-- Posted 23 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $759.00 | +$6.10 |
Silver | $13.54 | +$0.08 |
XAU | 175.00 | +3.13% |
HUI | 405.13 | +2.68% |
GDM | 1269.08 | +2.73% |
JSE Gold | 2484.93 | +1.97% |
USD | 77.57 | -0.47 |
Euro | 142.51 | +0.96 |
Yen | 87.13 | -0.41 |
Oil | $85.27 | -$0.75 |
10-Year | 4.405% | +0.012 |
T-Bond | 113.1875 | -0.21875 |
Dow | 13676.23 | +0.81% |
Nasdaq | 2799.26 | +1.65% |
S&P | 1519.59 | +0.88% |
The Metals:
Gold steadily rose in Asia and London and climbed to a high as $760.50 by a little after 9AM EST in New York before it fell back to $755.00 in late morning action, but it then rallied back higher in the last two hours of trade and ended back near its high with a gain of 0.81%. Silver followed a similar pattern and rose to as high as $13.625 before it also moderated its gains in late morning action, but it also climbed back higher in early afternoon trade and ended with a gain of 0.59%.
Euro gold remained at about €532, platinum gained $14 to $1445 to a new record high, palladium gained $3 to $360, and copper remained at about $3.55.
Gold and silver equities rose a little over 2% at the open before they cut into their gains by late morning, but they then climbed back higher in afternoon trade and ended with roughly 3% gains.
European central banks stay the course on gold sales - Resource Investor
The Economy:
There were no major economic reports today. Tomorrow at 10AM is the Existing Home Sales report for September expected at 5.25 million.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly found slight gains on worries over conflict between Turkey and Iraq, but it sold off for the third straight session by the close as traders continued to look for a correction in the recent 2 month run from under $70 to nearly $90 just last Thursday.
The U.S. dollar index erased nearly all of yesterday’s significant bounce from record lows hit last week, but it did end short of making a new all-time low today.
Bonds fell as treasury yields rebounded from the over 1 month lows made yesterday.
The Dow, Nasdaq, and S&P rose at the open on mostly stronger than expected earnings reports before they fell back off by late morning on worries over the economy and a possible recession, but all three indices rose to find impressive gains by the close on optimism over earnings reports going forward.
Among the big names making news in the market today were Amazon, Countrywide, Lockheed Martin, AT&T, Lexmark, United Parcel, Apple, and American Express.
The Commentary:
“December Gold finished up 3.1 at 763.1, 2.4 off the high and 4.1 up from the low.
December Silver closed up 0.095 at 13.65. This was 0.095 up from the low and 0.04 off the high.
Gold seemed to be vulnerable early in the session Tuesday but seeing the December gold contract manage to reject a sub $760 probe would seem to have been a minor technical victory for the bull camp. With the Dollar mostly weak throughout the session Tuesday, the gold bulls didn't have to look far for its most supportive outside market element. However, two sided volatility in the oil market and a mostly weak Richmond Fed manufacturing survey at times seemed to give the bear camp an edge. With a brokerage firm cutting ratings on a gold mining stock during the session Tuesday it is possible that broad based investment interest is being dented. However, there were some Press reports on Tuesday suggesting that bargain hunting buying was being seen in the afternoon trade and that might have been the reason why gold managed to finish on an up note.
The silver market also waffled around unchanged throughout the session and generally underperformed gold into the close Tuesday. With copper prices giving significant ground from their early highs Tuesday and oil prices also weak it is possible that silver was being held back because of its industrial demand component. However, seeing the US stock market post another positive session seemed to adequately offset weak US economic readings and the fear of sagging physical demand.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Grandich interviewed by BNN on markets and metals
Gartman Letter notes Turk's disclosure of U.S. gold lending, swaps
IMF chief warns of threat to dollar but doesn't acknowledge its source
The Statistics:
As of close of business: 10/22/2007
Gold Warehouse Stocks: | 7,355,597 | -201 |
Silver Warehouse Stocks: | 134,270,762 | -5,279 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 594.45 | 19,112,196 | US$ 14,354m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,915 | US$ 2,385m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,901 | US$ 367m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,300 | US$ 442m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/22/2007 | |
Total Net Assets | $1,248,504,605 | 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 10/22/2007 | |
