-- Posted 19 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $776.50 | -$8.90 |
Silver | $14.12 | -$0.31 |
XAU | 164.28 | -4.86% |
HUI | 398.22 | -3.35% |
GDM | 1229.68 | -3.83% |
JSE Gold | 2442.73 | -1.81% |
USD | 75.80 | -0.06 |
Euro | 146.65 | +0.01 |
Yen | 90.96 | +0.72 |
Oil | $94.64 | +$0.80 |
10-Year | 4.079% | -0.071 |
T-Bond | 116.21875 | +0.65625 |
Dow | 12958.44 | -1.66% |
Nasdaq | 2593.38 | -1.66% |
S&P | 1433.27 | -1.75% |
The Metals:
G
old rose to find nearly 1% gains above $792 in Asia and held near $790 in early London trade, but it then fell in midmorning New York trade and ended near its low of the session with a loss of 1.13%. Silver followed a similar pattern and ended with a loss of 2.15%.
Euro gold fell to about €530, platinum gained $2 to $1448, palladium lost $8 to $357, and copper fell nearly fifteen cents to about $3.00.
Gold and silver equities fell over 3% by late morning and remained near their lows into the close.
The Economy:
There were no major economic reports today, but a report showing homebuilder confidence held at a record low in November and an economist survey expecting a recession next year did have some talking.
Tomorrow at 8:30AM EST brings Building Permits for October expected at 1,200,000 and Housing Starts expected at 1,175,000 and at 2PM is the release of FOMC minutes from the fed’s October 31 meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended higher after a choppy session as traders talked about the OPEC summit this past weekend that focused on the dollar’s recent weakness and whether or not oil should continue to be priced solely in dollars.
The U.S. dollar index traded mostly slightly lower while treasuries rose on a flight to safety as interest rates fell to their lowest in over two years on concerns over the banking sector and derivative losses.
The Dow, Nasdaq, and S&P fell on more credit worries as Goldman downgraded Citigroup and caused all three indices to fall over 1.5% to make for the seventh losing session in the past 9.
Among the big names making news in the market today were Celgene and Pharmion, Citigroup, Lowe’s, Xerox, and Campbell Soup.
The Commentary:
“December Gold finished down 9 at 778, 11.1 off the high and 2 up from the low.
December Silver closed down 0.35 at 14.16. This was 0.04 up from the low and 0.415 off the high.
The fear of slowing certainly seemed to be undermining a host of physical commodities on Monday, even if the energy complex was largely immune to that influence. However, seeing the US equity market under significant pressure and seeing the market tossing around the idea of a US recession apparently prompted a number of gold bulls to question the validity of prices sitting just under the $800 per ounce level. Some in the trade suggested that the action in the Dollar prompted the selling interest in gold, but in reality the Dollar wasn't that active and in general spent a lot of time in negative ground and that would seem to suggest that the action in the stock market was dominating the gold trade. In fact, even with the market dredging up fresh financial sector anxiety the gold trade just didn't seem to be interested in the flight to quality issues during the Monday trade.
Like the gold market the silver market seemed to be under a macro economic slowing fear as December silver prices fell to the lowest level since the beginning of November. With the copper market under significant duress it was clear that physical demand fears were front and center in a number of metals markets. With the copper market declines seemingly signaling concerns of slowing demand from China, it is likely most of the losses in silver were the result of broad based commodity liquidation fears. In short, the direction of the US equity market is apparently being seen as a leading indicator for silver investment demand.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: It's still a bull market
Eric Hommelberg: HUI -- too young to die!
