-- Posted 26 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $826.30 | +$4.70 |
Silver | $14.81 | +$0.12 |
XAU | 169.51 | -3.73% |
HUI | 415.97 | -3.24% |
GDM | 1275.95 | -3.69% |
JSE Gold | 2560.49 | +2.61% |
USD | 74.83 | -0.21 |
Euro | 148.60 | +0.24 |
Yen | 92.51 | +0.15 |
Oil | $97.70 | -$0.48 |
10-Year | 3.847% | -0.165 |
T-Bond | 118.78125 | +1.90625 |
Dow | 12743.44 | -1.83% |
Nasdaq | 2540.99 | -2.14% |
S&P | 1407.22 | -2.32% |
The Metals:
Gold traded slightly higher in Asia and rose to as high as $836.80 with a nearly 2% gain by early trade in London, but it then fell back off for most of the rest of trade and ended with a gain of just 0.57%. Silver rose to as high as $15.00 by early trade in London before it fell to as low as $14.59 by late morning in New York, but it then bounced back higher into the close and ended with a gain of 0.82%.
Euro gold closed at about €556, platinum lost $1 to $1467, palladium remained unchanged at $353, and copper rose slightly to abut $3.02.
Gold and silver equities fell along with the major indices in the last two hours of trade and ended with over 3% losses.
CoT Reports: Gold | Silver
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for November expected at 91.5. Also this week will be speeches from 8 fed members at various times.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil prices fell on news that the Saudis increased production to over 9 million barrels a day.
The U.S. dollar index fell to a new record low and treasuries rose markedly on worries over a continually weakening credit market. The yield on the 10-year fell under 4% and the yield on the 2-year fell under 3%.
The Dow, Nasdaq, and S&P opened higher on reports of strong retail sales over the long holiday weekend, but all three indices fell back off in afternoon trade and ended with about 2% losses on worries over the credit market.
Among the big names making news in the market today were HSBC, Virgin and Northern Rock, BHP and Rio, Philips and Genlyte, and Bank of America.
The Commentary:
“December Gold finished up 1.8 at 826.5, 5.5 off the high and 4.5 up from the low.
December Silver closed up 0.095 at 14.83. This was 0.22 up from the low and 0.03 off the high.
With February gold initially trading sharply higher and eventually carving out a trading range of $17 an ounce Monday, it was clear that the gold trade was indeed conflicted. However, seeing oil prices reverse sharply away from their early highs and in turn seeing the US equity market fall away from its highs one certainly got the feeling that gold was once again concerned about slowing. With the Chicago Fed National Activity Index on Monday morning, posting a .76 decline and the Press attempting to rekindle concerns toward the holiday sales period, it wasn't surprising to see gold prices retrench. However, it is a little surprising that gold didn't respond to a brokerage firm suggestion that the threat of a US Dollar crisis was the highest in over ten years.
While the silver market did manage to fix higher in the Monday PM fix, traders were just a little disappointed in the silver markets slide from its early highs. However, seeing the March silver contract show some interest in the even number $15.00 level on the charts, did seem to temper some of the bearish technical dialogue that swirled in the first half of the trading session. In the end seeing platinum, gold, crude oil and the stock market waffle wildly on both sides of unchanged seemed to favor the bear camp in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Super SIV' fund seen as device for ingratiating banks with the government
Dollar displaces yen, Swiss franc as favorite for carry-trade funding
Antal Fekete: Our diseased monetary bloodstream
Dollar's fall is now a bigger political issue than an economic one
Will Europe impose exchange controls to head off disaster?
