-- Posted 24 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $731.10 | +$0.10 |
Silver | $13.48 | -$0.0 |
XAU | 170.59 | -0.56% |
HUI | 395.42 | -1.08% |
GDM | 1224.92 | -0.59% |
JSE Gold | 2751.08 | UNCH |
USD | 78.53 | -0.06 |
Euro | 140.84 | -0.04 |
Yen | 87.06 | +0.35 |
Oil | $80.95 | -$0.67 |
10-Year | 4.624% | -0.008 |
T-Bond | 110.875 | +0.125 |
Dow | 13759.06 | -0.44% |
Nasdaq | 2667.95 | -0.12% |
S&P | 1517.73 | -0.53% |
The Metals:
Gold soon rose nearly $5 in Asia and traded about $1-$5 higher in London before it fell in morning New York trade and dropped to find a $5 loss at $726.00 by late morning, but it then rallied back higher in afternoon trade and ended with a gain of 0.01%. Silver rose over $13.65 by midday in London and then fell to as low as $13.37 by late morning in New York before it also rallied back higher in late trade, but it still ended with a minimal loss of 0.07%.
Euro gold fell to about €519, platinum gained $9 to $1333, palladium remained unchanged at $338, and copper rose over 7 cents to $3.67.
Gold and silver equities fell nearly 1% in the first half hour of trade before they rallied back higher and found slight gains by a little after an hour into trade, but they then fell back off and traded mostly slightly lower for the rest of the day.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for September expected at 104.5 and Existing Home Sales for August expected at 5,500,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on profit taking as last week’s storm weakened as it entered the Gulf of Mexico and the hurricane season nears its end, though some unrest in Nigeria and the visit of Iranian President Mahmoud Ahmadinejad to New York did keep traders on edge and looking for any potentially bullish news.
The U.S. dollar index fell further near all-time lows under 78.19 as the euro rose to a new record high, but moves were minimal ahead of economic data due out tomorrow.
Treasuries fell in early trade as stocks rose, but they then rose to find slight gains by the close as the Dow, Nasdaq, and S&P turned morning gains into losses by early afternoon on uneasiness over the future of interest rates.
Among the big names making news in the market today were Apple, Google, UAW and GM, and Ford.
The Commentary:
“December Gold finished up 0.4 at 739.3, 2.3 off the high and 5.3 up from the low.
December Silver closed up 0.02 at 13.64. This was 0.1 up from the low and 0.13 off the high.
The gold market forged a relatively narrow trading range on Monday compared to most of last week's action. After an initial washout in the Dollar was rejected it seemed as if the gold market lost a portion of its flight to quality impetus. Apparently a slightly better than expected Fed National Activity Index and favorable action in the equity market provided the Dollar with a lift and that seemed to discourage a direct extension of last week's safe haven buying. With the copper and platinum market forging fairly impressive gains during the action Monday, the action in the gold and silver markets had to be disappointing to the bull camp.
The silver market did manage a new high for the move but was unable to hold those gains into the close. In retrospect, the silver market might have been discouraged by a weekend article suggesting that silver lacked the same bullish fundamentals as other industrial metals like copper and as a result it wasn't that surprising that both gold and silver underperformed copper and platinum prices. Apparently the markets have become more upbeat on physical and industrial demand versus flight to quality/safe haven investment interest and that would certainly be a shift from the tilt seen last week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Four important charts
Mike Kosares: What if you'd been waiting in line at Northern Rock?
How Bank of England was compelled to rescue Northern Rock
OPEC sees oil price rise offsetting dollar's fall
Gold's rise mystifies The New York Times
Master of the Universe (retired)
Gary North: Bernanke has snookered us all
Fears for global economy propel gold price
The credit crisis could be just beginning
Despite gains, gold lacks broad investor appeal
If Canadians could play REAL football, they'd be dangerous now
British chickens may have to start laying smaller eggs
Government guarantee effectively nationalizes Northern Rock
The Statistics:
As of close of business: 9/21/2007
Gold Warehouse Stocks: | 7,041,263 | -6,623 |
Silver Warehouse Stocks: | 133,409,064 | - |
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 | 577.10 | 18,554,433 | US$ 13,672m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.59 | 2,912,591 | US$ 2,130m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.75 | 441,579 | US$ 323m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,737 | US$ 418m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/21/2007 | |
Total Net Assets | $1,161,556,451 | Ounces of Gold
in Trust | 1,588,466.024 |
Shares Outstanding | 16,050,000 | Tonnes of Gold
in Trust | 49.41 |
Note: Change in Total Tonnes from yesterday’s data: 0.93 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/21/2007 | |
Total Net Assets | $1,906,190,246 | Ounces of Silver
in Trust | 141,550,672.700 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,402.72 |
Note: Change in Total Tonnes from yesterday’s data: 46.34 tonnes were added to the trust.
