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-- Posted 6 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $694.50 | +$13.60 | Silver | $12.34 | +$0.18 | XAU | 151.79 | +5.67% | HUI | 357.27 | +6.61% | GDM | 1111.96 | +6.87% | JSE Gold | 2406.92 | +26.63 | USD | 80.46 | -0.15 | Euro | 136.86 | +0.32 | Yen | 86.71 | -0.17 | Oil | $76.30 | +$0.57 | 10-Year | 4.500% | +0.027 | T-Bond | 112.28125 | -0.21875 | Dow | 13363.35 | +0.44% | Nasdaq | 2614.21 | +0.32% | S&P | 1478.55 | +0.43% |
The Metals:  Gold traded modestly higher in Asia and London and then added to its gains in early New York trade to see over 1% gains near $690 by about 10AM EST before it fell back near $685 by about 11AM EST, but it then took off to new highs between 11AM and noon and topped $697 ahead of some modest profit taking in afternoon trade that left it with a gain of 2.00%. Silver rose to as high as $12.50 by midday before it also fell back off a bit into the close, but it still ended with a gain of 1.48%.
Euro gold rose to over €507, platinum gained $15 to $1,283, palladium gained $4 to $334, and copper rose a few cents to about $3.32. Gold and silver equities saw roughly 6% gains by early afternoon and remained near their highs into the close. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 9/01 | 318K | 330K | 337K | Productivity | Q2 | 2.6% | 2.4% | 1.8% | ISM Services | Aug | 55.8 | 54.5 | 55.8 |
Also making economic news today was a report showing that the “number of Americans who may lose their homes to foreclosure reached a record in the second quarter as late payments by subprime borrowers surged to one out of every seven loans.” Also of note was that the “Federal Reserve on Thursday pumped the largest amount of liquidity into the banking system in a month after its European counterpart added funds to ease tension in the euro money market. The Fed injected $31.25 billion in three market operations in temporary reserves through repurchase agreements.” Tomorrow at 8:30AM EST brings August’s jobs data. Nonfarm Payrolls are expected at 110,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Wholesale Inventories report for July expected at 0.5%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose above $77 in early trade on renewed terror worries in the Middle east and Nigeria as inventory reports came in near expectations overall. It fell back off to find slight losses by early afternoon on comments urging OPEC to raise production at their meeting next week, but it then rose back higher in late trade and ended nearly 1% higher when all factors had settled in. Oil inventories fell 3.9 million barrels, gasoline inventories fell 1.5 million barrels, distillates rose 2.3 million barrels, and refinery utilization rose 1.8% to 92.1%. The U.S. dollar index fell after the European Central Bank and Bank of England both kept interest rates unchanged as expected due to credit problems recently impacting the markets, though ECB president Trichet still kept a tightening bias heading forward in his comments and that gave some strength to the euro. Treasuries traded on either side of unchanged and closed lower as economic data was mostly better than expected and pushed the yield on the 10-year up from the new 9 month lows hit yesterday and early today. The Dow, Nasdaq, and S&P traded mostly higher as various reports from retailers came in better than expected for the most part, but gains were limited as anxiety over future data and possible developments in credit problems remain and keep most on edge. Among the big names making news in the market today were Toyota and Chrysler, Wal-Mart, Macy’s, General Mills, Campbell, and Countrywide. The Commentary:  “December Gold finished up 13.9 at 704.6, 2.4 off the high and 9.6 up from the low.