Trichet has plenty of helicopters too
Credit 'heart attack' strikes China and Korea
The Statistics:
As of close of business: 11/23/2007
Gold Warehouse Stocks: | 7,361,439 | - |
Silver Warehouse Stocks: | 132,664,190 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 588.74 | 18,928,555 | US$ 15,427m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.92 | 3,116,149 | US$ 2,562m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,615 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,856 | US$ 489m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/23/2007 | |
Total Net Assets | $1,434,043,932 | 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 11/23/2007 | |
Total Net Assets | $2,115,020,219 | 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:
Orezone’s (OZN) completed financing, Tanzanian Royalty’s (TRE) drill results, Fronteer’s (FRG) drill results, Gammon Gold’s (GRS) monthly update, Kimber’s (KBX) board appointment, Northern Dynasty’s (NAK) director appointment, Exeter’s (XRA) drill results, NovaGold’s (NG) suspended construction at Galore Creek, Yamana’s (AUY) exploration update, Coeur’s (CDE) mining tax reform in Bolivia, Great Panther’s (GPR.TO) management appointments, and Silver Standard’s (SSRI) increased reserves and updated Capex were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA+5.47 $4.8199 |
2. Coeur | CDE +1.66% $4.29 |
3. Claude | CGR+0.69% $1.45 |
LOSERS
1. NovaGold | NG -53.16% $9.48 |
2. Seabridge | SA-12.72% $27.17 |
3. Pacific Rim | PMU -8.66% $1.16 |
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:
Orezone Resources Inc. Completes US$200 Million Financing, Completes Acquisition of the Essakane Project - "Orezone Resources Inc. (Toronto:OZN.TO - News) (AMEX:TSX - News) ("Orezone") announced today that it has issued a total of 166,700,000 common shares at a price of US$1.20 per share for aggregate gross proceeds of US$200,040,000. Through an underwriting agreement Orezone issued 154,200,000 common shares to the public for aggregate gross proceeds of US$185,040,000. In addition, Minquest Fund I, L.P. has subscribed, by way of a concurrent private placement for 12,500,000 common shares of Orezone at US$1.20 per share, resulting in gross proceeds of US$15,000,000 to Orezone." More
- November 26, 2007 | Item | E-mail
Sage Options Four Properties-Beardmore Geraldton Camp - More
- November 26, 2007 | Item | E-mail
Abacus Announces Ajax Drill Results from Afton Project - More
- November 26, 2007 | Item | E-mail
Asia Now Revises Private Placement - More
- November 26, 2007 | Item | E-mail
Rusoro Initiates 50,000 Metre Drill Program at Valle Hondo - More
- November 26, 2007 | Item | E-mail
Longview Capital Partners Congratulates Macarthur on $110 Million Deal - More
- November 26, 2007 | Item | E-mail
Northern Peru Reports Final Mineral Resource Estimate for Galeno for Feasibility Study - More
- November 26, 2007 | Item | E-mail
Record High Gold Values Reported by Tanzanian Royalty From RC Drill Program at Kigosi Project in Tanzania - "Tanzanian Royalty is pleased to announce that a Phase 4 Reverse Circulation (RC) drill program has returned record high gold values at the Company's Kigosi Project in Tanzania. In addition, the Company has discovered a seventh gold bearing shoot containing encouraging values within one of two previously established shear zones on the Kigosi property which is located in the prolific Lake Victoria Greenstone Belt." More
- November 26, 2007 | Item | E-mail
Revett Minerals Acquires Rock Creek Mitigation Lands - More
- November 26, 2007 | Item | E-mail
Coeur Affirms That Bolivian Congress Has Approved President Morales' Mining Tax Reform - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) today announced that the Bolivian Congress on Friday approved a reform to the mining tax code, bringing tax certainty to the country’s mining industry and Coeur’s San Bartolomé silver mine in Potosí, Bolivia." More
- November 26, 2007 | Item | E-mail
