-- Posted Thursday, 4 December 2008 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $764.80 | -$4.75 |
Silver | $9.515 | -$0.065 |
XAU | 87.70 | -3.06% |
HUI | 210.99 | -3.25% |
GDM | 639.23 | -3.41% |
JSE Gold | 1982.37 | +45.70 |
USD | 86.55 | -0.34 |
Euro | 127.73 | +0.50 |
Yen | 108.44 | +1.30 |
Oil | $43.67 | -$3.12 |
10-Year | 2.570% | -0.106 |
T-Bond | 134.9375 | +1.96875 |
Dow | 8376.24 | -2.51% |
Nasdaq | 1445.56 | -3.14% |
S&P | 845.22 | -2.93% |
The Metals:
Gold fell $7.75 to $761.80 by about 8AM EST before it rose to see a $16.39 gain $785.94 by late morning, but it then fell back off into the close and ended with a loss of 0.62%. Silver rose 10 cents to $9.68 in London before it fell in early New York trade to see a 26 cent loss at as low as $9.32 by about 9AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.68%.
Euro gold fell to about €598, platinum lost $1 to $795, and copper fell over 8 cents to about $1.45.
Gold and silver equities rose over 3% in morning trade, but they then fell back off in afternoon action along with the major indices and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/29 | 509K | 540K | 530K |
Factory Orders | Oct | -5.1% | -4.5% | -3.1% |
CEOs from the big 3 automakers testified again before the Senate Banking Committee today with hopes of receiving as much as $34 billion from the US taxpayer to save the companies from bankruptcy. Hearings continue before the House committee tomorrow before a potential bill will be proposed before congress.
Tomorrow at 8:30AM EST brings November’s jobs data. Nonfarm Payrolls are expected at -325,000, the Unemployment Rate is expected at 6.8%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.6. At 3PM is Consumer Credit for October expected at $1.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell markedly once again near a new four year low on concern that harsh economic conditions will continue to cut into demand.
The U.S. dollar index fell, treasuries rose, and the Dow, Nasdaq, and S&P sold off rather notably by the close on worries over tomorrow’s jobs data and whether or not the automakers will get a bailout.
Among the big names making news in the market today were Merck, DuPont, Williams-Sonoma, Wal-Mart, GM, Chrysler, AT&T, Legg Mason, Toll Brothers, and Prudential.
The Commentary:
“February Gold closed down 5 at 765.5. This was 1 up from the low and 12.5 off the high.
March Silver finished down 0.07 at 9.52, 0.13 off the high and 0.15 up from the low.
The gold market waffled around both sides of unchanged on Thursday as the ebb and flow of the US equity market boosted gold prices and then seemed to undermine gold prices later in the trading session. One might have expected weakness in the US Dollar to provide some support to the gold market but apparently the fear of too much slowing temporarily dominating over the typical currency market influence. It is also possible that a series of layoff announcements and fears of the Friday morning numbers prompted some traders to simply move to the sidelines.
Like the gold market, the silver market also waffled around both sides of unchanged but it was clear that silver and a host of other physical commodity markets were coming back under deflationary selling pressure ahead of what is expected to be a very important US Unemployment report on Friday morning. With copper and crude oil under aggressive pressure and even the grain markets giving up big ground, it seemed as if broad based selling was dragging down anything physical.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Another prediction that gold will be used to reverse deflation
Rob Kirby: Shock and awe at Comex
Beggar-thy-neighbor fears as China devalues
Markets brace for big European rate cuts
The Statistics:
As of close of business: 12/03/2008
Gold Warehouse Stocks: | 8,519,868 | +9,522 |
Silver Warehouse Stocks: | 129,081,876 | +78,292 |
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 | 758.12 | 24,374,299 | US$ 18,670m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.01 | 3,761,942 | US$ 2,915m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 369,024 | US$ 287m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.94 | 866,048 | US$ 663m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/3/2008 | |
Total Net Assets | $1,593,615,968 | Ounces of Gold
in Trust | 2,072,932.322 |
Shares Outstanding | 21,050,000 | Tonnes of Gold
in Trust | 64.48 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/3/2008 | |
Total Net Assets | $2,016,613,761 | Ounces of Silver
in Trust | 213,860,065.800 |
Shares Outstanding | 216,650,000 | Tonnes of Silver
in Trust | 6,651.79 |
Note: Change in Total Tonnes from yesterday’s data: 32.24 tonnes were removed from the trust.
