-- Posted 13 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $797.00 | -$8.90 |
Silver | $14.55 | -$0.18 |
XAU | 176.27 | +2.40% |
HUI | 417.49 | +2.30% |
GDM | 1301.54 | +2.57% |
JSE Gold | 2585.75 | -0.83% |
USD | 75.88 | -0.21 |
Euro | 145.95 | +0.30 |
Yen | 90.48 | -0.47 |
Oil | $91.17 | -$3.45 |
10-Year | 4.256% | +0.031 |
T-Bond | 114.40625 | -0.28125 |
Dow | 13307.09 | +2.46% |
Nasdaq | 2673.65 | +3.46% |
S&P | 1481.05 | +2.91% |
The Metals:
Gold continued yesterday’s fall in after hours access trade and dropped to as low as $790.10 by early trade in Asia before it rallied back to $808.70 by the end of trade in Hong Kong. After that it waffled on either side of unchanged in London and early morning New York trade ahead of a late morning drop to $793.75, but it then came off that low in afternoon trade and ended with a loss of 1.10%.
Silver dropped to $14.31 in after hours access trade yesterday before it rallied to as high as $14.90 by midmorning in New York, but it then fell back off in the last few hours of trade and ended with a loss of 1.22%.
Euro gold fell to about €546, platinum gained $29 to $1415, palladium gained $5 to $369, and copper remained at about $3.15.
Gold and silver equities rose over 2.5% at the open before they fell back near unchanged by late morning, but they then rallied back higher in afternoon trade and ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Oct | -$55.6B | -$59.0B | -$49.3B |
Pending Home Sales | Sep | 0.2% | -2.5% | -6.5% |
Tomorrow at 8:30AM EST brings PPI for October expected at 0.3%, Core PPI expected at 0.2%, and Retail Sales for October expected at 0.2% with sales excluding autos expected at 0.3%. At 10AM is the Business Inventories report for September expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell markedly as the International Energy Agency lowered its world demand forecast and provided a catalyst for speculative positions to bail out and take profits from the recent record run. Inventory reports, normally due out tomorrow, are delayed until Thursday due to the Veteran’s Day Holiday.
The U.S. dollar index fell back off after yesterday’s rebound, but it did end short of making a new all-time low.
Treasuries fell while the Dow, Nasdaq, and S&P rallied over 2% from oversold conditions as Wal-Mart did not lower guidance as many feared and financials rebounded on a lack of more bad news about significant writedowns related to credit problems. Traders seemed especially encouraged by Goldman Sachs who again reiterated, today by their CEO Lloyd Blankfein, that they would not have a big writedown as many other financial institutions have had to do.
Among the big names making news in the market today were Bank of America, Home Depot, Countrywide, Wal-Mart, and Citigroup.
The Commentary:
"December Gold finished down 8.7 at 799, 10.3 off the high and 3.3 up from the low.
December Silver closed down 0.152 at 14.61. This was 0.1 up from the low and 0.295 off the high.
The gold market initially waffled around unchanged but as the energy complex came under progressively more aggressive selling pressure it seemed as if gold prices were being pulled down again by broad based physical commodity liquidation fears. Once again it seemed as if the December gold contract was attracted to the even number $800 level. However, with European gold closing below $800 and the US market also failing at that critical psychological level it was clear that the bearish bias in gold from the prior session remained in place on Tuesday. Certainly residual strength in the December US Dollar Index probably kept up the currency related pressure on gold during the action Tuesday and it goes without saying that the aggressive slide in oil prices favored the gold bears.
