-- Posted 5 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $680.90 | -$1.40 |
Silver | $12.16 | -$0.11 |
XAU | 143.64 | -0.95% |
HUI | 335.13 | -0.37% |
GDM | 1040.47 | -0.67% |
JSE Gold | 2380.29 | +0.48% |
USD | 80.61 | -0.17 |
Euro | 136.54 | +0.42 |
Yen | 86.88 | +0.82 |
Oil | $75.73 | +$0.65 |
10-Year | 4.473% | -0.085 |
T-Bond | 112.50 | +0.84375 |
Dow | 13305.47 | -1.07% |
Nasdaq | 2605.95 | -0.92% |
S&P | 1472.29 | -1.15% |
The Metals:
Gold dropped to find over $4 losses by midday in London, but it then rebounded in late morning trade in New York and traded just slightly lower for the rest of the day before it closed with a loss of 0.21%. Silver dropped to as low as $12.08 by early morning in New York before it also rebounded higher into the close, but it still ended with a loss of 0.90%.
Euro gold fell to about €499, platinum lost $1 to $1,268, palladium lost $2 to $330, and copper fell roughly 4 cents to about $3.29.
Gold and silver equities traded mostly slightly lower and ended with minimal losses.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | July | -12.2% | -2.0% | 5.0% |
Also making news this morning was the ADP’s private sector jobs report showing an addition of just 38,000 jobs in August which is the slowest in four years. The fed’s Beige Book noted that the effects of the credit crisis in August “were limited” outside of the real estate market.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/01 expected at 330,000 and second quarter Productivity expected at 2.4%. At 10AM is the ISM Services report for August expected at 54.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in late trade and ended at a new four week high as traders prepared for tomorrow’s inventory data that is expected to show declines in supplies while most also keep a close eye on new weather in the Gulf of Mexico and any comments from OPEC who is expected to keep output at current levels at their meeting next week.
The U.S. dollar index fell and treasuries rose as poor economic data pushed the yield on the 10-year under 4.5% for the first time since March.
The Dow, Nasdaq, and S&P traded lower after poor home sales and jobs data renewed worries about the economy and the indices then fell further after the fed’s Beige Book characterized recent economic impact from credit problems as limited which reduced hopes for a rate cut at their next meeting.
Among the big names making news in the market today were Apple, MGIC and Radian, Yahoo, and Mattel.
The Commentary:
“December Gold finished down 0.8 at 690.7, 1.5 off the high and 2.9 up from the low.
December Silver closed down 0.093 at 12.355. This was 0.08 up from the low and 0.045 off the high.
The gold market continued to correlate with the daily price action in the equity market. Perhaps even more discouraging to the bull camp in gold is the fact that prices were not supported in the wake of a distinct failure in the dollar. All things considered, the gold market performed rather impressively in the face of a series of troubling economic developments and a significant slide in equity prices. Furthermore, the bull market was not definitively supported in the wake of the Fed Beige Book which seemed to focus on weakness in the housing sector instead of hints of a rate cut. In the end, gold continues to maintain its physical commodity market status with stock prices the primary leading indicator.
While the silver market managed to discount a rekindling of the sub prime crisis, the bull camp could not have been happy with the news flow on Wednesday. In addition to a weak private job survey, a weak private housing index figure and a moderate failure in stock prices, the silver market could have experienced a massive washout. In fact, ongoing weakness in the copper market combined with a deteriorating view on the economy would seem to put a major burden on the bull camp.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Two more bidders for Meridian by Friday, securities commission told
ECB pledges more liquidity boosting if needed
Commercial paper risks are lurking behind Citigroup
No inflation? Rivals quickly match Southwest air fare hike
London banks hoard cash as liquidity crunch worsens
