-- Posted 8 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $835.20 | +$4.50 |
Silver | $15.47 | +$0.18 |
XAU | 189.44 | +0.48% |
HUI | 447.63 | -0.06% |
GDM | 1398.10 | -0.23% |
JSE Gold | 2622.29 | +3.08% |
USD | 75.44 | -0.12 |
Euro | 146.67 | -0.03 |
Yen | 89.04 | +0.59 |
Oil | $95.46 | -$0.91 |
10-Year | 4.273% | -0.061 |
T-Bond | 114.0625 | +0.34375 |
Dow | 13266.29 | -0.25% |
Nasdaq | 2696.00 | -1.92% |
S&P | 1474.77 | -0.06% |
The Metals:
Gold eventually fell slightly in mixed trade in Asia to as low as $826.85 before it rebounded in London and rose to find about $15 gains at as high as $845.65 by late morning in New York, but it then sold off markedly in afternoon trade and dropped to as low as $830.40 ahead of a nearly $5 rebound into the close that left it with a gain of 0.54% at a new 27 year high.
“Gold futures surged to finish at a record closing high of $837.50 an ounce on Thursday, topping the previous session's record by $4. The yellow metal was boosted by the dollar's fall against major rivals after Federal Reserve Chairman Ben Bernanke said that the weaker dollar is a key inflation risk. Gold for December delivery finished up $4 at $837.50 an ounce on the New York Mercantile Exchange. The previous record close was $833.50, set on Wednesday. The all-time high for a gold contract is still $875, set on Jan. 21, 1980.”
Silver fell to as low as $14.92 in Asia before it rose to as high as $15.802 by about noontime in New York, but it also sold off markedly in the last couple hours of trade and dropped to $15.37 before it bounced back higher in the last 15 minutes of trade and ended with a gain of 1.18% at a new 27 year high.
Euro gold remained at a record high above €568, platinum gained $4 to $1460, palladium remained unchanged at $372, and copper fell nearly 5 cents to about $3.27.
Gold and silver equities rose over 2% in the first 5 minutes of trade before they were dragged lower by general market weakness for most of the rest of day and saw about 1% losses by early afternoon, but they then rallied back higher in the last hour of trade and ended mixed and near unchanged.
NYMEX to raise gold and silver futures margins – Reuters
Gold hedging falls 2.1 mln oz in Jul-Sept - Mitsui - Reuters
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/03 | 317K | 325K | 330K |
Bernanke spoke before the joint economic committee and his testimony was overall taken to be dovish and supportive of another interest rate cut at the fed’s next meeting on December 11th as he noted “sluggish” US growth. As a result the chances for a fed rate cut at their next meeting went from 80-85% before his testimony to 115% after, meaning that some are looking for more than just a 25 basis point cut.
Tomorrow at 8:30AM EST brings Import and Export Prices for October 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 rose in early trade on geopolitical issues, a storm brewing in the North Sea, and a fire at a Bolero refinery in Texas, but gains turned to losses in later trade after natural gas stocks rose by 36 billion cubic feet and Bernanke’s dovish outlook suggested weaker demand going forward.
The U.S. dollar index ended off its lows but still ended at a new record low on Bernanke’s outlook for “sluggish” US growth that hinted towards further interest rate decreases from that fed that in turn sent treasuries higher while the yield on the 10-year fell under 4.275% for the first time in over two years.
The Dow and S&P fell for most of trade on mixed retail sales reports, more credit worries, and cautious Bernanke testimony while the Nasdaq was especially hit as Cisco noted a falloff in orders from US financial institutions in its earnings report today. This was discouraging to many as they previously believed the tech sector would remain immune to recent and ongoing problems in the credit market. The Dow and S&P were on track for the biggest 2 day decline since 2003, but out of nowhere they rallied back higher in the last hour of trade and ended only slightly lower. The Nasdaq closed off its lows but still scored its biggest 2 day decline since 2002.
Among the big names making news in the market today were Hansen Natural, McDonald’s, Cisco, Rio Tinto and BHP Billiton, Ford, Wal-Mart, Limited, Nordstrom, Morgan Stanley, and Marsh & McLennan.
