-- Posted 22 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $658.30 | +$2.30 |
Silver | $11.57 | +$0.14 |
XAU | 137.71 | +3.63% |
HUI | 321.09 | +2.23% |
GDM | 1002.41 | +2.99% |
JSE Gold | 2224.59 | +0.91% |
USD | 81.25 | -0.23 |
Euro | 135.35 | +0.69 |
Yen | 87.01 | -0.49 |
Oil | $69.36 | -$0.21 |
10-Year | 4.620% | +0.030 |
T-Bond | 110.375 | -0.25 |
Dow | 13236.13 | +1.11% |
Nasdaq | 2552.80 | +1.25% |
S&P | 1464.07 | +1.17% |
The Metals:
Gold dipped slightly in Asia, rose back to find small gains in London, and then furthered its gains in New York to trade at over $660 by late morning before it fell back off a bit into the close, but it still ended with a gain of 0.35%. Silver topped $11.80 before it also pared its gains in the last couple hours of trade, but it still ended with a gain of 1.22%.
Euro gold remained at about €487, platinum lost $6 to $1,238, palladium gained $1 to $318, and copper rose over 8 cents to about $3.29.
Gold and silver equities rose over 2% at the open and remained near their highs into the close.
The Economy:
There were no major economic reports today, but a report showing a drop in mortgage applications compared to last week did have some talking.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade as it looked like a now weak Hurricane Dean may turn into the Gulf of Mexico, but prices then fell and closed lower after crude inventories built rather than an expected drop. Crude inventories built 1.9 million barrels, gasoline inventories fell a greater than expected 5.7 million barrels, distillates built 1.3 million barrels, and refinery utilization fell 0.9% to 90.9%.
The U.S. dollar index fell despite a large drop in the yen as the euro rallied on ECB comments that there was no change in stance to their monetary policy stance which led many to believe that euro-zone rates will continue to rise despite recent credit problems.
Treasuries fell as calls for an immediate fed rate cut faded and four large U.S. banks each borrowed $500 million from the fed at the recently lowered discount rate of 5.75%.
The Dow, Nasdaq, and S&P rose as relative calm remained in the markets for a third day and confidence returned to stocks on takeover news and rumors.
Among the big names making news in the market today were Accredited Home, HSBC, Ameritrade and E-Trade, Dubai Word and MGM Mirage, and Toll Brothers.
The Commentary:
“December Gold finished up 2.5 at 668.7, 2.9 off the high and 1.2 up from the low.
September Silver closed up 0.055 at 11.565. This was 0.005 up from the low and 0.215 off the high.
While the gold market saw some moderate gains early in the session, some of those gains were pared in the face of news that major Banks had availed themselves of discount window borrowing. Typically the gold market would have been lifted by news that some major banks were borrowing to diffuse the credit crunch, but instead that news sparked a mid day correction in the stock market, witch buoyed the Dollar and caused gold to slide back about $3 an ounce off its highs. In the end, it was still clear that gold was garnering a significant amount of direction from the ebb and flow in the stock market.
The reaction in silver prices to the news that up to four major US Banks had taken advantage of the Fed's discount rate window was difficult to determine. While seeing the banks implement strategies that could diffuse the crisis is potentially bullish to prices, it is possible that the borrowing reconfirmed the severity of the problem. However, it was a mark in the bull camps favor to see the market mostly ignore the news of a slight rise in US silver production. However, many traders suggested that the US silver production was pretty old news and perhaps more importantly that the silver market hasn't been that interested in physical supply news lately.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Dodd denies 'political pressure' but still expects rate cut
Ted Butler: Fighting back
The Statistics:
As of close of business: 8/21/2007
Gold Warehouse Stocks: | 7,087,953 | - |
Silver Warehouse Stocks: | 134,860,323 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 514.21 | 16,532,431 | US$ 10,867m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.48 | 2,844,792 | US$ 1,875m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,358 | US$ 269m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 15.02 | 482,908 | US$ 317m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.74 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/21/2007 | |
Total Net Assets | $997,754,274 | 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 8/21/2007 | |
Total Net Assets | $1,652,099,166 | 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:
NovaGold’s (NG) cash investments, Cardero’s (CDY) Induced Polarization survey, Fronteer’s (FRG) project advancement, Canyon’s (CAU) Chairman and Founder passing, Paramount’s (PZG) Board appointment, Yamana’s (AUY) positive construction decision, Northern Orion’s (NTO) approved merger with Yamana (AUY), Lundin Mining’s (LMC) expired offer for Rio Narcea (RNO), and Excellon’s (EXN.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +9.37% $11.09 |
2. Entree Gold | EGI +8.72% $2.12 |
3. Pan American | PAAS +8.50% $23.86 |
LOSERS
1. New Gold | NGD-6.73% $4.57 |
2. Seabridge | SA -5.76% $23.73 |
3. Paramount | PZG -5.10% $2.42 |
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:
AMEX Exploration Inc closes a private placement of $300,000 - More
- August 22, 2007 | Item | E-mail
Northern Orion OKs Yamana deal, Meridian opposed - "The takeover plan was approved by 83 percent of the votes cast at a Northern Orion meeting, but completion of the deal is conditional on the success of Yamana's takeover bid for Meridian.