While December silver managed to respect the prior session's low, it was clear from the action in gold and energy prices that outside market influences were serving to keep silver prices off balance on Tuesday. However, it should be noted that silver prices managed to test positive ground on several occasions and managed that strength in the face of ongoing weakness in gold prices. It is possible that favorable equity market action temporarily distracted the silver, platinum and copper prices from the growing fear of a full blown physical commodity market washout.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The cop on the beat
Dollar drop puts UAE at 'crossroads' on currency link
Redburn Partners vindicates GATA in 'Gold War' report
Let 'em eat banknotes: British food prices soar
No free market here: Japan threatens currency speculators
E*Trade sinks 59% on losses and fear of bankruptcy
The Statistics:
As of close of business: 11/12/2007
Gold Warehouse Stocks: | 7,345,863 | - |
Silver Warehouse Stocks: | 133,539,483 | -94,067 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 599.50 | 19,274,450 | US$ 15,485m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,180 | US$ 2,509m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.33 | 492,537 | US$ 393m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,923 | US$ 489m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/12/2007 | |
Total Net Assets | $1,402,528,267 | Ounces of Gold
in Trust | 1,740,769.772 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.14 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/12/2007 | |
Total Net Assets | $2,201,131,662 | Ounces of Silver
in Trust | 145,408,391.000 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,522.71 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Allied Nevada’s (ANV) third quarter results, Tanzanian Royalty’s (TRE) private placement, New Gold’s (NGD) third quarter results, Taseko’s (TGB) private placement, Metallica’s (MRB) third quarter results, Great Basin’s (GBN) exploration update, IAMGOLD’s (IAG) third quarter results and project update, ECU’s (ECU.TO) third quarter results and CFO appointment, Great Panther’s (GPR.TO) drilling, SNS’ (SNS.V) drill results, Yale’s (YLL.V) assay results, First Majestic’s (FR.V) project update, Excellon’s (EXN.V) exploration results, and Alexco’s (AXU) increased resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MGH+17.86% $1.32 |
2. Fronteer | FRG +7.04% $12.31 |
3. Great Basin | GBN +6.57% $3.08 |
LOSERS
1. Gammon Gold | GRS -8.13% $7.68 |
2. Paramount | PZG -7.02% $2.12 |
3. Richmont | RIC -6.29% $3.28 |
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:
Allied Nevada Announces Third Quarter 2007 Financial Results - "For the quarter ended September 30, 2007, which was its first complete quarter of operations, the Company reported a consolidated net loss of $ 3.4 million ($0.08 per share), compared with a consolidated net loss of $0.9 million for the third quarter of 2006." More
- November 13, 2007 | Item | E-mail
Ernst & Young Pvt. Ltd. engaged for $10 million financing - More
- November 13, 2007 | Item | E-mail
Airborne Geophysical Survey Completed at Bokan Mountain - More
- November 13, 2007 | Item | E-mail
ECU Silver Announces Third Quarter Financial Results and Appointment of a Chief Financial Officer - "The net loss for the 3rd quarter of 2007 was $1,493,464 or $0.01 per share, compared with net loss of $2,116,894 or $0.01 per share for the same period in 2006. The change is due to the shift in focus from production to exploration and development at the mines and additional administration costs described above." More
- November 13, 2007 | Item | E-mail
Vantex Resources Ltd. Announces Flow-Through Financing - More
- November 13, 2007 | Item | E-mail
Valdez Gold provides update on Jarros Norte - More
- November 13, 2007 | Item | E-mail
Largo Intersects 53.6 Metres Grading 0.32% Tungsten at Northern Dancer Tungsten-Molybdenum Project, Yukon - More
- November 13, 2007 | Item | E-mail
Gitennes Exploration - Update on TotoRoko drilling - More
- November 13, 2007 | Item | E-mail
Tagish Reports on Gold and Silver Values in the Rainbow Two Zone - More
- November 13, 2007 | Item | E-mail
Iamgold profit meets expectations, shares climb - "Gold miner Iamgold Corp (IMG.TO: Quote, Profile, Research) said on Tuesday its third-quarter profit rose 45 percent due to the incorporation of acquisitions made last year, but per-share profit was slightly lower.
