-- Posted 1 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $790.20 | -$1.50 |
Silver | $14.23 | -$0.14 |
XAU | 181.00 | -3.77% |
HUI | 422.11 | -2.98% |
GDM | 1328.80 | -3.06% |
JSE Gold | 2450.82 | -3.14% |
USD | 76.67 | +0.12 |
Euro | 144.50 | -0.06 |
Yen | 87.09 | +0.20 |
Oil | $93.49 | -$1.04 |
10-Year | 4.361% | -0.114 |
T-Bond | 113.84375 | +1.25 |
Dow | 13567.87 | -2.60% |
Nasdaq | 2794.83 | -2.25% |
S&P | 1508.44 | -2.64% |
The Metals:
Gold rose to as high as $799.40 in Asia before it fell to as low as $784.00 by midmorning in New York, but it then rallied back higher into the close and ended with a loss of just 0.19%. Silver rose to over $14.50 in Asia before it dropped to as low as $13.90 by about 10AM EST in New York, but it then rallied over 2% off its low in the last few hours of trade and ended with a loss of just 0.97%.
Euro gold fell back under €547, platinum gained $3 to $1444, palladium remained unchanged at $369, and copper fell over 10 cents to about $3.41.
Gold and silver equities fell over 3% in the first half hour of trade before they rebounded with the metals and saw only about 1% losses by early afternoon, but they then fell back off with the major indices in the last few hours of trade and ended with roughly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Sep | 0.4% | 0.4% | 0.4% |
Personal Spending | Sep | 0.3% | 0.4% | 0.5% |
Core PCE Inflation | Sep | 0.2% | 0.2% | 0.1% |
Initial Claims | 10/27 | 327K | 330K | 333K |
ISM Index | Oct | 50.9 | 51.5 | 52.0 |
Tomorrow at 8:30AM EST brings October’s jobs data. Nonfarm Payrolls are expected at 80,000, the Unemployment Rate is expected at 4.7%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Factory Orders report for September expected at -0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell from new record highs above $96 reached overnight, but it did come off its early lows near $92 by the close to end with a loss of only about 1%.
The U.S. dollar index rebounded slightly from yesterday’s new all time lows on the idea that the fed may not continue to cut interest rates.
Treasuries rose back markedly from yesterday’s deep losses on worries over the credit market and necessary financial write downs which also sent the Dow, Nasdaq, and S&P over 2% lower as the fed indicated yesterday that they may longer help the markets with a lower fed funds rate.
Among the big names making news in the market today were Citigroup, Kodak, Exxon Mobil, and Sprint Nextel.
The Commentary:
“December Gold finished down 1.6 at 793.7, 1.9 off the high and 6.8 up from the low.
December Silver closed down 0.113 at 14.325. This was 0.325 up from the low and 0.075 off the high.
Some in the bull camp might have been disappointed in the gold market’s initial reaction to a quasi financial market meltdown, as the gold market certainly didn't see much in the way of flight to quality buying on Thursday. Even more surprising to the bull camp in gold is the fact that the Dollar was mostly higher despite the new financial market concerns that would seem to be centered inside the US. It is also possible that gold was simply in a profit taking or position squaring posture ahead of the potentially ultra critical US Non Farm payroll report on Friday morning. With oil and copper prices forging surprising reversals from this week's highs it is also likely that some gold bulls are becoming more fearful of some type of significant physical commodity market washout.