Liquidity crisis grows as Libor rates gap hits 20-year high
Letting euro appreciate risks deflation, Nobel laureate Mundell warns
Ted Butler: Actions speak louder than words
The Statistics:
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$ 11,244m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.01 | 2,829,548 | US$ 1,932m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,294 | US$ 279m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 16.62 | 534,245 | US$ 362m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/4/2007 | |
Total Net Assets | $1,036,807,049 | 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 9/4/2007 | |
Total Net Assets | $1,669,915,320 | Ounces of Silver
in Trust | 138,135,340.200 |
Shares Outstanding | 13,900,000 | Tonnes of Silver
in Trust | 4,296.49 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Minco Gold’s (MGH) assay results, Canyon’s (CAU) forward looking strategy, Gammon Gold’s (GRS) analyst tour, Yamana’s (AUY) announcement that Meridian’s (MDG) shareholder rights plan be cease traded, Fortuna’s (FVI.V) drill results, UC Resources’ (UC.V) assay results, Coeur’s (CDE) and Palmarejo’s (PJO.V) filed preliminary assessment report, and Aura Silver’s (AUU.V) progress from its reconnaissance activities were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +5.37% $4.32 |
2. Meridian | MDG +4.75% $29.79 |
3. Orezone | OZN +4.49% $1.63 |
LOSERS
1. Entree Gold | EGI -8.87% $2.26 |
2. International Royalty | ROY -6.98% $5.73 |
3. Vista Gold | VGZ -6.31% $4.01 |
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:
Minco Gold Completes Drilling at Yuezhao Occurrence on Yangshan Project - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) announces assay results from the drill program conducted on its wholly-owned Yangshan Project located in southern Gansu Province in the People's Republic of China (PRC). The project is located in the western end of the Qinling Gold Belt and exhibits identical geology, structure, alteration, and mineralization to the nearby Anba Gold Project." More
- September 05, 2007 | Item | E-mail
Yamana Gold Announces Waiver of Meridian Gold Shareholder Rights Plan - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced that the Ontario Securities Commission, in a decision dated today, ordered that the Meridian Gold Inc. shareholder rights plan be cease traded at 9:00 am Toronto time on September 11, 2007 as per Yamana's request." More
- September 05, 2007 | Item | E-mail
Canstar Update on the Mary March Appeal and McFaulds Lake Properties - More
- September 05, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. issues common shares and purchase warrants to Geoinformatics Exploration Canada Limited - More
- September 05, 2007 | Item | E-mail
Chapleau Resources Ltd. - Regional Structural Association of the Mato Velho and Coringa Gold Mineralization Identified - More
- September 05, 2007 | Item | E-mail
Explor Completes Phase III Drilling Program on the Eastford Lake Gold Project - More
- September 05, 2007 | Item | E-mail
Saturn Minerals Completes Surface Program on Wheelbarrow Property - Drilling to Commence on Silver-Lead-Zinc Targets - More
- September 05, 2007 | Item | E-mail
CORRECTION FROM SOURCE/Canadian Royalties Inc.: Nunavik Nickel Project Exploration Update: Allammaq-A New Discovery - More
- September 05, 2007 | Item | E-mail
Nirek Resources Inc. Acquires Gosselin Gold and Silver Veins - More
- September 05, 2007 | Item | E-mail
Mansfield Minerals Inc.: Investor Relations and Corporate Development Initiative - More
- September 05, 2007 | Item | E-mail
Idaho General Mines Appoints Gregory E. McClain as VP Business Development and Marketing and Andrew Russell as VP of Project Development - More
- September 05, 2007 | Item | E-mail
Robex : Jean Demers replaces Richard Savard on the board - More
- September 05, 2007 | Item | E-mail
Sherwood Reports "On budget & Ahead of Schedule" Phase 1 Construction of Minto Mine - More
- September 05, 2007 | Item | E-mail
Yamana Gold wins a round; OSC says Meridian Gold's poison pill expires Sept 11 - "Meridian Gold Inc. (TSX:MNG) will lose the protection of its poison pill plan on Sept. 11, an OSC panel ruled Wednesday, handing a procedural victory to Yamana Gold Inc. (TSX:YRI).
