-- Posted 20 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $790.50 | +$14.00 |
Silver | $14.44 | +$0.32 |
XAU | 171.95 | +4.67% |
HUI | 419.21 | +5.27% |
GDM | 1290.90 | +4.98% |
JSE Gold | 2456.17 | +0.55% |
USD | 75.21 | -0.59 |
Euro | 148.12 | +1.47 |
Yen | 91.24 | +0.28 |
Oil | $98.03 | +$3.39 |
10-Year | 4.054% | -0.025 |
T-Bond | 116.25 | +0.03125 |
Dow | 13010.14 | +0.40% |
Nasdaq | 2596.81 | +0.13% |
S&P | 1439.70 | +0.45% |
The Metals:
Gold rose about $5 in after hours access trade late yesterday before it fell back off and saw a small loss in early Asian trade, but it then rose to find an over $10 gain by the close of trade in Asia, held just under $790 in London, and advanced even further in New York. After climbing to as high as $798.40 by early afternoon it then plummeted about 1% off that high in the last half hour of trade, but it still ended with a gain of 1.80%. Silver followed a similar pattern and rose to as high as $14.80 before it also cut into its gains in the last half hour of trade, but it still ended higher by 2.27%. At the time of writing both metals are continuing their gains in today’s after hours access session with gold above $800 and silver above $14.65.
Euro gold rose to about €536, platinum gained $15 to $1463, palladium gained $1 to $358, and copper gained a few cents to about $3.03.
Gold and silver equities rose over 3% in morning trade before they were dragged down to see less than 2% gains as the major indices fell midday, but they then rallied back higher in the last two hours of trade and ended roughly 5% higher.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Oct | 1229K | 1175K | 1193K |
Building Permits | Oct | 1178K | 1200K | 1261K |
FOMC minutes noted weak growth and tame inflation with a fed that seems reluctant to cut rates further but will do so if needed.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/17 expected at 330,000 and at 10AM is Michigan Sentiment for November expected at 75.0 and Leading Economic Indicators for October expected at -0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% to a new record closing high above $98 on refinery problems and as a hedge against a weak dollar. Heating oil rose to a new record high above $2.69 and gasoline climbed above $2.45.
The U.S. dollar index fell back to new record closing low as it looks increasingly more likely that at least one oil producer in the Middle East is looking to move off the dollar standard. The dollar also continues to weaken as the outlook for the fed remains for lower interest rates heading forward.
Treasuries rose after the fed predicted benign inflation which if true means that they do not need to keep interest rates high in order to combat it.
The Dow rose nearly 150 points in early trade and the Nasdaq and S&P followed suit, but surging energy prices and uncertain FOMC minutes dragged all three indices lower in afternoon trade and left them with only modest gains at the close.
Among the big names making news in the market today were Freddie Mac, H&R Block, Target, Citigroup, and D.R. Horton.
The Commentary:
“December Gold finished up 13.4 at 791.4, 7.7 off the high and 2.8 up from the low.
December Silver closed up 0.34 at 14.5. This was 0.07 up from the low and 0.32 off the high.
The gold market seemed to gather momentum throughout the trade Tuesday as the Dollar remained very weak, oil prices soared and perhaps most importantly the recent tide of rising fears of US slowing was at least temporarily mitigated by events early in the trading session. It goes without saying that the strength in equities, hopes for a US rate cut and a better than expected US Housing starts report provided the bull camp in gold with an improvement in the macro economic outlook. With a host of physical commodity markets seemingly catching a pre-holiday euphoria lift and the gold market this morning reaching a full $75 an ounce below the November 7th high, it wasn't surprising to see the gold market rebound sharply off a combination of short covering and fresh outright buying.
