-- Posted 22 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $752.90 | -$10.70 |
Silver | $13.46 | -$0.03 |
XAU | 169.69 | -2.42% |
HUI | 394.55 | -2.54% |
GDM | 1235.32 | -2.67% |
JSE Gold | 2436.83 | -2.55% |
USD | 78.04 | +0.63 |
Euro | 141.55 | -1.29 |
Yen | 87.54 | +0.52 |
Oil | $87.56 | -$1.04 |
10-Year | 4.393% | -0.008 |
T-Bond | 113.40625 | +0.1875 |
Dow | 13566.97 | +0.33% |
Nasdaq | 2753.93 | +1.06% |
S&P | 1506.33 | +0.38% |
The Metals:
Gold fell to as low as $745.12 by late morning in New York before it rebounded about 1% in the last couple hours of trade, but it still ended with a loss of 1.40%. Silver traded at as low as $13.24 by midmorning in New York, but it also rallied back strongly in the last few hours of trade and ended with a loss of just 0.22%.
Euro gold fell to about €532, platinum lost $10 to $1431, palladium lost $9 to $357, and copper fell over 5 cents to about $3.55.
Gold and silver equities fell a little over 3% at the open and remained near their lows for most of trade, but they did rebound slightly in the last hour of trade and closed with only about 2.5% losses.
The Economy:
There were no major economic reports today and there are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on news of a possible ceasefire between Turkey and Kurdish rebels in Iraq as worries over slowing economic growth also cut into demand expectations.
The U.S. dollar index rebounded from new record lows hit last week in technical corrective action with little news or reports to react to.
Treasuries ended with slight gains as the yield on the 10-year fell under 4.4% for the first time since early September.
The Dow, Nasdaq, and S&P reversed significant early losses and ended with decent gains as mixed earnings reports kept traders guessing.
Among the big names making news in the market today were Bear Stearns and Citic Securities, Schering-Plough, Goodman Global and Hellman Friedman, and Merck.
The Commentary:
“December Gold finished down 8.4 at 760, 0.5 off the high and 9 up from the low.
December Silver closed down 0.08 at 13.555. This was 0.17 up from the low and 0.015 off the high.
A massive range down failure in gold probably prompted some concern in the technical camp on Monday but the main undermine of the market was probably the sharp rise in the Dollar. The trade probably shouldn't have been surprised in the short covering move in the Dollar considering the weekend G7 meeting but nonetheless the gold market was seeing a number of outside markets in a reversal mode. With oil prices sharply lower and the US equity market under early pressure a deflationary environment was suddenly more prevalent than inflation. In retrospect, the trade did suggest that recent evidence of an overdone spec positioning contributed to the steep washout on Monday. With the equity market managing to come back into positive ground shortly after mid session it seemed as if a portion of the deflationary pressure was alleviated in the afternoon gold trade.
While December silver did forge a new low for the move early in the session it was impressive that silver was able to recover rather impressively off those lows into the afternoon action. It almost seemed like the equity market and silver were correlated during the session Monday, but the sharp slide in equity prices seemed to exaggerate the initial washout in a host of physical commodity markets. However, a quasi failure in copper prices on Monday that would seem to hint at a residual drag from the industrial metals markets and that in turn could continue to drag on silver prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China to purchase overseas copper miners
Jim Sinclair: Gold sounds the alarm
Chris Powell: Markets, or just interventions?
