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-- Posted 28 November, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $800.20 | -$13.60 | Silver | $14.33 | -$0.13 | XAU | 173.97 | +2.96% | HUI | 424.99 | +2.75% | GDM | 1302.16 | +2.69% | JSE Gold | 2530.04 | -2.13% | USD | 75.15 | +0.02 | Euro | 148.29 | -0.04 | Yen | 90.73 | -1.29 | Oil | $90.62 | -$3.80 | 10-Year | 4.025% | +0.081 | T-Bond | 116.9375 | -0.6875 | Dow | 13289.45 | +2.55% | Nasdaq | 2662.91 | +3.18% | S&P | 1469.02 | +2.86% |
The Metals:  Gold fell in Asia and dropped to as low as $791.25 with an over $20 loss by early trade in London before it rebounded in later London and early New York trade to as high as $807.65 by a little before 10AM EST, but it then fell back off into the close and ended with a loss of 1.67%. Silver dropped to as low as $14.11 before it rallied to find a decent gain at as high as $14.547, but it also fell back off into the close and ended with a loss of 0.90%. At the time of writing both metals are seeing over 0.5% gains from their respective closes in after hours access trading.
Euro gold fell to about €542, platinum lost $7 to $1436, palladium lost $7 to $344, and copper rose roughly 5 cents to about $3.03. Gold and silver equities remained mixed and near unchanged in morning trade, but they then surged higher in afternoon trade along with the major indices and ended with nearly 3% gains. The Economy: Report | For | Reading | Expected | Previous | Durable Orders | Oct | -0.4% | 0.0% | -1.4% | Existing Home Sales | Oct | 4.97M | 5.00M | 5.03M |
Existing Home Sales fell a whopping 20.7% compared to October 2006 and the median home price dropped 5.1% as inventories rose to a 10.8 month supply. Fed vice-chairman Donald Kohn started the day off with comments that greatly increased hopes for an interest rate cut at their next meeting and the fed’s Beige Book confirmed that sentiment later in the day. The fed’s Fisher then came out with some comments about how he is very concerned about inflation, but those went largely ignored. All ears now turn to Bernanke’s comments tomorrow. Also tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/24 expected at 330,000, 3rd quarter GDP expected at 4.0%, and the Chain Deflator expected at 0.8%. At 10AM are New Home Sales for October expected at 750,000. Today's Gold Seeker Report Is Sponsored By:
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The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell about 4% to a two week low despite reports that Saudi Arabia foiled a terrorist attack and arrested over 200 al-Qaida linked suspects that are accused of a number of plots including attacks on oil installations. The fall came as inventories did not fall as much as expected and indicated that demand may be finally dropping off due to a slowing economy. Crude inventories fell just 400,000 barrels, gasoline inventories built 1.4 million barrels, distillates fell 100,000 barrels, and refinery utilization rose 2.4% to 89.4%. The U.S. dollar index rose slightly, but it ended far from its early highs as an overnight short covering rally was cut into by the prospect of an interest rate cut of at least 25 basis points at the fed’s next meeting on December 11th. Treasuries fell and interest rates rose despite a more dovish fed outlook as that outlook sent the Dow, Nasdaq, and S&P substantially higher and pulled money out of bonds and into stocks. The Dow rallied for two straight days for the first time in a month. Among the big names making news in the market today were Wells Fargo, Freddie Mac, and Florida Public School Fund. The Commentary:  “December Gold finished down 13.7 at 800.3, 7.2 off the high and 3.8 up from the low.