Total Net Assets | $1,914,889,451 | 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:
A possible strike at Barrick Gold's (ABX) Pierina mine in Peru, DRDGOLD’s (DROOY) reopening mine, Anglopat’s (AMSJ.J) reopening mine, discussions about Northern Dynasty’s (NAK) Pebble Mine, First Majestic’s (FR.V) record third quarter production, South American Silver’s (SAC.TO) drill results, Fury’s (FUR.V) and Southern Silver’s (SSV.V) drill results, Alexco’s (AXU) drill results, and Arian Silver’s (AGQ.V) exploration update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +7.27% $1.18 |
2. Almaden | AAU +7.09% $2.87 |
3. Metalline | MMG+7.09% $3.17 |
LOSERS
1. Paramount | PZG-4.35% $2.20 |
2. Orezone | OZN-2.38% $1.64 |
3. Crystallex | KRY -1.79% $2.75 |
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:
Raven Gold Corp.-La Currita Update - More
- October 23, 2007 | Item | E-mail
Campbell Resources begins production from Merrill Island pit, mining scheduled to begin at Corner Bay shortly - More
- October 23, 2007 | Item | E-mail
Gabriel Resources Third Quarter 2007 Results, Conference Call and Webcast Information - More
- October 23, 2007 | Item | E-mail
Mediterranean investor relations agreement - More
- October 23, 2007 | Item | E-mail
Novawest stakes important Vanadium-Titanium-Iron claims near Chibougamau - More
- October 23, 2007 | Item | E-mail
Bullion River Gold Corp. Provides Gold Recovery Data for the Period 10/1/07 Through 20/7/07 - More
- October 23, 2007 | Item | E-mail
Mainstream Minerals Intersects 1.56 OZ/T Gold Over 8 Feet, Red Lake, Ontario - More
- October 23, 2007 | Item | E-mail
Gabriel Meets with International Labour Organization on "Decent Work Agenda" for Romania - More
- October 23, 2007 | Item | E-mail
King's Bay Gold Intersects 1.56 OZ/T Gold Over 8 Feet, Red Lake, Ontario - More
- October 23, 2007 | Item | E-mail
EXMIN Announces First Pour at the Moris Mine, Chihuahua, Mexico - More
- October 23, 2007 | Item | E-mail
Yale Identifies Extension to the La Verde Grande Deposit - More
- October 23, 2007 | Item | E-mail
UC Resources Limited and Spider Resources Inc. Diamond Drilling Program at McFaulds VMS project in Northern Ontario - More
- October 23, 2007 | Item | E-mail
Uranium 308 Corp. Establishes Charitable Foundation - More
- October 23, 2007 | Item | E-mail
Spider Resources Inc. and UC Resources Limited Update on Diamond Drilling Program at McFaulds VMS Project in Northern Ontario - More
- October 23, 2007 | Item | E-mail
Zambia says new mineral royalty won't be punitive - "Zambia has engaged a team of foreign consultants to help it renegotiate mineral royalties and taxes with foreign miners, Finance Minister Ng'andu Magande said on Tuesday, adding that the new taxes would not be "punitive"." More
- October 23, 2007 | Item | E-mail
DRDGOLD mine allowed to reopen, not to produce yet - "DRDGOLD (DRDJ.J: Quote, Profile, Research) said on Tuesday it received a court order allowing its workers to return to parts of a mine that had been shut after an accident, but the firm could not yet blast or produce gold." More
- October 23, 2007 | Item | E-mail
Angloplat says may reopen shut shafts Weds - "Anglo Platinum (Angloplat) (AMSJ.J: Quote, Profile, Research), the world's biggest platinum producer, said it expected to re-start production on Wednesday at three shafts it shut last week after a miner was killed." More
- October 23, 2007 | Item | E-mail
Gold Crest Mines Inc. Announces Luna Prospect Exploration Results - More
- October 23, 2007 | Item | E-mail
Agau Acquires Additional Option and Files Technical Report - More
- October 23, 2007 | Item | E-mail
Lithic Intersects Multiple Zones of High Grade Zinc at Crypto - More
- October 23, 2007 | Item | E-mail
First Metals Inc.: Fabie Bay Update - More
- October 23, 2007 | Item | E-mail
Aberdeen Announces that Gold Royalty Increases to 4.75% as Gold Price hits $750.00 per oz - More
- October 23, 2007 | Item | E-mail
Canadian Shield Starts to Drill La Estrella Property - More
- October 23, 2007 | Item | E-mail
St. Elias Mines Ltd. - Tesoro Gold Project, Peru -- Mineralization Continues to Depth/Gold Grades Increase with Depth - More
- October 23, 2007 | Item | E-mail
Carlisle confirms high grades at surface - More
- October 23, 2007 | Item | E-mail
Golden Odyssey Announces Positive Results for the First Twin Hole at Its White Rock Project, Elko County, Nevada - More
- October 23, 2007 | Item | E-mail
Young-Shannon Signs Option and Joint Venture Agreement for Chester Gold Property With Private Coompany - More
- October 23, 2007 | Item | E-mail
Metanor Resources Inc.: Higher grades at the Barry Deposit - More
- October 23, 2007 | Item | E-mail
Tagish Extends High Grade Values in the Rainbow Two and Berg Drifts - More
- October 23, 2007 | Item | E-mail
Hemisphere Gold Begins Setting Up Grids on Second Anomaly Within Suriname Concession - More