Yamana, which has bid $3-billion in stock and cash to acquire Meridian, asked last week for the Ontario Securities Commission to intervene in the months-long takeover battle, arguing Meridian has had plenty of time to find an alternative bidder." More
- September 05, 2007 | Item | E-mail
Goldcrest Resources Announces the Appointment of Guy Franceschi as Vice President, Exploration - More
- September 05, 2007 | Item | E-mail
Taranis Resources Intersects 1.26 g/t Au, 274 g/t Ag, 0.19% Cu, 6.51% Pb & 6.89% Zn Over 3.44 m in True Fissure Zone - More
- September 05, 2007 | Item | E-mail
Happy Creek Minerals Ltd. information now available through S&P Market Access Program - More
- September 05, 2007 | Item | E-mail
La Mancha: Short Term Investment Status - More
- September 05, 2007 | Item | E-mail
Geodex reports initial assays from Zones I and II at the Sisson Brook property, New Brunswick and a general summary of progress - More
- September 05, 2007 | Item | E-mail
ITH Reports Initial Drilling Results from its North Bullfrog Project, Nevada - More
- September 05, 2007 | Item | E-mail
First Gold Intersects 15.25 G/T Au Over 4 Meters and 27.03 G/T Au Over 2 Meters in Hole 332A on Croinor Project - More
- September 05, 2007 | Item | E-mail
Additional mineralization grade at MacLellan mine - More
- September 05, 2007 | Item | E-mail
Breakwater and Virginia provide Coulon JV project update - More
- September 05, 2007 | Item | E-mail
Aldershot Resources Ltd.: Significant Uranium Intersection at George Project - More
- September 05, 2007 | Item | E-mail
Gold & Silver Minerals Retains New CEO - More
- September 05, 2007 | Item | E-mail
Goldbelt Appoints David McNee as General Manager, Operations for Inata Gold Project - More
- September 05, 2007 | Item | E-mail
Yukon Gold Corporation, Inc. Lists on Frankfurt Stock Exchange - More
- September 05, 2007 | Item | E-mail
Talon Announces Discovery of New Gold Zone at Agua Branca and Commencement of Exploration Program - More
- September 05, 2007 | Item | E-mail
Benton Resources Corp. (BTC) Receives New Results From the King Lake Copper-Nickel-Cobalt Project in Labrador - More
- September 05, 2007 | Item | E-mail
Carpathian Cuts Best Drill Intersections to Date; Including 544 m of 1.36 g/t Au eq. (incl. 221 m of 1.92 g/t Au eq.) - More
- September 05, 2007 | Item | E-mail
Maxy Gold extensive tunnelling exploration yields encouraging mineralization zone at 0.8 g/t Au over 35 meters width at Muluozuo project in Yunnan - More
- September 05, 2007 | Item | E-mail
GLR Resources Inc.: Goldfields Update Regarding Bank Loan - More
- September 05, 2007 | Item | E-mail
White Mountain Appoints Professor Derek Fray as Titanium Metal Technologies Consultant - More
- September 05, 2007 | Item | E-mail
Mexivada to Begin Drilling at La Republica in Mexico: Projects Update - More
- September 05, 2007 | Item | E-mail
Battle Mountain Gold to Hold Shareholder Vote - More
- September 05, 2007 | Item | E-mail
Binasan Gold Project in Iligan City Re-opens; Gango Gold Rush in Bukidnon & XYZ Gold Project in Masbate Continues Its Development, Exploration And Mobilization - More
- September 05, 2007 | Item | E-mail
Uravan and Mantis Sign Letter of Intent on Rottenstone Property - More
- September 05, 2007 | Item | E-mail
Unico, Inc. Releases September 2007 Issue of Investor Newsletter Highlighting Progress of Reconstruction and Electrical Work at the Deer Trail Mine - More
- September 05, 2007 | Item | E-mail
International PBX Drills Copaquire Molybdenum, Copper, Rhenium Porphyry, Chile - More
- September 05, 2007 | Item | E-mail
Cusac Discovers New Vein Zone on Way to East Bain Vein - More
- September 05, 2007 | Item | E-mail
Mantis and Uravan Sign Letter of Intent on Rottenstone Property - More
- September 05, 2007 | Item | E-mail
Moly Mines Limited: Spinifex Ridge Land Access Deed - More
- September 05, 2007 | Item | E-mail
SearchGold Options 7,865 Km2 on Two Properties for Gold in Gabon - More
- September 05, 2007 | Item | E-mail
High Molybdenum Grades Intersected at Cuatro Hermanos - More
- September 05, 2007 | Item | E-mail
Majescor and Azimut Identify Anomalous Uranium Corridor at South Rae: Multiple Uranium Showings with Scintillation Readings of 10,000 to 47,000 CPS - More
- September 05, 2007 | Item | E-mail
Midlands Minerals Announces Gold Zone Extends North and at Depth at Midpoint of Drilling on Sian-Ghana - More
- September 05, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Release of NI 43-101 Technical Report on Phoenix Property Located in Matagami Mining Camp - More
- September 05, 2007 | Item | E-mail
Goldstake: Bancroft Region, Ontario, Canada - Historical: 9.8 lbs Uranium, 36 lbs Thorium, 10 lbs Rare Earths - More
- September 05, 2007 | Item | E-mail
Philex Gold Announces Results of the Latest Drill Holes at the Boyongan Property - More
- September 05, 2007 | Item | E-mail
