-- Posted Thursday, 10 January 2008 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $890.90 | +$11.60 |
Silver | $16.15 | +$0.43 |
XAU | 192.81 | +1.40% |
HUI | 468.85 | +2.27% |
GDM | 1439.02 | +2.01% |
JSE Gold | 2700.10 | +0.49% |
USD | 75.90 | -0.53 |
Euro | 147.95 | +1.48 |
Yen | 91.40 | UNCH |
Oil | $93.71 | -$1.96 |
10-Year | 3.887% | +0.098 |
T-Bond | 117.4375 | -1.375 |
Dow | 12853.09 | +0.92% |
Nasdaq | 2488.52 | +0.56% |
S&P | 1420.33 | +0.79% |
The Metals:
Gold fell to as low as $866 by late trade in London, but it then rallied strongly throughout most of trade in New York and climbed to as high as $895.45 before it came back off a bit in the last hour of trade and ended at a new record high with a gain of 1.32%. Silver dropped to $15.312 before it also rose markedly in New York and ended near its high of $16.24 with a gain of 2.74% at a new 27 year high.
Euro gold rose to over €601, platinum gained $2 to $1552 to a new record high, palladium remained unchanged at $373, and copper fell slightly to about $3.27.
Gold and silver equities fell over 1% at the open, but they then rose for most of the rest of trade and ended with about 2% gains at or near new all-time highs.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 1/05 | 322K | 340K | 337K |
Wholesale Inventories | Nov | 0.6% | 0.4% | 0.0% |
Bernanke spoke this afternoon and showed that he recognizes the current market turmoil and is “ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks.” Expectations for a cut of 50 basis points at the fed’s next meeting on January 30th are now nearly 100%.
Tomorrow at 8:30AM EST brings Import and Export Prices for December and the Trade Balance for November expected at -$59.5 billion. At 2PM is the Treasury Budget for December expected at $52.0 billion.
Today's Gold Seeker Report Is Sponsored By:
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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
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about 2% on worries that a slowing economy will cut into demand.
The U.S. dollar index fell after the ECB and BoE held rates steady and Bernanke hinted towards more fed interest rate cuts.
Treasuries were mixed as the yield curve rose to its steepest in over three years while 2-year yields dropped and 10-year yields rose.
The Dow, Nasdaq, and S&P fell in morning trade on poor retail sales and credit worries before all three indices took off to the upside in afternoon trade after text of Bernanke’s speech was released, but 1% gains soon turned back into losses until the Wall Street Journal reported that Bank of America is close to buying Countrywide. The report calmed credit market worries and resulted in the indices climbing new session highs by the close.
Among the big names making news in the market today were Bank of America and Countrywide, Northwest and Delta, Wal-Mart, Target, Citigroup, Blackstone, Capital One, and Alcoa.
The Commentary:
“February Gold finished up 11.9 at 893.6, 3.4 off the high and 23.4 up from the low.
March Silver closed up 0.435 at 16.275. This was 0.735 up from the low and 0.035 off the high.
The gold market apparently got something it liked from the US Federal Reserve Chairman speech on Thursday, because the gold market seemed to come alive in the wake of that news flow. With the ECB and BOE leaving interest rates unchanged early in the session and then seeing the Federal Reserve Chairman hinting at the potential for substantive or aggressive action by the Fed the bulls could have embraced the idea of a falling Dollar or inflation. With the Fed Chairman also throwing off fresh growth concerns, it is even possible that the bull camp was emboldened by added uncertainty. With the ongoing claims data coming in much better than the market expected and in some measure countervailing some of the concern toward the US jobs sector seen in the wake of the prior reading it is possible that some players were inclined to downplay recent recession fears.
