-- Posted Thursday, 6 December 2007 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $801.30 | +$4.10 |
Silver | $14.44 | +$0.14 |
XAU | 174.58 | +2.02% |
HUI | 412.89 | +2.46% |
GDM | 1273.78 | +2.26% |
JSE Gold | 2484.60 | -3.49% |
USD | 76.40 | -0.10 |
Euro | 146.31 | +0.09 |
Yen | 89.79 | -0.65 |
Oil | $90.23 | +$2.74 |
10-Year | 3.998% | +0.087 |
T-Bond | 116.625 | -1.03125 |
Dow | 13619.89 | +1.30% |
Nasdaq | 2709.03 | +1.60% |
S&P | 1507.34 | +1.50% |
The Metals:
Gold fell to see over $10 losses at $784.82 by early trade in London, but it then spiked higher in morning New York trade and remained near its high of $805.60 into the close to end with a gain of 0.51%. Silver dropped to as low as $13.96 before it spiked to $14.533 and closed with a gain of 0.98%.
Euro gold rose to about €548, platinum lost $3 to $1462, palladium gained $1 to $346, and copper remained at about $3.00.
Gold and silver equities remained near unchanged in morning trade, but they then steadily rose in afternoon trade and ended near their highs with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/01 | 338K | 335K | 353K |
President Bush announced today a housing plan that includes freezing rates on some mortgages for five years in an effort to ease problems facing many homeowners. Tomorrow at 8:30AM EST brings November’s jobs data. Nonfarm Payrolls are expected at 70,000, the Unemployment Rate is expected at 4.8%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is Michigan Sentiment for December expected at 75.0 and at 3PM is Consumer Credit for October expected at $6.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% to above $90 after the mortgage plan announcement eased worries about demand. Natural gas inventories fell a greater than expected 88 billion cubic feet and raised supply concerns.
The U.S. dollar index fell slightly as the Bank of England cut its interest rate and the European Central Bank expressed a hawkish tone and kept rates unchanged.
Treasuries fell on expectations for a strong jobs report tomorrow that would take pressure off of the fed to cut interest rates by a full 50 basis points rather than the widely expected cut of at least 25 basis points.
The Dow, Nasdaq, and S&P rose over 1% on optimism that the President’s housing plan will help solve problems in the credit market.
Among the big names making news in the market today were Coca-Cola, Wal-Mart, MBIA, Florida, Lilly, and IndyMac.
The Commentary:
“February Gold finished up 3.4 at 807.1, 4.4 off the high and 14.1 up from the low.
March Silver closed up 0.165 at 14.625. This was 0.435 up from the low and 0.065 off the high.
CBOT gold closed moderately higher on the day and well up from the early lows as the weaker trend in the dollar (after a strong start to the day) and a surge in energy prices (after a weak start to the day) helped support renewed confidence in gold. Speculative buying turned more active as the stock market is signaling that world economies can remain strong while strength in raw commodities suggests that inflation may not die as easy as many traders have anticipated.
March silver followed gold lower in the early action but managed to close sharply higher on the day. Strength in the euro, ideas that India and even China investor demand will continue to firm and talk that precious metals may be seen as a good alternative to other investments into 2008 helped support to aggressive buying. The ECB president warning of strong upward pressure on inflation and renewed strength in base industrial metals added to the positive tone.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Subprime lenders said to agree to five-year rate freeze
Fed may couple rate cut with credit increases
The Statistics:
As of close of business: 12/5/2007
Gold Warehouse Stocks: | 7,390,024 | -30,159 |
Silver Warehouse Stocks: | 134,072,361 | -57,664 |
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$ 15,333m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.42 | 3,100,129 | US$ 2,490m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,258 | US$ 415m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.29 | 652,227 | US$ 517m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.49 tonnes, the ASX added 0.21 tonnes, and the JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 12/5/2007 | |
Total Net Assets | $1,387,724,265 | 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 12/5/2007 | |
Total Net Assets | $2,084,110,420 | Ounces of Silver
in Trust | 145,345,284.300 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,520.74 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) optioned project to Apex Silver (SIL), Tanzanian Royalty’s (TRE) negotiations, Golden Star’s (GSS) approved listing on the Ghana Stock Exchange, Seabridge’s (SA) Preliminary Assessment underway, Anatolia’s (ANO.TO) drilling, Allied Nevada’s (ANV) drill results, Gold Fields’ (GFI) killed worker, Minefinders’ (MFN) drill results, Southern Silver’s (SSV.V) drilling, and Silver Dragon’s (SDRG.OB) board appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. US Gold | UXG +11.3% $3.35 |
2. Golden Star | GSS +8.19% $3.04 |
3. Silver Standard | SSRI +8.07% $39.39 |
LOSERS
1. Paramount | PZG -5.37% $1.94 |
2. Gold Fields | GFI-2.91% $16.34 |
3. Cardero | CDY -2.86% $1.70 |
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:
American Uranium Mining Announces 2008 Strategic Plan - More
- December 06, 2007 | Item | E-mail
Coro Announces Drilling Results for Celeste Property in Northern Chile - More
- December 06, 2007 | Item | E-mail
Western Troy Grants Options - More
- December 06, 2007 | Item | E-mail
Stellar closes the first and second tranches of a private placement - More
- December 06, 2007 | Item | E-mail
Probe Mines Limited Completes High Resolution Airborne Survey on the McFauld's West Property, James Bay Lowlands, Ontario - More
- December 06, 2007 | Item | E-mail
CGW announces 5 million dollar private placement - More
- December 06, 2007 | Item | E-mail
Orex Closes Second Private Placement With Mineralfields for Phase 2 Exploration at Goldboro - More
- December 06, 2007 | Item | E-mail
Houston Lake Signs 5,000 Metre Drill Contract to Initiate Exploration Programs at West Cedartree - More
- December 06, 2007 | Item | E-mail
Hochschild Mining plc to acquire additional stake in EXMIN Resources Inc. - More
- December 06, 2007 | Item | E-mail
Goldcliff Acquires More Uranium Properties in British Columbia - More
- December 06, 2007 | Item | E-mail
Breakwater Provides Update On Its Mochito Mine - More
- December 06, 2007 | Item | E-mail
Ucore Announces Start Up of Diamond Drill Program at Lost Pond, Newfoundland - More
- December 06, 2007 | Item | E-mail
Almaden Options Matehuapil Project, Mexico to Apex Silver - "Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden") is pleased to announce that it has optioned its 100% owned (subject to a 1% NSR to the Mexican government) Matehuapil silver-lead-zinc project in Mexico to Apex Silver (AMEX:SIL - News). Apex Silver can earn a 60% interest in the project from Almaden by spending US$2.6 M and by making cash payments to Almaden of roughly C$307,000 (3,312,000 pesos) over 6 years. Apex Silver is committed to spend US$150,000 in the first 18 months and will make an initial payment of roughly C$122,000 (1,324,800 pesos) to Almaden." More
- December 06, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Gain Nearly 1% as Oil Surges Higher