-- Posted 10 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $670.40 | +$9.60 | -0.34% |
Silver | $12.79 | +$0.12 | -2.29% |
XAU | 144.33 | +1.18% | +0.42% |
HUI | 346.02 | +1.96% | +1.85% |
GDM | 1077.15 | +1.05% | +0.65% |
JSE Gold | 2274.06 | -1.46% | -9.79% |
USD | 80.70 | -0.07 | +0.64% |
Euro | 136.97 | +0.06 | -0.67% |
Yen | 84.54 | -0.02 | +0.21% |
Oil | $71.47 | -$0.12 | -5.31% |
10-Year | 4.776% | -0.014 | +1.62% |
Bond | 109.3125 | +0.1875 | -1.19% |
Dow | 13239.54 | -0.23% | +0.44% |
Nasdaq | 2544.89 | -0.45% | +1.34% |
S&P | 1453.64 | +0.04% | +1.44% |
The Metals:
Forced margin liquidation and subprime related loss covering that secondarily appeared to impact gold yesterday abated today as gold’s safe haven status reemerged amid continued credit worries that put further significant downward pressure on most other world markets and paper assets.
Gold rose roughly $3 in Asia before it fell back off in London and briefly saw losses under $660 just before the New York open, but it then jumped higher in leaps and bounds between 8AM and 11AM EST and topped $676 ahead of some profit taking into the close that left it with a respectable gain of 1.45%. Silver fell under $12.60 in London before it rose near $13.00 in late morning New York trade, but it also fell back off a bit in the last couple hours of trade and ended over 1% off its high with a gain of 0.95%.
Euro gold rose above €490, platinum gained $3 to $1,272, palladium lost $9 to $350, and copper rose over 6 cents to about $3.64.
Gold and silver equities opened slightly lower as the general markets dived, but they soon rose to find about 2% gains and traded roughly 1-2% higher for the rest of the day.
CoT Reports: Gold | Silver
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | July | 1.5% | 1.0% | 0.9% |
Import Prices ex-oil | July | 0.2% | - | 0.1% |
Export Prices | July | 0.2% | - | 0.3% |
Export Prices ex-ag. | July | 0.0% | - | 0.2% |
Treasury Budget | July | -$36.3B | -$33.0B | -$33.2B |
Today the fed added another $19 billion in liquidity before the market opened, the most since August 15, 2003, but that was not enough as they added an additional $16 billion an hour and a half into trade at 11AM EST. Then finally around 2PM the fed injected another $3 billion and when added together, the $38 billion injected by the fed today was the largest since 9-14-2001 in an attempt to calm market fears. The ECB added “loaned 61.05 billion euros ($83.6 billion), pumping funds into the banking system for a second day. The ECB added an unprecedented 94.8 billion euros yesterday.”
All of this week’s economic reports:
Next week’s economic highlights include Retail Sales and Business Inventories on Monday, PPI and the Trade Balance on Tuesday, CPI, the NY Empire State Index, Net Foreign Purchases, Industrial Production, and Capacity Utilization on Wednesday, Housing Starts, Building Permits, Initial Jobless Claims, and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly slightly lower on worries over a drop in demand due to slowing economic growth as a result of spreading credit problems, but it ended well off its lows and near unchanged on worries over a developing tropical storm in the Atlantic Ocean.
The U.S. dollar index fell with interest rates while treasuries rose on continued credit concerns.
The Dow had another wild ride today as it initially fell over 200 points at the open on continued credit worries before it rebounded to find a small gain after the fed injected its second round of credit, but it then fell back off and saw over 100 point losses by early afternoon ahead of a rally higher in the last hour of trade that left it near unchanged at the close along with the Nasdaq and S&P.
Among the big names making news in the market Friday were Countrywide, Washington Mutual, TXU, Sallie Mae, First Data, Wyeth, Man Group, and Campbell’s, Hershey, and Wrigley.
The Commentary:
“December Gold finished up 8.8 at 681.6, 5.4 off the high and 9.9 up from the low.
September Silver closed up 0.165 at 12.87. This was 0.2 up from the low and 0.15 off the high.
With the October gold contract suddenly showing moderately aggressive buying interest in the face of further turmoil in the equity markets and the market managing the gains in the face of a mostly sideways day in the US Dollar, one could suggest that gold was indeed seeing flight to quality buying. In other words, the gold market was finally showing its typical safe haven status, after at least a month of quasi deflationary weakness.