Like the gold market the silver market was whipped wildly on both sides of unchanged throughout the Thursday trading session. However, seeing the copper market under the most pressure since the end of August and seeing crude oil prices down by more than $4.00 a barrel from their daily high at one time during the session, certainly gave off the impression of significant economic slowing ahead and that was clearly discouraging to the bull camp in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul defends liberty in nine minutes on 'Tonight Show'
The Statistics:
As of close of business: 10/31/2007
Gold Warehouse Stocks: | 7,353,643 | +7,881 |
Silver Warehouse Stocks: | 133,704,691 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 15,162m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,600 | US$ 2,484m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,853 | US$ 382m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.33 | 589,248 | US$ 461m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/31/2007 | |
Total Net Assets | $1,331,691,685 | 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 10/31/2007 | |
Total Net Assets | $2,060,927,977 | Ounces of Silver
in Trust | 143,977,749.600 |
Shares Outstanding | 14,500,000 | Tonnes of Silver
in Trust | 4,478.21 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick Gold’s (ABX) higher costs at Cerro Casale, Apollo Gold’s (AGT) completed private placement, New Gold’s (NGD) approved mine permit, Cardero’s (CDY) settled lawsuit, Richmont’s (RIC) exploration update and 3rd quarter results, Exeter’s (XRA) metallurgical testing, Royal Gold’s (RGLD) 1st quarter results, Eldorado’s (EGO) 3rd quarter results, Randgold’s (RGLD) 3rd quarter results, DRDGOLD’s (DROOY) gold output, AngloGold’s (AU) 3rd quarter results, Freeport’s (FCX) completed business sale, Great Panther’s (GPR.TO) commenced drilling, Valencia’s (VVI.V) acquired 80% interest in Silver Standard’s (SSRI) property, and Silvercorp’s (SVM.TO) acquired mine were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY+10.95% $2.23 |
2. New Gold | NGD +8.83% $7.15 |
3. Rubicon | RBY +4.04% $2.06 |
LOSERS
1. Metalline | MMG -8.28% $2.99 |
2. Pacific Rim | PMU -7.35% $1.26 |
3. Royal Gold | RGLD-6.79% $32.94 |
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:
Pacific North West Capital Corp.: Bunny Barlin C.Eng. (1924-2007) - More
- November 01, 2007 | Item | E-mail
GLR Resources Inc. Completes $2,000,000 Financing - More
- November 01, 2007 | Item | E-mail
Emgold Mining announces the appointment of President and Chief Operating Officer - More
- November 01, 2007 | Item | E-mail
Petaquilla Minerals Ltd. Closes First Tranche of Private Placement Financing - More
- November 01, 2007 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Trenching Expands Gold Zones, Includes 19 Metres of 2.15 gm/t Gold - More
- November 01, 2007 | Item | E-mail
Tagish Will Initiate the Next Phase of Diamond Drilling at Skukum Creek - More
- November 01, 2007 | Item | E-mail
VMS Ventures Inc.: Drilling at Reed Lake Discovery Zone to Commence Monday - More
- November 01, 2007 | Item | E-mail
Sirios Resources Inc.: Private Placement Announcement - More
- November 01, 2007 | Item | E-mail
CCM Liquidity Report: Salazar Resources Sees Expansion of Liquidity - More
- November 01, 2007 | Item | E-mail
Barrick sees higher Chile costs, strong gold - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) expects higher costs to develop the Cerro Casale gold-copper project, as a previous feasibility study does not take into account recent rises in fuel and other costs, the miner's chief executive, Greg Wilkins, said on Thursday." More
- November 01, 2007 | Item | E-mail
Bellhaven Signs Definitive Agreement With Glencairn Gold Corp. to Complete Acquisition of the Cerro Quema Gold Property - More
- November 01, 2007 | Item | E-mail
Norsemont Mining Acquires Mitsui's 30 Percent Interest in Constancia Copper Project - More
- November 01, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - T-11 Gold Zone Expanded - More
- November 01, 2007 | Item | E-mail
Carmax Explorations Ltd.: News Release - More
- November 01, 2007 | Item | E-mail
Great Panther Commences Phase II Drilling Program on Mapimi Silver-Lead-Zinc Property - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that a 5,000 metre Phase II diamond drilling program has commenced on the Company's Mapimi Project in northeastern Durango State, Mexico." More
