-- Posted 7 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $906.40 | +$5.90 |
Silver | $16.74 | +$0.23 |
XAU | 174.88 | -0.05% |
HUI | 428.45 | -0.30% |
GDM | 1293.91 | -0.13% |
JSE Gold | 2451.88 | -6.75 |
USD | 76.88 | +0.71 |
Euro | 144.63 | -1.74 |
Yen | 92.97 | -0.89 |
Oil | $88.11 | +$0.97 |
10-Year | 3.736% | +0.122 |
T-Bond | 117.8125 | -1.5625 |
Dow | 12247.00 | +0.38% |
Nasdaq | 2293.03 | +0.63% |
S&P | 1336.91 | +0.79% |
The Metals:
Gold rose to $910.85 by late trade in Asia and early trade in London before it fell to $896.05 by about 9AM EST in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.66%. Silver fell to $16.452 by about 9AM EST in New York, but it then rallied all the way to $16.825 in the next hour and a half of trade, remained near that high into the close, and ended with a gain of 1.39% and just 13 cents away from matching its 27 year closing high.
Euro gold rose to about €627, platinum gained $23 to $1834 to a new record high, palladium gained $3 to $420, and copper rose over 13 cents to about $3.43.
Gold and silver equities traded mixed and near unchanged for most of the day and closed with slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/02 | 356K | 340K | 378K |
Pending Home Sales | Dec | -1.5% | - | -3.0% |
Consumer Credit | Dec | $4.5B | $8.0B | $17.1B |
Tomorrow at 10AM EST brings the Wholesale Inventories report for December expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil eventually rose on cold weather forecasts and news of production halts in Nigeria and the North Sea.
The Bank of England cut interest rates to 5.25% and the European Central Bank held rates steady at 4.0% as expected, but some dovish talk out of the ECB’s Trichet raised expectations that the ECB will eventually join the BoE and Fed in cutting rates and that resulted in massive losses in the Euro that in turn sent the U.S. dollar index noticeably higher.
Treasuries dropped after a $9 billion 30 year bond auction saw weak demand and drew the lowest yield on record.
The Dow remained mixed in morning trade before it rose over 130 points by the middle of the afternoon, but it then fell back off into the close and ended just slightly higher. The Nasdaq and S&P followed similar patterns as traders digested mostly disappointing retail sales reports.
Among the big names making news in the market today were the retailers, Cisco, Wal-Mart, Macy’s, Moody’s, MBIA, D.R. Horton, and Thomson.
The Commentary:
“April Gold finished up 5 at 910, 4.5 off the high and 9 up from the low.
March Silver closed up 0.225 at 16.775. This was 0.255 up from the low and 0.085 off the high.
The gold market flopped around on both side of unchanged throughout the session but mostly seemed to prefer the upside tilt. Surprisingly a strong Dollar didn't seem to markedly undermine the gold market and that would suggest that the currency market impact has at least temporarily moderated. However, the ebb and flow of the US equity market seemed to periodically influence the gold trade. However, it was somewhat surprising to see the gold market hold up in the face of patently weak US economic data. Some traders suggested that the Pending home sales readings weren't as bad as expected and therefore not all of the US numbers were patently negative to gold prices. In the end, the ongoing threat of South African gold production setbacks seemed to be the main bull feature of the session.
