-- Posted 14 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $812.40 | +$15.40 |
Silver | $14.99 | +$0.44 |
XAU | 178.47 | +1.25% |
HUI | 423.66 | +1.48% |
GDM | 1316.36 | +1.14% |
JSE Gold | 2615.61 | +1.15% |
USD | 75.83 | -0.05 |
Euro | 146.69 | +0.74 |
Yen | 89.58 | -0.90 |
Oil | $94.09 | +$2.92 |
10-Year | 4.269% | +0.013 |
T-Bond | 114.40625 | UNCH |
Dow | 13223.93 | -0.62% |
Nasdaq | 2644.32 | -1.10% |
S&P | 1470.33 | -0.72% |
The Metals:
Gold steadily rose in Asia and London and climbed to as high as $815.15 by midmorning in New York before it fell back under $810 by late morning, but it then rallied back higher in the last two hours of trade and ended near its session high with a gain of 1.93%. Silver followed a similar pattern and made a high of $15.102 before it closed with a gain of 3.02%.
Euro gold rose to nearly €555, platinum gained $25 to $1440, palladium remained unchanged at $369, and copper rose over 16 cents to about $3.30 on news of an earthquake in Northern Chile that disrupted power to several mines.
Gold and silver equities went up over 3% at the open before they cut into their gains just slightly for most of the rest of the day and fell further in the last hour of trade as the major indices dipped, but they still ended with over 1% gains and closed above yesterday’s highs in a bullish and important technical feat according to Peter Degraaf in his article posted today and available here.
Gold Q3 demand up 19 pct on investment buying: WGC Reuters
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Oct | 0.2% | 0.2% | 0.7% |
Retail Sales ex-auto | Oct | 0.2% | 0.3% | 0.3% |
PPI | Oct | 0.1% | 0.3% | 1.1% |
Core PPI | Oct | 0.0% | 0.2% | 0.1% |
Business Inventories | Sep | 0.4% | 0.4% | 0.3% |
Bernanke spoke today about more transparency and forecasts from the fed in the form of more minutes in the future, but traders pointed out that they will still not be able to predict “event risks” and their impacts such as the recent and ongoing subprime/credit crisis and its implications. The fed will now give four projections a year instead of two and go out three years instead of two in order to improve accountability and further public understanding of the fed’s actions.
Tomorrow at 8:30AM EST brings CPI for October expected at 0.3%, Core CPI expected at 0.2%, Initial Jobless Claims for 11/10 expected at 325,000, and the NY Empire State Index for November expected at 18.0. At noon is the Philadelphia Fed survey for November expected at 5.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose about 3% and ended near its high of the session in anticipation of tomorrow’s delayed inventory report that is expected to show draws across the board and an increase in refinery utilization. The EIA also noted today that demand appears to so far not have been impacted by recent high prices.
The U.S. dollar index fell back within 0.5 points of a new record low in early trade, but it then rallied back higher in late trade and ended just slightly lower as recent risk aversion abated and resulted in US Dollar gains versus the yen.
Treasuries traded barely lower for most of trade and ended unchanged as most waited for more economic data and credit market problem developments as FASB guideline “SFAS 157” is implemented tomorrow and “requires a financial firm to divide its assets into three categories called simply enough, Level 1, Level 2 and Level 3.” More about this in John Mauldin’s latest article available here.
The Dow, Nasdaq, and S&P traded mostly slightly higher on tame inflation data and rising Retail Sales as traders also kept their eyes on credit market developments. Bear Stearns announce they will take a $1.2 billion write down, but that was said to be not as bad as expected. However all three indices fell back off in the last hour of trade and ended roughly 1% lower on uncertainty about new credit problems that may evidence themselves overnight.
Among the big names making news in the market today were United Airlines and Delta, John Thain and Merrill Lynch, HSBC, Macy’s, Bear Stearns, and Wachovia.
The Commentary:
“December Gold finished up 15.7 at 814.7, 2.7 off the high and 3.9 up from the low.
December Silver closed up 0.455 at 15.065. This was 0.155 up from the low and 0.085 off the high.
