-- Posted 1 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $907.90 | -$15.30 | -0.29% |
Silver | $16.79 | -$0.08 | +2.32% |
XAU | 184.61 | -0.91% | -0.50% |
HUI | 451.56 | -1.62% | -2.17% |
GDM | 1361.86 | -1.59% | -2.29% |
JSE Gold | 2498.37 | -95.31 | +1.56% |
USD | 75.48 | +0.31 | -0.67% |
Euro | 148.16 | -0.47 | +1.02% |
Yen | 93.98 | +0.05 | +0.59% |
Oil | $89.01 | -$2.74 | -1.87% |
10-Year | 3.600% | -0.039 | +0.45% |
Bond | 119.78125 | +0.46875 | -0.08% |
Dow | 12743.19 | +0.73% | +4.39% |
Nasdaq | 2413.36 | +0.98% | +3.75% |
S&P | 1395.42 | +.122% | +4.87% |
The Metals:
Gold rose to a new record intraday high of $936.65 in London, but it then plummeted at about 10AM EST in New York and fell all the way to $904.40 by early afternoon before it closed slightly off that low with a loss of 1.66%.
Silver made a new 27 year intraday high of $17.288 before it fell to $16.70 at about noon EST, but it then rallied almost 10 cents from that low and ended with a loss of just 0.47%.
Euro gold fell to about €613, platinum gained $25 to $1756 to a new record high, palladium gained $32 or 8.44% to $411, and copper fell a few cents to about $3.26.
Gold and silver equities rose nearly 2% in the first half hour of trade, but they then dropped with the metals around 10AM EST and traded roughly 1% lower for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Jan | -17K | 70K | 82K |
Unemployment Rate | Jan | 4.9% | 5.0% | 5.0% |
Hourly Earnings | Jan | 0.2% | 0.3% | 0.4% |
Average Workweek | Jan | 33.7 | 33.8 | 33.8 |
Construction Spending | Dec | -1.1% | -0.5% | 0.1% |
ISM Index | Jan | 50.7 | 48.4 | 48.4 |
Michigan Sentiment | Jan | 78.4 | 79.0 | 80.5 |
The BLS Net Birth/Death adjustment was -378,000 and helped payrolls show a drop for the first time in four and a half years.
All of this week’s economic reports:
Next week’s economic highlights include Factory Orders on Monday, ISM Services on Tuesday, Productivity on Wednesday, Initial Jobless Claims, Pending Home Sales, and Consumer Credit on Thursday, and Wholesale Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell to about $89 as the weak jobs report raised worries about the economy and slowing demand. OPEC kept output levels unchanged as expected.
The U.S. dollar index initially dropped under 75 near a new record low after the poor jobs report, but it then rebounded to find a gain after manufacturing data came in better than expected.
Treasuries rose as the bond pit focused on the poor jobs report that makes it more likely the fed will continue to cut interest rates
The Dow, Nasdaq, and S&P eventually rose after a mixed morning as rate cut hopes encouraged buying.
Among the big names making news in the market Friday were Moody’s, Alcoa, Chalco, Rio Tinto, the bond insurers, Microsoft, Exxon Mobil, Motorola, Bristol-Myers, Gannett, and Google.
The Commentary:
“February Gold finished down 14 at 908.7, 22.3 off the high and equal to the low.
March Silver closed down 0.125 at 16.87. This was 0.1 up from the low and 0.44 off the high.
Apparently different markets viewed the US non Farm payroll report in different perspectives. For instance the Dollar seemed to view the numbers as soft but potentially indicative of an economy that could still avoid a recession and perhaps a series of additional interest rate cuts. With the Dollar firming and macro economic sentiment somewhat moderating in the face of the US number flow, there seemed to be a profit taking mentality surface in gold. Perhaps the stock markets surprisingly up beat reaction to the US monthly payroll reading cushioned sentiment or perhaps the markets saw the Microsoft buyout of Yahoo as another indication that some sectors of the economy are capable of holding together. Certainly the gold market was at least partially overdone from the initial rally but with the slide in gold prices through mid session, the April contract took out the week's lows and reached down to the lowest level since January 24th.
