-- Posted 12 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $813.20 | +$1.60 |
Silver | $14.64 | -$0.03 |
XAU | 173.52 | +2.12% |
HUI | 406.80 | +0.61% |
GDM | 1265.64 | +1.70% |
JSE Gold | 2395.91 | -2.40% |
USD | 76.17 | -0.09 |
Euro | 147.15 | +0.27 |
Yen | 89.14 | -0.97 |
Oil | $94.39 | +$4.37 |
10-Year | 4.076% | +0.086 |
T-Bond | 115.65625 | -0.78125 |
Dow | 13473.90 | +0.31% |
Nasdaq | 2671.14 | +0.71% |
S&P | 1486.59 | +0.61% |
The Metals:
After closing at $811.60 yesterday, gold fell back off in illiquid after hours access trade to as low as $795.70 at one point, but it then rallied back higher in Asia and London and rose to as high as $817.00 in early New York trade before it came back off slightly in the last few hours of trade and ended with a gain of 0.20%. Silver dropped to $14.47 and rose to $14.797 before it also fell back in the last few hours of trade and ended with a loss of 0.20%.
Euro gold rose to about €553, platinum gained $11 to $1473, palladium gained $4 to $348, and copper fell roughly 6 cents to about $2.96.
Gold and silver equities saw about 3% gains in morning trade before they fell back off with the major indices in afternoon trade, but they still ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Nov | 2.7% | - | 1.4% |
Import Prices ex-oil | Nov | 0.7% | - | 0.5% |
Export Prices | Nov | 0.9% | - | 0.8% |
Export Prices ex-ag. | Nov | 0.8% | - | 0.5% |
Trade Balance | Oct | -$57.8B | -$57.0B | -$57.1B |
Treasury Budget | Nov | -$98.2B | -$90.0B | -$73.0B |
“The Federal Reserve, European Central Bank and three other central banks moved in concert to alleviate a credit squeeze threatening global growth, in the biggest act of international economic cooperation since the Sept. 11 terrorist attacks.
The Fed said in a statement it will make up to $24 billion available to the ECB and Swiss National Bank to increase the supply of dollars in Europe. The Fed also plans four auctions, including two this month that will add as much as $40 billion, to increase cash in the U.S.”
Tomorrow at 8:30AM EST brings PPI for November expected at 1.5%, Core PPI expected at 0.2%, Initial Jobless Claims for 12/08 expected at 335,000, and Retail Sales for November expected at 0.6%. At 10AM are Business Inventories for October expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over $4 as crude inventories fell 700,000 barrels, gasoline inventories built 1.6 million barrels, distillates fell 800,000 barrels, and refinery utilization fell 0.6% to 88.8%. Continued harsh weather and a refinery fire also kept supply concerns fresh while the fed’s cash injection eased demand worries.
The U.S. dollar index fell slightly overall despite large gains versus the yen as higher yielding currencies rose on central banking plans to flood the system with cash.
Treasuries fell on the fed’s plan to ease credit market pressures.
The Dow rose over 270 points at the open and the Nasdaq and S&P followed suit on news of the fed’s plan to increase world liquidity before gains tapered off throughout trade and even briefly turned into notable losses at one point, but all three indices were able to end with at least moderate gains.
Among the big names making news in the market today were PIMCO, Bank of America, Citigroup, Florida Fund, and GE’s NBC.
The Commentary:
“February Gold finished up 1.7 at 818.8, 3.5 off the high and 4.1 up from the low.
March Silver closed down 0.04 at 14.825. This was 0.015 up from the low and 0.145 off the high.
The gold market waffled around on both sides of unchanged throughout the trading session on Wednesday but we suspect that the bull camp was a little discouraged with the ultimate reaction to the events that took place during the session. In fact, with the US equity market at times on fire with optimism in the wake of the Central Bank liquidity plan, one might have expected buyers to have entered the gold market in force. However, the Dollar failed to give ground despite an expansion in the US trade deficit and it also appears as if some flight to quality players in gold decided to step aside in the wake of the latest financial answer to the sub-prime crisis. Even more deflating to the bull camp in gold is the fact that the gold market failed to benefit from the rather impressive bounce in energy prices.
