-- Posted 11 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $751.30 | +$11.50 |
Silver | $13.87 | +$0.33 |
XAU | 176.67 | +0.12% |
HUI | 410.47 | +1.29% |
GDM | 1276.64 | +1.26% |
JSE Gold | 2581.25 | +0.51% |
USD | 78.16 | -0.17 |
Euro | 142.14 | +0.81 |
Yen | 85.28 | -0.03 |
Oil | $83.08 | +$1.78 |
10-Year | 4.659% | +0.012 |
T-Bond | 110.65625 | -0.125 |
Dow | 14015.12 | -0.45% |
Nasdaq | 2772.20 | -1.40% |
S&P | 1554.41 | -0.52% |
The Metals:
Gold steadily rose throughout most of trade in Asia and London and rose to as high as $753.25 by early afternoon in New York before it eased a couple of dollar’s into the close, but it still ended with an impressive gain of 1.55%. Silver followed a similar pattern and rose to as high as $13.898 before it also moderated slightly into the close, but it still ended with an even larger gain of 2.44%.
Euro gold rose to over €527, platinum gained $22 to $1407 to a new record high, palladium gained $5 to $377, and copper fell slightly to about $3.68.
Gold and silver equities rose to new all-time highs with over 3% and 4% gains by early afternoon, but they then sold off with the major indices in the last couple hours of trade and ended with only about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Sep | 0.3% | - | 0.2% |
Export Prices ex-ag. | Sep | 0.0% | - | 0.1% |
Import Prices | Sep | 1.0% | 0.8% | -0.3% |
Import Prices ex-oil | Sep | -0.2% | - | -0.1% |
Initial Claims | 10/05 | 308K | 315K | 320K |
Trade Balance | Aug | -$57.6B | -$59.5B | -$59.0B |
Treasury Budget | Sep | $111.6B | $100.0B | $248.2B |
Tomorrow at 8:30AM EST brings PPI for September expected at 0.5%, Core PPI expected at 0.2%, Retail Sales for September expected at 0.2%, and Retail Sales excluding autos expected at 0.3%. At 10AM is the Business Inventories report for August expected at 0.3% and Michigan Sentiment for October expected at 84.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose throughout trade and ended with over 2% gains near the all-time high of $83.90 after some bullish inventory data. Oil inventories surprisingly fell 1.7 million barrels, gasoline inventories built 1.7 million barrels, distillates fell 600,000 barrels, and refinery utilization rose 0.3% to 87.8%.
The U.S. dollar index fell back near new all-time lows as the Bank of Japan held rates at 0.5% and the European Central Bank’s bias appears to be up while the fed’s bias is perceived to be towards lower interest rates.
Treasuries fell slightly after economic data came in better than expected and pushed interest rates higher.
The Dow, Nasdaq, and S&P found nice gains in the first four hours of trading after Wal-Mart and other retailers forecasted or reported stronger than expected sales, but all three indices fell back off in the last two hours of trade and ended noticeably lower after “European Central Bank governing council member Axel Weber said the bank may need to raise interest rates to a level that restricts economic growth to keep inflation under control.”
Among the big names making news in the market today were Lennar, Centex, Pulte, Macy’s, J.C. Penney, Countrywide, Beazer, PepsiCo, Wal-Mart, and Chrysler-UAW.
The Commentary:
“The Fed's comment on the FAKE employment figures as a demonstration of economic strength has resulted in a deceleration of the dollar decline as improved business conditions would imply higher interest rates. The problem is that the employment figures as part of operation "White Noise" are a statistically manufactured fabrication.
Gold is fighting the $751 to $761 area of supply, but will overcome this area and move above $1,000. All of what you are seeing now is funds powered by black boxes running amuck hither and yon with no significance at all. The time for zig-zag is over just as it was in the middle of 1979.
You may sell as a trading fiend, but one day soon gold will take off like a rocket to breach $1,000, most likely without you.
