-- Posted Thursday, 13 November 2008 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $707.30 | -$11.15 |
Silver | $8.86 | -$0.625 |
XAU | 84.71 | +12.72% |
HUI | 198.61 | +13.18% |
GDM | 599.07 | +12.17% |
JSE Gold | 1487.01 | -121.23 |
USD | 86.69 | -0.85 |
Euro | 128.13 | +3.60 |
Yen | 102.46 | -3.04 |
Oil | $58.24 | +$2.08 |
10-Year | 3.818% | +0.153 |
T-Bond | 116.984375 | -1.109375 |
Dow | 8835.25 | +6.67% |
Nasdaq | 1596.70 | +6.50% |
S&P | 911.29 | +6.92% |
The Metals:
Gold fell $10.05 to $708.40 in after hours access trade late yesterday before it climbed back higher in Asia and London and rose to as high as $721 by about 10:30AM EST in New York, but it then fell back off into the close and ended near its low of $699.55 with a loss of 1.55%. At the time of writing in after hours access trade gold has more than erased today’s loss and has even climbed past its earlier high by setting a new high of $739.67.
Silver fell to $0.245 to $9.24 in after hours access trade late yesterday before it climbed back higher in Asia and London and rose to as high as $9.46 by about 8:30AM EST in New York, but it also fell back off into the close and ended near its low of $8.78 with a loss of 6.59%. Silver has also erased more than today’s loss in after hours access trade and has climbed to as high as $9.515 at the time of writing.
Euro gold fell to about €566, platinum lost $12.50 to $807, and copper fell a few cents to about $1.62.
Gold and silver equities rose over 3% about an hour into trade and fell over 3% by early afternoon, but they then rallied back higher into the close and ended with over 12% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/08 | 516K | 479K | 484K |
Trade Balance | Sep | -$56.5B | -$57.0B | -$59.1B |
Treasury Budget | Oct | -$237.2B | -$134.0B | -$56.8B |
Jobless Claims climbed to the highest in 7 years and the budget deficit was the largest on record.
The House Oversight Committee hosted a hearing today on hedge funds and the financial markets in which several hedge fund managers who made over $1 billion last year testified about their role in and thoughts about recent events in the markets.
“President George W. Bush asserted Thursday that the global financial crisis is "not a failure of the free market" and urged world leaders to adopt modest financial reforms that stop short of the tighter regulations Europeans favor.”
Soros, Falcone Defend Hedge-Fund Industry as House Panel Weighs Regulation Bloomberg
Soros says deep recession inevitable, depression possible Yahoo
Obama Pushing for $50 Billion Automaker Rescue, Czar to Oversee Companies Bloomberg
Bernanke Must Reveal Who Got $2 Trillion Loans, Investors, Congressmen Say Bloomberg
Foreclosure Filings Surged 25% in October as Prices Slid, Economy Weakened Bloomberg
Tomorrow at 8:30AM EST brings Import and Export Prices for October and Retail Sales for October expected at -2.1%. At 10AM is The Business Inventories report for September expected at -0.1% and Michigan Sentiment for November expected at 57.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as inventory reports showed a larger than expected build in gasoline supplies and confirmed the continued drop off in demand, but it then rallied back higher in late trade and ended with a decent gain on optimism over rebounding conditions heading forward.
The U.S. dollar index fell as worries eased over the health of the financial markets and urged traders to put money to work.
Treasuries fell as stocks reversed early losses and ended markedly higher.
The Dow, Nasdaq, and S&P traded lower for most of the day on further economic worries and more disappointing company reports and the Dow was down over 300 points at one point, but all three indices soared higher in the last couple of hours of trade and ended with over 6% gains after President Bush delivered a passionate speech about free markets as he prepares for the G20 meeting that starts tomorrow.
Among the big names making news in the market today were Las Vegas Sands, JPMorgan, GM, Intel, and Wal-Mart.
The Commentary:
“December Gold closed down 13.3 at 705. This was 6 up from the low and 20 off the high.
December Silver finished down 0.68 at 8.8, 0.51 off the high and 0.01 up from the low.
The gold market continued to see a tight positive correlation with the US equity market. With the stock market under pressure again it was clear that deflationary selling interest surfaced in the gold market again. In fact, while the Dollar was periodically lower early in the trading session the direction of the stock market seemed to be more important to the gold trade. As mentioned in the mid day coverage more evidence of slowing in the regularly scheduled US economic data seemed to turn up the selling pressure on gold and that isn't that surprising considering the ever lengthening expected duration of recessionary conditions.