While the silver market mostly followed the ebb and flow of the gold market during the trade Wednesday it was clear that silver wasn't as optimistic about the Central Bank liquidity plan, as silver spent a great deal of the session in negative ground. As suggested in the mid day coverage the overt weakness in the copper market probably undermined silver from a physical or an industrial perspective. In the end seeing a true improvement in the macro economic outlook could benefit silver as it has recently been concerned about the threat of too much slowing.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Fed's money helicopters take off for Europe, Britain, Canada
Gold glitters in the eyes of Russia's billionaires
Fed to try another way of injecting banks with cash
The Statistics:
As of close of business: 12/12/2007
Gold Warehouse Stocks: | 7,366,099 | - |
Silver Warehouse Stocks: | 134,530,540 | - |
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$ 15,980m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.51 | 3,134,921 | US$ 2,545m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,223 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.90 | 671,936 | US$ 543m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.61 tonnes.
COMEX Gold Trust (IAU)
Profile as of 12/11/2007 | |
Total Net Assets | $1,411,821,535 | 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 12/11/2007 | |
Total Net Assets | $2,145,655,732 | 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:
Barrick’s (ABX) completed acquisition, Nevsun’s (NSU) mining agreement, US Gold’s (UXG) exploration update, ECU’s (ECU.TO) new resource estimate, Endeavour’s (EXK) acquired properties, Silvercorp’s (SVM.TO) new mill, Silver Dragon’s (SDRG.OB) closed financing, Hecla’s (HL) public offering, and Arian’s (AGQ.V) sampling program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +7.00% $2.14 |
2. New Gold | NGD +6.87% $5.29 |
3. Buenaventura | BVN+6.76% $57.50 |
LOSERS
1. Hecla | HL-12.85% $9.70 |
2. Alexco | AXU-2.94% $4.29 |
3. Rubicon | RBY -2.84% $1.37 |
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:
Ontex Resources Announces the Adoption of a Shareholders Rights ("Poison Pill") Plan to Protect Against Unsolicited Bids - More
- December 12, 2007 | Item | E-mail
Barrick Completes Acquisition of PNG Properties - "Barrick Gold Corporation (Toronto:ABX.TO - News)(NYSE:ABX - News) announced today that it completed its acquisition of the Kainantu gold mine and over 2,900 square kilometers of highly prospective exploration licenses in Papua New Guinea from Highlands Pacific Limited (ASX:HGL.AX - News)." More
- December 12, 2007 | Item | E-mail
HudBay Announces Share Buy Back Program-Normal Course Issuer Bid - More
- December 12, 2007 | Item | E-mail
Guyana Goldfields Inc.: Aurora Exploration Update - More
- December 12, 2007 | Item | E-mail
GoldSpring, Inc. Secures Financing to Commence Drilling - More
- December 12, 2007 | Item | E-mail
Amera Announces Appointment of New Director and New Vice President, Exploration - More
- December 12, 2007 | Item | E-mail
Mantis Signs Consulting Agreement - More
- December 12, 2007 | Item | E-mail
Cangold Discovers Gold Zone at Los Venados - More
- December 12, 2007 | Item | E-mail
First Quantum Minerals Discusses DRC Border Closure - More
- December 12, 2007 | Item | E-mail
Tagish Reports on Gold and Silver Values in the Rainbow Two Zone - More
- December 12, 2007 | Item | E-mail
Laramide Commences Drilling at Westmoreland - More
- December 12, 2007 | Item | E-mail
Aurafrique to start CAR gold production by 2010 - More
- December 12, 2007 | Item | E-mail
Baja Mining Appoints New Chief Financial Officer - More
- December 12, 2007 | Item | E-mail
Oromonte President reports favourably from Ecuador - More
- December 12, 2007 | Item | E-mail
Mustang Exploration Funding - More
- December 12, 2007 | Item | E-mail
Soho Resources Corp.: President's Letter to Shareholders - More
- December 12, 2007 | Item | E-mail
Andover Extends Strike Length 500 Meters in Zone Averaging 35.5 Meters Thick at SUN - More
- December 12, 2007 | Item | E-mail
Southwestern Resources Grants Stock Options - More
- December 12, 2007 | Item | E-mail
Brazauro Announces a Revised Scoping Study Indicates 13 Year Mine Life at 123,000 Ounces Per Year with a 5% Discounted NPV of $267.3 Million - More
- December 12, 2007 | Item | E-mail
Pacific North West Capital Corp. and First Nickel Inc. Sign Joint Venture on Raglan Hills Project - More
- December 12, 2007 | Item | E-mail
Richmond Minerals Inc. closes flow-through financing involving MineralFields Group - More
