-- Posted 18 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $763.90 | +$6.90 |
Silver | $13.69 | +$0.04 |
XAU | 177.36 | +2.67% |
HUI | 411.15 | +2.29% |
GDM | 1288.27 | +2.39% |
JSE Gold | 2491.05 | -1.53% |
USD | 77.58 | -0.51 |
Euro | 142.92 | +1.09 |
Yen | 86.41 | +0.55 |
Oil | $89.47 | +$2.07 |
10-Year | 4.503% | -0.043 |
T-Bond | 112.15625 | +0.46875 |
Dow | 13888.96 | -0.03% |
Nasdaq | 2799.31 | +0.24% |
S&P | 1540.08 | -0.08% |
The Metals:
Gold traded mostly slightly higher in Asia and London, spiked about 1% higher at the New York open, remained near its highs into the close, and ended with a gain of 0.91% at a new 27 year high. Silver dropped to as low as $13.60 in late Asian/early London trade and rose to as high as $13.79 by midmorning in New York before it fell back off into the close, but it still ended with a gain of 0.29%.
Euro gold rose back over €535, platinum gained $3 to $1438 to a new record high, palladium remained unchanged at $369, and copper fell over 5 cents to about $3.59.
Gold and silver equities steadily rose throughout most of trade and ended with over 2% gains about 1% away from their record highs made on Monday.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/13 | 337K | 315K | 309K |
Leading Indicators | Sep | 0.3% | 0.3% | -0.8% |
Philadelphia Fed | Oct | 6.8 | 7.0 | 10.9 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high at $89.55 before settling at $89.47 on geopolitical worries, a record low dollar, and a smaller than expected build in natural gas inventories.
The U.S. dollar index fell to a brand new record low and treasuries again found nice gains on the outlook for more interest rate cuts from the fed due to more poor economic data and worries over more credit problems.
The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings reports.
Among the big names making news in the market today were Southwest Airlines, Continental, Hershey, Nokia, Bank of America, Pfizer, PMI Group, and Bank of New York.
The Commentary:
“December Gold finished up 6.4 at 768.7, 2.6 off the high and 2 up from the low.
December Silver closed up 0.053 at 13.803. This was 0.023 up from the low and 0.087 off the high.
The gold market showed impressive strength early in the session but seemed to fade somewhat just ahead of mid session. However, with the crude oil market managing another upward extension later in the trading session, the US Dollar forging another downside extension and significant concern being fostered in the wake of concerning Bank earnings it would seem like the flight to quality argument was being found in a number of areas. While the leading Indicator report was weak the Philly Fed survey showed a contraction in its October Business Index and that would seem to leave the concern for the US economy in the face of the gold market.
The silver market mostly followed in the wake of the gold market on Thursday but it was clear that the magnitude of the silver rally was somewhat skimpy compared to the gold move. With the sharp run up in energy prices and that sharp slide in the US Dollar, one could even suggest that the silver market underperformed versus its outside market correlation. In the end, silver is seeing flight to quality buying but it is perhaps being held back because of the fear that too much slowing could suddenly prompt industrial or physical selling.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Michael Kosares: What gold owners can learn from the stock bull market of the '90s
Australasian Investment Review notes gold market manipulation
Peter Brimelow: U.S. disclosure cited as proof of gold cartel's price-capping efforts
The Statistics:
As of close of business: 10/18/2007
Gold Warehouse Stocks: | 7,355,798 | -839 |
Silver Warehouse Stocks: | 134,276,041 | +499,565 |
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$ 14,570m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,147,090 | US$ 2,411m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,928 | US$ 371m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,332 | US$ 449m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/17/2007 | |
Total Net Assets | $1,251,382,533 | 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 10/17/2007 | |