December Silver closed down 0.15 at 14.335. This was 0.085 up from the low and 0.125 off the high. Another big range down washout in February gold was partially rejected but the strength in the Dollar and the weakness in oil would seem to question a number of the bullish arguments. It is also possible that the sharp rally in the equity market and the slide in oil prices reduced investors flight to quality fears and that in turn prompted more gold longs to move to the sidelines. While seeing the Dollar rise, equities bounce, and oil in a washout mode might deflate inflationary expectations, it is possible that those market shifts will eventually take some of the slowing threat off the back of the gold market. In fact, with the regularly scheduled US economic reports on Wednesday pointing to weakness, it is possible that the sharp rise in equity prices served to mitigate the potential macro economic selling interest off the numbers. Clearly the silver market avoided the same type of pressure being seen in the gold market. It probably goes without saying that the sharp run up in equity prices helped the silver market get around the fears of slowing that were seen in the wake of the slack US number flow on Wednesday. With the copper market managing a positive track for most of the trading session Wednesday, it is possible that silver was benefiting from hope that lower US interest rates and or improving macro economic sentiment might be set to improve demand for industrial metals.”- The Hightower Report, Futures Analysis and Forecasting The Statistics: As of close of business: 11/27/2007 Gold Warehouse Stocks: | 7,399,597 | +38,158 | Silver Warehouse Stocks: | 133,118,111 | - |
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 | 609.33 | 19,590,598 | US$ 15,878m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.92 | 3,116,080 | US$ 2,509m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,603 | US$ 411m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 18.94 | 608,856 | US$ 489m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 18.13 tonnes to a new record high holding. COMEX Gold Trust (IAU) Profile as of 11/27/2007 | | Total Net Assets | $1,416,051,103 | 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 11/27/2007 | | Total Net Assets | $2,129,444,501 | 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: Anglo American’s (AAUK) copper project, New Gold’s (NGD) General Manager appointment, Gold Fields (GFI) recognition as best performer in the SRI Index, Randgold’s (GOLD) equity raise, and Sabina Silver’s (SBB.V) drill results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Great Basin | GBN +8.33% $3.12 | 2. Buenaventura | BVN+7.74% $58.58 | 3. Vista Gold | VGZ +6.27% $5.42 |
LOSERS 1. ITH | THM -7.10% $1.57 | 2. Cardero | CDY -5.59% $1.52 | 3. Minefinders | MFN-3.23% $11.38 |
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: General Moly Announces Closing of ArcelorMittal Private Placement - More
- November 28, 2007 | Item | E-mail
Drake Gold Resources, Inc. Releases Comprehensive Corporate Development Strategy - More
- November 28, 2007 | Item | E-mail
Emgold completes drilling on its molybdenum, tungsten and gold properties in British Columbia - More
- November 28, 2007 | Item | E-mail
Bellhaven & Dominion Minerals Completes Drill Program at Cerro Chorcha - More
- November 28, 2007 | Item | E-mail
Erdene Releases Final Phase I Drill Results at Zuun Mod Outlines Two Large Molybdenum Zones - More
- November 28, 2007 | Item | E-mail
New Island Reports Option Agreement and Further Drilling at Nugget Pond - More
- November 28, 2007 | Item | E-mail
Mayfair Mining & Minerals, Inc. Appoints an Additional Advisory Board Member - More
- November 28, 2007 | Item | E-mail
Why you must own gold, not just gold miners - "As regular readers may have noticed, I’m a big fan of mining stocks.
But it’s important to remember - although their fortunes may be linked, owning a gold mining stock is not the same as owning gold itself. You should always have exposure to the yellow metal itself." More
- November 28, 2007 | Item | E-mail
International Gold Resources, Inc. Announces Assay Results for Cupixi Manganese Target, Amapa State, Brazil - More
- November 28, 2007 | Item | E-mail
Capella Resources Reports New Brunswick Drill Results from the Harvey Project - More
- November 28, 2007 | Item | E-mail
LGL Ballarat Goldfields Mine Recovery Status - More
- November 28, 2007 | Item | E-mail
Stillwater Mining Company to Present at Bear Stearns 2007 Commodities & Capital Goods Conference - More
- November 28, 2007 | Item | E-mail
Scorpio Gold Corporation's Joint Venture Partner Reports Intercept of 13.4 g/t Gold over 10 Metres from Initial Reconnaissance Drilling at Cochrane Hill - More
- November 28, 2007 | Item | E-mail
Queensland Minerals Ltd. Provides Update on Drilling Activities and Announces Financial Results for the Third Quarter Ended September 30, 2007 - More
- November 28, 2007 | Item | E-mail
Uravan Minerals Inc. Update - Garry Lake Uranium Property - More
- November 28, 2007 | Item | E-mail