Like the gold market, the silver market seems to have caught a lift from the Fed Chairman dialogue. With the added benefit of better than expected US economic readings early in the session and an attempt to rally in the US equity market, it is possible that a quadrant of the silver trade began to downplay the liquidation threat against silver and other physical commodity markets. However, copper and energy prices remained weak so the Fed influence didn't seem to be capable of providing a lift to all markets.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Citigroup, Merrill seek more foreign capital infusions
Morgan rewards former PM Blair with +$1 million per year
Shanghai exchange seen driving gold far higher
Simon Constable says we're 'fringe dwellers' but somehow Ron Paul isn't
Central banks long have been rigging gold market, Paul declares
The Statistics:
As of close of business: 1/09/2008
Gold Warehouse Stocks: | 7,412,674 | - |
Silver Warehouse Stocks: | 130,802,681 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 639.35 | 20,555,673 | US$ 18,025m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 100.57 | 3,233,468 | US$ 2,884m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.62 | 534,042 | US$ 477m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 24.33 | 782,300 | US$ 686m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.55 tonnes and the ASX added 0.22 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/9/2008 | |
Total Net Assets | $1,577,667,265 | Ounces of Gold
in Trust | 1,793,994.872 |
Shares Outstanding | 18,150,000 | Tonnes of Gold
in Trust | 55.80 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/9/2008 | |
Total Net Assets | $2,490,901,408 | Ounces of Silver
in Trust | 155,699,740.100 |
Shares Outstanding | 15,700,000 | Tonnes of Silver
in Trust | 4,842.80 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Agnico-Eagle’s (AEM) gold price prediction, Aurizon’s (AZK) gold production, Great Basin’s (GBN) sinking of the planned second outlet at its Burnstone Mine Project, Apollo Gold’s (AGT) drill assays, Seabridge’s (SA) resource estimates, ECU’s (ECU.TO) resource estimate update, Oro Silver’s (OSR.V) mill plans, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Star | GSS +8.19% $3.83 |
2. New Gold | NGD +7.50% $5.59 |
3. DRDGOLD | DROOY+6.92% $9.42 |
LOSERS
1. Cardero | CDY-3.80% $1.52 |
2. Nevsun | NSU-1.71% $2.30 |
3. Alexco | AXU-1.50% $5.24 |
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:
Avion Resources Grants Options - More
- January 10, 2008 | Item | E-mail
Simberi Announces Results of the Aboriginal Surveys in South Australia - More
- January 10, 2008 | Item | E-mail
Kimberly Gold Mines, Inc. Appoints Atlanta Capital Partners, LLC for Investor Relations Program - More
- January 10, 2008 | Item | E-mail
Orex Closes $696,780 Flow-Through Financing and Will Begin Drilling on Goldboro Property on January 22, 2008 - More
- January 10, 2008 | Item | E-mail
Aurizon Announces 2007 Gold Production and Plans for 2008 - "Gold production from Aurizon's 100% owned Casa Berardi mine for the year ended December 31, 2007, totalled 159,469 ounces from the processing of 545,258 tonnes at an average grade of 9.8 grams of gold per tonne, which is 2.0 grams per tonne higher than the present mine reserve grade. Recoveries for the year averaged 93.0% which was higher than anticipated. Gold production was 3% lower than the previous 2007 guidance of 165,000 ounces due primarily to a delay in mining one higher grade stope that will now be mined in 2008." More
- January 10, 2008 | Item | E-mail
Hunt Gold Corporation - Appointment of Transfer Agent - More
- January 10, 2008 | Item | E-mail
Royal Gold Announces Regular Quarterly Dividend on Its Preferred Stock - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, today announced that its Board of Directors has declared the regular quarterly dividend for the first dividend period of $1.9333 per share on the 7.25% Mandatory Convertible Preferred Stock. The dividend is payable on February 15, 2008 to shareholders of record at the close of business on February 1, 2008. The dividend will be paid in cash." More
- January 10, 2008 | Item | E-mail
Denison Announces New Sales & Mining Executives - More
- January 10, 2008 | Item | E-mail
Royal Roads provides update on drilling activities at Daniels Pond deposit, Central Newfoundland - More
- January 10, 2008 | Item | E-mail
Pelangio Appoints Peter Crossgrove to Board of Directors - More
- January 10, 2008 | Item | E-mail
NWT Updates Shareholders on Niger Uranium 2008 Exploration Program - More
- January 10, 2008 | Item | E-mail
Buchans River announces beginning of 5,000 metre Lundberg drill program and completion of "Billiton targets" drill program - More
- January 10, 2008 | Item | E-mail
Castle Gold Updates Progress at Castillo Mine - More
- January 10, 2008 | Item | E-mail
Wildwood Management Corporation Receives Final Approval to Commence Ore Process Production on Telamayu Tailings Project (Bolivia) - More
- January 10, 2008 | Item | E-mail
Marifil Mines Ltd.: Gold Discovery at San Roque - More
