-- Posted 20 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $798.50 | -$2.60 |
Silver | $14.21 | +$0.14 |
XAU | 161.75 | +0.42% |
HUI | 380.61 | +0.27% |
GDM | 1169.09 | -0.15% |
JSE Gold | 2212.57 | -1.17% |
USD | 77.78 | +0.20 |
Euro | 143.47 | -0.37 |
Yen | 88.43 | +0.23 |
Oil | $91.06 | -$0.18 |
10-Year | 4.026% | -0.044 |
T-Bond | 116.5625 | +0.65625 |
Dow | 13245.64 | +0.29% |
Nasdaq | 2640.86 | +1.53% |
S&P | 1460.12 | +0.49% |
The Metals:
Gold traded mostly slightly higher in Asia before it began to fall off in London and dropped to as low as $792.92 by late morning in New York, but it then rallied back higher in afternoon trade and ended with a loss of just 0.32%. Silver fell to as low as $13.92 by late trade in London, but it then started to climb back higher in morning New York trade, spiked even higher in afternoon trade, and ended with a respectable gain of 1.00%.
Euro gold fell to about €556, platinum fell from its record high and lost $4 to $1512, palladium lost $3 to $353, and copper rose slightly to about $2.93.
Gold and silver equities fell over 1% in the first hour of trade, but they then steadily climbed back higher for most of the rest of trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q3 | 4.9% | 4.9% | 4.9% |
Chain Deflator | Q3 | 1.0% | 0.9% | 0.9% |
Initial Claims | 12/15 | 346K | 335K | 334K |
Leading Indicators | Nov | -0.4% | -0.3% | -0.5% |
Philadelphia Fed | Dec | -5.7 | 6.0 | 8.2 |
Tomorrow at 8:30AM EST beings Personal Income for November expected at 0.5%, Personal Spending expected at 0.7%, and Core PCE Inflation expected at 0.2%. At 10AM is the revised reading for December Michigan Sentiment expected at 74.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on economic concerns as Leading Indicators fell to a two year low and the Philadelphia Fed gave its lowest reading since April 2003.
The U.S. dollar index rose in technical trade despite mostly poor economic data that sent interest rates lower and treasuries higher.
The Dow and S&P ended slightly higher and the Nasdaq found impressive gains despite increased recession and credit worries as decent earnings reports drove select names higher.
Among the big names making news in the market today were MBIA, Bear Stearns, Eaton, FedEx, and Discover Financial.
The Commentary:
“February Gold finished down 2.2 at 803.2, 1.3 off the high and 5.5 up from the low.
March Silver closed up 0.118 at 14.34. This was 0.205 up from the low and 0.05 off the high.
With the Dollar mostly sustaining positive action on Thursday it wasn't surprising to see gold favor the downside tilt. With a series of US economic reports highlighting the prospect of further slowing in the US economy and the Chinese hiking interest rates for the 6th time this year overnight, it wasn't surprising to see a host of physical commodities like gold off balance. However, with the Nasdaq showing signs of impressive strength in the afternoon action, it is possible that part of negative drag from the macro economic outlook was discounted. Once again the trade noted that gold was outperformed by the silver market.
The silver market at times Thursday acted like a completely different commodity than the gold market. In fact, March silver clearly diverged with the gold market and at times reached the highest level since the big range down failure day of December 13th. However, periodic impressive strength in various sectors of the US stock market and strength in copper prices probably allowed the silver trade to play up its potentially bullish fundamental issues and in turn downplay the potentially negative influence of the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Al-Jazeera's 'People & Power' airs 'Death of the Dollar, Part 2'
The Statistics:
As of close of business: 12/20/2007
Gold Warehouse Stocks: | 7,365,304 | - |
Silver Warehouse Stocks: | 133,786,419 | -26,694 |
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 | 617.43 | 19,851,059 | US$ 15,872m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.50 | 3,134,642 | US$ 2,495m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.38 | 526,177 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 22.37 | 719,286 | US$ 578m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/19/2007 | |
Total Net Assets | $1,421,492,985 | Ounces of Gold
in Trust | 1,774,786.476 |
Shares Outstanding | 17,950,000 | Tonnes of Gold
in Trust | 55.20 |
Note: Change in Total Tonnes from yesterday’s data: 1.07 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 12/19/2007 | |
Total Net Assets | $2,079,920,732 | Ounces of Silver
in Trust | 148,817,097.700 |
Shares Outstanding | 15,000,000 | Tonnes of Silver
in Trust | 4,628.73 |
Note: Change in Total Tonnes from yesterday’s data: 61.7 tonnes were added to the trust.
