-- Posted 25 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $767.00 | +$5.40 |
Silver | $13.82 | +$0.35 |
XAU | 177.20 | +0.74% |
HUI | 409.18 | +0.45% |
GDM | 1282.78 | +0.66% |
JSE Gold | 2498.02 | +1.62% |
USD | 77.27 | -0.27 |
Euro | 143.16 | +0.65 |
Yen | 87.80 | +0.15 |
Oil | $90.46 | +$3.36 |
10-Year | 4.352% | +0.021 |
T-Bond | 113.78125 | -0.15625 |
Dow | 13671.92 | -0.02% |
Nasdaq | 2750.86 | -0.86% |
S&P | 1514.40 | -0.10% |
The Metals:
Gold traded about $2 higher in Asia, rose further in London, and climbed to as high as $769.55 by late morning in New York before it fell back off slightly into the close, but it still ended with a 0.71% gain at a new 27 year high. Silver outpaced gold’s gains and rose to as high as $14.005 before it also backed off a bit into the close, but it still ended with a gain of 2.60%.
Euro gold rose to above €536, platinum gained $7 to $1445 to match its record high set on Tuesday, palladium gained $2 to $360, and copper rose roughly 4 cents to about $3.54.
Gold and silver equities traded roughly 0.5% higher throughout the day and closed about 2% away from new record highs.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/20 | 331K | 320K | 339K |
Durable Orders | Sep | -1.7% | 1.5% | -5.3% |
New Home Sales | Sep | 770K | 775K | 735K |
New Home Sales rose, but they only rose because August’s data was revised down from 795,000 to 735,000.
Tomorrow at 10AM EST brings Michigan Sentiment for October expected at 82.3.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose throughout trade and ended at a new record high above $90 with a nearly 4% gain on geopolitical uncertainty over Iran, Turkey, and Iraq, supply concerns after yesterday’s inventory draws, and also “news that OPEC production increases aren't coming as fast as expected and that the cartel won't announce new output quotas when it meets next month.”
The U.S. dollar index fell to a new record low and treasuries rose after more poor economic data increased confidence the fed will lower interest rates at least 25 basis points next week, but bonds did fall back off and close slightly lower after a 5-year note auction drew less than spectacular demand.
The Dow, Nasdaq, and S&P saw small gains about an hour into trading before they fell back off to find notable losses by about 2PM EST, but the Dow and S&P did rebound into the close to end with just small losses as traders debated federal reserve interest cuts and the impacts of the ongoing credit crisis that are evidencing themselves through write downs in earnings reports for both the current quarter and going forward.
Among the big names making news in the market today were Motorola, Comcast, Aetna, and MBIA.
The Commentary:
“December Gold finished up 5.4 at 771, 2.5 off the high and 1.5 up from the low.
December Silver closed up 0.315 at 13.905. This was 0.11 up from the low and 0.145 off the high.
The gold market almost managed to return to the October highs but it seemed like significant weakness in the US equity market tempered some of the bullishness in the market. Surprisingly European gold managed to close near 28 year highs, but US gold futures still seemed to lose momentum as the session progressed. While the US Dollar did manage a new low for the move it initially recoiled from that low and that seemed to take some of the upward momentum out of the gold market. With crude oil prices at times rising by almost $3.00 per barrel and not actually seeing a physical supply disruption it would seem like inflationary psychology was operating. In fact in addition to sharp upward gains in energy prices, the market also saw a rather impressive run up in grain prices and that also contributes to an inflationary perspective.