The Commentary:
“Bernanke’s remarks today were not clear in their support for the diminishing US Dollar. Integrity in our financial institutions and the US Dollar are falling quickly. Restoring confidence is very difficult to undertake with current circumstances and the result is greater interest in real money. Gold’s integrity does not need to be questioned and that brings a level of confidence the US Dollar simply cannot produce as it loses its global appeal. Over the coming days and weeks, I would expect an attempt to stabilize the situation because at the current moment, it appears to be getting out of control. The big question on my mind is: Are the mechanisms of control used to stabilize situations able to do so at this time? Or is the situation so much larger that it is at the mercy of the free markets forces?
This is not a time I would want to be short gold or out of gold. Times like these are precisely the reason investors have gold and silver in their portfolios. It is an insurance policy against circumstances we are witnessing at this time.”- Peter Spina, www.goldforecaster.com
“December Gold finished up 4 at 837.5, 10 off the high and 5 up from the low.
December Silver closed up 0.19 at 15.515. This was 0.075 up from the low and 0.315 off the high.
The gold market seemed to forge a quasi double top with a rally Thursday that failed to hold. Apparently some traders were concerned that the sharp slide in the equity markets might have rekindled slowing or deflationary concerns while other traders were pushed out of the market as a result of a sharp slide in the Canadian Dollar. In other words, a sharp retrenchment in the Canadian Dollar might have prompted some traders to fret over a potential bounce in the US Dollar. It is also possible that some gold bulls were prompted to bank profits after the Fed's prediction that it could take until the 2nd quarter of 2008 before the US economy "rebounded". In other words, the fear of slowing and the rather significant slide in the US equity market seemed to temper the perfect storm in gold.
In addition to seeing the gold market fall back rather significantly from its early Thursday highs, the silver market was also periodically undermined as a result of moderate ongoing weakness in copper prices. However, relatively speaking the Silver market held together rather impressively in the face of an intensifying of macro economic slowing fears. After two extremely volatile trading sessions it is possible that even more volatility is on the way for the final trading session of the week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Rio Tinto soars after spurned bid from Billiton
China aims at dollar but Europe could get hit as euro soars
Gold eyes all-time high on currency crisis fears
Flush with cash, Ron Paul has hopes for New Hampshire
Fed officials hint at potential for still lower interest rates
On the verge of a worldwide currency crisis
Peter Grandich explains support for GATA
James Turk: Gold's infallible indicator -- six months later
The Statistics:
As of close of business: 11/7/2007
Gold Warehouse Stocks: | 7,246,134 | - |
Silver Warehouse Stocks: | 133,383,610 | -507,458 |
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$ 16,025m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,355 | US$ 2,629m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.06 | 483,815 | US$ 405m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.57 | 597,100 | US$ 498m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/7/2007 | |
Total Net Assets | $1,446,475,089 | Ounces of Gold
in Trust | 1,740,769.772 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.14 |
Note: Change in Total Tonnes from yesterday’s data: 1.23 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 11/7/2007 | |
Total Net Assets | $2,276,610,576 | 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:
A mining labor reform bill in Peru, Golden Star’s (GSS) completed debenture sale, ITH’s (THM) drill results, Minco’s (MGH) Plan of Arrangement update, Taseko’s (TGB) acquired Niobium project, Crystallex’s (KRY) expected Venezuelan permit, Aurizon’s (AZK) exploration results, Barrick’s (ABX) striking workers in Tanzania, Harmony’s (HMY) operation sale to Monarch, Scorpio’s (SPM.TO) drill results, Hecla’s (HL) third quarter results, and Silvermex’s (SMR.V) exploration results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Anglo American | AAUK +13.8% $37.02 |
