-- Posted 9 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $736.70 | +$4.10 |
Silver | $13.43 | +$0.20 |
XAU | 173.44 | +2.90% |
HUI | 398.39 | +2.62% |
GDM | 1241.39 | +2.68% |
JSE Gold | 2553.95 | +0.59% |
USD | 78.46 | -0.31 |
Euro | 140.80 | -0.55 |
Yen | 85.40 | -0.09 |
Oil | $80.26 | +$1.24 |
10-Year | 4.651% | +0.011 |
T-Bond | 110.78125 | UNCH |
Dow | 14164.53 | +0.86% |
Nasdaq | 2803.91 | +0.59% |
S&P | 1565.15 | +0.81% |
The Metals:
Gold traded slightly lower in Asia and fell to as low as $726.55 in London at about 6AM EST, but it then rallied for the next 5 hours and traded as high as $740.60 in New York before it fell back off a few dollars into the close and ended with a gain of 0.56%. Silver dropped to as low as $13.12 in London and rose to as high as $13.56 in New York before it also fell back off into the close, but it still ended with a gain of 1.51%.
Euro gold rose above €523, platinum gained $14 to $1367, palladium gained $2 to $362, and copper fell to about $3.61.
Gold and silver equities steadily rose throughout trade and ended with nearly 3% gains.
The Economy:
The only major economic news of the day was the release of the fed’s minutes which showed unanimous agreement in the decision to cut rates by 50 basis points at their last meeting. Perhaps the most significant part of the minutes to note though was the complete lack of concern for inflation shown by fed members after having shown it to be an emphasis just a few months ago. Tomorrow at 10AM EST brings Wholesale Inventories for August expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after a government prediction for strong demand in response to a forecast for a colder winter than last year.
The U.S. dollar index fell after the fed’s minutes made it seem more likely they will continue to cut interest rates.
Treasuries erased early gains after the fed’s minutes despite the outlook for lower interest rates as bond traders seemed more concerned about the fed’s abandonment of their previously perceived fight against inflation.
The Dow and S&P rose to new record highs and the Nasdaq also found nice gains after the fed’s minutes indicated to Wall Street that they may continue to cut interest rates at future meetings.
Among the big names making news in the market today were SABMiller and Molson Coors, Chrysler and UAW, AT&T and Aloha, and Newmont and Miramar.
The Commentary:
“December Gold finished up 4.4 at 743.1, 2.9 off the high and 8.6 up from the low.
December Silver closed up 0.223 at 13.583. This was 0.233 up from the low and 0.087 off the high.
The gold market displayed significant volatility throughout the trading session but it was clear that the ebb and flow of the US Dollar was an important force in the direction of trade. The gold market seemed to fall back away from some mid day gains in the wake of the FOMC meeting minutes release, even though the Dollar was largely unmoved by the release. However, with the US Fed suggesting that they were expecting inflation levels to come down in their last meeting and that they saw ongoing downside risks in the US economy, it wasn't surprising to see some recent buyers bank long profits in the wake of the Feds most recent economic assessment.
The silver market managed a rather robust trading range on Tuesday, with the meandering of the US Dollar a primary force. However, the silver bulls might have seen the most help from Press rumors that suggested increased cash or physical gold interest was responsible for the early recovery in all the precious metals markets. In the end, seeing signs of increased gold bullion buying interest right into the US futures opening on Tuesday in effect rekindles ideas that investors still want to add silver and gold to their portfolios.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Who's Ben chatting with about the economy?
Ted Butler: A picture worth a thousand words
European Central Bank plans indefinite liquidity boosts
Alan Ruskin: Moral hazard encourages weak dollar
New party line in U.S.: Weak dollar good, won't be inflationary
James Turk: When's gold's next streak?
Treasury claims power to seize gold and silver -- and everything else
GATA Chairman Murphy looks for company in Toronto Oct. 15
The Statistics:
As of close of business: 10/8/2007
Gold Warehouse Stocks: | 7,162,356 | -21,280 |
Silver Warehouse Stocks: | 132,646,076 | -451,404 |
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 | 585.53 | 18,825,503 | US$ 13,854m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,404 | US$ 2,325m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,976 | US$ 358m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,437 | US$ 429m |
Note: Change in Total Tonnes from Friday’s data: The NYSE/SGX added 7.68 tonnes.