This is the real thing. Sell only if you have a defined need for the cash. Otherwise stand pat and ignore the daily madness.”- Jim Sinclair, JSMineset.com
“December Gold finished up 10.7 at 756.7, 2.3 off the high and 6.7 up from the low.
December Silver closed up 0.317 at 13.985. This was 0.225 up from the low and 0.025 off the high.
With a big range up extension on Thursday the gold market probably enhanced its rather stellar investment status. With the US Dollar seeing another downward extension in the face of a significant equity market rally, the bull camp would seem to be getting support from a number of outside market developments. Apparently the market even managed to get some inflation talk from the Press but that view might be put to a quick test on Friday morning in the wake of a US PPI report. As suggested in the mid day coverage the gold market would almost seem to be getting a perfect storm of news but this type of action isn't new to the market as gold in early 2006 managed a $200 an ounce rally in the face of rising equities, rising oil prices and a declining US Dollar. Just to add to the positive momentum more brokerages firms moved to upgrade their gold price targets and that probably prompted some additional small spec buying to the trade.
Finally December silver managed to forge a new high for the move with the highest trade since June 7th. Certainly the ongoing weakness in the US Dollar and general strength in gold and platinum prices gave the silver the impetus to reach a higher high but it is also possible that arbitrage buying played a role in the strength on Thursday. In short, a mostly positive economic outlook is currently being accentuated by ongoing hope of lower US interest rates and a sinking US Dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Did Paulson tip Wall Street after meeting Bernanke?
Bill Fleckenstein: PPT lets outsiders in to quell market-rigging suspicions
Central bank gold sales fell 25 tonnes short; Bundesbank opts out
Academic roots for more rigging of currency markets
The Statistics:
As of close of business: 10/10/2007
Gold Warehouse Stocks: | 7,184,976 | - |
Silver Warehouse Stocks: | 133,409,546 | +164,405 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 585.53 | 18,825,503 | US$ 13,953m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,334 | US$ 2,346m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,966 | US$ 361m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,424 | US$ 433m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/10/2007 | |
Total Net Assets | $1,204,911,551 | Ounces of Gold
in Trust | 1,627,554.826 |
Shares Outstanding | 16,450,000 | Tonnes of Gold
in Trust | 50.62 |
Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 10/10/2007 | |
Total Net Assets | $1,953,953,762 | 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:
Speculation over a split or breakup at Harmony (HMY), Claude’s (CGR) production increase, Tanzanian Royalty’s (TRE) private placement, Fronteer’s (FRG) drill results, Gold Fields (GFI) sold 60% stake in the Essakane project to Orezone (OZN), and Great Basin’s (GBN) bulk sample results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+19.44% $2.15 |
2. Almaden | AAU +7.22% $2.97 |
3. Minco | MGH+7.02% $1.22 |
LOSERS
1. Metalline | MMG -6.44% $3.05 |
2. US Gold | UXG -6.36% $5.15 |
3. Gammon Gold | GRS -5.81% $10.86 |
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:
Aberdeen International Completes Strategic Investment With Kansai Mining Corporation - More
- October 11, 2007 | Item | E-mail
Cigma Metals Corporation Is Pleased to Announce Additional Drilling Results From the Quartzite Gorka and the Berezkey Projects - More
- October 11, 2007 | Item | E-mail
Bird River Mines Inc. Options the Ore Fault Property to Marathon PGM Corporation - More
- October 11, 2007 | Item | E-mail
International PBX's Current Activities in Chile - More
- October 11, 2007 | Item | E-mail
Pelangio Exploration Update - More
- October 11, 2007 | Item | E-mail
Northland Resources: Presenting at Canaccord Adams' Iron Ore Conference - More
- October 11, 2007 | Item | E-mail
Mirasol Enhances the Nico Silver-Gold Project in Santa Cruz, Argentina - More
- October 11, 2007 | Item | E-mail
Wallbridge Mining and Lonmin Approve $2.5 million for 2008 Sudbury Camp Joint Venture Exploration Program - More
- October 11, 2007 | Item | E-mail
Marathon PGM Corporation and Bird River Mines Inc., Announce an Option Agreement for the Ore Fault Property - Bird River Sill, SE Manitoba - More
- October 11, 2007 | Item | E-mail
Carlisle Expects 800,000 to 1,200,000 Ounces of Gold at its Lynn Lake Greenstone Belt Properties - More
- October 11, 2007 | Item | E-mail
Tagish Appoints Investor Relations Officer - More
- October 11, 2007 | Item | E-mail
Detour Gold Awards Contracts for Feasibility Study at its Detour Lake Property in Northern Ontario, Canada - More
- October 11, 2007 | Item | E-mail
Amanta Resources retains Renmark Financial Communications Inc. - More
- October 11, 2007 | Item | E-mail
Claude Resources Inc.'s Production Increases in Third Quarter - "During the third quarter, the Company produced 15,091 ounces of gold from the Seabee mining operation as well as its satellite deposit at the Santoy 7 project.