- October 23, 2007 | Item | E-mail
Northland Resources Spins-Out Its Non-Ferrous Projects - More
- October 23, 2007 | Item | E-mail
Augusta Resource Corporation: New Zone Exploration Plans at Rosemont Supported by Surface Sampling - More
- October 23, 2007 | Item | E-mail
First Majestic Silver Corp.: Another Record Quarter of Silver Production - "FIRST MAJESTIC SILVER CORP. (CDNX:FR.V - News) (Other OTC:FRMSF.PK - News) (Frankfurt:FMV.F - News) (WKN: A0LHKJ) (First Majestic or the "Company") is pleased to announce that production in the third quarter ending September 30th, 2007 increased again to a record 942,656 equivalent ounces of silver representing an 11% increase over the prior quarter and an increase of 113% over the same quarter the previous year." More
- October 23, 2007 | Item | E-mail
Alaska Officials Discuss Mine - "Some state lawmakers took a break from the governor's oil and gas bill Monday to discuss another resource: metals. Executives from owners of the proposed Pebble Mine project visited Gov. Sarah Palin and select lawmakers to discuss their plans for the controversial mine." More
- October 23, 2007 | Item | E-mail
Osisko Discovers Extension to Barnat Zone - More
- October 23, 2007 | Item | E-mail
Dia Bras Appoints Daniel Tellechea New President and CEO - More
- October 23, 2007 | Item | E-mail
Sierra Gold Corporation Confirms Positive Gold Grades for New Gold Bearing Hard Rock Formation With Second Set of Samples - More
- October 23, 2007 | Item | E-mail
Columbia Announces Closing of Previously Announced Private Placement - More
- October 23, 2007 | Item | E-mail
Crescent Negotiates New Terms to Acquire Matupa Gold Project, Brazil - More
- October 23, 2007 | Item | E-mail
Drilling Commences on Miranda Gold's Redhill Project - More
- October 23, 2007 | Item | E-mail
Dynacor Gold Mines Inc. will begin trading on the Toronto Stock Exchange ("TSX") under the ticker DNG on October 24 - More
- October 23, 2007 | Item | E-mail
General Moly Appoints Robert I. Pennington as Vice President Engineering and Construction - More
- October 23, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces Positive PGM Assay Results - More
- October 23, 2007 | Item | E-mail
Anvil Mining Limited - Update on Progress of the Kinsevere Copper Mine - More
- October 23, 2007 | Item | E-mail
Canasia acquires more land in Reed Lake, Manitoba - More
- October 23, 2007 | Item | E-mail
Absolut Cuts 59.5 Meters @ 2.52 g/t Gold at Pico Machay - More
- October 23, 2007 | Item | E-mail
EURO Ressources S.A. Announces Rosebel Royalty for Third Quarter - More
- October 23, 2007 | Item | E-mail
South African Inspectors Told to Apply Law and Close Mines - "South African safety inspectors have been instructed to apply the law and temporarily close mines after accidents to improve safety, said the government's chief inspector of mines, Thabo Gazi." More
- October 23, 2007 | Item | E-mail
East Asia Minerals Drills Up to 0.2% U3O8 at Ulaan Nuur, Mongolia - More
- October 23, 2007 | Item | E-mail
Liberty Star Uranium Announces Completion of Its Comprehensive Geochemical Sampling of Uranium Targets - More
- October 23, 2007 | Item | E-mail
South American Silver Corp. Reports Results From Latest Series of Drill Holes and Metallurgical Tests at the Malku Khota Silver Project - "South American Silver Corp. ("SASC" or the "Company")(Toronto:SAC.TO - News) is pleased to announce the results of three diamond drill holes from its Malku Khota project located in west central Bolivia: one from the South Limosna anomaly; one from the north end of the Limosna anomaly; and, one from the central Wara Wara anomaly." More
- October 23, 2007 | Item | E-mail
Fury and Southern Silver Continue to Advance San Luis Prospect at Magistral - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) and Southern Silver Exploration Corp. reported today additional encouraging results from core drilling on the San Luis vein system at the Magistral project. Drilling has expanded the zone of mineralization both along strike and down dip." More
- October 23, 2007 | Item | E-mail
Alexco Announces High Grade Native Silver Intercept from Lucky Queen at Keno Hill - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco") is pleased to announce results from its 2007 Lucky Queen core drilling program at the Keno Hill Project, Yukon, being managed by NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News)." More
- October 23, 2007 | Item | E-mail
Arian Silver Corporation: San Jose Project-Progress Update - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) is pleased to present an exploration update on its San Jose Project in relation to the recent discovery of a zone of disseminated stockwork silver mineralisation and on 'Block 450', a section of the near-surface mineralisation of the San Jose Vein." More
- October 23, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 23 October, 2007 | |
