-- Posted 25 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $730.80 | -$0.30 |
Silver | $13.46 | -$0.02 |
XAU | 167.90 | -1.59% |
HUI | 391.47 | -1.00% |
GDM | 1211.67 | -1.08% |
JSE Gold | 2686.94 | -2.33% |
USD | 78.32 | -0.21 |
Euro | 141.42 | +0.58 |
Yen | 87.36 | +0.30 |
Oil | $79.53 | -$1.42 |
10-Year | 4.614% | -0.010 |
T-Bond | 110.8125 | -0.0625 |
Dow | 13778.65 | +0.14% |
Nasdaq | 2683.45 | +0.58% |
S&P | 1517.21 | -0.03% |
The Metals:
Gold fell nearly 1% by late trade in Asia and dropped to as low as $722.50 in London before it rallied back higher throughout most of trade in New York and even saw slight gains above $733 by early afternoon, but it then fell back off a bit in the last hour of trade and ended slightly off its high of the session with a loss of just 0.04%. Silver dropped to as low as $13.21 in London before it also rallied back higher for most of trade in New York and ended near its high of the session with a loss of just 0.15%.
Euro gold fell under €517, platinum remained unchanged at $1333, palladium gained $1 to $339, and copper fell slightly to about $3.65.
Gold and silver equities fell a little over 1% at the open and remained near their lows for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Sep | 99.8 | 104.5 | 105.6 |
Existing Home Sales | Aug | 5.50M | 5.50M | 5.75M |
Existing Home Sales were the fewest since August 2002 and Consumer Confidence was the lowest since November 2005. Tomorrow at 8:30AM EST brings the Durable Goods Orders report for August expected at -3.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back under $80 as tame geopolitical issues and calm weather in the Atlantic and Gulf of Mexico encouraged traders to take profits and liquidate long positions ahead of tomorrow’s inventory reports.
The U.S. dollar index fell and treasuries rose on poor economic data. The dollar closed just 0.13 points away from a new all time low.
The Dow, Nasdaq, and S&P remained mixed and near unchanged as worries over poor economic data and weak retail sales forecasts were offset by markedly lower oil and hopes for lower interest rates.
Among the big names making news in the market today were Microsoft and Facebook, Clear Channel, OMV and MOL, Lennar, UAW and GM, Merrill, and Discover.
The Commentary:
“It has always been my view that cyclical analysis taken as a set in cement predictor is useless. However judging what the market actually does versus what the cycle says it should does gives a clear and accurate view of the internal strength or weakness of an entity.
Gold has demonstrated outstanding strength and the dollar has demonstrated outstanding weakness. The hard fundamental factors have been quite positive to gold and horrible to the dollar. The judgment then is gold is stronger and the dollar is weaker than what one would anticipate. That means buying TA disciplined dips, even intra day for those wild ones, should be successful. I do not anticipate any hard correction here as if it was to occur, it would have already.”- Jim Sinclair, JSMineset.com
“December Gold finished down 0.5 at 738.8, 2.2 off the high and 8 up from the low.
December Silver closed down 0.02 at 13.62. This was 0.14 up from the low and 0.01 off the high.
The gold market seemed to be poised for a significant corrective slide but apparently the market was able to reject the early wave of selling. Apparently talk in the trade suggested that options expiration fostered the recovery action in gold and that could make the direction of trade on Wednesday even more critical. With the US Dollar managing to "eventually" fall to another new low for the move on Tuesday it is possible that the mid morning gold market recovery was indeed inspired by the action in the currency markets.
It is possible that both silver and gold markets were adversely impacted by the initial slide in equity prices and perhaps by the release of several soft scheduled US economic readings. In fact, seeing energy prices slide aggressively and seeing renewed concerns of US slowing probably temporarily deflated inflationary expectations, which might have prompted some silver longs to liquidate positions. With the US stock market specifically citing sagging growth concerns, it is possible that some of the recent industrial demand fears being tossed around in the silver market were rekindled.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Still extreme
Gold price suppression briefly breaks into Kudlow show on CNBC
Bailed out by taxpayers, bank raises dividend, continues CEO's huge salary
John F. Wasik: Consumer price index is just a lot of spin
The Statistics:
As of close of business: 9/24/2007
Gold Warehouse Stocks: | 6,986,692 | -54,571 |
Silver Warehouse Stocks: | 133,940,315 | +531,251 |
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 | 578.03 | 18,584,096 | US$ 13,563m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 91.25 | 2,933,939 | US$ 2,145m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.75 | 441,574 | US$ 323m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,731 | US$ 415m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 0.93 tonnes and the LSE added 0.66 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/24/2007 | |
Total Net Assets | $1,162,630,189 | Ounces of Gold
in Trust | 1,588,466.024 |
Shares Outstanding | 16,050,000 | Tonnes of Gold
in Trust | 49.41 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 9/24/2007 | |
Total Net Assets | $1,940,870,246 | Ounces of Silver
in Trust | 142,543,751.700 |
Shares Outstanding | 14,350,000 | Tonnes of Silver
in Trust | 4,433.61 |
Note: Change in Total Tonnes from yesterday’s data: 30.89 tonnes were added to the trust.
