-- Posted 16 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $757.20 | +$0.30 |
Silver | $13.53 | -$0.21 |
XAU | 176.20 | -2.01% |
HUI | 411.12 | -1.83% |
GDM | 1284.10 | -1.89% |
JSE Gold | 2546.07 | -1.40% |
USD | 78.25 | +0.16 |
Euro | 141.63 | -0.37 |
Yen | 85.67 | +0.36 |
Oil | $87.61 | +$1.48 |
10-Year | 4.655% | -0.018 |
T-Bond | 110.40625 | -0.03125 |
Dow | 13912.94 | -0.51% |
Nasdaq | 2763.91 | -0.58% |
S&P | 1538.53 | -0.66% |
The Metals:
After a mixed start gold spiked to as high as $766.33 by late trade in Asia, but it then fell back near unchanged around $757 in London, turned mixed again in New York, and closed with a gain of 0.04% at a new 27 year closing high. Silver rose to as high as $13.98 in Asia, but it then fell back off for most of trade in London and New York and ended with a loss of 1.53%.
Euro gold rose to over €535, platinum lost $11 to $1410, palladium lost $13 to $365, and copper fell nearly 5 cents to about $3.68.
Gold and silver equities fell over 2% in the first hour of trade before they rebounded slightly by late morning, but they then fell back off in afternoon trade and ended with about 2% losses.
Central banks start new agreement year with higher pace of gold sales Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Net Foreign Purchases | Aug | -$69.3B | - | $19.5B |
Industrial Production | Sep | 0.1% | 0.1% | 0.0% |
Capacity Utilization | Sep | 82.1% | 82.1% | 82.2% |
When including short term instruments there was a total of $163 billion in net foreign selling in August “as tightening access to credit threatened economic growth and spurred an exodus from American stocks.”
Regional fed banking minutes showed that only 7 of 12 fed banks agreed to the 50 basis point cut in contrast to the fed’s unanimous decision to do so at their recent meeting, but eyes are now squarely focused on the fed’s upcoming Halloween meeting and what action will be taken there. Comments from Bernanke and Paulson noting that recovering from the deepening housing slump will likely take quite some time also had many on Wall Street talking today.
Tomorrow at 8:30AM EST brings CPI and Core CPI for September both expected at 0.2%. Housing Starts for September are expected at 1,285,000, Building Permits are expected at 1,300,000, and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to new record heights at as high as $88.20 before settling at $87.61 on more concerns between Turkey and Kurdish rebels in Iraq despite the fact that Turkey’s prime minister announced late in the day that Turkey had no plans to enter Iraq anytime soon. All eyes now turn to tomorrow’s inventory reports.
The U.S. dollar index rebounded from near record lows and treasuries fell despite poor economic data and disappointing comments from Bernanke and Paulson as comments from ECB president Trichet reinforced the view that Europe will likely keep rates unchanged at their next meeting.
The Dow, Nasdaq, and S&P fell on more credit worries, record high oil, and concerning comments about housing from Bernanke and Paulson.
Among the big names making news in the market today were Genentech, Delta Air, Movie Gallery, J&J, and D.R. Horton.
The Commentary:
“December Gold finished down 0.2 at 762, 5.7 off the high and 3.5 up from the low.
December Silver closed down 0.197 at 13.658. This was 0.018 up from the low and 0.252 off the high.
It appeared as if the rest of the metals complex dragged the gold market down on Tuesday, as an early rally in gold seemed to fade in the face of even quicker reversals in silver, platinum and copper prices. While the Dollar was mostly higher throughout the trading session Tuesday, the gold market didn't seem to have a problem with the early strength in the Dollar and therefore the currency action doesn't seem to explain why gold fell back from its early highs. Some players suggested that significant weakness in equity prices served to undermine gold, as the whole subject of US and global slowing seemed to countervail the inflationary sentiment that was being thrown off by the energy complex. It is also possible that simple profit taking off an overbought status prompted the corrective setback from the fresh new highs.
With silver at times more than 20 cents lower on the session and gold mostly attempting to maintain a positive throughout the trading session, it was clear that silver and gold were trading divergent themes. With the action Tuesday, the silver market seems to have shifted its focus back toward the physical or industrial metals focus and therefore any fresh concerns of slowing growth might have been seen as an undermine to silver prices. Like the gold market a moderately overbought speculative condition in silver probably resulted in some technical selling on Tuesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
New Treasury documents reveal loans, swaps of U.S. gold
Ted Butler: Rope-A-Dope?