Ritual dating from 1919 sets price of gold
OPEC interested in replacement for dollar
British govt. bailout for Northern Rock may continue forever
Paulson's dollar policy tweak may only slow slide
G20 meeting leaves falling dollar alone
Gulf states will discuss revaluing their dollar-pegged currencies
OPEC finance ministers to keep discussing dollar's fall
Oil-producing Nigeria, Angola consider diversifying from dollar
Mistakenly disclosed affidavit outlines case against Liberty Dollar
Indian tourist sites refusing entry to dollar
Markets don't believe Fed's reluctance to keep cutting rates
The Statistics:
As of close of business: 11/16/2007
Gold Warehouse Stocks: | 7,362,127 | - |
Silver Warehouse Stocks: | 133,252,393 | +368,046 |
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$ 14,946m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.93 | 3,116,392 | US$ 2,432m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.62 | 501,904 | US$ 392m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,896 | US$ 480m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.92 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/16/2007 | |
Total Net Assets | $1,367,477,721 | 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 11/16/2007 | |
Total Net Assets | $2,100,681,167 | 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:
A merger between Atna (ATN.TO) and Canyon (CAU), Cardero’s (CDY) IP survey, Aurelian’s (ARU.TO) filed 43-101, Kinross Gold’s (KGC) operations in Brazil, Mines Management’s (MGN) Preliminary Draft Environmental Impact Statement, Sterling Mining’s (SRLM.OB) employment in Idaho, Oro Silver’s (OSR.V) purchased properties, Bear Creek’s (BCM.V) drill results, and Orko Silver’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +4.16% $5.01 |
2. ITH | THM +2.05% $1.99 |
3. Minefinders | MFN+1.61% $12.00 |
LOSERS
1. Richmont | RIC -8.82% $3.10 |
2. Anglo American | AAUK -7.78% $29.28 |
3. Freeport | FCX -7.54% $92.50 |
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:
Pure Nickel Presents Exploration Results From Its MAN Alaska Project - More
- November 19, 2007 | Item | E-mail
Canarc to Spin-Out its Mexican Gold Projects to Subsidiary Company "Caza Gold Corp." and Distribute Shares of Caza Gold to Canarc Shareholders - More
- November 19, 2007 | Item | E-mail
Sterling Hires 101st Employee at Sunshine Mine - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) today announced that the 101st full time employee has been hired on at Sunshine Mine in northern Idaho as the Company continues its preparation for mine start up. Combined with the eighteen other employees working in the exploration division, corporate headquarters, human resources and environmental department, the Company currently employs 119 people in Idaho." More
- November 19, 2007 | Item | E-mail
Nu-Mex Uranium Corp. and NWT Uranium Corp. Sign Letter Agreement for a Business Combination - More
- November 19, 2007 | Item | E-mail
Jasper Mining Corporation Commences Follow-Up Drill Program on McFarlane Property - More
- November 19, 2007 | Item | E-mail
Inter-Rock Acquires Nevada Mineral Properties - More
- November 19, 2007 | Item | E-mail
Cogitore completes 2007 drilling program at Scott Lake on high note - More
- November 19, 2007 | Item | E-mail
Cardero Initiates Geophysical Study at Former High-Grade Incahuasi Gold Mine - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that an Induced Polarization (IP) Geophysical Survey been initiated on its Incahuasi Gold Project, Catamarca Province, NW Argentina. The IP survey will build upon the positive exploration results to date and will be followed by planned drill target testing in early 2008." More
- November 19, 2007 | Item | E-mail
CCM Research Issues Update Report on Cream Minerals Ltd. - More
- November 19, 2007 | Item | E-mail
Augusta Appoints Raghunath Reddy as Vice-President, Finance - More
- November 19, 2007 | Item | E-mail
Cabo to drill 5,000 meters for Tagish Lake Gold at Skukum Creek - More
- November 19, 2007 | Item | E-mail
UC Resources Closes Strategic $4.1 Million Brokered Financing With PowerOne Capital Markets Limited - More
- November 19, 2007 | Item | E-mail
Sirios Inc.: Tilly Grades 4.36% Mo, 6.4% Cu, 201 g/t Ag, 0.6 g/t Au and 0.22% Bi - More
- November 19, 2007 | Item | E-mail
Simberi Grants Further Extension to Amari for Due Diligence Investigations - More
- November 19, 2007 | Item | E-mail
Altai Options its Malartic Gold Property Interest - More
- November 19, 2007 | Item | E-mail
AIM Resources Limited: Perkoa Site Update - More
- November 19, 2007 | Item | E-mail
MDN Inc.: New High-Grade Gold Intersections and New Mineralized Zones at Viyonza-Tanzania - More
- November 19, 2007 | Item | E-mail
Medoro Resources Announces Drilling Results - More
- November 19, 2007 | Item | E-mail
Vantex Resources Ltd.: 4,000 Metres of Drilling on Patica - More
- November 19, 2007 | Item | E-mail
Nayarit Gold, Inc. Retains Cronus Capital Markets for Strategic Consulting - More
