-- Posted 8 January, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $877.50 | +$18.20 |
Silver | $15.68 | +$0.52 |
XAU | 188.60 | +3.26% |
HUI | 454.11 | +4.16% |
GDM | 1400.53 | +3.50% |
JSE Gold | 2667.37 | +4.73% |
USD | 76.11 | -0.05 |
Euro | 147.11 | +0.17 |
Yen | 91.21 | -0.53 |
Oil | $96.33 | +$1.24 |
10-Year | 3.840% | +0.001 |
T-Bond | 118.28125 | -0.125 |
Dow | 12589.07 | -1.86% |
Nasdaq | 2440.51 | -2.36% |
S&P | 1390.19 | -1.84% |
The Metals:
Gold rose about $15 in Asia, held near $875 in London, and then rose even further midday in New York to as high as $881.05 before it fell back off slightly in the last hour of trade, but it still ended with a gain of 2.12% at a new all-time high. Silver outpaced gold with a gain of 3.43% and climbed to its highest level since 1980.
Euro gold climbed to over €596, platinum gained $26 to $1547 to a new record high, palladium gained $5 to $375, and copper rose roughly 17 cents to about $3.28.
Gold and silver equities rose over 5% in the first hour of trade before they were dragged down slightly in afternoon trade as the major indices plunged, but they still ended with about 4% gains and just slightly below their all-time highs set two months ago on November 6th.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | Nov | -2.6% | -0.8% | 3.7% |
Consumer Credit | Nov | $15.4B | $8.5B | $2.0B |
There are no major economic reports due out tomorrow.
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 over 1% after yesterday’s nearly 3% decline as traders prepared for a possible eighth strait drop in inventories tomorrow and geopolitical concerns reignited in Nigeria.
The U.S. dollar index fell slightly after Pending Home Sales came in even worse than low expectations.
Treasuries fell slightly as low yields attracted few buyers despite today’s round of disappointing news.
The Dow, Nasdaq, and S&P eventually fell markedly on rumors of a possible Countrywide bankruptcy as AT&T noted consumer softness and furthered concerns about the economy. The Nasdaq fell for an eighth straight session and is already down about 8% on the year while the Dow is down over 5% for the year so far.
Among the big names making news in the market today were Countrywide, AT&T, Supervalu, Constellation Brands, KB Home, Starbucks, Avon, and Microsoft and Fast Search.
The Commentary:
“February Gold finished up 18.3 at 880.3, 3.5 off the high and 6.3 up from the low.
March Silver closed up 0.525 at 15.815. This was 0.295 up from the low and 0.025 off the high.
As suggested in the mid day coverage the gold market was unconcerned about weakness in the US Pending Home sales reading and even seemed to be unconcerned with the periodic weakness in the US equity market. However, with the equity market seeing a sharp mid day washout on rising bankruptcy concerns toward one of the largest US mortgage lenders, it is possible that part of the buying in gold was actually fresh flight to quality type buying interest. Perhaps even more surprising is the fact that the gold market seemed to retain most of its initial gains, while other physical commodity markets like sugar and cocoa seemed to give back some of their early gains.