- November 01, 2007 | Item | E-mail
Ucore Uranium Inc. Reports 3.9 Meters Grading 2.43% U3O8 From Bokan Mountain - More
- November 01, 2007 | Item | E-mail
Anglo Swiss Resources Commences Drilling on the Kenville Gold Property-Receives Geophysical Report and Recommendations-Alkalic Porphyry Copper Target - More
- November 01, 2007 | Item | E-mail
DIOS Exploration : Hiring of Investor Relations Consultant - More
- November 01, 2007 | Item | E-mail
SRA Announces Agreement With Major European Smelter - More
- November 01, 2007 | Item | E-mail
Marathon Finalizes Option Agreement for Ore Fault and Plans Drill Campaign for Resource Development - More
- November 01, 2007 | Item | E-mail
Maximus Discovers Another High Grade Gold Zone at NFX's Larder Lake Property - More
- November 01, 2007 | Item | E-mail
Golden Band Resources Holds 2007 Annual General Meeting - More
- November 01, 2007 | Item | E-mail
Buffalo Gold Ltd.: Kinbauri Signs 20,000 M Infill Drilling Contract at El Valle - More
- November 01, 2007 | Item | E-mail
Canada tribunal urged to OK repairs at Cameco mine - More
- November 01, 2007 | Item | E-mail
AngloGold says Q3 profits flat, may trim hedge book - "AngloGold Ashanti Ltd (ANGJ.J: Quote, Profile, Research), the world's third-biggest gold producer, reported flat third-quarter headline earnings per share on Thursday, as rising costs undermined an increase in gold output." More
- November 01, 2007 | Item | E-mail
Analytical Results Confirm Tungsten - Molybdenum Mineralization at First Narrows' Falls Creek Property, New Brunswick - More
- November 01, 2007 | Item | E-mail
Freewest Discovers New Uranium Corridor on its Thor Property in Northwestern Ontario - More
- November 01, 2007 | Item | E-mail
ABV Gold, Inc. Finalizes Financing for Russian Operations - More
- November 01, 2007 | Item | E-mail
Zaruma Resources: Awards Construction Contract and Appoints General Manager Luz del Cobre Copper Project (Sonora, Mexico) - More
- November 01, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI) Acquires Mining Rights for $16.8 Million - More
- November 01, 2007 | Item | E-mail
Pacific Comox Resources Ltd.: Proposed $1,500,000 Flow-Through Financing - More
- November 01, 2007 | Item | E-mail
Azteca Gold Corp.: First Guerra al Tirano Diamond Drill Core Assays Released - More
- November 01, 2007 | Item | E-mail
War Eagle Mining Company Inc.: Private Placement Increased to $4.25 Million - More
- November 01, 2007 | Item | E-mail
SL Resources Inc. Reports on 2007 Field Program Progress - More
- November 01, 2007 | Item | E-mail
Maximus Discovers Another High Grade Gold Zone at NFX's Larder Lake Property - More
- November 01, 2007 | Item | E-mail
KWG Resources Inc.: Closing of $3 Million Private Placements - More
- November 01, 2007 | Item | E-mail
Apollo Gold Announces Completion of CDN$4,100,000 Private Placement - "Apollo Gold Corporation ("Apollo" or the "Company") (AMEX: AGT - News; TSX: APG - News) announced that it has completed its previously announced private placement in Canada (the "Offering") of flow-through shares for purposes of the Income Tax Act (Canada) (the "Flow-Through Shares") by selling 7,454,545 Flow-Through Shares for gross proceeds of CDN $4,100,000. The size of the Offering was increased from the previously announced amount due to increased demand." More
- November 01, 2007 | Item | E-mail
20,000 Metres In-Fill Drilling Contract Signed at Kinbauri's El Valle Gold Prospect - More
- November 01, 2007 | Item | E-mail
Glass Earth Announces C$5 Million Private Placement for Drilling and Next Phase of Exploration Programs - More
- November 01, 2007 | Item | E-mail
Golden Eagle Advances C Zone Gold Project by Completing Critical Infrastructure on Its New Mill Site - More
- November 01, 2007 | Item | E-mail
Nickel Production Increasing Additional Promising Lockerby Drilling Results - More
- November 01, 2007 | Item | E-mail
Medallion Options the Amazing Grace Gold Property - More
- November 01, 2007 | Item | E-mail
Mirasol Announces Commencement of Drilling at the Claudia Gold-Silver Project in Argentina - More
- November 01, 2007 | Item | E-mail
J-Pacific Receives Funds from Exercise of Warrants - More
- November 01, 2007 | Item | E-mail
Acero-Martin Reports Additional Drilling Results From Its Pinaya Gold-Copper Project, Southern Peru - More
