-- Posted 3 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $729.40 | +$0.20 |
Silver | $13.33 | +$0.02 |
XAU | 165.36 | -1.23% |
HUI | 381.17 | -1.50% |
GDM | 1181.55 | -1.59% |
JSE Gold | 2540.34 | -0.67% |
USD | 78.63 | +0.34 |
Euro | 141.08 | -0.44 |
Yen | 85.70 | -0.57 |
Oil | $79.94 | -$0.11 |
10-Year | 4.543% | +0.014 |
T-Bond | 111.84375 | -0.15625 |
Dow | 13968.05 | -0.56% |
Nasdaq | 2729.43 | -0.64% |
S&P | 1539.59 | -0.46% |
The Metals:
Gold rose to find over $5 gains at $736.10 in Asia before it fell back off a bit in London and dropped even further in New York to see slight losses at as low as $726.10 by just after noon EST, but it then rallied back higher in the last hour of trade and ended with a small gain. Silver rose to as high as $13.462 in early New York trade before it dropped to as low as $13.20 by a little after noontime, but it also rallied back higher into the close and ended with a small gain.
Euro gold rose to about €517, platinum gained $15 to $1356, palladium gained $5 to $351, and copper rose a couple of cents to over $3.75.
Gold and silver equities opened briefly higher, but they fell back off for most of the rest of trade and ended over 1% lower as gold, silver, and the major indices all dropped off heading into their respective closes.
Central banks conclude 2007 gold sales with a whisper
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Sep | 54.8 | 55.0 | 55.8 |
Also making economic news today was the MBA’s report showing mortgage applications were down 2.7% last week and the ADP’s report showing employers added 58,000 jobs in September. Tomorrow at 8:30AM EST brings the Initial Jobless Claims report for 9/29 expected at 310,000 and at 10AM is the Factory Orders report for August expected at -2.8%, though most are already looking forward to Friday’s government jobs report.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged near $80.00 after a confusing inventory report kept traders guessing. Crude inventories were expected to fall and instead built 1.2 million barrels while gasoline and distillates were expected to build and instead fell 100,000 barrels and 1.2 million barrels, respectively. Refinery utilization rose 0.6% to 87.5%, but is still considered to be running at a low rate for this time of the year.
The U.S. dollar index rose and treasuries fell as the ISM Services report did not come in surprisingly weak as so many other economic reports seem to have lately.
The Dow, Nasdaq, and S&P fell on uncertainty over this Friday’s jobs report and its impact on what the fed will do and also over apprehension about upcoming earnings reports that may show significant impacts due to August’s credit problems.
Among the big names making news in the market today were Bear Stearns and Hershey.
The Commentary:
“December Gold finished down 0.6 at 735.7, 5.3 off the high and 3.2 up from the low.
December Silver closed up 0.02 at 13.47. This was 0.12 up from the low and 0.11 off the high.
The gold market lost its early bullish bias and then was mostly without a defined trend in the action today. With the Dollar showing signs of ongoing strength one cold suggest that the gold market held up relatively well. However, the Dollar was certainly making some noise on its charts and that could eventually come back to haunt the bull camp in gold. However, strength in energy prices and another new high for the move in the copper market could have given the gold market support in the face of the negative Dollar action. In the end the US market seemed to outperform the European gold market which closed lower on the day.
In the end the silver market spent most of the trading session holding above the prior session's close and that in turn could make the $13.45 level a critical pivot point price in the coming sessions. We suspect that silver was indirectly lifted in the wake of ongoing strength in copper prices and perhaps because of the recovery in oil prices. However, the direction of the US Dollar and the direction of gold continued to be the main focal point of the silver trade on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Looking back, to see ahead
Central banking's main purpose now is market suppression
Greg Peel: Citigroup report reignites gold manipulation debate
The Statistics:
As of close of business: 10/2/2007
Gold Warehouse Stocks: | 7,101,021 | - |
Silver Warehouse Stocks: | 132,838,616 | +250,716 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 577.85 | 18,578,347 | US$ 13,566m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 95.45 | 3,068,871 | US$ 2,234m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 484,009 | US$ 353m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 17.72 | 569,662 | US$ 416m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.18 tonnes and the ASX added 0.76 tonnes.