The silver market managed a huge range up extension on Tuesday, but even with the rally the March contract was still roughly 60 cents below the November highs. Surprisingly, the silver market didn't show that much concern in the wake of disappointing US numbers and renewed concerns being tossed around in the US Mortgage sector. In other words, silver continued to embrace its financial focus over its physical commodity market connection. With grain prices showing a very strong finish, oil prices up impressively and the entire metals complex on a pulse up pattern, one could argue that inflation and or fund buying interest was behind the sharp silver gains made today.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold is the new global currency, Financial Times resentfully admits
Ted Butler: Doin' the right thing
The Statistics:
As of close of business: 1/7/2008
Gold Warehouse Stocks: | 7,424,848 | +49,538 |
Silver Warehouse Stocks: | 133,804,654 | +1,212,785 |
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 | 639.35 | 20,555,673 | US$ 17,661m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.48 | 3,133,977 | US$ 2,752m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.38 | 526,066 | US$ 462m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 24.33 | 782,317 | US$ 672m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 9.63 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/7/2008 | |
Total Net Assets | $1,542,000,926 | Ounces of Gold
in Trust | 1,793,994.872 |
Shares Outstanding | 18,150,000 | Tonnes of Gold
in Trust | 55.80 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/7/2008 | |
Total Net Assets | $2,372,635,132 | Ounces of Silver
in Trust | 155,699,740.100 |
Shares Outstanding | 15,700,000 | Tonnes of Silver
in Trust | 4,842.80 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Richmont’s (RIC) joint venture, ITH’s (THM) exploration program, Nevsun’s (NSU) mining license, International Royalty’s (ROY) metallurgical coal royalties, Ivanhoe’s (IVN) Mongolian assurances, Goldcorp’s (GG) gold production, Vista Gold’s (VGZ) purchased processing equipment, and Valencia’s (VVI.V) exploration programs were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Randgold | GOLD+10.72%$41.22 |
2. Paramount | PZG +9.39% $1.98 |
3. Orezone | OZN +8.66% $1.38 |
LOSERS
1. ITH | THM-10.22% $1.61 |
2. Seabridge | SA -5.01% $29.40 |
3. Gammon Gold | GRS -3.41% $8.50 |
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:
Novawest Resources Inc. - Radiometric Airborne Update Center Uranium Project - Quebec - More
- January 08, 2008 | Item | E-mail
Odyssey Corporate Update - More
- January 08, 2008 | Item | E-mail
Network Exploration announces private placement - More
- January 08, 2008 | Item | E-mail
Explor Acquires Moose Brook Copper Property - More
- January 08, 2008 | Item | E-mail
Pediment Exploration Ltd.: Los Planes Drill Intersects 10.6 m of 13.3 g/t Within 50 m of 4 g/t Gold - More
- January 08, 2008 | Item | E-mail
Kodiak Drills 5.3m Grading 1.51% Ni and 0.44% Cu at Its New Sleeping Giant Base Metal Discovery - More
- January 08, 2008 | Item | E-mail
Richmont Mines to Proceed With Initial Joint Venture Interest in Golden Wonder Mine - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) announced today that it had completed its initial evaluation of the Golden Wonder Mine and exercised its option to acquire a 50% joint venture interest in the project. Richmont Mines will be required to invest US$3 million in certain project-related expenditures prior to September 1, 2008." More
- January 08, 2008 | Item | E-mail
ITH Defines New Surface Gold Targets and Progresses Toward First Resource Calculation on LMS Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or "the Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce the results of its summer exploration program at the LMS prospect. The Company also reports that it is on schedule to complete an initial NI 43-101 resource calculation for the Camp Zone area, one of several targets on the property, during the first quarter of 2008." More
- January 08, 2008 | Item | E-mail
Mantle Returns Shares to Treasury -- Reduces Shares Issued and Outstanding - More
- January 08, 2008 | Item | E-mail
Luiri Gold Closes C$3 Million Financing With Strata Capital and First Canadian Capital - More
- January 08, 2008 | Item | E-mail
Mantis Mineral Corp. Completes Private Placement - More
- January 08, 2008 | Item | E-mail