The gold market opened aggressively higher and mostly held the higher level throughout most of the trading session. With energy prices sharply higher, equity prices firm and the Dollar weak the bull camp had all the usual outside market suspects working in its favor. It is also possible that renewed geopolitical tensions between the International Atomic Energy Agency and Iran provided a layer of fresh buying to gold, which was also being supported by what appeared to be an ongoing improvement in the US macro economic outlook. Given the action on Wednesday in gold one might be hard pressed to argue that the majority of the bull case has been at least temporarily put back together.
With copper and tin prices showing very strong price gains on Wednesday and the gold market action also contributing to the bullish sentiment in the silver market it would seem like silver was getting favorable news from both financial and physical commodity market angles. However, seeing the stock market manage another upside extension seemed to put the most recent concern of US slowing on the back burner again. Even the currency market action seemed to benefit silver prices and that means there were a number of bullish themes operating.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Government funds reported buying gold to hedge dollar's decline
Money market funds requiring props as credit crisis spreads
Randy Strauss: Only gold solves the international currency problem
New currency market rig tops finance ministers' agenda
The Statistics:
As of close of business: 11/13/2007
Gold Warehouse Stocks: | 7,345,863 | - |
Silver Warehouse Stocks: | 132,930,089 | -609,394 |
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 | 588.74 | 18,928,555 | US$ 15,221m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.86 | 3,146,146 | US$ 2,563m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.62 | 501,932 | US$ 409m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,916 | US$ 490m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 10.76 tonnes and the ASX added 0.29 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/13/2007 | |
Total Net Assets | $1,387,542,277 | 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 11/13/2007 | |
Total Net Assets | $2,133,486,608 | 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:
An earthquake in Chile that halted operations at several copper mines due to power outages, Great Basin’s (GBN) quarterly results, a halt to the strike in South Africa that had impacted platinum production, International Royalty’s (ROY) third quarter results, Apollo Gold’s (AGT) third quarter results, Anatolia’s (ANO.TO) approved power line, Silver Eagle’s SEG.TO) mine progress, and Silvercorp’s (SVM.TO) second quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +8.65% $2.26 |
2. Golden Star | GSS +7.99% $3.38 |
3. Randgold | GOLD+7.62% $38.86 |
LOSERS
1. Minco | MGH -7.58% $1.22 |
2. Crystallex | KRY i4.28% $2.91 |
3. Banro | BAA-4.03% $12.14 |
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:
Colorado Goldfields Inc. Announces Plans for Underground Work at Gold King Mine - More
- November 14, 2007 | Item | E-mail
SEMAFO Reports Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
North Atlantic Files Financial Statements, MDA and Report to Shareholders for Third Quarter - More
- November 14, 2007 | Item | E-mail
Great Basin Gold Makes Good Progress in Operationalizing Its Projects - "For the quarter ended September 30, 2007, the Company incurred a loss of $14.4 million before tax compared to a loss of $13.8 million for the quarter ended June 30, 2007. The 4% increase resulted mainly from an increase in exchange losses, which was partially offset by the $1.0 million received from the disposal of the Casino Property Option." More
- November 14, 2007 | Item | E-mail
Ministry of Mines and Petroleum Confirms That Corriente's Mining Claims Are in Good Standing - More
- November 14, 2007 | Item | E-mail
Dumont appoints new Chief Financial Officer - More
- November 14, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Check Assays - More
- November 14, 2007 | Item | E-mail
Rockcliff Completes NI 43-101 Report for Snow Lake Project: CAD$9.7 Million Exploration Program Recommended - More
- November 14, 2007 | Item | E-mail
International Nickel Ventures Reports Third Quarter Results - More
- November 14, 2007 | Item | E-mail
