-- Posted 2 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $729.20 | -$17.70 |
Silver | $13.31 | -$0.38 |
XAU | 167.42 | -3.26% |
HUI | 386.96 | -3.50% |
GDM | 1200.65 | -3.33% |
JSE Gold | 2557.54 | -1.06% |
USD | 78.29 | +0.37 |
Euro | 141.52 | -0.86 |
Yen | 86.27 | -0.14 |
Oil | $80.05 | -$0.19 |
10-Year | 4.529% | -0.028 |
T-Bond | 112.00 | +0.28125 |
Dow | 14047.31 | -0.29% |
Nasdaq | 2747.11 | +0.22% |
S&P | 1546.63 | -0.03% |
The Metals:
Gold steadily fell in Asia and London and plunged even further in New York to as low as $724.47 by about 10:45AM EST, but it then rebounded in the last few hours of trade and ended about $5 off it low with a loss of 2.37%. Silver fell to as low as $13.05 before it rebounded about 2% off that low in the last few hours of trade, but it still ended with a loss of 2.78%.
Euro gold fell to about €516, platinum lost $41 to $1341, palladium lost $10 to $346, and copper held strong at about $3.73 with news of a strike in Peru keeping prices supported.
Gold and silver equities fell over 4% by midmorning before they rebounded for the rest of trade, but they closed with more than 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | Aug | -6.5% | -2.0% | -10.7% |
Tomorrow at 10AM EST is the ISM Services report for September expected at 55.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as Colorado State University downgraded its hurricane forecast, but losses were cut to minimal by the close as traders started paying attention to developing tropical storm Noel.
The U.S. dollar index continued its rebound from new all-time lows hit last Friday as traders took profits from the notable recent drop ahead of the closely watched jobs report due out this Friday.
Treasuries rose as interest rates fell in reaction to the Pending Home Sales report that came in even worse than low expectations and marked its poorest reading in history.
The Dow and S&P fell while the Nasdaq found small gains as traders digested yesterday’s record run and continued to debate whether or not the fed will cut interest rates.
Among the big names making news in the market today were Sallie Mae, Ford, Toyota, General Motors, Palm, Citigroup, UBS, Toronto-Dominion and Commerce Bancorp, Pepsi Bottling, and Dean Foods.
The Commentary:
“December Gold finished down 17.8 at 736.3, 4.7 off the high and 5.5 up from the low.
December Silver closed down 0.405 at 13.45. This was 0.27 up from the low and 0.06 off the high.
With a big range down failure on the charts Tuesday, the overbought condition of the gold market was exposed. Seeing the US Dollar manage to regain a series of critical overhead resistance points apparently gave off hints of a critical bottom and that resulted in a setback to the lowest level since the September 25th spike low of $729.2. With a number of physical commodity markets coming under pressure it would seem like fears of US slowing prompted the declines. With most of the metals markets, oil and grain prices under pressure, it is possible that some commodity fund liquidation was thrown into the mix. However, according to a number of Press reports, the sharp slide in gold prices wasn't seen as a major top but instead was viewed as a temporary and perhaps necessary corrective setback.
While December silver initially fell below a series of critical chart support levels, the market seemed to reject the initial wave of pressure. In fact, December silver actually managed to recover back above a prior critical spike down low and at times the December contract managed to rise as far as 30 cents above the mid morning lows. Perhaps the residual strength in the copper prices prompted bargain hunting buying in silver, which in turn suggests that the market might have found some form of critical support around the $13.37 level.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Aussie dollar seen equaling U.S. dollar next year
Calls grow for ECB intervention to stop rise of euro
Gold market manipulation noted in Russian press
Peter Brimelow: Is gold melting up?
Some Northern Rock customers switched into gold
British banks gorge on European Central Bank's cheap credit
Al Korelin: Why invest in gold if the price is manipulated?