The silver bulls had to be happy with the action in the market on Thursday. In fact, at times the silver market clearly managed to out perform the gold market. Apparently the silver market was cheered on by the better than expected US new home sales report. However, suggesting that the new home sales reading reduced the recession threat is a little suspect, especially in the face of the rather significant slide in US equity prices Thursday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Jamaica hears about the gold price suppression scheme
The Statistics:
As of close of business: 10/24/2007
Gold Warehouse Stocks: | 7,355,597 | - |
Silver Warehouse Stocks: | 134,157,714 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 594.45 | 19,112,196 | US$ 14,474m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.88 | 3,146,845 | US$ 2,419m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,890 | US$ 372m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,287 | US$ 446m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/24/2007 | |
Total Net Assets | $1,280,660,563 | Ounces of Gold
in Trust | 1,681,961.330 |
Shares Outstanding | 17,000,000 | Tonnes of Gold
in Trust | 52.31 |
Note: No Change in Total Tonnes from yesterday’s data: 0.92 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 10/24/2007 | |
Total Net Assets | $1,927,749,886 | 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) earnings, Taseko’s (TGB) labour agreement, North American Palladium’s (PAL) resource estimate, Barrick’s (ABX) acquired properties, New Gold’s (NGD) completed surface rights acquisition, Royal Gold’s (RGLD) completed acquisition of Battle Mountain, Cardero’s (CDY) initiated IP survey, and Fortuna’s (FVI.V) new Vice President of Project Development were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +5.84% $5.80 |
2. Rubicon | RBY +4.28% $1.95 |
3. Silver Wheaton | SLW +4.20% $15.38 |
LOSERS
1. Crystallex | KRY -4.00% $2.64 |
2. US Gold | UXG -3.14% $4.62 |
3. Jaguar | JAG-3.07% $12.00 |
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:
Midwest Uranium Corporation Announces Commencement of Botham Lake Drill Program - Athabasca Basin, Saskatchewan - More
- October 25, 2007 | Item | E-mail
Titan 24 - Deep Electrical Earth Imaging field work complete; Exploration drills added - More
- October 25, 2007 | Item | E-mail
Grenville Changes Yearend - More
- October 25, 2007 | Item | E-mail
Taseko Mines Limited: Gibraltar Mines Signs Long-Term Labour Agreement - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) announced today that an extension to the labour agreement at its Gibraltar Mine was successfully ratified by its unionized employees. This new agreement will be in place until May 31, 2012." More
- October 25, 2007 | Item | E-mail
Minera Andes engages Macquarie Bank Limited for debt financing for San Jose Project - More
- October 25, 2007 | Item | E-mail
Jasper Mining Corporation announces follow-up exploration program for McFarlane property - More
- October 25, 2007 | Item | E-mail
Anaconda Mining Drills High Grade Iron Ore Intersections at San Gabriel Project - More
- October 25, 2007 | Item | E-mail
Shoreham Options Matless Lake Prospect, Setting Net Lake Area, Red Lake Mining Division, Ontario - More
- October 25, 2007 | Item | E-mail
Explor Resources Inc.: Private Placement - More
- October 25, 2007 | Item | E-mail
Dundarave Resources Inc.: ExtrEL Leaching System for Nickel Sulphide Mine Tailings - More
- October 25, 2007 | Item | E-mail
Advisory: Intrepid Third Quarter 2007 Results and Conference Call - More
- October 25, 2007 | Item | E-mail
Canadian Royalties Closes $25 Million Financing - More
- October 25, 2007 | Item | E-mail
Tiomin stock soars on Peru resource outlook - More
- October 25, 2007 | Item | E-mail
Victoria to Begin Drilling at Black Canyon; Kinross Gold Corporation Intends to Participate in Previously Announced Private Placement; Options Granted - More
- October 25, 2007 | Item | E-mail
Additional Kingurutik staking and option agreement - More
- October 25, 2007 | Item | E-mail
Shoreham Resources Ltd.: Annual General Meeting Held October 25, 2007 - More
- October 25, 2007 | Item | E-mail
Fieldex drills 15.1 metres 1.00% nickel at Laforce - More
- October 25, 2007 | Item | E-mail
Lincoln Announces Clearance of Regulatory Hurdle in Effort to Continue Into Canada - More
- October 25, 2007 | Item | E-mail
Wealth Minerals Commences 10,000 Metre Drilling Campaign on Its Diamante-Los Patos Uranium Property, Northwest Argentina - More
- October 25, 2007 | Item | E-mail
The Athabasca Basin - Corporate Update - ESO Uranium Corp. - More
- October 25, 2007 | Item | E-mail
Sherwood Ships First Minto Mine Concentrates From Skagway - More
- October 25, 2007 | Item | E-mail
