-- Posted 17 January, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $879.90 | -$1.00 |
Silver | $15.90 | +$0.12 |
XAU | 175.38 | -3.11% |
HUI | 434.08 | -1.64% |
GDM | 1324.63 | -2.20% |
JSE Gold | 2694.13 | +71.06 |
USD | 76.22 | -0.07 |
Euro | 146.78 | +0.03 |
Yen | 93.53 | +0.33 |
Oil | $90.13 | -$0.71 |
10-Year | 3.640% | -0.072 |
T-Bond | 120.09375 | +0.90625 |
Dow | 12159.21 | -2.46% |
Nasdaq | 2346.90 | -1.99% |
S&P | 1333.25 | -2.91% |
The Metals:
Gold fell slightly to $877 in Asia before it rose to find nearly a 1% gain at $889.45 by about 10AM EST in New York, but it then fell back off for most of the rest of trade and ended with a minor loss of 0.11%. Silver fell to $15.73 and rose to $16.07 before it also fell back off for most of the rest of trade, but it still ended with a nice gain of 0.76%.
Euro gold fell to about €599, platinum lost $1 to $1558, palladium lost $3 to $368, and copper gained a couple of cents to about $3.19.
Gold and silver equities gained over 2% in the first half hour of trade, but they were then dragged down along with the major indices for most of the rest of the day and ended with roughly 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Dec | 1006K | 1150K | 1173K |
Building Permits | Dec | 1068K | 1140K | 1162K |
Initial Claims | 1/12 | 301K | 335K | 322K |
Philadelphia Fed | Jan | -20.9 | -1.5 | -1.6 |
Bernanke gave his blessing for a fiscal stimulus package while forecasting below trend economic growth in his testimony before the House Budget Committee on Capitol Hill today. President Bush is set to reveal the details of the stimulus package sometime tomorrow morning.
Tomorrow at 10AM EST brings Leading Economic Indicators for December expected at -0.1% and Michigan Sentiment for January expected at 74.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil eventually fell back near $90 on worries about the slowing economy and its impact on falling demand.
The U.S. dollar index fell after it was clarified that yesterday’s ECB comments were misconstrued and were not intended to imply that the ECB may start to cut interest rates.
Treasuries rose and the Dow, Nasdaq, and S&P started to fall rather dramatically at 10AM EST when Bernanke started to give his testimony and the Philadelphia Fed survey came in much worse than expected. All three indices fell throughout the day and ended with roughly 2% losses while bonds closed with nice gains.
Among the big names making news in the market today were Kellogg, TD Ameritrade, Merrill, Bank of New York, CIT, BlackRock, and Lockheed.
The Commentary:
“February Gold finished down 1.5 at 880.5, 9.5 off the high and 3.5 up from the low.
March Silver closed up 0.115 at 16.01. This was 0.13 up from the low and 0.15 off the high.
The gold market waffled around both sides of unchanged and then began to give ground in the face of progressively steeper equity market losses. While the Fed commentary during the session hinted at energy market pass through inflation and a recent up tick in core inflation, the gold market seemed to be more concerned about too much slowing. With the US Dollar trading range non descript the gold trade was hardly able to come away with much of a currency influence and that in turn probably allowed the liquidation in the energy and equity market to influence the trade.
March silver forged an inside day but generally seemed to attempt to hold above the prior sessions closing value. As was seen in the prior sessions the sagging macro economic outlook seemed to weigh on silver prices at times but relatively speaking the silver market weathered the negative news better than the rest of the precious metals markets. In fact, silver seemed to stay positive despite the fact that copper and equity prices were under pressure and that is a deviation with recent action. Perhaps the silver market was supported by a mine shut down as the gold market was supported on a number of occasions in 2007 in the wake of mine mishaps.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Murphy's 'Midas' commentary posted in the clear at GoldSeek
The Statistics:
As of close of business: 1/16/2008
Gold Warehouse Stocks: | 7,492,537 | +10,002 |
Silver Warehouse Stocks: | 130,071,935 | -600,216 |
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 | 631.05 | 20,289,034 | US$ 18,049m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 101.02 | 3,247,800 | US$ 2,860m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.62 | 534,001 | US$ 471m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 25.93 | 833,575 | US$ 741m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 21.55 tonnes and the JSE added 1.35 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/16/2008 | |