- November 19, 2007 | Item | E-mail
Andean Reports High-Grade Step-Out Drilling at Eureka West - More
- November 19, 2007 | Item | E-mail
Advanced Explorations Inc. Program and Financing Update - More
- November 19, 2007 | Item | E-mail
First Narrows' Prospectors Discover Base Metal-Precious Metal Stockwork Zone on Sonora, Mexico Property - More
- November 19, 2007 | Item | E-mail
Yukon Gold Corporation, Inc. Closes Final Tranche of Private Placement - More
- November 19, 2007 | Item | E-mail
Lundin Mining Drills 45.8 Metres of 1.23% Ni and 0.95% Cu at the Aguablanca Mine - More
- November 19, 2007 | Item | E-mail
Franconia Minerals Now Listed on the Toronto Stock Exchange (TSX) - More
- November 19, 2007 | Item | E-mail
NovaGold Gives Notice of 60% Earn-In at Copper Canyon - More
- November 19, 2007 | Item | E-mail
MAX Resource reports 822 feet of 0.0466% MoS(2) at Alaska Molybdenum Project - More
- November 19, 2007 | Item | E-mail
Global Minerals Ltd. - Front range project production & sales updated - More
- November 19, 2007 | Item | E-mail
CMQ Completes Drilling Program with Disappointing Results - More
- November 19, 2007 | Item | E-mail
Northland Receives Key Permits for Hannukainen Project, Finland - More
- November 19, 2007 | Item | E-mail
Sam Caruso Appointed as Director for Raven Gold Corp. - More
- November 19, 2007 | Item | E-mail
Alhambra Resources Ltd. - Third Quarter Operational Updates - More
- November 19, 2007 | Item | E-mail
Castillian Announces Stock Options - More
- November 19, 2007 | Item | E-mail
American Bonanza Corporate Update - More
- November 19, 2007 | Item | E-mail
International PBX Drills Copaquire Molybdenum, Copper, Rhenium Porphyry, Chile - More
- November 19, 2007 | Item | E-mail
Royal Standard Minerals Inc.: Goldwedge Progress and Drilling Program at Railroad Copper-Gold Project, Elko County, Nevada - More
- November 19, 2007 | Item | E-mail
Consolidated Spire Ventures Options Buenavista Property in Mexico to Terra Firma Resources - More
- November 19, 2007 | Item | E-mail
Brownstone Announces Property Acquisition - More
- November 19, 2007 | Item | E-mail
Hemis Acquires Share Position in Tecton Corporation - More
- November 19, 2007 | Item | E-mail
Anglo Swiss Resources Drill Hole AK07-04 Extends Strike Length of Known Eagle Gold Vein and Confirms Zones of Disseminated Copper Mineralization - More
- November 19, 2007 | Item | E-mail
Redstar Gold Aqcuires Property Near the Pipeline Mine on the Cortez Trend in Nevada - More
- November 19, 2007 | Item | E-mail
Armistice Resources Corp. elects new director and adopts shareholder rights plan - More
- November 19, 2007 | Item | E-mail
Hunton & Williams London Advises Central Rand Gold on Dual Listing - More
- November 19, 2007 | Item | E-mail
Zoloto Resources Files Technical Report on Kenkeren Project - More
- November 19, 2007 | Item | E-mail
Gold and Silver Minerals Receives Strong Upgrade by Respected Research Firm - More
- November 19, 2007 | Item | E-mail
Bannerman Resources Limited Now Listed on the Toronto Stock Exchange - More
- November 19, 2007 | Item | E-mail
Duluth Metals receives scoping level metallurgical study and updates metallurgical program - More
- November 19, 2007 | Item | E-mail
Zimbabwe seeks 25 pct stakes in mining firms - "President Robert Mugabe's government published a draft bill on Monday forcing mining firms to transfer majority shareholdings to local owners, including giving the Zimbabwe government a free 25 percent stake." More
- November 19, 2007 | Item | E-mail
Corriente Resources Inc.: Preliminary Assessment for Panantza-San Carlos Copper Project Demonstrates Positive Economics and Major Copper Investment Potential - More
- November 19, 2007 | Item | E-mail
Raytec Announces New President, Work to Begin in Athabasca Basin - More
- November 19, 2007 | Item | E-mail
No Injuries to Underground Miners at LGL's Ballarat Goldfields Mine - More
- November 19, 2007 | Item | E-mail
Silverado Invests Over $1 Million To Carry Out Year Round, Underground High Grade Antimony and Gold Exploration - More
- November 19, 2007 | Item | E-mail
Golden Phoenix Reports on Mine and Mill Activity at the Ashdown Molybdenum Project; Consistent Production of Quality Concentrates - More
- November 19, 2007 | Item | E-mail
Formal Agreement Concluded for Transfer of Million Mountain Title to Sacre-Coeur and Conversion to Large Scale Prospecting License - More
- November 19, 2007 | Item | E-mail
Kalimantan Gold Corporation Limited: Oxiana Completes Initial Phase of Exploration - More
- November 19, 2007 | Item | E-mail
Kalimantan Gold Corporation Limited: Drill Programme Defines New Mineralised Areas at Jelai - More
- November 19, 2007 | Item | E-mail
Absolut Resources Corp.: Drill Out Completed at Pico Machay Plus Positive Metallurgy Testwork - More
- November 19, 2007 | Item | E-mail
MegaMoly Inc. -- A New Molybdenum Explorer and Developer Lists on TSX V under the symbol MGY - More
