-- Posted 7 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $830.70 | +$10.00 |
Silver | $15.29 | +$0.05 |
XAU | 188.53 | -2.40% |
HUI | 447.90 | -1.76% |
GDM | 1401.39 | -1.83% |
JSE Gold | 2543.88 | +2.96% |
USD | 75.56 | -0.48 |
Euro | 146.70 | +1.14 |
Yen | 88.45 | +1.09 |
Oil | $96.37 | -$0.33 |
10-Year | 4.334% | -0.023 |
T-Bond | 113.71875 | -0.03125 |
Dow | 13300.02 | -2.64% |
Nasdaq | 2748.76 | -2.70% |
S&P | 1475.62 | -2.94% |
The Metals:
Gold extended yesterday’s record run higher in after hours access trade and continued to climb in Asia and London to see nearly $25 gains at as high as $845.65 before it fell back off for most of trade in New York, but it still ended with a gain of 1.22% at a new 27 year high. Silver added nearly a dollar to yesterday’s advance at as high as $16.21 in early London trade before it also fell back off in New York, but it still ended with a gain of 0.33% at a new 27 year high of its own.
“Gold futures rallied to close at a new record high of $833.50 an ounce on Wednesday, as a broad-based sell-off in the U.S. dollar boosted the metal's appeal as an inflation hedge and a safe haven. On the New York Mercantile Exchange, gold for December delivery rallied $10.10 to end at $833.50, a record closing high for a front-month gold contract. The previous record settle was $825.50 set on Jan. 21, 1980. The record high for a gold contract is still $875 set on the same date.”
Euro gold rose to a new record high above €568, platinum lost $17 to $1456, palladium lost $3 to $372, and copper fell nearly 10 cents to about $3.32.
Gold and silver equities rose to new record highs with nearly 2% gains at the open, but they then fell off with the major indices in afternoon trade and ended with roughly 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Productivity | Q3 | 4.9% | 3.1% | 2.2% |
Wholesale Inventories | Sep | 0.8% | 0.1% | 0.7% |
Consumer Credit | Sep | $3.7B | $8.5B | $15.4B |
Tomorrow at 8:30AM EST brings Import and Export Prices for October, Initial Jobless Claims for 11/03, and the Trade Balance for September expected at -$58.5 billion. At 10AM is the preliminary reading for Michigan Sentiment expected at 80.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after inventories declined less than expected and a markedly weak general market raised concerns over demand going forward, but it did end just slightly lower after it had climbed to a new record high above $98 in earlier trade. Oil and gasoline inventories both fell 800,000 barrels, distillates built 100,000 barrels, and refinery utilization remained unchanged at 86.2%.
The U.S. dollar index fell nearly 1% more to yet another new record low on more comments from China that they may adjust their reserves. Traders also looked forward to tomorrow’s European Central Bank and Bank of England meetings that are expected to keep interest rates unchanged despite a declining fed funds rate in the US.
Treasuries rose as the Dow, Nasdaq, and S&P fell nearly 3% on worries over a record low dollar that continues to plunge on concerns over the credit market.
Among the big names making news in the market today were Fannie Mae and Freddie Mac, Sara Lee, General Motors, and Time Warner.
The Commentary:
“December Gold finished up 10.1 at 833.5, 10 off the high and 2.5 up from the low.
December Silver closed down 0.055 at 15.325. This was 0.055 up from the low and 0.475 off the high.
The gold market traded higher on Wednesday as another sharp decline in the Dollar and early gains in crude oil prices continued to fan inflation concerns. Flight to safety buying in gold was also evident since the stock market plunged lower on fears that more financial service companies will reveal big losses tied to the subprime mortgage crisis. This outlook along with comments from Fed member Poole are raising expectations the Fed will cut rates again in December. However, with gold approaching the key $850 per ounce level, it appears some traders decided to take profits during the session which trimmed gains and left gold to trade in the mid to lower range of Wednesday's session. A turn lower in crude oil during the session may have also been a factor capping gains in gold. However, the environment for gold remains bullish and a report that China will be diversifying out of their Dollar reserve holding is certainly a bullish development for gold.
