-- Posted 17 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $757.00 | -$0.20 |
Silver | $13.65 | +$0.12 |
XAU | 172.74 | -1.96% |
HUI | 401.96 | -2.23% |
GDM | 1270.47 | -1.06% |
JSE Gold | 2529.82 | -0.64% |
USD | 78.09 | -0.16 |
Euro | 141.83 | +0.20 |
Yen | 85.86 | +0.19 |
Oil | $87.40 | -$0.21 |
10-Year | 4.546% | -0.109 |
T-Bond | 111.6875 | +1.28125 |
Dow | 13892.54 | -0.15% |
Nasdaq | 2792.67 | +1.04% |
S&P | 1541.24 | +0.18% |
The Metals:
Gold eventually fell slightly to as low as $755.30 by late trade in Asia before it rose in London and found nearly 1% gains at $764.15 by a little before 10AM EST in New York, but it then fell back off into the close and ended with a loss of 0.03%. Silver dropped to as low as $13.48 in Asia and rose to as high as $13.82 by midmorning New York trade before it also fell back off into the close, but it still ended with a respectable gain of 0.89%.
Euro gold fell slightly under €533, platinum gained $24 to $1435 to a new record high, palladium gained $4 to $369, and copper fell nearly 4 cents to about $3.64.
Gold and silver equities rose over 1% at the open, but they then steadily fell for the rest of trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Sep | 0.3% | 0.2% | -0.1% |
Core CPI | Sep | 0.2% | 0.2% | 0.2% |
Housing Starts | Sep | 1191K | 1285K | 1327K |
Building Permits | Sep | 1226K | 1300K | 1326K |
The IMF lowered its global growth forecast in part due to the housing slowdown in the U.S. and that started to really concern some as most have held that a U.S. housing slowdown would not greatly impact world economic growth. This rings especially true after housing warnings out of Paulson and Bernanke hit the market yesterday as they were among the many that previously held the opposite view that a poor housing market would not have a significant adverse impact on other sectors. Stagflation was a word heard more than once from several analysts today.
The fed’s Beige Book was pretty gloomy overall as they noted housing problems, worker shortages, expensive imports due to a declining dollar, and slowing economic growth overall.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/13 expected at 315,000. At 10AM is the Leading Economic Indicators report for September expected at 0.3% and at noon is the Philadelphia Fed survey for October expected at 7.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mixed as a very bearish inventory report battled bullish geopolitical concerns. After Turkish Prime Minister Tayyip Erdogan played down expectations of any imminent attack yesterday, “Turkey's parliament resoundingly approved a motion on Wednesday allowing troops to cross into northern Iraq to hunt down Kurdish rebels there, but its Western allies and Baghdad urged Ankara to refrain from military action.” That news sent oil to a new record high at as high as $89 at one point, but prices fell to find slight losses by the close as inventory reports came in better than expected almost across the board. Oil inventories built a slightly more than expected 1.8 million barrels, gasoline inventories built a more than expected 2.8 million barrels, and distillates surprisingly built 1.0 million barrels, but refinery utilization did fall 0.5% to 87.3%.
The U.S. dollar index fell back near new record lows and treasuries rose substantially as CPI came in about as expected and housing data came in even worse than low expectations yet again. When combined with recent concerning comments from Bernanke and Paulson and a lowered IMF global growth forecast today, speculation grew that the fed will continue to cut interest rates at their next meeting on Halloween and that appeared to be the chief driver of the currency and bond markets today as it often is.
The Dow, Nasdaq, and S&P opened higher on stronger than expected earnings reports before they all fell to find losses by early afternoon on increasing worries over the housing market and its impact on global economic growth, but all three indices ended well off their lows and only the Dow ended with a loss.
Among the big names making news in the market today were BlackRock, Gannett, Coca-Cola, JPMorgan, Altria, and United Technologies.
The Commentary:
“I am sure that “This is it!” Other than a pressing, and positive use for cash, I suggest holding tight to your investment positions.