COMEX Gold Trust (IAU)
Profile as of 10/2/2007 | |
Total Net Assets | $1,173,323,457 | Ounces of Gold
in Trust | 1,607,768.854 |
Shares Outstanding | 16,250,000 | Tonnes of Gold
in Trust | 50.01 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/2/2007 | |
Total Net Assets | $1,905,379,686 | 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:
Richmont’s (RIC) Island Gold Opening and Investor Day, Ivanhoe’s (IVN) drill results and Myanmar comments, Cardero’s (CDY) property acquisition, Kimber’s (KBX) investor relations appointment, Golden Star’s (GSS) record gold production, Canyon’s (CAU) hearing date, Taseko’s (TGB) copper production, AngloGold’s (AU) mine output restart, Bear Creek’s (BCM.V) metallurgical testing update, and EXMIN’s (EXM.V) drilling with Industrias Penoles were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +7.64% $5.92 |
2. Exeter | XRA +6.90% $3.72 |
3. Entree Gold | EGI +5.66% $2.80 |
LOSERS
1. Harmony | HMY -5.51% $10.46 |
2. Orezone | OZN -5.43% $1.74 |
3. Tanzanian Royalty | TRE -4.75% $5.41 |
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:
Bayswater Expresses Its Condolences to Family of Victim in Helicopter Accident - More
- October 03, 2007 | Item | E-mail
Richmont Mines Inc. and Patricia Mining Corp. Host Island Gold Opening and Investor Day - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (CDNX:PAT.V - News) are hosting an Island Gold Opening and Investor Day today at the Island Gold mine location in Dubreuilville, Ontario. Guests of the invitation event include management and Board of Director members from Richmont Mines and Patricia Mining, institutional investors and media representatives." More
- October 03, 2007 | Item | E-mail
Final Lucky Joe drill results - 1500 m copper-gold zone defined - More
- October 03, 2007 | Item | E-mail
White Mountain Increases Cerro Blanco Landholdings By 17% and Initiates Exploration on New Eli Prospect - More
- October 03, 2007 | Item | E-mail
Bear Creek Corani Project; Metallurgical Update - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to provide a metallurgical testing update on its Corani Silver-Lead-Zinc deposit in Peru, including several positive breakthroughs that will lead to definition of the final flow sheet for processing Corani ore. Metallurgical testing will continue through project development stages, along with ongoing drilling and resource updates. The fourth resource estimate for the Corani Project is expected by year-end 2007." More
- October 03, 2007 | Item | E-mail
Trans America Says Neutron Energy to Focus on Exploration and Development of U.S. Uranium Assets - More
- October 03, 2007 | Item | E-mail
Freewest Drilling Demonstrates Excellent Potential for Deep Gold Zones at Clarence Stream, New Brunswick - More
- October 03, 2007 | Item | E-mail
Cline Mining Announces Cline Lake Drilling Results and Additional Drilling - More
- October 03, 2007 | Item | E-mail
High-Grade Copper and Gold Mineralized Zone Discovered at Ivanhoe's Cloncurry Project in Australia - "Robert Friedland, Executive Chairman of Ivanhoe Mines (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News), and Douglas Kirwin, Ivanhoe Mines Executive Vice-President, Exploration, announced today that continued exploration drilling at the company's Cloncurry Project in the Mt. Isa District of northwestern Queensland, has resulted in the discovery of a significant high-grade zone of copper and gold mineralization on the western margin of the large, open-ended SWAN Iron Oxide Copper Gold (IOCG) Project." More
- October 03, 2007 | Item | E-mail
Pediment Exploration Ltd.: Hole PLRC-20 Intersects 6.1 Metres Grading 15.14 g/t Gold in Oxides Within a 152-Metre of 1.64 g/t Gold Mineralized Intersection - More
- October 03, 2007 | Item | E-mail
Farallon Resources Ltd. Adopts Shareholder Rights Plan - More
- October 03, 2007 | Item | E-mail
Happy Creek Minerals Ltd. begins drilling Fox tungsten-molybdenum property - More
- October 03, 2007 | Item | E-mail
Stelmine Canada Ltd. obtains receipt for preliminary prospectus - More
- October 03, 2007 | Item | E-mail
Cardero Acquires Former High-Grade Silver-Lead Mine Values Up to 1.37 kg/t Silver - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that has entered into an agreement to acquire a 100% interest in the La Poma Silver property in Salta province, northwestern Argentina." More