Robert K. Landis: Musings on the realms of GLD
IMF chief changes position, says dollar has room to fall
The Statistics:
As of close of business: 10/16/2007
Gold Warehouse Stocks: | 7,316,383 | +5,403 |
Silver Warehouse Stocks: | 133,776,476 | +117,304 |
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 | 593.22 | 19,072,654 | US$ 14,471m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,160 | US$ 2,389m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,939 | US$ 368m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.21 | 585,392 | US$ 444m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/15/2007 | |
Total Net Assets | $1,250,749,030 | Ounces of Gold
in Trust | 1,652,286.806 |
Shares Outstanding | 16,700,000 | Tonnes of Gold
in Trust | 51.39 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/15/2007 | |
Total Net Assets | $2,001,167,708 | 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:
Gold Fields’ (GFI) one day mine closing, Rubicon’s (RBY) exploration update, Golden Star’s (GSS) optioned properties, Polyus’ (PLZL.MM) reappointed executives, Seabridge’s (SA) assay results, Teck Cominco’s (TCKb.TO) gold options, MAG Silver’s (MVG) board appointments, Silvercorp’s (SVM.TO) comments on lead prices, ECU’s (ECU.TO) vein extension, Alexco’s (AXU) drill results, and IMPACT’s (IPT.V) warrant exercise were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA +6.94% $13.25 |
2. Minco Gold | MGH+4.46% $1.1699 |
3. Allied Nevada | ANV +2.93% $7.02 |
LOSERS
1. Metalline | MMG-12.78% $3.07 |
2. Rubicon | RBY -12.56% $1.95 |
3. Paramount | PZG -6.78% $2.20 |
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:
Radius Gold Inc.: Update on Nicaragua Exploration Programs - More
- October 16, 2007 | Item | E-mail
Bayswater to Acquire Northern Canadian Uranium Inc. - More
- October 16, 2007 | Item | E-mail
Houston Lake Mining Raises $750,000 in Flow-Through Financing With MineralFields Group & Max Capital Markets - More
- October 16, 2007 | Item | E-mail
Global Finishing, Inc.: Results From Underground Work Program at the Ruby Mine - More
- October 16, 2007 | Item | E-mail
NWT confirms uranium occurrences at North Rae, Quebec - More
- October 16, 2007 | Item | E-mail
Duran Reports Positive Results From Hole 5 in Transition Zone Between Aguila and Aguila East - More
- October 16, 2007 | Item | E-mail
MacMillan Reports Positive Results From Hole 5 in Transition Zone Between Aguila and Aguila East - More
- October 16, 2007 | Item | E-mail
Mosquito Intersects Excellent Mineralization at Cumo Hole 29 Returned 2,000 Feet Grading Greater Than 0.1% Molybdenite - More
- October 16, 2007 | Item | E-mail
Murgor drill hole (number sign)3 extends the Wim Copper-Gold deposit by 120 meters in northern Manitoba - More
- October 16, 2007 | Item | E-mail
Skyline Announces Private Placements - More
- October 16, 2007 | Item | E-mail
Bonaventure Enterprises Inc.: Corporate Update - More
- October 16, 2007 | Item | E-mail
Drilling to commence on the Lonco Project - More
- October 16, 2007 | Item | E-mail
Queensland Minerals Increases Amount of Temporary Line of Credit, Appointment of Investor Relations Manager - More
- October 16, 2007 | Item | E-mail
Reunion Gold Corporation Seeks Approval to Acquire a New Project in Suriname - New Investor Relations Manager - More
- October 16, 2007 | Item | E-mail
MDN Inc.: Tulawaka Mine Produces 41,817 Ounces of Gold During the Third Quarter of 2007 - More
- October 16, 2007 | Item | E-mail
Solitaire Minerals Corp. Updates the Red Lake North Property in Red Lake, Ontario - More
- October 16, 2007 | Item | E-mail
Iberian Minerals Corp.: Aguas Tenidas Update and Announcement of Mine Re-Opening Ceremony - More
- October 16, 2007 | Item | E-mail
Anaconda Mining Inc.: News Release - More
- October 16, 2007 | Item | E-mail
BacTech Provides Update - More
- October 16, 2007 | Item | E-mail
Vena Resources Expands Azulcocha Zinc/Lead Regional Project - More