Vena Resources Discovers Zinc Skarn Zone in Azulcocha West Project - More
- November 26, 2007 | Item | E-mail
Copper Canyon Responds to Galore Creek Announcement - More
- November 26, 2007 | Item | E-mail
Romios Gold Resources Inc.: Corporate Update - More
- November 26, 2007 | Item | E-mail
Los Andes Announces Completion of its $6 Million Private Placement Plus the Full $1.5 Million in the Reserved Additional Allotment to Raise $7.5 Million - More
- November 26, 2007 | Item | E-mail
American Creek Resources 2007 exploration update - More
- November 26, 2007 | Item | E-mail
Explor Resources Annual General Meeting - More
- November 26, 2007 | Item | E-mail
GWR Announces Discovery on Peach 1 - More
- November 26, 2007 | Item | E-mail
Significant Radiometric Anomalies Identified in Mega's Three Concessions in Cameroon - More
- November 26, 2007 | Item | E-mail
Ressources Appalaches: Start of Drilling at the Ecum Secum Gold Mine - More
- November 26, 2007 | Item | E-mail
Campbell Resources Announces the closing of a $ 2.5 million financing - More
- November 26, 2007 | Item | E-mail
ZEOX to Acquire Processing Facilities in Butte, Montana - More
- November 26, 2007 | Item | E-mail
Drake Gold Resources, Inc. Announces Decrease of Both Authorized and Outstanding Shares - More
- November 26, 2007 | Item | E-mail
Klondex Reports New High-Grade Gold Intercept 18.0 gpt over 9.1 meters (0.51 oz/ton over 30 feet) at Nevada ''Fire Creek'' Deposit - More
- November 26, 2007 | Item | E-mail
Great Panther Appoints New Management at Guanajuato Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce the appointment of three new senior staff members at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. Ing. Carlos Castro Villalobos has been appointed as the new Mine Manager, Ing. Juan Maximo Lopez Medel as the new Chief Mine Geologist and C.P. Gustavo Almodovar Soriano as the new Chief Accountant." More
- November 26, 2007 | Item | E-mail
Rocmec Updates Progress at the Rocmec 1 Gold Property - More
- November 26, 2007 | Item | E-mail
Consolidated Thompson Commences Preliminary Development Work at Bloom Lake Mining Project - More
- November 26, 2007 | Item | E-mail
Inspiration Intersects 0.923% Ni Over 15.75m or 51.66ft With 1.651% Ni Over 7.37m or 24.18ft Containing 6.436% Ni Over 0.84m or 2.76ft (True Width) - More
- November 26, 2007 | Item | E-mail
Lero Gold Corp. Continues to Pursue Interested Parties for Tokhtazan Sale - More
- November 26, 2007 | Item | E-mail
Fronteer Development Group Inc.: New Nevada Gold Trend Returns High-Grade Intersections at Long Canyon - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") is pleased to announce that remaining results from its Phase 1 drilling program at Long Canyon in Nevada continue to extend mineralization in multiple zones, with near-surface oxide gold intersections as high as 3.03 grams per tonne over 16.8 metres." More
- November 26, 2007 | Item | E-mail
Gentor updates drilling progress at its Idaho molybdenum property - More
- November 26, 2007 | Item | E-mail
Gammon Gold to Commence Monthly Updates - "Gammon Gold Inc. ("Gammon Gold") (TSX:GAM and AMEX:GRS): Mr. Rene Marion, Chief Executive Officer of Gammon Gold, reported today: "I am very pleased to report that the operations team in Mexico continue to make significant progress, particularly at our flagship Ocampo mine, and that we are committed to providing our shareholders with ongoing updates on our progress starting on December 17th." More
- November 26, 2007 | Item | E-mail
Wesdome Gold Mines Ltd. - Exploration results demonstrate excellent depth potential at Kiena Mine - More
- November 26, 2007 | Item | E-mail
GoldQuest Announces Further Drill Results From Las Animas - More
- November 26, 2007 | Item | E-mail
EXMIN Acquires Drill Target Near the Penasquito Mine, Zacatecas, Mexico - More
- November 26, 2007 | Item | E-mail