James Turk: Gold sets another record
U.S. House committee would impose royalties on hard-rock mining
Mining companies face crackdown in Congo
IMF may be starting to fall apart
Barclays, RBS prepare emergency credit with Fed
U.S. vetoed mention of falling dollar in G-7's statement
G-7's silence on dollar construed as license to keep selling
Russia is OK with a gradual decline of U.S. dollar
Greenspan rescued LTCM but isn't wild about new bailout
The Statistics:
As of close of business: 10/19/2007
Gold Warehouse Stocks: | 7,355,798 | - |
Silver Warehouse Stocks: | 134,276,041 | - |
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$ 14,579m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,950 | US$ 2,371m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,907 | US$ 365m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,319 | US$ 450m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/19/2007 | |
Total Net Assets | $1,262,094,850 | 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 10/19/2007 | |
Total Net Assets | $1,983,842,072 | 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:
Minco Gold’s (MGH) plan of arrangement update, North American Palladium’s (PAL) drill results, Randgold’s (GOLD) development, Centerra Gold’s (CG.TO) political update, Orezone’s (OZN) project executive appointment, Esperanza’s (EPZ.V) project update, Paramount’s (PZG) drill results, Angloplat’s (AMSJ.J) shut mine shafts, Minco Silver’s (MSV.TO) Preliminary Economic Assessment, Southern Silver’s (SSV.V) drill results, Apex Silver’s (SIL) first shipments, Coeur’s (CDE) new personnel, and Aura Silver’s (AUU.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +4.40%$5.22 |
2. Richmont | RIC +2.29% $3.58 |
3. Jaguar | JAG+2.05%$11.45 |
LOSERS
1. Eldorado | EGO -6.78% $6.32 |
2. Rubicon | RBY -6.63% $1.83 |
3. Tanzanian Royalty | TRE -6.61% $5.51 |
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:
Largo Explains Trading Halt - More
- October 22, 2007 | Item | E-mail
Minco Provides Update on Plan of Arrangement - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) announces that all conditions to the completion of the Plan of Arrangement between Minco Gold, Minco Base Metals Corporation ("MBM") and 0791852 B.C. Ltd. ("Newco"), as described in the Company's press release dated June 28, 2007 have been met." More
- October 22, 2007 | Item | E-mail
Jasper Mining Corporation confirms additional high grade molybdenum results from McFarlane property; 0.064% Mo over 3.00 m in chip samples - More
- October 22, 2007 | Item | E-mail
Sirios Closes $2 Million Flow-Through Private Placement - More
- October 22, 2007 | Item | E-mail
Golden Dawn Minerals Inc. Closes $967,610 Private Placement Financing - More
- October 22, 2007 | Item | E-mail
Ontex Resources Comments on Recent Share Activity - More
- October 22, 2007 | Item | E-mail
North American Palladium Reports Final Drill Results at Ahmavaara Deposit, Finland; Pilot Plant Operation & Feasibility Study Commencing - "North American Palladium (Toronto:PDL.TO - News)(AMEX:PAL - News) is pleased to announce the final results of an infill drill program at the Ahmavaara deposit, the larger of two deposits that comprise the Suhanko property. The Suhanko property is one of three advanced stage platinum group metal projects located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which the Company has a right to earn up to a 60% interest from Gold Fields." More
- October 22, 2007 | Item | E-mail
Mantis secures land package bordering Reed Lake discovery - More
- October 22, 2007 | Item | E-mail
Minco Silver Receives Positive Preliminary Economic Assessment on Fuwan; Conference Call - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce the results of a Preliminary Economic Assessment (PEA) on its 100% owned Fuwan Silver Project located in Guangdong Province, China, completed by independent engineering firm SRK Consulting (China)." More
- October 22, 2007 | Item | E-mail
Alamos Gold Inc. Appoints Mr. Eduardo Luna to the Board of Directors and Provides Notice of Release of Third Quarter 2007 Financial Results and Conference Call - More
- October 22, 2007 | Item | E-mail
Goldstake Completes Private Placement - More
- October 22, 2007 | Item | E-mail
Cameco Provides Update on Kyrgyz Republic - More
- October 22, 2007 | Item | E-mail
Apex reports first zinc shipment from Bolivian mine - "Apex Silver Mines Ltd has made the first shipment of zinc concentrate from its huge silver-zinc-lead San Cristobal project in central Bolivia, the company said on Monday." More
- October 22, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. - Issuance of stock options - More
- October 22, 2007 | Item | E-mail
