-- Posted 30 October, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $784.40 | -$4.20 |
Silver | $14.26 | -$0.06 |
XAU | 180.70 | -2.57% |
HUI | 419.21 | -2.21% |
GDM | 1323.05 | -1.88% |
JSE Gold | 2477.52 | -0.63% |
USD | 76.74 | -0.08 |
Euro | 144.26 | +0.01 |
Yen | 87.08 | -0.14 |
Oil | $90.38 | -$3.15 |
10-Year | 4.383% | UNCH |
T-Bond | 113.59375 | -0.0625 |
Dow | 13792.47 | -0.56% |
Nasdaq | 2816.71 | -0.03% |
S&P | 1531.02 | -0.65% |
The Metals:
Gold fell a few dollars in Asia and held near $784 in London before it dropped to as low as $778.95 by 10AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.53%. Silver dropped to as low as $14.10 in New York before it also rallied back higher in the last few hours of trade and ended over 1% off its low with a loss of 0.42%.
Euro gold fell back under €542, platinum lost $16 to $1428, palladium lost $4 to $367, and copper fell over 3 cents to about $3.53.
Gold and silver equities fell roughly 2% at the open and remained near their lows into the close.
European central banks averaging 7.5 tonnes per week in gold sales
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Oct | 95.6 | 99.5 | 99.5 |
Tomorrow at 8:30AM EST brings 3rd quarter GDP expected at 3.1%, the Chain Deflator expected at 2.0%, and the Employment Cost Index expected at 0.9%. At 9:45 is Chicago PMI for October expected at 53.0, at 10AM is Construction Spending for September expected at -0.4%, and at 2:15 is the highly anticipated FOMC policy statement that is expected to announce a 25 basis point cut in the fed funds rate.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over 3% back near $90 as production came back online in Mexico, Goldman Sachs advised to take profits in the recent record run, and traders prepared for tomorrow’s inventory reports that are expected to show builds in supplies.
The U.S. dollar index and treasuries ended slightly lower but near unchanged as traders waited for tomorrow’s fed announcement. A WSJ article released this morning raised some doubts over whether the fed will indeed cut rates tomorrow and that gave some strength to the dollar and ignited some selling in bonds early on, but by the close fed fund futures were still predicting about a 91% chance that the fed will cut by 25 basis points tomorrow and that sent to the dollar to another new record low.
The Dow, Nasdaq, and S&P traded mostly slightly lower on uncertainty before tomorrow’s fed announcement.
Among the big names making news in the market today were Merrill Lynch, Procter & Gamble, and Avon.
The Commentary:
“It is the investment aspect of gold that is driving the gold price to new heights as the $, oil and uncertainty and trepidation turn even large professional funds turn to gold for part of their portfolios, even if only to counter the $’s moves. Gold is now being driven by factors outside the market so can break through old heights.” - Julian D.W. Phillips, www.goldforecaster.com
“December Gold finished down 4.8 at 787.8, 0.6 off the high and 5.6 up from the low.
December Silver closed down 0.102 at 14.328. This was 0.123 up from the low and 0.037 off the high.
After an initial weak start to the session, December gold managed to fall moderately below the prior session's lows only to recover within striking distance of that prior low just ahead of the close. Apparently the market was having second thoughts about the prospect of a Fed cut on Tuesday and that at times resulted in a slight rally in the US Dollar. With oil prices also making the most significant corrective slide since the end of September, it was clear that a profit taking mentality was being seen in a number of markets. With grain markets also down in sync with oil prices one could suggest that gold was seeing a bit of deflationary selling.
Like the gold market silver prices ended up favoring the downside throughout most of the Tuesday trading session. While the copper market managed to cut its losses late in the session, that key outside market seemed to contribute to the silver bear case for most of the session. Seeing a weaker than expected US Consumer Confidence reading and portions of the equity market weaken after seeing the December contract reach the highest level since February 28th, probably prompted some silver longs to bank profits.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 10/29/2007
Gold Warehouse Stocks: | 7,355,597 | - |
Silver Warehouse Stocks: | 132,972,532 | +310,650 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 15,143m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,670 | US$ 2,461m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,864 | US$ 379m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,255 | US$ 464m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/29/2007 | |
Total Net Assets | $1,326,842,990 | 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.