- January 10, 2008 | Item | E-mail
CCM Research Issues Update Report on Yukon Gold Corp, Inc. - More
- January 10, 2008 | Item | E-mail
Silvermet Reports on Muskox 2007 Drill Results and Lakefield Mineralogical and Flotation Assessments - More
- January 10, 2008 | Item | E-mail
Champion Grants Stock Options - More
- January 10, 2008 | Item | E-mail
Goldcliff Resource Corporation: Metallic Gold Assays Over 17 Ounces Comfirm Bonanza Gold Grades at Panorama Ridge - More
- January 10, 2008 | Item | E-mail
Sarissa Resources CEO Issues Shareholder Letter - More
- January 10, 2008 | Item | E-mail
Copper King Mining Corporation Files for 6 More Claims - More
- January 10, 2008 | Item | E-mail
Miners to take legal action against Argentine tax - "At least five mining companies, including two of the world's biggest, have started legal proceedings in Argentina to fight an export duty being levied by the government, sources said on Thursday." More
- January 10, 2008 | Item | E-mail
Uracan stakes additional claims and makes final payment to obtain 100% interest in North Shore Property, Quebec - More
- January 10, 2008 | Item | E-mail
Semafo granted West Balan mining license - More
- January 10, 2008 | Item | E-mail
Global Hunter Announces Further Drill Results for Las Posadas - More
- January 10, 2008 | Item | E-mail
Quest Uranium to Commence Trading on Friday, January 11, 2008 - More
- January 10, 2008 | Item | E-mail
Ecometals Signs Joint Venture Agreement In Brazil - More
- January 10, 2008 | Item | E-mail
First Metals Starts Important Drilling Program at Magusi - More
- January 10, 2008 | Item | E-mail
Lincoln Gold Corp.: Private Placement - More
- January 10, 2008 | Item | E-mail
Pacific Copper Corp. Acquires Subsidiaries in Chile and Peru - More
- January 10, 2008 | Item | E-mail
Benton Resources Corp. (BTC) Acquires Past Producer - More
- January 10, 2008 | Item | E-mail
Freewest and Rockport Set to Resume Diamond Drilling at Clarence Stream in New Brunswick - More
- January 10, 2008 | Item | E-mail
Great Basin Announces Development of Second Outlet for Burnstone Gold Project in South Africa - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that the sinking of the planned second outlet at its Burnstone Mine Project near Balfour, Mpumulanga Province, South Africa, will commence in accordance with the requirements of the Mine Health and Safety Act, 1996." More
- January 10, 2008 | Item | E-mail
Stellar closes a private placement of $295,500 - More
- January 10, 2008 | Item | E-mail
ABV Gold Receives Preliminary Report From TsNIGRI Recommending Merger and Company Signs Merger Understanding Agreement - More
- January 10, 2008 | Item | E-mail
Verena Intersects 85 Metres at 1.22 g/t Gold at Volta Grande and Confirms the Discovery of a New Mineralized Zone in the South Block - More
- January 10, 2008 | Item | E-mail
Eastmain Resources Inc.: Clearwater Project Drilling Completed - More
- January 10, 2008 | Item | E-mail
Harte Launches Stoughton-Abitibi Project in the Abitibi Gold Belt - More
- January 10, 2008 | Item | E-mail
Lydian International Ltd. Commences Trading on The Toronto Stock Exchange - More
- January 10, 2008 | Item | E-mail
Keegan Resources Esaase Gold Project Stepout Drillholes Continue to Extend Deposit to the South - More
- January 10, 2008 | Item | E-mail
Gold Reef International Receives Positive Results from Spectrometric Surveys on the Texas Canyon Gold - Uranium - Molybdenum Project in Elko County, Nevada - More
- January 10, 2008 | Item | E-mail
Victory Nickel Begins 10,000 m of Drilling and Early Works Development at Minago - More
- January 10, 2008 | Item | E-mail
Drilling indicates expansion of Pit 2 mineralization to northwest: intersects 400 feet grading 0.69% Cu, 0.26 g/t Au, and 1.71 g/t Ag - More
- January 10, 2008 | Item | E-mail
Geodex reports further drill results from the 'East Flank Zone' at Sisson Brook and discovery of the new western 'Ellipse Zone' - More
- January 10, 2008 | Item | E-mail
Royal Standard Minerals Inc.: Drilling Continues on the Railroad Porphyry/Skarn Copper Oxide and Molybdenum Project Elko County, Nevada - More
- January 10, 2008 | Item | E-mail
Continuum announces appointment of new General Manager for Oaxaca projects - More
- January 10, 2008 | Item | E-mail
Lithic Intersects More High Grade Zinc at Crypto and Mobilizes Second Drill Rig - More
- January 10, 2008 | Item | E-mail
Crowflight Secures $55 Million Debt Facility to Complete Bucko Lake Nickel Mine Development - More
- January 10, 2008 | Item | E-mail
Constellation Copper Corporation - Conference Call Notification - More
- January 10, 2008 | Item | E-mail
African Gold Group, Inc. Step-Out Drilling Extends Explored Strike to 5.3 km With Completion of 110 RC Holes at Kobada, Mali - More
- January 10, 2008 | Item | E-mail
Maximus and NFX Begin a 43,000 m Drilling Program at Larder Lake - More
- January 10, 2008 | Item | E-mail
Aldridge reports first results of nickel laterite drill campaign in West Turkey - More
- January 10, 2008 | Item | E-mail