The Stocks:
Meridian’s Gold’s (MDG) accepted bid from Yamana (AUY), International Tower Hill’s (THM) drill results, Anatolia’s (ANO.TO) project financing, Taseko’s (TGB) inclusion in the S&P/TSX Global Mining Index, Gammon Gold’s (GRS) CEO appointment, BHP Billiton’s (BHP) possible gold find, Fronteer’s (FRG) closed acquisition of NewWest, Coeur’s (CDE) filed proxy materials, Sterling Mining’s (SRLM.OB) 43-101 report, and Apogee’s (APE.V) new mineralized vein discovery were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+8.28% $1.83 |
2. Taseko | TGB+7.72% $5.44 |
3. Alexco | AXU+4.98% $4.85 |
LOSERS
1. Golden Star | GSS -6.07% $4.02 |
2. International Tower Hill | THM -3.88% $2.23 |
3. Gold Reserve | GRZ -3.87% $3.97 |
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:
CORRECTION FROM SOURCE/Sirios: Seven Drill Holes Hit the Silver-Zinc Zone and Two New Potential Areas Found on PONTAX - More
- September 24, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: $140,000 Private Placement - More
- September 24, 2007 | Item | E-mail
Fronteer Development Group Acquires Shares of NewWest Gold - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") announced today that it has acquired ownership of 58,392,000 common shares of NewWest Gold Corporation ("NewWest") from existing shareholders of NewWest in a private arrangement transaction." More
- September 24, 2007 | Item | E-mail
Grandview Gold President Issues Third Quarter Update to Shareholders - More
- September 24, 2007 | Item | E-mail
UNOR Announces Financing - More
- September 24, 2007 | Item | E-mail
Vault Minerals grants stock options - More
- September 24, 2007 | Item | E-mail
ITH Reports Continued High-Grade Gold Intersections from Terra Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the drill results from its 2007 resource drilling program on the Ben Vein at its Terra Project in Alaska. This drilling is the first detailed definition drill campaign conducted on one of the four currently defined high-grade gold veins on the property. Results confirm the extensive nature of the gold mineralization, with every hole intersecting the main vein and many intersecting multiple subsidiary gold bearing veins in the hanging wall and footwall." More
- September 24, 2007 | Item | E-mail
Pacific North West Capital Corp to Attend Denver Gold Forum - More
- September 24, 2007 | Item | E-mail
Carpathian Gold Inc.: Update to Shareholders - More
- September 24, 2007 | Item | E-mail
Arctic Platinum Project Infill Drilling Confirms Good Continuity of Widths and Grades - More
- September 24, 2007 | Item | E-mail
Pearl Asian Mining Expands to the Very Rich Gold and Copper Reserve Region 12 of Cotabato; Gango Gold Project to Start Processing Sept. 30 - More
- September 24, 2007 | Item | E-mail
Yale Completes Sampling at La Verde Grande Cu-Zn-Ag-Au Mine - More
- September 24, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports on encouraging results at Mahala Creek, Jerritt Canyon - More
- September 24, 2007 | Item | E-mail
ABV Gold, Inc. Closes Acquisition of a 70% Interest in a Producing Gold Mine in Russia - More
- September 24, 2007 | Item | E-mail
Dutch Gold Resources Announces Release of an Independent Analyst Report by Wasserman Morris & Company - More
- September 24, 2007 | Item | E-mail
Molycor Gold Corp. and Goldrea Resources Corp.: Drill Results From Diamond Drill Program - More
- September 24, 2007 | Item | E-mail
Benton Continues to Intercept Wide Zones of PGMs and Copper on Bermuda Property North of Marathon Deposit - More
- September 24, 2007 | Item | E-mail
Riverside commences drilling at Copper Ridge's Scheelite Dome Gold Project - More
- September 24, 2007 | Item | E-mail
Meridian board OKs sweetened Yamana bid - "Yamana Gold (YRI.TO: Quote, Profile, Research) again sweetened its takeover offer for Meridian Gold (MDG.N: Quote, Profile, Research) (MNG.TO: Quote, Profile, Research) on Monday, winning the approval of Meridan's board and appearing to end an extended and often testy battle over the bid, now worth about C$3.49 billion." More
- September 24, 2007 | Item | E-mail
Gabriel confident will win Rosia Montana battle - More
- September 24, 2007 | Item | E-mail
Murgor Resources to make property option payment - More
- September 24, 2007 | Item | E-mail
Yorbeau Intercepts 20.78 Grams Gold per Tonne Over 3 m (0.61 Ounces Gold per Ton Over 9.8 Feet) in Drilling on the Augmitto Block - More
- September 24, 2007 | Item | E-mail
Tagish Encounters Gold and Silver Values in the Rainbow Three Drift - More
- September 24, 2007 | Item | E-mail