When gold broke for the 2nd time above $400 in the seventies, I put the same word in the Sinclair Group weekly newsletter. Sure there were ups and downs but the up went higher each time with higher lows. This was the point I dropped the sell 1/3 rule and just said hold. We do not know what day it will blast past every short, thereby forcing them to cover in one the smallest markets for a major item in the world, played heavily by the largest interests in the world. I do feel that event is coming much sooner than I would have been willing to say last year. That means it could well go higher than $1650. That is to be determining as we pass $1000 for the third time.”- Jim Sinclair, More at JSMineset.com
“December Gold finished up 0.3 at 762.3, 6.9 off the high and 1.3 up from the low.
December Silver closed up 0.092 at 13.75. This was 0.08 up from the low and 0.15 off the high.
The gold market once again failed to hold an early rally and perhaps even more disappointing to the bull camp is the fact that the Dollar was mostly weaker throughout the trading session and that didn't seem to benefit the gold market. With the US equity market initially managing to stay positive in the aftermath of the 10.2% decline in US Housing starts and platinum and silver holding in positive ground for most of the session, the weakness in gold certainly seemed to be technically orientated instead of fundamentally based. It is also possible that the gold bulls are simply in need of another fresh new low in the Dollar to see buying interest return to the gold market.
Silver managed to clearly outperform gold throughout the session but it was clear that silver wasn't able to firm as much as the platinum market. The Press is starting to pick up on the fact that silver has recently performed better than gold but it would also seem like a majority of the trade continues to view the action in the Dollar and gold as a dominating force and therefore silver might not be able to forge a significant move without some form of similar action in the gold market. With another new low for the move in silver early Wednesday some traders are pointing to a 200 day moving average down to $13.47 as potential corrective target.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Old U.S. Mint in New Orleans reopens Saturday with gold exhibit
GATA publicizes mobilization of U.S. gold; will you support our work?
'Stunning' flight from the dollar led by Japan and China
The Statistics:
As of close of business: 10/16/2007
Gold Warehouse Stocks: | 7,316,383 | - |
Silver Warehouse Stocks: | 133,776,476 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 594.45 | 19,112,196 | US$ 14,461m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.89 | 3,147,125 | US$ 2,371m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,933 | US$ 365m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,339 | US$ 445m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 1.23 tonnes and the JSE added 0.12 tonnes.
COMEX Gold Trust (IAU)
Profile as of 10/16/2007 | |
Total Net Assets | $1,250,570,094 | 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 10/16/2007 | |
Total Net Assets | $1,959,530,676 | 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:
Yamana’s (AUY) raised resource estimates, Fronteer’s (FRG) drill results, Apollo Gold’s (AGT) $8 million debt facility, Paramount’s (PZG) drill results, Jaguar’s update, IMA’s (IMR) judgment reply, Silver Eagle’s (SEG.TO) resource increase, SNS Silver’s (SNS.V) drill results, Abcourt’s (ABI.V) investor relations hire, Endeavour’s (EXK) record quarterly silver production, and Silver Dragon’s (SDRG.OB) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX+8.78% $1.09 |
2. Endeavour | EXK+8.24% $3.94 |
3. Paramount | PZG+3.64% $2.28 |
LOSERS
1. Minco Gold | MGH-5.97% $1.1001 |
2. Almaden | AAU -4.97% $2.87 |
3. NovaGold | NG -4.80% $17.65 |
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:
Yamana Gold Third Quarter Financial Results Notification and Conference Call - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) announces that as indicated in its press release dated October 15, 2007 the third quarter 2007 financial results will be released after the close of business on November 7, 2007. A conference call and audio webcast has been scheduled for November 8, 2007 at 11:00 a.m. EST to discuss the results." More
- October 17, 2007 | Item | E-mail
Pure Nickel's Salt Chuck Exploration Update - More
- October 17, 2007 | Item | E-mail
Evolving Gold Retains Investor Relations Firm - More
- October 17, 2007 | Item | E-mail
Western Keltic Mines Inc.: Positive Pre-Feasibility Study Results Advance the Kutcho Project to the Next Stage - More
- October 17, 2007 | Item | E-mail
IMA Files Reply to Supreme Court of Canada on Navidad Judgment - "IMA Exploration Inc. (CDNX:IMR.V - News)(AMEX:IMR - News)(Frankfurt:IMT.F - News)(Berlin:IMT.BE - News)(WKN: 884971) filed its reply to Aquiline's Response to IMA's application for Leave to Appeal to the Supreme Court of Canada on October 15, 2007. IMA's reply is reproduced below and will be posted on the Company's web site (www.imaexploration.com) and filed with SEDAR." More
- October 17, 2007 | Item | E-mail
Crescent Resources Assigns Boulder Lake Uranium Property, Manitoba - More
- October 17, 2007 | Item | E-mail
Canstar Announces Comencement of Cross Appeal on Mary March Property Dispute, Newfoundland; Update on McFaulds Lake; Recent Warrant Exercise - More
- October 17, 2007 | Item | E-mail
VMS Ventures to Option Copperman Claims in Snow Lake, Manitoba - More
- October 17, 2007 | Item | E-mail
Miners rush to high-grade Canada nickel strike - More
- October 17, 2007 | Item | E-mail
ESO receives drill results on first radon zone test and plans more drilling on the Carswell Project near the former Cluff Lake Mine, West Athabasca Basin, Saska - More
- October 17, 2007 | Item | E-mail
Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE: NEM - News) today declared a regular quarterly dividend of $0.10 per share, payable December 28, 2007 to holders of record at the close of business on December 7, 2007." More
- October 17, 2007 | Item | E-mail
Gold Resource Corporation Drills 132.5 Grams/Tonne Gold (4.26 oz/Tonne Gold) Over 1 Meter at El Rey Property in Oaxaca, Mexico - More
- October 17, 2007 | Item | E-mail
Keegan Extends Mangoase Target Area to 16 Km in Length and Finds Gold in Bedrock at Bia Target Area at Asumura Gold Property, Ghaha - More
- October 17, 2007 | Item | E-mail
El Nino Ventures Acquires Significant Land Position in Ireland - More
- October 17, 2007 | Item | E-mail
Benton Resources Corp. Closes $15 Million Bought Deal Private Placement - More
- October 17, 2007 | Item | E-mail
AuEx Ventures, Inc.: Long Canyon Drilling Extends Strike and Dip of Gold Mineralization - More
- October 17, 2007 | Item | E-mail
Fronteer Development Group Inc.: Nevada's Newest Gold Trend Expands at Long Canyon - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News)("Fronteer" or "Company") is pleased to announce that initial results from its 2007 drilling program at Long Canyon have extended high-grade, near-surface gold mineralization with intersections as high as 10.87 grams per tonne gold over 13.7 metres." More
- October 17, 2007 | Item | E-mail
Coro Mining Corp.: Cerro Colorado-Chacay Property Update - More
- October 17, 2007 | Item | E-mail
New Horizon Announces Uranium Drilling Results at Summit Project, Colorado - More
- October 17, 2007 | Item | E-mail
Eastmain Resources Inc.: Definition Drill Program Underway - Clearwater Project - More
- October 17, 2007 | Item | E-mail
Asia Now Receives Exploration Licences for Great Wall Gold Project - More
- October 17, 2007 | Item | E-mail
Erdene Continues to Expand Zuun Mod Molybdenum Deposit - More
- October 17, 2007 | Item | E-mail
Announcement in respect of Lara Property - More
- October 17, 2007 | Item | E-mail
Amex Exploration Inc. announces a private placement of a maximum of $300,000 - More
- October 17, 2007 | Item | E-mail
Grandview Completes Red Lake Project Earn-In: Increasing Dixie Lake Property Interest to 64% - More
