-- Posted 4 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $682.30 | +$9.10 |
Silver | $12.27 | +$0.25 |
XAU | 145.02 | +3.02% |
HUI | 336.36 | +2.79% |
GDM | 1047.50 | +2.77% |
JSE Gold | 2368.89 | +1.38% |
USD | 80.88 | +0.06 |
Euro | 136.12 | -0.27 |
Yen | 86.06 | -0.21 |
Oil | $75.08 | +$1.04 |
10-Year | 4.558% | +0.021 |
T-Bond | 111.65625 | -0.125 |
Dow | 13448.86 | +0.68% |
Nasdaq | 2630.24 | +1.30% |
S&P | 1489.42 | +1.05% |
The Metals:
Gold remained near unchanged during world trade on Monday and early Tuesday, but it then took off in New York shortly after 9AM EST, topped $680 by noon, remained near its high in afternoon trade, and ended with a gain of 1.35%. Silver briefly dropped back under $12.00 in early New York trade before it also surged higher for the rest of the morning and closed near its high with a gain of 2.08%.
Euro gold topped €500, platinum gained $3 to $1,269, palladium gained $3 to $332, and copper fell a few cents to about $3.33.
Gold and silver equities steadily rose for most of the day and closed with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | July | -0.4% | -0.1% | 0.1% |
ISM Index | Aug | 52.9 | 53.0 | 53.8 |
Tomorrow at 10AM brings Pending Home Sales for July and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on forecasts for an active end to the hurricane season as new refinery problems pushed gasoline higher.
The U.S. dollar index followed stocks higher as traders positioned themselves ahead of the European Central Bank and Bank of England meetings on Thursday to decide on interest rates.
Treasuries fell while the Dow, Nasdaq, and S&P rose as lackluster economic data gave further confidence to the idea of a fed rate cut at their meeting on September 18th.
Among the big names making news in the market today were MetroPCS and Leap Wireless, First American, and NovaStar.
The Commentary:
“December Gold finished up 9.6 at 691.5, 0.5 off the high and 10 up from the low.
December Silver closed up 0.218 at 12.448. This was 0.288 up from the low and 0.037 off the high.
With another impressive range up trade in the gold market, it is possible that the bear camp is feeling the heat of a moderate change in sentiment. Surprisingly the rally in gold took place in the face of a rally in the Dollar and even more surprising in the face of somewhat slack US economic information. However, the gold market seems to have a tight correlation with the US equity market, as the action in the market is currently being seen as a bellwether for the economy going forward. With the ISM employment reading up on the month it almost seems like the market is discounting the slowing threat and as long as the stock market is throwing off optimism, the actual scheduled numbers might not be that important.
The silver market continues to take the lead of the gold market and to perhaps even a larger degree it is tracking in the footsteps of the equity market. Apparently silver was uninterested in the overt weakness in copper and other base metals markets because it managed a very impressive range up extension. In fact, the upside action in silver would seem to put a number of recent shorts under water, especially a large portion of the shorts established in the big down/big volume day of August 16th. In short, improved macro economic psychology seems to leave the bull camp with a fresh edge.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Will Japan be next to feel fallout of U.S. financial crisis?
Jay Taylor addresses inflation/deflation and junior miners on BNN
Treasury market volatility is highest in three years
James Turk: Gold closes August at nearly a record high
Credit turmoil seen as a run in the 'shadow' banking system
Too-low interest rates caused housing boom and bust, central bankers told
John Hathaway: A new chapter for gold
Gartman admits gold price suppression but leaves out why
Bush to announce housing loan relief as Bernanke speaks
John Crudele: Just what does Paulson talk about when he calls Wall Street?
The Statistics:
As of close of business: 8/31/2007
Gold Warehouse Stocks: | 7,086,254 | - |
Silver Warehouse Stocks: | 131,898,413 | + 1,376,165 |
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 | 515.44 | 16,571,995 | US$ 11,133m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.01 | 2,829,579 | US$ 1,931m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,299 | US$ 279m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 16.62 | 534,251 | US$ 359m |
COMEX Gold Trust (IAU)
Profile as of 8/31/2007 | |
Total Net Assets | $1,022,414,751 | Ounces of Gold
in Trust | 1,519,696.371 |
Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.27 |
Silver Trust (SLV)
Profile as of 8/31/2007 | |
Total Net Assets | $1,649,976,106 | Ounces of Silver
in Trust | 138,135,340.200 |
Shares Outstanding | 13,900,000 | Tonnes of Silver
in Trust | 4,296.49 |
.
