-- Posted Tuesday, 12 February 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $908.95 | -$13.60 |
Silver | $17.23 | -$0.17 |
XAU | 176.65 | -2.98% |
HUI | 429.94 | -3.51% |
GDM | 1296.93 | -3.21% |
JSE Gold | 2327.55 | +1.01 |
USD | 76.33 | -0.23 |
Euro | 145.90 | +0.76 |
Yen | 93.11 | -0.45 |
Oil | $92.78 | -$0.81 |
10-Year | 3.679% | +0.061 |
T-Bond | 118.50 | -0.78125 |
Dow | 12373.41 | +1.09% |
Nasdaq | 2320.04 | -0.00% |
S&P | 1348.86 | +0.73% |
The Metals:
Gold rose slightly to $924.70 in Asia, but it then fell throughout most of trade in London and New York and ended over $5 off its low of $903.45 with a loss of 1.47%. Silver made a new 27 year intraday high at $17.60 in Asia before it also fell in London and New York and dropped to as low as $17.10 by early afternoon, but it did end over 10 cents off that low with a loss of just 0.98%.
Euro gold fell to about €623, platinum lost $14.50 to $1917.50, and copper remained at about $3.55.
Gold and silver equities steadily fell for most of trade and ended with roughly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Jan | $17.8B | $20.0B | $38.2B |
“Project Lifeline” was introduced by six top mortgage companies today and is backed by the U.S. Treasury and the Department of Housing and Urban Development. The program “would pause foreclosure proceedings for borrowers more than 90 days in arrears while servicers determine whether they could make payments under new terms, the six firms said in a statement.”
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as worries over Chavez eased and traders prepared for expected inventory builds tomorrow.
The U.S. dollar index fell as the euro rose on a better than expected German business sentiment survey.
Treasuries fell and the Dow, Nasdaq, and S&P rose after Warren Buffet offered to reinsure up to $800 billion in municipal debt for three of the top bond insurers, but the Dow and S&P ended well off their highs while the Nasdaq ended with a slight loss on doubts that Buffet’s offer will be of much help.
Among the big names making news in the market today were MBIA, Ambac, FGIC, GM, Masco, and Monsanto.
The Commentary:
“April Gold finished down 15.6 at 911.1, 13.4 off the high and 3.1 up from the low.
March Silver closed down 0.22 at 17.25. This was 0.07 up from the low and 0.33 off the high.
The gold market started out weak and spent a large portion of the trading session diverging rather significantly with the rest of the metals markets. Eventually the weakness in gold seemed to pull down the rest of the metals markets but the main culprit of the day seemed to be a lessening of US credit market anxiety. In other words, the news of a new Bond insurer effort was seen as a potential important development for the US economy and that in turn prompted some long liquidation in gold. Apparently the gold market was being supported by flight to quality interest and seeing the sharp stock market gains prompted some long liquidation. While there were some early suggestions that reports of lower physical demand were undermining gold prices that same type of news from India overnight, didn't seem to weigh that heavily on the US gold market early in the trading session. Surprisingly, a generally weak US Dollar also failed to support April gold witch ended up forging a rather surprising decline on the charts.
The silver market did manage another new high for the move before falling back rather definitively in afternoon action. Apparently seeing positive leadership from the US equity market failed to support silver prices and with platinum and copper prices also falling back rather definitively from their highs, the silver market seemed to be caught in a tide of outside market selling. With a long list of physical commodity markets under pressure on Tuesday, it is possible that silver was also seeing pressure from non metals market action.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
No hiding huge inflation in Britain anymore
Saudi official says riyal's peg to dollar will continue
Governments said ready to intervene if markets become 'irrational'
The Statistics:
As of close of business: 2/12/2008
Gold Warehouse Stocks: | 7,649,198 | +7,205 |
Silver Warehouse Stocks: | 133,384,506 | +172,466 |
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$ 18,626m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 106.27 | 3,416,836 | US$ 3,088m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 18.01 | 578,453 | US$ 523m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,606 | US$ 815m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.18 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/11/2008 | |
Total Net Assets | $1,778,029,524 | 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 2/11/2008 | |
Total Net Assets | $2,832,173,167 | Ounces of Silver
in Trust | 163,073,646.800 |
Shares Outstanding | 16,450,000 | Tonnes of Silver
in Trust | 5,072.16 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Exeter’s (XRA) drill results, Newmont’s (NEM) mine stake in Indonesia, Freeport’s (FCX) 2008 output, Endeavour’s (EXK) exploration review and outlook, Coeur’s (CDE) mine pre-commissioning, and Hecla’s (HL) mine acquisition were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +6.60% $1.13 |
2. Exeter | XRA +3.73% $4.17 |
3. International Royalty | ROY +2.09% $5.85 |
LOSERS
1. ITH | THM -7.52% $2.09 |
2. Silver Standard | SSRI -6.30% $31.81 |
3. Richmont | RIC -6.08% $3.40 |
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:
General Moly to Begin Trading on Toronto Stock Exchange (TSX) on February 14, 2008 - More
- February 12, 2008 | Item | E-mail
Magnum Uranium Completes 80% Earn-in on San Rafael Joint Venture - More
- February 12, 2008 | Item | E-mail
San Gold Adds Key Management Positions - More
- February 12, 2008 | Item | E-mail
Drill Program Underway at Mengold's Shebandowan Properties - More
- February 12, 2008 | Item | E-mail
American Bonanza Signs a Letter of Intent With Gryphon Gold Corporation to Merge the Companies - More
- February 12, 2008 | Item | E-mail
HudBay Announces Updated Mineral Reserves and Resources - More
- February 12, 2008 | Item | E-mail
Queensland Minerals Announces Further Impressive Gold-Copper Results From the Lynd Anastasia Project in North Queensland, Australia and Extension of Credit - More
- February 12, 2008 | Item | E-mail
First Quantum Minerals Publishes Resource for Guelb Moghrein Copper-Gold Mine in Mauritania - More
- February 12, 2008 | Item | E-mail
CGW anticipates successful drill programs at Dolly Varden and the Victoria Mine for 2008 - More
- February 12, 2008 | Item | E-mail
Gryphon Gold Announces Financial Results for December 31, 2007 - More
- February 12, 2008 | Item | E-mail
Geodex Announces Private Placement Closing - More
- February 12, 2008 | Item | E-mail
Silvermet Progresses Its Waelz Kiln Zinc Project in Turkey - More
- February 12, 2008 | Item | E-mail
Solid closes $60,000 debt financing - More
- February 12, 2008 | Item | E-mail
Endeavour Silver Corp. - Exploration Review Of 2007 And Exploration Outlook For 2008 - "Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, and EJD: Frankfurt) delivered additional exploration success in 2007, highlighted by the discovery of new polymetallic mineralization on the El Cometa mine
Gold Seeker Closing Report: Gold and Silver Fall About 1%