These results represent a 35% increase over the 11,200 ounces produced on average over the past 20 quarters and is a significant improvement over each of the first two quarters of this year." More
- October 11, 2007 | Item | E-mail
Azimut and Majescor outline 17 uranium target areas at West Minto, Nunavik, Quebec - More
- October 11, 2007 | Item | E-mail
IP Survey Confirms the Strike and Depth Extension of the Gold-Silver Base Metal Structures at Coringa, Brazil - Phase 2 Drilling of 5000 m to Commence - More
- October 11, 2007 | Item | E-mail
Gold Bullion Development Corp.: Deep Drill Program on Joe Mann Gold Mine Project to Commence - More
- October 11, 2007 | Item | E-mail
Maxy Gold Corporation Issues Corporate Update - More
- October 11, 2007 | Item | E-mail
Murer Joins Utah Uranium Technical Advisory Board, Updates Claims and Mining Activity - More
- October 11, 2007 | Item | E-mail
Kodiak Airborne Survey Identifies Large Intense Radiometric Anomaly as Targeted Source to a Radioactive Boulder Train on Otish Uranium Property - More
- October 11, 2007 | Item | E-mail
Coronado to Begin Gold Production - More
- October 11, 2007 | Item | E-mail
Sulliden will await formal offer from Century - More
- October 11, 2007 | Item | E-mail
Tanzanian Royalty Chairman to provide C$2 million private placement - "Mr. Sinclair has agreed to purchase 347,222 common shares at a purchase price of C$5.76 per share for proceeds totaling C$2,000,000. The price reflects the greater of the weighted average trading price of the Company's shares for the five consecutive trading days ended October 10, 2007 of $5.657 or the closing price on October 10, 2007 of $5.76." More
- October 11, 2007 | Item | E-mail
North American Palladium Expands Exploration Activities - More
- October 11, 2007 | Item | E-mail
Fronteer Development Group Inc.: Drill Results Reinforce Strong Growth Potential of Northumberland Gold Deposit in Nevada - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") is pleased to announce drill results reinforcing the strong growth potential of the Northumberland gold deposit, one of the Company's principal Nevada assets obtained through the recent acquisition of NewWest Gold." More
- October 11, 2007 | Item | E-mail
Goldbelt Concludes Agreement With Barrick on West African Gold Projects - More
- October 11, 2007 | Item | E-mail
Stingray Continues to Define Copper at El Pilar - More
- October 11, 2007 | Item | E-mail
Harmony Gold should split in two; may face break-up bid, sources say - "Harmony Gold, the listed South African gold mining group, should seek to split itself into two separate companies or it may face a break-up bid, said sources familiar with the group." More
- October 11, 2007 | Item | E-mail
Independent Nickel Receives Positive Results from Metallurgical Testing - More
- October 11, 2007 | Item | E-mail
Azimut: Approval of the Shareholder Rights Plan - More
- October 11, 2007 | Item | E-mail
American Bonanza Gold Corp.: Drilling Expands, Increases Grade at New Copperstone Gold Zone - More
- October 11, 2007 | Item | E-mail
2.1% Copper and 0.15% Molybdenum or 3.0 lbs/ton Molybdenum Reported in Hole 87 Over 12 Meter Interval - More
- October 11, 2007 | Item | E-mail
Great Western Minerals Group Updates Strategic Plan - More
- October 11, 2007 | Item | E-mail
Exploration Program Update - More
- October 11, 2007 | Item | E-mail
Escondoro Resources Ltd.: Filing of Preliminary Prospectus - More