MacMillan Reports Positive Gold and Silver Results from Remaining 6 Holes from La Mus Phase 1 Drilling - More
- October 25, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Incentive Stock Options - More
- October 25, 2007 | Item | E-mail
Canadian Arrow Mines Ltd.: 23 metres grading 0.99% nickel intersected at Kenbridge, deposit extended, deeper drilling started - More
- October 25, 2007 | Item | E-mail
Keegan Releases Initial Resource Estimation at Esaase Gold Property - More
- October 25, 2007 | Item | E-mail
Vior Samples 36.7 g/t Au at Buteux Project - More
- October 25, 2007 | Item | E-mail
Zincore Completes Positive Metallurgical Testwork Program on Accha Deposit - More
- October 25, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. Commences Phase Three Exploration Program on New Ni-Cu-PGE Target, Côté-Bihar Grid, Enid-Massey Project - More
- October 25, 2007 | Item | E-mail
CCM Research Summary: Premium Exploration, Inc. (TSX VENTURE: PEM) - More
- October 25, 2007 | Item | E-mail
AXMIN Intersects High Grades at Komahun Project, Nimini Hills, Sierra Leone - More
- October 25, 2007 | Item | E-mail
Mantis planning to drill promising projects neighbouring Noront, Kodiak and VMS Ventures - More
- October 25, 2007 | Item | E-mail
EXMIN Completes Private Placement Financing - More
- October 25, 2007 | Item | E-mail
Martin R. Rowley and Paul Matysek Appointed Independent Directors of Forsys Metals Corp. - More
- October 25, 2007 | Item | E-mail
Azteca Gold Corp.: Drilling Begins at Silver Valley Two Mile Project and Drilling Progress Updated for Guerra Al Tirano and Marietta - More
- October 25, 2007 | Item | E-mail
GLR Orders Milling Plant for Goldfields - More
- October 25, 2007 | Item | E-mail
Eastmain Resources Inc.: Eleonore South -- More Assays Confirm Discovery Potential At JT Target - More
- October 25, 2007 | Item | E-mail
Wallbridge Mining Continues Exploration on Hess and Ministic Offset Dyke Properties Joint Ventured with Champion Bear - More
- October 25, 2007 | Item | E-mail
Franconia Minerals Appoints Chad Houck as Chief Financial Officer - More
- October 25, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces Development of Fire Assay Process - More
- October 25, 2007 | Item | E-mail
Mediterranean confirms west extension of mineralized zone at Corak - More
- October 25, 2007 | Item | E-mail
Royal Gold Completes Acquisition of Battle Mountain - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that an Induced Polarization (IP) Geophysical Survey been initiated on its recently acquired high grade La Poma Silver-Lead property, Salta Province, NW Argentina. The IP survey will follow up on positive due diligence sampling, which returned silver values up to 1.37 kg/t, up to 15.8% lead and 2.47% copper." More
- October 25, 2007 | Item | E-mail
Cardero Initiates Geophysical Study at La Poma High-Grade Silver-Lead Project - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that an Induced Polarization (IP) Geophysical Survey been initiated on its recently acquired high grade La Poma Silver-Lead property, Salta Province, NW Argentina. The IP survey will follow up on positive due diligence sampling, which returned silver values up to 1.37 kg/t, up to 15.8% lead and 2.47% copper." More
- October 25, 2007 | Item | E-mail
Frontier Pacific received overwhelming public support for Perama Hill Gold Project in Greece - More
- October 25, 2007 | Item | E-mail
Crew Gold Corporation: Lefa Operation-Mid Year Reserve Increase - More
- October 25, 2007 | Item | E-mail
African Gold Group, Inc. Celebrates Acquisition of Coveted Manso Atwere Concession at Asankrangwa Holdings in Ghana - More
- October 25, 2007 | Item | E-mail
Franklin Mining, Inc. and GDR Privée Schedule Site-Visits to South American GTL Projects - More
- October 25, 2007 | Item | E-mail
Sierra Gold Corporation Deposits Hard Rock Samples With SGS Laboratories From New Gold Bearing Hard Rock Formation - More
- October 25, 2007 | Item | E-mail
Haile Mining Team Joins Romarco - More
- October 25, 2007 | Item | E-mail
General Metals Update: Assays on First Four Drill Holes at the Independence Mine Confirm Historical Mineralization and Identify New Mineralized Zone - More
- October 25, 2007 | Item | E-mail
El Nino Ventures Inc. expands drill program to 7,000 meters using a second drill rig in the Democratic Republic of Congo - More
- October 25, 2007 | Item | E-mail
Chariot Resources Announces Feasibility Study and New Resource Calculation Schedule - More
- October 25, 2007 | Item | E-mail
Manicouagan Reports Additional Encouraging Results From Brabant Lake Including 14.79% Zinc, 1.36% Copper, 48.30 Grams/Tonne Silver and 0.39 Grams/Tonne Gold - More
- October 25, 2007 | Item | E-mail