Adrian Ash: How central banks control the gold price
The Statistics:
As of close of business: 10/1/2007
Gold Warehouse Stocks: | 7,101,021 | - |
Silver Warehouse Stocks: | 132,587,900 | -36,013 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 578.03 | 18,584,096 | US$ 13,794m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 95.45 | 3,068,904 | US$ 2,245m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.30 | 459,138 | US$ 336m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,668 | US$ 422m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/1/2007 | |
Total Net Assets | $1,201,311,801 | 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 10/1/2007 | |
Total Net Assets | $1,976,457,458 | 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:
Almaden’s (AAU) drilling, Great Basin’s (GBN) closed agreements, NovaGold’s (NG) testing and transmission line agreement, Exeter’s (XRA) drill results, Allied Nevada’s (ANV) drill results and mine information, Aquiline’s (AQI.TO) plans to acquire Absolut (ABS.V), Sterling Mining’s (SMQ.TO) trading on the TSX, Silver Dragon’s (SDRG.OB) drill results, Scorpio’s (SPM.TO) drill results, and Fury’s (FUR.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA+9.90% $3.48 |
2. Kimber | KBX+6.00% $1.06 |
3. Alexco | AXU+3.37% $5.22 |
LOSERS
1. DRDGOLD | DROOY-7.00% $7.57 |
2. Harmony | HMY -6.97% $11.07 |
3. Mines MGMT | MGN -5.95% $3.48 |
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:
Mayfair Mining & Minerals, Inc. Announces an Investor Relations Agreement and the Addition of a Board Member - More
- October 02, 2007 | Item | E-mail
Almaden Conducts Another Phase of Drilling on its Elk Gold Project in Southern B.C. - "Almaden (Toronto:AMM.TO - News)(AMEX:AAU - News) currently has a drill program underway on its wholly owned Elk Gold Project, located near Merritt, B.C. A minimum of 1,500 metres of diamond drilling is planned, with the program due to be completed in early October, 2007. The program is focussed on both in-fill drilling and new stepouts to test for further resources on the Siwash and WD vein packages, both of which are open along strike and at depth. Samples recovered will also be used for metallurgical testing." More
- October 02, 2007 | Item | E-mail
Pacific North West Capital Appoints New Directors - More
- October 02, 2007 | Item | E-mail
Kimberly Gold Mines Provides Rescue Mine Update - More
- October 02, 2007 | Item | E-mail
Global Uranium Granted Two Additional Concessions in Niger - More
- October 02, 2007 | Item | E-mail
Red Lake Exploration, Inc. Appoints Caitlin Jeffs to the Board of Directors - More
- October 02, 2007 | Item | E-mail
CCM Research Issues Update Report on Premium Exploration, Inc. - More
- October 02, 2007 | Item | E-mail
Aquiline to Acquire Absolut Resources - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) and Absolut Resources Corp. ("Absolut") (CDNX:ABS.V - News) are pleased to report they have entered into a binding letter agreement (the "Letter Agreement") pursuant to which Aquiline offers to acquire 100% of the issued and outstanding shares of Absolut that it does not already own by way of a three way transaction (the "Transaction")." More
- October 02, 2007 | Item | E-mail
Mantis Mineral Corp. announces debt settlement - More
- October 02, 2007 | Item | E-mail
Stratabound acquires additional property at Elmtree - More
- October 02, 2007 | Item | E-mail
Sparrowtech Engages Senior Mining Engineer - More
- October 02, 2007 | Item | E-mail
Deep Penetration Geophysical Survey commences at Copper Mountain - More
- October 02, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - New Mineralized Shoot in the T-11 zone - 3.90 g/t gold over 34 meters - More
- October 02, 2007 | Item | E-mail
Tiomin Appoints Director - More
- October 02, 2007 | Item | E-mail
Beartooth Platinum Corporation Provides Update on Exploration at Doornfontein Project, South Africa - More
- October 02, 2007 | Item | E-mail
Mountain Boy Minerals Ltd. - Drilling Continues to Indicate High Grade Silver in the Massive Sulphide Horizon on the BA claims. - More
- October 02, 2007 | Item | E-mail
Strateco Discovers a Boulder Train With Over 50,000 CPS - More
- October 02, 2007 | Item | E-mail
Aberdeen International to Acquire 12.1% Stake in Glencairn Gold Corporation (TSX: GGG) with $7.0 Million Private Placement - More
- October 02, 2007 | Item | E-mail
Marathon signs Memorandum of Understanding with the Ojibways of Pic River First Nation - More
- October 02, 2007 | Item | E-mail
Paragon and Crosshair Outline Additional Gold Mineralization at Golden Promise - More
- October 02, 2007 | Item | E-mail
Merrex Appoints New Director - More
- October 02, 2007 | Item | E-mail
Birim Goldfields Inc.: Scout Drilling Delivers High-Grade Intercepts at the Sangolo Property, Burkina Faso - More
- October 02, 2007 | Item | E-mail
PAIM is Processing, Producing & Expanding - Estimated $653,450.00 Per Month Gross Revenue For Gango Gold Project Alone - More
- October 02, 2007 | Item | E-mail
Aurora Energy Resources Inc.: Latest Drilling Further Expands Jacques Lake Uranium Deposit - More