St Andrew Earns 50% Interest in Porcupine Joint Venture-Coniagas Project, Timmins, Ontario, and Drilling Intersects 64 Grams Per Tonne Gold Over 1.1 Metres - More
- November 28, 2007 | Item | E-mail
Gold Star Resources Corp. Acquires Spectrum Geophysical Target Within VMS Ventures Reed Lake Project - More
- November 28, 2007 | Item | E-mail
Anglo approves $1.7 bln Los Bronces copper project - "Global miner Anglo American Plc (AAL.L: Quote, Profile, Research) said on Wednesday it will spend $1.74 billion to expand its Los Bronces mine in Chile, creating one of the world's biggest copper mines as it tries to nearly triple output over the coming decade." More
- November 28, 2007 | Item | E-mail
Sierra Gold Corporation Validates Positive Gold Grades for New Gold Bearing Hard Rock Formation From SGS Laboratories - More
- November 28, 2007 | Item | E-mail
Celtic Minerals - Kingurutik scout drilling assays complete - More
- November 28, 2007 | Item | E-mail
Superior Reports 4.5 g/t of Gold Over 4.6 Metres - More
- November 28, 2007 | Item | E-mail
Lambina Property in South Australia Receives Approval to Commence Drilling & Simberi Files Its Third Quarter Financial Statements - More
- November 28, 2007 | Item | E-mail
Pele Mountain Targets Remobilized Uranium at Elliot Lake - More
- November 28, 2007 | Item | E-mail
Yukon Gold's 2007 Work Program Returns Silver Grades Averaging 183g/t Over 6 Metres on Mt. Hinton Property - More
- November 28, 2007 | Item | E-mail
Eastern Goldfields, Inc. Announces Decision to List on 'AIM' and Commencement of Underground Development - More
- November 28, 2007 | Item | E-mail
Buffalo Gold Ltd.: Kinbauri Increases Resources at El Valle/Carlos, NW Spain - More
- November 28, 2007 | Item | E-mail
Everton Focusses All Quebec Exploration Activity on the Opinaca Region: Spins Off Non-Core James Bay Properties - More
- November 28, 2007 | Item | E-mail
BHP confident pricing fears won't wreck Rio deal - "BHP Billiton Ltd/Plc (BHP.AX: Quote, Profile, Research) is confident its proposed merger with rival Rio Tinto (RIO.AX: Quote, Profile, Research) will not be derailed by big customers such as China, who fear a merged mining giant would dictate metals prices." More
- November 28, 2007 | Item | E-mail
Sabina Silver and Silver Grail Drilling at Del Norte Extends High Grade Gold and Silver Mineralized Zone - "Sabina Silver Corporation (CDNX:SBB.V - News) is pleased to announce results from a nine hole, 1,600 meter diamond drilling program undertaken on the Del Norte property (Midas Claim Block) located approximately 34km east of Stewart, British Columbia. This drill program was undertaken to follow-up high grade gold and silver assay results from the "3 Oz Vein" drilled in 2006 which have been reported previously and which included 2.54g/t Au and 12.5 g/t Ag over 32.40m and 20.7g/t Au and 86.4g/t Ag over 1.45m in hole SDN-06-03, 0.97g/t Au and 4.1 g/t Ag over 44.79m in hole SDN-06-04, and 0.64g/t Au and 5.1 g/t Ag over 86.25 m in hole SDN-06-05." More
- November 28, 2007 | Item | E-mail
Western Troy Acquires Uranium Prospects Near the Otish Mountains in Quebec - More
- November 28, 2007 | Item | E-mail
Carlisle Goldfields announces private placement - More
- November 28, 2007 | Item | E-mail
Asia Now Finds Up to 14.1 g/t Gold in Residual Magnetite at Beiya - More
- November 28, 2007 | Item | E-mail
Silver Falcon Mining, Inc. (SFMI): Analysis Indicates Gold Reserves Remain in Its Illinois-Central Mine Shaft - More
- November 28, 2007 | Item | E-mail
Northern Gold Mining Inc. Bulk Sampling Results - More
- November 28, 2007 | Item | E-mail
New Gold Inc.: Significant Block Caving Expertise Added - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce the appointment of Ron Allum to the position of General Manager for the New Afton Gold-Copper (Au-Cu) Project located near Kamloops, British Columbia, Canada." More
- November 28, 2007 | Item | E-mail
Uranium Bay Latest Drill Campaign Results From the Uskawanis Uranium Property - More
- November 28, 2007 | Item | E-mail
El Nino Ventures Completes 7,000 Meter Drill Program on Copper Project in the Democratic Republic of Congo (DRC) - More
- November 28, 2007 | Item | E-mail
Galantas Reports Improved Production in Third Quarter 2007 - More
- November 28, 2007 | Item | E-mail
The JSE Limited Announces Gold Fields as a Best Performer in its SRI Index - "The JSE's Socially Responsible Investment (SRI) Index, which assesses the environmental, social and economic sustainability practices and corporate governance of listed companies, yesterday announced that Gold Fields Limited ("Gold Fields") (LSE: GFI - News; NYSE: JSE - News; DIFX: GFI) is one of the Best Performers of the 2007 SRI Index." More
- November 28, 2007 | Item | E-mail
Century Mining announces takeover bid for Sulliden Exploration - More
- November 28, 2007 | Item | E-mail
Update of the Bulk Sampling at the Barry Deposit - More
- November 28, 2007 | Item | E-mail
Northern Gold Mining Inc. bulk sampling results - More
- November 28, 2007 | Item | E-mail
Geneva Resources, Inc. Identifies High-Contrast Gold-in-Soil Anomaly on Vilcoro Gold Property - More
