-- Posted 5 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $807.10 | +$1.10 |
Silver | $14.67 | +$0.14 |
XAU | 186.61 | -0.54% |
HUI | 436.75 | -0.60% |
GDM | 1372.82 | -0.50% |
JSE Gold | 2415.07 | +1.00% |
USD | 76.43 | +0.16 |
Euro | 144.69 | -0.38 |
Yen | 87.51 | +0.36 |
Oil | $93.98 | -$1.95 |
10-Year | 4.318% | +0.027 |
T-Bond | 114.1875 | -0.3125 |
Dow | 13543.40 | -0.38% |
Nasdaq | 2795.18 | -0.54% |
S&P | 1502.17 | -0.50% |
The Metals:
Gold fell in Asia and dropped to as low as $800.65 in London, but it then jumped higher in early afternoon trade in New York and closed about $4 off its high with a gain of 0.14% at a new 27 year high. Silver rose to its highest level since May of 2006 and closed with a gain of 0.96% to end just 27 cents away from breaking through that high set 18 months ago.
Euro gold rose to over €556, platinum gained $5 to $1459 to a new all-time high, palladium lost $2 to $371, and copper fell a few cents to about $3.37.
Gold and silver equities fell nearly 2% at the open and then rallied to find slight gains by early afternoon before they fell back to their lows of the session by about 2:30PM EST, but they then rallied back higher into the close and ended with minimal losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Oct | 55.8 | 54.0 | 54.8 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about $2 in morning New York trade before it rebounded to about unchanged by early afternoon, but it then fell back off into the close and ended near its lows on worries that credit market problems may result in lower demand in the future.
The U.S. dollar index rebounded slightly from Friday’s new all time low as ISM Services came in better than expected and pushed interest rates higher and treasuries lower despite continued credit market worries that dragged the Dow, Nasdaq, and S&P lower for most of the day, but all three indices rebounded to end well off their lows by the close despite those concerns.
Among the big names making news in the market today were Burger King, Citigroup, IAC/InterActiveCorp, and H&R Block.
The Commentary:
“December Gold finished up 2.3 at 810.8, 3 off the high and 5.8 up from the low.
December Silver closed up 0.186 at 14.785. This was 0.255 up from the low and 0.075 off the high.
Just ahead of mid session the gold market managed to climb back into positive ground and managed to do so despite the fact that the US Dollar remained in positive ground. Perhaps a mid morning bounce in the equity market and a slight recovery in oil prices provided the gold market with a fresh bullish incentive. In fact, on the mid day rally the December gold contract actually managed a fresh new high for the move and that should have countervailed a large portion of the early bearishness. With the equity market falling back toward its lows for the day just ahead of the metals close, one almost got the sense metals were shedding the deflationary mentality and regaining some measure of flight to quality interest.
Like the gold market the silver market managed to throw off the early weakness to charge back to a fresh new high for the move. Since the rally in silver took place without a commensurate rally in oil, equities or a decline in the Dollar one almost gets the sense that some fresh form of flight to quality buying interest was being seen. Even more surprising is the fact that the silver market managed a 40 cent intraday rally and did so in the face of a choppy to weak copper market. It should also be noted that even in the face of an early afternoon failure in the equity market, silver prices mostly managed to hold above the prior session's highs.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Dollar slide may prompt joint intervention, Morgan Stanley says
Supermodel joins hedge fund managers in dumping dollars
Rubin becomes Citigroup chairman amid mounting losses
Silver treatment cures antibiotic-resistant staph infection
Doug Noland's Credit Bubble Bulletin: The road to ruin
Qatar won't automatically copy U.S. interest rates anymore
Turk sees silver catching up; to Burak, gold seems unstoppable
CitiGroup CEO may quit at urgent meeting; Rubin asked to take over
The Statistics:
As of close of business: 11/02/2007
Gold Warehouse Stocks: | 7,346,693 | +1,543 |
Silver Warehouse Stocks: | 133,287,694 | -362,541 |
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$ 15,296m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.87 | 3,146,460 | US$ 2,537m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,831 | US$ 391m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,133 | US$ 475m |
Note: Change in Total Tonnes from yesterday’s data: 0.24 tonnes were added to the trust.