Iamgold, which acquired rival Canadian miner Cambior last year, earned $19.5 million, or 7 cents a share, in the quarter, compared with $13.4 million, or 8 cents a share, a year earlier. Revenue rose 2 percent to $170.2 million." More
- November 13, 2007 | Item | E-mail
MacDonald Mines Commences Diamond Drilling of McNugget Nickel Property; Senior Management Team Presents to First Nations Community of Webequie - More
- November 13, 2007 | Item | E-mail
Tanzanian Royalty Chairman Completes Third Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair has completed the third tranche of the private placement announced on August 10, 2006 (the "Placement") whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2007." More
- November 13, 2007 | Item | E-mail
Baja Mining Secures US$64 Million Equipment Lease Agreement With Caterpillar Financial - More
- November 13, 2007 | Item | E-mail
New Gold Inc.: Third Quarter 2007 Financial Results - "The Company incurred a loss of $16.4 million or $0.45 per share in the third quarter compared with a loss of $750,000 or $0.03 per share in the third quarter of 2006. On a year-to-date basis, the Company incurred a loss of $18.9 million or $0.66 per share as compared to $2.1 million in the comparative period in 2006." More
- November 13, 2007 | Item | E-mail
Capella Announces Update on Its Atlantic Canada Properties - More
- November 13, 2007 | Item | E-mail
Altair Ventures Inc.: Diamond Drilling Commences on the San Antonio Project, Chihuahua - More
- November 13, 2007 | Item | E-mail
Great Panther Resources Limited: Diamond Drilling Commences on the San Antonio Project, Chihuahua - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that diamond drilling has commenced on the San Antonio project in southern Chihuahua State, Mexico. The program will comprise a minimum of 1,500 metres in 9 holes and will test a district scale epithermal system that has been identified on the 11,946 hectare property." More
- November 13, 2007 | Item | E-mail
New Migori Drilling Programme Commences in Kenya; Company Announces Plan to Undertake Feasibility Study - More
- November 13, 2007 | Item | E-mail
Tara Gold Increases Las Minitas Project Holdings to 79 Square Kilometres and Signs Definitive Agreement With Pershimco - More
- November 13, 2007 | Item | E-mail
Pershimco Extends Land Position at Las Minitas in Sonora Mexico and Signs Definitive Agreement With Tara Gold - More
- November 13, 2007 | Item | E-mail
Mainstream Minerals Discovers Rare Metals and Rare Earth Elements - More
- November 13, 2007 | Item | E-mail
Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zones - More
- November 13, 2007 | Item | E-mail
Talon Metals reports Third Quarter 2007 results - More
- November 13, 2007 | Item | E-mail
Douglas Lake Minerals Signs MOU With Chinese Mining Institute - More
- November 13, 2007 | Item | E-mail
King's Bay Gold Discovers Rare Metals and Rare Earth Elements - More
- November 13, 2007 | Item | E-mail
Brazauro Project Update - More
- November 13, 2007 | Item | E-mail
Uranium Bay Completes First 10 Holes of Drill Campaign, Gains More Insight of Uranium Mineralized Alaskites - More
- November 13, 2007 | Item | E-mail
Blue Note Mining Increases Mineral Claim Holdings in the Bathurst Mining Camp - More
- November 13, 2007 | Item | E-mail
Benton Resources Corp. (BTC) Receives Confirmation From Partner on Kingurutik Lake Copper-Nickel-Cobalt Project in Labrador - More
- November 13, 2007 | Item | E-mail
Bellhaven Announces Private Placement to Raise CA$3.8 Million for Development of the Cerro Quema Gold Project - More
- November 13, 2007 | Item | E-mail
CNG Kicks off Winter Exploration on Bullard Pass Gold Project - More
- November 13, 2007 | Item | E-mail
Macusani Yellowcake Intersects 4.69 Metres Grading 4.28 Lbs U3O8/Tonne (0.1941% U3O8) in New Discovery at Colibri II Property at Macusani, Peru - More
- November 13, 2007 | Item | E-mail
Atlanta Gold Inc. announces further drill results from the East Extension Zone at its Atlanta property in Idaho - More
