-- Posted 27 September, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $732.50 | +$4.70 |
Silver | $13.48 | +$0.13 |
XAU | 167.31 | +1.39% |
HUI | 386.18 | +1.03% |
GDM | 1207.75 | +1.49% |
JSE Gold | 2692.79 | +0.70% |
USD | 78.41 | -0.12 |
Euro | 141.55 | +0.23 |
Yen | 86.47 | -0.14 |
Oil | $82.88 | +$2.58 |
10-Year | 4.573% | -0.047 |
T-Bond | 111.34375 | +0.625 |
Dow | 13912.94 | +0.25% |
Nasdaq | 2709.59 | +0.39% |
S&P | 1531.38 | +0.39% |
The Metals:
Gold remained near unchanged in Asia, gained a few dollars in London, and rose to as high as $736 in early New York trade before it fell back near unchanged by late morning, but it then climbed back higher in afternoon trade and ended with a gain of 0.65%. Silver rose to as high as $13.58 in early New York trade before it dropped to under $13.40 by late morning, but it also rallied back higher in afternoon trade and ended with a gain of 0.97%.
Euro gold rose over €518, platinum gained $12 to $1357 to a new record high, palladium gained $3 to $341, and copper rose over 3 cents to about $3.67.
Gold and silver equities rose over 1% at the open before they fell back near unchanged by late morning, but they then rallied back higher in afternoon trade and ended with over 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q2 | 3.8% | 3.9% | 4.0% |
Chain Deflator | Q2 | 2.6% | 2.7% | 2.7% |
Initial Claims | 9/22 | 298K | 320K | 313K |
Help-Wanted Index | Aug | 23 | 24 | 25 |
New Home Sales | Aug | 795K | 825K | 867K |
The fed injected a huge $38 billion in liquidity, the largest amount since August, to ease tight credit conditions. Tomorrow at 8:30AM EST brings Personal Income for August expected at 0.4%, Personal Spending expected at 0.4%, and Core PCE Inflation expected at 0.1%. At 9:45 is the Chicago PMI report for September expected at 53.0 and at 10AM is Construction Spending for August expected at -0.2% and Michigan Sentiment for September expected at 84.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% on worries over a couple of storms brewing in the Atlantic and the Gulf of Mexico, on supply concerns at an Oklahoma terminal, and on increased geopolitical tensions over Iran and Nigeria.
The U.S. dollar index fell to a brand new record low at 78.15 in early trade before it cut its losses after mixed economic data, but it still ended with a loss as the euro rose to yet another new record high.
Treasuries traded on either side of unchanged in morning trade in reaction to varied economic reports, but they then rose to find decent gains after another strong bond auction pushed interest rates decidedly lower by the close.
The Dow, Nasdaq, and S&P traded mostly slightly higher as traders weighed mixed economic data and the prospect for further interest rate cuts by the fed.
Among the big names making news in the market today were Rite Aid, Sallie Mae, KKR and First Data, and KB Home.
The Commentary:
“December Gold finished up 4.4 at 739.9, 3.1 off the high and 3.3 up from the low.
December Silver closed up 0.1 at 13.645. This was 0.08 up from the low and 0.075 off the high.
Gold prices waffled around both sides of unchanged but generally seemed to favor the bull track. While the gold market was somewhat undermined by the recovery in the US Dollar, that negative influence seemed to be more than countervailed by a strong late run up in energy prices. In fact, crude oil prices managed to return to within striking distance of their old highs into the gold close and that in conjunction with sharp gains in grain prices certainly fanned inflationary fears. In the end, seeing gold trade higher in the face of slack US numbers and a reversal in the Dollar would seem to hint at a bull camp that is capable of rising off various themes.
