-- Posted 21 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $656.00 | +$0.50 |
Silver | $11.44 | -$0.27 |
XAU | 132.89 | +0.70% |
HUI | 314.10 | +0.46% |
GDM | 973.35 | +0.28% |
JSE Gold | 2204.52 | -0.70% |
USD | 81.48 | +0.10 |
Euro | 134.66 | -0.10 |
Yen | 87.50 | +0.37 |
Oil | $69.47 | -$1.65 |
10-Year | 4.590% | -0.044 |
T-Bond | 110.625 | +0.375 |
Dow | 13090.86 | -0.23% |
Nasdaq | 2521.30 | +0.51% |
S&P | 1447.12 | +0.11% |
The Metals:
Gold rose a few dollars in Asia before it fell back near unchanged in London and traded mostly slightly higher in New York, but it fell back near its lows of the session by the close and ended with a gain of just 0.08%. Silver dropped near $11.50 in London before it rebounded in New York and saws gains over $11.80 by about 9AM EST, but it then fell back off for the rest of trade and ended near its low with a notable loss of 2.31%.
Euro gold fell near €487, platinum gained $1 to $1,244, palladium lost $11 to $317, and copper fell slightly to about $3.20.
Gold and silver equities remained in a tight range near unchanged throughout the day and ended with small gains.
The Economy:
There were no major economic reports today, but there were several comments from various officials about recent credit problems that had many contemplating about a fed interest rate cut. Treasury Secretary Paulson was interviewed by CNBC and urged patience about liquidity returning to normal over time. Federal Reserve Bank of Richmond President Jeffrey Lacker noted at a luncheon that “financial market volatility, in and of itself, doesn't require a change in the target federal funds rate.” Senator Dodd also spoke after meeting with Paulson and Bernanke today and noted that Bernanke would use “all of the tools at his disposal.” In the end they were mixed and ultimately unclear comments about what the fed may do between now and its next scheduled meeting on September 18th.
Also making news was a report showing that “foreclosure filings reported in the U.S. last month jumped 93 percent from July of 2006 and rose 9 percent from June.” There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell under $70 as energy companies reported that any damage to infrastructure done by now weakening Hurricane Dean was minimal at worst.
The U.S. dollar index fell in early trade on the outlook for a rate cut by the fed, but it rebounded to close higher after comments from several officials indicated that any moves from the fed may not happen until their next scheduled meeting on September 18th.
The flight to quality in short term treasuries continued today, but some gains were pared after an auction for one month bills drew worse than expected demand.
The Dow, Nasdaq, and S&P remained mixed and near unchanged throughout the day as traders reacted to mixed comments from several officials.
Among the big names making news in the market today were Saks, BJ’s, Buffett and Countrywide, Target, Staples, and American Eagle.
The Commentary:
“Gold is standing its ground well after the horrendous financial tsunami that swept through the credit markets last week. All is not over on that front we believe. It all depends on whether confidence was calmed or crippled. After all, the problems lay with the Investors, not investments.
We continue to believe that the consumer remains the driver of the U.S. economy as he has done over the last few years. But he is weighed down and not able to turn back the wave of credit criteria tightening, which led to the freezing of the credit markets last week. It is clear that the Fed will have to convince the consumer as well as the financial institutions, that all is well with lower interest rates, or his spending restraint will kill growth.
B.B. of the Fed knows that and while he has started to ease interest rates [mainly for the financial institutions], he needs to convince the consumer with lower rates or panic will hit again.
Either way, on the back of the beginning of the gold season opening again, gold is set to be strong and a place to protect oneself from the excessive volatility we have just seen. The support has shown its strength already.”- Julian D.W. Phillips, www.goldforecaster.com
“December Gold finished down 0.3 at 666.2, 2.9 off the high and 2.2 up from the low.
September Silver closed down 0.225 at 11.51. This was 0.05 up from the low and 0.27 off the high.
While the gold market seemed to dodge the pressure seen in a host of physical commodity markets on Tuesday, the action in the market on Tuesday was anything but impressive. While the Press continues to suggest that gold is seeing periodic safe haven buying, it would still seem like the gold market is still tightly correlated with the direction in the equity markets. While the gold market was still tracking the ebb and flow of the US Dollar, it would seem like many gold traders raised their expectations of further slowing in the wake of the dialogue from Senator Dodd. For the time being the trade can talk above the potential for flight to quality buying of gold off the financial crisis, but the price action in gold seems to be suggesting that a resumption of the aggressive selling in the equity market would more than likely put pressure on gold prices again.