Silver Trust (SLV)
Profile as of 10/29/2007 | |
Total Net Assets | $2,073,942,331 | Ounces of Silver
in Trust | 143,977,749.600 |
Shares Outstanding | 14,500,000 | Tonnes of Silver
in Trust | 4,478.21 |
Note: Change in Total Tonnes from yesterday’s data: 15.44 tonnes were added to the trust.
The Stocks:
Harmony Gold’s (HMY) fourth-quarter headline loss, New Gold’s (NGD) completion of two Letters of Intent, Barrick’s (ABX) production halt, U.S. Energy’s (USEG) investor updates, Exeter’s (XRA) project acquisition, Taseko’s (TGB) closed public offering, Richmont’s (RIC) exploration results, Silver Dragon’s (SDRG.OB) completed Phase 1 of the exploration and development program, Fury’s (FUR.V) mine reopening timeline, and Arian’s (AGQ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +14.22% $5.06 |
2. DRDGOLD | DROOY+7.03% $9.29 |
3. Cardero | CDY +3.03% $2.04 |
LOSERS
1. Claude Resources | CGR -8.48% $1.51 |
2. Lihir Gold | LIHR -7.01% $38.08 |
3. Orezone | OZN -6.06% $1.55 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Global Finishing Signs a Working Agreement - More
- October 30, 2007 | Item | E-mail
Gold Bullion Signs a Working Agreement - More
- October 30, 2007 | Item | E-mail
Sage Announces Private Placement - More
- October 30, 2007 | Item | E-mail
Mine Prospects Advance for Klondike Star's Indian River Gold Project With 2007 Exploration Results - More
- October 30, 2007 | Item | E-mail
Update on Typhoon's Projects in Quebec - More
- October 30, 2007 | Item | E-mail
Reno Gold Corp. Reports on Recent Meetings in Toronto - More
- October 30, 2007 | Item | E-mail
Cadiscor Closes C$ 1 Million Flow-Trough Private Placement - More
- October 30, 2007 | Item | E-mail
Hard Creek Nickel Exercised Warrants - More
- October 30, 2007 | Item | E-mail
Kodiak Significantly Extends Golden Mile Strike/Identifies Multiple Parallel Structures - More
- October 30, 2007 | Item | E-mail
Anglo-Canadian Uranium Announces Appointment to Advisory Board and Corporate Secretary - More
- October 30, 2007 | Item | E-mail
Trend Announces That 5,000 Metre Drill Program Begins at Diabase Peninsula Uranium Property - More
- October 30, 2007 | Item | E-mail
Dorex Minerals Inc. Increases Financing - More
- October 30, 2007 | Item | E-mail
Gold Crest Mines Inc. Reports on Golden Dyke Exploration Results - More
- October 30, 2007 | Item | E-mail
Abacus Mining and New Gold Sign Letters of Intent to Ensure Co-operation in the Development of the Afton-Ajax Cu-Au District - More
- October 30, 2007 | Item | E-mail
New Gold Inc. and Abacus Mining and Exploration Corp. Sign Letters of Intent to Ensure Co-Operation in the Development of Afton-Ajax Cu-Au District - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) and Abacus Mining and Exploration Corp. (CDNX:AME.V - News) are pleased to announce the completion of two Letters of Intent ("LOI"), which are intended to ensure that each Company is able to develop their respective assets, in the Afton-Ajax District, (Kamloops, British Columbia, Canada) in a spirit of co-operation." More
- October 30, 2007 | Item | E-mail
Birim Reports Independent NI43-101 Compliant Resource Estimate for Tinga Far East Gold Deposit, Ghana - More
- October 30, 2007 | Item | E-mail
Globex's Russian Kid Royalty Property Returns 214 G/T Au Over 2.4 Metres - More
- October 30, 2007 | Item | E-mail
Crested Corp. Announces Mailing of Proxy Statement/Prospectus for Special Meeting to Vote on Proposed Merger Into U.S. Energy Corp. - "Crested Corp. (OTC Bulletin Board: CBAG - News), announces that the registration statement on Form S-4 (filed by Crested's parent U.S. Energy Corp.) has been declared effective by the Securities and Exchange Commission. The proxy statement/prospectus has been mailed to all Crested shareholders of record as of October 10, 2007, and a special meeting of the Crested shareholders to vote on the proposed merger of Crested into U.S. Energy is set for November 26, 2007." More