Simberi Options Project in Western Australia - More
- September 24, 2007 | Item | E-mail
First Narrows Reports Latest Results From the Chester Definition Drilling Program - More
- September 24, 2007 | Item | E-mail
Spider Resources Inc. Announces Proposed Private Placement - More
- September 24, 2007 | Item | E-mail
Newstrike Resources-Exploration Update - More
- September 24, 2007 | Item | E-mail
Sterling Mining 43-101 Technical Report on the Sunshine Mine - "Sterling Mining Company (OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) (the "Company") is pleased to release a summary of the final results of a report entitled "Technical Report on the Sunshine Mine, Big Creek, Idaho, U.S.A." as prepared for the Company by Behre Dolbear & Company, Inc. (the "43-101 Report"). The 43-101 Report reported on the Company's re-opening of the Sunshine Mine to return the mine to production." More
- September 24, 2007 | Item | E-mail
Fronteer Closes Acquisition of NewWest, Adds 3.5 Million Ounces Gold Equivalent to Resource Base - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") announced today that it has closed its acquisition of NewWest Gold Corporation (Toronto:NWG.TO - News) ("NewWest"), adding 3.5 million ounces gold equivalent to the Company's resource base and securing ownership of one of the largest portfolios of precious-metals mineral rights in Nevada." More
- September 24, 2007 | Item | E-mail
CityView Confirms Significant Copper Mineralisation at Catabola - More
- September 24, 2007 | Item | E-mail
Continuum reactivates 100% owned Lachiguiri Project in Oaxaca State, Mexico - More
- September 24, 2007 | Item | E-mail
Tara Gold Announces La Currita Assessment Supports Expanded Production and Exploration - More
- September 24, 2007 | Item | E-mail
Valdez Gold announces appointment of new President - More
- September 24, 2007 | Item | E-mail
Sirios: Seven Drill Holes Hit the Silver-Zinc Zone and Two New Potential Areas Found on PONTAX - More
- September 24, 2007 | Item | E-mail
Gemini Explorations, Inc. Updates Overview of La Planada Gold Project - More
- September 24, 2007 | Item | E-mail
Roxmark Mines, Premier Gold announce joint venture agreement for Geraldton properties - More
- September 24, 2007 | Item | E-mail
Merrex Acquires 100% Of Jubilee - More
- September 24, 2007 | Item | E-mail
Premier to acquire high-grade gold project - More
- September 24, 2007 | Item | E-mail
Raven Gold Corp. - La Currita Potential Gold and Silver Mineralization - More
- September 24, 2007 | Item | E-mail
Unico, Inc. Announces Contract With Atlas Mining Company to Rehabilitate the Deer Trail Mine and Reopen the PTH Tunnel for Underground Mining Activities - More
- September 24, 2007 | Item | E-mail
Frontera Copper Reports Cash Balances of $55 Million and Provides an Update on Third Quarter Production at the Piedras Verdes Operations - More
- September 24, 2007 | Item | E-mail
Encouraging Early Results from Bravo's Homestake Ridge; Third Rig On-site, Fourth Rig Scheduled - More
- September 24, 2007 | Item | E-mail
Atlanta Gold Inc. encouraged by drill results from its surface exploration program at its Atlanta property in Idaho - More
- September 24, 2007 | Item | E-mail
Additional West Pequop Drill Assays - More
- September 24, 2007 | Item | E-mail
Gabriel CFO to Address Denver Gold Show Conference - More
- September 24, 2007 | Item | E-mail
Jaguar Mining CEO Presenting at Denver Gold Forum - More
- September 24, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.-Diamond Drilling Update: Highland Boy Copper-Silver-Gold Bearing Quartz-Sulphide-Iron Oxide Fissure Vein Complex/New Director - More
- September 24, 2007 | Item | E-mail
Golden Band Resources development update - More
- September 24, 2007 | Item | E-mail
Anatolia Mandates Lead Arranger for Senior Project Financing of Copler Gold Project - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO - News) is pleased to announce Bayerische Hypo- und Vereinsbank AG, a member of UniCredit Group ("UniCredit"), has been mandated to act as lead arranger and underwriter for a US$50 million senior project debt facility (the "Facility") to help fund development of the Copler Gold Project ("Copler")." More
- September 24, 2007 | Item | E-mail
Coeur Files Preliminary Proxy Materials - "Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM), Bolnisi Gold NL (ASX: BSG - News) and Palmarejo Silver and Gold Corporation (TSX-V: PJO - News) today announced that Coeur has filed its preliminary proxy statement with the Securities and Exchange Commission ("SEC") with respect to the issuance of Coeur shares pursuant to Coeur's proposed acquisition of Bolnisi and Palmarejo." More