2. Crystallex | KRY +9.59% $3.20 |
3. Randgold | GOLD+5.56% $37.40 |
LOSERS
1. Minco Gold | MGH -9.49% $1.24 |
2. Exeter | XRA -8.53% $4.7199 |
3. Jaguar | JAG -7.14% $11.71 |
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:
Iberian Receives NI 43-101 Report on the Condestable Mine From SRK Consulting - More
- November 08, 2007 | Item | E-mail
DPM Third Quarter 2007 Financial Results Amendment - More
- November 08, 2007 | Item | E-mail
Callinan Receives First Net Profits Interest From HudBay Minerals Inc. - More
- November 08, 2007 | Item | E-mail
Baffinland Reports Further Assay Results - More
- November 08, 2007 | Item | E-mail
Nevoro Inc. Appoints New Chief Financial Officer and Vice President, Legal Affairs - More
- November 08, 2007 | Item | E-mail
First Gold Options Cottonwood Project in Nevada - More
- November 08, 2007 | Item | E-mail
Bonaventure Announces Joint Venture on the Cottonwood Property, Nevada - More
- November 08, 2007 | Item | E-mail
Geoinformatics Files NI 43-101 Technical Report on the Whistler Gold-Copper Porphyry Project in Alaska - More
- November 08, 2007 | Item | E-mail
Nirek Announces a Warrant Backed Gold Bullion Bar - More
- November 08, 2007 | Item | E-mail
Campbell Resources Announces Third Quarter Financial Results - More
- November 08, 2007 | Item | E-mail
Peru Congress panel OKs reform for striking miners - "A Peruvian Congressional committee has passed a labor reform bill that was demanded by striking miners, and workers said on Thursday they could end a walkout if the bill is approved in a floor vote this week.
The bill passed by the committee would eliminate caps on profits that mining companies share with workers." More
- November 08, 2007 | Item | E-mail
USCorp Announces Discovery of High Titanium Magnetite at Twin Peaks Property - More
- November 08, 2007 | Item | E-mail
Acquisition of Processing Plant Next Step in Grenville's Silveria Development Plan - More
- November 08, 2007 | Item | E-mail
Grande Portage Resources Ltd. Confirms Successful Trip To Former Underground Mines - More
- November 08, 2007 | Item | E-mail
First Uranium's Ezulwini prospecting rights application receives conditional approval by South African Department of Minerals and Energy - More
- November 08, 2007 | Item | E-mail
Golden Star Completes Sale of US$125 Million Convertible Senior Unsecured Debentures - "Golden Star Resources Ltd. (AMEX: GSS - News)(TSX: GSC - News) (“Golden Star”) today announced that it has completed the sale of US$125 million aggregate principal amount of 4.0% Convertible Senior Unsecured Debentures due November 30, 2012 (the "Debentures"). The Debentures were sold to qualified institutional buyers in the United States in reliance on Rule 144A of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and on a private placement basis in Canada to accredited investors pursuant to applicable Canadian prospectus exemptions and in reliance on Regulation S under the Securities Act." More
- November 08, 2007 | Item | E-mail
ITH Expands Terra High-Grade Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the drill results for the final four holes of its 2007 exploration program at its Terra Project in Alaska. Resource definition results, which will form part of the forthcoming 43-101 resource estimate, continue to expand and confirm the extent and gold continuity of the Main Ben Vein." More
- November 08, 2007 | Item | E-mail
Minco Provides Further Update on Plan of Arrangement - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to announce that the effective date for the completion of the Plan of Arrangement between Minco Gold, Minco Base Metals Corporation ("MBM") and 0791852 B.C. Ltd. ("Newco") will be November 15, 2007. The effective date is the date on which the Arrangement will become legally effective." More
- November 08, 2007 | Item | E-mail
MacMillan Gold and West Timmins Mining Sign Property Option Letter Agreement - More