- October 03, 2007 | Item | E-mail
Eagle Plains/XO Gold Complete Option Agreement for Titan Property, Exploration Activity Underway - More
- October 03, 2007 | Item | E-mail
New Island Resources Inc.: Report on Current Projects - More
- October 03, 2007 | Item | E-mail
Kimber Appoints Manager of Investor Relations and Grant of Options - "Kimber is pleased to announce the appointment of Matthew Hamilton as Manager of Investor Relations. Mr. Hamilton brings to Kimber his experience in natural resource management, investor relations and business development." More
- October 03, 2007 | Item | E-mail
Fronteer's Aurora Further Expands Jacques Lake Uranium Deposit - More
- October 03, 2007 | Item | E-mail
Eloro Announces New Appointments - More
- October 03, 2007 | Item | E-mail
Uranium 308 Corp. Issues Geologic Review of Janchivlan Project in Mongolia - More
- October 03, 2007 | Item | E-mail
EXMIN-Penoles Joint Venture Commence Drilling the Maguarichic Project, Chihuahua, Mexico - "EXMIN Resources Inc. (EXMIN) (CDNX:EXM.V - News) is pleased to announce that its joint venture partner, Industrias Penoles (Penoles), has begun drilling at the Maguarichic project, as anticipated in EXMIN's News Release on September 19, 2007. The drill program underway will use two diamond drill rigs to complete an approximately 3,000 metre program and will test numerous targets." More
- October 03, 2007 | Item | E-mail
Prom Resources, Inc. Completes Economic Assessment - More
- October 03, 2007 | Item | E-mail
SLAM Exploration drilling expands near surface zinc-lead-silver mineralization - More
- October 03, 2007 | Item | E-mail
BacTech to Resume Trading October 4, 2007 - More
- October 03, 2007 | Item | E-mail
Galantas Details Falconbridge Payments and Goldsmiths Order - More
- October 03, 2007 | Item | E-mail
MDN: Discovery of a New Mineralized Zone on Isambara - More
- October 03, 2007 | Item | E-mail
SRA Targets Value-Added Markets with Ge/Ga Recovery Testing - More
- October 03, 2007 | Item | E-mail
Liberty Intersects 2.15% Nickel Over 14.55 m at the Hart Project - More
- October 03, 2007 | Item | E-mail
Atomic signs letter of intent to acquire Tanzanian property package - More
- October 03, 2007 | Item | E-mail
Landore Resources Limited - Progress Report - Junior Lake-Nickel Project - More
- October 03, 2007 | Item | E-mail
Goldmarca Shareholders Propose Name Change to Ecometals - More
- October 03, 2007 | Item | E-mail
CanAlaska and Mega Uranium sign $8 million agreement to explore Poplar uranium project - More
- October 03, 2007 | Item | E-mail
Silk Road Negotiates To Acquire 20% Interest in Gansu Jiaxin Minerals Company Limited - More
- October 03, 2007 | Item | E-mail
Mega Uranium Options CanAlaska's Poplar Property, Athabasca Basin, Saskatchewan - More
- October 03, 2007 | Item | E-mail
North American Palladium Reports Drilling Results at the Lac des Iles Mine - More
- October 03, 2007 | Item | E-mail
Xstrata Coal Canada Limited Increases Erdene Ownership - More
- October 03, 2007 | Item | E-mail
Etruscan's Youga Gold Mine nears completion - More
- October 03, 2007 | Item | E-mail
Knight Resources Ltd.: Net-Textured and Disseminated Sulphides Intersected at West Raglan - More
- October 03, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Redfern Receives Approval for Changes to Tulsequah Project Design & Extension of Project Approval Certificate - More
- October 03, 2007 | Item | E-mail
Network to exhibit at Chicago Resource Expo - More
- October 03, 2007 | Item | E-mail
Adventure Gold Begins Trading Today Under the Symbol "AGE" on the TSX-V - More
- October 03, 2007 | Item | E-mail
Carlisle comments on recent trading activity - More
- October 03, 2007 | Item | E-mail
International Nickel Ventures Announces the Appointment of Ann Gibbs as Director of Investor Relations - More
- October 03, 2007 | Item | E-mail
GRD Minproc awarded Contract for Mirabela Nickel's Santa Rita Project - More
- October 03, 2007 | Item | E-mail
Trade Winds Exploration Update - More
- October 03, 2007 | Item | E-mail
Golden Phoenix Announces Kent Aveson to Fill Top Position as General Manager of Ashdown Mine - More
- October 03, 2007 | Item | E-mail