- October 11, 2007 | Item | E-mail
Global Copper Intersects 246 Meters Grading 0.84% Copper Equivalent in Step-Out Drilling in the Las Guias Zone at Relincho, Chile - More
- October 11, 2007 | Item | E-mail
Goldray channel drilling program commences - More
- October 11, 2007 | Item | E-mail
La Quinta to Complete Acquisition of 7,010 Square km Gold Exploration Area in Democratic Republic of Congo - More
- October 11, 2007 | Item | E-mail
Silk Road Resources Ltd., Announces Receipt of Exploration Licenses - More
- October 11, 2007 | Item | E-mail
Lundin Mining Reports More High Grade Drill Results From Lombador Exploration - More
- October 11, 2007 | Item | E-mail
Mexivada drills mineralized intercept at La Republica; Moly Dome IP anomalies identified - More
- October 11, 2007 | Item | E-mail
International Gold Resources, Inc., Has Filed Application for Permit Extension at Brazilian Cupixi Property - More
- October 11, 2007 | Item | E-mail
Hinterland Discovers 7.5g/t Gold at Hearne Project, Manitoba - More
- October 11, 2007 | Item | E-mail
CZM Drilling Barney Zone at TAG Gold-Silver Project - More
- October 11, 2007 | Item | E-mail
Unico, Inc. Announces Further Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- October 11, 2007 | Item | E-mail
3D Video of Pacococha Mine Tunnels, Veins and Stopes Received by Grenville - More
- October 11, 2007 | Item | E-mail
Geneva Resources, Inc. Updates Exploration on Vilcoro Gold Property, Peru - More
- October 11, 2007 | Item | E-mail
Semafo Concludes Mana Gold Project Mining Convention - More
- October 11, 2007 | Item | E-mail
Capstone Declares Expanded Commercial Production at Cozamin and Highlights Q4 Production and Sales - More
- October 11, 2007 | Item | E-mail
Moly Mines Moves Rapidly to Detailed Design and Construction Planning at Spinifex Ridge Following Completion of DFS - More
- October 11, 2007 | Item | E-mail
Millstream Cuts 8.65 Metres of 3.20% Copper, 2.03% Zinc, 0.112% Cobalt Within a Larger 38.6 Metre Interval of 1.88% Copper, 1.17% Zinc, 0.044% Cobalt - More
- October 11, 2007 | Item | E-mail
Gowest Encouraged by Discovery of New Moly Occurrences at Molybdenite Lake - More
- October 11, 2007 | Item | E-mail
Copper Fox Announces It Has Earned a 70% Direct Interest in the World Class Mineral Deposit at Schaft Creek - More
- October 11, 2007 | Item | E-mail
Dynamite Resources Announces Discovery Hole 89.3 Metres Grading 0.61% Copper & 1.38 Grams Per Tonne Gold at Mike Lake Project, Yukon - More
- October 11, 2007 | Item | E-mail
MacDonald Mines Plans November Drill Program on Nickel Targets in Webequie District of James Bay - More
- October 11, 2007 | Item | E-mail
Dia Bras Achieves Record Production Value of US$8.0 Million from Bolivar Pilot-Mining Program in Third Quarter 2007 - More
- October 11, 2007 | Item | E-mail
Yukon-Nevada Gold - Strategy for Successful Exploration - More
- October 11, 2007 | Item | E-mail
Freegold Drilling Hits High-Grade Gold at Rob - 29 g/t Over 4 m - More
- October 11, 2007 | Item | E-mail
Feasibility resource drilling completed on Etruscan's Agbaou Gold Deposit - More
- October 11, 2007 | Item | E-mail
Aldridge Minerals drills high-grade core at Yenipazar deposit - More
- October 11, 2007 | Item | E-mail
General Moly Places Initial Long Lead Equipment Orders - More
- October 11, 2007 | Item | E-mail
Goldrea Resources Corp.: Two Step Out Holes Extend the Tianjia Zone 600 Meters to the Southwest, Shandong, China - More
- October 11, 2007 | Item | E-mail
