|
-- Posted 11 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $811.60 | +$4.00 | Silver | $14.67 | +$0.03 | XAU | 169.92 | -3.74% | HUI | 404.33 | -2.85% | GDM | 1244.45 | -3.20% | JSE Gold | 2433.33 | +2.86% | USD | 76.26 | +0.11 | Euro | 146.88 | -0.26 | Yen | 90.11 | +0.55 | Oil | $90.02 | +$2.16 | 10-Year | 3.990% | -0.159 | T-Bond | 116.475 | +1.625 | Dow | 13432.77 | -2.14% | Nasdaq | 2652.35 | -2.45% | S&P | 1477.65 | -2.53% |
The Metals:  Gold dropped to find about 0.5% losses at as low as $803.50 by early trade in London, but it then steadily moved higher for the rest of trade and ended near its high of $813.50 with a gain of 0.5%. Silver dropped to $14.52 by early trade in New York before it rallied to as high as $14.76 by early afternoon, but it then fell back off slightly in the last hour of trade and ended with a gain of just 0.20%. In reaction to the fed’s statement, however, both metals are trading over 1.5% lower in after hours access trade at the time of writing.
Euro gold rose to about €552, platinum gained $2 to $1462, palladium gained $1 to $344, and copper remained at about $3.02. Gold and silver equities rose to find about 1.5% gains before the fed’s statement, immediately fell back to unchanged following the statement, and then fell even further in the last hour and a half of trade and closed with about 3% losses. The Economy: Report | For | Reading | Expected | Previous | Wholesale Inventories | Oct | 0.0% | 0.5% | 0.6% |
The fed cut the fed funds rate by 25 basis points to 4.25% as expected and also cut the discount rate by 25 basis points. Some had hoped for a cut of 50 basis points in at least the discount rate if not the fed funds rate as well, but the fed did at least hint towards another rate cut at their next meeting. Most were hoping for a more dovish statement and a sense of urgency, however, and they instead received a statement that still cited risks to inflation as well as economic growth rather than one perhaps more concerned about future economic growth. There was one dissenting voter who wanted a cut of 50 basis points to the fed funds rate. Tomorrow at 8:30AM EST brings Export and Import Prices for November and the Trade Balance for October expected at -$57.0 billion. At 2PM is the Treasury Budget for November expected at -$90.0 billion. Today's Gold Seeker Report Is Sponsored By: 
Starcore International is a gold and silver producer in Mexico and a 'Tier One' company listed on the TSX-V under the symbol SAM. The San Martin Gold mine was acquired January 2007 from Goldcorp Inc. It is located about 50 km east of the City of Querétaro in Querétaro State, a few hours drive from Mexico City. The company currently retains an 80 to 20 joint venture agreement with Goldcorp. Inc. in the development of the Cerro Dolores, El Transito Deposit 190 km south - southwest of Mexico City. The El Transito Deposit is a silver-lead-zinc replacement orebody defined by over $US 2 million in development expenditures Click Here to Learn More... |
The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose over $2 to back above $90 despite the fed’s hawkish statement as a winter storm impacting much of the US created multiple supply problems ahead of tomorrow’s inventory reports. The U.S. dollar index ended slightly higher after the fed’s statement that was more hawkish than most expected. Treasuries rose slightly before the fed’s statement and rose even more after it on a flight to safety. The Dow, Nasdaq, and S&P traded on either side of unchanged in a rather tight range leading up to the fed’s statement and actually came into the statement at new session highs with nearly 0.5% gains, but all three indices then sold off markedly following the statement and ended with over 2% losses. Among the big names making news in the market today were H&R Block, Fannie and Freddie, Citigroup, AT&T, Genworth, Washington Mutual, General Electric, and DuPont. The Commentary:  “February Gold finished up 3.6 at 817.1, 0.7 off the high and 7.1 up from the low.
