-- Posted 6 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $820.70 | +$13.60 |
Silver | $15.24 | +$0.57 |
XAU | 193.17 | +3.52% |
HUI | 455.93 | +4.38% |
GDM | 1427.58 | +3.98% |
JSE Gold | 2470.78 | +2.31% |
USD | 76.04 | -0.39 |
Euro | 145.56 | +0.87 |
Yen | 87.36 | -0.15 |
Oil | $96.70 | +$2.72 |
10-Year | 4.357% | +0.039 |
T-Bond | 113.75 | -0.4375 |
Dow | 13660.94 | +0.87% |
Nasdaq | 2825.18 | +1.07% |
S&P | 1520.27 | +1.20% |
The Metals:
Gold steadily rose throughout trade in Asia, London, and New York and climbed to as high as $824.50 by just before noon EST before it fell back off slightly into the close, but it still ended with a gain of 1.69% at a new 27 year high. Silver exploded higher and leaped past its May 2006 high to join gold at new 27 year highs. It climbed to as high as $15.45 by late morning in New York before it also came back off a bit into the close, but it still ended with an impressive gain of 3.89%.
Euro gold rose to over €564, platinum gained $14 to $1473 to a new record high, palladium gained $4 to $375, and copper rose over 4 cents to about $3.41.
Gold and silver equities steadily rose throughout most of trade and ended with roughly 4% gains at new all-time highs.
Central banks step up gold sales as prices approach all-time highs Resource Investor
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the preliminary reading for 3rd quarter Productivity expected at 3.1% and at 10AM is the Wholesale Inventories report for September expected at 0.1%. At 3PM is Consumer Credit for September expected at $8.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose about 3% to a new all-time high above $97 on an attack on a pipeline in Yemen, bombings in Afghanistan, increased demand forecasts, and worries over supply draw downs in tomorrow’s inventory reports.
The U.S. dollar index fell to yet another new record low all the way to under 86 at one point before it rebounded a bit, but it still ended with a loss of more than 0.5%. Interest rate outlooks continue to pressure the currency as the fed is only seen as cutting interest rates further in the U.S. while the European Central Bank may raise interest rates at their future meetings.
Treasuries fell as the Dow, Nasdaq, and S&P rose on partially easing credit worries as Goldman Sachs again came out and denied that it was facing a large write down to cover credit market losses as other financial institutions have been forced to do.
Among the big names making news in the market today were Molson Coors, InterContinental, Citigroup, and IndyMac.
The Commentary:
“December Gold finished up 12.6 at 823.4, 4.6 off the high and 2.9 up from the low.
December Silver closed up 0.595 at 15.38. This was 0.35 up from the low and 0.075 off the high.
The gold market started out strong and then ran up into mid session before falling back as much as $7 an ounce before rebounding back toward the highs. News that a Yemen oil pipeline was attacked added to the already tense geopolitical situation that was taking place in Pakistan. With the Dollar hammered into fresh new lows for the move and a host of physical commodity markets giving off signs of inflation it wasn't surprising to see gold remain well bid. In fact, with the IMF throwing off warnings that the sharp rise in oil prices is increasing the chance of a world food price shock, one could suggest that gold was seeing as much inflation buying on Tuesday as it was flight to quality buying.
With December silver prices forging a rather significant upward extension the market managed to rise above the critical 2006 highs and that in turn puts the silver market in somewhat the same category as the gold market. Apparently spot silver prices reached up to the highest price level in 27 years and that probably serves to fan even more investment dialogue in the Press. As mentioned in the mid day coverage the silver market was certainly being lifted by a tide of physical commodity buying, which in turn seems to be fostered by classic inflation expectations.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India's largest bank gets into gold coin retailing
John Dizard: Treading the foothills of a gold bull market
Ted Butler sounds cautious for silver in the short term
Grandich Letter's special alert cites GATA's work
The Statistics:
As of close of business: 11/6/2007
Gold Warehouse Stocks: | 7,246,134 | -100,559 |
Silver Warehouse Stocks: | 133,891,068 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.53 | 19,211,042 | US$ 15,454m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,425 | US$ 2,586m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,826 | US$ 398m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,113 | US$ 480m |
Note: No change in Total Tonnes from yesterday’s data.
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: No change in Total Tonnes from yesterday’s data.
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: No change in Total Tonnes from yesterday’s data.
