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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 6% and 16% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 3 October 2008 | Digg This ArticleDigg It! | | Source: GoldSeek.com

Please Note:  There will be no Gold Seeker Reports next week except for Friday.

 

 

Close

Gain/Loss

On Week

Gold

$827.85

-$14.70

-6.29%

Silver

$11.23

+$0.11

-16.26%

XAU

112.09

+0.95%

-18.95%

HUI

269.08

+1.27%

-18.26%

GDM

804.07

+1.38%

-17.64%

JSE Gold

1612.63

-5.83

-14.67%

USD

80.47

-0.08

+4.52%

Euro

137.98

-0.32

-5.60%

Yen

95.07

+0.04

+0.92%

Oil

$93.85

-$0.12

-12.2%

10-Year

3.644%

-0.002

-4.78%

Bond

119.6875

+0.296875

+1.92%

Dow

10325.38

-1.50%

-7.31%

Nasdaq

1947.39

-1.48%

-10.81%

S&P

1099.23

-1.35%

-9.39%

 
 

 

The Metals:

 

Gold rose about 0.5% to $847.25 at the New York open and then plummeted to as low as $818.60 by 9:30AM EST before it rebounded back near $840 by late morning, but it then fell back off into the close and ended with a loss of 1.74%.  Silver fell to $10.83 by 9:30AM EST before it rebounded to see a 60 cent gain at as high as $11.72 by late morning in New York, but it also fell back off in the last couple of hours of trade and ended with a gain of just 1%.

 

Euro gold fell to about €598, platinum lost $19.50 to $951.50, and copper gained roughly 5 cents to about $2.70.

 

Gold and silver equities rose over 7% by late morning, but they then fell back off for the rest of the day and ended with only about 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Sep

-159K

-105K

-73K

Unemployment Rate

Sep

6.1%

6.1%

6.1%

Average Workweek

Sep

33.6

33.7

33.7

Hourly Earnings

Sep

0.2%

0.3%

0.4%

ISM Services

Sep

50.2

50.0

50.6

 

The BLS net birth/death adjustment added 42,000 payrolls.

 

Financial-Rescue Package Wins Final Approval With House Vote of 263 to 171
Bloomberg

 

All of this week’s economic reports:

 

ISM Services - September

50.2 v. 50.6

 

Nonfarm Payrolls - September

-159K v. -73K

 

Unemployment Rate - September

6.1% v. 6.1%

 

Average Workweek - September

33.6 v. 33.7

 

Hourly Earnings - September

0.2% v. 0.4%

 

Factory Orders - August

-4.0% v. 0.7%

 

Initial Claims - 9/27

497K v. 493K

 

Construction Spending - August

0.0% v. -1.4%

 

ISM Index - September

43.5 v. 49.9

 

ADP Employment - September

-8K v. -37K

 

Consumer Confidence - September

59.8 v. 58.5

 

Chicago PMI - September

56.7 v. 57.9

 

Personal Income - August

0.5% v. -0.6%

 

Personal Spending - August

0.0% v. 0.1%

 

Next week’s economic highlights include FOMC Minutes and Consumer Credit on Tuesday, Pending Home Sales on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and Export and Import Prices and the Trade Balance on Friday.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil ended just slightly lower on worries over demand going forward.

 

The U.S. dollar index fell and treasuries rose as the Dow, Nasdaq, and S&P eventually fell after the house passed the bailout bill 263 to 171.  All of those moves were opposite earlier in the day on hopes that the bill would be passed, but all markets reversed after the fact on worries that the plan will now actually work to solve all of the serious problems facing the markets.  Many also expect a fed rate cut of at least 25 basis points sometime soon.

 

Among the big names making news in the market Friday were Wells Fargo and Wachovia, Toyota, UBS, Boeing, and General Growth.

 

The Commentary:

 

“December Gold closed down 11.1 at 833.2. This was 8.2 up from the low and 13.8 off the high.

 

December Silver finished up 0.205 at 11.325, 0.365 off the high and 0.1 up from the low.

 

The gold market waffled around both sides of unchanged and in the wake of the US monthly payroll report the trade forged a quick $30 trading range. Clearly higher US equity prices and an apparent passage of the House bailout package served to knock some flight to quality bulls from the gold market. It also goes without saying that ongoing gains in the US Dollar added to the weakness in gold prices. Surprisingly the gold market and a host of other physical commodity markets weren't severely undermined in the wake of the weaker than expected US readings and that might have been the result of the mostly steady US unemployment rate reading.

 

The silver market clearly diverged with the gold market during the action Friday, as the silver market seemed to adopt the physical commodity posture while the gold market was under pressure because of declining economic uncertainty. With the copper market managing a week ending bounce, it is possible that action inspired some similar short covering in the silver market.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Royal Canadian Mint under strain to meet demand for gold

Rob Kirby: The invisible hand and the pox known as usury

Dan Norcini: Real gold isn't being sold off, only paper gold is

Franklin Sanders: Somebody's 'painting the tape' with gold and silver

Jason Hommel: If that silver price was real, you could get rich quick

 

The Statistics:

As of close of business: 10/02/2008

Gold Warehouse Stocks:

8,596,414

-

Silver Warehouse Stocks:

136,408,439

+904,930

 

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) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

755.26

24,282,494

US$ 20,681m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

116.26

3,738,011

US$ 3,128m

Australian Stock Exchange (ASX)

Gold Bullion Securities

12.40

397,825

US$ 334m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

26.22

843,012

US$ 718m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 10/2/2008

 

Total Net Assets

$1,711,424,490

Ounces of Gold
in Trust

2,039,885.244

Shares Outstanding

20,700,000

Tonnes of Gold
in Trust

63.45

Note: No change in Total Tonnes from yesterday’s data.