March Silver closed up 0.015 at 14.865. This was 0.105 up from the low and 0.065 off the high. With an initial slide in gold prices reversed ahead of the FOMC meeting and then seeing gold prices come under pressure in the wake of the 25 basis point cut it would seem as if a portion of the trade was indeed hopeful of something aggressive from the US Fed. It did seem as if strength in the energy complex and or the initial gains in the equity market provided the bull camp with its early strength but ongoing gains in the energy complex clearly wasn't enough to provide support to gold in the aftermath of the FOMC meeting. It should be noted that in the minutes after the Fed move, the gold market showed strength but that strength waned rather quickly. The silver market initially followed the gold market on Tuesday morning with a two sided trade, but in the wake of the Fed move, it was clear that a portion of the bull camp was disappointed in the action of the Fed. With copper prices also showing an afternoon weakening and equity prices giving up all their early gains and tracking sharply lower, one could concede to some physical commodity selling pressure in silver.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Ed Steer: Larry Lindsey lays it on the line Murray Pollitt: The big shorts in gold are also the big frauds Ted Butler: The cop on the beat -- Part III Trade dollars for an even more imaginary currency -- just please don't spend them! Citigroup quietly unloads toxic SIVs to junior investors Societe Generale rescues SIV fund to avoid fire sale Troubled bond insurer gets $1 billion investment from buyout firm The Statistics: As of close of business: 12/10/2007 Gold Warehouse Stocks: | 7,366,099 | - | Silver Warehouse Stocks: | 134,532,526 | +596,734 |
Global Gold ETF Holdings [WGC Sponsored ETF’s] 
| Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 614.67 | 19,762,146 | US$ 15,995m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.51 | 3,134,956 | US$ 2,528m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,229 | US$ 416m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.29 | 652,191 | US$ 527m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 12.3 tonnes to a new record high holding. COMEX Gold Trust (IAU) Profile as of 12/10/2007 | | Total Net Assets | $1,405,398,244 | 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 12/10/2007 | | Total Net Assets | $2,111,178,813 | Ounces of Silver
in Trust | 146,833,360.500 | Shares Outstanding | 14,800,000 | Tonnes of Silver
in Trust | 4,567.03 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Exeter’s (XRA) director death and drilling program, Almaden’s (AAU) updated resource, Alexco’s (AXU) flow-through private placement, Orezone’s (OZN) drill results, Pacific Rim’s (PMU) quarterly results, Kirkland’s (KGI.TO) drill results, Cardero’s (CDY) IP survey, and Minco’s (MSV.TO) increase in resources were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Exeter | XRA +8.00% $5.40 | 2. Golden Star | GSS+3.17% $3.25 | 3. Taseko | TGB +2.77% $5.20 |
LOSERS 1. Solitario | XPL -8.86% $4.73 | 2. Entree | EGI -8.55% $2.46 | 3. Apex Silver | SIL -8.06% $16.08 |
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: Intrepid Market Update - More
- December 11, 2007 | Item | E-mail
Cartier Resources Inc.: Drilling Returns New Gold Zones on Kinojevis Property - More
- December 11, 2007 | Item | E-mail
Minera Andes announces drilling commences at Los Azules copper project - More
- December 11, 2007 | Item | E-mail
Taranis Intersects 5.07% Zn, 4.07% Pb, 0.26% Cu, 1.59 g/t Au and 296.12 g/t Ag over 1.95 m in Deep Drilling Under Great Northern Zone - More
- December 11, 2007 | Item | E-mail
Cadiscor Locks in IAMGOLD's Sleeping Giant Mine/Mill and Begins Underground Exploration - More
- December 11, 2007 | Item | E-mail
HudBay Plans $42.8 Million for 2008 Exploration - More
- December 11, 2007 | Item | E-mail
Stingray Copper Inc.: Positive Drill Results Continue to Define Oxide Copper Resource at El Pilar Property - More
- December 11, 2007 | Item | E-mail
Goldbelt Hits 43m @ 2.95 g/t Gold During Step-Out Drilling at the Kari Nord Project, SW Burkina Faso - More
- December 11, 2007 | Item | E-mail