The Stocks:
US Gold’s (UXG) resource report, Apollo Gold’s (AGT) development update, Northern Dynasty’s (NAK) resource estimate, and MAG’s comments on Fresnillo’s "Take-Under" bid were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +4.00% $2.60 |
2. Randgold | GOLD +1.50% $33.16 |
3. Newmont | NEM +1.26% $29.71 |
LOSERS
1. Ivanhoe | IVN -12.98% $1.81 |
2. Aurizon | AZK -11.43% $2.17 |
3. Exeter | XRA-9.68% $1.1471 |
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:
Champion Increases Financing Up to $1,450,000 - More
- December 04, 2008 | Item | E-mail
High River Gold Advises That Closing of Prognoz Acquisition Not Extended and Agreement Terminated - More
- December 04, 2008 | Item | E-mail
Goldcliff Resource Corporation: Sampling Expands High Grade Gold Zone at Bonanza Trench - More
- December 04, 2008 | Item | E-mail
MAG Silver decries Fresnillo "take-under" bid - "MAG Silver Corp (MAG.TO: Quote, Profile, Research, Stock Buzz) (MVG.A: Quote, Profile, Research, Stock Buzz) scoffed on Thursday at Fresnillo Plc's (FRES.L: Quote, Profile, Research, Stock Buzz) hostile takeover attempt, calling it a "take-under" bid because it came in below MAG's stock price from the day before.
Fresnillo, which hiked its MAG stake to 19.8 percent in October, offered $4.54 a share on Monday for the stake it does not already own. On the previous trading day, MAG stock closed at $4.75 on Amex." More
- December 04, 2008 | Item | E-mail
Commerce Resources Corp. Updates Development and Exploration Activities at Blue River Tantalum and Niobium Project - More
- December 04, 2008 | Item | E-mail
Candev Terminates Its Interest in King Claims - More
- December 04, 2008 | Item | E-mail
Iberian Minerals Corp. Announces Increase of Reserves at Condestable - More
- December 04, 2008 | Item | E-mail
J.A.G. Mines Ltd.: Private Placement of $450,000 - More
- December 04, 2008 | Item | E-mail
Threegold Resources Engages Desjardins Securities for Private Placement of Up to $1.2 Million - More
- December 04, 2008 | Item | E-mail
Khan Resources Announces Letter of Intent With Marubeni Corporation - More
- December 04, 2008 | Item | E-mail
US Gold Adds Gold Resources in Nevada - "US GOLD CORPORATION (Toronto:UXG.TO - News)(NYSE-A: UXG)(Frankfurt:US8.F - News) is pleased to announce the publication of a new NI 43-101 Technical Report on the Company's Gold Pick and Gold Ridge North Carlin-type deposits located on the property commonly referred to by the Company as 'Gold Bar'. Gold Pick and Gold Ridge North are located approximately 10 miles (16 km) south of US Gold's Tonkin deposit on Nevada's Cortez Trend." More
- December 04, 2008 | Item | E-mail
Cameco Approves Dividend - More
- December 04, 2008 | Item | E-mail
Norsemont Mining Appoints Paradigm Capital as Exclusive Financial Advisor - More
- December 04, 2008 | Item | E-mail
Chile's Antofagasta completes copper tailings dam - More
- December 04, 2008 | Item | E-mail
Osisko Recognized for Strong Sustainability Performance - More
- December 04, 2008 | Item | E-mail
Continental Nickel Reports Grant of Stock Options to a Director - More
- December 04, 2008 | Item | E-mail
Skyline Gold Announces Acquisition of Snip-1 Mineral Tenure - More
- December 04, 2008 | Item | E-mail
Duluth Metals Continues to Receive Wide Significant Mineralized Intersections on Nokomis Deposit Drilling - More
- December 04, 2008 | Item | E-mail
Press Release Clarification: Appalaches Buys a Gold Producer in Nova Scotia - More
- December 04, 2008 | Item | E-mail
Golden Band Resources - EP Gold deposit resource update - More
- December 04, 2008 | Item | E-mail
Semafo Announces Record Gold Production for November - More
- December 04, 2008 | Item | E-mail
Terrane Reports Additional Assay Results From Berg Project - More
- December 04, 2008 | Item | E-mail
