-- Posted 23 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $659.30 | +$1.00 |
Silver | $11.65 | +$0.07 |
XAU | 136.16 | -1.13% |
HUI | 318.37 | -0.85% |
GDM | 990.03 | -1.24% |
JSE Gold | 2234.96 | +0.47% |
USD | 81.12 | -0.13 |
Euro | 135.62 | +0.27 |
Yen | 86.13 | -0.88 |
Oil | $69.89 | +$0.63 |
10-Year | 4.618% | -0.002 |
T-Bond | 110.6875 | +0.3125 |
Dow | 13235.88 | -0.00% |
Nasdaq | 2541.70 | -0.43% |
S&P | 1462.50 | -0.11% |
The Metals:
Gold gained in choppy trade in Asia and London and rose near $665 with about 1% gains by early trade in New York, but it then plunged about $5 between 9:30AM EST and 10:30AM, remained mostly slightly higher for the rest of trade at about $659, and closed with a gain of 0.15%. Silver rose near $11.85 by late trade in London before it fell back off for much of trade in New York and closed with a gain of 0.60%.
Euro gold remained at about €487, platinum lost $3 to $1,235, palladium gained $4 to $322, and copper gained over 4 cents to about $3.33.
Gold and silver equities saw over 1% gains at the open, but they then fell off to find about 1% losses by late morning and remained at about that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 8/18 | 322K | 320K | 324K |
Tomorrow at 8:30AM EST brings the Durable Goods Orders report for July expected at 1.0% and at 10AM is the New Home Sales report for July expected at 825,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil gained but still closed below $70 for the third day in a row as the focus of the energy market turned back to the world economic outlook and its impact on demand.
The U.S. dollar index again fell despite further weakness in the yen as the euro continued to gain on the outlook that Europe will continue to raise interest rates while the fed seriously considers rate cuts in the U.S.
Treasuries fell at the open, but they found gains by the close on worries about an oncoming recession in the U.S.
The Dow, Nasdaq, and S&P opened higher on encouraging news that Bank of America bought a $2 billion stake in Countrywide, but all three indices fell off to find losses by the close on recession worries as Angelo Mozilo and Bill Gross were just two of several notable names raising the possibility of a recession in the U.S. in the near future.
Among the big names making news in the market today were Countrywide, Smithfield, Hormel, Bank of America and Countrywide, and Goldman Sachs.
The Commentary:
“December Gold finished down 0.3 at 668.4, 6.1 off the high and 0.7 up from the low.
September Silver closed up 0.075 at 11.64. This was 0.01 up from the low and 0.19 off the high.
The gold market’s correlation with the stock market continued on Thursday. In fact, the gold market hardly seemed to be that interested in the Dollar action, even though the December Dollar Index seemingly fell below a critical chart support point. However, the big event of the trading session was probably news that the Fed reported a significant drop in outstanding Commercial Paper levels but also dampening sentiment were statements from the Countrywide CEO who predicted a recession ahead for the US economy. In other words, dented economic sentiment and the stock market slide seemed to be the primary force pulling gold back from its initial strength.
While silver prices generally held their initial short covering gains, it was clear that the market was disappointed by the turn of events during the session Thursday. As suggested in the gold coverage today the bull camp was slightly undermined as a result of renewed concern of a collapse in the amount of Commercial paper outstanding and also because of patently negative forward guidance from a prominent CEO. It is possible that silver was indirectly supported to its gains on the day by strength in the copper market. In other words seeing positive leadership from the industrial metals sector probably distracted the silver trade away from the disappointing price action in the gold and platinum markets.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
ECB funding fails to relieve euro interbank market
David Callaway: Money-center banks aren't fooling anybody
Treasury's plan backfires as IMF targets dollar's overvaluation instead of yuan's
Cancel interest rate increase, German industry pleads
Central banking is easy; the challenge is to stay in power
Debt overtaking GDP in Britain too
Countrywide confirms Bank of America's $2 billion investment
Straight from the discount window to a bailout for Countrywide
John Rubino: Nope, that's not money
Delinquent real-estate loans up by 36% in a year
Fed optimistic it has bought time and can avoid rate cut
Fed's strategy of boosting liquidity survives another day
Banks make great show of borrowing at Fed's discount window
Jonathan Weil: Wells Fargo gorges on mark-to-make-believe gains
The Statistics:
As of close of business: 8/22/2007
Gold Warehouse Stocks: | 7,087,953 | - |
