-- Posted 21 December, 2007 | | Source: SilverSeek.com
Please Note: There will be no Gold Seeker Reports next week.
Please Also Note: US and Canadian markets close early at 1PM EST for Christmas Eve on December 24th. Both markets are closed for Christmas Day on the 25th. Canadian markets are closed on the 26th for Boxing Day.
| Close | Gain/Loss | On Week |
Gold | $811.70 | +$13.20 | +2.35% |
Silver | $14.34 | +$0.13 | +3.84% |
XAU | 167.96 | +3.84% | +1.30% |
HUI | 397.77 | +4.51% | +2.82% |
GDM | 1222.64 | +4.58% | +1.80% |
JSE Gold | 2296.83 | +3.81% | -0.27% |
USD | 77.74 | -0.04 | +0.40% |
Euro | 143.57 | +0.10 | -0.42% |
Yen | 87.66 | -0.77 | -0.56% |
Oil | $93.31 | +$2.25 | +1.92% |
10-Year | 4.168% | +0.142 | -1.51% |
Bond | 115.00 | -1.5625 | +1.02% |
Dow | 13450.65 | +1.55% | +0.83% |
Nasdaq | 2691.99 | +1.94% | +2.13% |
S&P | 1484.46 | +1.67% | +1.12% |
The Metals:
Gold remained near unchanged in Asia and rose about $5 in London prior to a spike up about 1% further in early New York trade to as high as $812.40 before it dropped back under $810 in late morning trade, but it then rallied back higher in afternoon trade and ended near its earlier high with a gain of 1.65%. Silver followed a similar pattern and gained 0.91%.
Euro gold rose to about €565, platinum gained $11 to $1523 to a new record high, palladium remained unchanged at $353, and copper rose about 13 cents to nearly $3.06.
Gold and silver equities steadily rose throughout most of trade and ended near their highs with about 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Nov | 0.4% | 0.5% | 0.2% |
Personal Spending | Nov | 1.1% | 0.7% | 0.2% |
Core PCE Inflation | Nov | 0.2% | 0.2% | 0.2% |
Michigan Sentiment | Dec | 75.5 | 74.5 | 74.5 |
Year over year Core PCE Inflation rose at 2.2% which is near the fed’s preferred range of 1-2%. The fed also sold another $20 billion at 4.67% which was a slightly higher interest rate than their last auction. It was also announced late in the day by the WSJ that the earlier proposed Super SIV fund will no longer be developed due to lack of demand.
All of this week’s economic reports:
Next week’s economic highlights include Durable Goods Orders, Initial Jobless Claims, and Consumer Confidence on Thursday, and Chicago PMI, Existing Home Sales, and New Home Sales on Friday.
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
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose throughout trade and ended with over 2% gains on short covering heading into next week’s holiday shortened trading sessions as strong Personal Spending data raised demand expectations.
The U.S. dollar index fell in early trade on worries over the credit market, but it ended well of its session low with just a slight loss as traders added carry trade positions and pushed the yen lower.
Treasuries fell on supposedly tame inflation data as the Dow, Nasdaq, and S&P rose markedly on strong earnings reports in high volume during quadruple witching day.
Among the big names making news in the market Friday were Merrill and Temasek, Circuit City, Marsh & McLennan, Philips, Walgreen, and Research in Motion.
The Commentary:
“February Gold finished up 12.2 at 815.4, 0.9 off the high and 8.6 up from the low.
March Silver closed up 0.148 at 14.488. This was 0.058 up from the low and 0.072 off the high.
The bull camp has to be happy with the price action on Friday, as the gold price gains were big enough that the trade seemed to be embracing something other than a minor corrective dip in the US Dollar. In fact, the gold market gains seemed to be correlated with the strength in the equity market, especially in the early afternoon when both gold and equities pulsed higher together. Apparently the stock market was seeing a pre-holiday euphoria burst and that optimism seemed to trickle over into a number of physical commodity markets. In the end seeing the US Fed indicate that they were planning to offer liquidity auctions twice a week until the liquidity pinch is relieved seemed to foster ideas in the Press and among traders that the sub-prime threat was being reduced and since gold has been periodically undermined by the fear of too much slowing, it isn't surprising to see gold benefit from the news on Friday.