While silver prices failed to strengthen as much as gold prices during the session Thursday, they were mostly firm and were capable of returning to the vicinity of their September highs. Like the gold market it did seem like the sharp recovery pulse in the energy complex inspired some fresh buying in silver. However, with a host of physical commodities rising, one certainly came away from the action Thursday with a sense that inflation expectations were on the rise again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Why I distrust Goldman Sachs' good fortune
Grandich discourses on gold suppression and dollar's decline
Urge CNBC's Kudlow to give more time to gold suppression issue
Dollar gets respite as Saudi Arabia keeps dollar peg, for now
The Statistics:
As of close of business: 9/26/2007
Gold Warehouse Stocks: | 6,986,886 | - |
Silver Warehouse Stocks: | 133,930,016 | - |
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$ 13,651m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 91.25 | 2,933,873 | US$ 2,154m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,164 | US$ 337m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,699 | US$ 418m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/26/2007 | |
Total Net Assets | $1,170,980,789 | Ounces of Gold
in Trust | 1,608,254.908 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.02 |
Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/26/2007 | |
Total Net Assets | $1,915,159,861 | 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:
International Tower Hill’s (THM) drill results and Great Basin’s (GBN) independence from Hunter Dickinson were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +17.27% $1.63 |
2. Crystallex | KRY +16.54% $3.10 |
3. International Tower Hill | THM +6.67% $2.40 |
LOSERS
1. Entree Gold | EGI -2.35% $2.49 |
2. New Gold | NGD-2.10% $6.07 |
3. Richmont | RIC -2.04% $2.88 |
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:
Canasia Hires Investor Relations Firm - More
- September 27, 2007 | Item | E-mail
Uranium 308 Corp. Corporate Update - More
- September 27, 2007 | Item | E-mail
Oromin Retains AGORACOM to Provide Google Search Engine IR Program and Social Network for Shareholders - More
- September 27, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - LF-105 Gold Assays - More
- September 27, 2007 | Item | E-mail
First Narrows Stage 1 Underground Program in Progress at Chester Copper Feeder Deposit - More
- September 27, 2007 | Item | E-mail
Probe Launches AGORACOM IR Hub Ahead of Schedule - More
- September 27, 2007 | Item | E-mail
Blue Ribbon Capital Corporation Enters into Agreement to acquire Kilo Goldmines Inc. - More
- September 27, 2007 | Item | E-mail
Goldbelt Appoints Richard Reavley to Board of Directors - More
- September 27, 2007 | Item | E-mail
Goldrea Acquires Additional Crowrea Claims - More
- September 27, 2007 | Item | E-mail
ITH Continues to Significantly Expand Sediment Hosted Mineralization at Livengood Gold Deposit, 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 latest drill hole results from its ongoing Livengood exploration and phase I definition drill program. The results from the latest three holes have significantly." More
- September 27, 2007 | Item | E-mail
Grenville Outlines Silveria Mine Development Strategy - More
- September 27, 2007 | Item | E-mail
Benton Resources Corp. Increases Bought Deal Private Placement - More
- September 27, 2007 | Item | E-mail
CCM Research Summary: Alhambra Resources Ltd. (TSX VENTURE: ALH) - More
- September 27, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "$0.3125 per share of FCX's Common Stock (NYSE: FCX - News). $1.6875 per share of FCX's 6 3/4% Mandatory Convertible Preferred Stock (NYSE: FCXprM - News). $13.75 per share of FCX's 5 1/2% Convertible Perpetual Preferred Stock." More
- September 27, 2007 | Item | E-mail
Soltoro Begins Drilling on Bacanora Gold Project in Sonora State, Mexico - More
- September 27, 2007 | Item | E-mail
Matamec: Warrants Exercised for $1,000,000 - More
- September 27, 2007 | Item | E-mail
Anaconda Mining Inc. Re-Filing of Annual CEO and CFO Certificates - More
- September 27, 2007 | Item | E-mail
Hana Mining Announces Drilling on Ghanzi Copper Project in Northwestern Botswana - More
- September 27, 2007 | Item | E-mail
Bigger isn't always better for gold miners - "During the flurry of gold industry takeovers in recent years, the mantra seemed to be "bigger is better," but, as companies struggle to replace reserves, the allure of being top dog seems to be fading." More
- September 27, 2007 | Item | E-mail
Tribute Appoints Dr. Trevor Boyd Vice President Exploration and Files 43-101 on SEDAR - More
- September 27, 2007 | Item | E-mail