- October 16, 2007 | Item | E-mail
Asian Mineral Resources Limited Announces Completion of First Tranche of Private Placement - More
- October 16, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Selection of Gekko Systems Processing Technology to Allow Timely Commencement of Gold and Silver Extraction Operations - More
- October 16, 2007 | Item | E-mail
J-Pacific Intersects 12.38g Au/t over 3.24 metres at the Elizabeth Southwest Gold Vein - More
- October 16, 2007 | Item | E-mail
La Quinta Discovers Two Massive Quartz Vein Structures on its Kampene Gold Property, Maniema Province in Congo-DRC - More
- October 16, 2007 | Item | E-mail
MetalCORP; DRILLING Commences on High Grade Cu-Zn-Ag-Au (VMS) Zone at BIG LAKE Project near Hemlo, Ontario, CANADA - More
- October 16, 2007 | Item | E-mail
Kinbauri Intersects 4.45 Metres Grading 39.1 g/t Gold & 1.6% Copper - More
- October 16, 2007 | Item | E-mail
Timberline Closes $7.22 Million Financing - More
- October 16, 2007 | Item | E-mail
Hemisphere Gold Appoints Dr. Dennis LaPoint as Vice President of Exploration/Director - More
- October 16, 2007 | Item | E-mail
Mediterranean assays 20.08 g/t gold over 19 metres at Corak - More
- October 16, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Further Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- October 16, 2007 | Item | E-mail
Happy Creek Minerals Ltd. Fox Property Update - More
- October 16, 2007 | Item | E-mail
Tara Gold Announces Further San Miguel Drill Program Intercepts - More
- October 16, 2007 | Item | E-mail
Grenville Finds High Ridge News Release Defamatory - More
- October 16, 2007 | Item | E-mail
Platinum Group Metals Ltd.: Western Bushveld Joint Venture Progress Report - More
- October 16, 2007 | Item | E-mail
Exploration Puma Completes $350,000 Investment - More
- October 16, 2007 | Item | E-mail
Buffalo Gold Ltd.: Kinbauri Intersects 4.45 Metres Grading 39.1 g/t Gold & 1.6% Copper Drill Results at El Valle in NW Spain Exceed Expectations - More
- October 16, 2007 | Item | E-mail
Cypress Development Corp.: Drilling Commences on Broulan Reef Gold Project in Red Lake, Ontario - More
- October 16, 2007 | Item | E-mail
Constantine Cuts 58.9 Feet (18 Metres) of 7.8% Zinc, 1.0% Copper, 0.6% Lead, 0.94 g/t Gold and 67.5 g/t Silver - More
- October 16, 2007 | Item | E-mail
Franconia Receives 43-101 Resource Estimate on Spruce Road Copper-Nickel Deposit at Birch Lake Project, Minnesota - More
- October 16, 2007 | Item | E-mail
Midland Exploration Options its James Bay Gold Properties to Agnico-Eagle - More
- October 16, 2007 | Item | E-mail
Renowned Geologist Joins Kilimanjaro Mining Company Ltd. - More
- October 16, 2007 | Item | E-mail
Chuquicamata Area Property Acquisitions - More
- October 16, 2007 | Item | E-mail
MAG Silver Announces Board Appointments - "MAG is delighted that Mr. Colterjohn and Mr. White have agreed to join our board. Their varied backgrounds and their global experiences in the mining sector will be invaluable additions at this exciting period in MAG's development", said MacInnis. "Having two individuals with substantial credentials join the board is a measure of the significance and evolution of MAG Silver in the resource sector. We are looking forward to working with our new board members." More
- October 16, 2007 | Item | E-mail
Dia Bras Drills 9.3 Metres of 1.8% Cu and 2.5 Meters of 18% Zn at El Gallo at its Bolivar Property - More
- October 16, 2007 | Item | E-mail
Western Prospector Group Ltd.: Preliminary Economic Assessment for Gurvanbulag Uranium Deposit in Mongolia; Conference Call - More
- October 16, 2007 | Item | E-mail
Midlands Minerals Announces New Gold Zone Grading 2.77 g/t Over 3 m, 940 Meters East of Esaase Open Pit Mine-Ghana - More
- October 16, 2007 | Item | E-mail
Sierra Gold Corporation Announces Discovery of New Gold Bearing Hard Rock Formation - More
- October 16, 2007 | Item | E-mail