December Silver closed up 0.178 at 12.533. This was 0.153 up from the low and 0.137 off the high. With a massive range up extension breakout on the charts, the gold market would seem to be signaling a return to flight to quality or safe haven status. With the Dollar showing weakness at the same time that gold has firmed one could even suggest that another recent flight to quality instrument is being abandoned. Some players have suggested that recent OECD forecasts of a sustained housing market debacle in the US is partially responsible for the sharp upward extension in the gold market and the fact that silver and platinum prices are also rising would seem to suggest that the apparent flight to quality or investment interest in the metals markets is somewhat broad based. With the silver market rising in the wake of gold strength and Dollar weakness it is possible that the slightly better than expected US numbers on Thursday were only a sideline addition to the bull case. While the flight to quality buying argument is gaining acceptance in the trade, seeing the copper market manage a sharp recovery rally would seem to hint at the possibility of a broader based macro economic interest in silver. With slightly better than expected US scheduled reports released on Thursday and expectations high for the Friday morning US payroll report, one can't rule out the prospect that some of the silver buying was in some way inspired by a slight improvement in the economic outlook.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Australian central bank will buy mortgage-backed debt Billiton and CVRD may buy and break up Rio Tinto Jim Sinclair: Day of reckoning for derivatives has arrived The above post is a must read as free daily commentary at JSMineSet.com always is. Also look for Mr. Sinclair as a guest on GoldSeek Radio soon! Banks issue record amount of dollar debt to backstop commercial paper Foreign holdings of Treasuries fall sharply -- Is China dumping them? Developed nations' group urges U.S. interest rate cut The Statistics: As of close of business: 9/5/2007 Gold Warehouse Stocks: | 7,076,278 | +7,335 | Silver Warehouse Stocks: | 131,371,710 | -619,959 |
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 | 528.36 | 16,987,367 | US$ 11,551m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.01 | 2,829,516 | US$ 1,967m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.79 | 410,730 | US$ 286m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 16.62 | 534,245 | US$ 363m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/GX added 12.92 tonnes to reach a new record high in total tonnes held and the ASX added 0.08 tonnes. COMEX Gold Trust (IAU) Profile as of 9/5/2007 | | Total Net Assets | $1,035,580,329 | Ounces of Gold
in Trust | 1,519,196.874 | Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.25 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 9/5/2007 | | Total Net Assets | $1,686,468,686 | 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: Cardero’s (CDY) iron ore projects update, Taseko’s (TGB) added mine reserves, IAMGOLD’s (IAG) scoping study, Kinross Gold’s (KGC) partnership with Linear (LRR.TO) on the Ixhuatan project, Silver Eagle’s (SEG.TO) assay results, and SilverCrest’s (SVL.V) expanded mineralization were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. DRDGOLD | DROOY+17.34% $6.70 | 2. Seabridge | SA +12.66% $28.29 | 3. Great Basin | GBN +12.56% $2.51 |
LOSERS 1. Nevsun | NSU -4.21% $1.59 | 2. Ivanhoe | IVN -2.78% $10.16 | 3. U.S. Energy | USEG -2.56% $4.56 |
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: Minera Andes San Jose project drilling hits 1.86 ounces per ton gold and 163 ounces per ton silver at the Frea vein - More
- September 06, 2007 | Item | E-mail
Aldridge Minerals Inc. announces non-brokered private placement - More
- September 06, 2007 | Item | E-mail
Radius Grants Incentive Stock Options - More
- September 06, 2007 | Item | E-mail
Belvedere intersects a further high grade zone of 5.2 g/t gold over 15.33 metres on the Kiimala gold property. - More
- September 06, 2007 | Item | E-mail
Cardero Iron Ore Projects Update; Glenn Hoffman Appointed President of Iron Ore Subsidiary - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that Mr. Glenn Hoffman has joined the Cardero group as President of Cardero Iron Ore Company Ltd. ("Cardero Iron"), its wholly owned iron ore subsidiary." More
- September 06, 2007 | Item | E-mail
BacTech Signs Letter of Intent to Acquire Scorpio Gold Assets - More
- September 06, 2007 | Item | E-mail