MetalCORP; Drilling Intersects Molybdenum (Mo) Bearing Quartz Vein in All Six (6) Drill Holes on its Big Lake Property in Northern Ontario - More
- September 27, 2007 | Item | E-mail
Castle Gold Sells First El Castillo Gold at US $715 Per Ounce - More
- September 27, 2007 | Item | E-mail
Buffalo Gold Ltd.: Underground Exploration Development Is Underway at Kinbauri's El Valle Mine in NW Spain - More
- September 27, 2007 | Item | E-mail
Fieldex intersects nickel at Laforce property - More
- September 27, 2007 | Item | E-mail
General Metals Begins Phase 1 Exploration Drilling at the Independence Mine in Battle Mountain, Nevada - More
- September 27, 2007 | Item | E-mail
GeoProMining Ltd. Successfully Completes Take-Over Bid For Sterlite Gold Ltd. - More
- September 27, 2007 | Item | E-mail
Red Lake Exploration, Inc. Announces the Option to Purchase Mina Farellon, a Mineral Property Located in III Region, Chile - More
- September 27, 2007 | Item | E-mail
New Guinea Gold Announces Non-Brokered Private Placement - More
- September 27, 2007 | Item | E-mail
Golden Hope Mines Ltd.: Bellechasse Project Diamond Drilling Update - More
- September 27, 2007 | Item | E-mail
Noront Reports Assays for 5th Hole - More
- September 27, 2007 | Item | E-mail
Rusoro Mining Ltd. Appoints Omar Salas as CFO - More
- September 27, 2007 | Item | E-mail
Underground Exploration Development is Underway at Kinbauri's El Valle Mine in NW Spain - More
- September 27, 2007 | Item | E-mail
International KRL Options Lead-Zinc-Silver Project; Plans Fall 2007 Diamond Drill Program - More
- September 27, 2007 | Item | E-mail
Wildcat Shareholders Receive Positive Developments at AGM - More
- September 27, 2007 | Item | E-mail
NWT Uranium continues drilling in Quebec, updates corporate activities - More
- September 27, 2007 | Item | E-mail
Unico, Inc. Announces Completion of Secondary Substation at the Deer Trail Mine - More
- September 27, 2007 | Item | E-mail
Sienna Extends Warrant Term - More
- September 27, 2007 | Item | E-mail
ABV Gold, Inc. Signs an LOI to Acquire a Uranium Prospect in the Elliott Lake Region - More
- September 27, 2007 | Item | E-mail
Soho Resources Corp. Reports Additional Results and Names New Zone at Tahuehueto Project in Durango, Mexico - More
- September 27, 2007 | Item | E-mail
Wahgoshig First Nation Signs Memorandum of Understanding With Sheltered Oak Resources and Sage Gold - More
- September 27, 2007 | Item | E-mail
Exploration Update on Mengold's Shebandowan Programs - More
- September 27, 2007 | Item | E-mail
Atlanta Gold Inc. evaluates parallel heap leach and milling for processing of gold ore at its Atlanta property in Idaho - More
- September 27, 2007 | Item | E-mail
Sierra Gold Corporation Reports New Hard Rock Area Yields Positive Gold Assay Results - More
- September 27, 2007 | Item | E-mail
Aquentium Announces Agreement for Gold and Uranium Exploration and Mining - More
- September 27, 2007 | Item | E-mail
Trade Winds Commences Exploration Project on Its 100% Owned Treasure Mountain Copper Property Near Terrace, B.C. - More
- September 27, 2007 | Item | E-mail
Chanaral Resources Receives Geophysics Report - More
- September 27, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Chairman Retires, Kaiser & Gentry Join Board - More
- September 27, 2007 | Item | E-mail
Vantex Finds Gold on Manic and Confirms Uranium - More
- September 27, 2007 | Item | E-mail
Molycor Acquires Additional Crowrea Claims - More
- September 27, 2007 | Item | E-mail
Freegold Drilling Continues Almaden Expansions - Phase 2 Drilling Underway - More
- September 27, 2007 | Item | E-mail
Universal Uranium Begins Phase I Drill Program at Artillery Peak - More
- September 27, 2007 | Item | E-mail
Uranium Energy Corp Provides an Update on Its Goliad Operations - More
- September 27, 2007 | Item | E-mail
Azimut and Arianne identify a uranium target at Havre Nord, North Shore region, Quebec - More
- September 27, 2007 | Item | E-mail
RPT Uranium Corp. Sibley Basin Project Update - More
- September 27, 2007 | Item | E-mail
Great Basin Gold Independent of Hunter Dickinson Group - "We have had an excellent relationship with the team from HDI, and will continue to make use of some of their services, albeit on an ad hoc basis. As Great Basin Gold has grown and built its own capacity and skills, its dependence on the range of services supplied by HDI has decreased over the past year. Great Basin Gold is at an interesting phase of its development and is making good progress with its two development projects, thereby transforming the company from an advanced explorer to an emerging gold producer." More
- September 27, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 September, 2007 | |
