-- Posted 11 January, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $894.90 | +$4.00 | +3.70% |
Silver | $16.23 | +$0.08 | +6.08% |
XAU | 193.55 | +0.38% | +3.93% |
HUI | 475.08 | +1.33% | +7.06% |
GDM | 1451.82 | +0.89% | +5.57% |
JSE Gold | 2767.78 | +2.51% | +8.74% |
USD | 76.01 | +0.11 | +0.25% |
Euro | 147.88 | -0.07 | +0.11% |
Yen | 91.82 | +0.42 | +0.51% |
Oil | $92.69 | -$1.02 | -5.33% |
10-Year | 3.810% | -0.077 | -1.14% |
Bond | 118.25 | +0.8125 | +0.13% |
Dow | 12606.30 | -1.92% | -1.51% |
Nasdaq | 2439.94 | -1.95% | -2.58% |
S&P | 1401.02 | -1.36% | -0.75% |
The Metals:
Gold fell to $887.25 in London before it rebounded in New York and rose to $898.15 by late morning, but it then fell back to $894.44 ahead of a rally back higher into the close that left it with a gain of 0.45% at a new record high. Silver rose to $16.272 in London and fell to $15.92 in New York before it rallied back higher in the last few hours of trade and ended with a gain of 0.50% at a new 27 year high.
Euro gold rose to over €605, platinum gained $7 to $1559 to a new record high, palladium gained $3 to $376, and copper gained over 4 cents to about $3.31.
Gold and silver equities rose roughly 1% in the first hour of trade, remained near their highs for most of the rest of the day, and closed at new record highs.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Dec | 0.0% | 0.2% | 3.3% |
Import Prices ex-oil | Dec | 0.3% | - | 0.7% |
Export Prices | Dec | 0.4% | 0.4% | 0.9% |
Export Prices ex-ag. | Dec | 0.3% | - | 0.9% |
Trade Balance | Nov | -$63.1B | -$59.5B | -$57.8B |
Treasury Budget | Dec | $48.3B | $52.0B | $42.0B |
All of this week’s economic reports:
Next week’s economic highlights include Retail Sales, PPI, the New York Empire State Index, and Business Inventories on Tuesday, CPI, Net Foreign Purchases, Industrial Production, Capacity Utilization, and the fed’s Beige Book on Wednesday, Housing Starts, Building Permits, Initial Jobless Claims, and the Philadelphia Fed on Thursday, and Leading Economic Indicators and Michigan Sentiment 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
Click Here to Learn More...
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Strong demand forecasts and various USDA reports brought the grain complex in the news today and sent many commodities markedly higher. Soybeans rose to a new record high near $13 and corn was limit up 20 cents a bushel with talk of a repeat performance on Monday.
Oil fell on continued worries about a contracting economy that will cut into future demand.
The U.S. dollar index rebounded slightly from yesterday’s notable losses.
Treasuries rose as the Dow, Nasdaq, and S&P plummeted for most of the day on credit market worries and concerns over coming writedowns in earnings reports due to losses related to exposure to bad mortgage investments.
Among the big names making news in the market Friday were Tiffany, Best Buy, Bank of America and Countrywide, Merrill Lynch, American Express, and Restoration Hardware.
The Commentary:
“February Gold finished up 4.1 at 897.7, 2.4 off the high and 6.2 up from the low.
March Silver closed up 0.095 at 16.37. This was 0.305 up from the low and 0.01 off the high.
The gold market showed a distinct two sided trade on a couple different occasions during the trade on Friday but clearly the bull camp held most of the control. In fact, with another new high for the move taking place in gold in the face of a sharp slide in equity prices and a further deterioration in economic sentiment, the gold trade seems to be locking its focus on the flight to quality and safe haven angles. With April gold managing a low to high rally on the week of roughly $41 an ounce the market certainly forged an impressive compacted run up. Surprisingly the bull camp wasn't discouraged by the fact that the US Dollar failed to weaken in the face of a significant deterioration in its economy and even more surprisingly in the face of increased US rate cut prospects.