- October 17, 2007 | Item | E-mail
Clarification Paragraph 5 News Release dated October 17, 2007 - More
- October 17, 2007 | Item | E-mail
U Mining Resources Inc. Announces the Development of Specific Operational Plans for Its Uranium Properties Portfolio - More
- October 17, 2007 | Item | E-mail
Galantas Reports 3.6m of 22.29 g/t Gold at Omagh - More
- October 17, 2007 | Item | E-mail
Silver Eagle Mines Announces Significant Resources Increase - "Silver Eagle Mines Inc. (Toronto:SEG.TO - News) is pleased to report an increase in indicated resources in excess of 500%, at its wholly owned Miguel Auza Property in Zacatecas, Mexico. Since announcing its initial resource estimate in April of 2006, an intensive diamond drill campaign has resulted in an increase in the indicated resource from 3.2M oz Ag Eq(2) to 21.1M oz Ag Eq(1) while the inferred resource has decreased slightly, from 9.4M oz Ag Eq(2) to 9.1M oz Ag Eq(1)." More
- October 17, 2007 | Item | E-mail
Sulliden corrects Century press releases - More
- October 17, 2007 | Item | E-mail
Bellhaven Copper & Gold & Empire Minerals Intersect 319.9m of 0.46% Copper at the Cerro Chorcha Porphyry Copper Project in Panama. - More
- October 17, 2007 | Item | E-mail
Update on Farallon's G-9 Project - More
- October 17, 2007 | Item | E-mail
Merrex Launches Phase Two Diamond Drill Program at Siribaya - More
- October 17, 2007 | Item | E-mail
Jinshan Gold Mines Inc.: Mine Start-Up Exceeds 10,000 Ounces Gold and Exploration Continues at the CSH Gold Mine and Dadiangou Property - More
- October 17, 2007 | Item | E-mail
Aurora Continues to Expand Zones at Michelin Uranium Deposit, Labrador - More
- October 17, 2007 | Item | E-mail
Grenville Seeks Development Proposals for Espanola, Assigns Exploration Project Manager for Silveria - More
- October 17, 2007 | Item | E-mail
Moly Mines Annual General Meeting - More
- October 17, 2007 | Item | E-mail
Buffalo Gold Updates Progress of Exploration at Mt. Kare - More
- October 17, 2007 | Item | E-mail
Madison Minerals Inc.: Buffalo Gold Updates Progress of Exploration at Mt. Kare - More
- October 17, 2007 | Item | E-mail
MPH Ventures Amends Agreement to Acquire Over 90% of Pidgeon Molybdenum Mining Shares From Rio Algom and Goldcorp - More
- October 17, 2007 | Item | E-mail
Millstream Rotates Diamond Drill Head 15 degrees West From S-07-13 (Az 5.00) to Intersect 3.8 Metres of 6.05% Copper in Drill Hole S-07-14 (Az 350) - More
- October 17, 2007 | Item | E-mail
Geodex releases updated independent inferred resource estimate on the Sisson Brook tungsten-molybdenum-copper deposit, New Brunswick, Canada - More
- October 17, 2007 | Item | E-mail
Argentex extends indium and precious metals to surface at Marta Centro, Pinguino, Argentina - More
- October 17, 2007 | Item | E-mail
Blue Note Sells Balance of Zinc Concentrate - More
- October 17, 2007 | Item | E-mail
Bolero drills 110 feet of 0.106% Mo (0.177% Mos2) at Bald Butte - More
- October 17, 2007 | Item | E-mail
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- October 17, 2007 | Item | E-mail
Azimut acquires six new gold properties in the James Bay Region - More
- October 17, 2007 | Item | E-mail
Romarco Closes Haile Gold Mine Acquisition - More
- October 17, 2007 | Item | E-mail
Kobex Resources Ltd.: Open Houses Gather Input From Public; Poll Says Residents Believe Mining Can Be Done in Environmentally Responsible Way - More
- October 17, 2007 | Item | E-mail
Drilling Confirms Extensive Vanadium-PGM Deposit at Largo's Maracas Project (Brazil) - More
- October 17, 2007 | Item | E-mail
Canasia Announces Permitting has Begun on Jumbo Prospect - More
- October 17, 2007 | Item | E-mail
TTM Resources Inc. CHU 07-20 Interval Increased to .10% Mo over 183 Meters and Announces Brokered Private Placement of 3,400,000 Units at $1.50 Per Unit - More
- October 17, 2007 | Item | E-mail
SNS Silver Drills 1443 g/t (42 opt) Over 2.1 Meters - "SNS Silver Corp. ("SNS") (TSX VENTURE:SNS - News) announces results from diamond drill hole SNS-305a, having intercepted 6.8 feet (2.1 metres) of core, with an average grade of 42.1 oz/t (1,443 g/t) of silver. " More