The Stocks:
NovaGold’s (NG) “battle” with Barrick (ABX) over Donlin Creek, Entree Gold’s (EGI) C$43M financing, Almaden’s (AAU) completed field programs, Paramount’s (PZG) assay results, Kimber’s (KBX) new chairman, Fronteer’s (FRG) drilling, Royal Gold’s (RGLD) priced public offering, UC Resources’ (UC.V) new president, Yale’s (YLL.V) assay results, and Silver Dragon’s (SDRG.OB) new board member were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla | HL+14.08% $11.18 |
2. Coeur | CDE+13.54% $4.36 |
3. Exeter | XRA+12.21% $5.24 |
LOSERS
1. Vista Gold | VGZ-2.28% $7.28 |
2. Crystallex | KRY -0.99% $3.01 |
3. ITH | THM-0.41% $2.40 |
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:
NovaGold Girds for Battle - "Currently, NovaGold owns 70% of Donlin Creek, an undeveloped deposit estimated to have more than 30 million ounces of gold, with Barrick holding the remaining 30%. But if Barrick can deliver on two important items before Nov. 13 then it can up its own stake to 70% and leave NovaGold with just 30%." More
- November 06, 2007 | Item | E-mail
Entree Gold Announces C$43,000,000 Financing - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") has entered into an agreement, dated November 5, 2007, with a Canadian underwriter, for the purchase of 10,000,000 common shares of the Company. The offering price is C$3.00, representing proceeds of C$30,000,000." More
- November 06, 2007 | Item | E-mail
Gentor begins trading on the OTCBB - More
- November 06, 2007 | Item | E-mail
Almaden Completes Nevada Exploration Programs - "Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden") is pleased to announce that it has completed field programs on three of its 100% owned gold-silver projects in Nevada recently acquired through staking (see Almaden news release of November 6, 2007). The work program on each of the projects consisted of Induced Polarization (IP) geophysics, grid soil sampling, rock-chip sampling and geologic and alteration mapping." More
- November 06, 2007 | Item | E-mail
Olympus Continues to Extend High-Grade Gold Intersections at Phuoc Son - More
- November 06, 2007 | Item | E-mail
UC Resources Anounces Jim Voisin as New President - "Mr. Voisin, age 50, has been very active in the mining industry for the past twenty years, including previous Board of Director experience, numerous investor relations assignments, and senior executive positions. He is the very recent past President of Cadillac Ventures Inc. and presently President of First Mexican Resources Inc. Previous to the mining industry experiences he served on the Board of Directors of OK Tire, a corporation with one billion dollars in sales, based in Langley, B.C." More
- November 06, 2007 | Item | E-mail
GoldSpring, Inc. Announces Additions to Its Comstock Lode Team - More
- November 06, 2007 | Item | E-mail
Joint Venture Partner Newmont Begins Field Work on Birim's Banda Ahenkro Property in Ghana - More
- November 06, 2007 | Item | E-mail
Tara Gold Announces Assay Results From San Miguel Drill Program - More
- November 06, 2007 | Item | E-mail
Mantis increases land position at 100% owned Orphan ('DikDik') Mine and bordering Kodiak Exploration - More
- November 06, 2007 | Item | E-mail
Vena Resources Reports Positive Drill Results at Pucara Polymetallic Project - More
- November 06, 2007 | Item | E-mail
Franconia Minerals Appoints William C. Brice as Director of Government & Community Relations - More
- November 06, 2007 | Item | E-mail
No set deadline for Cigar Lake repairs -Cameco COO - More
- November 06, 2007 | Item | E-mail
Mercator corporate and construction updates - More
- November 06, 2007 | Item | E-mail
Mirasol Announces Appointment of Paul Lhotka as Principal Geologist - More
- November 06, 2007 | Item | E-mail
Rocmec's Third Diamond Drill Hole Confirms Significant Mineralised Structure (Boucher Gold Zone) at Rocmec 1 - More
- November 06, 2007 | Item | E-mail
Stingray Copper Drill Results-5 More Holes From El Pilar Copper Property - More
- November 06, 2007 | Item | E-mail
Farallon Resources Ltd.: Mexican Prosecutor Rules on Criminal Misconduct Case - More
- November 06, 2007 | Item | E-mail
Romarco Intercepts Another 6 g/t Gold in Pine Grove Drilling - More
