-- Posted 5 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $797.20 | -$3.90 |
Silver | $14.30 | +$0.03 |
XAU | 171.13 | +0.32% |
HUI | 402.97 | -0.71% |
GDM | 1245.59 | -0.73% |
JSE Gold | 2574.40 | -0.24% |
USD | 76.50 | +0.82 |
Euro | 146.22 | -1.37 |
Yen | 90.44 | -0.54 |
Oil | $87.49 | -$0.83 |
10-Year | 3.911% | +0.022 |
T-Bond | 117.65625 | -0.34375 |
Dow | 13444.96 | +1.48% |
Nasdaq | 2666.36 | +1.78% |
S&P | 1485.01 | +1.52% |
The Metals:
Gold saw over $5 gains at as high as $806.70 by late trade in Asia before it fell in London and found a loss of about $10 by midmorning in New York, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.49%. Silver rose to as high as $14.39 and fell to as low as $14.10 before it also rallied back higher in late trade and ended with a gain of 0.21%.
Euro gold remained at about €543, platinum lost $1 to $1465, palladium lost $1 to $345, and copper remained at about $3.00.
Gold and silver equities remained mixed and near unchanged throughout trade.
The Economy:
Report | For | Reading | Expected | Previous |
Productivity | Q3 | 6.3% | 5.8% | 4.9% |
Factory Orders | Oct | 0.5% | 0.0% | 0.3% |
ISM Services | Nov | 54.1 | 55.0 | 55.8 |
Also making economic news today was the ADP’s private jobs report showing a greater than expected addition of 189,000 jobs in November. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/01 expected at 335,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after OPEC decided to keep production at current levels and crude inventories fell by a huge 8 million barrels, but a build of 4 million barrels in gasoline inventories and a build in distillates of 1.4 million barrels reversed early bullish sentiment and turned gains into nearly 1% losses by the close as a hike in crude stockpiles at the key Cushing, Oklahoma refinery added to the bearish view. Refinery utilization remained unchanged at 89.4%.
The U.S. dollar index rose and treasuries fell on mostly better than expected economic data that reduced the chances the fed will cut interest rates by 50 basis points instead of the widely expected cut of at least 25 basis points. All eyes now turn to tomorrow’s meetings of the Bank of England and the European Central Bank that may cut interest rates.
The Dow, Nasdaq, and S&P rose markedly on better than expected economic data that reduced worries about a recession in the US.
Among the big names making news in the market today were MBIA, Bristol-Myers, Genentech, AIG, Pimco, Fannie Mae, Orange County, and Florida.
The Commentary:
“February Gold finished down 3.9 at 803.7, 3.1 off the high and 5.7 up from the low.
March Silver closed down 0.005 at 14.46. This was 0.18 up from the low and 0.06 off the high.
CBOT gold pushed lower following the surge in the US dollar but the strong gains in equity markets in the US and for emerging markets helped provide underlying support. Psychological support at the 800 level for February CBOT gold managed to hold to limit the downside. Choppy and two-sided trade in crude oil and uncertainty on the direction of fund traders into the end of the year helped keep the market on the defensive.
March silver pushed lower early in the day but instead of staying lower with gold, silver responded to the bullish action of the US stock market and a better tone for copper. Ideas that the US economy may slow but that actions by the Fed and better than expected employment news could help the economy avoid a recession helped provide underlying support. A slowdown in deliveries to a trickle today added to the positive tone.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 12/4/2007
Gold Warehouse Stocks: | 7,420,183 | +36,808 |
Silver Warehouse Stocks: | 134,130,025 | +340,151 |
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 | 601.45 | 19,337,313 | US$ 15,420m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 96.91 | 3,115,837 | US$ 2,469m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.86 | 509,564 | US$ 404m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.04 | 644,332 | US$ 513m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/4/2007 | |
Total Net Assets | $1,394,352,258 | Ounces of Gold
in Trust | 1,740,187.247 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.13 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/4/2007 | |
Total Net Assets | $2,071,057,715 | Ounces of Silver
in Trust | 145,345,284.300 |
Shares Outstanding | 14,650,000 | Tonnes of Silver
in Trust | 4,520.74 |
Note: Change in Total Tonnes from yesterday’s data: 1.97 tonnes were removed from the trust.