Arehada Mining Limited Announces Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
Benton Continues to Intercept PGMs and Copper on Bermuda Property North of Marathon Deposit - More
- November 14, 2007 | Item | E-mail
Kingurutik exploration update - More
- November 14, 2007 | Item | E-mail
South American Minerals, Inc. Acquires Uranium Leases in San Juan County, Utah - More
- November 14, 2007 | Item | E-mail
Astral Announces First Results From Phase II Drilling on the Jumping Josephine Gold Project - More
- November 14, 2007 | Item | E-mail
Pacific North West Capital Appoints New Director - More
- November 14, 2007 | Item | E-mail
Carmax Explorations Ltd.: News Release - More
- November 14, 2007 | Item | E-mail
Explor Increases Kidd Township Property - More
- November 14, 2007 | Item | E-mail
New Cantech Ventures Inc. Receives Final Assay Results for Phase 4 In-Fill Drilling at the Lucky Ship Molybdenum Property - More
- November 14, 2007 | Item | E-mail
Hard Creek Nickel Turnagain Project Update - More
- November 14, 2007 | Item | E-mail
Big earthquake hits Chile, halts some copper mining - "A powerful 7.7 quake hit mineral-rich northern Chile on Wednesday, injuring some people, damaging buildings and halting operations at some of the world's biggest copper mines." More
- November 14, 2007 | Item | E-mail
Goldbelt Resources Ltd.: New Mineralised Zones Intersected at Inata - More
- November 14, 2007 | Item | E-mail
Strateco Provides an Update on its 2007 Third Quarter Exploration Activities - More
- November 14, 2007 | Item | E-mail
Continental Receives Explorer of the Year Award at China Mining 2007 - More
- November 14, 2007 | Item | E-mail
Weak dollar sparks takeover interest in U.S. miners - "The U.S. dollar's weakness against other currencies is hurting overseas operations of American mining companies, but analysts say it could make them more attractive to foreign takeover." More
- November 14, 2007 | Item | E-mail
Freeport-McMoRan Chilean mines halted from quake - "Freeport-McMoran Copper & Gold Inc (FCX.N: Quote, Profile, Research) said Wednesday no damage was found at its El Abra or Candelaria copper mines in Chile, following a 7.7 magnitude earthquake in the northern, mineral-rich region." More
- November 14, 2007 | Item | E-mail
Golden Goose hits 36 meters of 4.11 grams of gold per tonne - More
- November 14, 2007 | Item | E-mail
Kalumines reports excellent drill results and achieves planned mining levels at Lupoto - More
- November 14, 2007 | Item | E-mail
SAfrican NUM says 10,000 contract workers end strike - "Ten thousand unionised contract workers at South African mines, including at Anglo Platinum (AMSJ.J: Quote, Profile, Research) and Impala Platinum (IMPJ.J: Quote, Profile, Research), ended their strike on Wednesday after resolving a pay dispute." More
- November 14, 2007 | Item | E-mail
Royal Gold Raises Common Stock Dividend to $0.28 Per Share - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, today announced that its Board of Directors increased the Company's annual dividend for its shares of common stock from $0.26 to $0.28, payable on a quarterly basis of $0.07 per share. Royal Gold has steadily increased its annual dividend since it first issued a $0.05 annual payment for calendar year 2000." More
- November 14, 2007 | Item | E-mail
Mae Lama tungsten property exploration update - More
- November 14, 2007 | Item | E-mail
International Royalty Corporation reports third quarter results - "As expected, payable production from the Voisey's Bay mine increased during the current quarter compared to the first and second quarters of 2007, partially a result of seasonal fluctuations in the shipment of concentrates and partially related to the strike at the mine in the late summer of 2006." More
- November 14, 2007 | Item | E-mail
Mesa Uranium Extends Mineralization Around L-15 Discovery Hole-RAD Target Area Drilling - More
- November 14, 2007 | Item | E-mail
Alturas Minerals Engages Barry Kaplan Associates - More
- November 14, 2007 | Item | E-mail
Merc International Minerals Terminates Property Agreement - More
- November 14, 2007 | Item | E-mail
Blue Note Mining Reports Third Quarter Results - More
- November 14, 2007 | Item | E-mail
Marathon Announces 2007 Q3 Financial Results - More
- November 14, 2007 | Item | E-mail
Copper Fox Announces the Renewal of the Engagement of Jason Shepherd for Investment Relations Services - More
