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-- Posted Monday, 11 February 2008 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | Gold | $922.55 | +$4.35 | Silver | $17.40 | +$0.29 | XAU | 182.08 | +0.46% | HUI | 445.57 | +0.43% | GDM | 1340.01 | +0.04% | JSE Gold | 2326.54 | -67.11 | USD | 76.56 | -0.06 | Euro | 145.14 | +0.02 | Yen | 93.56 | +0.43 | Oil | $93.59 | +$1.82 | 10-Year | 3.618% | -0.036 | T-Bond | 119.28125 | +0.5625 | Dow | 12240.01 | +0.48% | Nasdaq | 2320.06 | +0.66% | S&P | 1339.13 | +0.59% |
The Metals:  Gold rose to $927.20 in London before it fell to $915.60 by midmorning in New York, but it then rallied back higher into the close and ended with a gain of 0.47% and just $4.45 from setting a new record closing high. Silver rose to $17.392 in London before it fell to $17.10 by midmorning in New York, but it then rallied to a new 27 year intraday high of $17.54 and ended at a new 27 year closing high with a gain of 1.7%.
Euro gold rose to a new record closing high at €636, platinum gained $61 to a new record high at $1932, and copper gained a couple of cents to about $3.55. Gold and silver equities fell nearly 2% about an hour into trade, but they then rallied to find slight gains by late morning and remained at about that level for the rest of the day. The Economy: There were no major economic reports today. Tomorrow at 2PM EST brings the Treasury Budget for January expected at $20.0 billion. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose on supply concerns as Chavez threatened to cut off sales of Venezuelan oil to the U.S. and a refinery suffered a power outage. The U.S. dollar index fell slightly as the euro gained on hawkish comments from the ECB over the weekend. Treasuries rose on credit market worries as AIG announced they may be writing down more CDO losses. The Dow, Nasdaq, and S&P fell in morning trade on worries over AIG, but they then rose to find slight gains in afternoon trade on hopes for more interest rate cuts from the fed. Among the big names making news in the market today were American International Group, Yahoo and Microsoft, Ford, Hasbro, Credit Suisse and UBS, JetBlue, Loews, and GM and Toyota. The Commentary:  “April Gold finished up 4.4 at 926.7, 2.8 off the high and 6.7 up from the low.
March Silver closed up 0.36 at 17.47. This was 0.265 up from the low and 0.01 off the high. The gold market found support this morning on sharply higher platinum prices overnight. The platinum market gained on more concerns about an energy crisis in South Africa, with more rolling blackouts expected which will cut mine capacity and which has already hurt platinum production there. The platinum story was enough for gold traders to discount talk of IMF gold stock sales over the weekend. A weaker dollar overnight also supported gold, and sharply higher crude oil prices supported the market later in the session. Talk emanating out of the G7 meeting over the weekend suggesting that economic leaders are prepared to cut interest rates further to encourage growth was also supportive to gold and other precious metals. Silver traded to its highest levels since 1980 today, as the market seemed to gain on sharply higher gold, platinum and copper prices and the generally inflationary tone of the market. Copper gained sharply on a steep drop in LME stocks overnight, and platinum traded to new record highs on the South African energy story, which may have also fueled heavy fund buying.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
