-- Posted 1 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $746.90 | +$3.80 |
Silver | $13.69 | -$0.03 |
XAU | 171.64 | +1.71% |
HUI | 401.00 | +2.04% |
GDM | 1242.06 | +1.40% |
JSE Gold | 2584.94 | -3.90% |
USD | 77.92 | +0.15 |
Euro | 142.38 | -0.36 |
Yen | 86.41 | -0.75 |
Oil | $80.24 | -$1.42 |
10-Year | 4.557% | -0.022 |
T-Bond | 111.71875 | +0.375 |
Dow | 14087.55 | +1.38% |
Nasdaq | 2740.99 | +1.46% |
S&P | 1547.04 | +1.33% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it fell in early New York trade and dropped to as low as $741.35 by midmorning, but it then spiked back higher around 11AM EST, remained near its high of $747.75 in afternoon trade, and closed with a gain of 0.51% at a new 27 year high. Silver rose to as high as $13.84 in London before it also fell back off in late London/early New York trade and dropped to as low as $13.61, but it then rebounded higher for the rest of trade and closed with a loss of just 0.22%.
Euro gold rose to over €524, platinum lost $3 to $1382, palladium gained $13 to $356, and copper rose over 5 cents to about $3.73.
Gold and silver equities steadily rose throughout most of trade and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Sep | 52.0 | 52.5 | 52.9 |
Tomorrow at 10AM is the Pending Home Sales report for August expected at -2.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back near $80 on profit taking as weather stayed calm in the Gulf of Mexico over the weekend and worries over a slowing economy cut demand expectations.
The U.S. dollar index rebounded from the new all-time low made on Friday, but it still ended below the 78.00 level as treasuries rose on expectations for more interest rate cuts by the fed.
The Dow rose to a new all-time high and the Nasdaq climbed to a new 6 and ½ year high as lower oil prices and hopes for interest rate cuts helped the major indices get the fourth quarter off to a strong start.
Among the big names making news in the market today were UBS, Walgreen, Citigroup, Nokia and Navteg, and UPS.
The Commentary:
“December Gold finished up 4.1 at 754.1, 0.9 off the high and 6.3 up from the low.
December Silver closed down 0.065 at 13.855. This was 0.095 up from the low and 0.025 off the high.
The gold market flopped around unchanged in the morning trade but then began to gather itself right into mid session. Surprisingly the recovery in gold wasn't inspired by a weakening of the Dollar. In fact, the gold market seemed to firm in the face of accelerating gains in the US equity market. Perhaps seeing inflationary concerns from the former US Fed Chairman Greenspan and also seeing suggestions from a major US Bond Fund manager, that US housing woes might dominate the Fed for years prompted gold traders to bid up prices in a fresh flight to quality bid. Even more surprising is the fact that gold prices managed to recover into mid session despite a moderately large downside failure in crude oil prices.