Total Net Assets | $1,640,436,417 | Ounces of Gold
in Trust | 1,863,176.220 |
Shares Outstanding | 18,850,000 | Tonnes of Gold
in Trust | 57.95 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/16/2008 | |
Total Net Assets | $2,538,026,963 | Ounces of Silver
in Trust | 160,161,664.700 |
Shares Outstanding | 16,150,000 | Tonnes of Silver
in Trust | 4,981.58 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Golden Star’s (GSS) record operating results, Western Goldfields’ (WGW) gold pour, Fronteer’s (FRG) drill results, Solitario’s (XPL) drill results, Pacific Rim’s (PMU) resource update, Silver Quest’s (SQI.V) acquired property, First Majestic’s (FR.V) quarterly production figures, Avino’s (ASM.V) drill results, and Bear Creek’s (BCM.V) scoping study were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. US Gold | UXG +1.85% $3.30 |
2. Gold Reserve | GRZ +0.38% $5.22 |
3. Lihir Gold | LIHR +0.38% $31.92 |
LOSERS
1. Orezone | OZN -10.39% $1.38 |
2. Allied Nevada | ANV -9.58% $5.19 |
3. Fronteer | FRG -8.97% $9.03 |
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 Reports Record Operating Results for 2007 and Guidance for 2008 - "Golden Star Resources Ltd. (AMEX: GSS - News)(TSX: GSC - News) today announced that it has achieved record quarterly gold sales for the fourth quarter of 2007 of 88,015 ounces at a cash operating cost of $582 per ounce and a total of 246,278(2) ounces for 2007 at a cash operating cost of $601 per ounce." More
- January 17, 2008 | Item | E-mail
Mexivada Discovers Two Large Diamonds at Malambani, Republic of Congo - More
- January 17, 2008 | Item | E-mail
Silver Quest Acquires Capoose Silver Property in Central British Columbia - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to announce that it has entered into an Option and Joint Venture Agreement (the "Agreement"), subject to regulatory acceptance, with Bearclaw Capital Corp. (BRL.V) ("Bearclaw") to acquire up to a 100% interest in the Capoose Property (the "Property") located in the Nechako Plateau district of central British Columbia." More
- January 17, 2008 | Item | E-mail
Opawica Explorations Inc. Announces Assays and Drill Mobilization - More
- January 17, 2008 | Item | E-mail
Fury and Golden Predator Terminate Merger Negotiations - More
- January 17, 2008 | Item | E-mail
MacMillan Reports Positive Gold and Silver Results From San Miguel NW Target at the La Mus Project - More
- January 17, 2008 | Item | E-mail
Melkior Resources Inc.: Summary and Plans for 2008 - More
- January 17, 2008 | Item | E-mail
Midland Exploration Options its James Bay Uranium Properties to Quest Uranium Corporation - More
- January 17, 2008 | Item | E-mail
Quest Uranium Acquires Midland Exploration Inc's Sakami Area Uranium Properties, Quebec - More
- January 17, 2008 | Item | E-mail
Benton Drills more Copper and PGMs North of Marathon Deposit - More
- January 17, 2008 | Item | E-mail
Awards of Drilling Contract and Commences Drilling at La Santas Project in Chile - More
- January 17, 2008 | Item | E-mail
Ivany Mining Inc. Closes $1.2-million USD Private Placement - More
- January 17, 2008 | Item | E-mail
Lero Gold Corp. Reports Significant Intersections at its Taldybulak-Talas Cu-Au Porphyry Deposit, Kyrgyzstan - More
- January 17, 2008 | Item | E-mail
CCM Liquidity Report: Alhambra Resources Ltd. (TSX VENTURE: ALH) - More
- January 17, 2008 | Item | E-mail
Yale Starts Phase II Trenching Program at Carol Property - More
- January 17, 2008 | Item | E-mail
Gold miner IRL starts operating Peruvian mine - More
- January 17, 2008 | Item | E-mail
American Uranium Announces Reno Creek 2008 Development Program - More
- January 17, 2008 | Item | E-mail
African Gold Group, Inc. Consolidates Strategic Land Position at Kobada, Mali With Foroko & Acoma Concessions Added to Regional Holdings - More
- January 17, 2008 | Item | E-mail
Golden Band Resources drill results from Charlie's Eye Prospect - More
- January 17, 2008 | Item | E-mail
Caldera drilling underway & Pistala update - More
- January 17, 2008 | Item | E-mail
CCM Liquidity Report: Alexandria Minerals Corporation (AZX: TSX-V) - More
- January 17, 2008 | Item | E-mail
New World Secures Surrounding Ground at Lipena Through Partnership with Bolivian National Mining Corporation, COMIBOL - More
- January 17, 2008 | Item | E-mail
