to $1465, palladium lost $1 to $345, and copper remained at about $3.00.
Gold and silver equities remained mixed and near unchanged throughout trade.
The Economy:
Report | For | Reading | Expected | Previous |
Productivity | Q3 | 6.3% | 5.8% | 4.9% |
Factory Orders | Oct | 0.5% | 0.0% | 0.3% |
ISM Services | Nov | 54.1 | 55.0 | 55.8 |
Also making economic news today was the ADP’s private jobs report showing a greater than expected addition of 189,000 jobs in November. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/01 expected at 335,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after OPEC decided to keep production at current levels and crude inventories fell by a huge 8 million barrels, but a build of 4 million barrels in gasoline inventories and a build in distillates of 1.4 million barrels reversed early bullish sentiment and turned gains into nearly 1% losses by the close as a hike in crude stockpiles at the key Cushing, Oklahoma refinery added to the bearish view. Refinery utilization remained unchanged at 89.4%.
The U.S. dollar index rose and treasuries fell on mostly better than expected economic data that reduced the chances the fed will cut interest rates by 50 basis points instead of the widely expected cut of at least 25 basis points. All eyes now turn to tomorrow’s meetings of the Bank of England and the European Central Bank that may cut interest rates.
The Dow, Nasdaq, and S&P rose markedly on better than expected economic data that reduced worries about a recession in the US.
Among the big names making news in the market today were MBIA, Bristol-Myers, Genentech, AIG, Pimco, Fannie Mae, Orange County, and Florida.
The Commentary:
“February Gold finished down 3.9 at 803.7, 3.1 off the high and 5.7 up from the low.
March Silver closed down 0.005 at 14.46. This was 0.18 up from the low and 0.06 off the high.
CBOT gold pushed lower following the surge in the US dollar but the strong gains in equity markets in the US and for emerging markets helped provide underlying support. Psychological support at the 800 level for February CBOT gold managed to hold to limit the downside. Choppy and two-sided trade in crude oil and uncertainty on the direction of fund traders into the end of the year helped keep the market on the defensive.
March silver pushed lower early in the day but instead of staying lower with gold, silver responded to the bullish action of the US stock market and a better tone for copper. Ideas that the US economy may slow but that actions by the Fed and better than expected employment news could help the economy avoid a recession helped provide underlying support. A slowdown in deliveries to a trickle today added to the positive tone.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 12/4/2007
Gold Warehouse Stocks: | 7,420,183 | +36,808 |
Silver Warehouse Stocks: | 134,130,025 | +340,151 |
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 | 601.45 | 19,337,313 | US$ 15,420m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.91 | 3,115,837 | US$ 2,469m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,564 | US$ 404m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.04 | 644,332 | US$ 513m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/4/2007 | |
Total Net Assets | $1,394,352,258 | Ounces of Gold
in Trust | 1,740,187.247 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.13 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/4/2007 | |
Total Net Assets | $2,071,057,715 | Ounces of Silver
in Trust | 145,345,284.300 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,520.74 |
Note: Change in Total Tonnes from yesterday’s data: 1.97 tonnes were removed from the trust.
The Stocks:
Restarting mines in South Africa after a one-day strike, IAMGOLD’s (IAG) drill results, Royal Gold’s (RGLD) announced impact of Goldcorp’s expansion plans, Golden Star’s (GSS) completed transactions with EURO Resources, Kimber’s (KBX) granted stock options and confirmed CFO, Canyon’s (CAU) drilling, Barrick’s (ABX) striking workers in Tanzania, Orezone’s (OZN) environmental approval, and SNS Silver’s (SNS.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. US Gold | UXG +6.36% $3.01 |
2. Paramount | PZG +6.22% $2.05 |
3. Western Goldfields | WGW +5.94% $3.39 |
LOSERS
1. Mines MGMT | MGN-5.36% $3.18 |
2. NovaGold | NG -4.51% $8.67 |
3. Crystallex | KRY -3.78% $2.29 |
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:
Contact Financial retained for Investor Relations Services - More
- December 05, 2007 | Item | E-mail
Augusta Resource Corporation: Drilling Starts at Rosemont as Public Survey Indicates 64.5% Hold Positive View of Mine Proposal if Plan is Followed - More
- December 05, 2007 | Item | E-mail
Vior Acquires New Molybdenum Property in Chibougamau Area - More
- December 05, 2007 | Item | E-mail
Nevada Copper Featured on BNN - More
- December 05, 2007 | Item | E-mail
Hinterland closes $476,880 Financing - More
- December 05, 2007 | Item | E-mail
Opawica-Dingman, Atikwa Lake and Matachewan, Ont., Status & Results - More
- December 05, 2007 | Item | E-mail
Metanor Accounces Terms of a Private Placement - More
- December 05, 2007 | Item | E-mail
Tournigan Announces Significant Increase in Curraghinalt Gold Resource and Updated Resource for the Kuriskova Uranium Deposit - More
- December 05, 2007 | Item | E-mail
Wealth Intersects Large, Potential Bulk Tonnage, Uranium System at Diamante-Los Patos Property, Northwest Argentina - More
- December 05, 2007 | Item | E-mail
Skygold and Wildrose Agree to Merge - More
- December 05, 2007 | Item | E-mail
IAMGOLD Intercepts Westwood Mineralization at Depth - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce results from 5 drill holes of the ongoing drill program at the Westwood project, an advanced stage exploration project located within the Company's Doyon mine property in the Abitibi region of Northern Quebec." More
- December 05, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver End Mixed While Stocks Gain