After an early surge higher in silver, profit taking significantly trimmed gains. Certainly the market had become over bought after seeing a sharp move higher over the past 4 sessions. However, we suspect the market was also undermined by news that Peru's government deemed the mine worker's strike illegal. If workers didn't return to the mine, it would mean mining companies could fire striking workers and in effect cut short any disruption in silver production. We also suspect the silver market is being undermined by the sharp sell off in equity markets since it dampens the macro economic outlook which impacts silver as an industrial metal.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Dollar falls to record low on Chinese talk of diversifying reserves
Risk of mortgage securities fire sale mounts
Dollar falls off cliff; 'Midas' commentary posted at GoldSeek
Downgrade of bond insurers may prompt new credit panic
Roger Wiegand: Breakout day for commodities
Ron Paul invests mostly in precious metals and commodities
Ron Paul's one-day Internet donation haul is Republican record
The Statistics:
As of close of business: 11/6/2007
Gold Warehouse Stocks: | 7,246,134 | -100,559 |
Silver Warehouse Stocks: | 133,891,068 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 597.35 | 19,205,266 | US$ 15,795m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,390 | US$ 2,625m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,820 | US$ 404m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,107 | US$ 491m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.18 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/6/2007 | |
Total Net Assets | $1,396,263,309 | 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 11/6/2007 | |
Total Net Assets | $2,152,869,114 | 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:
Workers returning to work in Peru, Paramount’s (PZG) private placement, Minco Gold’s (MGH) business license, Seabridge’s (SA) completed drill program, Pacific Rim’s (PMU) extended land sale closing date, Exeter’s (XRA) metallurgical testwork, Taseko’s (TGB) mine expansion update, Apollo Gold’s (AGT) drill contract, Vista Gold’s (VGZ) board of director change, UC Resource’s (UC.V) financials filing delay, and Silver Standard’s (SSRI) increased resources were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH+5.38% $1.37 |
2. IAMGOLD | IAG +5.38% $9.59 |
3. Paramount | PZG+4.93% $2.34 |
LOSERS
1. Vista Gold | VGZ-13.74% $6.28 |
2. Nevsun | NSU -9.92% $2.18 |
3. Rubicon | RBY -7.28% $1.91 |
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 308 Corp. Names David Lorge as Vice-President of Exploration - More
- November 07, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. lists warrants on the TSX - More
- November 07, 2007 | Item | E-mail
Paramount Gold and Silver Corp. Announces $2.4 Million Private Placement - "Paramount Gold and Silver Corp. (Toronto:PZG-TO.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce a US$2.4 Million private placement financing of restricted stock at US$2.40 per unit. Each unit is comprised of one share of restricted common stock and one common share purchase warrant ("Unit"). Each warrant is exercisable to acquire one common share at an exercise price of US$3.25 for a period of two years." More
- November 07, 2007 | Item | E-mail
Seafield Encouraged by Picachos Sampling-4,975 Grams per Tonne (g/t) Silver, 8.61 g/t gold (0.25 Ounce/Tonne) - More
- November 07, 2007 | Item | E-mail
MDN Provides Corporate Development Update - More
- November 07, 2007 | Item | E-mail
Purepoint Uranium Group Inc.: Drilling Commences at Hook Lake Project - More
- November 07, 2007 | Item | E-mail
Vior Releases Inferred Resource Estimate of 1.8 Million Ounces of Gold for Douay - More
- November 07, 2007 | Item | E-mail
DRC Justice Minister Confirms Akam Mining Purchased Non Existent Shares - More