The silver market seemed to under perform the gold market during the action Monday. Early in the session silver came under moderate pressure in the face of a minor slide in gold prices and even when gold managed to charge back into positive ground just after mid session silver prices mostly remained lower on the day. Even more surprising is the fact that silver prices failed to benefit from sharply higher copper prices and a soaring US equity market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Citigroup gold report getting around; MineWeb disparages BoE gold quality issue
IMF finds central bankers 'not hostile' to more gold sales
James Turk: More records are ready to fall
London Telegraph notes Citigroup's concurrence with GATA
Iranian oil exec says dollar's fall pushes oil up, not supply issues
Analysts Maund, Arensberg expect gold to fall soon
Bank of England insists its (remaining) gold is pure, if a bit cracked
Monetary research group holds fall dinner Oct. 25 in NYC
Paul would put gold back in circulation; defective BoE gold story spreads
London Times reports Bank of England's defective gold
Phony inflation data prompts expectation of more rate cuts
Gold getting recognized as 'ultimate hedge'
The Statistics:
As of close of business: 9/28/2007
Gold Warehouse Stocks: | 7,101,021 | +79,316 |
Silver Warehouse Stocks: | 132,623,913 | -1,431,199 |
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$ 13,804m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 95.45 | 3,068,939 | US$ 2,292m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,143 | US$ 343m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,693 | US$ 416m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/28/2007 | |
Total Net Assets | $1,194,274,743 | Ounces of Gold
in Trust | 1,608,254.908 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.02 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 9/28/2007 | |
Total Net Assets | $1,958,595,853 | Ounces of Silver
in Trust | 143,536,762.300 |
Shares Outstanding | 14,450,000 | Tonnes of Silver
in Trust | 4,464.49 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Anglo American’s (AAUK) share sale of about half of its stake in AngloGold Ashanti (AU), AngloGold’s miner deaths and production halt, Silvercorp’s (SVM.TO) proposed stock split, Metalline’s (MMG) new board member, Orko Silver’s (OK.V) increased resource estimate, and Lundin Mining’s (LMC) closed transaction with Silverstone (SST.V) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +10.80% $5.54 |
2. Kimber | KBX +9.89% $1.00 |
3. Freeport | FCX+6.00% $111.18 |
LOSERS
1. Paramount | PZG-6.13% $2.45 |
2. Crystallex | KRY -5.99% $2.98 |
3. US Gold | UXG-5.26% $5.94 |
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:
Laurion Announces Proposed Private Placement with MineralFields Group - More
- October 01, 2007 | Item | E-mail
VVC Exploration - Default Status Update Report - More
- October 01, 2007 | Item | E-mail
St. Genevieve Resources Ltd.: 12.4% Copper Recovered From Channel Sampling on the Satellite Copper Project Yerington Nevada - More
- October 01, 2007 | Item | E-mail
Canadian Royalties and Norilsk Nickel Sign Agreements for the Sale of Nickel Concentrates and an Equity Investment - More
- October 01, 2007 | Item | E-mail
Typhoon Undertakes Exploration Work on Its Cote-Nord Uranium Property, Quebec - More
- October 01, 2007 | Item | E-mail
Kodiak Drills 1.6m Grading 38.47 gpt Gold, Cuts 11.6m Grading 32.96 gpt Gold - More
- October 01, 2007 | Item | E-mail
Osisko Advances Community Relocation Plan - More
- October 01, 2007 | Item | E-mail
Geoinformatics Identifies a New Copper-Rich Zone at its Whistler Project in Initial 2007 Assay Results - More
- October 01, 2007 | Item | E-mail
Freewest Prioritizes Exploration Targets on its Mcfaulds Property, Ontario - More
- October 01, 2007 | Item | E-mail
KWG and Spider To Drill Targets Beside Noront Discovery - More
- October 01, 2007 | Item | E-mail
Intrepid and Aura to Commence Drilling at Taviche Project, Mexico - More
- October 01, 2007 | Item | E-mail
StrataGold promotes VP, Environment and Community Affairs - More
- October 01, 2007 | Item | E-mail
Bonaventure Enterprises Inc.: K9 Results Demonstrate Potential for Large Discovery - More
- October 01, 2007 | Item | E-mail
Murgor Resources proposes share consolidation and shareholder rights plan - More
- October 01, 2007 | Item | E-mail