The Stocks:
Yamana’s (AUY) comments on Meridian’s (MDG) discovery, Royal Gold’s (RGLD) upcoming presentation, Glencairn’s (GLE) litigation settlement, Paramount’s (PZG) trading on the TSX, Goldcorp’s (GG) analyst tour, Seabridge’s (SA) drill results, Meridian’s (MDG) exploration results, Vista Gold’s (VGZ) exploration licenses and drill results, Sabina’s (SBB.V) drilling update, Apogee’s (APE.V) CFO appointment, and Fury’s (FUR.V) updated mineral resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines MGMT | MGN+14.75% $3.50 |
2. Seabridge | SA +10.38% $25.85 |
3. Endeavour | EXK +9.07% $3.85 |
LOSERS
1. Arizona Star | AZS -6.50% $9.35 |
2. Rubicon | RBY -3.64% $1.59 |
3. Ivanhoe | IVN -2.42% $10.90 |
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:
United Reef Announces Director's Resignation - More
- September 04, 2007 | Item | E-mail
Hinterland Summer 2007 Exploration Update - More
- September 04, 2007 | Item | E-mail
Searchgold Grants Stock Options - More
- September 04, 2007 | Item | E-mail
Ginguro Exploration Inc. Completes Initial Public Offering - More
- September 04, 2007 | Item | E-mail
Yamana says Meridian's discovery was expected - "The battle for the hearts of Meridian Gold (MNG.TO: Quote, Profile, Research) (MDG.N: Quote, Profile, Research) shareholders intensified on Tuesday, with Yamana Gold Inc (YRI.TO: Quote, Profile, Research) shrugging off Meridian's claim of an "exciting discovery" at its flagship mine, three days before Yamana's hostile offer for the miner expires." More
- September 04, 2007 | Item | E-mail
Azimut and Channel sign a Letter of Intent for the West Bienville Uranium Property, Northern Quebec - More
- September 04, 2007 | Item | E-mail
Grenville Begins to Secure & Priorize Stockpiles of Mineralized Rock for Transporation & Processing - More
- September 04, 2007 | Item | E-mail
Wallbridge Mining Announces Corporate Appointment - More
- September 04, 2007 | Item | E-mail
SRA Begins Definition Drilling at MTM Zinc Project in Preparation for Mining Activities - More
- September 04, 2007 | Item | E-mail
Ungava Minerals Corp.: Ontario Litigation Update - More
- September 04, 2007 | Item | E-mail
Simberi Grants Extension to Period for Completion of Amari Due Diligence - More
- September 04, 2007 | Item | E-mail
Additional assay results from Kingurutik - More
- September 04, 2007 | Item | E-mail
Anooraq Resources Will Discuss the BEE Transaction Which Has Been Announced With Anglo Platinum at 2:00pm EST on September 4, 2007 - More
- September 04, 2007 | Item | E-mail
Yamana Comments on Meridian Exploration Update-Nothing New-Offer Remains Full, Fair and Final - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today responded to a press release issued this morning by Meridian Gold with respect to some of their recent exploration results. From Yamana's point of view, the results did not include anything that would not have been expected by Yamana and that would cause it to consider altering the terms of its offer for Meridian shares. In formulating its views on value for Meridian's assets, Yamana has already factored in a considerable amount of exploration success in addition to resource to reserve conversions." More
- September 04, 2007 | Item | E-mail
Metanor now holds 100% of Bachelor Property - Update on Bachelor and Barry Properties - No Financial Exposure to ABCP - More
- September 04, 2007 | Item | E-mail
Phase I Drilling indicates High Grade Copper-Gold-Silver Values on the Red Cliff Property with Values up to 3.51 % Copper over 4.02 meters. - More
- September 04, 2007 | Item | E-mail
Noront Resources Ltd. Retains AGORACOM to Provide Online IR Marketing and Social Network for Shareholders - More
- September 04, 2007 | Item | E-mail
Noront Resources Ltd. Retains AGORACOM to Provide Online IR Marketing and Social Network for Shareholders - More
- September 04, 2007 | Item | E-mail
Royal Gold to Present at the Merrill Lynch Canada 13th Annual Mining Conference - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, announced today that management will present at the Merrill Lynch Canada 13th Annual Mining Conference in Toronto, Canada. The Merrill Lynch Conference is an invitation-only conference for institutional investors, mining analysts and the executive management of North American mining companies." More
- September 04, 2007 | Item | E-mail
Kinbauri Bolsters El Valle Mine Development Team in Spain Anticipating Eventual Re-Start of Operations - More
- September 04, 2007 | Item | E-mail