Chanaral Resources Engages Legal Firm - More
- October 22, 2007 | Item | E-mail
Century posts court documents that support Algamarca's legal position in the dispute over Shahuindo - More
- October 22, 2007 | Item | E-mail
Jan Castro Named to Anatolia Board - More
- October 22, 2007 | Item | E-mail
Anaconda Mining Advances Pine Cove Gold Mine Development - More
- October 22, 2007 | Item | E-mail
Canada's Unigold lists on Dubai DIFX exchange - More
- October 22, 2007 | Item | E-mail
Andean Elects to Accelerate Options Expiry to Raise A$7.4 Million - More
- October 22, 2007 | Item | E-mail
Kodiak Drills 2.0m of 54.1 gpt (1.57 opt) Gold/Confirms High Grade Mineralization 1.34km Along Strike/System Remains Open - More
- October 22, 2007 | Item | E-mail
Talon announces drilling underway at agua Branca - More
- October 22, 2007 | Item | E-mail
AXMIN Builds Mine Mangement Team for Its Passendro Gold Project, Central African Republic - More
- October 22, 2007 | Item | E-mail
Golden Band intersects high grade mineralization at depth in the Bingo gold deposit - More
- October 22, 2007 | Item | E-mail
Significant grades and widths continue to be intersected at the Bruce Channel Discovery - More
- October 22, 2007 | Item | E-mail
Merrex Drills New Zones on Jubilee Zinc Deposit - More
- October 22, 2007 | Item | E-mail
Marathon discovers additional mineralization outside current resource pit, 10m of 4.51 g/t PGM and gold and 0.43% copper - More
- October 22, 2007 | Item | E-mail
St. Eugene commences another round of definition drilling at Moyie zinc/silver/lead project - More
- October 22, 2007 | Item | E-mail
Pearl Asian Mining Retains Jordan Richard Assoc. LLC to Conduct International Investor Relations Program - More
- October 22, 2007 | Item | E-mail
Premier-Goldcorp Red Lake update - drilling intersects additional High-grade mineralization - More
- October 22, 2007 | Item | E-mail
Radius's Tambor Exploration Adit Returns Additional Intercept of 65.6 g/t Gold Over 4.45m - More
- October 22, 2007 | Item | E-mail
Tara Gold Announces Further San Miguel Drill Program Results - More
- October 22, 2007 | Item | E-mail
Unico, Inc. Announces Additional Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine Including Relocation of Laboratory Buildings - More
- October 22, 2007 | Item | E-mail
Moly Sampling Returns High Grade Iron at Spinifex Ridge - More
- October 22, 2007 | Item | E-mail
Pediment Exploration Ltd.: La Colorada, Gold-Silver Deposits Being Acquired for High-Grade Testing - More
- October 22, 2007 | Item | E-mail
Andina Reports Increased Resource Estimate for Volcan Gold Project - More
- October 22, 2007 | Item | E-mail
Royal Standard Minerals Inc.: Goldwedge Progress and Drilling Program at Pinon Gold-Silver Project in Nevada - More
- October 22, 2007 | Item | E-mail
Drill Results from the Shanchuan Project, China - More
- October 22, 2007 | Item | E-mail
Colibri begins percussion drilling on Leon Project - More
- October 22, 2007 | Item | E-mail
Happy Creek Minerals Ltd. Preliminary Results from the Northern Fox property - More
- October 22, 2007 | Item | E-mail
Saturn Minerals Completes Drilling Program on Wheelbarrow Property - More
- October 22, 2007 | Item | E-mail
Mengold Identifies an Extensive Gold and Base Metal Geochem Anomaly on the Goldcreek Property-Shebandowan, Ontario - More
- October 22, 2007 | Item | E-mail
Trun gold-tungsten exploration results - More
- October 22, 2007 | Item | E-mail
Luiri Gold Continues to Extend Gold Mineralization at the Luiri Hills Project - More
- October 22, 2007 | Item | E-mail
Puma Exploration: Surface Sample on Nicholas-Denys Property Shows 1.7 kg/t Ag, 6.8% Zn, 8.4% Pb and 7.0 g/t Au - More
- October 22, 2007 | Item | E-mail
Goldcrest Resources Ltd. Continues to Report Wide Mineralized Intercepts and Identifies New Targets at its Gaoua Copper-Gold Project in Burkina Faso - More
- October 22, 2007 | Item | E-mail
Titan Resources International Initiates Work Program on the Silver Centre, Keeley & Frontier Properties; Releases Assay Results - More
- October 22, 2007 | Item | E-mail
Consolidated Spire Ventures Hires West Coast Investor Relations - More
- October 22, 2007 | Item | E-mail
Skygold Ventures Discovers Large Gold Anomaly at Manson Creek Property - More
- October 22, 2007 | Item | E-mail
Intrepid Mines-Proposed Merger with Emperor Update - More
- October 22, 2007 | Item | E-mail
Norsemont Mining Announces Constancia Project Drill Results - More
- October 22, 2007 | Item | E-mail
Golden Goose begins 6,000 metre drilling program at its Lac Levac nickel property in James Bay - More
- October 22, 2007 | Item | E-mail
StarGold Mines Appoints New Director - More
- October 22, 2007 | Item | E-mail