COMEX Gold Trust (IAU)
Profile as of 11/5/2007 | |
Total Net Assets | $1,374,673,016 | Ounces of Gold
in Trust | 1,701,209.307 |
Shares Outstanding | 17,200,000 | Tonnes of Gold
in Trust | 52.91 |
Note: Change in Total Tonnes from yesterday’s data: 0.60 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 11/5/2007 | |
Total Net Assets | $2,085,255,414 | Ounces of Silver
in Trust | 143,919,713.200 |
Shares Outstanding | 14,500,000 | Tonnes of Silver
in Trust | 4,476.40 |
Note: Change in Total Tonnes from yesterday’s data: 1.81 tonnes were removed from the trust.
The Stocks:
A mining strike in Peru, Tanzanian Royalty’s (TRE) thoughts on a proposed US mining law, AngloGold’s (AU) shut mine, International Royalty’s (ROY) completed bought-deal financing, Royal Gold’s (RGLD) public offering, Northgate’s (NXG) quarterly results, Yamana’s (AUY) completed formal offer for Meridian (MDG), Mines Management’s (MGN) completed $10 million private placement with Silver Wheaton (SLW), and MAG Silver’s (MVG) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines Management | MGN +13.66% $4.66 |
2. Allied Nevada | ANV +7.74% $8.35 |
3. Endeavour | EXK +6.98% $4.75 |
LOSERS
1. Royal Gold | RGLD-10.14% $29.41 |
2. Northgate | NXG -7.72% $3.11 |
3. ITH | THM -5.12% $2.41 |
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:
Uranium Hunter Engages VP3 GeoServices Ltd to Complete Due Diligence on 8600 km2 "Karoo" Project in South Western Tanzania - More
- November 05, 2007 | Item | E-mail
HudBay Announces Exploration Drilling in South West Ontario - More
- November 05, 2007 | Item | E-mail
Longview Capital Partners Congratulates Nevada Copper on Significantly Increasing Copper Resource - More
- November 05, 2007 | Item | E-mail
Denison Mines Corp. Third Quarter Conference Call Friday, November 9, 2007 - More
- November 05, 2007 | Item | E-mail
Novawest Resources Inc. - Private placement closed - More
- November 05, 2007 | Item | E-mail
$1.1 Million Private Placement Completed - More
- November 05, 2007 | Item | E-mail
Coro Mining Corp.: Acquisition of Andrea Copper Gold Prospect and New Claim Positions in South-Central Chile - More
- November 05, 2007 | Item | E-mail
Notice: DPM 2007 Third Quarter Financial Results - More
- November 05, 2007 | Item | E-mail
Workers go on strike at mines across Peru - "Workers demanding more benefits went on strike on Monday at mines across Peru, and the government urged them to return to their jobs in the fast-growing Andean economy." More
- November 05, 2007 | Item | E-mail
Purepoint Uranium Group Inc. Appoints Martin Schady to the Board of Directors - More
- November 05, 2007 | Item | E-mail
Shoshone Announces Management Change - More
- November 05, 2007 | Item | E-mail
Proposed US Mining Law Reinforces Tanzanian Royalty's Strategy to Focus on Republic of Tanzania - "Tanzanian Royalty wishes to announce that the recent passing of a bill by the U.S. House of Representatives requiring hard-rock mining companies to pay non-profit based royalties on minerals extracted from public lands will have no material impact on the company whatsoever." More
- November 05, 2007 | Item | E-mail
Geoinformatics Updates Exploration on Its Equity and Royalty Holdings - More
- November 05, 2007 | Item | E-mail
Roxmark completes another $1 million flow-through financing with MineralFields Group - More
- November 05, 2007 | Item | E-mail
First Metals Blasts and Ships From Fabie Bay - More
- November 05, 2007 | Item | E-mail
EXMIN Completes Private Placement Over-Allotment - More
- November 05, 2007 | Item | E-mail
Guyana Goldfields Inc.: Aurora Exploration Update-More Gold at Aurora - More
- November 05, 2007 | Item | E-mail
Katanga and Glencore Announce Completion of US$150 Million Loan - More
- November 05, 2007 | Item | E-mail
Canadian Arrow and Treaty No. 3 First Nations Discuss Kenbridge Nickel Project - More
- November 05, 2007 | Item | E-mail
Mines Management Announces Completion of US$10 Million Private Placement with Silver Wheaton - "Mines Management, Inc. (AMEX:MGN - News) (TSX:MGT - News) (the "Company") is pleased to announce it has completed a US$10 million private placement of its common stock to Silver Wheaton Corp. (TSX:SLW - News) (NYSE:SLW - News). The transaction provided for the issuance of 2.5 million shares at a price of US$4.00 per share (the "Shares")." More
