-- Posted 26 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $727.80 | -$3.00 |
Silver | $13.35 | -$0.11 |
XAU | 165.01 | -1.72% |
HUI | 382.26 | -2.35% |
GDM | 1190.01 | -1.79% |
JSE Gold | 2686.38 | -0.02% |
USD | 78.53 | +0.21 |
Euro | 141.32 | -0.10 |
Yen | 86.61 | -0.75 |
Oil | $80.30 | +$0.77 |
10-Year | 4.620% | +0.006 |
T-Bond | 110.71875 | -0.09375 |
Dow | 13878.15 | +0.72% |
Nasdaq | 2699.03 | +0.58% |
S&P | 1252.42 | +0.54% |
The Metals:
Gold traded slightly up in Asia and slightly down in London before it spiked nearly 1% higher to $737 by about 10AM EST in New York, but it then plummeted lower in the next hour of trade and fell to as low as $726.17 ahead of a small rally back higher into the close that left it with a loss of 0.41%. Silver rose as high as $13.575 and fell to as low as $13.29 in New York before it also rallied from its low in afternoon trade, but it still ended with a loss of 0.82%.
Euro gold fell to about €515, platinum gained $12 to a new record high at $1345, palladium lost $1 to $338, and copper fell a couple of cents to about $3.63.
Gold and silver equities found small gains in the first half hour of trade, but they then fell off to find roughly 2% losses by late morning and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Aug | -4.9% | -3.5% | 6.1% |
Tomorrow at 8:30AM EST brings the final reading for second quarter GDP expected at 3.9%, the Chain Deflator expected at 2.7%, and Initial Jobless Claims expected at 320,000. At 10AM are New Home Sales for August expected at 825,000 and the Help-Wanted Index for August expected at 24.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back above $80 in early trade on increased geopolitical tensions, but it then fell back under $78 after inventory reports appeared to come in better than expected. Oil inventories built 1.8 million barrels despite an expected drop, gasoline inventories built a larger than expected 600,000 barrels, and distillates built a larger than expected 1.6 million barrels. Refinery utilization, however, fell a large 2.7% to 86.9%, and as traders looked deeper into the reports and saw a draw in inventories at the key Cushing, Oklahoma plant, they began to buy and oil ended back above $80 with a gain when the session finally closed.
The U.S. dollar index rebounded from near record lows despite a Durable Goods report that was even worse than expectations as strength in the stock market appeared to give some short term confidence to the currency and allowed it to bounce from a technically oversold condition.
Treasuries fell in early trade on profit taking as stocks rose, but they erased most of their losses by the close after a very strong 2-year note auction added to demand created from another poor economic report released this morning.
The Dow, Nasdaq, and S&P found decent gains at the open on news that GM had resolved a strike with UAW and all three indices held their gains into the close.
Among the big names making news in the market today were Bear Stearns, Toyota, GM and UAW, and Citic.
The Commentary:
“December Gold finished down 3.3 at 735.5, 8.5 off the high and 2 up from the low.
December Silver closed down 0.075 at 13.545. This was 0.08 up from the low and 0.185 off the high.
While gold prices attempted to waffle around both sides of unchanged throughout the session Wednesday, the market mostly favored the downside. With the Dollar higher in the face of weak US numbers and energy prices weak again the bull camp certainly had reason to fret. However, the gold market didn't initially seem to get much support off suggestions that the Dollar peg for OPEC Oil might be up for discussion, as that in many minds has been a key force in keeping down global inflation rates. With the Chinese apparently seeing sharp increases in domestic food prices in the wake of a recent pig crisis and US grain prices really thrusting sharply higher on Wednesday it was somewhat surprising gold prices didn't get some support from the grain markets.
Even though December silver managed to initially rise above the prior session's high during the morning trade, prices finished on a down note. With the gold market mostly weak, the Dollar higher and energy prices weak it would seem as if the majority of the outside market forces for silver were bearish. Soft US Durable goods data and modest selling in the copper market also seemed to increase the pressure hanging over silver prices. In short, a bit of macro economic selling seemed to dominate silver and that probably discouraged some longs. In fact after seeing a fresh new high for the move in copper prices and overt strength in lead prices early in the session, it would seem to make the silver slide even more suspect.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Are 'inflation-protected' bonds really better than gold?