- November 06, 2007 | Item | E-mail
Typhoon Secures Fayolle Project by Surface Rights Acquisition - More
- November 06, 2007 | Item | E-mail
SRA and Nyrstar Agree to Process MTM Concentrate at Clarksville - More
- November 06, 2007 | Item | E-mail
Northern Shield Resources Intersects Critical Zone and Platinum-bearing Zone - More
- November 06, 2007 | Item | E-mail
Agreement With KTTM Geophysics to Conduct Survey on M-10 Concession, Ecuador - More
- November 06, 2007 | Item | E-mail
Probe Mines Announces Closing of $3,500,000 Non-Brokered Private Placement - More
- November 06, 2007 | Item | E-mail
Hana Mining Retains AGORACOM to Provide Investor Relations, Social Network and Google Search Engine Program - More
- November 06, 2007 | Item | E-mail
Etruscan's Finkolo Gold Project in Mali hits 6 meters of 33 grams - More
- November 06, 2007 | Item | E-mail
Simberi Mining Announces Results of Ground Geophysical Survey in Australia - More
- November 06, 2007 | Item | E-mail
Bellhaven Initiates Geophysical Survey at the Los Hatillos Concession in Panama's Veraguas Gold Belt - More
- November 06, 2007 | Item | E-mail
Merrex Geochemical Results Expands Siribaya Gold Project - More
- November 06, 2007 | Item | E-mail
Golden Band Resources commences drilling at the Decade gold mine - More
- November 06, 2007 | Item | E-mail
Paragon Extends Precious Metal-Rich Massive Sulphides at South Tally Pond - More
- November 06, 2007 | Item | E-mail
La Quinta Resource Corp. Retains Renmark Financial Communications Inc. - More
- November 06, 2007 | Item | E-mail
Private Placement completed for $507,500; Drilling underway at Okeover Copper/Molybdenum Project - More
- November 06, 2007 | Item | E-mail
Hawk Uranium Inc. Closes Private Placement of Flow-Through Units - More
- November 06, 2007 | Item | E-mail
Hinterland to drill recently acquired Raney Gold Property, Ontario - More
- November 06, 2007 | Item | E-mail
Northland Provides Update on Aesir Mining - More
- November 06, 2007 | Item | E-mail
Joint News Release: Full Metal and Highbury Discover 8.9 g/t Gold Over 11 Meters in Trench at Moore Creek Property - More
- November 06, 2007 | Item | E-mail
MetalCORP; Drilling Intersects Large Quartz Vein with Exceptional Grades of Molybdenum (Mo) - Rhenium (Re) - Silver (Ag) in All Holes on Big Lake Property - More
- November 06, 2007 | Item | E-mail
Stealth Minerals Limited: Sofia Drilling Discovers New Copper-Gold Porphyry System in Toodoggone Region of Britsh Columbia - More
- November 06, 2007 | Item | E-mail
Norsemont Mining Announces Exercise of Underwriters' Option - More
- November 06, 2007 | Item | E-mail
Recommended Merger of Katanga and Nikanor to Create a Leading African Copper and Cobalt Company - More
- November 06, 2007 | Item | E-mail
Uranium 308 Corp.: Janchivlan Drill Program Commences - More
- November 06, 2007 | Item | E-mail
Spirit Exploration Announces $4.8 Million Joint Venture on Maria Olivia Gold Project and One Million Shares in JV Company - More
- November 06, 2007 | Item | E-mail
Nithi Mountain Moly Property Drill Results - More
- November 06, 2007 | Item | E-mail
Noront Provides Project Update - More
- November 06, 2007 | Item | E-mail
Selwyn Resources Expands Underground Mineral Potential at Don Deposit - More
- November 06, 2007 | Item | E-mail
Strait Gold Adds to Property Portfolio With Two Option Agreements - More
- November 06, 2007 | Item | E-mail
Dr. Douglas Oliver Affirms Commitment to Hemis - More
- November 06, 2007 | Item | E-mail
Gerald Riverin Joins Board of Yorbeau Resources - More
- November 06, 2007 | Item | E-mail
General Metals Management Discusses Historical and Current Exploration Plans for Ongoing Phase I Drilling at Independence Mine - More
- November 06, 2007 | Item | E-mail
North American Palladium Reports Third Quarter 2007 Financial Results - More
- November 06, 2007 | Item | E-mail
Anglo Swiss Resources Encounters Significant Sulphide Mineralization During Drilling at Its Kenville Mine Property, Nelson, BC - More
- November 06, 2007 | Item | E-mail
Grande Portage Resources Ltd. To Explore Former Underground Mines - More
- November 06, 2007 | Item | E-mail
