-- Posted Monday, 14 January 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $901.90 | +$7.00 |
Silver | $16.29 | +$0.06 |
XAU | 197.23 | +1.90% |
HUI | 480.99 | +1.23% |
GDM | 1470.27 | +1.26% |
JSE Gold | 2770.4 | +0.09% |
USD | 75.61 | -0.40 |
Euro | 148.73 | +0.85 |
Yen | 92.45 | +0.63 |
Oil | $94.20 | +$1.51 |
10-Year | 3.793% | -0.017 |
T-Bond | 118.50 | +0.25 |
Dow | 12778.15 | +1.36% |
Nasdaq | 2478.30 | +1.57% |
S&P | 1416.25 | +1.09% |
The Metals:
Gold fell slightly in early Asian trade, but it then took off higher in later Asian trade and rose to as high as $914.30 by early trade in London. The yellow metal then fell back off for most of trade in New York as it consolidated its overnight gains, but it still ended with a gain of 0.78% at a new record high. Silver rose to as high as $16.597 before it also fell back off a bit in New York, but it still ended with a gain of 0.37% at a new 27 year high.
Euro gold rose to about €607, platinum gained $31 to $1590 to a new record high, palladium gained $4 to $380, and copper gained a few cents to about $3.34.
Gold and silver equities rose about 3% at the open before they came off their highs a bit in afternoon trade, but they still ended with over 1% gains at new record highs.
The Economy:
There were no major economic reports today, but an article from the National Retail Federation predicting weak sales growth did have some talking. Tomorrow at 8:30AM EST brings the official government Retail Sales report for December expected at 0.0% with sales excluding autos expected at -0.1%. Also at 8:30 are PPI and Core PPI for December both expected at 0.2% and the NY Empire State Index for January expected at 10.0. At 10AM is the Business Inventories report for November expected at 0.4%.
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 rose in technical trade as a winter storm started to hit the Northeast US and geopolitical tensions were raised in Nigeria and Iran.
The U.S. dollar index fell on the outlook for more interest rate cuts by the fed.
Treasuries were mixed as traders awaited tomorrow’s economic data, but they did end slightly higher on worries over writedowns in earnings reports to be revealed over the next few weeks.
The Dow, Nasdaq, and S&P rose on strong results from IBM that raised hopes for better than expected earnings from other technology companies.
Among the big names making news in the market today were Citigroup, L.G. Philips, IBM, Sears, and Ford and Chrysler.
The Commentary:
“February Gold finished up 5.7 at 903.4, 8.6 off the high and 0.3 up from the low.
March Silver closed up 0.055 at 16.425. This was 0.065 up from the low and 0.245 off the high.
After managing a very impressive pulse up in the morning trade, April gold seemed to prefer settling back toward the middle of the Monday trading range. With a very long list of physical commodities posting aggressive gains on Monday, the oil market higher and even equity prices firmer, sentiment in the gold market seemed to be more interested in the prospect of inflation instead of the prospect of recession. Given the upcoming flow of US monthly inflation readings and critical US retail sales and Housing starts data in the coming sessions the debate between inflation and recession looks to remain in place. With gold managing to carve out a gain in the face of equity market gains today, one could suggest that gold has recently been able to forge gains regardless of the action in the US equity market. With the US Dollar forging a big gap down failure on the charts and at one point reaching the lowest level since November 29th, the gold market was probably also the benefactor of currency related buying.
After a rather impressive early run up, March silver prices seemed to lose some momentum and fell back toward the prior session's highs. With the stock market showing strength during the silver trade and a host of physical commodity markets also posting stellar gains the anticipation of inflation seemed to be behind part of the ongoing buying interest in silver. With oil prices sharply higher and the Dollar weaker it would also seem like silver was also the benefactor of classic flight to quality interest.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Anna Schwartz blames Fed for sub-prime crisis
Odds rising for recession, rate cuts, tax rebates
James Turk: Uncharted territory for gold
Largest Saudi bank urges government to cut dollar exposure
Gold council's ETF claims more gold than ECB, Russia, China
Nationalization of Northern Rock more likely than commercial rescue
Citigroup negotiates bailout by Saudi prince, Chinese bank
The Statistics:
As of close of business: 1/11/2008
Gold Warehouse Stocks: | 7,412,674 | - |
Silver Warehouse Stocks: | 130,531,373 | -379,287 |
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 | 641.81 | 20,634,686 | US$ 18,383m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 101.02 | 3,247,908 | US$ 2,930m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.62 | 534,019 | US$ 482m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 24.58 | 790,181 | US$ 704m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/11/2008 | |
Total Net Assets | $1,642,838,204 | Ounces of Gold
in Trust | 1,833,527.784 |
Shares Outstanding | 18,550,000 | Tonnes of Gold
in Trust | 57.03 |
Note: Change in Total Tonnes from yesterday’s data: 1.23 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 1/11/2008 | |
Total Net Assets | $2,500,175,960 | 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:
AngloGold’s (AU) acquisition of Golden Cycle (GCGC), Eldorado’s (EGO) year end update, Yamana’s (AUY) operating outlook, SNS Silver’s (SNS.V) drill results, First Majestic’s (FR.V) TSX listing, and Silver Dragon’s (SDRG.OB) exploration results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+8.45% $10.01 |
2. Fronteer | FRG +8.09% $10.69 |
3. Minefinders | MFN +7.83% $13.50 |
LOSERS
1. Exeter | XRA -7.00% $4.25 |
2. Seabridge | SA -3.38% $26.91 |
3. Royal Gold | RGLD-3.11% $33.38 |
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:
HudBay NI 43-101 Mineral Resource Estimates for Bur and Watts River Deposits - More
- January 14, 2008 | Item | E-mail
Geodex reports acquisition of three new claim blocks near the Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick - More
- January 14, 2008 | Item | E-mail
Hard Creek Drilling Expands on Platinum & Palladium Discoveries - More
- January 14, 2008 | Item | E-mail
Firesteel Exhibitor at Vancouver Resource Investment Conference - More
- January 14, 2008 | Item | E-mail
Miners call nationwide strike over Cananea - "Mexico's mining union called on Monday for a nationwide industry walkout on Jan. 16 to back workers striking for more than five months at Grupo Mexico's huge Cananea copper pit." More
- January 14, 2008 | Item | E-mail
Novawest's Pro Minerals' final Prospectus approved - More
- January 14, 2008 | Item | E-mail
Inter-Rock Nevada Mineral Properties Update - More
- January 14, 2008 | Item | E-mail
Sparton Closes Private Placement Financing - More
- January 14, 2008 | Item | E-mail
Nord Resources Corporation Announces the Appointment of Wayne Morrison as Vice President and Chief Financial Officer - More
- January 14, 2008 | Item | E-mail
Cameco Provides Dates for Q4 Results and Conference Call - More
- January 14, 2008 | Item | E-mail
Sirios Resources Inc.: Drilling Program Completed on Cheechoo Gold Project, James Bay, Quebec - More
- January 14, 2008 | Item | E-mail
Los Andes Announces Completion of $500,000 Private Placement - More
- January 14, 2008 | Item | E-mail
B2Gold Corporate Update, 2008 Exploration Programs and "Blue Sky" Listing - More
- January 14, 2008 | Item | E-mail
Golden Valley Mines Ltd.: Exploration Update 2007/2008 Abitibi Grassroots Drill Program, Quebec and Ontario Cheechoo Gold Project, Quebec - More
- January 14, 2008 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Rise To New Highs Again