COMEX Gold Trust (IAU)
Profile as of 10/8/2007 | |
Total Net Assets | $1,178,068,876 | 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 10/8/2007 | |
Total Net Assets | $1,906,656,964 | Ounces of Silver
in Trust | 143,481,444.700 |
Shares Outstanding | 14,450,000 | Tonnes of Silver
in Trust | 4,462.77 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) plans to buy Miramar (MNG), Barrick’s (ABX) gold license in Russia, Taseko’s (TGB) quarterly sales, Entree Gold’s (EGI) drill results, Ivanhoe’s (IVN) drill results, IAMGOLD’s (IAG) mine sale, Silvermex’s (SMR.V) optioned property from Silver Standard (SSRI), and Fury’s (FUR.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG +23.88% $6.38 |
2. Northern Dynasty | NAK +10.59% $13.05 |
3. Entree Gold | EGI +8.33% $3.25 |
LOSERS
1. Paramount | PZG -3.80% $2.34 |
2. US Energy | USEG-2.27% $4.30 |
3. Kimber | KBX -1.77% $1.11 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Thunder Mountain Resources Acquires 100% Interest in Historic Idaho Zinc- Silver-Lead-Copper-Gold Mine - More
- October 09, 2007 | Item | E-mail
Sirios Resources Inc.: C$ 2 Million Brokered Private Placement - More
- October 09, 2007 | Item | E-mail
Uravan Announces New President - More
- October 09, 2007 | Item | E-mail
Molycor Gold Corp.: Appointment of New Chief Financial Officer - More
- October 09, 2007 | Item | E-mail
J-Pacific Intersects 5.73g Au/t over 1.75 metres on the Blackdome No. 17 Vein - More
- October 09, 2007 | Item | E-mail
Amarillo Expands Land Position at Mara Rosa - More
- October 09, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. - Exciting new joint venture announced - More
- October 09, 2007 | Item | E-mail
Amseco Exploration Closes the First Tranche of a Financing of up to $450,000 - More
- October 09, 2007 | Item | E-mail
Government of India Approves Pebble Creek's Askot Mining Lease - More
- October 09, 2007 | Item | E-mail
Olympus Announces Increased Gold Equivalent Resource of 833,500 oz. at Bong Mieu - More
- October 09, 2007 | Item | E-mail
Consolidated Spire Ventures Ltd.: Drilling Intersects 64 Metres of Quartz Stockwork Mineralization in the Discovery South Zone - Prospect Valley Property - More
- October 09, 2007 | Item | E-mail
Wesdome Gold Mines Ltd. - Development proves up high grade 811 Zone, Eagle River mine, Ontario - More
- October 09, 2007 | Item | E-mail
Royal Gold Announces Fiscal 2008 First Quarter Conference Call - "Royal Gold, Inc. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, will report its first quarter fiscal 2008 results before the market opens for trading on Thursday, November 1, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- October 09, 2007 | Item | E-mail
Canadian Zinc Corporation: Mineral Resources Confirmed and Upgraded at Prairie Creek Mine - More
- October 09, 2007 | Item | E-mail
Luna Gold completes the acquisition of the Cachoeira gold project, Para State, Brazil - More
- October 09, 2007 | Item | E-mail
Verena Minerals Advances Exploration at Volta Grande - More
- October 09, 2007 | Item | E-mail
HuntMountain Resources Appoints Michael Mastor to Board of Directors - More
- October 09, 2007 | Item | E-mail
Newmont to buy Miramar Mining for C$1.5 billion - "Newmont Mining Corp (NEM.N: Quote, Profile, Research), the world's second-largest gold producer, said on Tuesday it would buy Canadian gold explorer Miramar Mining Corp (MAE.TO: Quote, Profile, Research) (MNG.A: Quote, Profile, Research) for C$1.5 billion (US$1.52 billion) as it tries to replace its gold reserves.