The silver market did initially manage another new high move early in the session but in the wake of a sharp US Dollar bounce and aggressive profit taking in gold, silver prices reversed and forged a rather expansive trading range. At least initially the silver market held up better than the gold market which is surprising considering the disappointing US report flow. However, with the silver market in the prior session seeing a sharp decline in Mexican silver production stats, it wasn't surprising to see silver and copper avoiding the type of selling pressure that was seen in the gold market on Friday afternoon. Surprisingly the favorable action in the equity market didn't seem to lend much support to the silver market.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 1/31/2008
Gold Warehouse Stocks: | 7,555,811 | +4,711 |
Silver Warehouse Stocks: | 135,486,662 | -423,439 |
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 | 631.98 | 20,318,642 | US$ 18,753m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 105.20 | 3,382,247 | US$ 3,071m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.64 | 566,923 | US$ 515m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.15 | 872,920 | US$ 805m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 1.23 tonnes and the JSE added 0.86 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/31/2008 | |
Total Net Assets | $1,750,511,827 | Ounces of Gold
in Trust | 1,897,762.380 |
Shares Outstanding | 19,200,000 | Tonnes of Gold
in Trust | 59.03 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/31/2008 | |
Total Net Assets | $2,721,526,048 | Ounces of Silver
in Trust | 162,640,045.700 |
Shares Outstanding | 16,400,000 | Tonnes of Silver
in Trust | 5,058.67 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Golden Star’s (GSS) completed Ghana offering, Gold Fields’ (GFI) increase in power, a possible strike at Penoles' giant silver refinery in Mexico, and Abcourt’s (ABI.V) mill equipment purchase were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. ITH | THM+13.74% $2.40 |
2. Ivanhoe | IVN +9.01% $10.53 |
3. Entree | EGI +6.02% $2.29 |
LOSERS
1. Gold Fields | GFI -6.13% $14.08 |
2. DRDGOLD | DROOY-4.29% $11.59 |
3. US GOLD | UXG -3.93% $3.67 |
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:
Rockgate Drilling Extends Central Zone to East, Begins Testing West Flank at Falea Uranium Project, Mali, West Africa - More
- February 01, 2008 | Item | E-mail
Ur-Energy's 2007 Drill Program Prepares Lost Creek for Production Development - More
- February 01, 2008 | Item | E-mail
Miranda Gold Corp. Stock Options - More
- February 01, 2008 | Item | E-mail
Mexican miners postpone strike at Penoles, AHMSA - "Mexican miners postponed a strike planned for Friday at Penoles' giant silver refinery and steel producer AHMSA to continue talks with the companies, the union said." More
- February 01, 2008 | Item | E-mail
Abcourt Moves Closer to Production With the Purchase of Mill Equipment for the Abcourt-Barvue Project - "Mr. Renaud Hinse, president and C.O.O. of Abcourt Mines Inc. (CDNX:ABI.V - News), is pleased to announce that Abcourt's offer to buy the "East Malartic" flotation and grinding mill equipment plus all accessories including bins, conveyors, cyclones, pumps, tanks, overhead cranes, lime and reagents circuits, electrical circuits, a gravity circuit with two 30" Knelson separators, spare parts, etc, has been accepted. The whole for an amount of $1,375,000." More
- February 01, 2008 | Item | E-mail
Continuum Announces Letter of Intent for Sale of Natividad Project - More
- February 01, 2008 | Item | E-mail
NWT Delivers Response To Azimut "Notice of Default": Allegations Are Without Merit - More
- February 01, 2008 | Item | E-mail
Vena Resources Begins Uranium Drilling Program in the Macusani District, Peru - More
- February 01, 2008 | Item | E-mail
Kansai Continues Incorporation into British Columbia - More
- February 01, 2008 | Item | E-mail
LJ Eikov Appointed to Reno Gold Board of Directors - More
- February 01, 2008 | Item | E-mail
Castillian Announces Stock Options - More
- February 01, 2008 | Item | E-mail
Iberian Minerals Corp.: Press Release - More
- February 01, 2008 | Item | E-mail
Substantial increase in Etruscan's diamond resource at the Blue Gum Project in South Africa - More
- February 01, 2008 | Item | E-mail
Grandview Gold Inc Extends Warrant Expiry Date - More
- February 01, 2008 | Item | E-mail
Northland Appoints Scoping Study Manager - More
- February 01, 2008 | Item | E-mail
Intrepid Mines Limited: Special Meeting of Shareholders March 3, 2008 - More
- February 01, 2008 | Item | E-mail
Southampton Announces Initial Share Issuance under Option Agreement with Noront Resources Ltd. - More
- February 01, 2008 | Item | E-mail
Goldmember Minerals Inc. announces appointment of Vice President and investor relations consultant - More
- February 01, 2008 | Item | E-mail
El Nino Ventures intersects 10 meters of 3.50% Cu and 5 meters of 1.90% Cu, in the Democratic Republic of Congo (DRC) - More
- February 01, 2008 | Item | E-mail
U.S. Precious Metals Starts Drilling Campaign - More
- February 01, 2008 | Item | E-mail
90% of total power consumption restored to First Uranium's operations - More
- February 01, 2008 | Item | E-mail
Galway Resources provides a corporate update - More
- February 01, 2008 | Item | E-mail
Allegiance Says Zinifex Offer Does Not Stack Up Against Other Transactions - More
- February 01, 2008 | Item | E-mail
Dynamite Resources Adds Tungsten Results to the Skarn Ridge Discovery at the Mike Lake Project - More
- February 01, 2008 | Item | E-mail
Golden Star Announces Completion of Ghanaian Offering - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC - News) today announced that it has completed the sale of 1,869,020 common shares, with gross proceeds to Golden Star of 5,607,060 Ghanaian Cedis or approximately $5.8 million. The offering was carried out in support of Golden Star’s recent application to list its common shares on the Ghana Stock Exchange. The shares were registered under the U.S. Securities Act of 1933." More
- February 01, 2008 | Item | E-mail
Eskom Reinstates Authority for Mines to Increase Power Load From 80% to 90% - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) reports that Eskom last night reinstated the authorisation for mines to increase their power load from 80% to 90%. This follows after authorisation was withdrawn late yesterday morning." More
- February 01, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 February, 2008 | |