Like gold, the silver market showed a moderately active two sided trade but generally favored the upside. In fact, at times during the session Thursday the March silver contract had managed a bounce of roughly 67 cents from the prior session's low. With copper and platinum prices remaining very strong it is likely that silver continued to see spillover buying from the outside markets. In the end, the bull camp was fortunate that weak US numbers and periodic renewed selling in the stock market didn't discourage would-be buyers.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russian financial Internet site notes GATA's ad in The Wall Street Journal
The Statistics:
As of close of business: 2/06/2008
Gold Warehouse Stocks: | 7,636,887 | -809 |
Silver Warehouse Stocks: | 135,386,408 | +600,774 |
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 | 631.15 | 20,292,100 | US$ 18,322m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 106.28 | 3,417,021 | US$ 3,102m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.64 | 566,885 | US$ 515m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,655 | US$ 802m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 1.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/6/2008 | |
Total Net Assets | $1,735,350,965 | Ounces of Gold
in Trust | 1,926,796.406 |
Shares Outstanding | 19,500,000 | Tonnes of Gold
in Trust | 59.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 2/6/2008 | |
Total Net Assets | $2,703,561,246 | Ounces of Silver
in Trust | 164,064,898.000 |
Shares Outstanding | 16,550,000 | Tonnes of Silver
in Trust | 5,102.99 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) fourth quarter results, NovaGold’s (NG) resource update, ITH’s (THM) initial mineral resource estimate, Newmont’s (NEM) yearly gold sales, Tumi’s (TUMIF.OB) exploration update, Fury’s (FUR.V) completed acquisition, Silver Eagle’s (SEG.TO) vein intersection, Genco’s (GGC.V) surface rights purchases, and MAG Silver’s (MVG) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +9.20% $1.90 |
2. Buenaventura | BVN+6.16% $67.20 |
3. ITH | THM +4.59% $2.05 |
LOSERS
1. Orezone | OZN -5.23% $1.45 |
2. IAMGOLD | IAG -4.18% $7.34 |
3. Silver Standard | SSRI -3.29% $32.03 |
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:
Abcourt Makes a Placement to Settle Part of a Debt Concerning the Purchase of Two Ball Mills and a Crusher - More
- February 07, 2008 | Item | E-mail
GoldSpring, Inc. Invited to Address Investors - More
- February 07, 2008 | Item | E-mail
Tumi Resources Updates Swedish Exploration - "Tumi has a total of seventeen projects consisting of 29 leases totalling 21,310 hectares in the Bergslagen district of south-central Sweden. The Bergslagen district lies immediately to the north-west of Stockholm and covers an area of approximately 200 kms east-west by 150 kms north-south. The Bergslagen district is underlain by highly mineralized volcanics and sediments and is one of the most important ore districts in Europe, containing deposits of iron, manganese, base-metal and silver sulphides. The district contains the well known historic and current Sala, Falun, Garpenberg and Zinkgruvan mines." More
- February 07, 2008 | Item | E-mail
Fury Completes Taylor Acquisition; Reiterates Silver Production Focus - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that it has completed its 100% acquisition of the Nevada based, Taylor silver mine and mill complex. The project hosts a NI 43-101 compliant resource of 16.8 million ounces of silver(1) in an open pit mining scenario along with a modern 1,300 ton-per-day mill." More
- February 07, 2008 | Item | E-mail
Momentum Continues at Paulsens Gold Mine - More
- February 07, 2008 | Item | E-mail
Richfield Venture Corp. - Under the rainbow - More
- February 07, 2008 | Item | E-mail
Silver Eagle Intersects Another New Vein Underground - "Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") (Toronto:SEG.TO - News) is pleased to report it has intersected a seventh vein, while developing the Calvario Zone at its Miguel Auza Mine located in north-western Zacatecas, Mexico." More
- February 07, 2008 | Item | E-mail
Global Minerals Ltd. - Retraction of Recent News - More
- February 07, 2008 | Item | E-mail
Blue Note Mining to Start Trading On the Toronto Stock Exchange On February 8, 2008 - More
- February 07, 2008 | Item | E-mail
Quest Uranium Appoints Peter Cashin President and Chief Executive Officer - More