- November 28, 2007 | Item | E-mail
Fission Energy Corp. Intersects Significant Alteration at Patterson Lake, Athabasca Basin, Property - More
- November 28, 2007 | Item | E-mail
Donner Expands Interest in Matagami Camp - More
- November 28, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Chief Mine Project-Development Progress Update - More
- November 28, 2007 | Item | E-mail
SearchGold/Update on Mandiana, Guinea : Geological Characterization of N'Diambaye Mineralized Shear and New Gold Anomaly at Fadaninda - More
- November 28, 2007 | Item | E-mail
Anaconda's Pine Cove Gold Mine Construction on Schedule - More
- November 28, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. awarded prestigious Robert E. Leckie award for outstanding environmental reclamation - More
- November 28, 2007 | Item | E-mail
Sable intersects gold and silver mineralization - More
- November 28, 2007 | Item | E-mail
Millstream Cuts 15 Metres of .16% Nickel at Potter - More
- November 28, 2007 | Item | E-mail
Teryl Resources Announces Drilling Commencing on Bisbee Gold Hill Prospect, Arizona - More
- November 28, 2007 | Item | E-mail
Western Warrior provides Pipestone Project exploration update - More
- November 28, 2007 | Item | E-mail
Kinbauri Gold Corp.: Up-Date Increases El Valle/Carles Indicated Resources to 727,618 oz Au and 84,8 Million lbs Cu & Inferred Resources to 1,100,962 oz Au - More
- November 28, 2007 | Item | E-mail
Mirabela Confirms Santa Rita Resource Targets - More
- November 28, 2007 | Item | E-mail
Fischer-Watt Drilling Four Targets at Cruce, Arizona - More
- November 28, 2007 | Item | E-mail
Consolidated Spire Exploration Program Underway On the Buenavista Gold Property, Mexico - More
- November 28, 2007 | Item | E-mail
Moto Goldmines Limited-Grant of Options to Directors - More
- November 28, 2007 | Item | E-mail
Sirios Resources Inc.: Private Placement Closed - More
- November 28, 2007 | Item | E-mail
Peak Gold reports third quarter results for 2007 - More
- November 28, 2007 | Item | E-mail
Keegan Resources Completes $13.5 Million Financing - More
- November 28, 2007 | Item | E-mail
Avion Resources Purchases Ethiopian Exploration Assets from Aberdeen International - More
- November 28, 2007 | Item | E-mail
Aberdeen International Vends Ethiopian Exploration Assets to Avion Resources Corp and Retains Royalty Interest - More
- November 28, 2007 | Item | E-mail
Osisko Reports Positive Phase II Metallurgical Test Results - More
- November 28, 2007 | Item | E-mail
General Moly Announces Hall-Tonopah Pre-Feasibility Study Update Including a 20% Increase to Identified Mineralization - More
- November 28, 2007 | Item | E-mail
Eaglecrest Announces Improvement of Gold Grades in Underground Bulk Sampling Program - More
- November 28, 2007 | Item | E-mail
Rochester Reports High Grades on Drift Development at Florida - More
- November 28, 2007 | Item | E-mail
Carpathian Gold Inc.: In-Fill and Delineation Drilling Results Continue to Enhance and Expand Mineralization at the Rovina Porphyry Deposits, Romania - More
- November 28, 2007 | Item | E-mail
Conway Resources Reports More Encouraging Results on its Conway Paquin Property - More
- November 28, 2007 | Item | E-mail
LGL Releases Management Site Tour Update Presentations - More
- November 28, 2007 | Item | E-mail
Endeavor Uranium Completes Baboon Basin Purchase Agreement - More
- November 28, 2007 | Item | E-mail
Grandview Chairman Issues Letter to Shareholders - More
- November 28, 2007 | Item | E-mail
Gemini Explorations, Inc. Receives Proposal for Joint Venture to Develop La Planada Gold Project - More
- November 28, 2007 | Item | E-mail
East West Resource Corporation: Gazooma Copper Zone Extends to Depth - More
- November 28, 2007 | Item | E-mail
Sino Gold announces extension of take-over bid - More
- November 28, 2007 | Item | E-mail
Uranium Star Updates Sagar Exploration Status; Outlines 2008 New Property Exploration Plans - More
- November 28, 2007 | Item | E-mail
Western Uranium Announces 2007 Kings Valley Drill Results - More
- November 28, 2007 | Item | E-mail
Liberty Star Uranium Announces Diamond Drilling Program to Start December 1, 2007 - More
- November 28, 2007 | Item | E-mail
Further Core Drill Results From Pan African's Tranomaro Uranium Project Confirm Extension of Zone to the South; Intersections Include 10.0 M of 2.34 Lbs/Sh.T U3 - More
- November 28, 2007 | Item | E-mail
Cameco Temporarily Reduces Underground Activities at Rabbit Lake - More
- November 28, 2007 | Item | E-mail
Randgold raises equity, avoids gold price fix on debt - "Randgold (GOLD.O: Quote, Profile, Research) said late on Tuesday it planned to issue 6 million shares mainly to pay for development of its Tongon mine project.
"Our shareholders have definitely given us the message that they don't want hedging in our company," Chief Executive Mark Bristow told Reuters." More
- November 28, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2007 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 28 November, 2007 | |
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