The Stocks:
Restarting mines in South Africa after a one-day strike, IAMGOLD’s (IAG) drill results, Royal Gold’s (RGLD) announced impact of Goldcorp’s expansion plans, Golden Star’s (GSS) completed transactions with EURO Resources, Kimber’s (KBX) granted stock options and confirmed CFO, Canyon’s (CAU) drilling, Barrick’s (ABX) striking workers in Tanzania, Orezone’s (OZN) environmental approval, and SNS Silver’s (SNS.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. US Gold | UXG +6.36% $3.01 |
2. Paramount | PZG +6.22% $2.05 |
3. Western Goldfields | WGW +5.94% $3.39 |
LOSERS
1. Mines MGMT | MGN-5.36% $3.18 |
2. NovaGold | NG -4.51% $8.67 |
3. Crystallex | KRY -3.78% $2.29 |
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:
Contact Financial retained for Investor Relations Services - More
- December 05, 2007 | Item | E-mail
Augusta Resource Corporation: Drilling Starts at Rosemont as Public Survey Indicates 64.5% Hold Positive View of Mine Proposal if Plan is Followed - More
- December 05, 2007 | Item | E-mail
Vior Acquires New Molybdenum Property in Chibougamau Area - More
- December 05, 2007 | Item | E-mail
Nevada Copper Featured on BNN - More
- December 05, 2007 | Item | E-mail
Hinterland closes $476,880 Financing - More
- December 05, 2007 | Item | E-mail
Opawica-Dingman, Atikwa Lake and Matachewan, Ont., Status & Results - More
- December 05, 2007 | Item | E-mail
Metanor Accounces Terms of a Private Placement - More
- December 05, 2007 | Item | E-mail
Tournigan Announces Significant Increase in Curraghinalt Gold Resource and Updated Resource for the Kuriskova Uranium Deposit - More
- December 05, 2007 | Item | E-mail
Wealth Intersects Large, Potential Bulk Tonnage, Uranium System at Diamante-Los Patos Property, Northwest Argentina - More
- December 05, 2007 | Item | E-mail
Skygold and Wildrose Agree to Merge - More
- December 05, 2007 | Item | E-mail
IAMGOLD Intercepts Westwood Mineralization at Depth - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce results from 5 drill holes of the ongoing drill program at the Westwood project, an advanced stage exploration project located within the Company's Doyon mine property in the Abitibi region of Northern Quebec." More
- December 05, 2007 | Item | E-mail
Royal Gold Announces Impact From Goldcorp's Expansion Plans at the Penasquito Project - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced that Goldcorp Inc. ("Goldcorp"), the operator of the Penasquito project located in Zacatecas, Mexico, has approved plans to expand mill throughput by 30% to 143,000 tons (130,000 tonnes) of ore and to accelerate the construction schedule at the project. According to Goldcorp, the expanded operation is now expected to produce an average of 1.7 million gold equivalent ounces per year, compared to a previous estimate of 1.3 million gold equivalent ounces per year.(1) Royal Gold holds a 2.0% net smelter return royalty on all metals at the Penasquito project." More
- December 05, 2007 | Item | E-mail
Corriente's Responsible Mining Activities Supported by Major Ecuadorian Indigenous Association - More
- December 05, 2007 | Item | E-mail
Golden Star Completes EURO Ressources Transactions - "Golden Star has completed two transactions with EURO Ressources SA (“EURO”), which were previously announced on March 27, 2007. The completion of the sale of the Gross Rosebel Additional Participation Right to EURO for $4.4 million and the payment by EURO of approximately $3.7 million of debt and interest owed to Golden Star are expected to contribute approximately $8.1 million of cashflow and, of which, $7.4 million will be pre-tax earnings in the fourth quarter. Golden Star continues to hold approximately 1.4 million shares of EURO which equates to an interest of approximately 2% of EURO’s outstanding shares. EURO’s financial statements, specifically its hedge book, are not consolidated in the Golden Star financial statements." More
- December 05, 2007 | Item | E-mail
Kimber grants stock options and confirms position of Chief Financial Officer - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) announces that 400,000 stock options have been granted to two recently appointed officers of the Company at an exercise price of $0.78 per share. In addition Dr. Lyn Davies CA, whose appointment as Acting Chief Financial Officer of the Company was announced on November 13, 2007, has now been confirmed as the Company's Chief Financial Officer." More