- November 13, 2007 | Item | E-mail
Explor Resources Completes CDN $2,225,000 Financing - More
- November 13, 2007 | Item | E-mail
Goldstake Explorations Inc.: McGarry-McVittie VMS Project Update Copper-Zinc Assay Results for Channel Samples - More
- November 13, 2007 | Item | E-mail
Explorator's Definition Drilling at El Espino-Venus Continues to Intercept High Grade Copper Oxides - More
- November 13, 2007 | Item | E-mail
Raven Gold Corp.-Appoints New President and CEO - More
- November 13, 2007 | Item | E-mail
Delta Uranium Inc. Announces New Director - More
- November 13, 2007 | Item | E-mail
Hemisphere Gold Reports on Auger Sampling With Individual Results as High as 5.85 Grams/Ton Gold - More
- November 13, 2007 | Item | E-mail
Rockgate Options Turner Lake Gold Project - More
- November 13, 2007 | Item | E-mail
Bolero intersects 0.054% Mo (0.090% MoS2) over 710 feet and provides Cannivan Gulch update - More
- November 13, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Progress of Additional Work Completed by Atlas Fausett Contracting to Rehabilitate the Deer Trail Mine - More
- November 13, 2007 | Item | E-mail
GWR Issues Drilling Update - More
- November 13, 2007 | Item | E-mail
FinMetal Identifies a Nickel Sulphide Zone at Halvala Mine - More
- November 13, 2007 | Item | E-mail
Ascendant Copper Announces Results of Third Quarter 2007 - More
- November 13, 2007 | Item | E-mail
Anglo Swiss Resources Inc. Reports on Drill Results for Drill Hole AK07-03 Testing a 300-Meter Wide by 400-Meter Deep IP Chargeability Anomaly - More
- November 13, 2007 | Item | E-mail
CZM Drills Eight More Holes Into the Gold-Bearing 025 Fault Zone - More
- November 13, 2007 | Item | E-mail
Kakanda Purchases Hinterland's Otish Basin Uranium Interest - More
- November 13, 2007 | Item | E-mail
El Nino Ventures Inc. update on their drill program in the Democratic Republic of Congo (DRC) - More
- November 13, 2007 | Item | E-mail
Colombia Goldfields Reports Update on Mineral Rights, Drilling and Social Program at Marmato Mountain - More
- November 13, 2007 | Item | E-mail
HuntMountain Resources Appoints Bryn Harman Chief Financial Officer - More
- November 13, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI): Major Capital Project Completed - More
- November 13, 2007 | Item | E-mail
Gold Resource Corporation's La Arista High-Grade Mineralization Extended Deeper; Associated With Significant Geomagnetic Anomaly - More
- November 13, 2007 | Item | E-mail
Independent Nickel Announces Positive Results of Lynn Lake Pre-Feasibility Study Improving Project Economics by 34% - More
- November 13, 2007 | Item | E-mail
Farm-Out of Gold/Molybdenum Property - More
- November 13, 2007 | Item | E-mail
Sacre-Coeur Minerals, Ltd. Receives Additional $5.28 Million From Exercise of Warrants and Options - More
- November 13, 2007 | Item | E-mail
Canasia begins work program on Jumbo Gold Property in B.C. - More
- November 13, 2007 | Item | E-mail
Emerging Capital Partners Jointly Acquires Leading Moroccan Mining Company With Truffle Capital - More
- November 13, 2007 | Item | E-mail
SNS Silver Drills 555 g/t Ag (16.2 opt) Over 7.42 feet (2.26 meters) in Newly Discovered Vein - "The newly discovered hanging wall vein assayed 16.2 oz/t (555 g/t) of silver across an estimated true width of 4.95 feet (1.51 metres), while the targeted Alhambra vein averaged 11.4 oz/t (392 g/t) across an estimated true width of 6.01 feet (1.83 m)." More
- November 13, 2007 | Item | E-mail
Yale Releases Second Set of Assays From La Verde Grande Mine - "Yale Resources Ltd. (CDNX:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to release the assay results from the lower level of the northeast extension of the La Verde Grande Mine, with a weighted average of 2.57 % copper, 86.8 g/t silver, 0.97 % zinc, 0.19 g/t gold over a average vertical height of 1.89m." More
- November 13, 2007 | Item | E-mail