Chinese best-seller perceives currency issue but blames Rothschilds
Central banks fail to calm money markets as cash hunger grows
Northern Rock cancels dividend, negotiates sale
Newcrest will close last gold hedges within 12 months
The Statistics:
As of close of business: 9/25/2007
Gold Warehouse Stocks: | 6,986,886 | +194 |
Silver Warehouse Stocks: | 133,930,016 | -10,299 |
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$ 13,535m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 91.25 | 2,933,906 | US$ 2,138m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,169 | US$ 335m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,706 | US$ 415m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.55 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/25/2007 | |
Total Net Assets | $1,161,823,215 | 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 9/25/2007 | |
Total Net Assets | $1,892,378,783 | Ounces of Silver
in Trust | 142,543,751.700 |
Shares Outstanding | 14,350,000 | Tonnes of Silver
in Trust | 4,433.61 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
A swap of assets between Kinross (KGC) and Goldcorp (GG), Goldfields (GFI) higher debt and South Deep expansion, Barrick’s (ABX) bullish price outlook and hedge book, Cardero’s (CDY) potential exploration alliance with Newmont (NEM), Newmont’s expectation for higher operating costs, Aurelian’s (ARU.TO) drill results, Kimber’s (KBX) new CEO, Kirkland’s (KGI.TO) drill results, Oro Silver’s (OSR.V) acquired mining properties, and SilverCrest’s (SVL.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA+12.13%$10.35 |
2. Cardero | CDY +7.75% $1.39 |
3. Entree | EGI +3.24% $2.55 |
LOSERS
1. Endeavour | EXK -8.84% $3.30 |
2. Golden Star | GSS -6.31% $3.86 |
3. Newmont | NEM-5.85% $44.90 |
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:
Goldfields sees higher debt, South Deep expansion - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research), the world's No. 4 gold miner, sees its net debt rising to nearly $1 billion in the near term, but then returning to the company's preferred range of $500 million to $750 million, Chief Executive Ian Cockerill said on Wednesday." More
- September 26, 2007 | Item | E-mail
Zimbabwe passes law to give foreign firms to locals - "Zimbabwe's parliament passed a bill on Wednesday giving local owners majority control of foreign-owned companies including mines and banks, threatening to drive the fragile economy deeper into crisis." More
- September 26, 2007 | Item | E-mail
Tombstone Exploration announces offering of common stock - More
- September 26, 2007 | Item | E-mail
Aurus Announces Shareholders Meeting - More
- September 26, 2007 | Item | E-mail
Brazauro Announces Increased Mineral Resource and Positive Results from Preliminary Economic Assessment of Tocantinzinho Gold Project, Brazil - More
- September 26, 2007 | Item | E-mail
Pan American Gold Corporation: Repricing and Granting of Stock Options - More
- September 26, 2007 | Item | E-mail
Analysts see Goldcorp, Kinross asset swap gains - "A long-anticipated asset swap between Kinross Gold Corp (K.TO: Quote, Profile, Research) and Goldcorp Inc (G.TO: Quote, Profile, Research) will yield benefits for both miners as they consolidate their stakes in several mines, analysts said on Wednesday." More
- September 26, 2007 | Item | E-mail
Barrick bullish on price, not worried on costs - "Strong jewelry demand and a somewhat bearish supply picture should drive gold prices to $800 per ounce by the end of the year, the chief executive of top gold producer Barrick Gold (ABX.TO: Quote, Profile, Research) said on Wednesday." More
- September 26, 2007 | Item | E-mail
Cardero and Newmont Propose to Form Strategic Gold Exploration Alliance Targeting NW Argentina - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that it has agreed on a non-binding term sheet with respect to the commercial terms for the formation of a regional exploration alliance ("Alliance") with Newmont Ventures Limited ("Newmont") to jointly conduct exploration for a variety of gold deposit types in north-west Argentina." More