- November 01, 2007 | Item | E-mail
Merrex Expands Nova Scotia Regional Zinc Exploration - More
- November 01, 2007 | Item | E-mail
Nitro Lube, Inc. and Uranium City Mining Sign Definitive Agreement - More
- November 01, 2007 | Item | E-mail
Getty rejects Report on Business article as false and misleading - More
- November 01, 2007 | Item | E-mail
Wits Basin Announces Termination of Easyknit Merger - More
- November 01, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Hydrocyclone Tests Conducted by Senior Metallurgist at the Deer Trail Mill and Processing Facility - More
- November 01, 2007 | Item | E-mail
Capital Gold Announces Gold Production Totals for the First Quarter of Operations - More
- November 01, 2007 | Item | E-mail
More Hi-Grade Gold at Windfall Lake - More
- November 01, 2007 | Item | E-mail
Thistle announces signing of binding agreements with Pamodzi Gold Limited for its interests in the President Steyn Gold Mine - More
- November 01, 2007 | Item | E-mail
Western Warrior completes private placement of $700,000 equity offering - More
- November 01, 2007 | Item | E-mail
Crew Acquires 100% of Nalunaq Gold Mine, Greenland - More
- November 01, 2007 | Item | E-mail
African Gold Group, Inc: 25,000 Meter RC Drill Program Set to Start at Kobada, Mali - More
- November 01, 2007 | Item | E-mail
Western Goldfields Announces Third Quarter Results - More
- November 01, 2007 | Item | E-mail
Norsemont Mining Announces Bought-Deal Financing - More
- November 01, 2007 | Item | E-mail
Young-Shannon Gold Mines, Limited Announces Planned Non-Brokered Private Placement of Up To CDN$ 2,200,000.00 - More
- November 01, 2007 | Item | E-mail
Louvem Mines Reports its Third Quarter Results 2007 - More
- November 01, 2007 | Item | E-mail
General Metals Announces Closing of Unit Private Placement for Proceeds of $500,600 to Continue Phase 1 Drilling at Independence Mine - More
- November 01, 2007 | Item | E-mail
Keegan Drills 50 Meters of 1.0 g/t Gold and 166 m of 1.6 g/t at Esaase Gold Project - More
- November 01, 2007 | Item | E-mail
Silvio Announces Board Appointment and Changes in Key Corporate Positions - More
- November 01, 2007 | Item | E-mail
Tombstone Exploration Corporation Appoints Francisco P. Montecinos V.P. of Exploration - More
- November 01, 2007 | Item | E-mail
Little Squaw Unearths More Good Gold Values in Chandalar Trenching - More
- November 01, 2007 | Item | E-mail
Bolero Arranges US$10 Million Term Facility And NI 43-101 For Acquisition Of Silver Creek Molybdenum Deposit In Rico, Colorado - More
- November 01, 2007 | Item | E-mail
Zincore Drills 27 Metres of 6.7% Zinc and 0.9% Lead - More
- November 01, 2007 | Item | E-mail
FNX Announces Initial Reserves and Intersects Another High-Grade Zone at Podolsky - More
- November 01, 2007 | Item | E-mail
Grandview Announces Significant Carlin Trend Drilling Results - More
- November 01, 2007 | Item | E-mail
Rochester Achieves Profitability From Operations in First Quarter of Commercial Production - More
- November 01, 2007 | Item | E-mail
Amera Resources Corporation: Drill Program Update on Cocha Copper-Silver Project, Peru - More
- November 01, 2007 | Item | E-mail
JNR Announces Completion of 2007 Way Lake Exploration Program - More
- November 01, 2007 | Item | E-mail
Anvil Mining Limited - Third Quarter Results Conference Call on November 15 - More
- November 01, 2007 | Item | E-mail
Forum Announces $800,000 Private Placement - More
- November 01, 2007 | Item | E-mail
Kaituma Uranium Discovery, Guyana and legal title - More
- November 01, 2007 | Item | E-mail
New Gold Inc.: New Afton Mine Permit Approved - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that its application to develop the New Afton Copper-Gold Project into one of Canada's largest underground metal mines, has been approved. The project is located near Kamloops, British Columbia ("B.C.")." More
- November 01, 2007 | Item | E-mail
Cardero Settles Lawsuit Over Baja Project - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that, following prolonged negotiations, a mutually acceptable settlement for all participants has been reached in the action commenced by Western Telluric Resources Inc. and Minera Olympic, S. de R.L. de C.V. against the Company and others with respect to certain of the mineral tenures held by the Company in Baja California State, Mexico." More
- November 01, 2007 | Item | E-mail