- December 05, 2007 | Item | E-mail
New Cantech Receives Payment on Manitoba Properties - More
- December 05, 2007 | Item | E-mail
Tribute Minerals Inc. Exploration Update-Second Drill Activated - More
- December 05, 2007 | Item | E-mail
Kingurutik River update, Toll nickel prospect assays completed - More
- December 05, 2007 | Item | E-mail
MacMillan Reports 26.5 Metres of 3.55 Grams Gold Per Tonne Near Surface at El Zafiro Gold Project in Mexico - More
- December 05, 2007 | Item | E-mail
Anaconda Mining-Penoles Begins 12,000 Metre Drill Program at the Inca de Oro Sur Project, Region III, Chile - More
- December 05, 2007 | Item | E-mail
Canyon Resources Initiates Drilling at its Briggs Area Projects - "Canyon Resources Corporation (Amex: CAU - News). Canyon Resources Corporation is pleased to announce that it has initiated a 10,000 foot drilling campaign that will focus on work at both the Cecil R gold property, located four miles north of its Briggs Mine in Inyo County, California, and at the Briggs Mine itself. Harris Exploration Drilling and Associates Inc. has been contracted for the reverse circulation (RC) drilling that commenced operation today." More
- December 05, 2007 | Item | E-mail
UEX/AREVA Plan $20.3 Million Program at Shea Creek for 2008 Which Includes a $10.0 Million Development Budget and a $10.3 Million Exploration Budget - More
- December 05, 2007 | Item | E-mail
Hunt Gold Corporation - Acquisitions - More
- December 05, 2007 | Item | E-mail
Gold-Bearing Quartz Vein System Discovered by Saturn Minerals in Bedrock on McKee Creek Property Near Atlin, B.C. - More
- December 05, 2007 | Item | E-mail
Yukon Gold Drills a 7.3m Intersection Grading 2.7% Cu, 4.4% Zn and 2.1% Pb Extending Marg Deposit - More
- December 05, 2007 | Item | E-mail
Argentina says scraps some mining export tax breaks - "Argentine authorities said on Wednesday they had scrapped tax exemptions granted to some mining companies on their exports, saying the measure did not contradict mining legislation." More
- December 05, 2007 | Item | E-mail
Cartier Resources Inc.: Dr. Jean Descarreaux Bestowed the Hector-Authier Award - More
- December 05, 2007 | Item | E-mail
American Creek announces change of terms to brokered private placement - More
- December 05, 2007 | Item | E-mail
Victory Nickel Engages Auramet Trading LLC to Advise on Lac Rocher Debt Financing - More
- December 05, 2007 | Item | E-mail
New Jersey Mining Company Expands Claims in Murray Gold District - More
- December 05, 2007 | Item | E-mail
Soho Resources Corp. Contracts Falcon Drilling for Tahuehueto Project - More
- December 05, 2007 | Item | E-mail
Uranium Focused Energy Fund - Offering of units with warrants - More
- December 05, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc: 26,317 Ounces Produced for Second Quarter of 2007/08 - More
- December 05, 2007 | Item | E-mail
Bellhaven and Dominion Intersect 48 M of 1.09% Copper, .24 G/T Gold, and 3.6 G/T Silver Within a Much Larger Zone of Mineralization - More
- December 05, 2007 | Item | E-mail
Robex - Drilling completed on Nampala - Geology and results anticipated - More
- December 05, 2007 | Item | E-mail
Uranium City Mining Corporation Rescinds December 1st Agreement - More
- December 05, 2007 | Item | E-mail
Bellhaven and Dominion Intersect 48 M of 1.09% Copper, .24 G/T Gold, and 3.6 G/T Silver Within a Much Larger Zone of Mineralization - More
- December 05, 2007 | Item | E-mail
Update on Mega's Uranium Exploration Programmes - More
- December 05, 2007 | Item | E-mail
Mediterranean confirms resource mineralization extension in Tac Valley - More
- December 05, 2007 | Item | E-mail
Caldera Resources Inc.: Barrick Commences Mt. Carulina Drill Program - More
- December 05, 2007 | Item | E-mail
Crew Gold Corporation: Lefa Project Update - More
- December 05, 2007 | Item | E-mail
Uranium Energy Corp Establishes Land Position in Historic Red Basin Uranium District in New Mexico - More
- December 05, 2007 | Item | E-mail
Cash Minerals Extends Term of Warrants Issued Novemebr 29, 2005 - More
- December 05, 2007 | Item | E-mail
Alberta Star Intersects 36.70 Meters of 1.11% Copper Including 7.40 Meters of 2.96% Copper at the K2-IOCG Discovery at Contact Lake, NT - More
