Latest Headlines

Search

-- Posted Wednesday, 9 January 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to find nearly $15 gains at as high as $891.50 in Asia before it fell back off in London and dropped to as low as $873.40 by early trade in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.21% at a new record high.  Silver rose to as high as $16.105 and fell to as low as $15.52 before it also rallied back higher into the close and ended with a gain of 0.26% at its highest level since 1980.

Euro gold rose to about €600, platinum gained $3 to $1550 to a new record high, palladium lost $2 to $373, and copper remained at about $3.28.

Gold and silver equities traded mixed and near unchanged and ended with less than 1% gains, but that was still enough to make for a new record closing high for the HUI while the XAU and GDM closed a little over 1% from new all-time closing highs.

The Economy:

There were no major economic reports today, but Goldman Sachs’ call for a recession in 2008 did have some talking.  Tomorrow at 8:30AM EST brings Initial Jobless Claims for 1/05 expected at 340,000 and at 10AM is the Wholesale Inventories report for November expected at 0.4%.

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 rose to find decent gains after crude inventories fell a much larger than expected 6.8 million barrels, but it fell back off to find a slight loss by the close on future demand concerns.  Gasoline inventories built 5.3 million barrels, distillates rose 1.5 million barrels, and refinery utilization rose 1.9% to 91.3%.

The U.S. dollar index rose as the pound and euro fell ahead of tomorrow’s policy meetings by the Bank of England and European Central Bank that may result in a BoE cut in interest rates after poor retail sales data today.

Treasuries rose on recession worries that sent the yield on the 10-year under 3.8% for the fist time since the first half of 2004.

The Dow, Nasdaq, and S&P rose slightly in morning trade before they fell off markedly by mid-afternoon, but they then rallied back higher into the close and ended near their highs with over 1% gains as recession talk raised expectations for more fed interest rate cuts.

Among the big names making news in the market today were MBIA, DuPont, Countrywide, E*Trade, and Calpers.

The Commentary:

“February Gold finished up 1.4 at 881.7, 2.3 off the high and 7.7 up from the low.

March Silver closed up 0.025 at 15.84. This was 0.15 up from the low and 0.095 off the high.

While the gold market mostly managed to waffle around unchanged through most of the trade on Wednesday, the fact that April gold fell back by roughly $10 from its highs probably discouraged some longs. With the Dollar making a moderate range up extension on its charts it is possible that currency market action was beginning to unseat the confidence of some bulls in the gold market. With oil prices also ranging upward and eventually falling back from their highs, one almost gets the sense of a developing pattern of failures in the physical commodity sector. With the stock market managing yet another new low for the move, it is also possible that the threat of recession has blossomed and that in the past has been capable of undermining of the gold market. With another new high, one can also suggest that talk of an overdone technical condition is on the minds of many gold players.

With copper and energy prices unable to hold early gains and both of those markets forging what would appear to be range up reversals, it wasn't surprising to see silver fall back toward the lower portion of the Wednesday trade into the close. While the market seemed to be able to ignore the threat of US slowing early in the week, it is possible that a string of somewhat serious losses in the US stock market has at least enhanced the fear of sagging silver demand. While silver might not be as technically overbought as the gold market, March silver prices to the high Wednesday were roughly $2.53 cents an ounce above the December lows and that is a significant run when one considers that the December low was made at $13.977.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

China expects much from gold futures trading in Shanghai

David Jensen: A letter to the governor of the Bank of Canada

James Turk: $53 trillion and growing

China is quietly revaluing its currency

It's 'GATA Goes to Washington,' thanks to Christian Landolt

The Statistics:

As of close of business: 1/8/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.54 tonnes and the ASX added 0.02 tonnes.

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:

Fronteer’s (FRG) drill results, New Gold’s (NGD) Head of Technical Services appointment, Midway’s (MDW) drill results, Metallica’s (MRB) gold production, SNS Silver’s (SNS.V) Vice President appointment, Oremex’s (ORM.V) update, and SilverCrest’s (SVL.V) drill results 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:

ANDINA Reports Phase IV Drill Results from the Volcan Gold Project - More
- January 09, 2008 | Item | E-mail

Odyssey Corporate Update - More
- January 09, 2008 | Item | E-mail

Explor Starts Phase IV Exploration Program Eastford Lake Gold Project - More
- January 09, 2008 | Item | E-mail

EXMIN Exploration and Production: Success in 2007, Outlook for 2008 - More
- January 09, 2008 | Item | E-mail

Yale Releases Positive Results From Three Additional Deposits at La Verde, Sonora, Mexico - More
- January 09, 2008 | Item | E-mail

Skyharbour Resources Ltd.: Drilling Resumes on Broulan Reef Gold Project, Red Lake, NW Ontario - More
- January 09, 2008 | Item | E-mail

Callinan Mines Limited: Assays Reveal New Mineralization at Coles Creek - More
- January 09, 2008 | Item | E-mail

Taranis Commences Drilling at Midway East Project, Nevada - More
- January 09, 2008 | Item | E-mail

Northern Lion Announces Advisory Agreement with Union Securities - More
- January 09, 2008 | Item | E-mail

Geoinformatics Announces Conference Call/Webcast for January 10, 2008 - More
- January 09, 2008 | Item | E-mail

Augusta Appoints Rod Pace as Vice-President, Operations - More
- January 09, 2008 | Item | E-mail

Gryphon Gold Summary of the Borealis Exploration Program - More
- January 09, 2008 | Item | E-mail

Rod Ogilvie Joins Vena Resources as VP Engineering and Country Manager - More
- January 09, 2008 | Item | E-mail

Powertech Uranium Corp.: Aladdin Project-Drilling Update - More
- January 09, 2008 | Item | E-mail