- September 24, 2007 | Item | E-mail
U Mining Resources Inc. Provides Supplementary Information on Laurentide 1 and 2 NI-43-101 Report re: Presence of Uranium and Details Corporate Directional Plan - More
- September 24, 2007 | Item | E-mail
Universal Uranium Appoints New President - More
- September 24, 2007 | Item | E-mail
Alberta Star Expands Copper, Silver, Cobalt, Lead, Zinc, Uranium and Vanadium Bearing Zones at the Eldorado IOCG and Uranium Project - More
- September 24, 2007 | Item | E-mail
Liberty Star Uranium Announces the Transfer of the Loreto Breccia Pipe Target to the Joint Venture with XState Resources - More
- September 24, 2007 | Item | E-mail
Ur-Energy Expands Wyoming Operations Office - Hires Environmental, Health, Safety and Regulatory Affairs Manager & Production Geologist - More
- September 24, 2007 | Item | E-mail
American Uranium Appoints Two New Board Members - More
- September 24, 2007 | Item | E-mail
Taseko Added to the New S&P/TSX Global Mining Index and S&P/TSX Global Gold Index - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) announces that the Company has been included in the new S&P/TSX Global Mining Index launched on June 12, 2007, as part of publicly traded international mining companies. Taseko was also been added to the S&P/TSX Global Gold Index." More
- September 24, 2007 | Item | E-mail
Gammon Gold Appoints Rene Marion as CEO, Russell Barwick Remains as Director and Advisor - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS) is pleased to announce that the Board of Directors (the "Board") has appointed Rene Marion as Chief Executive Officer of Gammon effective October 25, 2007 to replace Russell Barwick, who has stepped down as Chief Executive Officer for personal family reasons but will remain a member of the Board of Directors and Technical Advisor to management." More
- September 24, 2007 | Item | E-mail
Yamana Raises Bid, Wins Meridian - "Canadian miner Meridian Gold Inc. agreed to be acquired by Yamana Gold Inc. after the gold miner further raised its hostile takeover bid to about $3.56 billion, the companies said Monday." More
- September 24, 2007 | Item | E-mail
Apogee Discovers New Mineralized Vein System Over 400 Meters Strike Length on the La Solucion Mine Property - "Geologists for Apogee Minerals Limited ("Apogee") (TSX VENTURE:APE - News) have discovered a new mineralized vein system that extends at least 400 meters along strike on Apogee's La Solucion Mine Property. The 100% owned La Solucion mine is currently producing silver, zinc and lead and realizing record prices for both zinc and lead production. The mine property is located approximately 20 kilometers northeast of the city of La Paz in Bolivia." More
- September 24, 2007 | Item | E-mail
Yamana Gold and Meridian Gold Reach Agreement - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) and MERIDIAN GOLD INC. (Toronto:MNG.TO - News)(NYSE:MDG - News) today announced that they have entered into a definitive support agreement pursuant to which Yamana has agreed to revise its offer to purchase all of the outstanding common shares of Meridian and Meridian's Board of Directors has agreed to unanimously recommend that Meridian shareholders accept Yamana's revised offer." More
- September 24, 2007 | Item | E-mail
Rumours of massive gold find boost BHP Billiton - "Shares in BHP Billiton jumped by over 5% this morning after an Australian newspaper claimed that the company has discovered the world's biggest gold reserve. The Melbourne Herald-Sun reported earlier today that BHP will reveal on Wednesday that it has uncovered a huge resource of gold at its Olympic Dam mine, in South Australia." More
- September 24, 2007 | Item | E-mail
Meridian Gold accepts Yamana Gold's re-sweetened $3.5B takeover bid - "After a drawn-out battle, Meridian Gold Inc. (TSX:MNG) has agreed to a takeover proposal from Yamana Gold Inc. (TSX:YRI) after Yamana again increased its offer, by 50 cents per share.
Toronto-based Yamana said Monday that Meridian's board has agreed to recommend acceptance of the bid, which increases by $50 million to about $3.5 billion." More
- September 24, 2007 | Item | E-mail
Highland Gold Mining H1 net profit 32 pct down - "Highland Gold Mining Ltd. (HGM.L: Quote, Profile, Research), Russia's fourth-largest gold miner, said on Monday its net profit from continuing operations in the first half of this year fell 32 percent to $5.7 million from $8.4 million." More
- September 24, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 September, 2007 | |