- February 07, 2008 | Item | E-mail
B2Gold Corp. Announces Commencement of Diamond Drill Program at the Quebradona Gold Property, Colombia - More
- February 07, 2008 | Item | E-mail
Golden Band Resources Inc. - Initial drill results from Decade gold mine - Drilling ongoing - More
- February 07, 2008 | Item | E-mail
SearchGold Hires Mr. Moussa Keita as Vice-President Exploration - More
- February 07, 2008 | Item | E-mail
Wide Molybdenum Intercepts Demonstrate Continuity and Continue to Expand the Mineralized Zones at Erdene's Zuun Mod Project - More
- February 07, 2008 | Item | E-mail
Canadian Royalties Inc./Nunavik Nickel Project: Drilling Confirms Further Mineral Potential of Allammaq-Mesamax Dyke System - More
- February 07, 2008 | Item | E-mail
Asia Now Grants Options to Employees and Announces Resignation of James Borland - More
- February 07, 2008 | Item | E-mail
Gemini/Silver Shield Reports on Drilling Progress at La Cumbre Gold, Silver & Copper Property in Mexico - More
- February 07, 2008 | Item | E-mail
Africo reports positive exploration results at Kalukundi - More
- February 07, 2008 | Item | E-mail
Golden Eagle Settles Litigation and Other Issues With Former Director - More
- February 07, 2008 | Item | E-mail
SEMAFO Reports Operating Results for 2007 and Guidance for 2008 - More
- February 07, 2008 | Item | E-mail
Genco Purchases Surface Rights in the Temascaltepec Mining District - "Genco Resources Ltd. ("Genco"), (TSX:GGC - News), announces the purchase of surface rights to 420 hectares covering parts of the La Guitarra, Nazareno and Coloso areas in the Temascaltepec Silver/Gold Mining District in the State of Mexico, Mexico." More
- February 07, 2008 | Item | E-mail
Drilling continues to encounter strong mineralization north of Pit 1: intersects 215 FT. grading 0.85% Cu, 0.45 g/t Au, and 4.93 g/t Ag - More
- February 07, 2008 | Item | E-mail
Mediterranean announces significant drill results and completion of 2007 drill campaign at Corak - More
- February 07, 2008 | Item | E-mail
VVC Exploration - Beaver Brook antimony mine starts production - More
- February 07, 2008 | Item | E-mail
Buffalo Outlines Activities for 2008 - More
- February 07, 2008 | Item | E-mail
Noront Resources Ltd. Announces Closing of Private Placement - More
- February 07, 2008 | Item | E-mail
Russian gold mining expansions - "Russia's leading gold miners have unveiled ambitious plans to expand reserves and production. The Russian Gold Industrialists Union expects 2008 to show the first annual increase in production after five consecutive years of decline." More
- February 07, 2008 | Item | E-mail
Odyssey Announces Board Changes - More
- February 07, 2008 | Item | E-mail
INV Initiates Aggressive 2008 Exploration Programs in Canada and Brazil - More
- February 07, 2008 | Item | E-mail
MPH Ventures Corp.: Drilling Continues to Intercept High-Grade Mo at Pidgeon Molybdenum Deposit in NW Ontario - More
- February 07, 2008 | Item | E-mail
Metallurgical Report Completed For Strieborna Mine; Metallurgical Process Outlined - More
- February 07, 2008 | Item | E-mail
Royal Acquisitions and Development, Inc. to Contract Top Senior Geologist - More
- February 07, 2008 | Item | E-mail
Cogitore Resources Inc. initiates 2008 diamond drilling program on the Selbaie West Property - More
- February 07, 2008 | Item | E-mail
Gladstone Pacific Nickel Ltd to de-list from the Toronto Stock Exchange - More
- February 07, 2008 | Item | E-mail
Hana Intersects 4 M Meters of-3.48% Copper-88.6 g/t Silver in One-Kilometer Step Out - More
- February 07, 2008 | Item | E-mail
Shutdowns hurt AngloGold's Q4; sees lower output - "Safety shutdowns and operational woes hit AngloGold Ashanti's (ANGJ.J: Quote, Profile, Research) fourth-quarter results, hurting its shares on Thursday as the major gold miner said a power crisis would dent future production." More
- February 07, 2008 | Item | E-mail
USCorp Completes Archeological and Biological Reports for the Arizona Twin Peaks Gold Property Project - More
- February 07, 2008 | Item | E-mail
Osisko Intersects 151 Metres Averaging 2.10 g/t Au at Canadian Malartic - More
- February 07, 2008 | Item | E-mail
Pershimco Discovers Four New Showings in Two New Sectors on Courville Project - More
- February 07, 2008 | Item | E-mail
Mustang Minerals Corp.: Nickel Resource Updated at Maskwa Project - More
- February 07, 2008 | Item | E-mail