It goes without saying that the silver market was probably lifted by a sudden revival of flight to quality interest. With a host of physical metals markets also rising it is possible that the brunt of the rally in silver prices on Friday was actually short covering or perhaps even some speculative buying that was attempting to anticipate the end of the financial market turmoil. However, given the magnitude of the recent washout in the financial markets and the international nature of the problem, it could take more than a simple compacted equity market bounce to signal a real end to the debacle. In the mean time the silver market seemed to be at least partially capable of attracting investment, even if the silver gains were somewhat disappointing when compared to the gains in the gold market on Friday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Seeking hidden losses, regulators comb books of Wall Street titans
Bernanke was wrong: Subprime contagion is spreading
'Risky' yesterday, gold is 'safe haven' today
ECB's confidence trick won't restore faith in market
No one in Asian financial districts will lack lunch money
Peter Brimelow: What's up with gold?
Step right up in Tokyo and get your money
Somehow Turk gets quoted by Bloomberg on gold price capping
Central bank's aggressive move stuns European markets
European emergency cash injection exceeds amount issued after 9/11
European Commission forbids gold sale by Italy
The Statistics:
As of close of business: 8/9/2007
Gold Warehouse Stocks: | 7,142,094 | - 9,864 |
Silver Warehouse Stocks: | 133346423 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 509.29 | 16,374,170 | US$ 10,848m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.63 | 3,042,585 | US$ 2,047m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,747 | US$ 270m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,241 | US$ 310m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/9/2007 | |
Total Net Assets | $988,660,551 | Ounces of Gold
in Trust | 1,494,949.081 |
Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.50 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/9/2007 | |
Total Net Assets | $1,837,191,153 | Ounces of Silver
in Trust | 141,612,134.500 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,404.63 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Quarterly results released today and late yesterday from Crystallex (KRY), Aurizon (AZK), Allied Nevada (ANV), Silver Standard (SSRI), Vista Gold (VGZ), Jaguar (JAG), Gammon Gold (GRS), and Seabridge (SA), Tanzanian Royalty’s (TRE) senior VP appointment, Golden Star’s (GSS) agreement for power capacity, Aurizon’s (AZK) resource increase, and Rio Narcea’s (RNO) tendered shares to Lundin (LMC) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Seabridge | SA +6.12% $30.87 |
2. Northgate | NXG +5.56% $3.23 |
3. Tanzanian Royalty | TRE +4.98% $5.27 |
LOSERS
1. Orezone | OZN -10.6% $1.56 |
2. Gammon Gold | GRS -9.13% $9.85 |
3. Ivanhoe | IVN -7.91% $12.46 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Crystallex Reports Second Quarter 2007 Results - "The Company improved its working capital with a Cdn$ 61.1 million equity financing completed in April and for the quarter Crystallex recorded a net loss of $11.7 million ($0.05) per share compared to $8.3 million ($0.04) per share for the comparable period in 2006." More
- August 10, 2007 | Item | E-mail
Richview Files Second Quarter Statements - More
- August 10, 2007 | Item | E-mail
Mega Uranium and Nu Energy Announce Update to Acquisition - More
- August 10, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. announces deferment of brokered private placement - More
- August 10, 2007 | Item | E-mail
Hidalgo Mining International (OTC: HMIT) in Conjunction With Subury Resources Inc. Announces Exploration Plans for the Vardy Zone of Tudor Gold Project - More
- August 10, 2007 | Item | E-mail
Uranerz Energy Corporation: Drilling Commences at Cyclone Rim - More
- August 10, 2007 | Item | E-mail
La Mancha Reports Second Quarter Results - More
- August 10, 2007 | Item | E-mail
Oriental Minerals Closes Non-Brokered Private Placement - More
- August 10, 2007 | Item | E-mail
Drake Gold Resources, Inc. Signs Joint Venture With Southern Mining and Exploration - More
- August 10, 2007 | Item | E-mail
Agnico Terminates Swanson Agreement - More
- August 10, 2007 | Item | E-mail
Tanzanian Royalty Appoints Joseph K. Kahama as Senior VP - "A native of Tanzania, Mr. Kahama has served as president and director of the Company's wholly-owned subsidiary, Tanzania American International Development Corporation 2000 Ltd., since 1997. In his capacity as president, Mr. Kahama has been responsible for corporate administration and also for maintaining good relations with government, vendors, and the Company's various business partners in Tanzania." More
- August 10, 2007 | Item | E-mail
Western Copper Exercises Casino Option Agreement - More
- August 10, 2007 | Item | E-mail