- November 07, 2007 | Item | E-mail
Adventure Gold Appoints Marco Gagnon as President & Ceo - More
- November 07, 2007 | Item | E-mail
GBS Gold International Inc.: Drilling and Exploration Update - More
- November 07, 2007 | Item | E-mail
Goldeye Reports 5.55 g/t Gold Over 4.62 Metres From Juby North Joint Venture - More
- November 07, 2007 | Item | E-mail
Timberline Reports Record Revenue, Provides Corporate Update - More
- November 07, 2007 | Item | E-mail
Ecuador says to set mine royalties "case by case" - "Ecuador plans to impose new mining royalties on private companies working in the country on a "case by case" basis, Oil and Mining Minister Galo Chiriboga said on Wednesday." More
- November 07, 2007 | Item | E-mail
Minco Gold Receives Business Licence and Begins Drilling at Xiaoshan Gold Project - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to announce that it has received the business licence for Henan Minzhong Mining Co., Ltd., a cooperative joint-venture established between the Company and Henan Nonferrous Geological Mining Co., Ltd. ("HNGM") to jointly explore and develop the Xiaoshan polymetallic project located in Henan Province, China. Under the terms of the agreement, Minco can earn up to 70% equity interests in Xiaoshan with a total contribution of RMB 35 million (approx US$ 4.57 million)." More
- November 07, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. Announces the Issuance of Common Shares Pursuant to Letter Agreement with St. Andrew Goldfields Ltd. - More
- November 07, 2007 | Item | E-mail
Northern Shield Resources Identifies and Stakes Vast Layered Intrusion Target in James Bay Lowlands - More
- November 07, 2007 | Item | E-mail
Cue Resources Ltd. Reports Positive Results From Drilling at the Yuty Uranium Project, Paraguay; Adds Third Drill Rig - More
- November 07, 2007 | Item | E-mail
Chapleau Significantly Expands Gold Potential at Coringa/11 New Gold Targets Identified - More
- November 07, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Annual Report & Accounts - More
- November 07, 2007 | Item | E-mail
Sierra Gold Corporation Announces Equipment Order - More
- November 07, 2007 | Item | E-mail
Drilling identifies Gadarwara as a gold prospect in a banded iron formation; De Beers terminates Banda Option - More
- November 07, 2007 | Item | E-mail
Fieldex initiates copper nickel resource calculations at Midrim - More
- November 07, 2007 | Item | E-mail
Romarco Commences Drilling on Red Canyon, Cortez - More
- November 07, 2007 | Item | E-mail
Luna Gold hits a gold mineralized zone at its Red Rock project, Nevada - More
- November 07, 2007 | Item | E-mail
Moneta Acquires Interest in Windjammer Gold Property From Newmont - More
- November 07, 2007 | Item | E-mail
Canyon Copper Corp. - Appointment of Ben Ainsworth as President - More
- November 07, 2007 | Item | E-mail
Unico, Inc. Reports Progress of Equipment Startup Testing Including Upgrades to the Ball Mill at the Deer Trail Mill and Processing Facility - More
- November 07, 2007 | Item | E-mail
Golden Hope Mines Engages Barnes McInerney for Investor Relations Consulting - More
- November 07, 2007 | Item | E-mail
Virgin Metals Provides Update on Mexico Projects - More
- November 07, 2007 | Item | E-mail
Premier-Goldcorp drilling intersects high-grade gold mineralization in Red Lake - More
- November 07, 2007 | Item | E-mail
Uranium Power Corp. Announces Plans for US and Canadian Projects - More
- November 07, 2007 | Item | E-mail
Dutch Gold Resources Takes Initial Step Toward Becoming Fully Reporting - More
- November 07, 2007 | Item | E-mail
Sarissa Resources, Inc. Acquires Gold Property in Pacaud Township, Kirkland Lake Ontario - More
- November 07, 2007 | Item | E-mail
Rox Resources Ltd. Announces Completion of the Acquisition of the Fox Mine Property, a Former Past Producing Copper-Zinc Mine, Located in Manitoba, Canada - More