- October 02, 2007 | Item | E-mail
Announcement to the Australian Securities Exchange and Toronto Stock Exchange - CGA announces exercise of over-allotment option - More
- October 02, 2007 | Item | E-mail
Mediterranean continues expansion of polymetallic potential at Corak - More
- October 02, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Signing of 5-Year Lease on Overman Property Allowing Timely Commencement of Gold and Silver Extraction Operations - More
- October 02, 2007 | Item | E-mail
Crosshair Outlines Additional Gold Mineralization at Golden Promise - More
- October 02, 2007 | Item | E-mail
Successful Pelletizing Test for Northland's Stora Sahavaara Iron Project - More
- October 02, 2007 | Item | E-mail
Olympus Announces Strategic Exploration Plans - More
- October 02, 2007 | Item | E-mail
Significant Gold Assays Reopen Rare Element-Newmont 2007 Drill Program - More
- October 02, 2007 | Item | E-mail
Unico, Inc. Announces the Addition of a New Photo Gallery Showing Progress of Work by Atlas Fausett Contracting to Rehabilitate the Deer Trail Mine - More
- October 02, 2007 | Item | E-mail
Rare Element Resources Appoints Jefferey Phillips as Managing Member of the Advisory Board - More
- October 02, 2007 | Item | E-mail
Acrex commences diamond drilling at its Spanish Mtn gold property - More
- October 02, 2007 | Item | E-mail
Rare Element appoints Dr. Donald E. Ranta as President & CEO - More
- October 02, 2007 | Item | E-mail
Los Andes Intersects 220 Metres Grading 0.52% Cu and 0.015% Mo in Ongoing Drilling at the Vizcachitas Project - More
- October 02, 2007 | Item | E-mail
Drilling Program Commences on Snip North Gold - Copper Targets - More
- October 02, 2007 | Item | E-mail
Normabec Obtains 338.7 g/t Ag Over 5.1 Metres at the Real de Catorce Silver Mining District in Mexico - More
- October 02, 2007 | Item | E-mail
Consolidated Spire Announces Diamond Drilling to Commence This Week At the Prospect Valley Property - More
- October 02, 2007 | Item | E-mail
Serengeti Continues to Intersect Good Grade at Kwanika Including 159 Meters of 0.55% Copper, 0.44 g/t Gold - More
- October 02, 2007 | Item | E-mail
Escala "On Target" for October Start; Bulk Tonnage Concentrate Will Be Franklin's First Cash Flowing Project - More
- October 02, 2007 | Item | E-mail
Cancor Mines appoints an investor relations firm - More
- October 02, 2007 | Item | E-mail
Pele Mountain Announces Scoping Study for Its Elliot Lake Uranium Project to be Delivered Later This Week - More
- October 02, 2007 | Item | E-mail
Update on Mega's Uranium Exploration Programmes - More
- October 02, 2007 | Item | E-mail
Pacific Ridge Exploration Ltd.: Lucky-7 Zone; 0.30% U3O8 Over 17.3 Metres, Drilling Continues - More
- October 02, 2007 | Item | E-mail
Stellar hits 29.4 and 17.4 gr/t Au within an intercept of 5.82 gr/t Au on 8.9 meters and cuts two new gold bearing veins at Vassan - More
- October 02, 2007 | Item | E-mail
Diamond Drilling Re-Commences on Stroud's Santo Domingo Silver Project - More
- October 02, 2007 | Item | E-mail
Great Basin Announces Closing of BEE Transaction Agreements for Burnstone Gold Project in South Africa - "Further to its previous announcements on its BEE transaction agreements Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGold) announces that it has fulfilled all of the suspensive conditions to and implemented the terms of the Subscription and Acquisition Agreement between, among others, Great Basin Gold and Tranter Gold (Proprietary) Limited ("Tranter Gold"), which had been entered into on 21 February 2007." More
- October 02, 2007 | Item | E-mail
Sterling Common Shares Trade on the TSX - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) announces that further to the completion of conditional approval of the Toronto Stock Exchange ("TSX") to list its common shares (see press release dated September 28), the common shares of Sterling have now commenced trading on the TSX under the symbol "SMQ"." More
- October 02, 2007 | Item | E-mail
NovaGold Initiates Testing of Crushing Circuit at Rock Creek Mine - "We have achieved significant progress at Rock Creek this summer," said Doug Nicholson, Vice President NovaGold Alaska and General Manager Alaska Gold Company. "We continue to develop the open pit and stockpile ore, with waste rock being used for construction of the tailings facility, roads and other facilities. The mill buildings are enclosed, all of our equipment is in place and we have begun testing of the processing circuits, focusing initially on the crushing system." More
- October 02, 2007 | Item | E-mail
New Vein Returns Bonanza-Grade Gold/Silver at Exeter's Cerro Moro Project - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) "Exeter" or the "Company") reports very high-grade gold and silver mineralization on the Loma Escondida vein, located 500 metres north of the Escondida vein at Cerro Moro in Santa Cruz Province, Argentina." More
- October 02, 2007 | Item | E-mail