- December 05, 2007 | Item | E-mail
DIAGNOS Hits Nevada Again by Using its Artificial Intelligence Technology for Staccato Gold - More
- December 05, 2007 | Item | E-mail
Amarillo Signs Property Agreements With Crusader on Adjoining Mara Rosa Exploration Permits - More
- December 05, 2007 | Item | E-mail
Focus Shares to Resume Trading-Transaction Negotiations Not Concluded - More
- December 05, 2007 | Item | E-mail
Aquila Resources Inc.: Drilling at Back Forty Continues to Yield High Grade Gold and Zinc Intercepts - More
- December 05, 2007 | Item | E-mail
Dumont prepares Rattler Gold Project for drilling, and resumes work on the Kiewit Gold Zone, Clifton-GoldHill Mining District, Utah - More
- December 05, 2007 | Item | E-mail
Bayswater Expands Amanda Uranium Zone -- Part of a Potentially Large Uranium System at Wisker Valley, Newfoundland - More
- December 05, 2007 | Item | E-mail
LGL Ballarat Goldfields Mine Recovery Update - More
- December 05, 2007 | Item | E-mail
Timberline Resources Corporation Signs Letter of Intent to Acquire Underground Mining Contractor - More
- December 05, 2007 | Item | E-mail
Golden Chalice Resources Commences Drilling in the Bathurst Zinc-Lead-Silver Mining District - More
- December 05, 2007 | Item | E-mail
Anglo American and Gedex Form Strategic Alliance - More
- December 05, 2007 | Item | E-mail
Wits Basin Announces Additional High-Grade Gold Intercept at the Bates-Hunter Project - More
- December 05, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.: Diamond Drilling and Sampling Results Update; Highland Boy Copper-Silver-Gold Bearing Quartz-Sulphide-Iron Oxide Fissure Vein - More
- December 05, 2007 | Item | E-mail
Carpathian Initiates Drilling on the New Ciresata Porphyry System Within the Rovina License, Romania - More
- December 05, 2007 | Item | E-mail
Aurelio Intercepts 300 Feet Averaging 1.30% Zinc and 1.7 gr/MT Silver in South Courtland Area of Hill Copper-Zinc Project - More
- December 05, 2007 | Item | E-mail
AAA Energy Inc. Completes Initial Evaluation on China Moly Prospects - More
- December 05, 2007 | Item | E-mail
24.61 Grams Gold Per Tonne Intersected Over 7.0 Metres on West Timmins' Thunder Creek Property, Timmins, Ontario - More
- December 05, 2007 | Item | E-mail
Canasia closes acquisition of 196,210 acres in Reed Lake, Manitoba - More
- December 05, 2007 | Item | E-mail
Tanzania union goes to court over Barrick strike - "A Tanzanian union leading a strike at Barrick Gold Corp's (ABX.TO: Quote, Profile, Research) Bulyanhulu mine said on Wednesday it had gone to court to seek compensation for the workers who were fired for participating." More
- December 05, 2007 | Item | E-mail
Mustang Updates Prefeasibility Progress - More
- December 05, 2007 | Item | E-mail
Golden Phoenix Hires AMEC for Design of Dry Stack Tails Impoundment at Mineral Ridge Gold Mine - More
- December 05, 2007 | Item | E-mail
Orezone Essakane Project Receives Formal Environmental Approval - "Orezone Resources Inc. (Toronto:OZN.TO - News) (AMEX:OZN - News) ("Orezone") is pleased to announce it has received a formal Notice of Compliance from the Ministry of Environment and the Quality of Life of Burkina Faso, West Africa in regards to the environmental impact and assessment of its wholly owned Essakane gold mining project." More
- December 05, 2007 | Item | E-mail
SNS Silver Drills 739 g/t (21.6 opt) Over 2.22 Metres on South Vein - "SNS Silver Corp. ("SNS") (CDNX:SNS.V - News) announces that diamond drill hole SNS-307 intercepted the South Vein and returned an average grade of 21.6 oz/t (739 g/t) of silver over a core length of 7.27 feet (2.22 metres). The SNS-307 intercept has an estimated true width of 5.13 feet (1.56 metres) between 890.65 to 897.92 feet." More
- December 05, 2007 | Item | E-mail
South African mines restart after safety strike - "South African mines kicked back into life at midnight after 240,000 workers downed tools on Tuesday in the world's top source of platinum and gold.
Anglo Platinum (AMSJ.J: Quote, Profile, Research) said it lost a full-day's output of 9,000 refined platinum ounces during the strike, which underpinned a firmer price for the metal." More
- December 05, 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 5 December, 2007 | |