Sabina Silver Corporation - Hackett River 2007 Drilling Update - "Sabina Silver Corporation (CDNX:SBB.V - News) (Other OTC:SBBFF.PK - News) (Frankfurt:RXC.F - News) is pleased to announce an update from the ongoing 2007 drilling campaign at its 100% owned Hackett River Project, Nunavut, Canada. This update represents an aggregate 10,384m in 44 drill holes, or 61% of the total of 17,000m of drilling planned for the Hackett River Project in 2007." More
- September 04, 2007 | Item | E-mail
Glencairn Gold Reports Settlement of Blue Hill Litigation - "Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) reports that it has reached a final settlement of litigation in both the State of Maine and in Ontario regarding remediation of the Blue Hill site in Maine." More
- September 04, 2007 | Item | E-mail
Canadian Shield Resources Retains AGORACOM to Provide Investor Relations and Social Network for Shareholders - More
- September 04, 2007 | Item | E-mail
Amera Discovers Three New Zones on Cocha; Drilling Planned in mid-September - More
- September 04, 2007 | Item | E-mail
Galantas Raises Pounds Sterling 764,000 (CDN$1.64m) in London Private Placing - More
- September 04, 2007 | Item | E-mail
Asia Now's Tunnels Intersect More Mineralized Zones of Copper-Gold Porphyry at Habo - More
- September 04, 2007 | Item | E-mail
Puma Exploration: 230 g/t Ag, 1.3 g/t Au, 3.6% Zn, and 2.8% Pb over 10.0 metres at Nicholas-Denys - More
- September 04, 2007 | Item | E-mail
Bell Resources, Grandcru Resources & Rogue River Resources to Complete Three-Way Business Combination - More
- September 04, 2007 | Item | E-mail
Terry MacGibbon Appointed Executive Chairman of FNX Mining - More
- September 04, 2007 | Item | E-mail
FNX Appoints John W. Lill President and CEO - More
- September 04, 2007 | Item | E-mail
Campbell Resources granted permit to start mining Merrill Island pit - More
- September 04, 2007 | Item | E-mail
Pure Nickel Inc. Expands Exploration Team - More
- September 04, 2007 | Item | E-mail
St Andrew Announces Appointment of Louis Gignac to Its Board of Directors - More
- September 04, 2007 | Item | E-mail
Tagish - Work Program - More
- September 04, 2007 | Item | E-mail
Merrex Gold Exploration Update - More
- September 04, 2007 | Item | E-mail
Erdene Strengthens Industrial Minerals Division - More
- September 04, 2007 | Item | E-mail
Terra Nostra Closes First Phase of Institutional Financing - More
- September 04, 2007 | Item | E-mail
Pebble Creek drills at Gadarwara and continues drilling at Askot, India - More
- September 04, 2007 | Item | E-mail
Golden Band Resources corporate update: Hires investor relations firm - More
- September 04, 2007 | Item | E-mail
Canadian Royalties Inc.: Nunavik Nickel Project Exploration Update: Allammaq - a new Discovery - More
- September 04, 2007 | Item | E-mail
Rusoro Mining Ltd. Appoints George Salamis as President - More
- September 04, 2007 | Item | E-mail
Castillian Resources Appoints Chief Financial Officer - More
- September 04, 2007 | Item | E-mail
Castillian Acquires Macaubas Project in Bahia, Brazil from Xstrata Copper - More
- September 04, 2007 | Item | E-mail
Kodiak Commences Uranium Exploration on Otish Properties - More
- September 04, 2007 | Item | E-mail
PolyMet Signs Northmet Construction Labor Agreement - More
- September 04, 2007 | Item | E-mail
Underworld Resources Exploration Update - More
- September 04, 2007 | Item | E-mail
Midland Exploration Sign an Important Agreement for the Gatineau Zinc Properties in Quebec - More
- September 04, 2007 | Item | E-mail
Capital Gold Announces a Major Increase in Gold Reserves at the El Chanate Mine, Sonora, Mexico - More
- September 04, 2007 | Item | E-mail
FNX Initiates $18 Million Advanced Underground Exploration Programs at Podolsky North and Nickel Ramp Deposits - More
- September 04, 2007 | Item | E-mail
Anooraq Enters Into Major Empowerment Transaction With Anglo Platinum to Transform the Company Into an Independent and Significant PGM Producer - More
- September 04, 2007 | Item | E-mail
Salazar Announces Commencement of 9000 Meter Drill Program at Curipamba, Ecuador - More
- September 04, 2007 | Item | E-mail
Teuton Resources Corp. -- Drilling Starts at Orion Property - More
- September 04, 2007 | Item | E-mail
U.S. Antimony Announces Financial Results for First Half of 2007 - More
- September 04, 2007 | Item | E-mail
Radisson Mining Resources Options a Quebec Nickel, Copper and Gold Property and Plans to Reactivate the O'Brien Mill - More
- September 04, 2007 | Item | E-mail
QGX Commences Drilling at the Copper Ridge Prospect, Golden Hills, Mongolia - More
- September 04, 2007 | Item | E-mail
Goldrea Acquires Arizona Gold Rush Claims - More
- September 04, 2007 | Item | E-mail
American Uranium Completes Joint Venture on the Pine Tree-Reno Creek Properties with Strathmore - More
- September 04, 2007 | Item | E-mail
Globex Completes $4.0 Million Financing - More