Valencia to Acquire an 80% Interest in Silver Standard's Nuevo Juncal Silver Property - "The Nuevo Juncal property is located approximately 125 km southeast of Valencia's Cachinal Silver Project in northern Chile. Valencia has focused its corporate development effort in the region surrounding the Cachinal project to utilize its local expertise and knowledge to build on the resource the Company is establishing at Cachinal." More
- November 01, 2007 | Item | E-mail
Richmont Mines Inc.: Beaufor Mine Exploration Program Update - "Richmont Mines Inc. (Toronto:RIC.TO - News) (AMEX:RIC - News) and Louvem Mines (CDNX:LOV.V - News) today reported the current status and results of the ongoing exploration program at the Beaufor Mine located in northwestern Quebec." More
- November 01, 2007 | Item | E-mail
Exeter Resource Corporation: Metallurgical Testing Yields Excellent Gold and Silver Recoveries for High-Grade Cerro Moro Property - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that preliminary metallurgical testwork on a range of high-grade gold/silver mineralization from its Cero Morro project has yielded an average gold recovery of 94.8%." More
- November 01, 2007 | Item | E-mail
Silvercorp Acquires LM Silver-Lead Mine Near the Ying Silver Project, Henan Province, China - "Silvercorp Metals Inc. ("Silvercorp") (Toronto:SVM.TO - News) is pleased to announce that its 70% owned joint venture company, Henan Huawei Mining Co. Ltd. ("Huawei"), has signed an agreement to acquire a 100% of the operating LM Silver-Lead Mine, which has a mining permit of 3.07 square kilometres (km) in area and is located just southeast of the Ying silver project ("Ying Mine")." More
- November 01, 2007 | Item | E-mail
Richmont Mines Reports Financial Results for the Third Quarter of 2007 - "Revenue for the third quarter was $5,330,782 compared with $8,127,447 in the third quarter of 2006. The decrease was a result of a five-week shut-down at the Beaufor Mine for the replacement of its headframe structure, partially offset by a 46% improvement in the recovered grade." More
- November 01, 2007 | Item | E-mail
Royal Gold Announces First Quarter Fiscal 2008 Results - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, today announced first quarter fiscal 2008 net income of $5.8 million, or $0.20 per basic share, on royalty revenue of $12.8 million. This compares to net income for the first quarter of fiscal 2007 of $5.0 million, or $0.21 per basic share, on royalty revenue of approximately $9.9 million." More
- November 01, 2007 | Item | E-mail
Eldorado Gold Corporation: Q3 2007 Financial and Operational Results - "While we have experienced a setback this quarter with the temporary shutdown of our Kisladag mine, we continued to make progress on many fronts. At Tanjianshan we produced 37,775 ounces of gold at an average cash operating cost of $251 per ounce; completed a positive feasibility study of our Efemcukuru project and announced our decision to develop the Vila Nova Iron Ore project in Brazil." More
- November 01, 2007 | Item | E-mail
Randgold Resources Ld - 3rd Quarter Results - "Randgold Resources increased production and contained group costs in the quarter to September despite some operational and weather-related challenges at its Loulo mine in Mali. At the same time, a rescoped study of its Tongon project in Cote d'Ivoire has substantially increased its potential size." More
- November 01, 2007 | Item | E-mail
DRDGOLD's South African gold output up 11 pct in Q1 - "DRDGOLD (DRDJ.J: Quote, Profile, Research) increased first quarter gold output in South Africa by 11 percent to 89,157 ounces.
The company also posted an 9 percent increase in total gold production to 99,190 ounces on Thursday, but it has sold its mines in Australasia and its continuing operations are now only in its home base." More
- November 01, 2007 | Item | E-mail
AngloGold Ashanti Results for the Third Quarter Ended 30 September 2007 - "AngloGold Ashanti (NYSE:AU - News) reported improved gold production for the third quarter of 1.43 million ounces, which was 6% higher than the previous quarter. Cash costs were however also 7% up quarter-on-quarter, at $357/oz." More
- November 01, 2007 | Item | E-mail
Amseco Takes Uranium Properties in Havre St-Pierre, Cote-Nord, Quebec and Kipawa Uranium District, Temiscamingue - More
- November 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 November, 2007 | |