The all-cash deal, which won unanimous approval from Miramar's board of directors, would give Newmont control of the undeveloped Hope Bay project in the far north Canadian territory of Nunavut." More
- October 09, 2007 | Item | E-mail
Standard & Poor's Initiates Factual Stock Report Coverage on Bellhaven Copper & Gold, Inc. - More
- October 09, 2007 | Item | E-mail
Russian watchdog to inspect Barrick Gold license in Russia - "Rosprirodnadzor, the Russian natural resources watchdog, will soon start to inspect CJSC Fedorovo Resources, a subsidiary of No. 1 world gold producer Barrick Gold, for compliance with the terms of a license to explore and develop the Fedorova Tundra copper, platinum and nickel field in the Murmansk region, Rosprirodnadzor said in a press release." More
- October 09, 2007 | Item | E-mail
Goldcorp Declares Tenth Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its tenth monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, October 19, 2007 will be entitled to receive payment of this dividend on Friday, October 26, 2007." More
- October 09, 2007 | Item | E-mail
Nuinsco Announces Management Restructuring in Line with Exploration Focus - More
- October 09, 2007 | Item | E-mail
Freewest Resources Announces Filing of Quest Uranium Corporation Preliminary Prospectus - More
- October 09, 2007 | Item | E-mail
MetalCORP Commences AeroTEM IV Airborne Geophysical Survey on Newly Acquired Fearless & Python Properties, Adjacent to Hemlo Gold Mines, Ontario, Canada - More
- October 09, 2007 | Item | E-mail
Latin American Minerals Discovers Three New Massive Sulphide Horizons and Mineralized Breccia Zones on Its Tendal Zinc-Copper-Lead-Silver Project, Argentina - More
- October 09, 2007 | Item | E-mail
Threegold Resources Inc.: Lemieux Dome Drilling Program to Commence and Copper-Zinc Results Confirm Extensions to Mineralized Zones - More
- October 09, 2007 | Item | E-mail
Silvermex Options San Marcial Property From Silver Standard - "Silvermex (CDNX:SMR.V - News) is pleased to report an option agreement with Silver Standard Resources Inc. (NasdaqGM:SSRI - News)(Toronto:SSO.TO - News) of Vancouver, B.C., to purchase a 100% interest in Silver Standard's San Marcial silver project in Sinaloa State, Mexico. The 4.8 square mile (1,250 hectare) property is located 56 miles (90 kilometres) east of Mazatlan in west central Mexico." More
- October 09, 2007 | Item | E-mail
Adex Mining Inc. to Present at Exploration and Mining Conference in Fredericton, New Brunswick - More
- October 09, 2007 | Item | E-mail
Azimut: partial field exploration results yield grades up to 0.64% U(3)O(8) on the North Rae property, Ungava Bay region - More
- October 09, 2007 | Item | E-mail
M45 Mining Resources Inc. Finalizes Acquisition of 160 Mining Titles Covering 8,935 Hectares in East Area of Matagami Mining Camp - More
- October 09, 2007 | Item | E-mail
Sparton Completes Data Compilation from Initial Drilling Program SBD Gold Project, Nevada - More
- October 09, 2007 | Item | E-mail
Spruce Ridge Acquires Knucklethumb Gold Property - More
- October 09, 2007 | Item | E-mail
Mediterranean confirms 800 metre polymetallic mineralized trend at Corak - More
- October 09, 2007 | Item | E-mail
Unico, Inc. Announces Energizing of Electrical Power Substations at the Deer Trail Mine - More
- October 09, 2007 | Item | E-mail
Teryl Resources Announces Drilling Contract Signed for the Bisbee Gold Hill Prospect, Arizona - More
- October 09, 2007 | Item | E-mail
Rox Resources Ltd. (PINK SHEETS: RXRS.PK) Negotiates Outright Purchase of the Fox Mine; Closes the $150,000 Private Placement - More
- October 09, 2007 | Item | E-mail
Uranium Energy Corp Expands Exploration Database in Wyoming and New Mexico - More
- October 09, 2007 | Item | E-mail
Capital Gold Initiating Plans for Increased Gold Production - More
- October 09, 2007 | Item | E-mail
Marifil Prepares Phase 2 Drill Program at San Roque - More
- October 09, 2007 | Item | E-mail
Enterayon Initiates Silver Leaf and Salmo Gold Assessment Programs - More
- October 09, 2007 | Item | E-mail
Cadiscor Resources Signs an Agreement With IAMGOLD to Acquire the Sleeping Giant Mine - More