- November 08, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Lonco Drilling Completed - La Fortuna Drilling Resumed - More
- November 08, 2007 | Item | E-mail
Taseko Acquires Aley Niobium Project - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) announces that the Company has acquired the Aley Niobium project in Northern British Columbia from a privately held company." More
- November 08, 2007 | Item | E-mail
Mexivada discovers new porphyry molybdenum-rhenium system at Moly Dome, Nevada - More
- November 08, 2007 | Item | E-mail
Robex begins deep-drilling on Nampala - More
- November 08, 2007 | Item | E-mail
RJK Begins Drilling Goldie Gold Property - More
- November 08, 2007 | Item | E-mail
StrataGold Corporation - Eagle Zone open to East, South and Depth, Dublin Gulch, Yukon - More
- November 08, 2007 | Item | E-mail
Coro Mining Corp. Reports on Third Quarter 2007 - More
- November 08, 2007 | Item | E-mail
Roxmark completes acquisition of three properties along strike from Northern Empire Gold Mine - More
- November 08, 2007 | Item | E-mail
Pure Nickel Initiates Confirmation Drilling Program on Its William Lake Property in Manitoba - More
- November 08, 2007 | Item | E-mail
GLR Resources Inc. Grant of Stock Options - More
- November 08, 2007 | Item | E-mail
Klondex to Highlight Nevada Gold Exploration Progress at Hard Assets Investment Conference in San Francisco November 18th - 19th - Booth #100 - More
- November 08, 2007 | Item | E-mail
Typhoon to Distribute Diamond Frank Shares - More
- November 08, 2007 | Item | E-mail
Romios Encounters Galore Style Mineralization At "RNT" Zone, Newmont Lake Project, Northwest B.C. - More
- November 08, 2007 | Item | E-mail
Sea Green Announces Extension of Warrants - More
- November 08, 2007 | Item | E-mail
Azteca Announces Closing of Private Placement and Update on Exploration Drilling - More
- November 08, 2007 | Item | E-mail
Rocmec Signs Option to Acquire 6 Narrow Vein Gold Concessions in Peru - More
- November 08, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI): Mini-Mill and Metallurgical Lab Completed - More
- November 08, 2007 | Item | E-mail
Metanor - Update of the Work Completed on the Barry and Bachelor Properties - More
- November 08, 2007 | Item | E-mail
Diamond Fields' Liberia Gold discovery increases in size to cover an area of 3.52 km(2) and a strike length of 5.5 km - More
- November 08, 2007 | Item | E-mail
Gold hedging falls 2.1 mln oz in Jul-Sept - Mitsui - "Gold hedging by mining companies fell 2.1 million ounces to 29.1 million in the third quarter of 2007 and is expected to fall by about 13 million ounces in the full year, a report said." More
- November 08, 2007 | Item | E-mail
Crystallex expects Venezuela mine permit any time - "Canadian gold miner Crystallex (KRY.TO: Quote, Profile, Research)(KRY.A: Quote, Profile, Research) said on Thursday it expects to receive an environmental permit at any moment from the Venezuelan government to begin exploiting the Las Cristinas gold mine." More
- November 08, 2007 | Item | E-mail
Geneva Resources, Inc. Submits Additional Samples on Vilcoro Gold Property, Peru to Set Parameters for EM/IP Survey - More
- November 08, 2007 | Item | E-mail
Amerigo Announces Renewal of Share Repurchase Program - More
- November 08, 2007 | Item | E-mail
Farallon Announces Favourable Legal Ruling in Mexico - More
- November 08, 2007 | Item | E-mail
Farallon Updates Drilling at G-9 Deposit: High Zinc & Copper Grades Continue-6.8 Metres of 26% Zinc & 3.9% Copper in Hole 7668, New Resource Estimate Pending - More
- November 08, 2007 | Item | E-mail
Klondike Star Releases 2007 Annual Report - More
- November 08, 2007 | Item | E-mail
Midlands Minerals Reports Exploration Update on Sian-Ghana - More
- November 08, 2007 | Item | E-mail
Aldridge Minerals reports on resource upgrade and enlargement at Yenipazar deposit - More
- November 08, 2007 | Item | E-mail
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- November 08, 2007 | Item | E-mail
Canadian Royalties & C2C: New Bidlamaque Gold Project, Val-d'Or, Quebec 5,100 Metre Diamond Drilling Program Underway - More
- November 08, 2007 | Item | E-mail