Canada minister to press Mongolia on mining deal - "Canada's top trade official will press Mongolia's government on Wednesday over delays in approving a major copper and gold project backed by Canada's Ivanhoe Mines." More
- January 08, 2008 | Item | E-mail
Atna Reports Progress at Pinson Gold Mine, Nevada - More
- January 08, 2008 | Item | E-mail
CZM Capital Corp. Retains Stirling Investor Relations - More
- January 08, 2008 | Item | E-mail
Rusoro Mining Ltd. Appoints Corey Allen as COO - More
- January 08, 2008 | Item | E-mail
Hidalgo Mining (HMIT) Completes Over $1 Million in Financing to Begin Production - More
- January 08, 2008 | Item | E-mail
Slam Exploration reports metallurgical results - More
- January 08, 2008 | Item | E-mail
Gold Star Announces "Cowan River" Property to Be Included in VMS Ventures VTEM Survey - More
- January 08, 2008 | Item | E-mail
Tamerlane closes C$1.85 million non-brokered flow-through unit private placement - More
- January 08, 2008 | Item | E-mail
Gemini/Silver Shield Makes Third Option Payment on La Cumbre Gold & Silver Property in Mexico - More
- January 08, 2008 | Item | E-mail
Tara Gold - Exploration and Production Project Updates - More
- January 08, 2008 | Item | E-mail
Normabec Cuts 393 g/t Ag, 1.23 % Pb and 1.79 % Zn Over 5.68 Metres at the Real de Catorce Silver Mining District in Mexico - More
- January 08, 2008 | Item | E-mail
Landore Resources Limited - Drilling Results And Progress Report - Junior Lake-Nickel Project - B4-7 Deposit - More
- January 08, 2008 | Item | E-mail
Non Brokered Private Placement - More
- January 08, 2008 | Item | E-mail
Brazauro Initiates Drilling Program at Crepori Gold Project in Brazil - More
- January 08, 2008 | Item | E-mail
Bonaventure Announces Exploration Programs for 2008, Focus on Drilling Flagship K9 - More
- January 08, 2008 | Item | E-mail
Radius Provides Update on Exploration Programs and Outlines Plans for 2008 - More
- January 08, 2008 | Item | E-mail
Alamos Gold Inc. Increases Quarterly Production by 43% in Q4 2007 - More
- January 08, 2008 | Item | E-mail
USA Uranium CEO's 2008 Message - More
- January 08, 2008 | Item | E-mail
Capital Gold Announces Gold Production Totals for December - More
- January 08, 2008 | Item | E-mail
ABV Gold, Inc. Hires TsNIGRI to Review and Evaluate Potential Merger With Leading Russian Gold and Silver Mining Corporation - More
- January 08, 2008 | Item | E-mail
Inter-Citic Reports High Grade Intersection in 1000 Metre Stepout Hole at Dachang. Gold Mineralization Reported in Deepest Hole Drilled to Date. - More
- January 08, 2008 | Item | E-mail
Canplats Makes Two Senior Appointments - More
- January 08, 2008 | Item | E-mail
Midlands Minerals Reports Two Significant Gold Structures 1.5 Km Southwest of Esaase Deposit on Sian-Ghana - More
- January 08, 2008 | Item | E-mail
Bellhaven and Dominion Intersect 194 M of 0.72% Copper, and Extend Higher Grade Mineralization at the Cerro Chorcha Copper Project - More
- January 08, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. reports more significant results at Mahala Creek, Jerritt Canyon - More
- January 08, 2008 | Item | E-mail
Escala Productivity Exceeds Forecast in 2007 - More
- January 08, 2008 | Item | E-mail
HE-5 Resources, Corp. Announces Acquisition Growth Strategy - More
- January 08, 2008 | Item | E-mail
Cypress Development Corp.: Drilling Resumes on Broulan Reef Gold Project, Red Lake, NW Ontario - More
- January 08, 2008 | Item | E-mail
General Metals Update: Drilling Continues to Expand Surface Oxide Mineralization at Independence Gold - Silver Project - More
- January 08, 2008 | Item | E-mail
Rolling Rock's Monument Bay Gold Resource Increased by 35% - More
- January 08, 2008 | Item | E-mail
Mustang Flow Through Financing Completed - More
- January 08, 2008 | Item | E-mail
Aquila Resources Inc.: Gold and Zinc Values Highlight Pinwheel Zone - More
- January 08, 2008 | Item | E-mail
Castillian Completes Closing Conditions for Purchase of the Mangabal Nickel-Copper Project, Brazil from Xstrata Nickel for US$7.0 Million - More
- January 08, 2008 | Item | E-mail
General Moly Announces Acquisition of Full Water Rights for Mt. Hope - More
- January 08, 2008 | Item | E-mail
Gold Resource Corporation Reports Positive Metallurgical Results for El Rey Mineralization - More
- January 08, 2008 | Item | E-mail
Aurelio Intercepts 130 Feet Averaging 2.2 Grams of Gold per Metric Ton and 45 Feet of 7 Grams of Gold per Metric Ton at MAN Area of Hill Copper-Zinc Project - More
- January 08, 2008 | Item | E-mail