- October 30, 2007 | Item | E-mail
International Ranger Corp.: Successful Radon Survey Identifies Four High Priority Targets - More
- October 30, 2007 | Item | E-mail
Metanor receives Positive Preliminary Economic Assessment on Barry and Bachelor - More
- October 30, 2007 | Item | E-mail
New Jersey Mining Company Reports Drilling Results - More
- October 30, 2007 | Item | E-mail
Malaga inc. announces the final distribution ratio of Dynacor Gold Mines common shares - More
- October 30, 2007 | Item | E-mail
GBS Gold Completes Head Office Relocation - More
- October 30, 2007 | Item | E-mail
Barrick says Bulyanhulu mine ops stalled by strike - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Tuesday that production at its Bulyanhulu gold mine in Tanzania has been halted due to what it termed an "illegal" strike, and that it has fired about half of the mine's work force." More
- October 30, 2007 | Item | E-mail
Gold Resource Corporation Increases Ounces at Its El Aguila Project in Oaxaca, Mexico - More
- October 30, 2007 | Item | E-mail
Callinan to Drill at Sneath Lake - More
- October 30, 2007 | Item | E-mail
Callinan Appoints New CFO - More
- October 30, 2007 | Item | E-mail
Mantis mobilizes at Orphan Gold Mine property adjacent to Kodiak discovery - More
- October 30, 2007 | Item | E-mail
Rocmec Intersects 214 g/t Gold Over 2.4 M on the Boucher Gold Zone at Rocmec 1 - More
- October 30, 2007 | Item | E-mail
Lihir Gold Ltd: Third Quarter Production Report - More
- October 30, 2007 | Item | E-mail
Aurus Gold Production Shall Surpass Expectations - More
- October 30, 2007 | Item | E-mail
Unico, Inc. Announces Additional Equipment Testing at the Mill and Processing Facility Deer Trail Mine, Including Hydrocyclone Tests Conducted - More
- October 30, 2007 | Item | E-mail
Odyssey Corporate Update - More
- October 30, 2007 | Item | E-mail
Geneva Resources, Inc. to Resume Core Drilling Program on Nigerian Property - More
- October 30, 2007 | Item | E-mail
Tara Gold Announces a Portable Crushing Plant Has Been Purchased for Lluvia de Oro Gold Mine - More
- October 30, 2007 | Item | E-mail
U.S. Energy Corp. Provides Investor Update on Corporate Activities - "U.S. Energy Corp. (Nasdaq: USEG - News; "the Company"), a diversified natural resources company with interests in molybdenum, gold, oil and gas and real estate is pleased to provide the following update on its corporate activities to the investment community." More
- October 30, 2007 | Item | E-mail
Franklin Issues Final Status Report Prior to the Launch of Phase I Production at the Escala Mine - More
- October 30, 2007 | Item | E-mail
Puma Exploration Inc.: 596 g/t Ag, 4.3% Zn, 3.3% Pb, and 1.6 g/t Au Over 7.6 Metres on Surface at Nicholas-Denys - More
- October 30, 2007 | Item | E-mail
LGL Increases Ballarat East Resource - More
- October 30, 2007 | Item | E-mail
Constantine Completes Acquisition of High-Grade, Past-Producing Croesus Gold Mine Property in the Prolific Abitibi Greenstone Belt-Northern Ontario - More
- October 30, 2007 | Item | E-mail
EXMIN Contracts Consulting Firm for Market Development Program - More
- October 30, 2007 | Item | E-mail
Clifton Star Resources Inc.: Company Update - More
- October 30, 2007 | Item | E-mail
Spirit Exploration, Inc. Begins Phase One Exploration Program on Kylee Concession, Ecuador - More
- October 30, 2007 | Item | E-mail
Midland Exploration Intiate a First Exploration Program With Breakwater on the Gatineau Zinc Project - More
- October 30, 2007 | Item | E-mail