Silver Dragon Identifies Ag-Cu-Sn Deposits Equivalent to 526 Tonnes of Silver Metal at Laopandao in Northern China - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce initial results of its 2007 exploration program at the Laopandao Beihou Silver Project (``Laopandao'') located in the Erbahuo Silver District in Northern China. As a result of its exploration efforts, Silver Dragon has identified significant silver, copper, and tin (Ag, Cu, and Sn) deposits." More
- October 02, 2007 | Item | E-mail
Alexis' Lac Pelletier Continues to Provide Strong Results-Up to 7.61 Grams Per Tonne Gold Over 14.9 Metres (0.22 oz. Over 48.9 Feet) - More
- October 02, 2007 | Item | E-mail
Manicouagan Extends Strike Length of Bob Showing Mineralization to 130 Metres - More
- October 02, 2007 | Item | E-mail
Molycor Gold Corp.: Drilling Update on Tami-Mosi Gold Property - More
- October 02, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.: Acquisition of Second Niobium Property - More
- October 02, 2007 | Item | E-mail
Grandview Mobilizes Diamond Drill to Rice Lake Gold District - More
- October 02, 2007 | Item | E-mail
Golden Phoenix to be Honored for Its Ashdown Molybdenum Mine by Nevada Governor at Annual Industry Appreciation Awards - More
- October 02, 2007 | Item | E-mail
Anglo prices AngloGold placing at $44 per ADS - "Anglo American Plc (AAL.L: Quote, Profile, Research) has raised the number of shares it plans to sell in gold miner AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) and priced them at $44 per American depositary share (ADS) and 300.61 rand per ordinary share." More
- October 02, 2007 | Item | E-mail
Minera Phelps Dodge del Peru Options Peruvian Exploration Projects to Amera Resources - More
- October 02, 2007 | Item | E-mail
Encouraging Results From Ground Geophysics Survey at Madagascar's Mountain of Gold Confirm Strong Potential for Large Deposits Along Trend - More
- October 02, 2007 | Item | E-mail
Trade Winds Intersects High Grade Gold, 120.83 Grams/Tonne Over 1.50 Metres, Within the M Zone on Block A Property at Detour Lake, Ontario - More
- October 02, 2007 | Item | E-mail
Norsemont Mining Announces New Appointment and Corporate Office Relocation - More
- October 02, 2007 | Item | E-mail
St Andrew Announces That Jacques Perron Starts as President and Chief Executive Officer on October 1, 2007 and Appointed Director - More
- October 02, 2007 | Item | E-mail
Aurora Energy Resources Inc.: Latest Drilling Further Expands Jacques Lake Uranium Deposit - More
- October 02, 2007 | Item | E-mail
Strathmore Has No Exposure to Sub-Prime Mortgage Paper: 20F Filing Completed - More
- October 02, 2007 | Item | E-mail
Allied Nevada Announces Initial Hycroft Project Drill Results - "These drill holes are part of the previously announced 70 hole, 90,000 foot drill program that was started at Hycroft in August 2007. Two reverse circulation rotary drill rigs and one core drill rig are currently drilling on site. This program is expected to confirm the oxide gold resource in the Brimstone area and to drill test the higher grade sulfide gold system below the oxides in the Brimstone and Crowfoot Lewis open pit mines." More
- October 02, 2007 | Item | E-mail
Allied Nevada Supplements Hycroft Mine Information - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company")(Toronto:ANV.TO - News)(AMEX:ANV - News) is pleased to provide further information relating to the previously announced decision to reactivate the Company's Hycroft Mine located near Winnemucca, Nevada." More
- October 02, 2007 | Item | E-mail
NovaGold Resources Inc.: Galore Creek Partnership Signs Support Agreement for New High Capacity Transmission Line for Northwestern British Columbia - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that the Galore Creek Partnership and Coast Mountain Hydro have entered into a support agreement with the British Columbia government through British Columbia Transmission Corporation ("BCTC") and the British Columbia Hydro and Power Authority ("BC Hydro") on a proposed high-capacity 287-kV Northwest Transmission Line. " More
- October 02, 2007 | Item | E-mail
Scorpio Reports High-Grade Intercept of 1,158 g/t Ag, 29.95% Zn, 4.29% Cu, 8.34% Pb and 1.277 g/t Au over 3.7 metres from Deep Drilling from 11th Level - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to report additional underground drill results targeting the Nuestra Senora body from the 8th, 9th, 10.5 sub- level and 11th Levels of its 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- October 02, 2007 | Item | E-mail
Fury Samples 712 g/t Silver Over 1.5 Meters at Guijoso - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces further silver assay results from its 100% controlled Guijoso Property, Jalisco, Mexico. Comprehensive mapping and sampling have delineated a zone of high-grade silver and gold mineralization within several vein structures with a combined strike length of 2 kilometers." More
- October 02, 2007 | Item | E-mail
Bayswater Acquires Property in New Uranium District in Newfoundland - More
- October 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 2 October, 2007 | |