The Stocks:
Eldorado’s (EGO) Kisladag mine, IAMGOLD’s (IAG) project update and integration of Cambior, Endeavour’s (EXK) exploration and acquisition update, Scorpio’s (SPM.TO) drill results, and Alexco’s (AXU) negotiation agreement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY +4.44% $8.24 |
2. Pacific Rim | PMU +3.70% $1.12 |
3. International Tower Hill | THM +3.14% $2.30 |
LOSERS
1. Mines MGMT | MGN -4.16% $3.6228 |
2. International Royalty | ROY -3.85% $6.49 |
3. Rubicon | RBY -3.83% $1.76 |
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:
Forsys Metals Corp.: Preliminary Joly Results - More
- September 25, 2007 | Item | E-mail
Hard Creek Drills 120 Metres of 0.33% Nickel - More
- September 25, 2007 | Item | E-mail
Nirek Resources Inc. Detailed Phase 1 Exploration Program, Commissioned at Gosselin Vein Property - More
- September 25, 2007 | Item | E-mail
Eldorado sees Kisladag reopening, acquisitions - "Eldorado Gold (ELD.TO: Quote, Profile, Research) expects the court-ordered shutdown of its Kisladag mine in Turkey to be reversed by early November, the Canadian miner's chief executive said on Tuesday." More
- September 25, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports an exciting new target at Ketza River - More
- September 25, 2007 | Item | E-mail
Sherwood Receives Encouraging Results From 2007 Gradient IP Geophysical Survey - More
- September 25, 2007 | Item | E-mail
Abcourt Mines Inc.: 2,500-Meter Drilling Program Started at Jonpol Property - More
- September 25, 2007 | Item | E-mail
Laurion to Acquire 100% Interest in Mining Claims Located in Cote Township (Enid-Massey Project), Timmins, Ontario - More
- September 25, 2007 | Item | E-mail
Romarco's Shareholders Exercise Warrants, Corporate Update - More
- September 25, 2007 | Item | E-mail
Endeavour Silver Corp.: Update of Exploration and Acquisition Programs in Mexico - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) provides the following update on its exploration and acquisition programs in Mexico for 2007. A total of 35,000 m of diamond drilling was scheduled on the Company's four silver projects in Mexico in 2007 at an estimated cost of US$6 million. Approximately 1700 m have been completed to date and an additional 18,000 meters are expected to be complete by year end." More
- September 25, 2007 | Item | E-mail
Golden Dawn completes first hole on porphyry target - More
- September 25, 2007 | Item | E-mail
Second Phase of Drilling to Begin at Goldie Property - More
- September 25, 2007 | Item | E-mail
Noront Reports Assays for 1st and 2nd Holes Double Eagle (Cu, Ni, PGE) Project, James Bay Lowlands, Ontario - More
- September 25, 2007 | Item | E-mail
QGX Announces a Financing Update - More
- September 25, 2007 | Item | E-mail
SLAM Exploration announces base metal assays and high silver values from the new discovery at the Nash Creek Deposit - More
- September 25, 2007 | Item | E-mail
Drilling Extends Mineralized Zone at Prognoz Silver Project - More
- September 25, 2007 | Item | E-mail
IAMGOLD Exploration and Development Project Update - "In July, a $19.6 million exploration budget was approved and implemented for the second half of 2007. The program and budget spans a range of both greenfield and near mine exploration in ten South American and African countries including aggressive programs on three advanced projects: Westwood, Quimsacocha and Buckreef." More
- September 25, 2007 | Item | E-mail
Norsemont Mining Announces the Appointment of Mr. Augusto Baertl to Board of Directors - More
- September 25, 2007 | Item | E-mail
Goldstake Explorations Inc. Retains AGORACOM to Provide Online Investor Relations and Social Network for Shareholders - More
- September 25, 2007 | Item | E-mail
Laurion to Acquire 100% Interest in Mining Claims Located in Cóte Township (Enid-Massey Project), Timmins, Ontario - More
- September 25, 2007 | Item | E-mail
RJK To Begin Second Phase of Drilling at Goldie Property, Churchill Uranium Update - More
- September 25, 2007 | Item | E-mail
Radius Commences Exploration at the Rubi Gold-Silver Property, Peru - More
- September 25, 2007 | Item | E-mail
Golden Goose Resources graduates to Tier 1 on TSX Venture Exchange - More
- September 25, 2007 | Item | E-mail
Atomic submits notice of intent to initiate exploration and drilling on 3 phases of Dolores Anticline, Colorado - More
- September 25, 2007 | Item | E-mail
Mega Uranium and Santoy Commence New Phase of Drilling at Mustang Lake, Central Mineral Belt, Labrador - More
- September 25, 2007 | Item | E-mail
Tom Exploration Inc. signed a Joint Venture Agreement with Harricharran for two medium scale permits in Guyana - More
- September 25, 2007 | Item | E-mail
First Narrows Strengthens Board of Directors - More
- September 25, 2007 | Item | E-mail
Iamgold says has integrated Cambior,focused on costs - "Iamgold Corp (IMG.TO: Quote, Profile, Research) has largely integrated its takeover of fellow gold miner Cambior and is now focusing on trimming its cost structure, chief executive Joseph Conway said on Tuesday.