With the September silver contract failing to hold above the critical chart level of $11.50 during the trade Tuesday, it would seem like the market continues to fret over the prospect of further slowing off the sub-prime threat. With a key US Senator suggesting that the US Treasury wasn't fully aware of the magnitude of the current US housing crisis, it is not surprising to see a host of physical commodities come under renewed selling pressure. In fact, with the oil market sharply lower and platinum prices even lower in the face of a physical supply threat, it would seem like sellers are flush throughout the commodities marketplace.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Borrower draws emergency loan from Bank of England
Wall Street Journal: Fed fails so far in bid to reassure anxious investors
SEC charges Sentinel with fraud for commingling, misappropriating, leveraging
Ambrose Evans-Pritchard: Blame central banking, not capitalism
Goldman strategist predicts three rate cuts by year-end
Fed fails to calm money markets as commercial paper dump continues
Most U.S. primary dealer banks expect fed funds rate cut soon
What's in YOUR wallet? Do you even HAVE one now?
The Statistics:
As of close of business: 8/20/2007
Gold Warehouse Stocks: | 7,087,953 | - 5,570 |
Silver Warehouse Stocks: | 134,256,622 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 514.21 | 16,532,431 | US$ 10,901m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.48 | 2,844,824 | US$ 1,870m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,362 | US$ 269m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,181 | US$ 302m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 7.07 tonnes to reach a new record high.
COMEX Gold Trust (IAU)
Profile as of 8/20/2007 | |
Total Net Assets | $997,765,209 | Ounces of Gold
in Trust | 1,519,696.371 |
Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.27 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/20/2007 | |
Total Net Assets | $1,691,773,738 | 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:
Aurelian’s (ARU.TO) drill results, Gold Fields’ (GFI) loss of Mike Prinsloo to Banro (BAA), Fortuna’s (FVI.V) liquidity and drill results, Silver Dragon’s (SDRG.OB) Memorandum of Understanding, Metalline’s (MMG) project status, MAG’s (MAG.V) land purchase with Penoles, and Excellon’s (EXN.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Metalline | MMG+9.43% $2.67 |
2. Solitario | XPL +6.53% $4.73 |
3. New Gold | NGD+4.03% $4.90 |
LOSERS
1. Cardero | CDY -4.26 $1.36 |
2. Vista Gold | VGZ-4.05% $4.03 |
3. Rubicon | RBY -4.02% $1.67 |
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:
Wildcat Announces Non-Brokered Private Placement - More
- August 21, 2007 | Item | E-mail
Royal Acquisitions and Development, Inc. Announces Multi-Million Dollar Purchase - More
- August 21, 2007 | Item | E-mail
Palladon Pours Concrete for Substation Foundation and Announces Investor Conference Call - More
- August 21, 2007 | Item | E-mail
Cabo to drill 6,700 meters for New Millennium Capital at Kemag Iron Ore project in Quebec - More
- August 21, 2007 | Item | E-mail
Tagish Corporate Progress Report - More
- August 21, 2007 | Item | E-mail
PolyMet Expands NorthMet Management Team - More
- August 21, 2007 | Item | E-mail
Baja Mining Granted Essential Land Use Permits - More
- August 21, 2007 | Item | E-mail
Sierra Intersects 68 Metres Grading 0.82 gm/t Gold at Cerro Colorado Mine, Mexico - More
- August 21, 2007 | Item | E-mail
Sprott Asset Management Controls 15.6% of Canadian Zinc Corporation - More
- August 21, 2007 | Item | E-mail
UEX Extends Uranium Mineralization at Black Lake Hole BL-140 Intersects 0.67% U(3)O(8) over 3.0 metres, Including 1.58% U(3)O(8) over 1.0 metres - More
- August 21, 2007 | Item | E-mail
Drilling Begins on Fiji Claims - More
- August 21, 2007 | Item | E-mail
Amerigo Has No Commercial Paper Exposure - More
- August 21, 2007 | Item | E-mail
Manicouagan Files Revised Brabant Lake Technical Report - More
- August 21, 2007 | Item | E-mail
Sirios: Three Radioactive Areas Outlined by First Uranium Campaign on Opinaca Nord - More
- August 21, 2007 | Item | E-mail
Continuum Announces Additional Drill Results at San Jose - More
- August 21, 2007 | Item | E-mail
American Bonanza Expands La Martiniere Gold Zone to the East and West - More
- August 21, 2007 | Item | E-mail
