-- Posted 17 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $794.50 | +$1.40 |
Silver | $13.81 | UNCH |
XAU | 159.16 | -4.00% |
HUI | 374.91 | -3.09% |
GDM | 1159.16 | -3.49% |
JSE Gold | 2303.09 | UNCH |
USD | 77.41 | -0.02 |
Euro | 144.01 | -0.16 |
Yen | 88.38 | +0.23 |
Oil | $90.63 | -$0.64 |
10-Year | 4.193% | -0.039 |
T-Bond | 114.34375 | +0.53125 |
Dow | 13167.20 | -1.29% |
Nasdaq | 2574.46 | -2.32% |
S&P | 1445.90 | -1.50% |
The Metals:
Gold initially rose back near $800 in early Asian trade before it fell to as low as $784.95 by early trade in London, but it then rose to as high as $796.15 by midmorning in New York. The yellow metal next dipped back to about $790 by late morning, but it then rallied back higher in afternoon trade and ended with a gain of 0.18%. Silver dropped to as low as $13.57 before it also rallied back higher and ended unchanged on the day.
Euro gold remained at about €552, platinum gained $19 to $1494 to a new record high, palladium gained $2 to $354, and copper fell roughly 5 cents to about $2.86.
Gold and silver equities fell throughout most of trade along with the major indices and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Current Account | Q3 | -$178.5B | -$183.0B | -$188.9B |
NY Empire State Index | Dec | 10.3 | 21.0 | 27.4 |
Net Foreign Purchases | Oct | $114.0B | $50.0B | $15.4B |
Tomorrow at 8:30AM EST brings Housing Starts for November expected at 1,175,000 and Building Permits expected at 1,150,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back under $90 at one point but it ended with a less than 1% loss as the Algerian OPEC minister and next president warned that the cartel might increase production at their next meeting.
The U.S. dollar index rose in early trade on a recently more hawkish fed and better than expected Net Foreign Purchases data, but it ended the day well off its highs and even with a slight loss on worries over tomorrow’s housing data as a late report today showed that “home builders remained extremely pessimistic in December.”
Treasuries rose on safe haven buying as the Dow, Nasdaq, and S&P fell markedly on continued worries over rising inflation and a slowing economy that may not allow the fed to continue to cut interest rates.
Among the big names making news in the market today were Loews and Lorillard, Ambac, Illinois Tool, Ingersoll-Rand and Trane, and Aon.
The Commentary:
“February Gold finished up 1.3 at 799.3, 1.2 off the high and 6.8 up from the low.
March Silver closed down 0.003 at 13.98. This was 0.16 up from the low and 0.01 off the high.
While the Dollar Index fell back from a very impressive upside probe that action seemed to be lost on the gold market on Monday. In fact, with the US stock market under liquidation pressure in the face of renewed slowing concerns, the gold market was seeing a series of deflationary outside market developments. In addition to private surveys that revised US holiday sales downward, the market was also rekindling housing sector concerns and that eventually undermined the Dollar and pulled both gold and silver up off their lows. In the bulls defense they were able to drag gold prices back above the psychologically important $800 level in the February contract and after an initial slide of nearly $11 an ounce that is somewhat impressive.
Fortunately for the silver bulls, the Dollar did fall back from a very strong start to the new week. It was fortunate that the Dollar reversed its early course because significant ongoing weakness in copper prices and a sharp slide in the equity market could have hammered silver prices in the face of a run away upside extension in the Dollar. In fact, given the weakness in stocks, copper and the energy complex, silver and other physical commodity markets could have simply been embracing a year end or pre-holiday liquidation mentality.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Gold's odd price move
As gold's remonetizes itself, jewelry is turned back into bars
Another wave of food price inflation is on the way
Goldman's insider connections, conflicts of interest getting noticed
Paul Krugman echoes James Turk: Insolvency is the problem, not liquidity
India's gold rush is investment and tax avoidance as well as jewelry
Deepcaster Letter details how U.S. govt. manipulates major markets
Jim Cramer gushes over Ron Paul on CNBC's 'Mad Money'
Another Gold Rush 21 conference is coming, but we need a name
State Street aims to launch Japan's first true gold ETF
How Goldman won big on mortgage meltdown
Central bankers worry whether action plan will work
The Statistics:
As of close of business: 12/13/2007
Gold Warehouse Stocks: | 7,365,304 | -795 |
Silver Warehouse Stocks: | 133,467,701 | -1,062,839 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 615.90 | 19,801,664 | US$ 15,631m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.50 | 3,134,747 | US$ 2,489m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,195 | US$ 410m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 21.88 | 703,524 | US$ 563m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/14/2007 | |
Total Net Assets | $1,380,277,927 | 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 12/14/2007 | |
Total Net Assets | $2,056,733,342 | 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:
International Royalty’s (ROY) expansions of its gold royalty portfolio, Gammon Gold’s (GRS) production at Ocampo, and Excellon’s (EXN.V) conditional listing acceptance to the TSX were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG +1.48% $6.17 |
2. Richmont | RIC +1.31% $3.10 |
3. Arizona Star | AZS+1.25% $17.82 |
LOSERS
1. ITH | THM -13.38% $1.36 |
2. NovaGold | NG -11.90% $7.03 |
3. Allied Nevada | ANV -10.81% $4.95 |
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:
Global Finishing, Inc. Drill Program Results From the Second Hole at Joe Mann Mine - More
- December 17, 2007 | Item | E-mail
$0.50 Stock Options Granted and Acquisition of Loveland - More
- December 17, 2007 | Item | E-mail
Copper Mountain Closes An Additional $2.2 Million Private Placement - More
- December 17, 2007 | Item | E-mail
Tagish Reports on Additional Gold and Silver Values in the Rainbow Two Zone - More
- December 17, 2007 | Item | E-mail
First Nickel Exploration Update - More
- December 17, 2007 | Item | E-mail
Gold Bullion Development Corp. Drill Program Results From the Second Hole at Joe Mann Mine - More
- December 17, 2007 | Item | E-mail
Hunt Gold Corporation - Corporate Update - More
- December 17, 2007 | Item | E-mail
Golden Goose Resources closes private placement financing with the MineralFields Group - More
- December 17, 2007 | Item | E-mail
Ireland Inc. Signs Agreement and Plan of Merger With Columbus Brine Inc. - More
- December 17, 2007 | Item | E-mail
High River Gold to Be Added to S&P/TSX Composite Index - More
- December 17, 2007 | Item | E-mail
Queensland Minerals Ltd. Announces Appointment of Investor Relations Manager, Grant of Options and Extension of Credit Facility - More
- December 17, 2007 | Item | E-mail
First Metals Arranges $3,080,000 Financing With $2,600,000 on a Bought Deal Basis - More
- December 17, 2007 | Item | E-mail
Goldstake Explorations-McGarry Gold-Copper-Silver and Diamond Project Update - More
- December 17, 2007 | Item | E-mail
Asian Mineral Resources Limited Announces Grant of the Ban Phuc Project Mining Licence - More
- December 17, 2007 | Item | E-mail
Los Andes Intersects 353.2 Metres Grading 0.59% and 66 Metres Grading 0.95% Copper Equivalent at the Vizcachitas Copper-Molybdenum Project - More
- December 17, 2007 | Item | E-mail
Exploration Licenses Renewed at Inter-Citic's Dachang Gold Project - More
- December 17, 2007 | Item | E-mail
Rainy River and Western Warrior enter into option agreement covering a 9,276 hectare claim block in Off Lake area adjacent to new gold-bearing base metal disc. - More
- December 17, 2007 | Item | E-mail
Cadiscor Resources Intersects 7.71 g/t Au Over 2.0 M in the 1200E Sector on its Discovery Property - More
- December 17, 2007 | Item | E-mail
SouthGobi Energy Resources Discovers Encouraging Gold and Silver Prospects in Java, Indonesia - More
- December 17, 2007 | Item | E-mail
Mengold Closes $1,400,000 First Tranche of Private Placement - More
- December 17, 2007 | Item | E-mail
Wave Uranium Records Claims in Gila County, Arizona - More
- December 17, 2007 | Item | E-mail
Moto Goldmines-Stock Options Granted to Directors and Employee - More
- December 17, 2007 | Item | E-mail
Consolidated Spire Ventures Drills 1.33M With 12.20G/T Gold and 24.3G/T Silver At the PV Property - More
- December 17, 2007 | Item | E-mail
Crescent Retains Services of Peter Grandich - More
- December 17, 2007 | Item | E-mail
Aquila Resources Inc.: Michigan Grants Mine Permit - More
- December 17, 2007 | Item | E-mail
VVC Exploration - Default Status Update Report - More
- December 17, 2007 | Item | E-mail
Trelawney Resources Inc.: Mexican Gold Silver Copper Project Approved - More
- December 17, 2007 | Item | E-mail
ASX Announcement: Unsolicited Takeover Offer From Zinifex Limited - More
- December 17, 2007 | Item | E-mail
Nirek Closes $250,000 Flow Through Financing Gold Bullion Warrant & Starts Trading on Frankfurt - More
- December 17, 2007 | Item | E-mail
Sino Gold successfully completes A$170 million placement - More
- December 17, 2007 | Item | E-mail
Hawk Uranium Discusses Recent Developments with McFaulds Lake JV Partners, Noront Resources and MacDonald Mines - More
- December 17, 2007 | Item | E-mail
International Royalty Corporation increases gold royalty assets - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company") ("IRC") is pleased to update investors on recent expansions of its gold royalty portfolio. This growth has been achieved both through additional acquisitions and through additional advances and technical work on royalty-bearing projects by the operators." More
- December 17, 2007 | Item | E-mail
Northern Continental Asks Securities Commission to Cease Trade Hathor Offer - More
- December 17, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Namibia Exploration Update - More
- December 17, 2007 | Item | E-mail
Rio to invest $1.1 bln in Australian, U.S. mines - "Rio Tinto (RIO.AX: Quote, Profile, Research) (RIO.L: Quote, Profile, Research) said it was to invest $1.1 billion expanding mines in Australia and the United States, as it looks to internal growth to fight off an unwanted approach from rival BHP Billiton." More
- December 17, 2007 | Item | E-mail
Gammon Gold Releases Ocampo Key Operational Indicators for October and November 2007 - "Gammon Gold Inc. ("Gammon Gold") (TSX:GAM and AMEX:GRS): Gammon Gold is pleased to advise that the turnaround at its Ocampo mine seen during October is continuing and the company feels comfortable in advising that results should remain in line with the Q4 guidance of an increase of 10% to 15% in gold equivalent ounce (Au (eq)) production at Ocampo. Importantly, Ocampo had positive operating cash flow in November of $11.4 million and combined October and November operating cash flow of $3.27 million." More
- December 17, 2007 | Item | E-mail
Excellon Receives Conditional Listing Acceptance From the Toronto Stock Exchange - "Excellon Resources Inc. (TSX VENTURE:EXN - News) is pleased to announce that, on December 5, 2007, the Toronto Stock Exchange ("TSX") conditionally approved the listing of Company's common shares, subject to satisfying certain conditions set by the TSX and receipt of all required documentation, on or before March 4, 2008." More
- December 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 December, 2007 | |