 

Silver Trust (SLV)

Profile as of 10/2/2008

 

Total Net Assets

$2,697,575,209

Ounces of Silver
in Trust

220,216,436.200

Shares Outstanding

222,900,000

Tonnes of Silver
in Trust

6,849.50

Note: No change in Total Tonnes from yesterday’s data.

 

The Stocks:

 

Silver Wheaton’s (SLW) acquired mine life from Alexco (AXU), Gold Fields’ (GFI) view on global gold supply, Freeport’s (FCX) output, and Keegan’s (KGN) sediment survey results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  ITH

THM+11.93% $1.97

2.  Golden Star

GSS +7.94% $1.36

3.  Entree

EGI +6.67% $1.12

 

LOSERS

1.  Solitario

XPL-7.45% $3.23

2.  Timberline

TLR-6.25% $1.35

3.  Hecla

HL -4.09% $3.75

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:

Moss Lake Gold Mines Ltd. - Drilling confirms Moss Lake potential - More
- October 03, 2008 | Item | E-mail


LOUNOR EXPLORATION INC. - Private placement - More
- October 03, 2008 | Item | E-mail


Franconia Minerals Completes Lake Drilling & Bulk Sample Collection at Birch Lake Copper-Nickel-PGM Project - More
- October 03, 2008 | Item | E-mail


HudBay Announces the Appointment of Michael D. Winship as President and Chief Operating Officer and New Appointments Within the Company's Senior Management Team - More
- October 03, 2008 | Item | E-mail


Mountain Lake Announces Private Placement - More
- October 03, 2008 | Item | E-mail


Slam Announces Assay Results & Launches Trenching Program at TSN - More
- October 03, 2008 | Item | E-mail


Case Financial, Inc. Receives Extension to Provide Funding for Gold Property Located on the Carlin Trend in Elko County, Nevada - More
- October 03, 2008 | Item | E-mail


Gold Fields CEO says global gold supply to tighten - "Global gold supply will likely contract as the financial crisis in the United States saps funds away from planned mining projects, Nick Holland, the chief executive of Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) said on Friday." More
- October 03, 2008 | Item | E-mail


New Brunswick Court of Queen's Bench Render's Decision on NPI claimed by Fern Trust - More
- October 03, 2008 | Item | E-mail


Freeport says Cerro Verde output OK despite strike | Markets | Markets News | Reuters - "Workers at the Cerro Verde copper pit, Peru's third largest, entered the second day of a strike on Friday, though mine owner Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) said output has not been impacted." More
- October 03, 2008 | Item | E-mail


Consolidated Abaddon to acquire a 100% interest in Copper Mountain Property, Stillwater Range, Nevada - More
- October 03, 2008 | Item | E-mail


Pershimco Initiates Bulk Sampling at Courville Gold Project for Metallurgical Study and Announces a Private Placement - More
- October 03, 2008 | Item | E-mail


MacMillan Gold and Duran Ventures Report 363.2 Metres Averaging 0.728% Cu Equivalent - More
- October 03, 2008 | Item | E-mail


Khan Resources Issues Update on Mongolia and the Dornod Uranium Project - More
- October 03, 2008 | Item | E-mail


Keegan Discovers 18 Km Zone of Mineralized Stream Sediments on Mt Olives and Announces Results of NW Drilling at Its Asumura Project - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(KGN - News) is pleased to announce the results of the stream sediment survey on the recently acquired Mt. Olives concession at its Asumura project in NW Ghana. The most significant find of the program is an 18 km long zone of anomalous stream sediments that suggest the potential for a significant regional zone of mineralization. " More
- October 03, 2008 | Item | E-mail


Silver Wheaton Acquires 25% of the Life of Mine Silver Production From Alexco's Keno Hill Project in the Yukon, Canada - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(SLW - News) is pleased to announce that it has agreed to purchase 25% of the life of mine silver produced by Alexco Resource Corp. ("Alexco") (Toronto:AXR.TO - News)(AXU - News) at its Keno Hill project ("Keno Hill") located in the Yukon Territory, Canada. Keno Hill is historically one of the highest-grade and most prolific silver producing districts in the world." More
- October 03, 2008 | Item | E-mail


Tao Minerals Provides Update on $1 Million Financing Commitment - More
- October 03, 2008 | Item | E-mail


Gladstone Pacific Nickel Ltd - ACN (104 261 887) ("Gladstone" or "the Company") - Feasibility study financial results using long term assumptions - More
- October 03, 2008 | Item | E-mail


USCorp Adds Claims at Its Arizona Twin Peaks Gold Property - More
- October 03, 2008 | Item | E-mail


Bear Lake Gold Adds Another Drill Rig at Larder Lake: Additional Exploration Targets Will be Drilled - More
- October 03, 2008 | Item | E-mail


Northern Gold Mining Inc. Annual Meeting and Exploration Update - More
- October 03, 2008 | Item | E-mail


TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property - More
- October 03, 2008 | Item | E-mail


Starfire Announces 140 Meters Averaging 0.67 Grams Gold per Tonne; Also Intersects 1.98 meters containing 6.49 Grams Gold per Tonne - More
- October 03, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


-- Posted Friday, 3 October 2008 | Digg This Article | Source: GoldSeek.com




 



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