International Barytex Resources Ltd.: Further Drill Results at the Shituru Copper Property, Including 15 Metres at 13.1% Copper - More
- September 05, 2007 | Item | E-mail
Virginia Mines Inc./Coulon JV Project-New Surface Discovery: The Spirit Showing Returns Up to 7.22%Cu, 12.95% Zn, 200g/T Ag and 1.24% Pb - More
- September 05, 2007 | Item | E-mail
Drilling Confirms New Geological Model at Rice Lake -- 31 g/tonne Over 6.5 m in New Zone - More
- September 05, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces Confirmation of Fire Assay Development Work - More
- September 05, 2007 | Item | E-mail
Duluth Metals new drill results confirm increased mineralization to Nokomis Deposit - More
- September 05, 2007 | Item | E-mail
Zincore Drills 13 Metres of 12.7% Zinc at Yanque and 14 Metres of 19% Zinc at Accha - More
- September 05, 2007 | Item | E-mail
Dia Bras Presenting on BNN TV and at Precious Metals & Mining Forum - More
- September 05, 2007 | Item | E-mail
FNX Advances Drift Into High-Grade Massive Sulphide Mineralization at the Podolsky 2000 Deposit - More
- September 05, 2007 | Item | E-mail
Gabriel Exposes the Secrets of Rosia Montana Opposition - More
- September 05, 2007 | Item | E-mail
Azimut and Majescor identify Regional-Scale Uranium Potential on the South Rae Property, Ungava Bay Region, Quebec - More
- September 05, 2007 | Item | E-mail
Crescent Resources Corp.: Drilling Starts at Oviedo Uranium Project, Paraguay - More
- September 05, 2007 | Item | E-mail
Cooper Minerals Reports High Grade Uranium and Silver Sampled at Terra Project; Great Bear Lake Area - More
- September 05, 2007 | Item | E-mail
American Uranium Corporation Closes Private Placement - More
- September 05, 2007 | Item | E-mail
Vena Resources Signs Strategic Alliance with Cameco Corporation to Explore Uranium Assets in Peru and Provides Technical Update - More
- September 05, 2007 | Item | E-mail
Fortuna Announces Positive Drill Results at San Jose, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; "Fortuna") 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
- September 05, 2007 | Item | E-mail
Canyon Resources Outlines Its Forward Looking Strategy - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, provides an update on its forward looking strategy. As a result of recent market turmoil, the management and Board of Canyon has conducted a critical review of the strategic plans of the Company. It is the Company's belief that the intrinsic value of its underlying cash, equipment, and property assets net of liabilities exceeds its current market value and that steps must be taken to unlock its unrecognized value for the benefit of its shareholders." More
- September 05, 2007 | Item | E-mail
UC Resources Limited and Spider Resources Inc. Intersect 4.35% Zn, 2.69% Cu, 0.35 g/t Au and 6.63 g/t Ag Over 19 Metres at VMS Project in Northern Ontario - "UC Resources Ltd. (CDNX:UC.V - News) (the "Company") and Spider Resources Inc. (CDNX:SPQ.V - News) ("Spider") are pleased to announce the receipt of assays from a diamond drilling program at the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, located in northern Ontario in the James Bay Lowlands. Hole McF-07-75 and McF-07-76 as previously announced (August 30, 2007) encountered massive sulphide mineralization containing appreciable chalcopyrite and sphalerite." More
- September 05, 2007 | Item | E-mail
Coeur and Palmarejo Silver and Gold File Preliminary Assessment for Palmarejo Silver & Gold Project - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News; "Coeur") and Palmarejo Silver and Gold Corporation (TSX-V:PJO - News; "Palmarejo") announced today that a preliminary assessment report has been filed on the Palmarejo Project located in Northern Mexico. The purpose of this report is to provide details of the scoping study completed by Coeur that assumes mining at the Palmarejo Project takes place by both open pit and underground mining methods." More
- September 05, 2007 | Item | E-mail
Gammon Gold to Host Analyst Tour at Ocampo - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS) is pleased to provide an update on activities in advance of an analyst tour at the Ocampo mine site in mid-September. Gammon will host more than 45 Analysts and Institutional Shareholders at Ocampo where they will see first-hand the progress the Company has made in recent weeks. Site visits at the Ocampo Open Pit and Underground mine operation will begin September 17, 2007 and continue over a period of three days." More
- September 05, 2007 | Item | E-mail
Aura Silver Expands Mexican Project Eastward, Exits El Salvador - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") is pleased to announce progress from its reconnaissance activities on its East Taviche Concession, Mexico. Exploration on the Company's Taviche property has been ongoing since early spring, 2007." More
- September 05, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 September, 2007 | |