With the outlook for the US economy apparently deteriorating further in the wake of ongoing gains in initial and ongoing claims it wasn't that surprising to see the December silver contract fall to the lowest level since October 28th. In fact, as long as the equity markets are pointing to significant financial and economic uncertainty ahead it would seem like a host of physical commodity markets are going to be viewed as vulnerable to more price declines.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold mining mergers on hold until share prices stabilize
Ambrose Evans-Pritchard: Abandon all hope once you enter deflation
The Statistics:
As of close of business: 11/12/2008
Gold Warehouse Stocks: | 8,372,037 | -398 |
Silver Warehouse Stocks: | 130,204,084 | +1,146,367 |
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 | 748.94 | 24,079,044 | US$ 17,449m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.66 | 3,782,821 | US$ 2,740m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,311 | US$ 270m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.58 | 854,440 | US$ 619m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.27 tonnes and the JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/12/2008 | |
Total Net Assets | $1,473,881,194 | Ounces of Gold
in Trust | 2,053,895.409 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 63.88 |
Note: Change in Total Tonnes from yesterday’s data: 0.62 tonnes were removed from the trust.
Silver Trust (SLV)
Profile as of 11/12/2008 | |
Total Net Assets | $2,093,295,196 | Ounces of Silver
in Trust | 216,958,480.900 |
Shares Outstanding | 219,700,000 | Tonnes of Silver
in Trust | 6,748.16 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
A free, new stock report by Peter Zihlmann on Seabridge Gold, Agnico-Eagle’s (AEM) spending cut on exploration, Allied Nevada’s (ANV) third quarter results, AngloGold’s (AU) cash costs, Pan American’s (PAAS) third quarter results, and Avino’s (ASM.V) optioned property were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +58.5% $3.17 |
2. Hecla | HL +25.71% $1.32 |
3. Buenaventura | BVN+18.44% $14.58 |
LOSERS
1. Exeter | XRA -3.19% $1.21 |
2. Gammon Gold | GRS -3.17% $3.36 |
3. Richmont | RIC -2.29% $1.1432 |
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:
La Mancha Announces its Third Quarter Results - More
- November 13, 2008 | Item | E-mail
Tanqueray Resources Ltd. - Appointment of new Director - More
- November 13, 2008 | Item | E-mail
Shutdown looms at Cameco's Port Hope plant - union - More
- November 13, 2008 | Item | E-mail
Zaruma Resources reports on Third Quarter 2008 - More
- November 13, 2008 | Item | E-mail
SIRIOS RESOURCES INC.: $550,000 Debenture and Loan Financing from SIDEX, Limited Partnership - More
- November 13, 2008 | Item | E-mail
Latin American Minerals Inc. Acquires Lithium Project in Argentina Following Positive Initial Sampling Program - More
- November 13, 2008 | Item | E-mail
Inter-Citic Minerals Inc. Approves Increase to Authorized Capital - More
- November 13, 2008 | Item | E-mail
Roxmark extends molybdenum mineralization at Nortoba-Tyson molybdenum property - More
- November 13, 2008 | Item | E-mail
Bayswater and Commander Sell Uranium Royalty - More
- November 13, 2008 | Item | E-mail
Oremex Announces Financing - More
- November 13, 2008 | Item | E-mail
Richview Files Third Quarter Statements - More
- November 13, 2008 | Item | E-mail
Glen Eagle Resources Inc.: Property Acquisition - More
- November 13, 2008 | Item | E-mail
Cardero Provides Update on the Pampa El Toro Iron Sand Project, Marcona District, Southern Peru - More
- November 13, 2008 | Item | E-mail
Lundin Mining Releases Third Quarter Results for 2008 - More
- November 13, 2008 | Item | E-mail
Millrock Announces Positive Sampling at Estelle Gold Project, Alaska - More
- November 13, 2008 | Item | E-mail
Unico, Inc. Announces a New Photo Gallery Showing Delivery and Progress of Installation of Crushing Plant to the Deer Trail Mine Site - More
- November 13, 2008 | Item | E-mail
MDN/Results for the Third Quarter Ended September 30, 2008: Net Earnings of $5.1 Million or $0.056 Per Share - More
- November 13, 2008 | Item | E-mail
Redcorp Ventures Ltd.: Financial and Operating Highlights for the Third Quarter Ended September 30, 2008 - More
- November 13, 2008 | Item | E-mail
High Desert Gold Corporation Files Third Quarter 2008 Financial Statements - More