Genco Announces Four Additional Mining Concessions Totalling 32,457 Hectares - More
- September 06, 2007 | Item | E-mail
Duran Announces Results From Aguila Drill Holes 1 and 2 - More
- September 06, 2007 | Item | E-mail
First Nickel 2007 Update - More
- September 06, 2007 | Item | E-mail
Update on Ashdown mine development and molybdenum production - More
- September 06, 2007 | Item | E-mail
Coronado Resources Ltd. -- Madison Property Update - More
- September 06, 2007 | Item | E-mail
Klondike Star Exploring New Lone Star Gold Targets - More
- September 06, 2007 | Item | E-mail
Homeland Precious Metals Corp. Provides Update On Nevada Project - More
- September 06, 2007 | Item | E-mail
Fortune Minerals retains O&M Partners LLC for U.S. focussed investor relations program - More
- September 06, 2007 | Item | E-mail
Taseko Adds 128 Million Tons to Gibraltar Mineral Reserves - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News) (AMEX:TGB - News) announces that the recently completed 2007 drilling program at its 100% owned Gibraltar Copper-Molybdenum Mine has resulted in an addition of 128 million tons to the mineral reserves. As a result, the total mineral reserves at Gibraltar have increased to 384 million tons at 0.310% copper and 0.009% molybdenum, containing 2.4 billion pounds of copper and 69 million pounds of molybdenum." More
- September 06, 2007 | Item | E-mail
Baja Welcomes New Vice President-Engineering and Construction - More
- September 06, 2007 | Item | E-mail
Matamec: Follow-Up on Mabec Uranium Inc. and the Uranium-Gold Sakami Property - More
- September 06, 2007 | Item | E-mail
CORRECTION FROM SOURCE: Canadian Shield Retains AGORACOM to Provide Investor Relations Services - More
- September 06, 2007 | Item | E-mail
Melkior Resources Inc.: 843 g/t Gold-New Gold Zone Discovered - More
- September 06, 2007 | Item | E-mail
Cue Capital Corp. Signs a Letter Agreement With Cameco Global Exploration Ltd. to Establish a Strategic Alliance - More
- September 06, 2007 | Item | E-mail
Strateco Completes its Acquisiton of the Apple Uranium Property - More
- September 06, 2007 | Item | E-mail
Interim Resource Estimate For Copper Mountain Project Exceeds Expectations - More
- September 06, 2007 | Item | E-mail
/C O R R E C T I O N from source -- Murgor Resources Inc./ - More
- September 06, 2007 | Item | E-mail
Cameco to Invest in Share Repurchase Program - More
- September 06, 2007 | Item | E-mail
Tombstone Exploration Renews BLM Claims, Moves Forward with Evaluation and Exploration Plans - More
- September 06, 2007 | Item | E-mail
Mountain Boy Minerals Ltd. - Drilling is Proceeding on Three Different properties - More
- September 06, 2007 | Item | E-mail
Glass Earth Limited: Completes Major Airborne Geophysical Survey in the Otago Region-New Zealand - More
- September 06, 2007 | Item | E-mail
Drilling Confirms New Geological Model at Rice Lake - 31 g/tonne Over 6.5 m in New Zone - More
- September 06, 2007 | Item | E-mail
Golden Eagle CEO and Technical Team On-Site Evaluating Status of C Zone Gold Mine Build-Out and Mill Expansion - More
- September 06, 2007 | Item | E-mail
CCM Research Summary: Alhambra Resources Ltd. - More
- September 06, 2007 | Item | E-mail
Inspiration Intersects 0.772% Ni Over 17.71m or 58.10ft With 1.200% Ni Over 7.64m or 25.06ft (True Width) - More
- September 06, 2007 | Item | E-mail
Strathmore Discovers New High Grade Uranium Mineralization at Roca Honda - More
- September 06, 2007 | Item | E-mail
Golden Arrow Reports Drill Results From Poncha Gold Project - More
- September 06, 2007 | Item | E-mail
Serengeti Drills 48 Meters of 0.75% Copper and 2.5 g/t Gold at Kwanika - More
- September 06, 2007 | Item | E-mail
Radius' Tambor Exploration Adit Returns 74.5g/t Gold Over 3.4m - More
- September 06, 2007 | Item | E-mail
Metanor acquires more properties and Renegotiates NSR royalties - More
- September 06, 2007 | Item | E-mail
Alhambra Resources Ltd. - High grade mineralization intersected at Uzboy - More
- September 06, 2007 | Item | E-mail
Sarissa Resources Inc. Is Pleased to Announce the Completion of the Property Deal With Creso Resources Inc. - More
- September 06, 2007 | Item | E-mail
U3O8 Corp. Provides Exploration Drilling Update - More
- September 06, 2007 | Item | E-mail
Rockcliff Acquires Jackfish Nickel Property, Snow Lake, Manitoba - More
- September 06, 2007 | Item | E-mail
Premier-Goldcorp Red Lake joint venture drilling intersects 14.2g/t Au across 5.0 meters - More
- September 06, 2007 | Item | E-mail
Unico, Inc. Announces Completion of Connection to New Electrical Substation at the Deer Trail Mine - More