- November 14, 2007 | Item | E-mail
Crew Gold Corporation: Financial Results for the Quarter and Nine Months Ended September 30, 2007 - More
- November 14, 2007 | Item | E-mail
Consolidated Abaddon & Utah Uranium Start Drilling Pinto Project - More
- November 14, 2007 | Item | E-mail
Erdene Provides Update on 2007 Projects, Releases Third Quarter Financial Statements - More
- November 14, 2007 | Item | E-mail
Franklin's Escala Mine Project Will Immediately Benefit From Previous Capital Development - More
- November 14, 2007 | Item | E-mail
American Goldfields Provides Drilling Update on Hercules Gold Project in Nevada - More
- November 14, 2007 | Item | E-mail
Millstream Outlines Geophysical Results and Future Plans at Potter Property - More
- November 14, 2007 | Item | E-mail
Atomic receives confirmation to begin immediate 30,000 foot drilling program on 3 phases of Dolores Anticline, Colorado - More
- November 14, 2007 | Item | E-mail
HE-5 Resources, Corp. in Final Negotiation Stage to Acquire Gold Mining Corporation - More
- November 14, 2007 | Item | E-mail
Pearl Asian Mining Issues Progress Report on Transfer Agent's Processing Relating to Corporate Actions - More
- November 14, 2007 | Item | E-mail
Moss Lake issues stock options to directors and officers - More
- November 14, 2007 | Item | E-mail
Normabec Hits 743 G/T Ag, 0.98% Pb and 0.73% Zn Over 8.47 Meters at Real de Catorce Silver Property, Mexico - More
- November 14, 2007 | Item | E-mail
Rock slide affects Thompson Creek Endako mine - More
- November 14, 2007 | Item | E-mail
Radius Acquires Sediment-Hosted Gold Project in Peru - More
- November 14, 2007 | Item | E-mail
Coulon JV Project Lens 44 Yields 9.31% Zn, 1.67% Pb, 0.88% Cu and 69.18 G/T Ag Over 30.45m - More
- November 14, 2007 | Item | E-mail
MetalCORP Limited Undertakes Strategic Review of Gold Assets to Focus on the New Molybdenum-Rhenium & Base Metal Discoveries in Northern Ontario - More
- November 14, 2007 | Item | E-mail
Uranium 308 Corp.: SGS Group Lab Analysis of Channeling Samples Confirms Radiometric Survey Results of Janchivlan Mineralization - More
- November 14, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Third Quarter Interim Highlights for the Three and Nine Month Periods Ending September 30, 2007 - More
- November 14, 2007 | Item | E-mail
Sienna Gold Inc. - Sampling of Domo Flanks Evidences Important Mineralization - More
- November 14, 2007 | Item | E-mail
Midland Exploration Initiates a First Exploration Program With Breakwater on the Weedon Project - More
- November 14, 2007 | Item | E-mail
Imperial Reports Results for the Third Quarter 2007 - More
- November 14, 2007 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) announces third quarter 2007 results - Period ended September 30, 2007. - More
- November 14, 2007 | Item | E-mail
Romarco Awards Feasibility Contract for Haile - More
- November 14, 2007 | Item | E-mail
Moto Goldmines Limited: Issue of September 30, 2007 Interim Quarter Financial Statements and Management Discussion and Analysis - More
- November 14, 2007 | Item | E-mail
Breakwater Resources Ltd. and Virginia Mines Inc. Provide Update on Coulon JV Project - More
- November 14, 2007 | Item | E-mail
First Nickel Reports Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
VVC Exploration - Default Status Update Report - More
- November 14, 2007 | Item | E-mail
China Shen Zhou Mining & Resources Reports Third Quarter 2007 Financial Results - More
- November 14, 2007 | Item | E-mail
GBS Gold International Inc.: Operations Update and Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
Castillian Intersects 27.20 Meters Grading 0.66% Nickel, 0.39% Copper Including 8.94 Meters Grading 0.92% Nickel, 0.53% Copper and Significant PGM - More
- November 14, 2007 | Item | E-mail
Canstar Update on Appeal Hearing for the Mary March Property Dispute, Newfoundland - More
- November 14, 2007 | Item | E-mail
Tombstone Exploration Corporation Prepares 100 Samples for Assay - More
- November 14, 2007 | Item | E-mail
Canadian Zinc Reports Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
Ivernia Inc. Reports Third Quarter 2007 Results - More
- November 14, 2007 | Item | E-mail
Mexoro Minerals Corporate Update - More
- November 14, 2007 | Item | E-mail
Grand Pacaraima Gold Corporation Reviewing Gold Mining Opportunities - More
- November 14, 2007 | Item | E-mail