Like the gold market, the silver market was cheered on by holiday cheer and perhaps as a result of ideas that the liquidity threat was being reduced by the promise of frequent liquidity auctions from the Fed. A stronger than expected US Personal Spending report apparently fostered ideas that the US consumer was not being bowed by the sub-prime crisis and that in turn lent physical buying interest to a host of physical commodity markets like silver. In fact, with the copper market posting a massive upward extension, the idea that physical demand for metals was potentially set to improve was not an isolated development.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Fed promises infinite money as long as banks want it
Liberty Dollar reopens to raise defense funds
Paul advances from asterisk to spoiler. Next, the nominee -- then president!
Credit crisis hits top U.S. bond insurer
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$ 15,783m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.50 | 3,134,607 | US$ 2,543m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.38 | 526,171 | US$ 427m |
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 12/20/2007 | |
Total Net Assets | $1,418,105,313 | Ounces of Gold
in Trust | 1,774,786.476 |
Shares Outstanding | 17,950,000 | Tonnes of Gold
in Trust | 55.20 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/20/2007 | |
Total Net Assets | $2,078,404,069 | Ounces of Silver
in Trust | 148,817,097.700 |
Shares Outstanding | 15,000,000 | Tonnes of Silver
in Trust | 4,628.73 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
International Royalty’s (ROY) new royalties, rumors about AngloGold’s (AU) hedge book, Silvermex’s (SMR.V) filed technical report, MAG Silver’s (MVG) joint venture with Penoles, Coeur’s completed acquisitions of Bolnisi and Palmarejo, and Orko’s (OK.V) year end summary and 2008 update were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. ITH | THM +15.65% $1.70 |
2. Gold Reserve | GRZ +15.56% $5.20 |
3. Golden Star | GSS +14.01% $3.50 |
LOSERS
1. Great Basin | GBN-20.77% $2.25 |
2. Solitario | XPL -4.80% $4.76 |
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:
GobiMin Invests in Exploration Projects of Nickel Laterite in Indonesia - More
- December 21, 2007 | Item | E-mail
Uracan announces closing of its previously announced financing - More
- December 21, 2007 | Item | E-mail
Romios Announces Proposed Flow-Through Offering of Up to $5,250,000 and Working Capital Offering of Up to $500,000 - More
- December 21, 2007 | Item | E-mail
Grandview Gold Inc. Announces Private Placement - More
- December 21, 2007 | Item | E-mail
Asian Mineral Resources Limited and Malaysia Smelting Corporation Berhad Announce Closing of $20 Million Private Placement - More
- December 21, 2007 | Item | E-mail
Guyana Goldfields Inc. Announces Normal Course Issuer Bid - More
- December 21, 2007 | Item | E-mail
Cangold Appoints New CFO to Management Team: Renews Consulting Contract; Grants Stock Options - More
- December 21, 2007 | Item | E-mail
Nu-Mex Uranium Corp. and NWT Uranium Corp. Enter Into an Arrangement Agreement - More
- December 21, 2007 | Item | E-mail
Intrepid-Casposo Project, Argentina, EIS Approved - More
- December 21, 2007 | Item | E-mail
Freewest Partners With a Major Mining Company to Further Explore its Sungold Base-Metal Property, Northwestern Ontario - More
- December 21, 2007 | Item | E-mail
New Drill Targets Identified at Mengold's Burchell Lake Property Shebandowan, Ontario - More
- December 21, 2007 | Item | E-mail
Normabec Closes Two Private Placements to Finance its Pitt Gold Drilling Program - More
- December 21, 2007 | Item | E-mail
Aurus Announces Issue of Bond - More
- December 21, 2007 | Item | E-mail
Vena Resources Added to General Index of the Lima Stock Exchange - More
- December 21, 2007 | Item | E-mail
SouthGobi Energy Resources Metals Division Update - More
- December 21, 2007 | Item | E-mail
Jourdan Closes a $225,000 Private Placement With Mineralfields - More
- December 21, 2007 | Item | E-mail
MAG Silver & Penoles Announce the Formation of Minera Juanicipio S.A. DE C.V. - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") and Industrias Penoles S.A.B. DE C.V. ("Penoles") are pleased to announce that "Minera Juanicipio S.A. DE C.V." (Minera Juanicipio) has been incorporated in Mexico as the legal entity to operate the Juanicipio Joint Venture." More
- December 21, 2007 | Item | E-mail