Cardero Resource Corp.: Geophysical Survey Identifies Six New Targets at La Poma Silver-Lead Mine - "The six priority targets are not associated with exposed mineralization and were not known prior to completion of the IP survey. The results suggest that mineralization continues to a depth of at least 240 metres from surface in addition to extending the system a minimum of 500 metres to the west under younger cover sequences." More
- December 11, 2007 | Item | E-mail
Exeter Saddened by the Passing of Paul MacNeill - "The Board of Directors, management and staff of Exeter are greatly saddened by the death of Mr. Paul MacNeill on December 9, 2007. Paul served as a director of Exeter from its listing in 2003 providing valuable counsel on the strategic direction and governance of the Company. His availability to Exeter was total, a major benefit for management, given the growing pains of a rapidly emerging junior resource company. His firm, MacNeill Law, provided legal services to Exeter giving Paul further insight into our operations." More
- December 11, 2007 | Item | E-mail
Luiri Gold Announces C$3 Million Financing With Strata Capital and First Canadian - More
- December 11, 2007 | Item | E-mail
Goldie Drilling Expands Gold Zone Returning 9.7 Meters of 2.03g/t - More
- December 11, 2007 | Item | E-mail
Rocmec Mining Inc.: Drill Campaign Continues Intersecting the Boucher Gold Zone - More
- December 11, 2007 | Item | E-mail
Almaden Updates Resource for the Elk Gold Deposit, BC - "Almaden Minerals Ltd. ("Almaden", "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it has received a report from Giroux Consultants Ltd. updating the resource for the company's 100% owned Elk gold project which incorporates the 2006 diamond drilling results. The company has now filed the report on SEDAR. The Elk Gold deposit is located two kilometres south of Highway 97C and 45 kilometres southeast of Merritt in the Okanagan area of Southern British Columbia." More
- December 11, 2007 | Item | E-mail
Matamec Prepares New Drilling Program on Vulcain - More
- December 11, 2007 | Item | E-mail
Bolivar Mining Corp. Infusion of $1 Million in Modern Mining Equipment to Boost Production at Red Dragon Gold Mine in China Five-Fold - More
- December 11, 2007 | Item | E-mail
Cameco Approves Dividend Increase for 2008 - More
- December 11, 2007 | Item | E-mail
Victoria Reports 61.9 m (203 feet) of 12.57 g/t (0.367 oz/ton) Gold Including 13.9 m (45.5 feet) of 37.21 g/t (1.087 oz/ton) Gold at Cove-McCoy, Nevada - More
- December 11, 2007 | Item | E-mail
Victory Nickel Announces Excellent Metallurgical Results From Lac Rocher Project - More
- December 11, 2007 | Item | E-mail
Vulcan Minerals Inc.: Corporate Update - More
- December 11, 2007 | Item | E-mail
Celtic Minerals Ltd. - Quebec Nickel Update - More
- December 11, 2007 | Item | E-mail
Alexco Closes Flow-Through Private Placement - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce that it has today closed the flow-through private placement previously announced on November 21, 2007. A total of 1,500,000 flow-through common shares have been issued at a purchase price of $6.05 per flow-through share, for total gross proceeds of $9,075,000." More
- December 11, 2007 | Item | E-mail
Sino Gold And Golden China Announce Completion Of Take-Over Bid - More
- December 11, 2007 | Item | E-mail
Non-Brokered Flow-Through Financing of Typhoon Exploration Inc. - More
- December 11, 2007 | Item | E-mail
Temex, Noront and Baltic Expand Property Position via Staking Syndicate - More
- December 11, 2007 | Item | E-mail
Harte Gold Triples Size of Stoughton-Porcupine Property - More
- December 11, 2007 | Item | E-mail
EXMIN Samples High Grade Gold, Silver, Copper and Lead in New Gold District in the Sierra Madre Precious Metal Province, Northern Mexico - More
- December 11, 2007 | Item | E-mail
Ressources Appalaches Inc.: Private Placements of 1,1M$ at a Price of $0.18 - More
- December 11, 2007 | Item | E-mail
Noront, Temex and Baltic Expand Property Position via Staking Syndicate - More
- December 11, 2007 | Item | E-mail
Goldbelt Resources Ltd.: Exploration Update on Southwest Licenses in Burkina Faso - More