John Stepek: Why the rising gold price is a headache for G7 James Turk: Silver is leading Peter Brimelow: Gold's path to $1,000 now clear? No third-party presidential candidacy for Paul Ambrose Evans-Pritchard: Japan is the next sub-prime flashpoint Jim Sinclair: Any IMF sales will be great for gold GATA's ad reaches national audience in South Africa Mobilization of IMF gold just a sign of central bank desperation Debt fears heighten in U.S. and Europe OPEC chief muses about gradually switching oil pricing to euros The Statistics: As of close of business: 2/8/2008 Gold Warehouse Stocks: | 7,636,791 | - | Silver Warehouse Stocks: | 133,863,048 | -688,926 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 631.15 | 20,292,100 | US$ 18,591m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 106.28 | 3,416,870 | US$ 3,159m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.83 | 573,160 | US$ 530m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,645 | US$ 799m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 2/8/2008 | | Total Net Assets | $1,769,417,113 | Ounces of Gold
in Trust | 1,926,796.406 | Shares Outstanding | 19,500,000 | Tonnes of Gold
in Trust | 59.93 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 2/8/2008 | | Total Net Assets | $2,763,795,816 | Ounces of Silver
in Trust | 163,073,646.800 | Shares Outstanding | 16,450,000 | Tonnes of Silver
in Trust | 5,072.16 |
Note: Change in Total Tonnes from yesterday’s data: 15.42 tonnes were added to the trust. The Stocks: Angloplat’s (AMSJ.J) earnings, Eldorado’s (EGO) mine update, Keegan’s (KGN) drill results, Crystallex’s (KRY) closed offering, and Silvermex’s (SMR.V) completed drill program were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Mines MGMT | MGN+11.01% $3.73 | 2. Endeavour | EXK +7.76% $3.75 | 3. Richmont | RIC +4.93% $3.62 |
LOSERS 1. AngloGold | AU -3.42% $35.07 | 2. Buenaventura | BVN-3.13% $69.34 | 3. Gold Fields | GFI -2.64% $13.29 |
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: Eldorado Gold Corporation: Kisladag Mine Update - "Eldorado Gold Corporation (the "Company") (Toronto:ELD.TO - News)(AMEX:EGO - News) today announced that a decision has been reached relating to the Kisladag EIA (Environmental Impact Assessment). This decision was rendered by the 6th Department of the High Administrative Court in Ankara on February 6, 2008." More
- February 11, 2008 | Item | E-mail
Orex Exploration Inc.: Corporate Update - More
- February 11, 2008 | Item | E-mail
GWR Announces Resumption of Exploration Activities on Lac La Hache - More
- February 11, 2008 | Item | E-mail
Intrinsic Minerals Ltd. Announces Second Option Agreement With Noront Resources Ltd. to Acquire 50% of 17 Claim Blocks in the "Ring of Fire" - More
- February 11, 2008 | Item | E-mail
Pacific Comox: 0.49% Molybdenum or 9.9 Lbs/Ton Molybdenum Reported in Hole 101 Over a 15 Meter Interval Starting 1 Meter From Surface - More
- February 11, 2008 | Item | E-mail
Yale Announces New Director - More
- February 11, 2008 | Item | E-mail
Mawson to trade on the Toronto Stock Exchange - More
- February 11, 2008 | Item | E-mail
Millrock Announces Acquisition of Fortymile District Gold Properties and Reconnaissance Sampling Results - More
- February 11, 2008 | Item | E-mail
Gold Resource Corporation's El Aguila Project Returns 1m of 34.3 g/t Gold Within 9m of 1.4 oz/t Gold Equivalent at La Arista; 10m of 0.55 oz/t Gold Equivalent - More
- February 11, 2008 | Item | E-mail
North American Gem Inc. Continues to Hit Visible Mineralization to the North, as well as below the Terminator to the Northwest - More
- February 11, 2008 | Item | E-mail
Zaruma Resources: New Copper Mineralization at Sapo North Target (San Antonio Project) - More
- February 11, 2008 | Item | E-mail
Tamerlane Contracts Overwrite Of Updated Feasibility Study - More
- February 11, 2008 | Item | E-mail
Tamerlane Contracts Overwrite Of Updated Feasibility Study - More
- February 11, 2008 | Item | E-mail
HuntMountain Secures Surface Rights at La Josefina Gold-Silver Project - More
- February 11, 2008 | Item | E-mail
Keegan Resources Inc.: Esaase Gold Project Infill Drilling Program Continues to Return High Gold Grades - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of five new drill infill drill holes from within the existing 43-101 resource area. Highlights include 42 meters of 8.75 g/t Au and 35 meters of 2.02 g/t Au from drill hole KER264." More
- February 11, 2008 | Item | E-mail |
Gold Seeker Closing Report: Gold and Silver Gain Again