- November 07, 2007 | Item | E-mail
Puma Exploration : 1.5 kg/t Ag, 3.5% Zn, 9.8% Pb, and 3.6 g/t Au over 3.5 Metres on Surface at Nicholas-Denys - More
- November 07, 2007 | Item | E-mail
Eastmain Resources Inc.: Clearwater Project Drilling Update -- Visible Gold in 19 Intersections - More
- November 07, 2007 | Item | E-mail
Garibaldi Resources Corp.: Annual General Meeting Update, Hiring of Exploration Manager-Temoris and Grant of Stock Options - More
- November 07, 2007 | Item | E-mail
African Gold Group, Inc: Manso Atwere Yields 22 Meters of 2.36 g/t Au From Footwall of Artisanal Pit - More
- November 07, 2007 | Item | E-mail
Standard Silver Corp. Acquires the King Mine (Pink Sheets: SDSR) - More
- November 07, 2007 | Item | E-mail
Hemisphere Gold Reports Assay Results as High as 3.55 Ounces/Ton Gold From Alimonie South Grid Samples - More
- November 07, 2007 | Item | E-mail
Titan Resources International Inc.: The Silver Lining - More
- November 07, 2007 | Item | E-mail
Aldridge Minerals Inc. announces director resignation - More
- November 07, 2007 | Item | E-mail
PolyMet Updates EIS and Permit Schedule for Its NorthMet Copper-Nickel-Precious Metals Project - More
- November 07, 2007 | Item | E-mail
High Desert Gold Corporation Announces Drilling has Been Completed at the Markham Wash Porphyry Copper-Gold Prospect Located in Central Arizona - More
- November 07, 2007 | Item | E-mail
Hemis Announces Joint Venture with Monte Cristo Gold Corporation at El Tigre - More
- November 07, 2007 | Item | E-mail
Second Project Being Drilled as Drilling Commences on Miranda Gold's Red Canyon Project - More
- November 07, 2007 | Item | E-mail
Searchlight Minerals Corp. provides construction update on Clarkdale Slag Project - More
- November 07, 2007 | Item | E-mail
Aquila Resources Inc.: Step Out Drilling Continues to Expand Pinwheel Massive Sulfide - More
- November 07, 2007 | Item | E-mail
Temex intersects gold mineralization in several holes on Juby North Property - More
- November 07, 2007 | Item | E-mail
Thompson Creek schedules Q3 2007 financial results conference call/webcast for November 9 at 11:00 a.m. Eastern - More
- November 07, 2007 | Item | E-mail
Rochester Resources Ltd.: Drift Development Results at Tajos Cuates Confirm Extension of High Grade Gold/Silver Vein System - More
- November 07, 2007 | Item | E-mail
Construction Begins at Adanac's Ruby Creek Project - More
- November 07, 2007 | Item | E-mail
Molycor Gold Corp. and Goldrea Resources Corp.: Diamond Drilling Update; Crow-Rea West Empress Molybdenum - More
- November 07, 2007 | Item | E-mail
Asia Now Accelerates Drill Program to Test 130-Metre-Thick Gold and Base-Metal Zone at Beiya - More
- November 07, 2007 | Item | E-mail
Erin Ventures Inc.: Belize Gold Production Update - More
- November 07, 2007 | Item | E-mail
Gemini Explorations, Inc. Provides Second Payment to Acquire the Los Chorros Gold Mine - More
- November 07, 2007 | Item | E-mail
Drill Program Completed at Seabridge Gold's Mitchell Deposit - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that it has completed its 2007 core drill program at its Mitchell deposit consisting of 37 holes totaling 15,294 meters. Resource Modeling Inc. ("RMI") has been commissioned by Seabridge to update the existing resource estimate for Mitchell following receipt of all assay results. Mitchell is one of three gold-copper porphyry deposits located on Seabridge's 100% owned Kerr-Sulphurets project near Stewart, British Columbia, Canada." More
- November 07, 2007 | Item | E-mail
UC Resources Announces Delay in Filing Financials - "UC Resources Ltd. ("UC" or "the Company") (CDNX:UC.V - News) wishes to advise that it is in default of filing its year-end financial statements and MD&A for the twelve months ended June 30, 2007 which were to have been filed on or before October 30, 2007 pursuant to relevant securities laws." More