- December 11, 2007 | Item | E-mail
Mega Uranium Announces Discovery of Nine Uranium Mineralized Zones on its Aillik East Property and the Completion of Drilling at Mustang Lake - More
- December 11, 2007 | Item | E-mail
Bellhaven Retains AGORACOM and Launches Aggressive Investor Awareness Program - More
- December 11, 2007 | Item | E-mail
ZNext Mining Corporation Inc. Reports on the First 30-day Test Run and Current Development Run at Gango Gold Rush Project - More
- December 11, 2007 | Item | E-mail
AXMIN Inc.: Mineral Resources at Kofi Gold Project, Mali Increase by 25% - More
- December 11, 2007 | Item | E-mail
Uranium Hunter Confirms Uranium Anomalies on Tanzania Ruhuhu Project - More
- December 11, 2007 | Item | E-mail
Pacific North West Capital Corp. and First Nickel Inc. Sign Joint Venture on Raglan Hills Project - More
- December 11, 2007 | Item | E-mail
Hinterland starts drilling at Plateau PGE Project, Quebec - More
- December 11, 2007 | Item | E-mail
American Creek Resources makes significant discovery at Treaty Creek - More
- December 11, 2007 | Item | E-mail
Gladstone Pacific Nickel Ltd - (ACN 104 261 887) - Gladstone Pacific Nickel Ltd pursues financing and construction agreements - More
- December 11, 2007 | Item | E-mail
Pebble Creek's twinned drill hole results at Askot, India - More
- December 11, 2007 | Item | E-mail
Gladstone Pacific Nickel Limited (ACN 104 261 887) - Board restructure to make way for project construction - More
- December 11, 2007 | Item | E-mail
Gladstone Pacific Nickel Limited ("the Company") - (ACN 104 261 887) - Directors Dealings - More
- December 11, 2007 | Item | E-mail
Premier begins diamond drilling at high grade El Alamo District - More
- December 11, 2007 | Item | E-mail
Tagish undertakes non-brokered private placement of $500,000 - More
- December 11, 2007 | Item | E-mail
Rio Tinto in "put up or shut up" challenge to BHP - "Rio Tinto Ltd/Plc (RIO.AX: Quote, Profile, Research) challenged BHP Billiton Ltd/Plc (BHP.AX: Quote, Profile, Research) on Tuesday to make a formal bid to create a mega-mining house or walk away from what could be the second biggest takeover ever." More
- December 11, 2007 | Item | E-mail
Capital Gold Announces Fiscal 2008 First Quarter Conference Call - More
- December 11, 2007 | Item | E-mail
Nilam Resources Acquires El Varon Project in Peru - More
- December 11, 2007 | Item | E-mail
Happy Creek Minerals Ltd. completes drilling on the Hawk copper gold property and contracts Ascenta Capital Partners - More
- December 11, 2007 | Item | E-mail
Garrison International Ltd. Announces Private Placement of Common Share Units - More
- December 11, 2007 | Item | E-mail
Erin Ventures Inc.: Gold Sale Update - More
- December 11, 2007 | Item | E-mail
ROCA-Molybdenite Concentrate Shipments Commence - More
- December 11, 2007 | Item | E-mail
Thundermin and Cornerstone Intersect High Grade Copper Mineralization Assaying 4.5% Cu Over 8.8 M, Including 7.5% Cu Over 3.8 m - More
- December 11, 2007 | Item | E-mail
Brownstone Resources Updates on Arizona Gold - More
- December 11, 2007 | Item | E-mail
Bolivar Mining Secures 40% Interest in Producing Gold Mine in China - More
- December 11, 2007 | Item | E-mail
Carlisle Goldfields closes private placement financing with Stone Asset Management - More
- December 11, 2007 | Item | E-mail
Consolidated Spire Ventures Updates the Significance of Drill Results At the PV Property - More
- December 11, 2007 | Item | E-mail
American Creek Resources Ltd. Electrum Project exploration update - More
- December 11, 2007 | Item | E-mail
Keegan Resources Inc.: Esaase Project Stepout Holes and Trenching Continue to Hit High Gold Grades South of Esaase Resource - More
- December 11, 2007 | Item | E-mail
Nyah Resources' Shareholders Approve Amalgamation With Carlaw Capital - More
- December 11, 2007 | Item | E-mail
Miranda Gold Corp. Appoints New Board Member from the Lundin Group of Companies - More
- December 11, 2007 | Item | E-mail
Brian Groves to Lead Skygold Team as President and CEO - More
- December 11, 2007 | Item | E-mail
Abacus Looks at DM Zone as a Complement to the Multi Pit Mining Plan - More
- December 11, 2007 | Item | E-mail