Canplats Discovers Significant New Prospect in Mexico - More
- October 22, 2007 | Item | E-mail
Asian Dragon Group Successful In Obtaining Majority Interest In Promising Luoning Xiayu Xiaowagou Mine -Sampling Results Returning As High As 7658.50 g/T Silver - More
- October 22, 2007 | Item | E-mail
Donner and Xstrata Continue to Intersect High Grade Sulphides at Matagami - More
- October 22, 2007 | Item | E-mail
Randgold Resources announces Development key to success - "Responsible mining is capable of creating general economic welfare for its host communities in Africa which could long survive the mines themselves, says Randgold Resources chief executive Mark Bristow." More
- October 22, 2007 | Item | E-mail
Centerra Gold Political Update - "Centerra Gold Inc. (TSX:CG - News) announced today that the President of the Kyrgyz Republic has issued a decree dismissing the Kyrgyz Parliament effective today. New elections will be scheduled by the Central Committee for Elections and Referendums. According to media reports, the dismissal resulted from differences between Parliament and the judicial branch over constitutional matters." More
- October 22, 2007 | Item | E-mail
Orezone Adds Development Team To Build Essakane - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce the appointment of Louis Gignac as Project Executive for the development of the Essakane Project in Burkina Faso, West Africa." More
- October 22, 2007 | Item | E-mail
Hinterland Outlines 11.5km Uranium Anomaly at Hearne Project, Manitoba - More
- October 22, 2007 | Item | E-mail
Strathmore Completes Agreement With Nu-Mex Uranium for US $18 Million Commitment at Dalton Pass Uranium Project, New Mexico - More
- October 22, 2007 | Item | E-mail
Fission Energy Appoints Ross McElroy Vice President of Exploration - More
- October 22, 2007 | Item | E-mail
Southern Silver Continues to Advance San Luis Prospect - "Southern Silver Exploration Corp. (TSX VENTURE:SSV - News; FRANKFURT:SEG - News) reported today additional encouraging results from core drilling on the San Luis vein system on its Mexican Minas de Ameca project. Drilling has expanded the zone of mineralization both along strike and down dip." More
- October 22, 2007 | Item | E-mail
Apex Silver Reports First Shipments of Concentrate From San Cristobal - "Apex Silver Mines Limited (AMEX:SIL - News) today reported the first shipment of zinc concentrates from the San Cristobal mine in Bolivia. The initial approximately 3,500 dry metric tonne shipment of lead, zinc and silver bulk concentrate produced during the commissioning and startup of the plant left the port of Mejillones, Chile on September 22, 2007, with the first sale recorded in the third quarter." More
- October 22, 2007 | Item | E-mail
Coeur Strengthens Management Team in South America and Alaska - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) today announced the appointment of key personnel at its growth projects, San Bartolomé, Bolivia silver mine and Kensington, Alaska gold mine. Both mines are progressing toward the operations and production phase of development." More
- October 22, 2007 | Item | E-mail
Aura Silver Targets La Noria Vein System, Taviche Project Mexico - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") is pleased to announce that drilling commenced on its Taviche Property on October 14, 2007. The La Noria vein system is the first of three prospective high-grade gold and silver vein targets that will be tested in the 2007 drilling campaign." More
- October 22, 2007 | Item | E-mail
Esperanza Updates Cerro Jumil Project - "Esperanza Silver Corporation (TSX VENTURE:EPZ - News; PINK SHEETS:ESPZF - News) is pleased to present the following update of activities at its 100% owned Cerro Jumil gold project in Morelos, Mexico. Results from 9 new reverse circulation drill holes have been received. " More
- October 22, 2007 | Item | E-mail
Paramount Gold and Silver Corp. Announces Further Drill Results from the San Miguel Project - "These holes, LV-01 to LV-10, are 1.4 to 1.8 kilometers northwest along strike from the El Carmen - San Antonio area. They were drilled to test a new area of old workings and attractive surface geochemistry. The assay results confirm that mineralization persists for at least 70 meters below the surface exposures." More
- October 22, 2007 | Item | E-mail
Angloplat shafts, Northam mine shut - officials - "Anglo Platinum (AMSJ.J: Quote, Profile, Research), the world's biggest platinum producer, was due to hold talks on Monday with government officials on whether it could reopen three mine shafts shut last week at its largest mine." More
- October 22, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 22 October, 2007 | |