If it were not for the long list of positive outside market influences on Tuesday, the silver market might have paid more attention to a negative story suggesting that Indian silver demand could slide this year due to soaring flat prices. However, with December silver to the recent low reaching nearly $2.18 per ounce below the November 7th highs, it is likely that part of the sharp run up in silver prices was technical short covering. On the other hand, the silver market did get positive economic news on Tuesday morning and seeing the US stock market benefit from that news probably prompted some fresh outright bargain hunting buying in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The cop on the beat, Part II
'Spectacular trial' seen in Liberty Dollar case
Washington Post ridicules feds' raid on Liberty Dollar
Chinese premier voices alarm at dollar's weakness
Liberty dollar seller looking forward to big payday on Ebay
Canadian dollar falls on chance of interest rate cut
Chavez and Ahmadinejad take aim at dollar
The Statistics:
As of close of business: 11/19/2007
Gold Warehouse Stocks: | 7,361,934 | -193 |
Silver Warehouse Stocks: | 132,664,190 | -588,203 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 588.74 | 18,928,555 | US$ 14,739m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.93 | 3,116,357 | US$ 2,502m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.62 | 501,898 | US$ 403m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,876 | US$ 474m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/19/2007 | |
Total Net Assets | $1,351,939,912 | 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 11/19/2007 | |
Total Net Assets | $2,110,773,425 | 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:
Barrick’s (ABX) striking workers at a gold mine in Tanzania and Revett’s (RVM.TO) director appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Hecla | HL +9.54% $12.17 |
2. Barrick | ABX+8.68% $42.30 |
3. Richmont | RIC +8.39% $3.36 |
LOSERS
1. ITH | THM-3.52% $1.92 |
2. Crystallex | KRY -2.59% $2.63 |
3. New Gold | NGD-2.12% $6.45 |
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:
Firesteel completes option transaction for major gold-copper-molybdenum property - More
- November 20, 2007 | Item | E-mail
Northern Peru Intersects Gold and High Grade Zinc, Lead, Silver Mineralization at Hilorico Zone, Galeno Project, Peru - More
- November 20, 2007 | Item | E-mail
Update on Ashdown operations - More
- November 20, 2007 | Item | E-mail
Colorado Goldfields Inc. Closes $3,284,475 Private Placement - More
- November 20, 2007 | Item | E-mail
Drake Gold Resources, Inc. Has Completed Updates for All Financial and Corporate Information - More
- November 20, 2007 | Item | E-mail
Los Andes' Success at Vizcachitas Continues in Phase II with a 100 Metre Intersection Grading 0.71% Cu on the Western Edge of Known Mineralization - More
- November 20, 2007 | Item | E-mail
Logan Resources announces $3.5 million private placement - More
- November 20, 2007 | Item | E-mail
Farallon Organization Update: Chief Financial Officer Appointed, JDS Energy and Mining to Provide EPCM Services for Underground Decline and Mine Development - More
- November 20, 2007 | Item | E-mail
RX Exploration Inc. Engages IBK Capital Corp. to Complete $8.5 Million Financing - More
- November 20, 2007 | Item | E-mail
Strait Gold Reports Drill Result from Culebrilla - More
- November 20, 2007 | Item | E-mail
New Island Gains Tier 1 Status - More
- November 20, 2007 | Item | E-mail
Hinterland arranges $600,000 Financing - More
- November 20, 2007 | Item | E-mail
Mr. Louis Gignac Appointed Director of Revett Minerals Inc. - "Revett Minerals Inc., (TSX-RVM) ("Revett" or the "Company") is pleased to announce that Mr. Louis Gignac has accepted an appointment to join the board of directors of Revett Minerals Inc. effective November 19, 2007. Mr. Gignac has had a long and successful career in mining in Canada and was most recently the President and Chief Executive Officer of Cambior Inc." More
- November 20, 2007 | Item | E-mail
Sage Contiguous to Mexivada Molybdenum Discovery - More
- November 20, 2007 | Item | E-mail
Anatolia Minerals Development Limited: Copler Village Master Relocation Plan Approved - More
- November 20, 2007 | Item | E-mail
Millstream Cuts 3 Massive Sulphide Intervals Including 18.0 Metres of 2.57% Copper, 1.84% Zinc in Drill Hole S-07-19 at its Potter Property - More
- November 20, 2007 | Item | E-mail
Houston Lake Reports Second Quarter Results - More
- November 20, 2007 | Item | E-mail
Mountain Boy Minerals Ltd - Further Drill Results Continue to Indicate High Grade Silver Within the Massive Sulphide Horizon on the BA claims - More
- November 20, 2007 | Item | E-mail
Pure Nickel Reports Significant Nickel Mineralization in New Technical Report on William Lake - More
- November 20, 2007 | Item | E-mail
Canadian Arrow Reports 4.79 gm/t PGM from Kawene Lake Grab Samples - More
- November 20, 2007 | Item | E-mail
Kettle River Receives Minnie Moore Preliminary Trench Assays - More
- November 20, 2007 | Item | E-mail