VVC Exploration - Default Status Update Report - More
- October 16, 2007 | Item | E-mail
Consolidated Spire Ventures Retains AGORACOM to Provide Online Investor Relations and Social Network For Shareholders - More
- October 16, 2007 | Item | E-mail
Reno Gold Corp. Appoints Paul Diana CFA. MBA. as President and CEO - More
- October 16, 2007 | Item | E-mail
Sage Commences Drilling Pony Spur, Nevada - More
- October 16, 2007 | Item | E-mail
Marifil Receives Independent Report on Its Mina El Carmen Hydrocarbon Property - More
- October 16, 2007 | Item | E-mail
Threegold Resources Inc.: Drill Rig has Mobilized to the Lemieux Dome Project and Shares for Debt Settlement With Dianor - More
- October 16, 2007 | Item | E-mail
Avnel Gold Announces Appointment of VP Exploration - More
- October 16, 2007 | Item | E-mail
Colombia Goldfields expands Management Team - More
- October 16, 2007 | Item | E-mail
Canam Energy Inc. (CNGJ) Secures Strategic Uranium Property in the Prolific Fort Coulonge Area - More
- October 16, 2007 | Item | E-mail
Wits Basin Announces Ore-Grade Gold Intercept at Bates-Hunter Gold Project - More
- October 16, 2007 | Item | E-mail
Clifton Mining Company Inc. (OTC: CFTN) - More
- October 16, 2007 | Item | E-mail
AAA Energy Inc. Adviser Secures Additional China Moly Prospects - More
- October 16, 2007 | Item | E-mail
Trade Winds Intersects 2.12 Grams/Tonne Gold Over 8.0 Meters Near Surface Within the M Zone on Block A Property at Detour Lake, Ontario - More
- October 16, 2007 | Item | E-mail
Rubicon updates exploration programs - "Rubicon Minerals Corporation (AMEX: RBY - News; TSX: RMX - News)is pleased to provide an update of its ongoing exploration programs, focused in the prolific Red Lake gold district of Ontario. Currently, Rubicon is drilling on two of its eight key project areas in Red Lake, the McCuaig Project and the DMC Project (see www.rubiconminerals.com for property locations)." More
- October 16, 2007 | Item | E-mail
Golden Star Options Its Goulagou-Rounga Properties to Riverstone Resources Inc. - "Golden Star Resources Ltd. (AMEX:GSS - News; TSX:GSC - News) today announced that it has entered into an option agreement with Riverstone Resources Inc. ("Riverstone") whereby Riverstone will have the right to acquire Golden Star's 90% interest in the Goulagou and Rounga properties in Burkina Faso." More
- October 16, 2007 | Item | E-mail
Russia's Polyus Gold reappoints top executives - "Polyus Gold (PLZL.MM: Quote, Profile, Research) (PLZLq.L: Quote, Profile, Research), Russia's largest gold miner, said on Tuesday it reappointed billionaire co-owner Mikhail Prokhorov as chairman and Yevgeny Ivanov as chief executive." More
- October 16, 2007 | Item | E-mail
Silvercorp Comments on All Time High Lead Metal Prices, Announces Release Date for 2nd Qtr. Results - "The Company announced that it is pleased to see the continuing strength in lead prices which reached a record high of US$1.80/lb on October 10, 2007 on the London Metal Exchange. For the first quarter ended June 30, 2007 lead accounted for $9.1 million, or 37.4%, of the aggregate metal sales." More
- October 16, 2007 | Item | E-mail
ECU Silver Announces Eastern Extension of Terneras Vein - "Based on knowledge acquired from our continued exploration for new veins and extensions of known veins, the Company reviewed and reinterpreted the eastern extension of the Terneras vein. In particular, our recently announced success in finding the western extension of the same vein, see PR dated August 29th, 2007 prompted us to reinvestigate the eastern side of the Terneras vein." More
- October 16, 2007 | Item | E-mail
Alexco Announces Significant High Grade Silver Intercepts From Southwest Zone, Bellekeno Project, Keno Hill District - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco") is pleased to announce additional results from its 2007 core drilling program at the Keno Hill Project, Yukon, being managed by NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News)." More