Mexico court rules San Martin mine strike can go on - "Striking miners at Grupo Mexico's (GMEXICOB.MX: Quote, Profile, Research) San Martin copper, zinc and silver mine can continue with work stoppages for the time being, a Mexican court ruled on Monday." More
- October 01, 2007 | Item | E-mail
Commerce Resources Corp. Announces 17 Drill Holes on Upper Fir Extend Strike to Over 1 Kilometer - More
- October 01, 2007 | Item | E-mail
Market Cross in Western Warrior Shares Completed - More
- October 01, 2007 | Item | E-mail
Update on Status of 43-101 Resource Estimate and Technical Report for UCR - More
- October 01, 2007 | Item | E-mail
Frontier Pacific & Cosigo Resources are awarded and sign Taraira Gold Concession, Southeastern Colombia - More
- October 01, 2007 | Item | E-mail
Northern Shield Resources Completes Drill Program at Highbank Lake and Stakes Claims in the Highbank Lake-Noront Area - More
- October 01, 2007 | Item | E-mail
Dutch Gold Resources Completes Pouring of Doré Bars and Begins Shipments to Refiners - More
- October 01, 2007 | Item | E-mail
Unico, Inc. Announces the Progress of Work by Atlas Fausett Contracting to Rehabilitate the Deer Trail Mine Including the Reopening of the PTH Tunnel - More
- October 01, 2007 | Item | E-mail
Advanced Exploration of Madagascar Nickel Deposit in Progress - More
- October 01, 2007 | Item | E-mail
Environmental License awarded for Mirabela - Board Approves Commencement of Construction - More
- October 01, 2007 | Item | E-mail
Inmet Mining announces appointment of Douglas Whitehead to its Board of Directors - More
- October 01, 2007 | Item | E-mail
Cusac Gold Mines Ltd.: Strong Water Flows Halt East Bain Decline - More
- October 01, 2007 | Item | E-mail
Uranium Energy Corp Approved for Listing on the American Stock Exchange - More
- October 01, 2007 | Item | E-mail
Uranium 308 Corp. Corporate Update - More
- October 01, 2007 | Item | E-mail
Alberta Star Intersects 3.0 Meters of 0.39% Copper and 206.5 g/ton Silver and 10.74 Meters of 0.72% Zinc From Exploration Drilling - More
- October 01, 2007 | Item | E-mail
Great Bear Uranium Corp. and Fission Energy Mobilize Field Crews to Duddridge Lake Uranium Project, Saskatchewan - More
- October 01, 2007 | Item | E-mail
Continuum unable to reach joint venture agreement at Natividad - More
- October 01, 2007 | Item | E-mail
BCM Resources: Phase 3 Drilling Commences - More
- October 01, 2007 | Item | E-mail
Atlanta Gold Expands Hydrology Baseline Data Collection at Atlanta Gold Property in Idaho - More
- October 01, 2007 | Item | E-mail
Strateco Resources Inc.: Resource Estimate at Matoush AM-15 Core Zone, a Very Significant Uranium Deposit - More
- October 01, 2007 | Item | E-mail
Sale of Extra 71,000 Tonnes of Olympias Gold Concentrates - More
- October 01, 2007 | Item | E-mail
Amerix Announces Signing Contracts With GEOSOL and Kluane to Resume Core Drilling at Ouro Roxo - More
- October 01, 2007 | Item | E-mail
Anglo's stake sale news hits AngloGold shares - "Anglo American Plc (AAL.L: Quote, Profile, Research) said on Monday it would sell about half of its stake in gold miner AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) as part of its strategy to focus on core commodities." More
- October 01, 2007 | Item | E-mail
''U. S. Antimony Announces Expedited Construction of Antimony and Silver Mill in Mexico'' - More
- October 01, 2007 | Item | E-mail
Keegan Drills 23 m of 2.93 g/t and 46 m of 1.56 g/t Au in Step-Out Drilling at Esaase Gold Project - More
- October 01, 2007 | Item | E-mail
Wits Basin Increases Ownership in Vianey Mine - More
- October 01, 2007 | Item | E-mail
Francis Gaskins of IPOdesktop Releases Analyst Report on Gemini Explorations Inc. - More
- October 01, 2007 | Item | E-mail
Palladon Announces Changes to Board of Directors - More
- October 01, 2007 | Item | E-mail
Gemini Explorations Analyst Report - More
- October 01, 2007 | Item | E-mail
Georgia hopes Golden Fleece can lure tourists - "When the water from melting mountain snow slows to a shallow trickle in autumn, villagers in the Svaneti region of northwest Georgia lock up their cows and hike up to the river to prospect for gold." More
- October 01, 2007 | Item | E-mail
EURO Ressources S.A. Announces Commencement of Rights Offering - More
- October 01, 2007 | Item | E-mail