- December 12, 2007 | Item | E-mail
Mexoro Minerals Recieves Permits - More
- December 12, 2007 | Item | E-mail
Shoshone Silver Expands Lakeview District Holdings - More
- December 12, 2007 | Item | E-mail
Marathon Reviews Progress of 2007 and Plans for 2008 - More
- December 12, 2007 | Item | E-mail
Robex - Drilling at depth confirms continuity and grade increase on Nampala - More
- December 12, 2007 | Item | E-mail
Century Mining announces term sheets for debt financing - More
- December 12, 2007 | Item | E-mail
Largo Commences Feasibility Study for Maracas Vanadium-PGM Project (Brazil) - More
- December 12, 2007 | Item | E-mail
Canadian Shield Comments on Recent Share Price Activity - More
- December 12, 2007 | Item | E-mail
Newly discovered gossan and soil geochemistry confirm EM anomalies at Askot, India - More
- December 12, 2007 | Item | E-mail
Buchans River announces closing of $3.7 million offering of units and flow-through common shares - More
- December 12, 2007 | Item | E-mail
Northland Buys Anglo American's Royalty and Back-In Right in Swedish IOGC Projects - More
- December 12, 2007 | Item | E-mail
Global Copper reports jump in Relincho estimates - More
- December 12, 2007 | Item | E-mail
La Mancha Resources: Start of a Drilling Campaign at Ariab (Sudan) to Delineate a Prospective Volcanogenic Massive Sulphide Province - More
- December 12, 2007 | Item | E-mail
Pershimco Drops Conditional Option Agreement on Las Minitas - More
- December 12, 2007 | Item | E-mail
Franconia Minerals Announces Latest Drill Results From Birch Lake Copper-Nickel-PGM Project - More
- December 12, 2007 | Item | E-mail
Spirit Exploration, Inc. Files Audited Consolidated Financial Statements - More
- December 12, 2007 | Item | E-mail
Erin Ventures Completes Private Placement - More
- December 12, 2007 | Item | E-mail
Hinterland starts drilling at Raney Gold Project, Ontario - More
- December 12, 2007 | Item | E-mail
Full Metal Signs Option Agreement to Explore Multiple Porphyry Targets in Alaska - More
- December 12, 2007 | Item | E-mail
Mansfield Minerals Inc.: Expectations Met at Lindero - More
- December 12, 2007 | Item | E-mail
Temex sets terms for Mill City earn-in on certain claim groups near Noront Ni-Cu-PGE discovery - More
- December 12, 2007 | Item | E-mail
Uranium 308 Corp.: 2007 Drilling Completed on Janchivlan Project - More
- December 12, 2007 | Item | E-mail
More Significant Results From Queenston's Upper Beaver Project Including 85.3 g/t Au (2.49 oz/ton) Over 3.8 m (12.5 ft) and 29.0 g/t (0.85 oz/ton) Over 4.6 m - More
- December 12, 2007 | Item | E-mail
Champion Bear completes Eagle Rock drilling program and provides fourth quarter exploration update - More
- December 12, 2007 | Item | E-mail
Explorator Intersects Additional High-Grade Gold in Ravanales at El Espino-Venus - More
- December 12, 2007 | Item | E-mail
Chinese Government Issues Drilling License to Explore and Drill Four Major Gold Deposits in Southern China - More
- December 12, 2007 | Item | E-mail
North American Palladium Announces Increase in Unit Offering - More
- December 12, 2007 | Item | E-mail
Mexivada receives $1.66 million from exercise of warrants - More
- December 12, 2007 | Item | E-mail
Global Copper Reports Interim Sulphide Mineral Resource Estimate for Relincho Copper-Molybdenum Deposit-Significant Increase over Previous Estimate - More
- December 12, 2007 | Item | E-mail
Scandinavian Minerals Closes $40 Million Financing - More
- December 12, 2007 | Item | E-mail
Sherwood Reports Results of Pre-feasibility Study for Expansion of Minto Copper-Gold Mine - More
- December 12, 2007 | Item | E-mail
Grandview's First-Pass Drilling Indicates Discovery of Two New Rice Lake Gold Zones Four of Seven Preliminary Holes Drilled Returned Promising Gold Values - More
- December 12, 2007 | Item | E-mail
Dhanoa Gold Production Exceeds First Million Dollars for 2007 - More
- December 12, 2007 | Item | E-mail
Nirek Announces 19.41 Grams/Ton of Gold Results from Gosselin Vein Property - More
- December 12, 2007 | Item | E-mail
New Regional Radiometric Data Prepares Bannerman for Extensive 2008 Exploration Push - More
- December 12, 2007 | Item | E-mail
Golden Tag & ECU Silver Announce New Resource Estimate and Confirm Major New Deposit on San Diego Joint Venture Project, Durango, Mexico - "Golden Tag Resources Ltd. (TSX VENTURE:GOG - News; "Golden Tag") and ECU Silver Mining Inc. (TSX:ECU - News; "ECU") are pleased to report the results of an independent NI 43-101 compliant resource evaluation on the San Diego Project, Durango State, Mexico. Preliminary drilling completed in 2006-07 from 17 diamond drill holes along with 192 surface and underground samples have to date confirmed:" More