Total Net Assets | $1,950,894,946 | 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) increasing production and completed transition, Claude’s (CGR) drill results, Newmont’s (NEM) CEO gold price outlook, Orezone’s (OZN) increase in resources, Polymetal’s gold license, Rubicon’s (RBY) planned drilling, ITH’s (THM) defined mineralization, Exeter’s (XRA) assay results, IMA’s (IMR) new geologist, UC Resources’ private placement, Minco Silver’s (MSV.TO) drilling, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +11.4% $5.18 |
2. Jaguar | JAG+9.33% $10.66 |
3. Rubicon | RBY +6.22% $2.05 |
LOSERS
1. Almaden | AAU -2.79% $2.79 |
2. New Gold | NGD-2.03% $6.26 |
3. US Gold | UXG-1.63% $4.83 |
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:
Baltic and Partners Acquire Noront Ni-Cu-PGE Discovery Area Properties - More
- October 18, 2007 | Item | E-mail
Aurus Increases Gold Production - More
- October 18, 2007 | Item | E-mail
Update on The O.T. Mining Corporation - More
- October 18, 2007 | Item | E-mail
Mexivada drills 6 metre mineralized intercept in second drill hole at La Republica Silver mine - More
- October 18, 2007 | Item | E-mail
Southampton Appoints VP Corporate Development - More
- October 18, 2007 | Item | E-mail
Carmax Explorations Ltd.: News Release - More
- October 18, 2007 | Item | E-mail
Yankee Hat Announces Successful Completion of Summer Work Program on Fran Gold Project - More
- October 18, 2007 | Item | E-mail
Pediment and Inmet Mining Begin Drill Testing Caborca Porphyry Targets - More
- October 18, 2007 | Item | E-mail
Petaquilla Increases Gold Resource at Molejon - More
- October 18, 2007 | Item | E-mail
Golden Star Schedules Third Quarter 2007 Results Conference Call - "Golden Star Resources Ltd. (TSX:GSC - News) (AMEX:GSS - News) will release its third quarter 2007 results after the market close on Tuesday, November 6, 2007 and has scheduled a conference call and webcast on Wednesday, November 7 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)." More
- October 18, 2007 | Item | E-mail
Fronteer's Aurora Continues to Expand Zones at Michelin Uranium Deposit - More
- October 18, 2007 | Item | E-mail
Claude Resources Inc. Intercepts 15.57 g/tonne over 6.30 m True Width at Seabee Deep - "The results reported today extend Seabee Deep's mineralization approximately 200 metres beyond any identified proven and probable reserves previously reported." Mr. Ng continued, "We expect these results will have a positive impact on Seabee's mineral reserves and resources." More
- October 18, 2007 | Item | E-mail
Nevoro Announces Drilling Program - More
- October 18, 2007 | Item | E-mail
Fortress Financial Group, Inc. - Negotiations to Dispose of Certain Gold Assets - More
- October 18, 2007 | Item | E-mail
Yamana to expand and build mines to boost output - "Canadian miner Yamana Gold's (YRI.TO: Quote, Profile, Research) plans to sharply increase production will see it expand seven mines, and bring several more to production, the company said on Thursday.
However Yamana, which is finalizing its acquisitions of Meridian Gold (MNG.TO: Quote, Profile, Research) and Northern Orion Resources (NNO.TO: Quote, Profile, Research), said it will back off from any efforts to develop the Esquel property in Argentina, and has no plans to develop the Agua Rica resource, also in Argentina." More
- October 18, 2007 | Item | E-mail
Newmont Mining CEO sees gold price rising higher - "The head of Newmont Mining Corp (NEM.N: Quote, Profile, Research), the world's second-largest gold producer, said on Thursday he expects the gold price to rise even higher." More
- October 18, 2007 | Item | E-mail
Skyline Announces Additional Assay Results - More
- October 18, 2007 | Item | E-mail
Uranium Resources 07 output seen at 500,000 pounds - More
- October 18, 2007 | Item | E-mail
Eloro Expands Its Uranium Property Holdings in the Otish Mountains District - More
- October 18, 2007 | Item | E-mail
Denison sees '07 uranium output at 700,000 pounds - More
- October 18, 2007 | Item | E-mail
Mr. Paul Matysek Joins Wealth Board - More
- October 18, 2007 | Item | E-mail
Nithi Mountain Drilling Results - More
- October 18, 2007 | Item | E-mail
S.African mine union seeks green light to strike - "South Africa's biggest mining union has formally applied to hold a one-day strike to protest against deaths and accidents at the country's mines, which have so far claimed some 150 lives, it said on Thursday." More