First Narrows Adds to Growing Portfolio of Tungsten-Molybdenum Properties - More
- November 20, 2007 | Item | E-mail
SLAM Exploration expands near surface zinc-lead-silver mineralization - More
- November 20, 2007 | Item | E-mail
Barrick: Strike-hit Tanzania mine 65 pct operational - "Tanzania's Bulyanhulu gold mine, owned by Canada's Barrick Gold Corp (ABX.TO: Quote, Profile, Research) is about 65 percent operational despite a four-week strike, a spokesman for Barrick's Tanzanian arm said on Tuesday." More
- November 20, 2007 | Item | E-mail
Rocmec Announces Very Positive Results From its First Sampling in Peru - More
- November 20, 2007 | Item | E-mail
Golden Goose reports more gold with 16.59 g/t over 5.40 meters - More
- November 20, 2007 | Item | E-mail
2008 drilling also to test Nortoba-Tyson gold veins - Roxmark plans winter drilling, re-opening of Northern Empire Mine - More
- November 20, 2007 | Item | E-mail
Goldeye Acquires Claims in the McFaulds Lake Area, Northeastern Ontario - More
- November 20, 2007 | Item | E-mail
Inspiration Intersects 1.196% Ni Over 10.04m or 32.94ft, 1.101% Ni Over 17.71m or 58.10ft, and 1.335% Ni Over 7.94m or 26.05ft (True Width) in Three Drill Holes - More
- November 20, 2007 | Item | E-mail
Gold Reef International Receives BLM Permit to Drill Newmont Rimrock Project, Lander County, Nevada - More
- November 20, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI) Hires Deep Rock Engineering, Inc. - More
- November 20, 2007 | Item | E-mail
Semafo reports definition drilling results on Mana Nyafe deposit - More
- November 20, 2007 | Item | E-mail
Renforth Resources Inc. Completes $2,992,500 Private Placement With the MineralFields Group - More
- November 20, 2007 | Item | E-mail
Nithi Mountain Moly Property Drill Results - More
- November 20, 2007 | Item | E-mail
Delta Uranium Reports Partial Results on Its Bee Lake Uranium Occurrence - More
- November 20, 2007 | Item | E-mail
Tribute Minerals Inc. Acquires Claims in the McFaulds Lake Area, Northeastern Ontario - More
- November 20, 2007 | Item | E-mail
Golden Eagle Finalizes Mine and Camp Improvements in Anticipation of Mill Installation at Its C Zone Gold Project - More
- November 20, 2007 | Item | E-mail
First Metals Announces Production Start-Up at Fabie Bay, Quebec - More
- November 20, 2007 | Item | E-mail
Franc-Or Finds More Surface Mineralization and Begins Drilling Mario, Peru - More
- November 20, 2007 | Item | E-mail
MagMinerals Reports Potash Resource for the Kouilou Project - More
- November 20, 2007 | Item | E-mail
Western Warrior announces gold assay results from sampling program at the Pipestone Project, Northwest Ontario - More
- November 20, 2007 | Item | E-mail
Piedmont Signs Letter of Intent on Willow Creek Gold Property, Nevada - More
- November 20, 2007 | Item | E-mail
Etruscan begins drilling on new permit in Burkina Faso - More
- November 20, 2007 | Item | E-mail
Geocom Announces Agreement With Goldmark Minerals Ltd. - More
- November 20, 2007 | Item | E-mail
King's Bay Gold Intersects More Rare Metals and Rare Earth Elements - More
- November 20, 2007 | Item | E-mail
Mainstream Minerals Intersects More Rare Metals and Rare Earth Elements - More
- November 20, 2007 | Item | E-mail
Amseco Acquires the Chika Property - More
- November 20, 2007 | Item | E-mail
Continental Nickel Announces Initial Drill Results From the Nachingwea Project, Tanzania-New High Grade Ni-Cu Sulphide Zone Discovered Grading 7.50% Ni - More
- November 20, 2007 | Item | E-mail
Alamos Gold Announces 499,000-Ounce Gold Resource at El Victor, Mulatos District, Sonora, Mexico - More
- November 20, 2007 | Item | E-mail
Grande Portage Resources Ltd. Awaiting Metallurgical and Water Sample Reports - More
- November 20, 2007 | Item | E-mail
Colombia Goldfields Ltd. Signs Letter of Intent To Acquire Colombia Gold PLC - More
- November 20, 2007 | Item | E-mail
Gladstone Pacific Nickel sets exploration target of 50 million tonnes of nickel laterite - More
- November 20, 2007 | Item | E-mail
China Shen Zhou Mining & Resources Announces Finalization of SRK Appraisal Report on Two Large-scale Mining Reserves - More
- November 20, 2007 | Item | E-mail
Rochester Commences Drift Development and Mobilizes Drill at the Santa Fe Project, Clavellinos Area - More
- November 20, 2007 | Item | E-mail
Grandview President Issues First Annual Letter to Shareholders - More
- November 20, 2007 | Item | E-mail
Raytec Announces Joint Venture With Triex Minerals - More
- November 20, 2007 | Item | E-mail
Gemini Explorations Inc. Receives Joint Venture Proposal to Expand the Los Chorros Gold Project - More
- November 20, 2007 | Item | E-mail
Globex Acquires Donalda Gold Deposit - More
- November 20, 2007 | Item | E-mail
Triex Minerals Corporation: New Acquisition in Athabasca Basin - More
- November 20, 2007 | Item | E-mail
Forum Discovers Up to 1% Uranium on Tanqueray Option, Nunavut - More
- November 20, 2007 | Item | E-mail
Lifespan Acquires Two New Uranium Properties - More
- November 20, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 November, 2007 | |
