-- Posted Thursday, 13 December 2007 | Digg This Article
| Source: GoldSeek.com
Please Note: There will be not be a Gold Seeker Report on Friday.
| Close | Gain/Loss |
Gold | $798.60 | -$14.60 |
Silver | $14.09 | -$0.55 |
XAU | 168.51 | -2.89% |
HUI | 395.81 | -2.70% |
GDM | 1227.23 | -3.03% |
JSE Gold | 2353.70 | -1.76% |
USD | 76.57 | +0.40 |
Euro | 146.14 | -1.01 |
Yen | 89.06 | -0.08 |
Oil | $92.25 | -$2.14 |
10-Year | 4.170% | +0.094 |
T-Bond | 114.50 | -1.15625 |
Dow | 13517.96 | +0.33% |
Nasdaq | 2668.49 | -0.10% |
S&P | 1488.41 | +0.12% |
The Metals:
Gold traded just slightly lower in Asia and London before it sold off in early New York trade and fell to as low as $792.02 by about 11AM EST, but it then rebounded nearly 1% off that low in the last few hours of trade and ended with a loss of 1.80%. Silver fell to as low as $13.95 before it also rebounded about 1% off that low in afternoon trade, but it still ended with a loss of 3.76%.
Euro gold fell to about €546, platinum gained $3 to $1476, palladium lost $2 to $346, and copper fell over 5 cents to about $2.91.
Gold and silver equities fell over 3% by late morning and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Nov | 3.2% | 1.5% | 0.1% |
Core PPI | Nov | 0.4% | 0.2% | 0.0% |
Retail Sales | Nov | 1.2% | 0.6% | 0.2% |
Retail Sales ex-auto | Nov | 1.8% | 0.6% | 0.2% |
Business Inventories | Oct | 0.1% | 0.3% | 0.4% |
Initial Claims | 12/08 | 333K | 335K | 340K |
PPI showed the biggest one month jump in wholesale prices since August 1973. Tomorrow at 8:30AM EST brings CPI for November expected at 0.6% and Core CPI expected at 0.2%. At 9:15 is Industrial Production for November expected at 0.2% and Capacity Utilization expected at 81.7%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on profit taking from yesterday’s over $4 gains as supply worries eased and demand concerns returned due to continued worries over the credit market and a weak economy.
The U.S. dollar index rose markedly and treasuries fell on higher than expected economic readings that sent interest rates higher.
The Dow, Nasdaq, and S&P fell for most of trade despite stronger than expected Retail Sales as the highest PPI reading in 34 years kept worries about inflation prevalent and made it less likely the fed will continue to cut interest rates, but a late session rally did allow the Dow and S&P to find slight gains by the close.
Among the big names making news in the market today were H&R Block, Novartis, Northern Rock, Lehman, Kuwait and Dow Chemical, Costco, and Ciena.
The Commentary:
GATA Posts:
Ambrose Evans-Pritchard: More liquidity without inflation?
James Turk: Liquidity won't help insolvency
Martin Wolf: The helicopters start to drop money
The Statistics:
As of close of business: 12/12/2007
Gold Warehouse Stocks: | 7,366,099 | - |
Silver Warehouse Stocks: | 134,530,540 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 615.90 | 19,801,664 | US$ 16,116m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.51 | 3,134,886 | US$ 2,502m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,218 | US$ 412m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 21.88 | 703,532 | US$ 572m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 1.23 tonnes to a new record high holding and the JSE added 0.98 tonnes.
COMEX Gold Trust (IAU)
Profile as of 12/12/2007 | |
Total Net Assets | $1,415,460,456 | 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 12/12/2007 | |
Total Net Assets | $2,148,563,007 | Ounces of Silver
in Trust | 146,833,360.500 |
Shares Outstanding | 14,800,000 | Tonnes of Silver
in Trust | 4,567.03 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Aurizon’s (AZK) stock options, Lihir’s (LIHR) production update, Apollo’s (AGT) drill assays, AngloGold’s (AU) appointed managing director, Barrick’s (ABX) fully operational gold mine, Excellon’s (EXN.V) assay results, Silverstone’s (SST.V) completed drilling, and Fury’s (FUR.V) operational permit were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Paramount | PZG +4.71% $2.00 |
2. Solitario | XPL +3.41% $4.85 |
3. US Gold | UXG+1.87% $3.26 |
LOSERS
1. Exeter | XRA -9.56% $5.20 |
2. Lihir | LIHR -8.39% $31.87 |
3. Great Basin | GBN -7.59% $2.68 |
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:
Altius Minerals Corporation Reports Second Quarter Net Earnings of $37.8 Million - More
- December 13, 2007 | Item | E-mail
CGW initiating Northwest Territories surveys in advance of drilling program - More
- December 13, 2007 | Item | E-mail
Golden Goose completes phase I of drilling on its Magino gold property - More
- December 13, 2007 | Item | E-mail
Azimut and Channel identify uranium targets on the West Bienville Property, Central Quebec region - More
- December 13, 2007 | Item | E-mail
Revett Minerals' Reports on Significant Rock Creek Permit Progress - More
- December 13, 2007 | Item | E-mail
Court confirms injunction against Sulliden from entering Shahuindo - More
- December 13, 2007 | Item | E-mail
Yukon Gold Corporation, Inc. Corporate Update - More
- December 13, 2007 | Item | E-mail
Results of Annual and Special General Meeting and update on proposed sale of the President Steyn Gold Mine - More
- December 13, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Nearly 2% and 4%