Kimber Announces Board Appointment, New Directions and New Vice-President, Exploration - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) is pleased to announce that Gordon Cummings, President & CEO, has been appointed to fill the vacancy on the Board created by the retirement of Robert Longe. In addition, the Company announces that Marius Mare, P.Geo, has been appointed as Vice-President, Exploration for the Company." More
- November 26, 2007 | Item | E-mail
Crosshair Adopts Shareholder Rights Plan - More
- November 26, 2007 | Item | E-mail
Donner Metals Ltd.: Drilling Intersects More High Grade Sulphides at Bracemac and McLeod - More
- November 26, 2007 | Item | E-mail
Alberta Star Intersects 58.25 Metres of High Grade 0.61% Zinc, 0.20% Lead, and 2.44 g/ton Silver at Echo Bay, NT - More
- November 26, 2007 | Item | E-mail
Millstream Uncovers New Gold Zone at Tamarack Measuring 28.8 g/t Gold and 94.2 g/t Silver - More
- November 26, 2007 | Item | E-mail
Colibri percussion drilling cuts near surface gold-silver-copper-lead-zinc mineralization on Leon Project - More
- November 26, 2007 | Item | E-mail
Northern Dynasty Announces Appointment of a New Director - "Mr. Scott has over 20 years of experience in the mining industry, encompassing both international and domestic assignments. He is currently General Manager Commercial, Rio Tinto Exploration, Project Generation Group, a position that he has held since 2005. Between 2000 and 2005, he held other senior managerial positions within the Rio Tinto plc group. Rio Tinto plc owns, or controls indirectly through affiliates, approximately 19.8% of Northern Dynasty's outstanding shares." More
- November 26, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports favorable results from Ketza River - More
- November 26, 2007 | Item | E-mail
Exeter Discovers New High Grade Gold-Silver Zone at Cerro Moro, Argentina - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) - ("Exeter" or the "Company") reports that step-out drill hole MRC 175 has discovered a new high-grade gold-silver zone at Cerro Moro, Argentina. The new zone is located along strike from mineralization previously reported on the Escondida Vein." More
- November 26, 2007 | Item | E-mail
Uranium Energy Corp Acquires Past Producing F-33 Project in Grants Mineral Belt, New Mexico - More
- November 26, 2007 | Item | E-mail
Animas Resources Inc. signs letter of intent to purchase the San Enrique property - More
- November 26, 2007 | Item | E-mail
Uranium 308 Corp. Enters Into Letter of Intent to Acquire 10% of Mongolia Metals Limited (MML) - More
- November 26, 2007 | Item | E-mail
Inter-Citic Reports on 35 Diamond Drill Holes at Dachang. All Holes Report Gold Mineralization - More
- November 26, 2007 | Item | E-mail
Bruce Power shuts Bruce 8 reactor for work - More
- November 26, 2007 | Item | E-mail
CanAlaska Uranium Ltd.: Grease River Project: Rock Sample and Lake Sediment Results Confirm High Uranium Mineralization - More
- November 26, 2007 | Item | E-mail
Antares completes final closing of $30 million equity offering - More
- November 26, 2007 | Item | E-mail
Strateco Enters Into an Agreement to Earn 60% of Majescor's Mistassini Uranium Rights-Drilling to Commence Shortly - More
- November 26, 2007 | Item | E-mail
Core International Limited Comments on Wawa Gold and Diamond Property - More
- November 26, 2007 | Item | E-mail
Brownstone CEO Comments on Recent Elliot Lake Uranium Acquisition - More
- November 26, 2007 | Item | E-mail
Oriental Hits 0.41% Tungsten Over 11 Metres Near Surface -- Continues to Expand Deposit North, East and West - More
- November 26, 2007 | Item | E-mail
Hemis Announces Joint Venture with Condor Gold Corporation at Anchor Point - More
- November 26, 2007 | Item | E-mail
Wave Uranium Details Operational Plan for Future - More
- November 26, 2007 | Item | E-mail
Bayswater Granted Two Concessions in Niger, West Africa - More
- November 26, 2007 | Item | E-mail
More Gold Findings On Silverado's 100% Owned, Nolan Creek Property - More
- November 26, 2007 | Item | E-mail