Yamana sweetened its offer for Meridian last week, but Meridian repeated on Wednesday its unanimous recommendation that shareholders reject the unsolicited offer." More
- August 22, 2007 | Item | E-mail
Getty announces restructured board of directors - More
- August 22, 2007 | Item | E-mail
Meridian Gold Comments on Northern Orion Business Combination with Yamana - "Meridian Gold Inc. ("Meridian Gold" or the "Company") (TSX:MNG - News; NYSE:MDG - News), in response to the announcement that Northern Orion Resources Inc. ("Northern Orion") shareholders approved the business combination with Yamana Gold Inc. ("Yamana"), today reiterated the unanimous recommendation that Meridian Gold shareholders reject Yamana's unsolicited amended offer to acquire Meridian Gold common shares." More
- August 22, 2007 | Item | E-mail
Golden Odyssey Reports Progress on Washiki Project - More
- August 22, 2007 | Item | E-mail
Tagish Appoints Stuart Green as General Manager - Operations - More
- August 22, 2007 | Item | E-mail
Roxmark Mines retains Renmark Financial Communications Inc. - More
- August 22, 2007 | Item | E-mail
Ecuador wants mining reforms via assembly - "Ecuador's President Rafael Correa wants an upcoming special assembly on rewriting the constitution to forbid open pit mining and to prevent drilling in biologically rich areas, said the government's top candidate for the body." More
- August 22, 2007 | Item | E-mail
Kobex Launches New Website and Provides Corporate Update - More
- August 22, 2007 | Item | E-mail
NovaGold Comments on Its Cash Investments - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) has no exposure to any asset-backed commercial paper (ABCP) investments. NovaGold currently has approximately C$120 million in cash and marketable securities. The cash and equivalents are held as short-term deposits, banker's acceptance notes and non-asset-backed commercial paper, all with the two highest possible investment ratings." More
- August 22, 2007 | Item | E-mail
Adriana to Develop Port Development Site in Brazil for Iron Ore Export - More
- August 22, 2007 | Item | E-mail
Shareholders of Northern Orion Resources Support Merger With Yamana Gold, Yamana One Step Closer to Completion of Arrangement With Northern Orion - "With the Northern Orion vote now behind us, the acquisition of Meridian is one major step closer to being completed", said Peter Marrone, chairman and chief executive officer of Yamana. "Investors can now focus on the profile of the company that will be created upon completion of the Northern Orion and Meridian transactions. We remain convinced that the strategic fit and value of the combination between the companies is compelling and we look forward to a positive outcome on September 7." More
- August 22, 2007 | Item | E-mail
Northern Orion Shareholders Approve Plan of Arrangement With Yamana Gold Inc. - "Northern Orion Resources Inc. (Toronto:NNO.TO - News)(AMEX:NTO - News) is pleased to announce that its shareholders have approved the Plan of Arrangement with Yamana Gold Inc. ("Yamana"). At a Special Meeting of Northern Orion shareholders held in Vancouver earlier today, the Arrangement was approved by 83.1% of the votes cast and no notices of dissent were received." More
- August 22, 2007 | Item | E-mail
Centamin Egypt Continues to Intercept High Grade Gold at Sukari - More
- August 22, 2007 | Item | E-mail
Cardero Resource Corp.: IP Results Extend Huachi Copper-Gold Porphyry System - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) wishes to announce that the recent Induced Polarization (IP) survey at its Huachi Copper-Gold Porphyry Project, located in San Juan Province, North-western Argentina, has successfully identified two large geophysical targets along strike from the known mineralization." More
- August 22, 2007 | Item | E-mail
