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-- Posted Monday, 17 December 2007 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold initially rose back near $800 in early Asian trade before it fell to as low as $784.95 by early trade in London, but it then rose to as high as $796.15 by midmorning in New York.  The yellow metal next dipped back to about $790 by late morning, but it then rallied back higher in afternoon trade and ended with a gain of 0.18%.  Silver dropped to as low as $13.57 before it also rallied back higher and ended unchanged on the day.

Euro gold remained at about €552, platinum gained $19 to $1494 to a new record high, palladium gained $2 to $354, and copper fell roughly 5 cents to about $2.86.

Gold and silver equities fell throughout most of trade along with the major indices and ended with over 3% losses.

The Economy:

Tomorrow at 8:30AM EST brings Housing Starts for November expected at 1,175,000 and Building Permits expected at 1,150,000.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell back under $90 at one point but it ended with a less than 1% loss as the Algerian OPEC minister and next president warned that the cartel might increase production at their next meeting.

The U.S. dollar index rose in early trade on a recently more hawkish fed and better than expected Net Foreign Purchases data, but it ended the day well off its highs and even with a slight loss on worries over tomorrow’s housing data as a late report today showed that “home builders remained extremely pessimistic in December.”

Treasuries rose on safe haven buying as the Dow, Nasdaq, and S&P fell markedly on continued worries over rising inflation and a slowing economy that may not allow the fed to continue to cut interest rates.

Among the big names making news in the market today were Loews and Lorillard, Ambac, Illinois Tool, Ingersoll-Rand and Trane, and Aon.

The Commentary:

“February Gold finished up 1.3 at 799.3, 1.2 off the high and 6.8 up from the low.

March Silver closed down 0.003 at 13.98. This was 0.16 up from the low and 0.01 off the high.

While the Dollar Index fell back from a very impressive upside probe that action seemed to be lost on the gold market on Monday. In fact, with the US stock market under liquidation pressure in the face of renewed slowing concerns, the gold market was seeing a series of deflationary outside market developments. In addition to private surveys that revised US holiday sales downward, the market was also rekindling housing sector concerns and that eventually undermined the Dollar and pulled both gold and silver up off their lows. In the bulls defense they were able to drag gold prices back above the psychologically important $800 level in the February contract and after an initial slide of nearly $11 an ounce that is somewhat impressive.

Fortunately for the silver bulls, the Dollar did fall back from a very strong start to the new week. It was fortunate that the Dollar reversed its early course because significant ongoing weakness in copper prices and a sharp slide in the equity market could have hammered silver prices in the face of a run away upside extension in the Dollar. In fact, given the weakness in stocks, copper and the energy complex, silver and other physical commodity markets could have simply been embracing a year end or pre-holiday liquidation mentality.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Peter Brimelow: Gold's odd price move

As gold's remonetizes itself, jewelry is turned back into bars

Another wave of food price inflation is on the way

Goldman's insider connections, conflicts of interest getting noticed

Paul Krugman echoes James Turk: Insolvency is the problem, not liquidity

India's gold rush is investment and tax avoidance as well as jewelry

Deepcaster Letter details how U.S. govt. manipulates major markets

Jim Cramer gushes over Ron Paul on CNBC's 'Mad Money'

Another Gold Rush 21 conference is coming, but we need a name

State Street aims to launch Japan's first true gold ETF

How Goldman won big on mortgage meltdown

Central bankers worry whether action plan will work

The Statistics:

As of close of business: 12/13/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

 Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

 Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

International Royalty’s (ROY) expansions of its gold royalty portfolio, Gammon Gold’s (GRS) production at Ocampo, and Excellon’s (EXN.V) conditional listing acceptance to the TSX were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Global Finishing, Inc. Drill Program Results From the Second Hole at Joe Mann Mine - More
- December 17, 2007 | Item | E-mail

$0.50 Stock Options Granted and Acquisition of Loveland - More
- December 17, 2007 | Item | E-mail

Copper Mountain Closes An Additional $2.2 Million Private Placement - More
- December 17, 2007 | Item | E-mail

Tagish Reports on Additional Gold and Silver Values in the Rainbow Two Zone - More
- December 17, 2007 | Item | E-mail

First Nickel Exploration Update - More
- December 17, 2007 | Item | E-mail

Gold Bullion Development Corp. Drill Program Results From the Second Hole at Joe Mann Mine - More
- December 17, 2007 | Item | E-mail

Hunt Gold Corporation - Corporate Update - More
- December 17, 2007 | Item | E-mail

Golden Goose Resources closes private placement financing with the MineralFields Group - More
- December 17, 2007 | Item | E-mail

Ireland Inc. Signs Agreement and Plan of Merger With Columbus Brine Inc. - More
- December 17, 2007 | Item | E-mail

High River Gold to Be Added to S&P/TSX Composite Index - More
- December 17, 2007 | Item | E-mail