Alexis Vests in Rouyn-Noranda Joint Venture Properties With Xstrata Copper - Outlines 2008 Work Programs - More
- January 10, 2008 | Item | E-mail
Ventura Gold Completes 60% Earn-In for Cottonwood Peak Project, Nevada - More
- January 10, 2008 | Item | E-mail
Luna Gold intercepts 63.80 m of 2.54 g/t Au and 6.50 m of 15.82 g/t Au at the Aurizona Gold Project, Brazil - More
- January 10, 2008 | Item | E-mail
Bolivar Mining Corp Operations Update - More
- January 10, 2008 | Item | E-mail
First Reserve buys stake in Harmony uranium assets - More
- January 10, 2008 | Item | E-mail
International Nickel Ventures Announces New Appointments - More
- January 10, 2008 | Item | E-mail
General Metals Discussion of 2008 Production Plans for Independence Mine and Exploration Expansion Plans - More
- January 10, 2008 | Item | E-mail
Skygold Ventures Ltd.: Excellent Gold Recoveries Confirmed at Spanish Mountain - More
- January 10, 2008 | Item | E-mail
Winter Exploration Begins on Houston Lake Mining's West Cedartree Gold Project - More
- January 10, 2008 | Item | E-mail
Kria Resources Reports Further Massive Sulphide Intersections and Assays From the Ruttan Project, Manitoba - More
- January 10, 2008 | Item | E-mail
Castillian Intersects 9.75 Meters Grading 3.14% Nickel and 1.44% Copper at the Mangabal South Nickel-Copper Deposit, Brazil Within 29.4 Meters - More
- January 10, 2008 | Item | E-mail
Capstone Highlights Production and Sales for the Four Months Ended December 31, 2007 - More
- January 10, 2008 | Item | E-mail
CGA Mining - Announcement To The Australian Securities Exchange And Toronto Stock Exchange - More
- January 10, 2008 | Item | E-mail
Mirabela mandates lenders for a US$260m financing for the Santa Rita nickel project - More
- January 10, 2008 | Item | E-mail
ECU Silver Update on Resource Estimate Timing - "As stated in our press release of December 18, 2007 we expected to release the new resource estimate early in the new year. Consequently, we wish to further advise all our shareholders that we plan to provide the updated resource estimate prior to January 25th, 2008." More
- January 10, 2008 | Item | E-mail
Aldershot Resources Ltd.: Significant Uranium Showings on Zambian Projects - More
- January 10, 2008 | Item | E-mail
Crosshair Adds 400 Metres of Strike Length to the C Zone - More
- January 10, 2008 | Item | E-mail
CanAlaska Uranium 2008 Drill Programs and Exploration Underway - More
- January 10, 2008 | Item | E-mail
China gets first toehold in Canadian uranium - More
- January 10, 2008 | Item | E-mail
Oro Silver Plans to Increase Capacity and Recovery at Vetagrande Mill in Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) is developing a program to increase the capacity and recovery of gold and silver at the 150-tonne per day Vetagrande Mill in Zacatecas, Mexico. An option to purchase the mill and nine associated mining properties was acquired on December 20, 2007 (see press release of December 21, 2007)." More
- January 10, 2008 | Item | E-mail
Apollo Gold Announces Drill Assays at its Black Fox Project - “We continue to see some very high grade gold intercepts from this infill drilling program which could potentially add additional high quality gold ounces to our current reserve base. For example, hole 07BF481, which is located in the proposed open pit area, assayed at 136.7 grams of gold per tonne (4.0 ounces of gold per ton) over a true width of five meters.” More
- January 10, 2008 | Item | E-mail
NI 43-101 Resource Estimates for Seabridge's Kerr and Sulphurets Gold/Copper Zones - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that Resource Modeling Inc. ("RMI") has completed independent National Instrument 43-101 resource estimates for the Kerr and Sulphurets zones at its 100% owned Kerr-Sulphurets-Mitchell ("KSM") project, which is located near Stewart, British Columbia, Canada. The project is well located close to the operating Eskay Creek mine and its all-weather road to Stewart. Highway #37 also offers excellent access to several possible sites suitable for processing facilities, for which Seabridge has acquired mineral tenures." More
- January 10, 2008 | Item | E-mail
Silver Standard Resources Inc.: Drilling Identifies New Gold Zone at Snowfield - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to report that diamond drilling in 2007 at its wholly-owned Snowfield gold-copper project was successful in identifying a new gold-copper zone while expanding the Snowfield Zone. The property is located 40 kilometers north of the town of Stewart in northern British Columbia and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek." More
- January 10, 2008 | Item | E-mail
Agnico-Eagle CFO sees $2,200 gold in 3-5 years - "Agnico-Eagle Mines (AEM.TO: Quote, Profile, Research) is extremely bullish on the price of gold, the company's chief financial officer said on Thursday, but the gold miner doesn't plan to rush out and make a large acquisition any time soon." More
- January 10, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 10 January 2008 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2% as Bernanke Gives In