- November 05, 2007 | Item | E-mail
Silver Wheaton Acquires 11% Interest in Mines Management and Right of First Refusal Over Silver Stream - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News) (NYSE:SLW - News) is pleased to announce that it has acquired 2,500,000 common shares of Mines Management, Inc. ("Mines Management") (Toronto:MGT.TO - News) (AMEX:MGN - News) at a price of US$4.00 per share for a total purchase price of US$10,000,000. The proceeds of the offering are primarily intended for use on further development of Mines Management's Montanore silver-copper project (the "Montanore Project"), one of the world's 30 largest silver deposits." More
- November 05, 2007 | Item | E-mail
Freegold Appoints Manz and Knight as Directors, Medd as Chairman - More
- November 05, 2007 | Item | E-mail
Rockcliff Drilling Intersects Massive Sulphides at Snow Lake - More
- November 05, 2007 | Item | E-mail
Goldcorp Declares Eleventh Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its eleventh monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, November 16, 2007 will be entitled to receive payment of this dividend on Friday, November 23, 2007." More
- November 05, 2007 | Item | E-mail
Strike at Buenaventura's main silver mine in Peru - "Striking workers halted operations at Buenaventura's (BUEv.LM: Quote, Profile, Research)(BVN.N: Quote, Profile, Research) Uchucchuacua mine, Peru's biggest silver mine, Chief Executive Roque Benavides said on Monday." More
- November 05, 2007 | Item | E-mail
Millstream Expands Land Position at Its Potter Property in North Eastern Ontario - More
- November 05, 2007 | Item | E-mail
Phase 9B $525,000 Exploration Budget on River Valley, River Valley Platinum Group Metals Project, Sudbury, Ontario - More
- November 05, 2007 | Item | E-mail
Premier to sell Pickle Crow Project - More
- November 05, 2007 | Item | E-mail
Alberta Star Intersects 60.20 Meters of 0.37% Copper at the K2-IOCG Discovery at Contact Lake, NT - More
- November 05, 2007 | Item | E-mail
Advanced Explorations Inc. to Increase Previously Announced Flow Through Financing to $9,622,000 - More
- November 05, 2007 | Item | E-mail
Yamiri Gold and Energy Inc. signs Letter of Intent to acquire high-grade gold property in Uruguay - More
- November 05, 2007 | Item | E-mail
Richview Resources Inc. Completes $3.3 Million Private Placement with the MineralFields Group - More
- November 05, 2007 | Item | E-mail
Norsemont Mining Announces Constancia Scoping Study Results - More
- November 05, 2007 | Item | E-mail
Unico, Inc. Releases November 2007 Issue of Investor Newsletter Highlighting Recent Activities at the Deer Trail Mine - More
- November 05, 2007 | Item | E-mail
Hemisphere Gold Reports on Progress From Gold Exploration - More
- November 05, 2007 | Item | E-mail
Red Dragon Announces Update on Drilling Program on the Baoming Lead-Zinc Project - More
- November 05, 2007 | Item | E-mail
Fortune Minerals updates the Golden Giant Mine dismantling & relocation to Nico - More
- November 05, 2007 | Item | E-mail
Beaufield Acquires 100% of the Tortigny-Troilus Properties - More
- November 05, 2007 | Item | E-mail
Anvil Mining Limited - Update - More
- November 05, 2007 | Item | E-mail
Vantex Obtains 232.49 g/t Au Over 1 Metre on Guillet - More
- November 05, 2007 | Item | E-mail
Grande Portage Resources Ltd. Announces Summary of 2007 Diamond Drilling - More
- November 05, 2007 | Item | E-mail
Liberty Receives Conditional Approval for TSX Listing - More
- November 05, 2007 | Item | E-mail
First Uranium begins toll treating gold ore from its Ezulwini Mine - More
- November 05, 2007 | Item | E-mail
Drill Results From the Guazapares Project - More
- November 05, 2007 | Item | E-mail
Gold Resource Corporation Hits Possible Second Gold Vein at El Rey Returning 1.5 Meters of 11.22 Grams / Tonne Gold and 986 Grams / Tonne Silver - More
- November 05, 2007 | Item | E-mail
DPM Exploration Delivers Major New Molybdenum-Rhenium Project in Serbia; Scoping Study Underway - More