Advanced Mineral Technologies, Inc. Appoints New Corporate Counsel - More
- August 21, 2007 | Item | E-mail
First Narrows Discovers Gold-Mineralized Porphyry North of Tecoripa, Sonora, Mexico - More
- August 21, 2007 | Item | E-mail
Continental Nickel Commences Diamond Drill Program on the Nachingwea Project, Tanzania - More
- August 21, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Directors' Dealings - More
- August 21, 2007 | Item | E-mail
Golden Eagle Reports on Status of C Zone Gold Mill Expansion - More
- August 21, 2007 | Item | E-mail
Dios: Three Radioactive Areas Outlined by First Uranium Campaign on Opinaca Nord - More
- August 21, 2007 | Item | E-mail
Acero-Martin Reports Additional Results From Its Ongoing Drilling Program at the Pinaya Gold-Copper Project - More
- August 21, 2007 | Item | E-mail
Western Troy Announces Claim Staking on Molybdenum Prospect in Northern Quebec - More
- August 21, 2007 | Item | E-mail
Forsys Metals Corp.: Valencia Uranium Project Update - More
- August 21, 2007 | Item | E-mail
Century Mining receives full text of the reasons of the Superior Court of Lima nullifying the Sulliden arbitral award - More
- August 21, 2007 | Item | E-mail
Prospect Uranium, Inc. Acquires Uranium Database and Appoints George Copenhaver to Advisory Board - More
- August 21, 2007 | Item | E-mail
Gango Gold Mill Plant to Be Operational by Sept. 20, 2007: Pearl Asian Mining Industries Boosts Up the Joint Venture Agreement in the Gango Gold Rush Area - More
- August 21, 2007 | Item | E-mail
Gold World Resources Confirms H. Derbuch as Chairman & CEO - More
- August 21, 2007 | Item | E-mail
Wescan - Alto approves $300,000 Fall exploration program at Mud Lake, Beardmore-Geraldton Gold Belt - More
- August 21, 2007 | Item | E-mail
Strait Gold Accelerates Option on Culebrilla Property - More
- August 21, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Nomination of Mr. Paul Pelke as New Resident Geologist and Appointment as Board Member of the Corporation - More
- August 21, 2007 | Item | E-mail
Aurelian Intersects 158.40 Metres Grading 25.21 g/t of Gold, 70.45 Metres Grading 9.15 g/t of Gold and 134.97 Metres Grading 5.61 g/t of Gold in Infill Drilling - "Aurelian Resources Inc. (TSX:ARU - News) today announced results from 10 additional drill holes from the buried epithermal gold-silver discovery at Fruta Del Norte (FDN) on its wholly-owned Condor Project in south-eastern Ecuador. These include 158.40 metres grading 25.21 g/t of gold ("Au") and 19.0 g/t of silver ("Ag") in infill hole CP-07-139 and 134.97 metres grading 5.61 g/t Au and 8.5 g/t Ag in drill hole CP-07-132, which has added significant mineralisation to section 9583400N." More
- August 21, 2007 | Item | E-mail
Fortuna's Liquidity and Solvency Unharmed by Market Turmoil - "Its cash position as at July 31, 2007 was approximately US$30 million. The cash is held on deposit with major bank institutions. Under Fortuna's investment management policy, safety is a priority, where investments are not exposed to the risk of unacceptable losses in capital value. Fortuna does not currently hold directly or indirectly any type of derivative contracts." More
- August 21, 2007 | Item | E-mail
Alexco Comments on Na-Cho Nyak Dun's Suspension of Regulatory Dialogue with Government Concerning Keno Hill Project - More
- August 21, 2007 | Item | E-mail
Jinshan Formal Opening Ceremony a Success With More Than 4,000 Oz. of Gold Dore Production Since July 31 - More
- August 21, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Resource Estimate Completed For Lagoa Salgada Deposit, Portugal - More
- August 21, 2007 | Item | E-mail
Northland's Liquidity and Solvency Unharmed by Market Turmoil - More
- August 21, 2007 | Item | E-mail
Dhanoa Minerals Announces Engagement of Investor Relations Firm, Designated Marketing LLC - More
- August 21, 2007 | Item | E-mail
General Metals Gains Exclusive Opportunity to Review 5 Additional Gold Projects in Addition to the Ophelia Gold Mine in Sonora, Mexico Currently Under Confident - More
- August 21, 2007 | Item | E-mail
Alpha Gold is drilling two large anomalies in the Kwanika Valley at Lustdust - More
- August 21, 2007 | Item | E-mail
GLR Resources Inc.: Drilling Resumes on the Goldfields Project - More
- August 21, 2007 | Item | E-mail
Western Copper Corporation: New Copper Zone Discovered at Carmacks Property - More
- August 21, 2007 | Item | E-mail