The Stocks:
Golden Star’s (GSS) appointed interim president, Newmont’s (NEM) royalty sale, Rubicon’s (RBY) project updates, Gold Fields’ (GFI) operational guidance, Metallica’s (MRB) board appointment, Yamana’s (AUY) acquisition of Meridian’s remaining shares, Sterling Mining’s (SRLM.OB) commenced production at Sunshine, Aquiline’s (AQI.TO) supreme court ruling, MAG’s (MVG) drilling, Coeur’s (CDE) mill commissioning, Silver Wheaton’s (SLW) agreement to purchase further silver production, and SilverCrest’s (SVL.V) secured surface rights were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Coeur | CDE +11.14% $4.49 |
2. Great Basin | GBN +10.51% $2.84 |
3. Allied Nevada | ANV +9.56% $5.50 |
LOSERS
1. Minefinders | MFN -5.13% $9.81 |
2. Claude Resources | CGR -4.72% $1.21 |
3. Gold Fields | GFI -4.63% $13.61 |
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:
Golden Star Appoints Interim President and CEO - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC - News) (“Golden Star” or the “Company”) today announced that Mr. Tom Mair has been appointed Interim President and CEO effective January 1, 2008, at which time Mr. Peter Bradford will be stepping down as President and CEO of the Company." More
- December 20, 2007 | Item | E-mail
Novawest Resources Inc. - Private placements arranged - More
- December 20, 2007 | Item | E-mail
Sterling Mining Commences Production at the Sunshine Mine - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) today announced that it has resumed initial production at the Sunshine Mine in Idaho, USA. This announcement caps off an extremely productive year for Sterling Mining Company which included becoming listed on Canada's senior exchange, the TSX; a successful fundraising of US$24.7 million; and completion of Sunshine Mine's technical report compliant to Canada's National Instrument 43-101 (the "43-101 Report")." More
- December 20, 2007 | Item | E-mail
Tara Gold Partners Its Picacho, Curcurpe and Millonaria Projects - More
- December 20, 2007 | Item | E-mail
Canstar Resources Announces Grant of Stock Options - More
- December 20, 2007 | Item | E-mail
Lincoln Gold Announces Revised Gold Resource Estimates for Its Pine Grove Property, Nevada - More
- December 20, 2007 | Item | E-mail
Ur-Energy Meets Second Major Milestone-Files Applications for in Situ Permit to Mine and License to Mine With State of Wyoming - More
- December 20, 2007 | Item | E-mail
Buchans River announces Incentive Stock Options Granted - More
- December 20, 2007 | Item | E-mail
Freewest Acquires New Volcanic-Hosted Massive Sulphide Occurrence at Kirby Lake in the Onaman-Tashota Greenstone Belt, Northwestern Ontario - More
- December 20, 2007 | Item | E-mail
Pacific Comox Amends Closing to $2.55 From $2.50 Million for Financing - More
- December 20, 2007 | Item | E-mail
Yukon Gold Corporation, Inc. Announces President and VP of Corporate Development - More
- December 20, 2007 | Item | E-mail
Norsemont Mining Awards the Definitive Feasibility Study for the Constancia Cu-Mo-Ag Porphyry Project, Southern Peru - More
- December 20, 2007 | Item | E-mail
Investments of Geologic Resource Partners LLC in Stingray Copper Inc. - More
- December 20, 2007 | Item | E-mail
Alberta Star Engages MI 3 Communication for Investor Relations Services - More
- December 20, 2007 | Item | E-mail
Investments of Geologic Resource Partners LLC in Azteca Gold Corp. - More
- December 20, 2007 | Item | E-mail
Pure Nickel Inc. Announces Loss of Chairman and CEO - More
- December 20, 2007 | Item | E-mail
New & Extended Contracts For Cabo Drilling In Mexico - More
- December 20, 2007 | Item | E-mail
Typhoon Intersects 14.9 g/t Au on the Fayolle Project - More
- December 20, 2007 | Item | E-mail
John Sutherland to join board of directors of Atomic - Amendment - More
- December 20, 2007 | Item | E-mail
Continuum purchases diamond drill for 2008 exploration programs in Oaxaca, Mexico - More
- December 20, 2007 | Item | E-mail
Absolut Resources Announces Positive Supreme Court Ruling for Aquiline - More
- December 20, 2007 | Item | E-mail
Novawest Update on its Vanadium-Titanium-Iron claims and Lac Dore staking near Chibougamau, Quebec - More
- December 20, 2007 | Item | E-mail
Little Squaw Trenching Confirms Extensive Gold System at Chandalar - More
- December 20, 2007 | Item | E-mail
Anatolia CEO/President Resigns - More
- December 20, 2007 | Item | E-mail