- November 19, 2007 | Item | E-mail
Major Ontario Exploration Program Commenced - More
- November 19, 2007 | Item | E-mail
Gold Port Intercepts 39 meters of 1.74 Grams Per Tonne Gold in Hole AK-34 of an Eight Hole Drill Program - More
- November 19, 2007 | Item | E-mail
Eureka issues shares for debt - More
- November 19, 2007 | Item | E-mail
International Wayside Gold Mines Ltd.: News Release 07-21 - More
- November 19, 2007 | Item | E-mail
Nevada Copper Announces Results of Annual and Special Meeting of Shareholders - More
- November 19, 2007 | Item | E-mail
Latest Technology Brought to Golden Chalice Langmuir Nickel Discovery - More
- November 19, 2007 | Item | E-mail
Raytec Completes Change of Business - More
- November 19, 2007 | Item | E-mail
Aldridge Minerals Inc. amends terms of non-brokered private placement - More
- November 19, 2007 | Item | E-mail
American Bonanza to Extend the Expiration Date and Reduce Exercise Price of Warrants - More
- November 19, 2007 | Item | E-mail
Asian Mineral Resources Limited Announces Mailing of Shareholder Meeting Materials - More
- November 19, 2007 | Item | E-mail
Mines Management Announces Completion of Important Milestone in Montanore Project Permitting - "Mines Management, Inc. (AMEX:MGN - News) (TSX:MGT - News) (the “Company”) is pleased to announce that the Preliminary Draft Environmental Impact Statement (“PDEIS”) has been completed for the Montanore Project (the “Project”) and delivered to the U.S. Forest Service (“USFS”) and Montana State Department of Environmental Quality (“DEQ”) for review." More
- November 19, 2007 | Item | E-mail
Aurelian Files 43-101 Initial Inferred Resource Report - "Aurelian Resources Inc. (TSX:ARU - News) today announced that the complete Technical Report on the previously announced National Instrument 43-101-compliant initial inferred resource for the Fruta del Norte gold-silver deposit has been filed on SEDAR and is also available on Aurelian's web site www.aurelian.ca." More
- November 19, 2007 | Item | E-mail
Strathmore Strengthens Land Position in Gas Hills, Wyoming With New Rock Hill Uranium Property Acquisition - More
- November 19, 2007 | Item | E-mail
NWT expands uranium discovery zone at North Rae, Quebec - More
- November 19, 2007 | Item | E-mail
Azimut: major prospecting results with grades up to 3.30% U3O8 obtained on the North Rae property, Ungava Bay region - More
- November 19, 2007 | Item | E-mail
Crescent Resources Equity Financing - More
- November 19, 2007 | Item | E-mail
Oro Silver Purchases Mining Rights at El Compas and Acquires Three Mining Concessions, Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has exercised its option to purchase three mining properties plus the mining (exploitation) rights at the El Compas Mine near Zacatecas, Mexico, for US$800,000." More
- November 19, 2007 | Item | E-mail
U.S. Energy Corp. Announces Third Quarter Earnings - "U.S. Energy Corp. (Nasdaq: USEG - News) today announced that it has released its financial results for the third quarter of 2007 and the Company has scheduled a conference call and webcast for investors and analysts for 12:00 PM (Eastern Time) on Monday, November 19, 2007." More
- November 19, 2007 | Item | E-mail
Bear Creek Santa Ana drilling continues to expand silver mineralization, including high-grade additional positive metallurgical results reported - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from sixteen additional diamond drill holes (3,775 meters). Drilling at Santa Ana now totals 16,577 meters in ninety-eight drill holes. Santa Ana is located 200 kilometers south of the Company's Corani silver-base metal deposit in southeastern Peru." More
- November 19, 2007 | Item | E-mail
Orko Silver Hits 16.55 Metres Grading 377.7 g/t Silver-Equivalent on Martha Vein - "Ten more drill holes have extended the Martha Vein structure from the previously reported Inferred Resource Estimate area (see news release 01 October 2007), of which seven exceed 5 metres true width, illustrating the continuity of this major structure. Hole BP07-135 hit a true width of 16.55 metres grading gold 0.363 g/t, silver 355.9 g/t for a silver-equivalent of 377.7 g/t." More
- November 19, 2007 | Item | E-mail
Kinross seeks further expansion in Brazil gold - "The Brazilian unit of Canada's Kinross Gold (K.TO: Quote, Profile, Research) is seeking further expansion in Latin America's largest country via a new greenfield project or an acquisition, the local unit's president said." More
- November 19, 2007 | Item | E-mail
Atna and Canyon Agree to Merge - "Atna Resources Ltd. ("Atna") (TSX: ATN - News) and Canyon Resources Corporation ("Canyon") (Amex: CAU - News) jointly announced today a transaction whereby Atna will acquire all of the issued and outstanding shares of common stock of Canyon for a total value of approximately C$25.3 (US$25.9) million." More
- November 19, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 November, 2007 | |