Fronteer Development Group Inc.: Kirazli Gold Project Advances to Next Stage - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) announced today that Teck Cominco Limited's Turkish subsidiary ("TCAM") has met its requirement to earn a 60% interest in the Company's Kirazli gold project in northwestern Turkey." More
- August 22, 2007 | Item | E-mail
TTM Resources Inc. - High grade molybdenum in hole 07-19 - 0.127 % Mo over 380.8 meters including 0.209% Mo over 74.1 meters - More
- August 22, 2007 | Item | E-mail
Bruce Channel Discovery Advanced Underground Exploration Program Update - More
- August 22, 2007 | Item | E-mail
Sunridge Gold Intercepts 146 Metres of 1.21% Copper and 0.92% Zinc at Emba Derho Project - More
- August 22, 2007 | Item | E-mail
Katanga Sets Special Meeting Date - More
- August 22, 2007 | Item | E-mail
Lundin Mining's Offer for Rio Narcea Securities Expired August 20, 2007 - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company")(Toronto:RNG.TO - News)(AMEX:RNO - News) today announced that as of August 20, 2007, the final day of Lundin Mining's amended offer to acquire all of the Company's shares and warrants, 158,018,283 shares of the Company had been tendered in response to Lundin Mining's amended offer, which was announced on July 17, 2007. These shares represent approximately 93.1% of the Company's shares outstanding." More
- August 22, 2007 | Item | E-mail
Lundin Mining's Offer for Rio Narcea Securities Expires - "Lundin Mining Corporation (Toronto:LUN.TO - News)(OMX: LUMI)(AMEX:LMC - News) ("Lundin Mining" or the "Company") is pleased to announce that as of August 20, 2007, the final day of its amended offer to acquire all of the shares and warrants of Rio Narcea Gold Mines, Ltd. ("Rio Narcea"), 158,018,283 shares of Rio Narcea, representing approximately 93.1% of the Rio Narcea shares outstanding, had been tendered to Lundin Mining's amended offer, announced on July 17, 2007." More
- August 22, 2007 | Item | E-mail
Santa Fe Gold Corp, Formerly Azco Mining Inc., Launches New Web Site to Reflect Corporate Name Change and New Strategic Direction - More
- August 22, 2007 | Item | E-mail
ESO drills radioactive intervals in eight drill holes testing radon anomalies on The Carswell Project near the former Cluff Lake Mine, West Athabasca Basin - More
- August 22, 2007 | Item | E-mail
Update on Forecast Gold Sales, Credit Lines, Financial Condition and Appointment of Mr. John Bredenhann as Chief Executive Officer - More
- August 22, 2007 | Item | E-mail
Semafo has no exposure to ABCP - More
- August 22, 2007 | Item | E-mail
Golden Valley Mines Ltd./Abitibi Grassroots Exploration Program Update: Ni-Cu-PGE Channel Sample Assay Results-Drilling Underway - More
- August 22, 2007 | Item | E-mail
Drilling commences on Kingurutik nickel prospect - More
- August 22, 2007 | Item | E-mail
Canyon Resources Announces the Passing of Our Chairman and Founder Dr. Richard H. De Voto - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, is saddened to announce the passing on August 21 of Chairman Dr. Richard H. De Voto after a long battle with cancer. He is survived by his wife Judy, three adult children and their families and three step-children." More
- August 22, 2007 | Item | E-mail
Aurora Confirms and Expands New Zone at Michelin Uranium Deposit, Labrador - More
- August 22, 2007 | Item | E-mail
Stingray's Drilling at El Pilar Continues to Encounter Strong Oxidized Copper Mineralization - More
- August 22, 2007 | Item | E-mail
HE-5 Resources, Corp. Publishes Geologist Summary and NI-43-101 Report of Its Montauban, (Batiscan) Property - More
- August 22, 2007 | Item | E-mail
Gemini Explorations, Inc. Announces Formation of Advisory Board and Appointment of Industry Expert Walter T. Plummer - More
- August 22, 2007 | Item | E-mail
Happy Creek Minerals Ltd. initiates exploration of the Silverboss molybdenum property - More