Platinex Updates on Legal Proceedings Between Platinex - KI - Ontario - More
- December 20, 2007 | Item | E-mail
FNX Comments on Shareholder Letter and Filing - More
- December 20, 2007 | Item | E-mail
Stratabound Reports Results of First Three Drill Holes at Captain - More
- December 20, 2007 | Item | E-mail
First Gold Update on Exploration Programs - More
- December 20, 2007 | Item | E-mail
Paragon Reports on Gold Projects in Gander Area, Newfoundland - More
- December 20, 2007 | Item | E-mail
Ressources Appalaches Completes a Private Placement of $504,000 - More
- December 20, 2007 | Item | E-mail
Golden Tag Resources Ltd.: Results of Drilling Program, McCuaig Project Red Lake, Ontario - More
- December 20, 2007 | Item | E-mail
Copper King Mining Corporation Prepares to Purchase Claims - More
- December 20, 2007 | Item | E-mail
Euromax intersects strong quartz-hematite-sulphide stockwork in drilling at Ilovitza - More
- December 20, 2007 | Item | E-mail
Global Platinum Gold, Inc. Announces Increase in Gold Recovery Rate - More
- December 20, 2007 | Item | E-mail
Gladstone Pacific Nickel Limited ("Gladstone" or "the Company") (ACN 104 261 887) - Appointment of General Manager Beijing - More
- December 20, 2007 | Item | E-mail
Gold Eagle Mines Ltd. - Step out drilling continues to expand the size of the Bruce Channel Discovery - More
- December 20, 2007 | Item | E-mail
Maximus and NFX Confirm Extension of the Bear Lake Gold Zone at Larder Lake - More
- December 20, 2007 | Item | E-mail
NFX and Maximus Confirm Extension of the Bear Lake Gold Zone at Larder Lake - More
- December 20, 2007 | Item | E-mail
Chinese Governments Endorse Asia Now's Exploration and Mining Program - More
- December 20, 2007 | Item | E-mail
Augusta Announces Binding Letter Agreement With Silver Wheaton for Silver Backed Financing of Rosemont Project - More
- December 20, 2007 | Item | E-mail
Rockcliff Announces Up to $3.5 Million Private Placement - More
- December 20, 2007 | Item | E-mail
Alexis Develops $5.9 Million Financing Through Investissement Quebec - More
- December 20, 2007 | Item | E-mail
First Narrows Reports Latest Results From the Chester Resource Definition Drilling Program - More
- December 20, 2007 | Item | E-mail
Western Goldfields to be Added to S&P/TSX Global Gold Index and Global Mining Index - More
- December 20, 2007 | Item | E-mail
Commercial Production at Jinshan's CSH 217 Gold Mine Expected in First Quarter 2008 - More
- December 20, 2007 | Item | E-mail
Jinshan Reports Phase II Drilling and Underground Channel Sampling Results at Dadiangou Gold Project in China - More
- December 20, 2007 | Item | E-mail
Malaga inc. appoints a new board member - More
- December 20, 2007 | Item | E-mail
Dynacor Gold confirms senior management appointments - More
- December 20, 2007 | Item | E-mail
Grab Samples Returned Up to 8.7lbs/ton U3O8 From Charlebois Lake Uranium Project, Saskatchewan - More
- December 20, 2007 | Item | E-mail
Radisson Mining Reports High-Grade Gold Assays on the O'Brien / Kewagama Drill Program - More
- December 20, 2007 | Item | E-mail
QGX Submits Golden Hills and Undur Tsagaan Reserve Documents for Registration with the Mongolian Government - More
- December 20, 2007 | Item | E-mail
Castillian and Xstrata Nickel Finalize Purchase of Mangabal Nickel-Copper Project, Brazil for US$7.0 Million - More
- December 20, 2007 | Item | E-mail
Aurelio Reports Additional High-Grade Zinc Intercepts from South Courtland Area of Hill Copper-Zinc Project - More
- December 20, 2007 | Item | E-mail
Fission Energy Corp. Closes Its Non-Brokered Private Placement Financing - More
- December 20, 2007 | Item | E-mail
JNR Updates Progress on Newfoundland Uranium Projects - More
- December 20, 2007 | Item | E-mail
NWT Uranium: No merit to Azimut 'Notice of Default' for Quebec properties - More
- December 20, 2007 | Item | E-mail
Trigon appoints Tom Buchholz Chief Operating Officer and Head of US Operations; corporate operations to move to Trigon's Golden, Colorado office - More
- December 20, 2007 | Item | E-mail
American Uranium Forms Advisory Board and Makes First Appointment - More
- December 20, 2007 | Item | E-mail