International Royalty enters agreement to acquire 16 royalties from Rio Tinto - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company") or ("IRC") is pleased to announce that it has entered into a definitive purchase and sale agreement to acquire 16 mineral royalties from Rio Tinto PLC ("Rio Tinto"), including interests on the near-producing Las Cruces copper and Avebury nickel mines, for US$61.5 million in cash, plus a potential contingency payment. These acquisitions expand the number of royalties in IRC's portfolio by approximately 20% to now include more than 80 individual royalty interests." More
- December 21, 2007 | Item | E-mail
AngloGold Declines Comment On If It Will Close Its Hedge Book - "Gold producer AngloGold Ashanti Ltd. (AU) Friday declined to comment on a report that it will completely close down its hedge book, which would allow it to take advantage of a high spot market price for the precious metal." More
- December 21, 2007 | Item | E-mail
MDN Received $2 Million on Exercise of Warrants - More
- December 21, 2007 | Item | E-mail
Mario Masson to Join the Technical Team of Midland Exploration - More
- December 21, 2007 | Item | E-mail
Rox Resources Retains AGORACOM to Provide Investor Relations and Social Network for Shareholders - More
- December 21, 2007 | Item | E-mail
Santa Fe Gold Raises $13.5 Million for Construction of Summit Silver-Gold Mine - More
- December 21, 2007 | Item | E-mail
Positive Scoping Study for 2.3 Million Ounces of Copler Gold Sulfides Received by Anatolia - More
- December 21, 2007 | Item | E-mail
First Nickel Announcement - More
- December 21, 2007 | Item | E-mail
Intrepid Announces Change to Board Composition - More
- December 21, 2007 | Item | E-mail
Robert Low Resigns as Director of International Nickel Ventures - More
- December 21, 2007 | Item | E-mail
Atna Completes First Phase of Drilling at Jarbidge, Nevada - More
- December 21, 2007 | Item | E-mail
Amazon to Commence Drilling at Lavras Gold Project - More
- December 21, 2007 | Item | E-mail
DPM Acquires Additional Interest in Kapan Mine in Armenia - More
- December 21, 2007 | Item | E-mail
New Guinea Gold Corporation: Gold Content of Dore Increases 14% to 84.5% and Gold Content to 317 ozs - More
- December 21, 2007 | Item | E-mail
Blue Note Mining Appoints Jean Mayer as VP Legal & Corporate Affairs - More
- December 21, 2007 | Item | E-mail
Constellation Copper Corporation Provides Default Status Report - More
- December 21, 2007 | Item | E-mail
Noront Provides Double Eagle Update - More
- December 21, 2007 | Item | E-mail
Campbell Resources announces the closing of a $528,000 flow-through financing - More
- December 21, 2007 | Item | E-mail
Bruce Power Ontario Bruce 4 reactor back - More
- December 21, 2007 | Item | E-mail
Radisson Mining Announces Private Placements of Flow-Through Common Shares - More
- December 21, 2007 | Item | E-mail
Gentor closes private placement for $2.5 million - More
- December 21, 2007 | Item | E-mail
Merrex Gold Inc. Completes $3.1 Million Brokered Private Placement - More
- December 21, 2007 | Item | E-mail
China Shen Zhou Mining & Resources Announces Initial Completion of Acquisition of Large-scale Gold and Copper Mine Located in Kyrgyz Republic - More
- December 21, 2007 | Item | E-mail
Asian Mineral Resources Limited Comments: Dissidents' Proposal Is Opportunistic and Bad for Shareholders - More
- December 21, 2007 | Item | E-mail
Bonaventure Enterprises Inc.: Closing of Brokered Private Placement, Exploration Program in 2008 to Focus on K9 Uranium Property - More
- December 21, 2007 | Item | E-mail
Coeur Completes Acquisitions of Bolnisi and Palmarejo - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced the successful completion of its acquisitions of Bolnisi Gold NL (ASX:BSG - News) and Palmarejo Silver and Gold Corporation (TSX-V:PJO - News), which creates the world’s leading silver company." More
- December 21, 2007 | Item | E-mail
Orko Silver Provides Year End Summary and Update for 2008 - "Calendar Year 2007 included a milestone event for Orko Silver with the discovery of the Martha Vein in Hole 77 announced on March 27th, 2007. The Company also managed to double the number of rigs drilling at its projects from 2 to 4. We also released two NI 43-101 compliant resource estimates during 2007. The most recent of which increased our resource at La Preciosa by 86% to 73.1 Million Silver-equivalent ounces of contained metal." More
- December 21, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 December, 2007 | |