Silver Warehouse Stocks: | 134,414,064 | - 446,259 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 514.21 | 16,532,431 | US$ 10,900m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.48 | 2,844,760 | US$ 1,877m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,353 | US$ 270m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 15.02 | 482,908 | US$ 317m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/22/2007 | |
Total Net Assets | $1,001,390,611 | 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 8/22/2007 | |
Total Net Assets | $1,653,492,655 | 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:
Aurizon’s (AZK) new Board member, Paramount’s (PZG) environmental permits, Banro’s (BAA) drill results, Aquiline’s (AQI.TO) drill results, SNS Silver’s (SNS.V) completed drilling, MAG Silver’s (MVG) mobilized drill program, and Silvercorp’s (SVM.TO) warrant extension were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree Gold | EGI +15.09% $2.44 |
2. Exeter | XRA +3.90% $2.40 |
3. Goldcorp | GG +1.86% $23.03 |
LOSERS
1. Seabridge | SA -8.34% $21.75 |
2. Silver Standard | SSRI -5.91% $28.81 |
3. Harmony | HMY -5.15% $8.48 |
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:
Newmont Revises Dividend Record Date - "Newmont Mining Corporation (NYSE: NEM - News) today announced that it is changing the record date for the dividend declared by the Board of Directors on July 18, 2007, as the date originally set is a non-settlement date in Australia. The record date will be changed from September 7, 2007 to September 6, 2007. Accordingly, the regular quarterly dividend of $0.10 per share, payable September 28, 2007, will be paid to holders of record at the close of business on September 6, 2007." More
- August 23, 2007 | Item | E-mail
Idaho General Mines Announces Appointment of PricewaterhouseCoopers (PwC) as Auditors - More
- August 23, 2007 | Item | E-mail
Prom Resources' Recent Information - More
- August 23, 2007 | Item | E-mail
Bayswater Confirms Cash Position - More
- August 23, 2007 | Item | E-mail
Hard Creek Nickel Files Reports in United States - More
- August 23, 2007 | Item | E-mail
Gossan's Manigotagan Silica Sand Meets the API's Minimum Standards for Frac Sand Proppant - More
- August 23, 2007 | Item | E-mail
Los Andes Intersects 240 Metres Grading 0.40% Cu and 0.017% Mo at Vizcachitas Porphyry Copper-Molybdenum Project - More
- August 23, 2007 | Item | E-mail
Canadian Shield Signs Letter of Intent to Acquire La Tola Property From Solitario Resources and Consolidates Ground Adjacent to Ccello Ccello Property - More
- August 23, 2007 | Item | E-mail
Everton Resources Confirms no Exposure to Asset Backed Commercial Paper - More
- August 23, 2007 | Item | E-mail
Zacoro Metals Corp. and Vistior Capital Limited Announce Letter of Intent for Business Combination - More
- August 23, 2007 | Item | E-mail
CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - Recent successful drilling results including 37m of 2.42%Cu - More
- August 23, 2007 | Item | E-mail
War Eagle Hires Senior Mine Manager - More
- August 23, 2007 | Item | E-mail
Diane Francis Joins Aurizon's Board - "Ms. Diane Francis, an experienced financial journalist, is renowned for her columns which appear in The Financial Post section of the National Post. She is also a broadcaster and author of eight best-selling books and is a sought-after speaker, host of events and participant in conferences around the world. She has been honoured with many prestigious awards from associations, publications and universities across the country." More
- August 23, 2007 | Item | E-mail
Armistice Resources Corp. corporate update - More
- August 23, 2007 | Item | E-mail
Alexis Minerals to Commence Trading on the Toronto Stock Exchange on Monday, August 27, 2007 - More
- August 23, 2007 | Item | E-mail
Amera Earns 51% Interest in Mogote Copper-Gold Project, Argentina - More
- August 23, 2007 | Item | E-mail
Franconia Appoints Director of Investor Relations - More
- August 23, 2007 | Item | E-mail
Temoris Resources Inc.: Drilling Resuts on Mapimi - More
- August 23, 2007 | Item | E-mail
Canadian Arrow Awards Engineering and Metallurgical Contracts for Kenbridge Nickel-Copper Project - More
- August 23, 2007 | Item | E-mail
MDN Inc.: Acquisition in Normetal Area-Abitibi - More
- August 23, 2007 | Item | E-mail
Eagle Plains Commences Diamond Drilling Program on Findlay Base-Metal Project - More
- August 23, 2007 | Item | E-mail
First Narrows Reports Latest Analytical Results From Chester Resource Definition Drilling Program - More
- August 23, 2007 | Item | E-mail
Continental Precious Minerals Inc.: Status of Cash Holdings - More
- August 23, 2007 | Item | E-mail
TSX-V: SNS - 15 drill holes completed at SNS' Crescent Mine
- August 23, 2007 | Item | E-mail
Aquiline Drilling on Navidad Argenta Trend Expands High Grade Loma De La Plata Zone; Results Include 40.9m at 614 g/t Ag - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) is pleased to report on the results of 41 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. These include the results for 16 follow-up holes to further extend the high-grade zone of mineralization on the southeast flank of Barite Hill, (see April 10 and May 23 news releases), 3 exploratory holes at Marcasite Hill, 4 reconnaissance holes on the north flank of Calcite Hill, 10 holes in the Bajo del Plomo zone in the Argenta trend, and 8 holes in the developing high-grade silver zone at Loma de La Plata. Total drilling to date at Navidad now totals 84,671 meters of diamond drilling in 503 drill holes. Drilling continues at Navidad, with two drill rigs on the property." More