Golden Phoenix to Commence Drilling Campaign at Mineral Ridge Gold Mine - More
- January 08, 2008 | Item | E-mail
Itronics Gold'n Minerals, a Special Purpose Mining Subsidiary, is Launched - More
- January 08, 2008 | Item | E-mail
Getty molybdenum resource update - More
- January 08, 2008 | Item | E-mail
Mesa Uranium Drills Significant U3O8 in Arizona - More
- January 08, 2008 | Item | E-mail
Silver Spruce Resources Inc.: 2008 Winter Program Begins on Snegamook and Mount Benedict Properties - More
- January 08, 2008 | Item | E-mail
Energy Fuels Takes a Big Step toward Mining at the Whirlwind Mine - More
- January 08, 2008 | Item | E-mail
Aurora Intersects Additional High-Grade Uranium at Michelin - More
- January 08, 2008 | Item | E-mail
Nevsun Resources Ltd.: Bisha Mining License Issued - "The mining license area is approximately 16.5 square kilometers within a mining agreement area of approximately 39 square kilometers and includes the Bisha Main Zone deposit and the Northwest Zone deposit. The Company retains an exploration license of approximately 94.5 square kilometers, including the Harena deposit." More
- January 08, 2008 | Item | E-mail
Alberta Star Intersects 12.34 Meters of 1.01% Zinc and 0.25% Lead and a New Vanadium Rich Zone at the Eldorado IOCG & Uranium Project - More
- January 08, 2008 | Item | E-mail
Majescor and Azimut Receive Additional Encouraging Uranium Assays from South Rae, Nunavik, Quebec - Grades up to 0.65% U3O8 from Outcrops - More
- January 08, 2008 | Item | E-mail
Azimut and Majescor receive additional encouraging uranium results from South Rae, Nunavik, with grades up to 0.65% U3O8 - More
- January 08, 2008 | Item | E-mail
Uranium One to invest in Russia sulphuric acid plant - More
- January 08, 2008 | Item | E-mail
International Royalty announces purchase of metallrugical coal royalties - "International Royalty Corporation (AMEX: ROY - News; TSX: IRC - News; the "Company" or "IRC") announced today that it has acquired a royalty on the Horizon metallurgical coal project located in northeastern British Columbia. The interest was purchased from private entities for US$1.5 million and represents a 0.5% gross royalty on coal sales revenue FOB railcar from the future Horizon Mine." More
- January 08, 2008 | Item | E-mail
Ivanhoe Mines Welcomes Assurances in Mongolian Prime Minister's Letter - "In a statement issued today before Ivanhoe Mines' (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News) senior management team addressed institutional investors and analysts at a forum organized by a major U.S. investment bank, John Macken, President and CEO of Ivanhoe Mines Ltd., said that Ivanhoe Mines welcomes assurances contained in a recent letter from Mongolian Prime Minister Sanjaa Bayar." More
- January 08, 2008 | Item | E-mail
Valencia Successfully Completes 2007 Exploration Programs at Cachinal and Rancheria Projects - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) is pleased to report the company's 2007 exploration programs were successfully completed at the Cachinal project in northern Chile and the Rancheria project in Yukon, Canada." More
- January 08, 2008 | Item | E-mail
Goldcorp Achieves Record Gold Production in 2007; Further Growth Forecast for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) announced today that its gold production in 2007 increased 35% to 2.29 million ounces, at the high end of its guidance range of 2.2 million to 2.3 million ounces. Gold production in the fourth quarter of 2007 was a record 633,000 ounces." More
- January 08, 2008 | Item | E-mail
Vista Gold Corp. Announces Signing of Agreement to Purchase Equipment for Paredones Amarillos Project, Mexico, and Results From a Preliminary Assessment - "Vista Gold Corp. (Amex: VGZ - News; TSX: VGZ - News) is pleased to announce that further to the Company's January 2, 2008 press release, the Company has entered into a formal agreement with A.M. King Industries, Inc. ("A.M. King") and Del Norte Company Ltd., a wholly owned subsidiary of A.M. King, to purchase gold processing equipment to be used at Vista's Paredones Amarillos Project in Baja California Sur, Mexico." More
- January 08, 2008 | Item | E-mail
Goldcorp sees output up, at higher costs, in 2008 - "Goldcorp Inc (G.TO: Quote, Profile, Research) said on Tuesday it expects gold production to grow by 13.5 percent this year to 2.6 million ounces, although the cost-per-ounce will also rise." More
- January 08, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 January, 2008 | |