- October 18, 2007 | Item | E-mail
IMA Hires Dr. Greg Myers, P.Geo. - "IMA Exploration Inc. (CDNX:IMR.V - News)(AMEX:IMR - News)(Frankfurt:IMT.F - News)(WKN: 884971) ("IMA" or "the Company") is very pleased to announce that Dr. Greg Myers, P.Geo. has joined the Company at its Vancouver head office with a mandate to review advanced-stage projects and acquisition or joint venture opportunities that have been identified." More
- October 18, 2007 | Item | E-mail
Noront's Target Identified for KWG by 2005 DIAGNOS' Study - More
- October 18, 2007 | Item | E-mail
Orezone Resources Inc.: Sega Project Indicated Resources Climb 44% to 446,000ozs - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce an increase in the NI 43-101 compliant gold resources of its Sega Project in Burkina Faso, West Africa. Met-Chem Canada Inc., of Montreal, Quebec validated the resource estimate performed by Orezone, which includes a total indicated resource of 446,000 oz contained in 7.2Mt at a grade of 1.9 g/t Au along with inferred resources of 64,000ozs contained within 1.3Mt at a grade of 1.5 g/t Au." More
- October 18, 2007 | Item | E-mail
MacMillan Permitted and Mobilizing for Phase II Drilling at Pasacancha, Aguila, and Aguila East Targets, Peru - More
- October 18, 2007 | Item | E-mail
Duran Permitted and Mobilizing for Phase II Drilling at Pasacancha, Aguila, and Aguila East Targets, Peru - More
- October 18, 2007 | Item | E-mail
Soho Announces Results of Annual General Meeting - More
- October 18, 2007 | Item | E-mail
UEX/AREVA Report Second-Best Hole Ever at the Anne Deposit Intersecting Two Zones of High-grade Basement-hosted Mineralization - More
- October 18, 2007 | Item | E-mail
1.9% Copper and 0.33% Molybdenum or 6.5 lbs/ton Molybdenum Reported in Hole 99F Over 12 Meter Interval - More
- October 18, 2007 | Item | E-mail
TEAL finalizes funding of an additional US$30 million - More
- October 18, 2007 | Item | E-mail
AngloGold Ashanti Third Quarter 2007 Results Presentation and Conference Call Details - "An international earnings conference call will take place on 1 November 2007 at 14h30 South Africa time (US EDT: 08h30; UK: 12h30; Sydney: 23h30). Participants can access the call by dialing one of the following numbers and referencing 'AngloGold Ashanti.'" More
- October 18, 2007 | Item | E-mail
Goldbelt agrees to Wega friendly C$114 mln bid - More
- October 18, 2007 | Item | E-mail
Russia's Polymetal wins gold licence in Siberia - "Russian precious metals miner Polymetal (PMTLq.L: Quote, Profile, Research) said on Thursday it won an auction for a licence to explore and mine gold at a field in Siberia, which is estimated to contain at least 40 tonnes of the metal." More
- October 18, 2007 | Item | E-mail
GoldQuest Provides Update on Exploration Alliance With Gold Fields and Announces Commencement of Drilling at Cerro Dorado - More
- October 18, 2007 | Item | E-mail
War Eagle Mining Company Inc.: $4,000,000 Private Placement - More
- October 18, 2007 | Item | E-mail
Rubicon announces plans to drill five Red Lake Projects - "Rubicon Minerals Corporation (TSX: RMX - News) (AMEX: RBY - News), is pleased to provide a review of its drill plans for Red Lake Ontario to be carried out between now and the first half of 2008. A total of 16,500 metres of confirmed drilling is planned on five strategic projects. " More
- October 18, 2007 | Item | E-mail
Goldstake: Gold Assays, Instant Pond-South Zone McGarry Property, McGarry Township, Ontario - More
- October 18, 2007 | Item | E-mail
St. Eugene closes non-brokered $189,300 private placement - More
- October 18, 2007 | Item | E-mail
Ruby Red Resources commences Rockies drill program - More
- October 18, 2007 | Item | E-mail
Azteca Gold Corp. Drill Permits Received for Silver Valley Two Mile Project and Drilling Progress Updated for Guerra Al Tirano and Marietta - More
- October 18, 2007 | Item | E-mail
Unico, Inc. Announces MSHA Notification of Evacuation and Escape Plan for Future Underground Activities at the Deer Trail Mine - More
- October 18, 2007 | Item | E-mail
North American Palladium Reports Continued Improvement in Production Results for the Third Quarter 2007 - More
