-- Posted Tuesday, 29 January 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $924.80 | -$2.10 |
Silver | $16.74 | +$0.06 |
XAU | 187.35 | -0.59% |
HUI | 465.81 | -0.45% |
GDM | 1402.32 | -0.89% |
JSE Gold | 2433.08 | +37.83% |
USD | 75.55 | -0.04 |
Euro | 147.76 | -0.03 |
Yen | 93.46 | -0.07 |
Oil | $91.64 | +$0.65 |
10-Year | 3.658% | +0.072 |
T-Bond | 119.3125 | -0.65625 |
Dow | 12480.30 | +0.78% |
Nasdaq | 2358.06 | +0.35% |
S&P | 1362.30 | +0.62% |
The Metals:
Gold fell to $920.80 by late trade in Asia before it rallied to a new record intraday high at $933.25 in London and then fell to a new session low of $919.75 by about 10AM EST in New York, but it then rallied back to $928.19 ahead of a slight dip in the last hour and a half of trade that left it with a loss of 0.23%.
Silver fell to $16.50 by late trade in Asia before it rallied to a new 27 year intraday high at $16.81 in London and then fell to a new session low of $16.48 by about 10AM EST in New York, but it then rallied back to $16.75 ahead of a slight dip in the last hour and a half of trade that left it with a gain of 0.36% at new 27 year closing high.
Euro gold fell to about €626, platinum lost $15 to $1706, palladium gained $5 to $390, and copper gained nearly 7 cents to about $3.29.
Gold and silver equities traded on either side of unchanged in morning trade, but they then fell off slightly in afternoon trade and ended with nearly 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Dec | 5.2% | 1.5% | 0.5% |
Consumer Confidence | Jan | 87.9 | 87.0 | 90.6 |
Tomorrow at 8:30 AM EST brings the advanced reading for 4th quarter GDP expected at 1.2% and the Chain Deflator expected at 2.6%. At 2:15PM is the FOMC Policy Statement that most expect will bring a cut of 50 basis points, but some are calling for an interest rate cut of just 0.25%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed above $91 in late trade ahead of tomorrow’s inventory reports on optimism that fed rate cuts and a stimulus plan from congress will help strengthen demand.
The U.S. dollar index remained near unchanged and treasuries fell as Durable Orders came in much better than expected and led some bond vigilantes to speculate that the fed may cut rates by only 25 basis points instead of the widely expected cut of 50 basis points.
The Dow, Nasdaq, and S&P traded mostly higher on optimism over tomorrow’s fed meeting.
Among the big names making news in the market today were Northwest, JetBlue, AirTran, 3M, Countrywide Financial, Travelers, American Express, Lilly, Dow Chemical, Boeing, and Liberty Media.
The Commentary:
“February Gold finished down 2 at 925.1, 2 off the high and 4.1 up from the low.
March Silver closed up 0.05 at 16.8. This was 0.22 up from the low and 0.02 off the high.
The gold market started out on a positive note but was unable to hold the gains in the face of an apparent improvement in the US macro economic outlook. Surprisingly general weakness in the US Dollar failed to provide much support to gold prices but it is possible that positive action in the US equity market was also seen as a negative development for gold prices. Certainly some longs were concerned that power outages in South Africa might be repaired, but others simply suggested that some of the anxiety or flight to quality associated with gold was reduced in the wake of decent US durable goods orders. Surprisingly European gold managed a positive trading session with the weakness apparently settling into the later portion of the US trade.
Silver seemed to outperform the gold market for most of the trading session Tuesday. In fact, the silver market seemed to be lifted by the favorable US numbers and the up beat action in the US stock market whereas gold was seemingly undermined by that outside market action. With copper prices at times posting very impressive gains it is possible that the industrial metals spillover was indeed serving to lift silver prices. Certainly seeing favorable durable goods orders and seeing the US stock market perceive an improvement in the US economy gave some traders a most optimistic silver demand expectation.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
World Net Daily: Half of gold in central banks gone?
Peter DeGraaf: GATA gold rally -- How high is up?
ECB secretly rescues Spanish banking system
The Statistics:
As of close of business: 1/28/2008
Gold Warehouse Stocks: | 7,461,332 | - |
Silver Warehouse Stocks: | 135,009,599 | +14,276 |
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 | 630.75 | 20,279,144 | US$ 18,687m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 103.34 | 3,322,359 | US$ 3,069m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.64 | 566,942 | US$ 524m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.29 | 845,310 | US$ 779m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/28/2008 | |
Total Net Assets | $1,758,919,631 | Ounces of Gold
in Trust | 1,897,762.380 |
Shares Outstanding | 19,200,000 | Tonnes of Gold
in Trust | 59.03 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/28/2008 | |
Total Net Assets | $2,632,100,138 | Ounces of Silver
in Trust | 160,161,664.700 |
Shares Outstanding | 16,150,000 | Tonnes of Silver
in Trust | 4,981.58 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
South Africa’s power crisis that is still impacting at least partial power consumption at many mines including those owned by Gold Fields (GFI) and AngloGold (AU), ITH’s (THM) exploration program, Goldcorp’s (GG) possible sale of its stake in Silver Wheaton (SLW), and ECU’s (ECU.TO) conference call were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITH | THM +20.34% $2.13 |
2. Solitario | XPL +6.68% $5.75 |
3. Anglo American | AAUK +4.04% $25.98 |
LOSERS
1. Seabridge | SA -7.71% $24.77 |
2. Banro | BAA-4.81% $10.10 |
3. Jaguar | JAG-4.31% $13.75 |
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:
Mill City Gold Corp. - Grant of Incentive Stock Options and Amendment to Stock Option Plan - More
- January 29, 2008 | Item | E-mail
International Kirkland Minerals Demobilizes From Rupert River Until Summer 2008 - More
- January 29, 2008 | Item | E-mail
2007 Drill Program at Feni Islands Completed - More
- January 29, 2008 | Item | E-mail
Int'l Wayside Gold Mines Corporate Update - More
- January 29, 2008 | Item | E-mail
Golden Goose hits 18.5 metres of 1.22% nickel at its Lac Levac property - More
- January 29, 2008 | Item | E-mail
Rocmec to Offer its Thermal Fragmentation Technology Services to the Mining Community to Extract Narrow Vein Ore - More
- January 29, 2008 | Item | E-mail
Consolidated Abaddon Resources Inc.: Joint Venture Announced With Utah Uranium Corp. on Wild Claims, Drilling to Commence Shortly - More
- January 29, 2008 | Item | E-mail
Strait Gold Reports Final Results From 2007 Exploration Program - More
- January 29, 2008 | Item | E-mail
Global Hunter Announces Drill Results Including 18 Metres of 2.96 Percent Copper - More
- January 29, 2008 | Item | E-mail
Kinbauri Intersects 22.4g Au/t and 0.6% Cu Over 7.4m at El Valle, NW Spain - More
- January 29, 2008 | Item | E-mail
Canadian Shield Intersects a Total of 42 Metres Grading 104.9 g/t Silver and 1.06 g/t Gold at La Estrella - More
- January 29, 2008 | Item | E-mail
Romios Exercises Option to Hold 75% Interest in Newmont Lake Property - More
- January 29, 2008 | Item | E-mail
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Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged Before Fed Day