The March silver contract forged a rather wide trading range on Friday with an approximate range of 35 cents. Without sounding like a broken record the silver market continued to mostly ignore or discount the escalating threat of US slowing. However, the threat of broad based physical commodity market liquidation was discounted somewhat by the fact that some grain prices were limit up and copper prices also finished modestly higher. Certainly the weakness in oil prices could have concerned some silver bulls, but the trade is pretty entranced with the flight to quality mantra.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Moody's says overspending threatens U.S. debt rating
The Statistics:
As of close of business: 1/10/2008
Gold Warehouse Stocks: | 7,412,674 | - |
Silver Warehouse Stocks: | 130,910,660 | +107,979 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 641.81 | 20,634,686 | US$ 18,244m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 101.02 | 3,248,016 | US$ 2,908m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.62 | 534,037 | US$ 478m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 24.33 | 782,291 | US$ 691m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 2.46 tonnes and the LSE subtracted 0.55 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/10/2008 | |
Total Net Assets | $1,599,536,713 | 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 1/10/2008 | |
Total Net Assets | $2,431,701,385 | 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:
Golden Star’s (GSS) updated resource model, Apogee’s (APE.V) assay results, and Valencia’s (VVI.V) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Orezone | OZN+13.24% $1.54 |
2. Hecla | HL +5.07% $10.36 |
3. Buenaventura | BVN+5.06% $68.04 |
LOSERS
1. Allied Nevada | ANV -5.33% $6.39 |
2. Entree | EGI -5.23% $2.502 |
3. Endeavour | EXK -4.68% $3.87 |
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:
Continuum Extends Expiry Date of Remaining Warrants - More
- January 11, 2008 | Item | E-mail
Southampton to Commence Drilling at Horden Lake Cu-Ni-PGE Property - More
- January 11, 2008 | Item | E-mail
Global Gold Announces Plant Commissioning and Gold Production in Armenia at Toukhmanuk - More
- January 11, 2008 | Item | E-mail
UEX Earns Full 49% Interest in AREVA's Western Athabasca Uranium Projects - More
- January 11, 2008 | Item | E-mail
Bruce Power raises Ontario Bruce 5 reactor output - More
- January 11, 2008 | Item | E-mail
Century announces updated NI 43-101 reserves and technical report for the Lamaque mine - More
- January 11, 2008 | Item | E-mail
Castillian Announces Stock Options - More
- January 11, 2008 | Item | E-mail
Lincoln Gold Corp.: Pine Grove Update - More
- January 11, 2008 | Item | E-mail
Copper Ridge Explorations Inc. - New porphyry target to be drilled at Copper Ace project - More
- January 11, 2008 | Item | E-mail
Intrepid Announces 23% Resource Expansion at Casposo Project, Argentina - More
- January 11, 2008 | Item | E-mail
International Barytex Resources Ltd.: Shituru Project Update - More
- January 11, 2008 | Item | E-mail
Powertech Expands Management Team-Opens New Offices in Greenwood Village and Wellington - More
- January 11, 2008 | Item | E-mail
Katanga Completes Merger with Nikanor to Create a Leading African Copper and Cobalt Company - More
- January 11, 2008 | Item | E-mail
Update on proposed sale of the President Steyn Gold Mine - More
- January 11, 2008 | Item | E-mail
Golden Star Increases Prestea South Gold Unconstrained Indicated Mineral Resources to 525,000 Ounces - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC - News) (“Golden Star”) today announced that it has received an updated resource model for the Bondaye and Tuapim deposits located in the Prestea South area of the Bogoso/Prestea concession approximately 20 kilometers south of the Bogoso processing plants. New drill results and the application of an amended resource model yielded a total of 525,000 ounces of gold in the Mineral Indicated Resource category. This corresponds to a net increase of 409,000 ounces of gold in unconstrained Indicated Mineral Resources." More
- January 11, 2008 | Item | E-mail
Tamerlane Announces Receipt Of Mining Leases For Pine Point - More
- January 11, 2008 | Item | E-mail
Pelangio Advised by Detour Gold of Start of 2008 Drilling Program and Appointment of Lead Feasibility Study Manager - More
- January 11, 2008 | Item | E-mail
Detour Gold Starts 2008 Drilling Program and Announces the Lead Manager for its Feasibility Study at its Detour Lake Property in Northern Ontario, Canada - More
- January 11, 2008 | Item | E-mail
First Gold Shipment From Madison Property Has Been Processed - More
- January 11, 2008 | Item | E-mail
ZNext Mining Greets 2008 by Forming Joint Venture with Crisanta Mining, Claimant of Large Reserves of Copper & Zinc Plus Manganese, Gold and Silver - More
- January 11, 2008 | Item | E-mail
Pancontinental Uranium Adds New Australian Uranium Property and Identifies New Target - More
- January 11, 2008 | Item | E-mail
Firstgold Corp. Announces Changes in Board and Appointment of New CEO - More
- January 11, 2008 | Item | E-mail
Mining authorizations obtained in Slovakia - metallurgical processing review commissioned - More
- January 11, 2008 | Item | E-mail
Freewest Engages PowerOne Capital Markets for Private Placement of Up to $2.1 Million - More
- January 11, 2008 | Item | E-mail
Constitution Mining Acquires Option on Second Gold Project in Argentina - More
- January 11, 2008 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan and Bayugo Properties - More
- January 11, 2008 | Item | E-mail
Amera Reports Phase II Drill Results From Central Cocha Project Copper-Silver Zone - More
- January 11, 2008 | Item | E-mail
2007 Production, 2008 Outlook and New Exploration Discovery - More
- January 11, 2008 | Item | E-mail
Major Deliniation Drill Program Begins at Globex's Magusi River Royalty Property - More
- January 11, 2008 | Item | E-mail
Apogee Intersects 31 Meters Grading 472.8 g/t Silver, 4.19% Zinc at Pulacayo, Bolivia - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has received assays for the first two holes from its ongoing diamond drilling program at the Pulacayo-Paca Silver-Lead-Zinc project (Figure 1). These intersections confirm the presence of a thick zone of silver, zinc and lead mineralization in the center of the upper part of the world class Tajo Vein System. The Tajo Vein System has historical production of over 600 million ounces of silver. The project is an option to joint venture with Apex Silver Mines Ltd. in which Apogee can earn up to a 60% interest in the Project (see press release dated 13/09/05) by completing a feasibility study." More
- January 11, 2008 | Item | E-mail
Valencia Ventures Inc.: Phase III Drill Results Confirm Silver Grades Obtained in Previous Drill Campaigns at Cachinal Project - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) is pleased to report the final drill results from the Phase III resource definition drill program on the Cachinal Silver Project confirm the silver grades and mineralization continuity obtained in the previous two drill campaigns." More
- January 11, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2008
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 11 January, 2008 | |