- October 16, 2007 | Item | E-mail
Seabridge Gold Confirms Depth Extension and Grade Improvement at Mitchell - "Assay results from drill hole M-07-35 have confirmed a depth extension of at least 300 meters at the Mitchell deposit with the hole terminating in the highest grade gold and copper mineralization encountered to date. The 682 meter hole encountered continuous mineralization from the surface to the bottom of the hole averaging 0.92 grams per tonne ("gpt") gold and 0.24% copper with the last 100 meters of the hole averaging 1.20 gpt gold and 0.35% copper. The hole was terminated due to depth limitations of the drill rig with the last assay reported at 1.58 gpt gold and 0.77% copper." More
- October 16, 2007 | Item | E-mail
Excellon Expands Platosa's Rodilla Manto With 3 to 13 Metre Thick Massive Sulphide Intercepts - "Excellon Resources Inc. (CDNX:EXN.V - News) cut 3.4, 4.8 and 13.0 metres of massive sulphides in the first follow-up drilling to the Rodilla Manto discovery hole (LP326) announced January 22, 2007. LP326 was drilled in virgin ground 75 metres northeast of the Guadalupe Manto and cut 2 metres (estimated true thickness) of massive sulphides grading 1,143 g/t (36.8 oz/T) silver with 8.3% lead and 10.7% zinc." More
- October 16, 2007 | Item | E-mail
Initial Core Drill Results From Pan African's Tranomaro Uranium Project Reveal High-Grade Intersections to Depth at Old French Mine 37 - More
- October 16, 2007 | Item | E-mail
Gemini Explorations, Inc. Receives Proposals to Increase Revenue at the Los Chorros Gold Mine - More
- October 16, 2007 | Item | E-mail
Cypress Development Corp.: Drilling Commences on Broulan Reef Gold Project in Red Lake, Ontario - More
- October 16, 2007 | Item | E-mail
Farallon Provides Information on Vehicle Accident at Campo Morado - More
- October 16, 2007 | Item | E-mail
Canadian Zinc Corporation: New CFO Appointed - More
- October 16, 2007 | Item | E-mail
Capstone Increases Resources to 8.6 Million Tonnes at the Cozamin Mine - More
- October 16, 2007 | Item | E-mail
New Guinea Gold Corporation: 2,250,000 Unit Private Placement Closes - More
- October 16, 2007 | Item | E-mail
HudBay First Half 2007 Exploration Update - More
- October 16, 2007 | Item | E-mail
Teck Cominco still pondering gold options-CEO - "Teck Cominco (TCKb.TO: Quote, Profile, Research) will delay making a decision on whether to restructure its gold production until its Pogo mine is operating at 100 percent capacity, chief executive Don Lindsay said on Monday." More
- October 16, 2007 | Item | E-mail
Magnus International Resources Announces the Results of Due Diligence Sampling at Mashonga, Uganda - More
- October 16, 2007 | Item | E-mail
Rare-Earth Drill Program Update & Financing - More
- October 16, 2007 | Item | E-mail
Phoenix Issue Increased to $366,800 - More
- October 16, 2007 | Item | E-mail
IMPACT Silver Receives $5 Million From Exercise of Warrants - "IMPACT Silver Corp. ("IMPACT") (TSX VENTURE:IPT - News) is pleased to announce that a total of 4,509,272 share purchase warrants expiring on October 6, 2007 have been exercised for cash proceeds of approximately $5.8 Million to the Company. This has increased IMPACT's total cash and term deposits in excess of $9.5 Million. All of the cash and cash equivalents are held in bank secured investments. IMPACT holds no commercial paper. IMPACT currently has 47,258,710 issued and outstanding shares." More
- October 16, 2007 | Item | E-mail
Gold Fields to shut Kloof mine for a day - "Gold Fields (GFIJ.J: Quote, Profile, Research), the world's fourth biggest gold producer, will shut its Kloof mine in South Africa on Thursday to allow workers to mourn the deaths of three colleagues at the mine, their union said." More
- October 16, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 October, 2007 | |