Anglo American Sells 1/2 AngloGold Stake - "Mining giant Anglo American PLC said Monday it would sell 61 million shares of AngloGold Ashanti Limited, cutting its stake in the world's third-largest gold producer by almost half." More
- October 01, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Mistassini and Otish Basins Uranium Projects Exploration Update Fall 2007 Ground Follow-up Program Underway - More
- October 01, 2007 | Item | E-mail
Cue Capital Corp. Completes Phase 1 Drilling the Yuty Uranium Project, Paraguay; Initiates Phase 2 - More
- October 01, 2007 | Item | E-mail
Universal Uranium Announces Flow-Through Financing With MineralFields - More
- October 01, 2007 | Item | E-mail
Fission Energy Corp and Great Bear Uranium Mobilize Field Crews to Duddridge Lake Uranium Project, Saskatchewan - More
- October 01, 2007 | Item | E-mail
DIOS Lake Sediment Survey: Six Main Target Areas on Hotish Uranium Project, QC - More
- October 01, 2007 | Item | E-mail
Papuan independence groups seek talks with Indonesia - "A resolution of the decades-long conflict in Papua, one of Indonesia's most backward regions, could pave the way for Papuans to form political parties and have greater say over resources that include vast forests and huge copper and gold deposits." More
- October 01, 2007 | Item | E-mail
Silvercorp Shareholders Approve Stock Split - "Silvercorp Metals Inc. (the "Company") (Toronto:SVM.TO - News) held its Annual General and Special Meeting (the "Annual Meeting") on September 28, 2007. All matters placed before the shareholders were approved, including the proposed Stock Split of the Company's common shares on the basis of three (3) shares for every one (1) existing share. The Board of Directors has set the record date for the Stock Split at the close of business on October 31, 2007." More
- October 01, 2007 | Item | E-mail
Metalline Mining Company Appoints New Member to the Board of Directors - "Mr. Hahn is a Certified Professional Geologist and a geological engineer with more than 25 years experience in exploration, mine development and operation, and particular expertise in base and precious metals, ore reserve calculations, slope stability, open pit operations, project evaluations and investment analysis. He is a board member of Marathon PGM Corp. (TSX: MAR - News), and a principal of Greg Hahn Consulting, LLC, a mining and geological consulting firm. From 1995 to 2007, Mr. Hahn was President, Chief Executive Officer and Director of Constellation Copper Corporation (TSX: CCU - News), where he was instrumental in bringing the Lisbon Valley copper mine into production, and supervised the financing, construction and development of the mine." More
- October 01, 2007 | Item | E-mail
Agnico-Eagle provides notice of release of third quarter 2007 results - "Agnico-Eagle Mines Limited today announced that it will release its third quarter 2007 results on Wednesday, October 24, 2007, after normal trading hours." More
- October 01, 2007 | Item | E-mail
Orko Silver Increases Resource Estimate by 86% to 73.1 Million Ounces Silver Equivalent - "Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to report that an "independently verified" NI 43-101 compliant mineral resource estimate has been completed on its La Preciosa Project in Durango, Mexico. The study concludes that work to date on the property has outlined an estimated Inferred Resource of 10.36 million tonnes grading 0.328 g/t Au and 200.0 g/t Ag at a cut-off grade of 100 g/t for a Silver-Equivalent grade of 219.0 g/t." More
- October 01, 2007 | Item | E-mail
AngloGold stops output at mine after worker deaths - "The deaths of four miners in a rock fall forced a halt to production at AngloGold Ashanti Ltd's (ANGJ.J: Quote, Profile, Research) Mponeng underground mine on Monday while safety checks were carried out, the company said." More
- October 01, 2007 | Item | E-mail
Lundin Mining Closes Transaction with Silverstone Resources Corp. - "Lundin Mining Corporation (Toronto:LUN.TO - News)(AMEX:LMC - News)(OMX: LUMI) ("Lundin Mining" or the "Company") is pleased to announce that the Company has closed its agreement with Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News), announced on June 6, 2007, to deliver its silver production from the Neves-Corvo and Aljustrel mines to Silverstone. The agreement has been approved by regulatory authorities." More
- October 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 October, 2007 | |