- November 05, 2007 | Item | E-mail
Canplats Commences Drilling at Camino Rojo - More
- November 05, 2007 | Item | E-mail
AngloGold mine shut; SAfrica union prepares strike - "South Africa's AngloGold Ashanti Ltd (ANGJ.J: Quote, Profile, Research) said it expected a government inspection to be conducted on Monday at one of its larger mines, which was shut on Friday after a miner was killed in a rock-fall." More
- November 05, 2007 | Item | E-mail
Canasia Hires Prominent European Investor Relations Firm - More
- November 05, 2007 | Item | E-mail
Bullion River Gold Reports Expected Initial Positive Cash Flow for French Gulch Operations in October 2007 - More
- November 05, 2007 | Item | E-mail
Stillwater Mining Reports Third Quarter 2007 Results - More
- November 05, 2007 | Item | E-mail
Gemini Explorations Inc. Increases Projected Cash Flow of the Los Chorros Gold Mine - More
- November 05, 2007 | Item | E-mail
Mustang Minerals Corp.: Surface Sampling Yields 3.6% Nickel at Maskwa Property - More
- November 05, 2007 | Item | E-mail
Dhanoa Minerals Ltd. Models New Facility and Engages Private Equity Firms - More
- November 05, 2007 | Item | E-mail
U Mining Resources Inc. in Negotiations With Technology Firm to Conduct Airborne Magnetic and Radiological Surveys on Laurentide 1 and 2 - More
- November 05, 2007 | Item | E-mail
Uranium Energy Corp Announces Progress at Its Cebolleta Uranium Project - More
- November 05, 2007 | Item | E-mail
Consolidated Pacific Bay Minerals Ltd.: Drilling Underway on Pacific Bay Otish Uranium Claims, Quebec - More
- November 05, 2007 | Item | E-mail
Ahead of the Bell: USEC Declines - More
- November 05, 2007 | Item | E-mail
International Royalty Corporation completes bought-deal financing - "International Royalty Corporation (TSX: IRC - News; AMEX: ROY - News; the "Company" or "IRC") announced today that it has closed an offering of 10,400,000 common shares of IRC at a price of C$6.30 per common share which includes 400,000 common shares issued on exercise of the over-allotment option. Total gross proceeds were C$65,520,000." More
- November 05, 2007 | Item | E-mail
MAG Silver & Penoles Update Results at Valdecanas - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") and Industrias Penoles S.A.B. de C.V. ("Penoles") announce assay results have been received for Hole GB and provide visual information on the results from the most easterly hole to date, Hole UE." More
- November 05, 2007 | Item | E-mail
Royal Gold Announces Commencement of Public Offering of Mandatory Convertible Preferred Stock - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX:RGL - News), the leading publicly-traded precious metals royalty company, today announced that it has commenced a public offering of 1.0 million shares of its mandatory convertible preferred stock ("Preferred Stock") for $100.00 per share." More
- November 05, 2007 | Item | E-mail
Yamana Gold Completes Formal Offer for Meridian Gold; Acquires Approximately 90% of Meridian Shares - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced that it has taken up and accepted for payment an additional 13.3 million common shares of Meridian Gold Inc. as part of the ordinary course extension of its offer. Together with the approximately 78 million shares previously taken up and accepted for payment, Yamana now owns 90,813,237 million shares, representing approximately 90 percent of the outstanding common shares of Meridian." More
- November 05, 2007 | Item | E-mail
Northgate reports strong quarterly production and record low cash cost; Announces friendly proposal to acquire Perseverance Corporation - "Northgate Minerals Corporation (TSX: NGX - News; AMEX: NXG - News) today reported cash flow from operations of $29,445,000 or $0.12 per diluted common share and a net loss of $11,937,000 or $0.05 per diluted common share for the third quarter of 2007. The net loss for the quarter included a $32,347,000 non-cash write-down of the carrying value of the Kemess North project. Excluding this charge, earnings would have been approximately $6,000,000 for the quarter." More
- November 05, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 November, 2007 | |