- October 18, 2007 | Item | E-mail
Blue Note Ships Zinc Concentrate - More
- October 18, 2007 | Item | E-mail
Linux Gold Corp. Acquires Option on Gold/Silver Property near Fairbanks, Alaska for US$10.3 Million - More
- October 18, 2007 | Item | E-mail
Radisson Mining Resources Options a Quebec Gold and Base Metals Property - More
- October 18, 2007 | Item | E-mail
Dia Bras Exploration Inc./New Discovery at Bolivar: 32.5 Metres of 4.26% Zn at La Narizona Prospect - More
- October 18, 2007 | Item | E-mail
Everton Outlines Numerous EM Conductors in the Dominican Republic/Drilling to Commence Shortly at Jobo Claro - More
- October 18, 2007 | Item | E-mail
Beartooth Platinum Completes 2007 Drilling Season at Stillwater, Montana - More
- October 18, 2007 | Item | E-mail
Sierra Gold Corporation Announces Positive Gold Grades for New Gold Bearing Hard Rock Formation - More
- October 18, 2007 | Item | E-mail
Drilling Confirms the Large Size Potential of the Langmuir Nickel Discovery - More
- October 18, 2007 | Item | E-mail
Aurelio Announces Management Changes - More
- October 18, 2007 | Item | E-mail
Gold Resource Corporation Acquires Water Permit and Operating Water Well for Its El Aguila Project in Oaxaca, Mexico - More
- October 18, 2007 | Item | E-mail
Strategic Resources Commences Drilling Program at San Sebastian Uranium Mine in Argentina - More
- October 18, 2007 | Item | E-mail
ITH Further Defines Mineralization at South Estelle - "Fieldwork at South Estelle has identified outcropping high-grade gold mineralization at the Shoeshine, Train and Portage Prospects (Figure 1). The Shoeshine vein system has a currently defined strike length in excess of 700 metres containing numerous high-grade chip samples, including one characterization sample which returned 238 g/t gold and a 0.3 metre wide channel sample with 126 g/t gold (Table 1)." More
- October 18, 2007 | Item | E-mail
UC Resources Arranges Private Placement With PowerOne Capital Markets Limited - "UC Resources Ltd. ("UC" or "the Company") (CDNX:UC.V - News) is pleased to announce that it has entered into an agreement with PowerOne Capital Markets Limited ("PowerOne") pursuant to which PowerOne has agreed to offer on a best-efforts private placement basis (the "Offering") up to 5,777,778 units of the Company at $0.45 per unit and up to 3,000,000 flow-through units at $0.50 for aggregate gross proceeds of a maximum of $4,100,000." More
- October 18, 2007 | Item | E-mail
Minco Silver Has Started Phase VI Drilling at Fuwan - "Based on positive results to date, there is a good indication that mineralization can be extended along strike and down-dip. The Phase VI program primarily consists of step-out drilling designed to expand the resource. The program comprises 49 holes for approximately 13,000 metres of drilling." More
- October 18, 2007 | Item | E-mail
Crosshair Intersects 0.10% U3O8 Over 19.30 Metres at the C Zone & Continues to Expand Uranium Resource - More
- October 18, 2007 | Item | E-mail
Exeter Resource Corporation: High-Grade Gold/Silver Zones at Cerro Moro Also Yield Significant Lead/Zinc Grades - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports combined lead/zinc assays up to 6.6% associated with previously reported bonanza gold/silver grades from the Escondida Vein at Cerro Moro, Santa Cruz Province, Argentina." More
- October 18, 2007 | Item | E-mail
SilverCrest Intercepts 51.4 Metres of 1.53 gpt Gold and 126 gpt Silver at Santa Elena, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to report assay results for the next 4 core holes of an ongoing Phase II 40 drill hole program at its Santa Elena Project located in Northern Mexico. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property." More
- October 18, 2007 | Item | E-mail
Yamana Gold Announces Senior Operating, Exploration and Executive Teams, New Board Appointments and Strategic Plan - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced the completion of the initial and most important phase of its transition and integration plan relating to the combination of Yamana, Meridian Gold and Northern Orion and the strategic plan of the combined company moving forward." More
- October 18, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 18 October, 2007 | |