Asian Dragon Group Wins Negotiations for Final Major China Silver/Lead Project, ''Luoning Xiayu Xiaowagou Mine'', Making Asian Dragon Dominant Player in Region - More
- October 03, 2007 | Item | E-mail
Gemini Explorations Inc. Updates Sampling Program From the Los Chorros Gold Mine Project - More
- October 03, 2007 | Item | E-mail
Directors of Ivanhoe Mines Deplore Acts of Violence Against Peaceful Demonstrators in Myanmar - "Although Ivanhoe Mines disposed of all of its business interests in Myanmar by transferring their ownership to an independent, third-party trust seven months ago, pending their sale, company directors and employees are honoured to have worked with many dedicated, hard-working men and women involved in successfully operating the Monywa Copper Project to international standards for health, safety and environmental management." More
- October 03, 2007 | Item | E-mail
Golden Star Announces Record Quarterly Gold Production - "We are pleased with the progress that is being made with our Bogoso Sulfide Processing Plant. The BIOX® process has worked well from day one but the flotation circuit design issues and equipment failures that we have incurred during the start up and early operations have, to date, tarnished the early results from the project. Based on results since late September, we believe that the design changes we have made to the flotation circuit have resulted in a significant increase in flotation recovery. This, along with the improving trend in all other major performance indicators, is expected to result in a significant gold production increase from the fourth quarter." More
- October 03, 2007 | Item | E-mail
Altius and JNR Resources Form Uranium Exploration Alliance - More
- October 03, 2007 | Item | E-mail
JNR and Altius Form Uranium Exploration Alliance - More
- October 03, 2007 | Item | E-mail
Western Prospector Group Ltd.: Uranium Project-Related Cooperation With Khan - More
- October 03, 2007 | Item | E-mail
Khan Resources Inc.: Uranium Project-Related Cooperation with Western - More
- October 03, 2007 | Item | E-mail
Russell Industries Releases Laboratory Analytical Report - More
- October 03, 2007 | Item | E-mail
Blue Sky Completes 3,000 Square km Airborne Radiometric Survey in Argentina - More
- October 03, 2007 | Item | E-mail
Canyon Resources Announces Hearing Date on Its McDonald Takings Claim - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, has received notice that the appeal from the District Courts dismissal of its federal takings claim in the case of Seven-Up Pete Venture, et al. v Brian Schweitzer, Governor of the State of Montana, et al. will be heard by the U.S. Court of Appeals for the Ninth Circuit in Seattle, Washington on Wednesday, November 7, 2007. The Seven-Up Pete Venture is wholly owned by Canyon Resources Corporation and its subsidiaries." More
- October 03, 2007 | Item | E-mail
Goldcorp to Release 2007 Third Quarter Results on November 9th - "Goldcorp Inc. (Toronto:G.TO - News)(NYSE:GG - News) will release third quarter results before market open on Friday, November 9th, 2007." More
- October 03, 2007 | Item | E-mail
Taseko's Q4 Copper Production Increases by 33% Over Q3 to 16.8 M Pounds - "A combination of operational improvements, new technologies being incorporated in the concentrator to complement the new SAG Mill which is on schedule for December commissioning, and higher copper grades in the Pollyanna pit have resulted in increases to copper production each quarter. Quarter-on-quarter production from the SX-EW plant is also increasing as operational staff becomes more comfortable with the plant performance parameters. Key productivity indicators such as crushing rates, mill throughput, mill operating time and copper recoveries, which are the foundation of an efficient concentrator operation, are continuing to improve and will directly contribute to a declining unit cost profile as the mine moves to higher production levels." More
- October 03, 2007 | Item | E-mail
AngloGold to resume Mponeng mine output Thursday - "AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) plans to resume blasting at its Mponeng mine on Thursday night after the minerals minister ordered an independent probe of the mine where four miners were killed in a rock fall last Friday." More
- October 03, 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 3 October, 2007 | |