Diamond Drilling Planned for Dot Property, British Columbia - More
- October 11, 2007 | Item | E-mail
Oriel Chooses Atmospheric Acid Leach Process to Unlock the Value of the Shevchenko Nickel Project, Kazakhstan - More
- October 11, 2007 | Item | E-mail
Zimbabwe mines get power directly from Mozambique - "Zimbabwe's mines have started receiving electricity directly from Mozambique after agreeing to pay their bills in foreign currency in a bid to guarantee supplies, official media reported on Thursday." More
- October 11, 2007 | Item | E-mail
Amera Resources Corporation: Drilling Underway on Cocha Copper-Silver Project, Peru - More
- October 11, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc (''UME'') Announces Results for the Quarter Ended August 31, 2007 - More
- October 11, 2007 | Item | E-mail
Globex's Nordeau Properties-NI 43-101 Report and Drilling - More
- October 11, 2007 | Item | E-mail
Pacific Cascade Intersects 0.136% Molybdenum Over 26.87 Meters With 0.306% Over 9.47 Meters - More
- October 11, 2007 | Item | E-mail
Gold Fields Sells 60% Stake in Essakane Project for US$200 Million - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) is pleased to announce that agreement has been reached in terms of which Gold Fields will sell its current 60% stake in the Essakane project located in Burkina Faso, West Africa, to its partner in the project, Orezone Resources Inc. (Orezone) (TSX:OZN - News), for a minimum total consideration of US$200 million." More
- October 11, 2007 | Item | E-mail
Bluerock Announces Mongolian Results From the 2007 Uranium JV Exploration Projects, and New Coal Discovery - More
- October 11, 2007 | Item | E-mail
Majescor & Azimut Outline 17 Anomalous Uranium Zones at West Minto, Nunavik, Quebec - More
- October 11, 2007 | Item | E-mail
Crosshair Intersects 0.10% U3O8 Over 15.8 Metres at the C Zone & Continues to Expand Uranium Resource - More
- October 11, 2007 | Item | E-mail
Strathmore/Yellowcake Joint Venture Updates Jeep and Juniper Ridge, Wyoming, Uranium Projects - More
- October 11, 2007 | Item | E-mail
Yellowcake-Strathmore Update Land Acquisitions at the Jeep and Juniper Ridge, Wyoming, Uranium Properties - More
- October 11, 2007 | Item | E-mail
Murer Joins Utah Uranium Technical Advisory Board, Updates Claims and Mining Activity - More
- October 11, 2007 | Item | E-mail
Orezone to Acquire 100% Interest in the Essakane Project - "Orezone Resources Inc. ("Orezone") (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce that it has entered into an agreement with its partner Gold Fields Limited ("Gold Fields") (JSE: GFI)(NYSE:GFI - News)(DFIX: GFI) to acquire their 60% interest in the Essakane Project ("Essakane") in Burkina Faso, West Africa in consideration for US$200 million in cash and shares. As a result, Orezone will become the operator with a 100% interest in the project." More
- October 11, 2007 | Item | E-mail
Excellent Grades Returned From Great Basin Gold's Second Metallurgical Bulk Sample From Hollister Project in Nevada - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that it has treated its second bulk ore sample from the Hollister Project. The 3,100 ton bulk sample was collected from trial mining development along the high grade Clementine and Gwenivere veins in the underground workings at its Hollister property on the Carlin Trend in Nevada." More
- October 11, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 October, 2007 | |