Pacific North West Capital and Stillwater Mining Budget $1 million for Drill Program - Goodnews Platinum Project, Alaska - More
- February 07, 2008 | Item | E-mail
Galway Resources infill drilling intercepts 170 feet of tungsten mineralization at the Indian Springs open-pittable project - More
- February 07, 2008 | Item | E-mail
New Gold Anomalies Discovered At Shirotnaia - More
- February 07, 2008 | Item | E-mail
Geophysics and Drilling to Start on Gold Canyon's Favourable Lake Polymetallic Project - More
- February 07, 2008 | Item | E-mail
Mountain Boy Minerals - High Grade Gold Values up to 40.12 g/t Indicated for the Drilling of the Montrose Zone on the Red Cliff Property - More
- February 07, 2008 | Item | E-mail
MPH Ventures Corp.: Drilling Continues to Intercept High-Grade Mo at Pidgeon Molybdenum Deposit in NW Ontario - More
- February 07, 2008 | Item | E-mail
NovaGold Resources Inc.: Donlin Creek Measured & Indicated Gold Resource Increased to 29.4 Million Ounces - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that the Measured and Indicated Resource for the Donlin Creek gold project has increased by 77% to 29.4 million ounces of gold, compared to NovaGold's previous resource estimate of 16.6 million ounces published in September 2006, successfully converting a majority of the Inferred Resources to the Measured and Indicated category." More
- February 07, 2008 | Item | E-mail
ITH Reports Initial Inferred Resource at Terra 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 initial mineral resource estimate for the Ben Vein deposit - the first of four known gold vein systems on the Terra project in Alaska. Mineral Resource Services Inc. and Giroux Consultants Ltd., each independent geological consultants, prepared the estimate as at February 1, 2008 and in accordance with the guidelines set forth in National Instrument 43-101." More
- February 07, 2008 | Item | E-mail
Alberta Star Continues to Proceed With Its "Access and Benefits Agreement" After a Strong Vote of Confidence From the Deline Land Corp. - More
- February 07, 2008 | Item | E-mail
Thelon Ventures Ltd.: Follow-up Radon Surveys Define Drill Targets at Four Corners Uranium Project - More
- February 07, 2008 | Item | E-mail
UCR Provides Update on Activities in Uranium City, Saskatchewan - More
- February 07, 2008 | Item | E-mail
Superior Diamonds Announces Encouraging Uranium Discovery, Mistassini Property, Quebec - More
- February 07, 2008 | Item | E-mail
Urex Energy Corporation Reports Sampling Results on Argentine Uranium Property - More
- February 07, 2008 | Item | E-mail
Utah Uranium Corp. Announces Joint Venture on Wild Claims, Drill Permitting Underway - More
- February 07, 2008 | Item | E-mail
MAG Silver Intersects High Grade Silver, Lead, Zinc at Cinco De Mayo - "The highlight from this program of widely spaced holes was Hole 07-20 which intersected 6.8 metres (estimated true thickness) of galena and sphalerite-rich massive sulphides grading 254 grams per tonne (g/t) (7.4 ounces per ton (opt)) silver, 6.4% lead and 7.0% zinc. This includes a compositionally distinct interval, 2.12 metres thick, grading 512 g/t (15.9 opt) silver, 12.15% lead and 13.10% zinc (see table below)." More
- February 07, 2008 | Item | E-mail
Newmont Sells 5.3 Million Equity Ounces of Gold in 2007 and Expects Comparable Gold Sales in 2008 - "Newmont Mining Corporation (NYSE: NEM - News) today announced 2007 operating and reserve results as well as the Company's operating outlook for 2008. For the quarter ended December 31, 2007, the Company reported equity gold sales of 1.4 million ounces at costs applicable to sales of $384 per ounce. For the year ended December 31, 2007, the Company reported equity gold sales of 5.3 million ounces at costs applicable to sales of $406 per ounce." More
- February 07, 2008 | Item | E-mail
AngloGold Ashanti Results for the Fourth Quarter and Year Ended 31 December 2007 - "AngloGold Ashanti reported fourth quarter production 5% lower at 1.37Moz, principally as a result of the safety interventions in South Africa and the operational difficulties experienced at Geita gold mine in Tanzania. Total cash costs were $404/oz, principally affected by lower production and currency movements. Adjusted headline earnings for the quarter were $18m, after deducting $64m in year end accounting adjustments, including tax provisions, rehabilitation and other adjustments." More
- February 07, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 7 February, 2008 | |