Orvana Reports Record Revenue, Cash Provided by Operating Activities and a 64% Increase in Total Cash for the Year Ended September 30, 2008 - More
- December 04, 2008 | Item | E-mail
Noront Resources Ltd.: Warrant Press Release - More
- December 04, 2008 | Item | E-mail
New Guinea Gold: Gold Production at Sinivit for October/November Totalled 2,865 Ozs - More
- December 04, 2008 | Item | E-mail
Yorbeau Intersects 3 m of Silicified Core on Cinderella Block - More
- December 04, 2008 | Item | E-mail
Romios' Diamond Drilling at Trek Property Continues to Intersect Wide Zones of Gold-Copper Porphyry Style Mineralization - More
- December 04, 2008 | Item | E-mail
Canadian Arrow Mines receives road permit for Kenbridge Nickel Project - More
- December 04, 2008 | Item | E-mail
Etruscan's Youga Gold Mine production exceeds 21,000 ounces in Q4 - More
- December 04, 2008 | Item | E-mail
Andean Resources Announces Exploration and Project Update - More
- December 04, 2008 | Item | E-mail
Colorado Goldfields Receives First Assay Results, Commences Strategic Roll Up Program - More
- December 04, 2008 | Item | E-mail
Nirek Resources Inc. Offers to Purchase a Minimum of 20% of Century Mining Corp. - More
- December 04, 2008 | Item | E-mail
Miners slash costs but shakeout looms - "Some small and medium-sized miners could see their ranks thinned as a free-fall in commodity prices and tight credit markets threaten to reshape the entire mining sector.
Mining companies have been shelving projects, restructuring debt and adjusting M&A strategies as declining industry fundamentals hit the sector from top to bottom." More
- December 04, 2008 | Item | E-mail
Apollo Gold Update Development Activities and Financing of the Black Fox Mine - "In May 2008 Apollo retained Macquarie Bank Ltd. (“Macquarie”) and RMB Resources Inc. (“RMB”) as joint arrangers (the “Banks”) and underwriters for the Black Fox project finance facility. The Banks have been conducting extensive due diligence and project review with Apollo and this process is still ongoing but nearing completion. However, to ensure that development of the mine and the upgrade of the mill continues on a timely basis so as to meet the agreed development plan the Banks have proposed a US$15 million bridge facility which we expect will proceed through their internal approval process during the week of December 8, 2008." More
- December 04, 2008 | Item | E-mail
MAG Comments on Fresnillo "Take-Under" Bid - "This may be the first time in history that a hostile bidder has announced a bid at a price lower than the closing market price of the target's shares on the trading day prior to announcement. Analysts and a number of shareholders are now calling this a "take-under" offer. We are a little mystified by Fresnillo's actions, but our Board understands its fiduciary and other obligations and will respond more formally in due course. In the meantime, our shareholders have no need to do anything to respond to the Fresnillo announcement." More
- December 04, 2008 | Item | E-mail
Resource Estimate Confirms Pebble As One of the World's Most Important Copper-Gold-Molybdenum Deposits - "Drilling during 2008 has substantiated the volume, grade and continuity of mineralization in the Pebble East area, leading to an overall estimate based on a database of results from 476 holes across the Pebble deposit. The deposit was previously split into a near surface resource for Pebble West and a deeper resource for Pebble East. This is the first time the entire Pebble deposit has been integrated into one estimate. The integrated model for the entire Pebble deposit allows for comprehensive mine planning and other deposit benchmarking." More
- December 04, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 4 December 2008 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Drop