Anvil Mining Reports Quarterly Records - More
- November 14, 2007 | Item | E-mail
Gemini Explorations, Inc. Reports on Financing Options for Re-Development of the Los Chorros Gold Mine - More
- November 14, 2007 | Item | E-mail
EURO Ressources S.A. Announces Results for the Quarter and Nine Months Ended September 30, 2007 - More
- November 14, 2007 | Item | E-mail
U Mining Resources, Inc. Announces Acquisition of Uranium Mining Claims in James Bay Region of Northern Quebec - More
- November 14, 2007 | Item | E-mail
Great Bear Uranium Creates Advisory Board - More
- November 14, 2007 | Item | E-mail
Uranium City Mining Corporation Starts Trading as 'UCMC' - More
- November 14, 2007 | Item | E-mail
Solex Resources Corp. and Frontier Pacific Mining Corporation: Very Encouraging Initial Drill Results at the Sayana Central Prospect, Macusani Uranium Project - More
- November 14, 2007 | Item | E-mail
CityView Announces $3.45 Million Subscription - More
- November 14, 2007 | Item | E-mail
UEX/AREVA Report High-Grade Basement-Hosted Mineralization in the Prospective Corridor Between the Kianna and Anne Deposits: SHE-123-2 Intersects 2.80% U(3)O(8) - More
- November 14, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd.: Second Drill Mobilized to the Two Time Zone for Resource Calculation - More
- November 14, 2007 | Item | E-mail
Western Uranium Corporation Provides Corporate Activity Update - More
- November 14, 2007 | Item | E-mail
Paladin Resources Ltd.: Kayelekera Litigation Settled With All Plaintiffs - More
- November 14, 2007 | Item | E-mail
RPT Uranium Commences Diamond Drilling at Richards Lake, Saskatchewan - More
- November 14, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc.: Second Drill Mobilized to the Two Time Zone for Resource Calculation - More
- November 14, 2007 | Item | E-mail
Utah Uranium Starts Drilling Pinto Project - More
- November 14, 2007 | Item | E-mail
Silver Eagle Mines Developing and Stockpiling 500 g/t Ag Eq(1) Vein Material - "Silver Eagle Mines Inc. (Toronto:SEG.TO - News) ("Silver Eagle" or the "Company") is pleased to report on the progress at its Miguel Auza Mine in Zacatecas, Mexico. As at October 31, 1,156 tonnes of bulk concentrate has been produced by treating material that has been recovered from the oxide vein material mined from the upper levels of the mine as part of our bulk sample/test mining program." More
- November 14, 2007 | Item | E-mail
Silvercorp Records $0.36 EPS (or $0.12 EPS After 3 for 1 Split) For the 2nd Quarter Ended September 30, 2007 - "Silvercorp Metals Inc. (the "Company") (Toronto:SVM.TO - News) is pleased to announce that for the 2nd quarter ended September 30, 2007 the Company recorded consolidated net earnings of $17.6 million or $0.36 per share (or $0.12 per share adjusted for the 3 for 1 stock split) compared to $5.4 million or $0.11 per share (or $0.04 per share adjusted for the 3 for 1 stock split) in the same quarter a year ago." More
- November 14, 2007 | Item | E-mail
Apollo Gold Announces Third Quarter 2007 Results and Profitability for the Second Consecutive Quarter - "Apollo Gold Corporation (“Apollo” or the “Company”) (TSX: APG - News) (AMEX: AGT - News) is pleased to announce its operating results for the third quarter of 2007. Apollo recorded net income of $2.1 million, or $0.01 per share, for the three months ended September 30, 2007, as compared to a net loss of $5.4 million, or $0.04 per share, for the three months ended September 30, 2006." More
- November 14, 2007 | Item | E-mail
Power Line EIA Approved for Anatolia's Copler - "Anatolia Minerals Development Limited (TSX:ANO - News; "Anatolia") is pleased to announce the Ministry of the Environment and Forestry has approved Anatolia's Environmental Impact Assessment (EIA) for construction of a +40-kilometer long, 154 kV power line between the main power substation at Demirdag and Anatolia's Copler gold project." More
- November 14, 2007 | Item | E-mail
International Royalty Corporation reports third quarter results - "As expected, payable production from the Voisey's Bay mine increased during the current quarter compared to the first and second quarters of 2007, partially a result of seasonal fluctuations in the shipment of concentrates and partially related to the strike at the mine in the late summer of 2006." More
- November 14, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 November, 2007 | |