- September 26, 2007 | Item | E-mail
Newmont expects higher operating costs in Nevada - "The head of the world's second-largest gold producer, Newmont Mining Corp (NEM.N: Quote, Profile, Research) on Wednesday forecast higher-than-expected operating cost at its Nevada operations, and its cost applicable to 2007 sales may also exceed its previous estimates." More
- September 26, 2007 | Item | E-mail
Constantine Cuts 46 Feet (14.0 Metres) of Copper-Zinc Rich Massive Sulphide - More
- September 26, 2007 | Item | E-mail
Aurelian Reports Drill Results for FDN and El Tigre - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced drill results from two locations on its wholly-owned Condor Project in south-eastern Ecuador. The infill drilling program at the buried epithermal gold-silver discovery at Fruta Del Norte (FDN) continues to return excellent intercepts. These include 166.55 metres grading 16.19 g/t of gold ("Au") and 12.5 g/t of silver ("Ag") in infill/twin hole CP-07-137 on section 9583400N and 113.0 metres grading 6.85 g/t Au and 6.7 g/t Ag in infill drill hole CP-07-144 on section 9583700N." More
- September 26, 2007 | Item | E-mail
Barrick's hedge book has 9.5 mln oz gold at $325/oz - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research)(ABX.N: Quote, Profile, Research) on Wednesday said that its hedge book that supports project financing has about $9.5 million at an average price of $325 an ounce, and that it has completely closed out of its operating hedge contracts." More
- September 26, 2007 | Item | E-mail
Kimber appoints new CEO - "Kimber reports, as part of its management succession process, that Gordon Cummings, current Chief Financial Officer with the Company, has been appointed President & Chief Executive Officer of the Company effective October 31, 2007. He will succeed President & CEO, Robert Longe, who is retiring at the end of October." More
- September 26, 2007 | Item | E-mail
Gold miner Newmont warns on costs, reserves - "Newmont Mining Corp (NEM.N: Quote, Profile, Research), the world's second-largest gold producer, said on Wednesday that costs applicable to 2007 sales may exceed its previous estimate of $375 to $400 per ounce.
The Denver-based company also said in a filing with the U.S. Securities and Exchange Commission that the large-scale, mature and low-grade nature of current gold deposits may limit its ability to replace proven and probable gold reserves this year." More
- September 26, 2007 | Item | E-mail
Geoandina Mining Corp. Acquires Soberania Sud Property in South America - More
- September 26, 2007 | Item | E-mail
Mineralized zone extended at the Barry Open Pit - More
- September 26, 2007 | Item | E-mail
Malaga: Malaga Inc.; senior management changes within the company - More
- September 26, 2007 | Item | E-mail
Uranium Star Acquires Option for a 50% Interest in Athabasca-Type Unconformity-Gold-Uranium-Copper-Mineralization Property - More
- September 26, 2007 | Item | E-mail
Uranium Star Acquires Option for a 50% Interest in Athabasca-Type Unconformity-Gold-Uranium-Copper-Mineralization Property - More
- September 26, 2007 | Item | E-mail
Gully Vein continues to grow at the Shamrock Zone, Ketza River - More
- September 26, 2007 | Item | E-mail
Puma Exploration: 6.1 g/t Au Over 4 Metres on the Little Stull Lake Gold Deposit, Manitoba - More
- September 26, 2007 | Item | E-mail
Forsys Takes Steps to Provide Water for Valencia - More
- September 26, 2007 | Item | E-mail
Bluerock Resources Reports Update on Drilling and Development Programs at the Tramp Uranium Mine, and Have Identified 31 Significantly Mineralized Uranium Inter - More
- September 26, 2007 | Item | E-mail
Mega Uranium Options Forum Uranium's Maurice Point Project, Athabasca Basin, Saskatchewan - More
- September 26, 2007 | Item | E-mail