ABV Gold, Inc. Announces Stock Buyback of 132 Million Shares - More
- August 10, 2007 | Item | E-mail
Luna Gold names Michael Williams as an advisor to the company - More
- August 10, 2007 | Item | E-mail
Thompson Creek Metals Company Inc. - 2007 Second Quarter Financial Results Webcast Notification - August 13, 2007 - More
- August 10, 2007 | Item | E-mail
AntOro Resources : Upcoming Changes in the Board of Directors - More
- August 10, 2007 | Item | E-mail
SLAM Exploration options property interest to Geodex Minerals - More
- August 10, 2007 | Item | E-mail
Centram / Crossland Uranium Exploration Update - More
- August 10, 2007 | Item | E-mail
Sienna Up-Dates its Exploration Program and Land Additions in Pachin - More
- August 10, 2007 | Item | E-mail
Orvana Reports Record Quarterly Production and Financial Performance for the Third Quarter Ended June 30, 2007 - More
- August 10, 2007 | Item | E-mail
Sparrowtech Signs Exclusive Option to Purchase Placer Gold Mining Property in the Mayo Mining Division of Yukon, Canada - More
- August 10, 2007 | Item | E-mail
Cromwell Merger Unwound - More
- August 10, 2007 | Item | E-mail
Ascendant Copper Files Results of Second Quarter 2007 - More
- August 10, 2007 | Item | E-mail
Chairman of Silver Wheaton Joins Rochester Board - More
- August 10, 2007 | Item | E-mail
Lundin Mining Sets August 20, 2007 as Final Expiry Date for Offer of Rio Narcea Securities - "Lundin Mining Corporation (Toronto:LUN.TO - News)(AMEX:LMC - News)(OMX: LUMI) ("Lundin Mining" or the "Company") is pleased to announce that as of August 9, 2007, 146,356,544 shares of Rio Narcea Gold Mines, Ltd. ("Rio Narcea"), representing approximately 86.2% of the Rio Narcea shares outstanding, have been tendered to Lundin Mining's amended offer, announced on July 17, 2007." More
- August 10, 2007 | Item | E-mail
Golden Star Announces Agreement for Ten Megawatt Additional Power Generation Capacity - "The continuing power shortage and consequent rationing in Ghana due to the low water level in Akosombo reservoir continues to be a serious concern for all industries in Ghana, and Golden Star is no exception. We have taken the initiative in trying to alleviate the problem by working with the other major gold producers in Ghana to purchase and install a nominal 100MW power plant and our agreement for additional power at Bogoso/Prestea is a continuance of that initiative. We want Golden Star to have the ability to run 100% on self-generated power. The access to 20MW of power generation we are purchasing from the provider, coupled with the power generation we already have installed plus the 20MW we shall receive from the mining consortium's power plant should allow us to exceed that goal." More
- August 10, 2007 | Item | E-mail
Aurizon Reports Highlights of Second Quarter 2007 Results - "Commercial production achieved on May 1, 2007 at Casa Berardi, producing 27,175 ounces of gold in the two month period following with gold sales of 26,000 ounces at total cash cost of US$298 per ounce." More
- August 10, 2007 | Item | E-mail
Aurizon Reports Additional Mineral Resources at Joanna and Significant Increase in Grade of Lower Inter Mineral Resources at Casa Berardi - "We are encouraged by the results of the definition drilling program on the Casa Berardi Lower Inter Zone. An updated mining plan is currently in progress which will integrate the higher grade core and should have a positive impact on the future gold production profile," said David Hall, CEO. "In addition, the increase in resources at Joanna, which do not yet incorporate the results of our current programs, confirms the excellent potential of this project." More
- August 10, 2007 | Item | E-mail
Allied Nevada Reports Second Quarter Financial Results - "For the three-month period ended June 30, 2007, the Company reported a consolidated net loss of $1.78 million compared to a consolidated net loss of $0.57 million for the same period in 2006. The increase in the consolidated net loss of $1.21 million from the prior year is largely due to an increase of $171,000 in exploration, property evaluation and holding costs and an increase of $1,033,000 in corporate administration and investor relations costs." More
- August 10, 2007 | Item | E-mail
Silver Standard Reports Second Quarter 2007 Results - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) reports a second quarter loss of $5.0 million ($0.08 per share) for the three months ended June 30, 2007 compared with earnings of $16.5 million ($0.28 per share) for the second quarter of 2006. All figures are in Canadian dollars unless otherwise noted. Loss for the six months ended June 30, 2007 was $6.5 million ($0.11 per share) compared with earnings of $15.4 million ($0.28 per share) in the first two quarters of 2006. Earnings in 2006 reflected the gain from the sale of a property joint venture interest." More
- August 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 August, 2007 | |