- November 13, 2008 | Item | E-mail
Maya Gold & Silver Inc.: Guy Goulet Nomination as President - More
- November 13, 2008 | Item | E-mail
Denison Mines Corp. Reports Third Quarter Earnings - More
- November 13, 2008 | Item | E-mail
General Metals Completes Phase I Drilling at Independence Project and Grows Oxide Mineralization to 569,347 oz Gold and 11,327,160 oz Silver - More
- November 13, 2008 | Item | E-mail
Solex Resources Corp. completes initial drilling program and continues metallurgical testing at Macusani South project - More
- November 13, 2008 | Item | E-mail
Stroud Intercepts Wide Mineralized Zone at Santo Domingo - More
- November 13, 2008 | Item | E-mail
Drill results show continuity of gold & base metal mineralization at the Corak property - More
- November 13, 2008 | Item | E-mail
Directors Dealings - Chairman increases personal shareholding - More
- November 13, 2008 | Item | E-mail
Gold sector M&A seen on hold until markets settle - "Small gold firms hit by the credit crisis and weak gold prices are keen for mergers with bigger rivals, but consolidation will likely have to wait until volatile share prices stabilise, company officials said on Thursday.
"It's hard to convince someone to accept a 30 percent premium when their stock price is 90 percent down," Alex Davidson, an official with Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz), told the RBC gold conference in London." More
- November 13, 2008 | Item | E-mail
Sherwood Increases Continuity of High Grade Copper Trend at Its Kutcho Copper Project - More
- November 13, 2008 | Item | E-mail
Anvil Mining Reports Third Quarter 2008 Results - More
- November 13, 2008 | Item | E-mail
Lundin Mining suspends zinc production at Neves-Corvo - More
- November 13, 2008 | Item | E-mail
Lundin Mining Provides Aljustrel and Neves-Corvo Operations Update - More
- November 13, 2008 | Item | E-mail
Agnico-Eagle to cut prospecting - "Canadian gold producer Agnico-Eagle Mines is due to cut spending on exploration so it can finance the development of five new mines as the global credit crisis unfolds, Chief Executive Sean Boyd said on Thursday." More
- November 13, 2008 | Item | E-mail
Allied Nevada Reports Third Quarter 2008 Financial Results - "Allied Nevada had a consolidated net loss for the three month period ended September 30, 2008, of $9,747,000 compared to a consolidated net loss of $3,387,000 for the same period in 2007. The increase in the consolidated net loss of $6,360,000 is largely due to an increase of $2,616,000 in exploration, property evaluation and holding costs, an increase of $419,000 in corporate general and administrative costs, $2,348,000 of mine start up costs, and $602,000 of interest expense." More
- November 13, 2008 | Item | E-mail
Pan American Silver Announces Third Quarter Results - "Pan American posted sales of $79.5 million during the third quarter of 2008, a 10% decline year over year. Although the realized silver price increased 19% relative to the same period last year, this was offset by significantly lower realized base metal prices. Zinc prices were 45% lower than in the third quarter of last year while lead prices declined 39% over the same period." More
- November 13, 2008 | Item | E-mail
Avino Silver & Gold Mines Ltd.: Mega Silver Options Eagle Vein Property, Keno Hill, Yukon - "Avino Silver & Gold Mines Ltd. (the "Company") (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News) is pleased to announce that it has entered into an option agreement with Mega Silver Inc. ("Mega Silver"), whereby Mega Silver can earn the exclusive right and option to acquire a 100% title and interest in the Eagle Property located in the historic Keno Hill silver district that has produced over 200 million ounces of silver, Yukon Territory. The property area is located roughly 38 kilometres northeast of Mayo and 350 kilometres due north of the capital of Whitehorse." More
- November 13, 2008 | Item | E-mail
AngloGold sees lower Q4 cash costs on forex - "South Africa's Anglogold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz) expects cash costs for the fourth quarter to fall below the forecast level of $460 per ounce due to the weaker rand currency." More
- November 13, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 13 November 2008 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall In Early Trade But Rally After Hours