Merit Mining Corp. increases Greenwood Gold Project resource base by 164% - More
- September 26, 2007 | Item | E-mail
Acrex defines drill targets at its Spanish Mountain Gold Property - More
- September 26, 2007 | Item | E-mail
Dumont Uranium Projects update, Utah and Arizona - More
- September 26, 2007 | Item | E-mail
Amseco Exploration Acquires a Gold Property in the La Grande-Roy Play Area - More
- September 26, 2007 | Item | E-mail
Forum Options Maurice Point Project to Mega Uranium - More
- September 26, 2007 | Item | E-mail
Aurelio Reports Additional Near-Surface, High-Grade Oxide Mineralization from the South Courtland Area of the Hill Copper-Zinc Project, Arizona - More
- September 26, 2007 | Item | E-mail
Uranium Hunter Completes Due Diligence and a Detailed Exploration Plan in Dar Es Salaam With Technical Teams From Uganda and Tanzania - More
- September 26, 2007 | Item | E-mail
Matamec Doubles Mineral Resources at Vulcain - More
- September 26, 2007 | Item | E-mail
Garrison International Ltd.: Results From Drilling and Sampling at Tovshiir Gold Project Range Up To 9.68 g/t Au and 46.99 g/t Au - More
- September 26, 2007 | Item | E-mail
Escala Project Continues Progressing - More
- September 26, 2007 | Item | E-mail
High River Gold Achieves Commercial Production at the Taparko-Bouroum Gold Mine - More
- September 26, 2007 | Item | E-mail
Adex Mining Inc. Announces Metallurgical Test Program for Mount Pleasant Mine Property - More
- September 26, 2007 | Item | E-mail
Galway Resources infill drilling intercepts high grade tungsten at the Indian Springs open-pittable tungsten project - More
- September 26, 2007 | Item | E-mail
PolyMet Reports a 51% Interim Increase in Reserves at NorthMet - More
- September 26, 2007 | Item | E-mail
Initial 1,497 metres (4,911 feet) drilling completed at Pony Creek - More
- September 26, 2007 | Item | E-mail
CMQ Resources Inc. Starts Drilling an Up to Four Hole Exploration Program Targeting the Lower Plate Carbonates at Valmy Hill and Northwest Corridor on Mill Bay - More
- September 26, 2007 | Item | E-mail
Freeport welcomes Dr. Derek Wilton to Advisory Board - More
- September 26, 2007 | Item | E-mail
Ressources Appalaches: Four Uranium Zones Over 4.7 Kilometres at Ashini - More
- September 26, 2007 | Item | E-mail
Grandview Completes Initial 1,497 Metres (4911 ft) Drilling on Carlin Trend - More
- September 26, 2007 | Item | E-mail
RPT Uranium Corp. to Drill at Richards Lake, Saskatchewan - More
- September 26, 2007 | Item | E-mail
Blue Sky Appoints Pre-Eminent Uranium Specialist as Executive VP and COO - More
- September 26, 2007 | Item | E-mail
Absolut Cuts 75 Meters @ 1.39 G/T Gold at Pico Machay - More
- September 26, 2007 | Item | E-mail
Oro Silver Acquires Two Silver Mining Properties in Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) is pleased to announce its acquisition of two adjacent mining concessions located 17 kilometers north of the company's recently optioned El Compas Mine project in Zacatecas, Mexico." More
- September 26, 2007 | Item | E-mail
SilverCrest Continues to Expand Santa Elena Deposit, Northern Mexico - "SilverCrest Mines Inc. (TSX VENTURE:SVL - News; the "Company") is pleased to report that the most recent assay results from its Santa Elena Project located in northern Mexico have continued to expand the deposit along strike and to depth with apparent improvements in widths and grades of the Main Zone. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property." More
- September 26, 2007 | Item | E-mail
Kirkland Lake Gold Inc.: Definition Drilling on New South Zone Confirms Grade and Continuity; - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce an update on definition drilling testing in the South Mine Complex. The South Mine Complex consists of 15 or more mineralized zones, one of which is the New South Zone." More
- September 26, 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 26 September, 2007 | |