First Majestic Silver Corp.: Update on the Cuitaboca Silver Project - "FIRST MAJESTIC SILVER CORP. (CDNX:FR.V - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) (the "Company") is pleased to announce that the first stage of exploration at the Company's Cuitaboca Silver Project has defined a system of at least six known parallel veins that hosts high grade silver, lead and zinc." More
- November 13, 2007 | Item | E-mail
Excellon Expands Rodilla with Additional Massive Sulphide Intercepts and Announces High Grade Assays - "Excellon Resources Inc. (TSX VENTURE:EXN - News) announces four additional significant massive sulphide and sulphide breccia intercepts, ranging from 3.1 to 15.2 metres (m) thick (estimated true thickness) in ongoing drilling on the Rodilla Manto (see table below). The mineralized intercepts in these four vertical holes consist largely of massive sphalerite with subordinate galena and 10 to 20% barite gangue." More
- November 13, 2007 | Item | E-mail
Hinterland sells Otish Basin interest to Kakanda for 500,000 shares - More
- November 13, 2007 | Item | E-mail
Kazakh uranium miner to build acid plant by 2010 - More
- November 13, 2007 | Item | E-mail
Uranium Hunter and NPK Resources Confirm Presence of Increased Background Radiation on Uganda Kibaale Project - More
- November 13, 2007 | Item | E-mail
Uranium Energy Corp Completes Staking of Granite Mountain Thrust Project in Central Wyoming Uranium District - More
- November 13, 2007 | Item | E-mail
Bayswater Retains Windward to Expand PR - More
- November 13, 2007 | Item | E-mail
Taseko Private Placement Raises $7.6 Million - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) ("Taseko" or the "Company") announces that it has completed a private placement financing. The Company issued 1,455,100 shares at a price of $5.20 per share for gross proceeds of $7.6 million." More
- November 13, 2007 | Item | E-mail
Alexco Increases Bellekeno Resource in Keno Hill District: Initial Mineral Resource Estimate Released - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News)("Alexco") is pleased to announce a Mineral Resource Statement for the historic Bellekeno Mine, located in the Keno Hill silver district, Yukon Territory. The stated resource incorporates results from the 2006/2007 Alexco drilling and includes a new estimate for the Southwest Zone, one of the three zones that comprise the Bellekeno silver deposit." More
- November 13, 2007 | Item | E-mail
Metallica Resources Announces Third Quarter 2007 Financial Results and Recent Corporate Developments - "The Company reported a loss of $2.5 million ($0.03 per share) for the three months ended September 30, 2007. The loss in 2007 principally resulted from the Company not yet reaching planned production levels due to commencement of operations on May 1, 2007. There were no operations in 2006." More
- November 13, 2007 | Item | E-mail
Exploration Confirms Extensions to Mineralization at Great Basin Gold's Hollister Property - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that having successfully completed its Phase II surface and underground drilling programs at the Hollister mine development project, the Company plans to extend exploration programs to confirm and expand on the good results achieved to date." More
- November 13, 2007 | Item | E-mail
IAMGOLD 2007 Third Quarter Results - "The Company realized net earnings for the third quarter of 2007 of $19.5 million or $0.07 per share, compared to net earnings of $13.4 million or $0.08 per share for the third quarter of 2006. Net loss for the first nine months of 2007 was $50.6 million or $0.17 per share compared to net earnings of $63.1 million or $0.38 per share for the first nine months of 2006." More
- November 13, 2007 | Item | E-mail
IAMGOLD Updates Camp Caiman Project - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announces that the final decision from the French authorities regarding the Camp Caiman permits was expected on November 18th, 2007, upon the completion of the national forum on the environment (Grenelle de l'Environnement). " More
- November 13, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 November, 2007 | |