Great Western Minerals Group Welcomes Dr. Baodong Zhao as Manager of Metallurgy - More
- January 17, 2008 | Item | E-mail
Puma Exploration Inc.: Three Drills on Nicholas-Denys, New Brunswick - More
- January 17, 2008 | Item | E-mail
Semafo extends West Balan gold zone 700m to reach 1.6 km - More
- January 17, 2008 | Item | E-mail
Gemini/Silver Shield Commences Drilling at La Cumbre Gold & Silver Property in Mexico - More
- January 17, 2008 | Item | E-mail
Klondex's Drills Gold Intercepts of 67.2 gpt over 1.5 meters (1.95 oz/ton over 5 feet) and 42.3 gpt over 2.4 meters (1.23 oz/ton over 8 feet) in 2 Holes - More
- January 17, 2008 | Item | E-mail
Golden Eagle Moves Into Second Stage of Feasibility Work and Expansion of Gold and Copper Potential on Its Buen Futuro A Zone Project - More
- January 17, 2008 | Item | E-mail
Carpathian Special Committee Retains Paradigm Capital as Independent Adviser - More
- January 17, 2008 | Item | E-mail
Murgor starts drilling at Wim and Hudvam, and defines new targets adjacent to the Wim deposit in northern Manitoba - More
- January 17, 2008 | Item | E-mail
Sarissa Resources Acquires Niobium Carbonatite Bearing Property in Northern Ontario, Canada - More
- January 17, 2008 | Item | E-mail
ZNext Mining Continues Testing For More Efficient Gold Recovery Methodology, Provides Project Update - More
- January 17, 2008 | Item | E-mail
Grande Portage Resources Ltd. Announces Underground Water Quality Results - More
- January 17, 2008 | Item | E-mail
MDN Inc.: Tulawaka Mine Achieves Record Gold Production and Strong Financial Results in 2007 - More
- January 17, 2008 | Item | E-mail
Northern Shield Resources Provides Update on its PGE Exploration activities in the James Bay Lowlands - More
- January 17, 2008 | Item | E-mail
Joint Venture Presentations in Progress, Additional Sulphide Mineralization Intersected at the Suwar Nickel-Copper-Cobalt Project - More
- January 17, 2008 | Item | E-mail
Beeston Completes Exploration Program on Bluff Lake Property, 100 Mile House, BC - More
- January 17, 2008 | Item | E-mail
Baltic Announces Hawkins Update - More
- January 17, 2008 | Item | E-mail
Spirit Exploration, Inc. Hires New President - More
- January 17, 2008 | Item | E-mail
Mediterranean announces further significant drill results and completion of 2007 drill campaign at Tac - More
- January 17, 2008 | Item | E-mail
Paragon and Crosshair Intersect 10.41 g/t Gold Over 4.70 Metres at Golden Promise - More
- January 17, 2008 | Item | E-mail
Globex to Receive First Gross Metal Royalty Revenue From Fabie Bay Copper Mine - More
- January 17, 2008 | Item | E-mail
Western Goldfields Announces First 2008 Gold Pour at Mesquite Mine - "Western Goldfields Inc. (TSX:WGI, AMEX:WGW) today announced that it has completed the first gold pour of 1,000 ounces for 2008 production at its Mesquite Mine in California. Gold sales for the month of January are expected to be approximately 2,700 ounces, exceeding the January budget by more than 30%." More
- January 17, 2008 | Item | E-mail
Queenston's Latest Drilling Intersects High Grade at Upper Beaver - More
- January 17, 2008 | Item | E-mail
MetalCORP; Drilling Campaign Resumes on High Grade Molybdenum (Mo) - Rhenium (Re) Bearing Quartz Vein; 2nd Drill Rig Added at Big Lake Property - More
- January 17, 2008 | Item | E-mail
Airborne Survey Underway on Golden Arrow's Pescado Gold Project, Argentina - More
- January 17, 2008 | Item | E-mail
International Beryllium Corporation Signs Letter Agreement to Acquire Rare Earths Limited LLC - More
- January 17, 2008 | Item | E-mail
Uranium 308 Corp. Acquires Two Additional Uranium Exploration Licenses in Mongolia Covering a Total of 4,656 Hectares (46.56 sq. km) - More
- January 17, 2008 | Item | E-mail
Nord Resources Corporation Announces Commencement of Trading on the Toronto Stock Exchange - More
- January 17, 2008 | Item | E-mail
International Nickel Ventures Reports the Santa Fe Nickel Laterite Option Has Been Exercised and Resources Expanded - More
- January 17, 2008 | Item | E-mail
Drilling Underway on Redstar's Newman Todd Project in Red Lake, Ontario - More
- January 17, 2008 | Item | E-mail
Explorator Extends Copper-Gold Mineralization on Eastern Boundary at El Espino-Venus - More
- January 17, 2008 | Item | E-mail
Yorbeau Intercepts 5.81 Grams Gold Per Tonne Over 2 M (0.17 Ounces Gold Per Ton Over 6.56 Feet) in Astoria-Style Flow Ore Mineralization on the Cinderella Block - More
- January 17, 2008 | Item | E-mail