AuEx Ventures, Inc.: Long Canyon Mineralization Extended and Drilling Resumes - More
- November 26, 2007 | Item | E-mail
Anglo Swiss Resources Confirms 50-Meter Down-Dip Extension of Eagle Gold Vein System in Drill Hole AK07-05 - More
- November 26, 2007 | Item | E-mail
Trelawney Options "La Bufa" Copper/Gold/Silver Project in Mexico - More
- November 26, 2007 | Item | E-mail
U.S. Antimony Announces Assays from Antimony and Silver Property in Mexico - More
- November 26, 2007 | Item | E-mail
Thompson Creek announces revised reserves and new 10-year mine plan for Thompson Creek Mine - More
- November 26, 2007 | Item | E-mail
Sherwood Announces Agreement for Acquisition of Western Keltic Mines - More
- November 26, 2007 | Item | E-mail
Zincore Drills High-Grade Zinc and Lead at Yanque, Including 25 Metres of 11.3% Zinc and 24 Metres of 8.4% Lead - More
- November 26, 2007 | Item | E-mail
Canplats Resources Corporation: Initial Drilling Confirms Oxide Gold/Base Metal Mineralization at Camino Rojo - More
- November 26, 2007 | Item | E-mail
Gold Canyon Increases Private Placement From $1,000,000 to $3,000,000 for Proposed Exploration Programs - More
- November 26, 2007 | Item | E-mail
Silver Fields announces drilling on Teihsum River property and results of summer program. - More
- November 26, 2007 | Item | E-mail
Gemini Explorations Inc Commences Sampling of Proposed JV Mining Concessions to Expand the Los Chorros Gold Project - More
- November 26, 2007 | Item | E-mail
African Copper PLC-Mowana Mine Project Update - More
- November 26, 2007 | Item | E-mail
Drilling at Chu Molybdenum property extends High Grade EAST Zone an additional 70 meters - More
- November 26, 2007 | Item | E-mail
Teck Cominco and NovaGold Suspend Construction at Galore Creek - "NovaGold Resources Inc. (AMEX:NG, TSX:NG) and Teck Cominco Limited (TSX:TCK.A - News, TCK.B - News; NYSE:TCK - News) today announced they will suspend construction activities at the Galore Creek copper-gold-silver project in northwestern British Columbia. A recent review and completion of the first season of construction indicate substantially higher capital costs and a longer construction schedule for the project." More
- November 26, 2007 | Item | E-mail
Silver Standard Increases Pirquitas Reserves by 27% and Updates Capex - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) reports that proven and probable silver reserves at Pirquitas have increased by 27 percent to 136 million ounces from 107.1 million ounces of silver. In addition, tin reserves have increased by 29% to 113 million lbs and zinc reserves by 63% to 414 million lbs. Tonnes of ore have increased by 13%, silver grade by 12%, tin grade by 14% and zinc grade by 44%. The updated reserves are based on metal prices of US$9.35/ounce silver, US$3.65/lb tin and US$1.00/lb zinc." More
- November 26, 2007 | Item | E-mail
Yamana Gold Provides Exploration Update - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced a mine, near-mine and regional exploration update. These results continue to demonstrate unrealized value at Yamana's principal operations and additional value created from potential discoveries resulting from Yamana's exploration efforts." More
- November 26, 2007 | Item | E-mail
Teck, NovaGold suspend Galore Creek as costs soar - "Teck Cominco Ltd (TCKb.TO: Quote, Profile, Research) and NovaGold Resources (NG.TO: Quote, Profile, Research) said on Monday they would suspend construction at the Galore Creek copper-gold-silver project as the construction schedule had lengthened, and capital costs had spiraled and could reach C$5 billion ($5.1 billion).
NovaGold's shares plunged nearly 40 percent and Teck's edged lower in early trading after the companies said the rising costs -- coupled with reduced operating margins due to the strong Canadian dollar -- made the 50-50 venture in northwestern British Columbia uneconomical." More
- November 26, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 November, 2007 | |
