|
-- Posted Friday, 7 December 2007 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | On Week | Gold | $794.40 | -$6.90 | +1.44% | Silver | $14.34 | -$0.10 | +2.58% | XAU | 174.39 | -0.11% | +1.94% | HUI | 412.06 | -0.20% | +1.44% | GDM | 1267.93 | -0.46% | +0.89% | JSE Gold | 2430.87 | -2.16% | -8.71% | USD | 76.29 | -0.11 | +0.18% | Euro | 146.57 | +0.26 | +0.06% | Yen | 89.54 | -0.25 | -0.53% | Oil | $88.28 | -$1.95 | -0.48% | 10-Year | 4.120% | +0.022 | +3.73% | Bond | 115.1875 | -1.4375 | -1.71% | Dow | 13625.58 | +0.04% | +1.90% | Nasdaq | 2706.16 | -0.11% | +1.70% | S&P | 1504.66 | -0.18% | +1.59% |
The Metals:  Gold traded mostly slightly higher in Asia and mostly slightly lower in London before it spiked up to $805.15 in early New York trade, but it then fell back off in the next hour to as low as $791.05 ahead of a bounce higher into the close that left it with a loss of 0.86%. Silver followed a similar pattern and spiked to $14.53 before it plummeted to $14.22 between 9AM and 10AM EST and ended 12 cents off that low with a loss of 0.69%.
Euro gold fell to about €542, platinum lost $7 to $1455, palladium remained unchanged at $346, and copper rose over 7 cents to about $3.07. Gold and silver equities fell nearly 2% in the first two hours of trade, but they then slowly climbed back higher for the rest of trade and ended with minimal losses. CoT Reports: Gold | Silver The Economy: Report | For | Reading | Expected | Previous | Nonfarm Payrolls | Nov | 94K | 70K | 170K | Unemployment Rate | Nov | 4.7% | 4.8% | 4.7% | Hourly Earnings | Nov | 0.5% | 0.3% | 0.1% | Average Workweek | Nov | 33.8 | 33.8 | 33.8 | Michigan Sentiment | Dec | 74.5 | 75.0 | 76.1 | Consumer Credit | Oct | $4.7B | $6.0B | $3.2B |
The BLS Net Birth/Death adjustment added 51,000 payrolls to November’s data. All of this week’s economic reports: Next week’s economic highlights include Pending Home Sales on Monday, Wholesale Inventories and a FOMC policy statement on Tuesday, Export and Import Prices, the Trade Balance, and the Treasury Budget on Wednesday, Retail Sales, PPI, Initial Jobless Claims, and Business Inventories on Thursday, and CPI, Industrial Production, and Capacity Utilization on Friday. 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 about $2 on doubts that current and future demand levels can support current prices as reports also surfaced of expanding exploration for new deposits in the future. The U.S. dollar index rose in early trade and treasuries fell after the better than expected jobs report made it more likely the fed will cut interest rates by just 25 basis points at their meeting next week rather than the 50 basis points that some are hoping for, however the dollar did end lower on the day as losses against the euro overtook gains versus the yen. The Dow, Nasdaq, and S&P remained mixed and near unchanged throughout the day as traders debated about what the fed will do next Tuesday. Among the big names making news in the market Friday were Macrovision and Gemstar, and First Marblehead. The Commentary:  “President Bush’s actions to secure the future home of many simple folks is both noble and necessary and a comfort to them, but it remains to be seen if it leads to banks feeling comfortable with each other again. Meanwhile the gold price is waiting to see and consolidating. It looks like it is moving to a point where it is going to be dramatic one way or the other. Next week may tell us which way, as will the U.S. $”- Julian D.W. Phillips, www.goldforecaster.com
 “February Gold finished down 6.9 at 800.2, 9.8 off the high and 3.4 up from the low.
March Silver closed down 0.12 at 14.505. This was 0.075 up from the low and 0.155 off the high. CBOT gold closed sharply lower on the day but well off of the lows and back above the psychological support at 800 for February gold. The market managed to gain near $12 on the week. Ideas that the neutral reading for the jobs report in the morning was not volatile enough for the Fed to cut rates more than 25 basis points next week helped to pressure the market early in the day while weakness in the dollar late in the day may have helped provide some support. March silver followed gold lower early in the session but was able to hold shallow support. The set-back left the market with gains of near 36 cents for the week. Volume was light as a weakening dollar and strong gains in other commodity markets and solid gains in the stock market for the week helped support.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
GATA press release about campaign to wrest gold info from U.S. govt. Britain's rate cut opens gulf with European Central Bank Market fears Bank of England has lost control of rates GATA begins campaign to wrest documents from Fed, Treasury The Statistics: As of close of business: 12/6/2007 Gold Warehouse Stocks: | 7,366,099 | -23,925 | Silver Warehouse Stocks: | 133,934,752 | -137,609 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 602.37 | 19,366,954 | US$ 15,521m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.42 | 3,100,094 | US$ 2,462m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,252 | US$ 410m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.29 | 652,220 | US$ 522m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 0.92 tonnes. COMEX Gold Trust (IAU) Profile as of 12/6/2007 | | Total Net Assets | $1,394,147,750 | 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 12/6/2007 | | Total Net Assets | $2,064,307,542 | Ounces of Silver
in Trust | 146,833,360.500 | Shares Outstanding | 14,800,000 | Tonnes of Silver
in Trust | 4,567.03 |
Note: Change in Total Tonnes from yesterday’s data: 46.29 tonnes were added to the trust. The Stocks: Gold Fields’ (GFI) filed 20-F, Tanzanian Royalty’s (TRE) changes in management structure to fast tack exploration, and Golden Star’s (GSS) exploration update were among the big stories in the gold and silver mining industry making headlines Friday. WINNERS |
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week