- August 23, 2007 | Item | E-mail
Geoinformatics Acquires Utah Copper-Gold Porphyry Project - More
- August 23, 2007 | Item | E-mail
Little Squaw Hits Rich Gold Placer Values at Chandalar - More
- August 23, 2007 | Item | E-mail
Gemini Explorations Inc. Executes Definitive Agreement to Acquire the Los Chorros Gold Mine - More
- August 23, 2007 | Item | E-mail
Crosshair Intersects 0.10% Uranium over 45.7 metres in Step-Out Hole at the C-Zone - More
- August 23, 2007 | Item | E-mail
Northland Defines Major Iron-Copper-Gold Resource at Hannukainen - More
- August 23, 2007 | Item | E-mail
Entourage Mining Encounters At Or Near-Surface Uranium Mineralization from All 32 Holes of the Phase II Drill Program Including 16.99 Meters Grading 0.0435% - More
- August 23, 2007 | Item | E-mail
Khan Statement Regarding Special Exploration License - More
- August 23, 2007 | Item | E-mail
Sakha Enterprises Executes LOI With AZTEC LLC, a Moscow-Based Mining Company - More
- August 23, 2007 | Item | E-mail
High River Gold Updates Status of Prognoz Silver Project - More
- August 23, 2007 | Item | E-mail
Radisson Mining Arranges Private Placement for Advanced Exploration on O'Brien Mine Project - More
- August 23, 2007 | Item | E-mail
Virginia Mines Inc.: Signing of a CA$10 Million Agreement with Breakwater Resources - More
- August 23, 2007 | Item | E-mail
CZM TAG Gold-Silver Exploration Update - More
- August 23, 2007 | Item | E-mail
Enterayon Enters Into MOU for Up to $250,000 Investment - More
- August 23, 2007 | Item | E-mail
Goldrea Resources Corp.: Acquisition Update: Fill-In Drilling Continues/Plans for a Second Shaft Finalized/Shandong, China - More
- August 23, 2007 | Item | E-mail
Eaglecrest Completes Second Highest Grade Gold Concentrate Shipment in Company History - More
- August 23, 2007 | Item | E-mail
15 drill holes completed at SNS' Crescent Mine - "SNS Silver Corporation (TSX-V: SNS - News; "SNS") reports continued progress at the Crescent Mine. SNS has completed the drilling of an additional 5 holes for a total of 15 completed holes in the upper country of the Crescent Mine approximating 17,500 feet of core. SNS expects results may be released as early as the beginning of next week. The three drills from Kettle Drilling continue to run round-the-clock shifts, averaging 600 feet per day. A building has been constructed and completed which will be used as a designated core shed." More
- August 23, 2007 | Item | E-mail
MAG Silver Starts Drill Program at Cinco de Mayo - "MAG Silver Corp. (CDNX:MAG.V - News)(AMEX:MVG - News) ("MAG") announces that two drills have been mobilized to the Cinco de Mayo Property, a "Carbonate Replacement Deposit (CRD)" style target in Chihuahua State, Mexico. Drilling will be targeted on newly discovered mineralization identified in the first pass program completed in January of this year. The holes were drilled over a strike length of 2.0 kilometres along a very prominent NW trending fault zone that cuts strongly folded massive limestone and limestone-rich sedimentary rocks." More
- August 23, 2007 | Item | E-mail
Silvercorp Announces a One Year Extension of Expiry Date of Warrants Issued in 2006 Financing - "Silvercorp Metals Inc. ("Silvercorp") (Toronto:SVM.TO - News) announced today that it has received conditional approval from the Toronto Stock Exchange to extend the expiry date of the 1,250,623 common share purchase warrants issued by Silvercorp in its April 2006 bought deal financing from October 26, 2007 to October 26, 2008." More
- August 23, 2007 | Item | E-mail
Status Update on Energy Fuels' Whirlwind Property - More
- August 23, 2007 | Item | E-mail
Ur-Energy Confirms Safety of C$88.7 Million Cash Position and Plans Towards Production and Expansion - More
- August 23, 2007 | Item | E-mail
CanAlaska's New High Grade Uranium-Rare Earth Target in Manitoba - More
- August 23, 2007 | Item | E-mail
Silver Spruce Announces Results of Lake Sediment and Prospecting Surveys-Straits Property - More
- August 23, 2007 | Item | E-mail
Paramount Gold Receives Their Environmental Permits; A Second Drill Rig will Commence Drilling in Early September - "Paramount Gold Mining Corp. (AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce that they have recently received their environmental and soil use permits which will allow them to continue their drill program at their San Miguel project in Mexico." More
- August 23, 2007 | Item | E-mail
Banro intersects wide zones of gold mineralization at its Lugushwa Project - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce further results from the Company's core drilling program at its wholly-owned Lugushwa project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC")." More
- August 23, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 23 August, 2007 | |