Castillian Intersects 38.5 Meters Grading 0.64% Nickel and 0.34% Copper, Including 9.85 Meters Grading 1.32% Nickel and 0.43% Copper at Mangabal South - More
- November 06, 2007 | Item | E-mail
Yale Releases First Assays From La Verde Grande Mine - "Yale Resources Ltd. (CDNX:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to release the first set of assay results from the La Verde Mine with a highlight sample of 1.97 m grading 4.86 % Cu, 131.0 g/t Ag, 0.26 % Zn and 3.28 g/t Au. The La Verde Grande Mine is one of eight known deposits/targets within the wholly owned 26.4 square km La Verde Project, located 45 km northwest of Hermosillo, Sonora State, Mexico." More
- November 06, 2007 | Item | E-mail
Paramount Gold and Silver Corp. Announces Assay Results From the San Miguel Project Drilling Program - "Paramount Gold and Silver Corp. (Toronto:PZG-TO.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce that it has received assay results from an additional seven drill holes in the La Veronica area of its San Miguel project in the Guazapares Mining District, Mexico." More
- November 06, 2007 | Item | E-mail
Kimber Announces New Chairman of The Board - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) announces that Mr. Peter Nixon has been appointed as Chairman of the Company's Board of Directors, replacing Mr. Larry Bell. Mr. Nixon, who is also a director of Miramar Mining Corporation, Dundee Precious Metals, Reunion Gold Corporation, and Stornoway Diamond Corporation, brings more than 30 years of experience in research and institutional equity sales, largely focused in the mining industry. Mr. Bell will remain a director and Chairman of the Audit Committee." More
- November 06, 2007 | Item | E-mail
Pure Nickel Grants Option on Quebec Properties to Manicouagan Minerals - More
- November 06, 2007 | Item | E-mail
Drill Program Reinforces Fronteer's Sandman Gold Deposits in Nevada - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") is pleased to announce that recent drilling has further strengthened the economic significance of its Sandman project, one of the Company's principal Nevada assets obtained through the recent acquisition of NewWest Gold." More
- November 06, 2007 | Item | E-mail
Manicouagan Expands Near North Nickel-Copper-PGE Mid Quebec Exploration Portfolio-Options Former Xstrata Nickel Properties From Pure Nickel - More
- November 06, 2007 | Item | E-mail
Molycor Announces $600,000 Private Placement - More
- November 06, 2007 | Item | E-mail
Mexoro Minerals Corporate Update - More
- November 06, 2007 | Item | E-mail
AAA Energy Inc. Undertakes Due Diligence on China Moly Prospects - More
- November 06, 2007 | Item | E-mail
Pan African Mining Corp. Reports Progress on Its Mozambique Gold Projects - More
- November 06, 2007 | Item | E-mail
New Assay Results Sedimentary Uranium Deposit Wakeham Basin, Havre St.Pierre Area - More
- November 06, 2007 | Item | E-mail
Royal Gold Announces Pricing of Mandatory Convertible Preferred Stock Offering - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSE: RGL - News) the leading publicly-traded precious metals royalty company, today announced that it has set the price for the public offering of 1,000,000 shares of its 7.25% mandatory convertible preferred stock ("Preferred Stock") at $100 per share." More
- November 06, 2007 | Item | E-mail
Silver Dragon Appoints Terry Christopher, Ph.D. to Board of Directors - "The addition of Terry to our Board of Directors represents our continued and ongoing commitment to further develop an experienced and results-oriented team of financial and mining professionals,'' commented Mr. Marc Hazout, President and Chief Executive Officer of Silver Dragon Resources Inc. ``Terry's experience in the resource sector and expertise in geology and geochemistry will bring strong technical leadership to the company." More
- November 06, 2007 | Item | E-mail
Congo says most mining firms to stay despite review - "Democratic Republic of Congo's mines minister said on Tuesday most mining companies operating in the country would remain in the long term despite a review of contracts being carried out by the government." More
- November 06, 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 6 November, 2007 | |