Speaking at the Denver Gold Forum, Conway said cost-cutting measures would include sale of some non-core assets, including its La Arena gold project in Peru." More
- September 25, 2007 | Item | E-mail
Uranium 308 Corp. Signs Share Purhcase Agreement With Mongolia Energy Limited - More
- September 25, 2007 | Item | E-mail
Rare Element Resources-Newmont Gold Venture Completes 2007 Drilling - More
- September 25, 2007 | Item | E-mail
Adex Mining Inc. Outlines Planned Drill Program at Mount Pleasant - More
- September 25, 2007 | Item | E-mail
Cloudbreak Continues to Intercept Copper, Molybdenum and Gold on the Derekoy Porphyry Project in Northwest Turkey - More
- September 25, 2007 | Item | E-mail
Cloudbreak Continues to Intercept Copper, Molybdenum and Gold on the Derekoy Porphyry Project in Northwest Turkey - More
- September 25, 2007 | Item | E-mail
Acero-Martin Discovers New Copper Zone at Pinaya Project - More
- September 25, 2007 | Item | E-mail
Altair Ventures and Full Metal: CJ Project Exploration Update - More
- September 25, 2007 | Item | E-mail
Buffalo Gold to Trade in Canadian Dollars on TSX-V - More
- September 25, 2007 | Item | E-mail
Explorator Resources Intercepts Additional High Grade Copper-Gold Mineralization at El Espino-Venus - More
- September 25, 2007 | Item | E-mail
Newstrike Resources-Exploration Update - More
- September 25, 2007 | Item | E-mail
Crew Gold Corporation Announces Private Placement Closes - More
- September 25, 2007 | Item | E-mail
Advanced Mineral Technologies, Inc. Announces Drilling Program at the Tillicum Mountain Gold Property - More
- September 25, 2007 | Item | E-mail
Cadiscor Resources Resumes Drilling on Discovery First Hole Intersects 5.15 g/t Au Over 6.9 M - More
- September 25, 2007 | Item | E-mail
Reno Gold Corp. Issues Shareholder Update - More
- September 25, 2007 | Item | E-mail
Canasia Lists on one of the Worlds Largest Stock Exchanges - More
- September 25, 2007 | Item | E-mail
Moly Mines Proceeds With Spinifex Ridge Project Execution and Financing - More
- September 25, 2007 | Item | E-mail
Ontex Intersects Additional Gold Mineralization - More
- September 25, 2007 | Item | E-mail
Sunridge Gold Intercepts High-Grade Zinc at Adi Nefas Project - More
- September 25, 2007 | Item | E-mail
Chanaral Cancels Shares to Third Party - More
- September 25, 2007 | Item | E-mail
Marifil Finds 5.4 M @ 309 G/T Indium From Previous Toruel Drilling - More
- September 25, 2007 | Item | E-mail
Mustang Minerals Exploration Update - More
- September 25, 2007 | Item | E-mail
Forum Uranium Corp.: Nunavut Approves Uranium Exploration and Mining - More
- September 25, 2007 | Item | E-mail
Superior Diamonds Inc.: Nunavut Approves Uranium Exploration and Mining - More
- September 25, 2007 | Item | E-mail
USEC Prices Stock and Notes Offerings - More
- September 25, 2007 | Item | E-mail
USEC Announces Pricing of Public Offering of Common Stock and 3.0% Convertible Senior Notes due 2014 - More
- September 25, 2007 | Item | E-mail
Scorpio's Underground Drilling of Sept 9 Zone Hits 1,483 g/t Ag, 1.06% Zn, 0.46% Cu, 4.10% Pb and 0.426 g/t Au over 4.5 metres - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to report additional underground drill results targeting the Sept 9 body from the 9th, 10th, 10.5 sub- and 11th Levels of its 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- September 25, 2007 | Item | E-mail
Alexco Resource Corp. and First Nation of the Na-Cho Nyak Dun Conclude Negotiation Agreement - "Alexco Resource Corp. ("Alexco") (Toronto:AXR.TO - News)(Toronto:AXU.TO - News) and the First Nation of the Na-Cho Nyak Dun (the "FNNND") are pleased to announce that they have entered into a Negotiation Agreement relating to the activities of Alexco's subsidiary, Elsa Reclamation and Development Corp. ("ERDC") on and around the former United Keno Hill Mine property." More
- September 25, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 September, 2007 | |