House Panel to Examine Resource Revenue Transparency in Mining and Oil Industries - "House Financial Services Committee Chairman Barney Frank will hold a hearing on Thursday, October 25 at 10:00 am in 2218 Rayburn House Office Building to examine the issue of and focus public attention on the importance of increased resource revenue transparency in the extractive industries." More
- October 25, 2007 | Item | E-mail
Scandinavian Minerals Announces Major Equipment Order for Kevitsa Nickel-Copper-PGE Project - More
- October 25, 2007 | Item | E-mail
Galway announces expanded resource estimate for the Victorio molybdenum/tungsten project - More
- October 25, 2007 | Item | E-mail
Ecometals Name Change Approved By TSX Venture Exchange - More
- October 25, 2007 | Item | E-mail
Tiomin Increases Measured & Indicated Copper & Gold Resources at Pukaqaqa Project, Peru - More
- October 25, 2007 | Item | E-mail
Grandview Gold Commences Rice Lake Gold District Drilling - More
- October 25, 2007 | Item | E-mail
Gemini Explorations, Inc. Reports Further Sampling Results for the Los Chorros Gold Mine - More
- October 25, 2007 | Item | E-mail
Western Keltic Appoints New Board Member - More
- October 25, 2007 | Item | E-mail
Governor of Katanga Supports Africo in Legal Issue - More
- October 25, 2007 | Item | E-mail
Gold Fields Says 1Q Income Slipped - "Mining company Gold Fields Ltd. said Thursday that its net income slipped 39 percent in its fiscal first quarter after it sold some overseas assets. Net income for the July-September period fell to 429 million South African rand ($64.3 million) from 698 million rand in the same period a year earlier, the company said. Sales rose to 142 billion rand ($21.2 billion)." More
- October 25, 2007 | Item | E-mail
Fortuna Hires VP Project Development for San Jose - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to announce the appointment of Mr. Mark Moseley-Williams to the new position of Vice President of Project Development." More
- October 25, 2007 | Item | E-mail
TSX-V: AGQ - Arian Silver Corporation: San Jose Project - Progress Update
- October 25, 2007 | Item | E-mail
North American Palladium Files Initial NI 43-101 Compliant Mineral Resource Estimate for the Shebandowan West Nickel-Copper-PGM Project - "North American Palladium Ltd. (Toronto:PDL.TO - News)(AMEX:PAL - News) is pleased to announce the results of the first mineral resource estimate for its Shebandowan project, located west of Thunder Bay, Ontario and within 100 kilometres of the Company's producing mine." More
- October 25, 2007 | Item | E-mail
Crosshair Welcomes Chris Collingwood to the Board of Directors - More
- October 25, 2007 | Item | E-mail
Ur-Energy Confirms High-Grade Uranium Mineralization and Plans Drill Program at Bugs Project, Nunavut - More
- October 25, 2007 | Item | E-mail
Paladin Resources Ltd: Quarterly Report-Update for Period Ending-30 September 2007 - More
- October 25, 2007 | Item | E-mail
Magnum Commences Phase II Drilling at San Raphael - More
- October 25, 2007 | Item | E-mail
Utah Uranium Corp. Announces Joint Venture on Pinto Claims, Drilling to Commence - More
- October 25, 2007 | Item | E-mail
Barrick to Acquire Highly Prospective Properties in PNG - "Barrick Gold Corporation (Toronto:ABX.TO - News)(NYSE:ABX - News) announced today that it has entered into an agreement with Highlands Pacific (ASX:HGL.AX - News) to acquire over 2,900 square kilometers of highly prospective exploration licenses and the Kainantu gold mine in Papua New Guinea for $141.5 million in cash. Barrick has conducted diligence on the properties and plans to embark on a comprehensive exploration program on identified high grade gold vein targets and indicated copper-gold porphyry potential in the district. The Company will also have a fresh look at opportunities at the Kainantu mine." More
- October 25, 2007 | Item | E-mail
New Gold Completes Acquisition of New Afton Surface Rights - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that it has completed the acquisition from Teck Cominco Limited ("Teck Cominco"), of surface rights to more than 4000 acres of land, surrounding its New Afton Copper-Gold Project, located near Kamloops, British Columbia, Canada." More
- October 25, 2007 | Item | E-mail
Operating Profit of R1.7 Billion and Normalised Earnings of R400 Million in the Quarter Ended 30 September 2007 - "Gold Fields Limited (NYSE, JSE & DIFX: GFI) today announced earnings for the September 2007 quarter of R429 million compared with R528 million in the June 2007 quarter and R698 million for the September quarter of 2006. In US dollar terms net earnings for the September 2007 quarter were US$60 million compared with US$74 million in the June 2007 quarter and US$98 million for the September quarter of 2006." More
- October 25, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 October, 2007 | |