- October 17, 2007 | Item | E-mail
Yamana raises resource estimates at Gualcamayo - "Yamana Gold (YRI.TO: Quote, Profile, Research) and planned acquisition target Meridian Gold (MDG.N: Quote, Profile, Research) on Wednesday raised resource estimates for two deposits at the Gualcamayo gold project in Argentina in a wide-ranging exploration update." More
- October 17, 2007 | Item | E-mail
Abcourt Mines Inc.: Hiring of Investors' Relations Consultants - "Mr. Renaud Hinse, president and C.O.O. of Abcourt Mines Inc. (TSX VENTURE:ABI - News), is pleased to announce that a contract has been signed for one year with MI3, a group of investors' relations specialists from Montreal. Services rendered by this group will be additional to those provided by Mr. Joe O'Brien. The objective is to increase the visibility of the projects and of the Company within the financial community and to target potential private and institutional investors to finance Abcourt Mines Inc." More
- October 17, 2007 | Item | E-mail
Endeavour Sets New Record For Quarterly Silver Production, Up Sharply In Q3, 2007 To 577,384 oz Silver (676,604 oz Ag Equivalent) - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(Toronto:EDR-WT.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announced today that its silver production was up sharply in Q3, 2007, to 577,384 oz silver and 1,804 oz gold (676,604 oz Ag equivalent at a 55 silver: 1 gold ratio), setting a new record for quarterly silver production from the Company's two operating mines in Mexico." More
- October 17, 2007 | Item | E-mail
Apollo Gold Announces Credit Facility of $8,000,000 - "Apollo Gold Corporation ("Apollo") (AMEX: AGT - News; TSX: APG - News) wishes to announce that its wholly owned subsidiary, Montana Tunnels Mining Inc. ("MTMI"), has entered into an $8,000,000 debt facility with RMB Australia Holdings Ltd. arranged by RMB Resources Inc. of Lakewood, Colorado. All figures are in United States dollars." More
- October 17, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd.: New Mineralized Zone Discovered 8km Southeast of Two Time Zone - More
- October 17, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc.: New Mineralized Zone Discovered 8km Southeast of Two Time Zone - More
- October 17, 2007 | Item | E-mail
RPT Uranium to Drill Promising New Uranium Target in Sibley Basin - More
- October 17, 2007 | Item | E-mail
Paramount Gold and Silver Corp. Announces Further Drill Results From the San Miguel Project Including 891 g/t Silver Over 2.0 Meters - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(Toronto:PZG.TO - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce the assay results from 12 drill holes in the San Antonio/El Carmen area at its San Miguel project in the Guazapares Mining District, Mexico. These results indicate continuity within the San Antonio - El Carmen vein system and confirm the existence of stockwork mineralization west of the main San Antonio structure." More
- October 17, 2007 | Item | E-mail
Silver Dragon Resources Inc. Closes $1 Million Private Placement - "This US$1 million financing was priced at a premium to the current market price of our stock which we believe is a reflection of our ongoing drill program results in Mexico and our continued progress in China." More
- October 17, 2007 | Item | E-mail
Jaguar Mining Provides Update of Operations, Exploration and Certain Corporate Initiatives - "After its people, Jaguar's most valuable asset is our exceptional exploration potential. We believe this is what analysts who are attending our site tour this week in Brazil will come to understand during their visit. With the start of our recently announced 'Go-Deep' drill program at Turmalina, Pilar and Roça Grande, the latter two of which will supply the Caeté Project, our exploration and operating teams remain excited about our prospects." More
- October 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 October, 2007 | |