- December 12, 2007 | Item | E-mail
Pan African Mining Corp. Conducts Seminar and Training Program in Madagascar on Uranium Health & Safety Practices - More
- December 12, 2007 | Item | E-mail
Endeavour Acquires San Pedro Properties In Guanacevi Silver District, Durango, Mexico - "Endeavour Silver Corp. (EDR: TSX, EXK: AMEX, EJD: DBFrankfurt) announces the acquisition of an option to purchase the San Pedro properties, located about 6 km northwest of Endeavour's operating Porvenir Mine, in the Guanacevi silver district, Durango State, Mexico." More
- December 12, 2007 | Item | E-mail
Nevsun Resources Ltd.: Bisha Mining Agreement Signed - "Nevsun Resources Ltd., (Toronto:NSU.TO - News)(AMEX:NSU - News) ("Nevsun") is pleased to announce that its Eritrean venture company, Bisha Share Mining Company ("BSMC"), has concluded a mining agreement with the Government of the State of Eritrea. The mining agreement contains all of the normal provisions governing the future development and operations for the Bisha Project, including all substantive requirements of international financial institutions. BMSC has further applied for the issuance of a mining license that the Government has advised will be issued soon." More
- December 12, 2007 | Item | E-mail
Silvercorp to Build a New 2,000 Tonne Per Day Mill for the Ying Silver Mining District, Henan Province, China - "Silvercorp Metals Inc. ("Silvercorp") (Toronto:SVM.TO - News) announces that its 77.5% owned joint venture company, Henan Found Mining Co. Ltd. ("Henan Found") has started the process of constructing a new 2,000 tonne per day (t/d) mill and associated tailings dam adjacent to its existing 1,000 t/d mill." More
- December 12, 2007 | Item | E-mail
Miner Xstrata Talks Buyout - "The mining industry has been consolidating. Xstrata recently received approval from South Africa's High Court to proceed with a $1 billion (720 million euros) takeover of Eland Platinum Holdings Ltd., while BHP Billiton Ltd. in November made a bid for Rio Tinto Group." More
- December 12, 2007 | Item | E-mail
US Gold Corporation: Exploration Update - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) is pleased to provide an update on some of its projects, including the Company's upcoming exploration in Mexico and recent drill results from the Limo project in northeastern Nevada that intersected 0.161 ounces per ton (opt) gold over 50 feet (ft.) (5.522 gpt (grams per tonne) gold over 16.8 meters), including 0.235 opt gold over 15 ft. (8.023 gpt gold over 4.6 m), and a second zone containing 0.278 opt gold over 15 ft (9.515 gpt gold over 4.6 m)." More
- December 12, 2007 | Item | E-mail
Silver Dragon Closes $1.5 Million Above Market Financing - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce that it has closed a private placement consisting of 1,500,000 units (the ``Units'') in the Company at a price of U.S. $1.00 per Unit for gross proceeds of U.S. $1,500,000. Each Unit is comprised of one restricted common share and one common share purchase warrant. One warrant will entitle Unit holders to purchase one additional common share (the ``Warrant Shares'') of the Company at an exercise price of U.S. $1.25 per Warrant Share at any time within two years from the date of closing." More
- December 12, 2007 | Item | E-mail
Hecla Announces Commencement of Public Offering of Mandatory Convertible Preferred Stock - "Hecla Mining Company (NYSE:HL - News) today announced that it has commenced a public offering of 1.75 million shares of its mandatory convertible preferred stock (“Preferred Stock”) for $100.00 per share. The Preferred Stock will be mandatorily convertible into shares of Hecla Mining Company common stock on January 1, 2011. The underwriters have an option to purchase up to an additional 262,500 shares of Preferred Stock to cover over-allotments, if any." More
- December 12, 2007 | Item | E-mail
Arian Silver Corporation: San Jose-Progress Update - "Arian Silver Corporation ("Arian" or the "Company")(TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) is pleased to announce that it has completed the Phase-1 underground sampling programme at the San Jose property. The sampling programme has identified a number of bonanza-grade silver areas that can be quickly accessed via the existing haulage ramp." More
- December 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 December, 2007 | |