North American Palladium Increases Annual Production by 21% - More
- January 17, 2008 | Item | E-mail
First Majestic Silver Corp.: Another Record Quarter of Silver Production - "First Majestic Silver Corp. ("First Majestic" or the "Company") (CDNX:FR.V - News) (Other OTC:FRMSF.PK - News) (Frankfurt:FMV.F - News) (WKN: A0LHKJ) is pleased to announce that production in the fourth quarter ending December 31, 2007 increased again to a record 1,008,299 equivalent ounces of silver representing a 7% increase over the prior quarter production and an increase of 76% over the same quarter in the prior year." More
- January 17, 2008 | Item | E-mail
Fronteer Development Group Inc.: More Wernecke Properties Return Encouraging Copper-Gold Results - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) announced today that intervals of copper-gold mineralization have been intersected at its TVA-HEM and Pagisteel properties in the Yukon's Wernecke Mountains." More
- January 17, 2008 | Item | E-mail
U.S. Precious Metals to Proceed with Mexican Drilling Program - More
- January 17, 2008 | Item | E-mail
Capstone Provides 2008 Expansion and Exploration Plans and Increases Production Forecasts for 2008 and 2009 - More
- January 17, 2008 | Item | E-mail
Gold Resource Corporation Receives Federal Permit to Build New Mine Road at Its El Aguila Project, Oaxaca, Mexico - More
- January 17, 2008 | Item | E-mail
Alhambra Resources Ltd. - Fourth Quarter & Year 2007 Operational Updates - More
- January 17, 2008 | Item | E-mail
Latest Drilling Results Establishes Link between MAN & South Courtland Areas of Hill Copper-Zinc Project - More
- January 17, 2008 | Item | E-mail
Sacre-Coeur's Trench Data Confirms High Grade Soil Anomolies on Northwest Project; 12 Meters @ 7.00 g/t AU - More
- January 17, 2008 | Item | E-mail
Canasia Engages Dynamic Exploration Ltd. for Jumbo Gold Property - More
- January 17, 2008 | Item | E-mail
Ivernia's Wholly-Owned Magellan Metals Welcomes Minister's Decision on Containerised Shipments - More
- January 17, 2008 | Item | E-mail
Chu Phase 2 program intersects additional High Grade Mo - More
- January 17, 2008 | Item | E-mail
Solitario Resources Reports Outstanding Drilling Results on Its Bongara Zinc Project, Peru - Intersects 92 Meters Grading 7.24% Zinc Lead - "Solitario Resources Corporation (AMEX:XPL - News) (TSX:SLR - News) announced that recent drilling continues to intersect outstanding high-grade zinc-lead mineralization on its Bongará project in northern Peru. Highlights include drill hole V-21 that cut 92 meters grading 5.50% zinc and 1.74% lead, the thickest mineralized interval ever intersected on the project." More
- January 17, 2008 | Item | E-mail
Magnum Uranium Announces High-Grade Phase II Drill Results from San Rafael Project - More
- January 17, 2008 | Item | E-mail
Pacific Rim Mining Corp.: El Dorado Gold Project M&I Resources Top 1.4 Million Gold Equivalent Ounces With An Additional 0.3 Million Gold Equivalent Ounces - "An updated estimate of gold and silver resources defined to date at Pacific Rim Mining Corp.'s (Toronto:PMU.TO - News)(AMEX:PMU - News) ("Pacific Rim" or "the Company") El Dorado gold project in El Salvador has now been completed. " More
- January 17, 2008 | Item | E-mail
UEX Launches Largest Winter Drilling Program at Hidden Bay with Six Drills - More
- January 17, 2008 | Item | E-mail
Pele Mountain Expands Exploration for Higher Grade Remobilized Uranium at Elliot Lake - More
- January 17, 2008 | Item | E-mail
Drilling Results on ET Zone at Avino's Durango Mexico Property - "Diamond core drilling resumed at Avino Silver & Gold Mines Ltd.'s (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News) Durango property on Monday, January 7, 2008. There are currently two diamond core drill rigs from Tecmin Servicios, S.A. de C.V., one exploring the ET zone (Hole ET-08-01) the other on various exploration targets." More
- January 17, 2008 | Item | E-mail
Bear Creek announces positive scoping study and updated resource estimate at Corani deposit; Annual production of up to 22 million ounces silver - "Bear Creek Mining Corporation (TSX Venture: BCM - News; "Bear Creek" or the "Company") is very pleased to announce the results of a positive scoping study, incorporating a preliminary economic assessment (PEA) as defined by NI-43-101 based on the latest resource estimate update for the Corani silver-lead-zinc deposit located in southern Peru." More
- January 17, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 January, 2008 | |