Chariot Announces High Grade Copper-Gold Intercepts From Stacked Zones at Sulphide Mining Starter Area - More
- October 30, 2007 | Item | E-mail
JNR Announces Purchase of Two Diamond Drills - More
- October 30, 2007 | Item | E-mail
First Hole in new East Flank Zone at Sisson Brook returns 0.305% Mo and 0.080% WO3 over an Intersection of 85.5 m - More
- October 30, 2007 | Item | E-mail
Noront Provides Project Update - More
- October 30, 2007 | Item | E-mail
Garrison International Ltd. Engages Regenesis Capital Management Inc. for the Private Placement of Common Share Units - More
- October 30, 2007 | Item | E-mail
Continental Precious Minerals Inc.: Metallurgical Report - More
- October 30, 2007 | Item | E-mail
Kria Resources Reports Massive Sulphide Intersections and Assays From the Ruttan Project, Manitoba - More
- October 30, 2007 | Item | E-mail
DIAGNOS' Targets Return Great Results With 42.7g/t of Gold on 6 Meters and Significant Nickel's Anomalies on SGH S.A.'s Faille B Property In Haiti - More
- October 30, 2007 | Item | E-mail
Columbia Metals Purchases Heavy Equipment for Lluvia de Oro Gold Mine - More
- October 30, 2007 | Item | E-mail
Pacific Intersects 0.196% Molybdenum over 44.6 Meters with 0.396% over 18.90 Meters and 0.936% over 7.78 Meters - More
- October 30, 2007 | Item | E-mail
Los Andes Drills 324.5 Metres Grading 0.45% Cu and 0.011% Mo at the Vizcachitas Copper-Molybdenum Project - More
- October 30, 2007 | Item | E-mail
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- October 30, 2007 | Item | E-mail
Scorpio Gold Corporation Signs Definitive Agreement for Merger with BacTech and Moves Forwards Towards Listing - More
- October 30, 2007 | Item | E-mail
Conway Resources Releases Initial Drill Results for its Conway Paquin Property - More
- October 30, 2007 | Item | E-mail
Amarillo Reports on Exploration Drilling at Its Lavras Do Sul Project; New, Near-Surface Gold Zone Discovered at Paredao Norte: 12m at 4.54 g/t - More
- October 30, 2007 | Item | E-mail
Drilling to begin on Vassan gold property - More
- October 30, 2007 | Item | E-mail
Molycor Gold Corp. and Goldrea Resources Corp.: Drilling Starts on Crowrea's Empress Molybdenum Property - More
- October 30, 2007 | Item | E-mail
EurOmax intersects 200 metre wide Copper-Oxide zone in a trench at Kazandol, Macedonia - More
- October 30, 2007 | Item | E-mail
Uzboy Project Operational Updates - More
- October 30, 2007 | Item | E-mail
Aurelio Announces Independent Estimate of Mineralized Material at the MAN Area of the Hill Copper-Zinc Project, AZ - More
- October 30, 2007 | Item | E-mail
Canasia to acquire 128,151 additional acres contiguous to current holdings in Reed Lake, Manitoba - More
- October 30, 2007 | Item | E-mail
ROCA-Production Commences at MAX Molybdenum Mine - More
- October 30, 2007 | Item | E-mail
Taranis Resources Surface Grab Sampling at Thor Returns 2,281.24 g/t Silver, 10.79 g/t Gold - More
- October 30, 2007 | Item | E-mail
Cameco Investor Webcast Advisory - More
- October 30, 2007 | Item | E-mail
Powertech Uranium Corp.: Centennial Project- Mine Permiting Update - More
- October 30, 2007 | Item | E-mail
Bluerock Resources Signs Five Agreements to Purchase 100% of Utah Uranium Projects - More
- October 30, 2007 | Item | E-mail
Azimut and Central Uranium identify uranium targets on the South Bienville Property, northern Quebec - More
- October 30, 2007 | Item | E-mail
DIOS' Spectrometry Survey Outlines Nine First-Priority Uranium Zones on Hotish - More
- October 30, 2007 | Item | E-mail
Uracan intercepts additional uranium mineralization, increases strike length of Double S Zone on North Shore Property, Quebec - More
- October 30, 2007 | Item | E-mail