- November 07, 2007 | Item | E-mail
Pacific Rim Mining Corp.: Denton-Rawhide Land Sale Closing Date Extended - "Pacific Rim Mining Corp. ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) and Kennecott Rawhide Mining Company, joint venture partners at the Denton-Rawhide residual leach gold operation near Fallon, NV ("the Rawhide Joint Venture"), have signed an amendment to the October 2004 Property Purchase and Sale Agreement (the "Agreement") with Nevada Resource Recovery Group LLC ("NRRG") of Reno, NV extending the closing date of the sale to on or before October 31, 2008." More
- November 07, 2007 | Item | E-mail
Exeter Resource Corporation: Caspiche Gold Property Metallurgical Testwork Indicates Potential for Heap Leaching of Oxide Mineralization - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that preliminary metallurgical testwork has confirmed that the supergene, oxide, and transition porphyry mineralization intersected earlier this year at its Caspiche gold property in Chile appears to be amenable to heap leaching. The testwork was conducted on composite samples taken from CSDH_013 which averaged 0.9 g/t gold (0.026 oz/ton) over a length of 304 metres (1,000 feet)." More
- November 07, 2007 | Item | E-mail
Taseko Updates Progress of Gibraltar Mine Expansion - "As of the end of October, approximately $64 million has been spent for the Phase 1 expansion and modernization project which will increase daily milling capacity to 46,000 tons. The project remains on budget at a total investment of $74 million." More
- November 07, 2007 | Item | E-mail
Apollo Gold Signs Core Drilling Contract With Falcon Drilling Ltd. for Its Huizopa Project in Mexico - "Apollo Gold Corporation (“Apollo” or the “Company”) is pleased to announce that the Company has entered into a contract with Falcon Drilling Ltd., of British Columbia, Canada to complete approximately 4,000 meters of core drilling at Apollo’s Huizopa project in Mexico." More
- November 07, 2007 | Item | E-mail
Pele Mountain Appoints Fergus Kerr Vice-President of Uranium Operations to Lead Mine Development at Elliot Lake - More
- November 07, 2007 | Item | E-mail
Silver Standard Resources Inc.: Infill Drilling Increases Pitarrilla's Indicated Silver Resources by 32.7 Million Oz - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to report that project resources have again increased at its wholly-owned Pitarrilla silver project located in the state of Durango, Mexico. The increased resource is now comprised of measured and indicated silver resources totalling 383.1 million ounces, an increase of 32.7 million ounces, and inferred silver resources of 193.2 million ounces. All of the silver resource increase is in the Breccia Ridge Zone where infill drilling has been the priority." More
- November 07, 2007 | Item | E-mail
Yanacocha Peru miners return to work after strike - "Unionized mine workers at the Yanacocha gold mine in Peru returned to their jobs on Wednesday after two days of striking, a union leader said." More
- November 07, 2007 | Item | E-mail
Vista Gold Corp. Announces Board of Directors and Corporate Personnel Changes; Decision to Fund Initial Development of Paredones Amarillos Project, Mexico - "Vista Gold Corp. (Amex: VGZ; TSX) announces that it is with regret that the Corporation's Board of Directors accepted the resignation of Robert A. Quartermain from the Board of Directors effective today. Mr. Quartermain cited pressing business requirements at Silver Standard Resources, Inc., where he is President and a director; as his reason for resigning; but announced that he will continue to assist the Corporation over the next 12 months as Special Advisor to the Board of Directors." More
- November 07, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 7 November, 2007 | |