- September 04, 2007 | Item | E-mail
Thistle announces the acceptance of an indicative non binding offer for its interests in the President Steyn Gold Mine - More
- September 04, 2007 | Item | E-mail
Wega Mining elects not to proceed with investment in Tagish Lake Gold - More
- September 04, 2007 | Item | E-mail
CityView Appoints Two Key Experts - More
- September 04, 2007 | Item | E-mail
Mega Uranium Reports Further Encouraging Results in Argentina - More
- September 04, 2007 | Item | E-mail
Forsys Appoints Chief Communications Officer - More
- September 04, 2007 | Item | E-mail
UEX/AREVA to Commence Shea Creek Drilling Program with Three Drills, and Development Work on Proposed Shaft Proceeding on Schedule - More
- September 04, 2007 | Item | E-mail
Strathmore Completes Joint Venture with American Uranium on the Pine Tree-Reno Creek, Wyoming, Uranium Project - More
- September 04, 2007 | Item | E-mail
Mawson Resources Limited - 1st Quarter Financial Year 2007/08 Update - Drilling and Consolidation - More
- September 04, 2007 | Item | E-mail
Paladin Resources Ltd: June 30, 2007 Annual Report - More
- September 04, 2007 | Item | E-mail
Liberty Star Retains AGORACOM Investor Relations - More
- September 04, 2007 | Item | E-mail
Pan African's Core Drilling Program for Uranium at Tranomaro Proceeding on Schedule; Additional Regional Targets Now Identified - More
- September 04, 2007 | Item | E-mail
Paramount Gold & Silver Corp. to Commence Trading on the Toronto Stock Exchange - "Paramount Gold & Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce that they have been approved for trading their common shares on the Toronto Stock Exchange under the symbol 'PZG'. Paramount will commence trading on the TSX Wednesday, September 5, 2007, at 9:30 am EST." More
- September 04, 2007 | Item | E-mail
Apogee Minerals Appoints Chief Financial Officer and Vice President Exploration and Grants Stock Options - "Apogee Minerals Ltd. ("Apogee" or "the Company") (TSX VENTURE:APE - News) is pleased to announce the appointment of Gregory Duras as Chief Financial Officer. Apogee is also pleased to announce the appointment of Joaquin Merino as Vice President Exploration." More
- September 04, 2007 | Item | E-mail
Goldcorp to Host Analyst Tour of Red Lake Gold Mines - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today provided an update on mine expansion and exploration progress at Red Lake Gold Mines in northwestern Ontario, Canada in advance of an analyst tour at the operation this week." More
- September 04, 2007 | Item | E-mail
Seabridge Gold's Mitchell Deposit Expands in Three Directions - "Assay results from the first eight holes drilled this summer at the Mitchell zone have confirmed northern, southern and depth extensions of the deposit. Mitchell is one of three gold-copper porphyry deposits located on Seabridge's 100% owned Kerr-Sulphurets project near Stewart, British Columbia, Canada." More
- September 04, 2007 | Item | E-mail
Meridian Gold, Inc. - New High Grade Vein Discovery at El Penon, along with Additional Significant Exploration Results - "Meridian Gold, Inc. ("Meridian Gold" or the "Company") (NYSE:MDG - News; TSX:MNG - News) today announced the exciting discovery, at its flagship El Penon mine in Chile, of another new high-grade vein and the extension of the Al Este vein, forming a major new nucleus of high grade gold and silver mineralization. Meridian Gold also reported on further significant drilling success at the Mercedes project in Mexico, encouraging exploration results from its La Pepa project in Chile and the acquisition of a 65% interest in the Membrillo and Chancon mining districts adjacent to Minera Florida." More
- September 04, 2007 | Item | E-mail
Fury Completes Taylor Project Resource Calculation - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) is pleased to announce the results of an updated Mineral Resource for the Company's Taylor Mine Project (the "Taylor Project") in White Pine County Nevada. When the option on the Taylor Project was purchased in 2006 the Company inherited an historic mineral resource as defined in a 1986 report." More
- September 04, 2007 | Item | E-mail
Vista Gold Corp. Receives Exploration Licenses and Announces Drill Results at Mt. Todd Project, Australia, and Reviews Cash Position - "Vista Gold Corp. (Amex: VGZ - News; TSX: VGZ - News) announced today that it has received four exploration licenses ("ELs") covering about 110,633 hectares primarily to the north- northeast of Vista's Mt. Todd gold mine in the Northern Territory, Australia. The ELs had been held in reserve status by the Northern Territory government prior to Vista acquiring the project." More
- September 04, 2007 | Item | E-mail