- October 09, 2007 | Item | E-mail
Nevada Copper-New Resource Estimate Nears Completion-Drilling Expands Mineralization - More
- October 09, 2007 | Item | E-mail
Drilling Results Expand Tungsten-Molybdenum Deposit at Sangdong - More
- October 09, 2007 | Item | E-mail
Certej Reserves Increased by 20% - Life-of-Mine Extended by Two Years - More
- October 09, 2007 | Item | E-mail
General Metals Update: Nine Drill Holes at the Independence Mine in Battle Mountain, Nevada Show Expected Mineralization With Assay Results to Follow - More
- October 09, 2007 | Item | E-mail
General Moly, Inc. to Commence Trading on American Stock Exchange - More
- October 09, 2007 | Item | E-mail
El Nino Ventures Inc. 5,000 meter drilling program in the Democratic Republic of Congo (DRC) is underway - More
- October 09, 2007 | Item | E-mail
Galway announces second infill drilling program at the Victorio molybdenum/tungsten project - More
- October 09, 2007 | Item | E-mail
Taseko Highlights Q4 Sales - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) announces an update on quarterly sales and production results for the fiscal year ending September 30, 2007. In particular, the Company would like to highlight its fourth fiscal quarter ("Q4") production and sales during which the Gibraltar Mine produced 16.8 million pounds and sold 13.2 million pounds of copper at an average sales price of US$3.63 per pound." More
- October 09, 2007 | Item | E-mail
Entree Gold Reports Additional Results From Drilling on Javhlant License, Mongolia - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") has received additional results of ongoing drilling on the Javhlant license, Mongolia, from its partner and project operator, Ivanhoe Mines Ltd. ("Ivanhoe Mines") (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News). The Javhlant license is included in the joint Entree-Ivanhoe Mines agreement area." More
- October 09, 2007 | Item | E-mail
New Copper, Gold and Molybdenum Porphyry Discovery-Named the Heruga Deposit-Being Delineated on the Ivanhoe Mines-Entree Joint-Venture Concession - "John Macken, President and CEO of Ivanhoe Mines Ltd. (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News), and Charles Forster, Ivanhoe's Senior Vice President of Exploration, Mongolia, today announced results from eight additional drill holes on the newly discovered Heruga copper, gold and molybdenum deposit in southern Mongolia." More
- October 09, 2007 | Item | E-mail
IAMGOLD Signs Option for Sale of Sleeping Giant - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce that an option agreement has been signed with Cadiscor Resources Inc. ("Cadiscor") granting them the right to purchase the Sleeping Giant Mine ("Sleeping Giant") after the completion of mining and processing for total consideration of up to CDN$7 million. Sleeping Giant is a 100% owned IAMGOLD producing mine located in the Abitibi region of Northern Quebec. Current estimated annual gold production is 50,000 ounces and it is expected to continue production through 2008." More
- October 09, 2007 | Item | E-mail
Drilling Underway at Fury's Guijoso Silver Property - "Fury Explorations Ltd. (the "Company")(CDNX:FUR.V - News) announces the commencement of phase-one diamond drilling at its 100% controlled Guijoso Property, Jalisco, Mexico. A program consisting of 2,000 meters in 11 holes will test several high-grade silver and gold targets identified during recently completed mapping and sampling programs (see October 2, 2007, PR2007-17)." More
- October 09, 2007 | Item | E-mail
Newmont to Acquire Miramar Mining for C$6.25 Cash Per Share; Miramar Board to Unanimously Recommend Offer - "Newmont Mining Corporation (NYSE: NEM - News) and Miramar Mining Corporation (TSX: MAE - News; Amex: MNG - News) announced today that they have entered into a definitive support agreement that provides for the acquisition by Newmont, with the unanimous support of the Miramar board of directors, of all the outstanding common shares of Miramar for C$6.25 cash per common share." More
- October 09, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 October, 2007 | |