- August 22, 2007 | Item | E-mail
QGX Undertakes Steps to Convert the Central Valley Zone (Golden Hills) Exploration License to a Mining License - More
- August 22, 2007 | Item | E-mail
SAfrica union to recommend wage deal in gold sector - "South African mining union Solidarity said on Wednesday it would recommend a wage increase to its members, in order to prevent a strike in the world's biggest gold sector." More
- August 22, 2007 | Item | E-mail
Buffalo Gold Ltd.: Kinbauri Gold Reports Drilling at El Valle Extends Mineralization - More
- August 22, 2007 | Item | E-mail
Merrex Expands Zinc Exploration - More
- August 22, 2007 | Item | E-mail
Peak Gold reports second quarter results for 2007 - More
- August 22, 2007 | Item | E-mail
MetalCORP Commences Drilling on High Grade Molybdenum (Mo) - Silver (Ag) Project on its Big Lake Property in Ontario - More
- August 22, 2007 | Item | E-mail
GoldMountain Updates Shareholders With Corporate Update - More
- August 22, 2007 | Item | E-mail
Inter-Citic Adds Fourth Drill at Dachang - More
- August 22, 2007 | Item | E-mail
Drilling at Kinbauri's El Valle Project Continues to Extend Gold/Copper Mineralization - More
- August 22, 2007 | Item | E-mail
Trade Winds Drills 5.48 Grams/Tonne Gold Over 4.60 Metres on Previously Unexplored Area Near Surface at Block A, Detour Lake, Ontario - More
- August 22, 2007 | Item | E-mail
Liberty Announces Drill Results From the Hart Nickel Project - More
- August 22, 2007 | Item | E-mail
Prom Resources, Inc. New Location in Antananarivo - More
- August 22, 2007 | Item | E-mail
McVicar issues stock options - More
- August 22, 2007 | Item | E-mail
Explorator Resources Increases Drilling at El Espino Project - More
- August 22, 2007 | Item | E-mail
Consolidated Goldfields Initiates Metallurgical Test Work at the Pyramid Mine - More
- August 22, 2007 | Item | E-mail
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- August 22, 2007 | Item | E-mail
Molycor Gold Corp.: Drilling Starts on Nevada Gold Property - More
- August 22, 2007 | Item | E-mail
Moto Goldmines Ltd: AIM Rule 26 and Stock Option Update - More
- August 22, 2007 | Item | E-mail
Paramount Gold Appoints Ian Talbot to the Board of Directors - "Paramount Gold Mining Corp. (AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce that Ian Talbot has been appointed to the Board of Directors. Mr. Talbot will sit as an independent board member in accordance with US and Canadian corporate governance and securities requirements." More
- August 22, 2007 | Item | E-mail
Excellon Announces High-Grade Assay Results, Mobilizes Fourth Drill and Schedules Commencement of Mineral Resource Update for October - "Excellon Resources Inc. (TSX VENTURE:EXN - News) announces high-grade assay results from the ongoing exploration program in the immediate vicinity of its test-mine operation at its Platosa Property in northeastern Durango State, Mexico. Three holes (LP07-347, 350 and 355) cut between 2.00 and 6.75 metres of massive sulphides grading from 2,200 to 2,740 g/t (64.0-79.9 oz/T) silver; 11.2 to 36.8% lead and 1.1 to 9.1% zinc." More
- August 22, 2007 | Item | E-mail
Yamana Gold Receives Gualcamayo Environmental Approval; Provides Results for Gualcamayo QDD Feasibility Study and Amelia Ines/Magdalena Scoping Study - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced a positive construction decision for the main Quebrada Del Diablo (QDD) deposit which is the first of three mining opportunities encompassed within the Company's Gualcamayo project in San Juan, Argentina. The construction decision is based on the results of a positive feasibility study for the QDD deposit and on the formal approval for its Gualcamayo Environmental Assessment report." More
- August 22, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
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 22 August, 2007 | |