Results for Q3 2007 - Profits continue to increase - Significant progress at Certej - More
- November 08, 2007 | Item | E-mail
Aurelio Intercepts 185 Ft Averaging 1.67% Cu at MAN Area of Hill Copper-Zinc Project, Arizona - More
- November 08, 2007 | Item | E-mail
Golden Phoenix Launches Geological Assessment of Drill Targets at Its Mineral Ridge Gold Mine - More
- November 08, 2007 | Item | E-mail
Grandview's Final Carlin Trend Assays Extend Mineralized Zone; Drill Holes Return Gold Values as High as 3.06 g/tonne Over 20 ft. - More
- November 08, 2007 | Item | E-mail
Canasia to Attend Strategic Investment Forum - More
- November 08, 2007 | Item | E-mail
Petaquilla Minerals Ltd. Announces Results of Annual General Meeting - More
- November 08, 2007 | Item | E-mail
U3O8 Corp. Commences Helicopter Radiometric Survey - More
- November 08, 2007 | Item | E-mail
Ur-Energy Acquires 100% Ownership of RS Property in Wyoming - More
- November 08, 2007 | Item | E-mail
Uranium Energy Corp Acquires New River Project in Arizona - More
- November 08, 2007 | Item | E-mail
Aurizon Reports Rare Earth and Uranium Discoveries at Kipawa Gold-Uranium Project - More
- November 08, 2007 | Item | E-mail
Aurizon Reports Rare Earth and Uranium Discoveries at Kipawa Gold-Uranium Project - "The Kipawa area is located approximately 100 kilometres south of Rouyn-Noranda, along the provincial border, and is accessible via logging roads. The project covers a strike length of 75 kilometres, halfway between the Elliot Lake uranium camp and the Abitibi gold belt camp, within the Grenville Front, surrounding the alkaline Kipawa complex." More
- November 08, 2007 | Item | E-mail
Urex Energy Corporation Starts Exploration in Argentina - More
- November 08, 2007 | Item | E-mail
Paladin Resources Ltd.: Kayelekera Litigation Update-Project Proceeding on Schedule - More
- November 08, 2007 | Item | E-mail
Canam Energy Inc. (CNGJ) Announces Appointment of Senior Geophysical and Mine Technician - More
- November 08, 2007 | Item | E-mail
Scorpio's Additional Deep Drilling of Sept 9 Zone from 11th level of the Nuestra Senora Deposit Hits 410 g/t Ag, 3.32% Zn, 1.30% Cu, 0.68% Pb and 0.269 g/t Au - "The intersections of the Sept 9 zone from the 11th Level (Table 2) display consistent metal contents and widths, which compliment those of the nearby Nuestra Senora body as reported on November 2, 2007. It appears the related structural dilation zones are wider at depth, creating larger structural voids in which mineral deposition occurred." More
- November 08, 2007 | Item | E-mail
Hecla Reports Robust Third Quarter Results: Increased Income, Gross Profit and Cash Flow - "Hecla Mining Company (NYSE:HL - News) today reported increased income, gross profit and cash flow for the third quarter of 2007 compared to the same quarter a year ago. Hecla recorded income applicable to common shareholders of $12.4 million, or 10¢ per share, for the third quarter of 2007 compared to $0.9 million, or 1¢ per share, in the same quarter a year ago." More
- November 08, 2007 | Item | E-mail
Silvermex Resources Ltd.: Lobos Project, Sonora, Mexico - "Silvermex Resources Ltd. (TSX VENTURE:SMR - News) wishes to announce the results from a first phase surface exploration program on its 100% owned, 2,830 hectare Lobos project located in northwestern Sonora, Mexico. The property lies along the Sea of Cortez, approximately 90 km from Puerto Penasco, the largest major center in the region." More
- November 08, 2007 | Item | E-mail
Tanzania union awaits mediator in Barrick strike - "A union of striking workers at Tanzania's Bulyanhulu gold mine, owned by Canada's Barrick Gold Corp (ABX.TO: Quote, Profile, Research), has given its grievances to a mediator and is waiting to meet Barrick, the union said on Thursday." More
- November 08, 2007 | Item | E-mail
Harmony says to sell Australian op to Monarch - "Harmony (HARJ.J: Quote, Profile, Research) said on Thursday it plans to sell its Mount Magnet operations for A$65 million Australian-based junior miner Monarch Gold Mining Company (MON.AX: Quote, Profile, Research)." More
- November 08, 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 8 November, 2007 | |