Tombstone Exploration Corporation Adds to Acreage in Tombstone Mining District -- Awaiting Analysis for 127 Surface Samples - More
- December 11, 2007 | Item | E-mail
Houston Lake Intersects Significant Gold Values in Channel Samples at West Cedartree Project - More
- December 11, 2007 | Item | E-mail
Galway Resources provides an update for the Victorio molybdenum/tungsten project - More
- December 11, 2007 | Item | E-mail
Rochester Orders Additional Ball Mill to Substantially Increase Mill Production - More
- December 11, 2007 | Item | E-mail
Canyon Copper Appoints Mr. Cole McFarland as Director - More
- December 11, 2007 | Item | E-mail
Canplats Resources Corporation: Camino Rojo Drilling Intersects 183 Meters Averaging 1.61 Grams Per Tonne Gold From Surface - More
- December 11, 2007 | Item | E-mail
UME Announces Intention to Make Normal Course Issuer Bid - More
- December 11, 2007 | Item | E-mail
Cameco unlikely to meet 2011 Cigar Lake target - More
- December 11, 2007 | Item | E-mail
Endeavor Uranium Completes Acquisition of 10 Mining Claims - More
- December 11, 2007 | Item | E-mail
Orezone Hits Significant Gold Mineralization at Sega - "The program consisted of 3,416m of diamond drill core (DD) and 3,067m of reverse circulation (RC) on targets in the RZ, Gambo, Bakou and Tiba zones. A recent NI 43-101 compliant resource update (Oct 18/07) of the four principle zones estimates 446,000oz of indicated and 64,000oz of inferred. The resource update does not include results from the latest program." More
- December 11, 2007 | Item | E-mail
Exeter to Commence Drilling Caspiche Gold Porphyry Discovery - "The 10,000 meter (33,000 ft.) drilling program will begin with a diamond drill rig, with a second diamond rig scheduled to arrive on site in mid-January. A reverse circulation percussion rig capable of rapid penetration rates, particularly in the oxide zone of the porphyry, will be contracted to commence work later in January." More
- December 11, 2007 | Item | E-mail
PacBay Outlines Papaskwasati Anomalies, Signs Claims Agreement - More
- December 11, 2007 | Item | E-mail
Pacific Rim Announces Fiscal 2008 Second Quarter Results - "For the three month period ended October 31, 2007, Pacific Rim recorded a net loss of $1.5 million or $(0.01) per share, compared to a net loss of $1.4 million or $(0.01) per share for the three month period ended October 31, 2006." More
- December 11, 2007 | Item | E-mail
Western Uranium Corporation Announces Appointments of Senior Vice President and Senior Project Manager - More
- December 11, 2007 | Item | E-mail
Minco Silver Announces a 145% Increase in the Indicated Resource on the Fuwan Silver Project - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to report the results of an updated resource estimate for the Fuwan Silver Project in Guangdong Province, China. This resource update has upgraded the indicated resource from 4.5 million tonnes containing 29.2 million ounces of silver to 11.9 million tonnes containing 71.6 million ounces of silver, representing an increase of 145% in the indicated resource." More
- December 11, 2007 | Item | E-mail
Utah Uranium Corp. Rated 'Speculative Buy' Target Price $2.10 by Beacon Equity Research - More
- December 11, 2007 | Item | E-mail
Kirkland Lake Gold Inc.: New South Zone Returns 2.09 Ounces of Gold Over 30 Feet and 1.82 Ounces of Gold Over 25 Feet; Zone Expanding Along Strike and Down Dip - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce an update on exploration drilling in the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones, one of which is the New South Zone. Drilling on five exploration programs from the 5000 and 5300 levels dedicated to the SMC continues to extend previously defined mineralization and intersect new zones." More
- December 11, 2007 | Item | E-mail
Pacific Rim Announces Fiscal 2008 Second Quarter Results - "For the three month period ended October 31, 2007, Pacific Rim recorded a net loss of $1.5 million or $(0.01) per share, compared to a net loss of $1.4 million or $(0.01) per share for the three month period ended October 31, 2006." More
- December 11, 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 11 December, 2007 | |
| 