Romarco Executes Definitive Agreement on Haile Gold Mine - More
- August 21, 2007 | Item | E-mail
Keegan Drills 186m of 1.12 g/t, 102m of 1.01 g/t, and 7m of 4.83 g/t Au in Step Out Drilling at Esaase Gold Project - More
- August 21, 2007 | Item | E-mail
Liberty's Redstone Mill Recovers 91.7% Nickel - More
- August 21, 2007 | Item | E-mail
Timberline Reports $4.80-Million in Quarterly Revenue - More
- August 21, 2007 | Item | E-mail
Mike Prinsloo to Leave Gold Fields Business Leadership Academy - "Gold Fields Limited ("Gold Fields") (NYSE: GFI, JSE: GFI, DIFX: GFI) regrets to announce that Mike Prinsloo has resigned as Chief Executive Officer of the Gold Fields Business Leadership Academy. Mike will be joining Banro Corporation as its new Chief Executive Officer with effect from 17 September 2007." More
- August 21, 2007 | Item | E-mail
Fortuna Announces Additional Drill Results at San Jose - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to announce additional drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd (24%)." More
- August 21, 2007 | Item | E-mail
Silver Dragon Signs Memorandum of Understanding With the Institute of Geology and Geophysics, Chinese Academy of Sciences - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) today announced the signing of a Memorandum of Understanding (``MOU'') between the Institute of Geology and Geophysics, Chinese Academy of Sciences (``Chinese Academy'') and Sanhe Sino-Top Resources & Technologies, Ltd. (``Sino-Top'') in Beijing, China. Silver Dragon owns a 90% equity interest in Sino-Top, a Chinese company which holds the exploration and mining rights to nine properties, including the Erbahuo Silver Mine located in the Erbahuo Silver District in Northern China." More
- August 21, 2007 | Item | E-mail
Metalline Mining Company Announces Project Status - "Progress on the feasibility study on the Sierra Mojada oxide zinc project continues on close to the original schedule. Geotechnical drilling began on 23 May 2007 and was completed on 7 August 2007. Fourteen large diameter core holes were drilled from various underground and surface drill sites, and 1363.25 meters of hole were completed. Cores were logged in detail and selected samples from all the holes have been shipped to Agapito Engineers, the geotechnical services contractor, for laboratory strength testing." More
- August 21, 2007 | Item | E-mail
MAG and Penoles Purchase Land Covering the Juanicipio Vein - "MAG Silver Corp. (CDNX:MAG.V - News)(AMEX:MVG - News) ("MAG") and Industrias Penoles S.A.B. de C.V. ("Penoles") announce that Penoles, on behalf of the Juanicipio Joint Venture, has completed a third surface land purchase covering a 2.5 kilometre westerly strike projection of the Juanicipio Vein. This Vein was first intercepted by MAG in 2003 (689 grams per tonne silver (20.1 ounces per ton) and 11.4 grams per tonne gold over 2.0 metres)." More
- August 21, 2007 | Item | E-mail
JNR and Altius Resume Uranium Exploration at Rocky Brook - More
- August 21, 2007 | Item | E-mail
Alberta Star Issues Corporate Update and Updates Its Progress on the Drill Program at Eldorado & Contact Lake IOCG & Uranium Projects - More
- August 21, 2007 | Item | E-mail
CanAlaska Uranium: Perched Uranium Mineralization at Stewart Island - More
- August 21, 2007 | Item | E-mail
Banro appoints Mike Prinsloo Chief Executive Officer - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce the appointment of Michael Prinsloo to Chief Executive Officer ("CEO") of the Company, effective September 17, 2007. In this position, Mr. Prinsloo will lead the Company's transition from gold explorer to developer, with specific responsibility for overseeing the planned feasibility studies on Banro's wholly-owned, core projects of Twangiza and Namoya, and for taking these gold projects through the construction stage and into production." More
- August 21, 2007 | Item | E-mail
Excellon's Regional Exploration Program Yields Geologically Significant Results - "Excellon Resources Inc. (TSX VENTURE:EXN - News) announces that its geophysically driven diamond drilling program designed to locate mineralization associated with intrusive bodies has succeeded in discovering geologically significant mineralization and alteration roughly 5 kilometres west of its Platosa test-mine in northeastern Durango State, Mexico." More
- August 21, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 August, 2007 | |