Energy Fuels Selects Engineering, Procurement and Construction Management (EPCM) Contractor for Pinon Ridge Uranium Mill - More
- October 30, 2007 | Item | E-mail
Uranerz Provides Drilling and Permitting Updates on Wyoming Projects - More
- October 30, 2007 | Item | E-mail
Uranium Energy Corp Rings The Bell at the American Stock Exchange - More
- October 30, 2007 | Item | E-mail
U.S. Energy Corp. and Crested Corp. Announce That Sutter Gold Expands Mineral Holdings in Mexico - "U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development Companies, announce that their subsidiary, Sutter Gold Mining Inc. (TSX VENTURE: SGM - News) has acquired two new mineral concessions adjacent to their Santa Teresa Concession (STC) in Mexico." More
- October 30, 2007 | Item | E-mail
S.Africa 2007 gold output at 255 to 260 tonnes - "SOUTH AFRICAN gold production will fall between 5.5% and seven percent in 2007 from the previous year as the sector continues to see declining output eroding its long-held position as the world’s leading source of gold." More
- October 30, 2007 | Item | E-mail
Exeter to Acquire 100% of High-Grade Cerro Moro Gold-Silver Project - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") will acquire a 100% interest in the high-grade Cerro Moro gold-silver project in Santa Cruz Province, Argentina. Cerro Vanguardia S.A. ("CVSA"), an AngloGold Ashanti subsidiary, will retain a 2% net smelter returns royalty ("NSR")." More
- October 30, 2007 | Item | E-mail
Harmony posts Q4 headline loss - "South African gold miner Harmony Gold posted a fourth-quarter headline loss of 133 cents per share, but investors took heart from plans to cut costs and lift production, which boosted its stock." More
- October 30, 2007 | Item | E-mail
Silver Dragon Completes Phase 1 of Its Exploration and Development Program for the Erbahuo Silver Mine - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce that the Company has completed Phase 1 of the exploration and development program proposed for the Erbahuo property." More
- October 30, 2007 | Item | E-mail
Taseko Announces Closing of Public Offering - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) (the "Company") announced today that it has closed the "bought deal" short form prospectus offering (the "Offering") of 7,115,385 common shares at a price of $5.20 per Common share (the "Offering Price"). A syndicate led by Raymond James Ltd. and including Canaccord Capital Corporation and Paradigm Capital Inc. (collectively, the "Underwriters") acted as Underwriters in connection with the Offering." More
- October 30, 2007 | Item | E-mail
Richmont Mines Reports Exploration Results and Updates - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) reports exploration program status and results for four of its exploration properties. These projects are as follows: the Valentine Lake property, located in Newfoundland; and Wasamac, Francoeur and Camflo NW properties, all located in Quebec. As of September 30, 2007, expenditures for exploration were $1.3 million for the first three quarters of 2007, and 4,817 metres were drilled on the four properties." More
- October 30, 2007 | Item | E-mail
Fury Provides Timeline for Taylor Mine Reopening - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) today provides the status of pre-production activities and a forecast for the reopening of its Taylor silver mine and mill located near Ely Nevada." More
- October 30, 2007 | Item | E-mail
Arian Silver Corporation: San Jose Drilling Results - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) is pleased to announce that recent drilling has verified the location of the western strike extension of the San Jose Vein System." More
- October 30, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 30 October, 2007 | |