- September 06, 2007 | Item | E-mail
Full Metal and Millrock to Commence Drilling at Inmachuk; Silver-Lead-Zinc Project - More
- September 06, 2007 | Item | E-mail
Silver Eagle Averages 315 g/t Ag Eq Over 29.9 Metres Core Length - "Silver Eagle Mines Inc. ("Silver Eagle")(TSX:SEG - News) is pleased to announce recently received assays from a further 13 holes at its Miguel Auza Mine in Zacatecas, Mexico, 11 of which were drilled on the Calvario Vein continuing to prove the extension of the vein on strike and to depth. Intercepts up to 11 metres true width were encountered in Holes 2007-144 and 2007-148, 40 metres apart and both approximately 300 metres below surface." More
- September 06, 2007 | Item | E-mail
Shoreham Announces Completion of Airborne Survey On Favourable Lake Property - More
- September 06, 2007 | Item | E-mail
Gitennes - Update - More
- September 06, 2007 | Item | E-mail
Katanga's Response to Withdrawal of Unsolicited Offer - More
- September 06, 2007 | Item | E-mail
Strateco Provides an Update on Work on the Matoush Property - More
- September 06, 2007 | Item | E-mail
Franklin CEO Plans Return to Bolivia, Will Coordinate Launch of Escala Operations - More
- September 06, 2007 | Item | E-mail
Golden Phoenix Reports on Ashdown Mine Development and Molybdenum Production - More
- September 06, 2007 | Item | E-mail
Alexco Announces Discovery of High Grade Zinc Mineralization With Silver at Onek Deposit Located Near the Bellekeno Historic Mine Area; Keno Hill District - More
- September 06, 2007 | Item | E-mail
Keegan Drills 36 m of 2.5 g/t, 44 m of 2.18 g/t, and 16 m of 3.63 g/t Gold in Large Step-Out Holes at Esaase - More
- September 06, 2007 | Item | E-mail
Freegold Commences Vinasale Exploration Programs - More
- September 06, 2007 | Item | E-mail
QGX Files NI 43-101 Preliminary Economic Assessment for Baruun Naran on SEDAR NPV(at)10% (after tax): US$481 million - More
- September 06, 2007 | Item | E-mail
Nolan Creek Lode Gold Exploration Picks Up - More
- September 06, 2007 | Item | E-mail
Mustang Minerals Prefeasibility Study Update $2 Million Financing Announcement - More
- September 06, 2007 | Item | E-mail
Aquila Announces Major Expansion of Pinwheel Massive Sulfide-Including 5.0 Meters of 19.89% Zinc and 23.5 Meters of 3.1 Grams Per Tonne Gold - More
- September 06, 2007 | Item | E-mail
Forum and Global Commence Airborne Geophysics on New Claims Acquired on Orchid Lake Uranium Property - More
- September 06, 2007 | Item | E-mail
Uranium Star Acquires Madagascar Property; Executes Plan to Underpin Company with Additional Assets - More
- September 06, 2007 | Item | E-mail
Global Uranium and Forum Uranium commence airborne geophysics on new claims acquired on Orchid Lake uranium property - More
- September 06, 2007 | Item | E-mail
Corporate Update from the President of Capella Resources - More
- September 06, 2007 | Item | E-mail
SilverCrest Significantly Expands Mineralization at Santa Elena Project, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News; FRANKFURT:CW5 - News) is pleased to announce that reconnaissance exploration and the first sixteen diamond drill holes of a 40 hole, Phase II drill program have significantly expanded the Santa Elena gold-silver mineralized zone ("Main Zone") along strike and to depth." More
- September 06, 2007 | Item | E-mail
IAMGOLD Corporation: Westwood Scoping Study Shows Positive Economics - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the results of the internal scoping study regarding the Westwood project. Results from this baseline economic assessment confirm the potential for Westwood to significantly contribute to the Company's long term production profile." More
- September 06, 2007 | Item | E-mail
Linear Gold and Kinross Agree to Partner on the Ixhuatan Project - "Linear Gold Corp. (Toronto:LRR.TO - News) ("Linear") and Kinross Gold Corporation (Toronto:K.TO - News)(NYSE:KGC - News) ("Kinross") are pleased to announce that they have reached a partnership agreement ("Agreement") with respect to exploration and potential future development of Linear's 98,000-hectare Ixhuatan Project, located in Chiapas, Mexico (the "Ixhuatan" or, the "Project")." More
- September 06, 2007 | Item | E-mail
Gold Resource Corporation Drills Most Extensive High-Grade Mineralization to Date Including 7.5 Meters of 1.05 Oz/Tonne Gold Equivalent at Its El Aguila Project - More
- September 06, 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 6 September, 2007 | |
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