Yamana Acquisition of Remaining Meridian Gold Shares Approved by Shareholders - "MERIDIAN GOLD INC. (Toronto:MNG.TO - News)(NYSE:MDG - News) and YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced that Meridian has received shareholder approval relating to the completion of the plan of arrangement under which Yamana will acquire the remaining approximate 10 percent of Meridian common shares." More
- December 20, 2007 | Item | E-mail
Aquiline Resources Inc.: Supreme Court Rules in Favour of Aquiline - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) advises that the Supreme Court of Canada has today dismissed with costs the application for leave to appeal brought by IMA Exploration Inc. ("IMA") in IMA Exploration Inc. and Inversiones Mineras Argentinas S.A. v. Minera Aquiline Argentina SA. Aquiline has therefore been determined to be the sole beneficial owner (the "Ultimate Owner") of the Navidad silver deposit. IMA has no further recourse and its appeal has been terminated." More
- December 20, 2007 | Item | E-mail
Newmont Sells Royalty and Other Non-Core Assets Valued at Approximately $1.3 Billion to Franco-Nevada - "Newmont Mining Corporation (NYSE: NEM - News) confirmed today that it has sold its royalty assets and certain other non-core investments to Franco-Nevada Corporation in a transaction valued at approximately $1.3 billion (assuming a 20 day average US dollar/Canadian dollar exchange rate of 0.996)." More
- December 20, 2007 | Item | E-mail
Rubicon Minerals Provides Year-End Red Lake Gold Projects Update - "Further to its news release dated November 15th, 2007, in which Rubicon Minerals Corporation (TSX: RMX - News) (AMEX: RBY - News) announced a major increase to its 2008 Red Lake drill programs, the Company is pleased to provide a year-end summary of its Red Lake, Ontario projects." More
- December 20, 2007 | Item | E-mail
MAG Silver & Penoles: Valdecanas Vein Update; Drilling Begins on Juanicipio Vein - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") and Industrias Penoles, S.A.B. DE C.V. ("Penoles") announce assay results have been received for Holes GA and UE. Drilling has now also started on a second vein (Juanicipio) targeting the same untested elevation (down dip) as the high grade zone at Valdecanas." More
- December 20, 2007 | Item | E-mail
Stand-Alone Mill at Coeur's Mina Martha Mine Commissioned - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced that commissioning of the new 240 tonne per day flotation mill at the Company’s high-grade Martha silver mine in southern Argentina has begun this week with the first shipment of concentrate expected in January." More
- December 20, 2007 | Item | E-mail
Gold Fields Updates Operational Guidance for Q2 F2008. - "Overall attributable production* for Q2 F2008 is expected to be down approximately 3.5% compared to that reported for Q1 F2008 and group total cash costs is expected to increase by approximately 8% in US$ terms and 3% in Rand terms." More
- December 20, 2007 | Item | E-mail
Silver Wheaton Signs Binding Letter Agreement to Acquire Future Silver Production From Augusta Resource's Rosemont Project - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that it has signed a binding letter agreement to purchase between 45% and 90% of the life-of-mine silver to be produced by the Rosemont Copper Project ("Rosemont"), a 100%-owned property of Augusta Resource Corporation ("Augusta") (Toronto:AZC.TO - News)(AMEX:AZC - News). Augusta must elect the percentage of life-of-mine silver subject to the transaction, which will be between a minimum of 45% and a maximum of 90%, on or before March 31, 2008." More
- December 20, 2007 | Item | E-mail
Metallica Resources Announces Board Appointment - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to announce that Mr. Thomas F. Pugsley has been appointed to the Board of Directors. Mr. Pugsley replaces Oliver Lennox-King who resigned from the Board in June in order to focus on his other business activities." More
- December 20, 2007 | Item | E-mail
SilverCrest Secures Surface Rights for Santa Elena Project, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to announce that it has signed a community land occupation agreement with the community of Banamichi (Ejido) for the Santa Elena Project in Sonora, Mexico. This agreement, which involves up to 841 hectares, is for a period of 20 years and ensures that the exploration, development and mining activities of the Company may be carried out unimpeded." More
- December 20, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 December, 2007 | |
