-- Posted 8 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $918.20 | +$11.80 | +1.13% |
Silver | $17.11 | +$0.37 | +1.91% |
XAU | 181.25 | +3.64% | -1.82% |
HUI | 443.66 | +3.55% | -1.75% |
GDM | 1339.50 | +3.52% | -1.64% |
JSE Gold | 2393.65 | -58.23 | -4.19% |
USD | 76.62 | -0.16 | +1.51% |
Euro | 145.12 | +0.49 | -2.05% |
Yen | 93.13 | +0.16 | -0.90% |
Oil | $91.77 | +$3.66 | +3.10% |
10-Year | 3.654% | -0.082 | +1.50% |
Bond | 118.71875 | +0.90625 | -0.89% |
Dow | 12182.13 | -0.53% | -4.40% |
Nasdaq | 2304.85 | +0.52% | -4.50% |
S&P | 1331.29 | -0.42% | -4.60% |
The Metals:
Gold climbed higher throughout most of world trade on Friday and ended just slightly off its intraday high of $920.15 with a gain 1.30% and just $8.70 away from setting a new record closing high. Silver rose to as high as $17.165 before it came back off a few cents in the last half hour of trade, but it still made a new 27 year closing high with a gain of 2.21%.
Euro gold rose to a new record closing high near €633 after climbing close to €635 earlier in the session, platinum gained $37 to $1871 to a new record high, palladium gained $16 to $436, and copper gained over 5 cents to about $3.49.
Gold and silver equities rose over 3.5% by late morning and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Dec | 1.1% | 0.3% | 0.8% |
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Tuesday, Retail Sales and Business Inventories on Wednesday, Initial Jobless Claims and the Trade Balance on Thursday, and Export and Import Prices, the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil gained more than $3 and over 4% on continued supply concerns in Nigeria and the North Sea. Some possible problems in Venezuela also had people buying as Exxon Mobil won court orders freezing up to $12 billion of its assets in the country that Chavez seized last year and some traders speculated that Venezuela may retaliate against the ruling.
The U.S. dollar index fell “after a magazine report said OPEC may adopt the euro and abandon the dollar when pricing oil.”
Treasuries rose on worries over a recession and further problems in the financial sector.
The Dow and S&P fell on mostly poor earnings reports and economic worries while the Nasdaq found slight gains.
Among the big names making news in the market Friday were Windstream, Toll, Chrysler, McDonald’s, Weyerhaeuser, and Yahoo and Microsoft.
The Commentary:
“April Gold finished up 12.3 at 922.3, 2.2 off the high and 8.3 up from the low.
March Silver closed up 0.335 at 17.11. This was 0.16 up from the low and 0.1 off the high.
The gold market managed to make a fresh new high for the week and seemed to be managing the rise off a combination of a weaker Dollar, soaring oil prices and perhaps because off ongoing macro economic uncertainty. With platinum and copper prices rising very sharply it would also seem like outside market influences contributed to the buying interest in gold. Just ahead of mid session a rally in the US equity market also seemed to lift gold prices and that would suggest that gold was able to rise despite the direction of the US equity market. Some in the trade suggested that anticipation of some type of economic help from the G7 meeting might help to head the US economy away from recession and that could also have lent some support to gold prices. In the end, the gold market appeared to see investment interest, physical commodity demand interest and even flight to quality interest.
Like the gold market, the silver market was lifted by stellar gains in gold, platinum and copper prices. With the Dollar generally weak and oil prices very firm there appeared to be a number of outside market forces providing the silver bulls with fodder. With the close Friday the silver market managed another new high for the move and that seemed to attract additional speculative buying interest. Certainly record breaking gains in the platinum market and massive weekly gain in copper prices contribute to the investment appeal of silver during the trade Friday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Embry's address to the Vancouver Resource Investment Conference
The Statistics:
As of close of business: 2/07/2008
Gold Warehouse Stocks: | 7,636,887 | - |
Silver Warehouse Stocks: | 134,551,974 | -834,434 |
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$ 18,256m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 106.28 | 3,416,984 | US$ 3,141m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 17.83 | 573,179 | US$ 527m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,645 | US$ 799m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.19 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/7/2008 | |
Total Net Assets | $1,745,736,648 | 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 2/7/2008 | |
Total Net Assets | $2,714,787,801 | Ounces of Silver
in Trust | 162,578,030.500 |
Shares Outstanding | 16,400,000 | Tonnes of Silver
in Trust | 5,056.74 |
Note: Change in Total Tonnes from yesterday’s data: 46.25 tonnes were subtracted from the trust.
The Stocks:
South Africa’s power problems, Newmont’s (NEM) exploration plans, Kimber’s (KBX) new board members and private placement, and Silverstone’s (SST.V) purchase of $17.5 million worth of convertible debentures from Aquiline (AQI.TO) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Taseko | TGB +9.70% $3.96 |
2. Randgold | GOLD+7.68% $47.10 |
3. ITH | THM +7.32% $2.20 |
LOSERS
1. Crystallex | KRY -6.32 $1.78 |
2. AngloGold | AU -5.86% $36.31 |
3. Allied Nevada | ANV -4.00% $4.32 |
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:
Sierra Engages Max Capital Markets Ltd. for $3.2 Million Private Placement - More
- February 08, 2008 | Item | E-mail
Consolidated Abaddon Resources Inc.: Triex Minerals to Resume Drilling at Mann Lake Uranium Project, Athabasca, Saskatchewan - More
- February 08, 2008 | Item | E-mail
Katanga Announces Agreement on Transfer of Mashamba West and Dikuluwe Deposits - More
- February 08, 2008 | Item | E-mail
Newmont boosts exploration as gold reserves fall - "Newmont Mining Corp (NEM.N: Quote, Profile, Research), is boosting its exploration budget by approximately 10 percent to 15 percent this year and will target smaller-size gold deposits to help build up dwindling reserves, its chief executive said on Friday.
Richard O'Brien also told Wall Street analysts that the world's No. 2 gold producer will spend some $1 billion in capital investment this year, focusing on three major projects -- its Boddington gold mine in Australia, Yanacocha in Peru and completing its own power plant to fuel Newmont's Nevada mines." More
- February 08, 2008 | Item | E-mail
Reno Gold Corp. Is Pleased to Announce the Appointment of Daniel Rubiolo, Ph.D. as Consulting Geologist - More
- February 08, 2008 | Item | E-mail
Coronado Resources Ltd.: Gold Payment Received - More
- February 08, 2008 | Item | E-mail
Golden Valley Mines Ltd. Grants Incentive Stock Options - More
- February 08, 2008 | Item | E-mail
China discovers five major gold mines in 2007 - "The China Geological Survey Bureau (CGS) announced Friday that in 2007 the country's gold prospecting efforts made a series of significant findings, with five major gold mines discovered." More
- February 08, 2008 | Item | E-mail
Spirit Exploration retains leading investor relations firm - More
- February 08, 2008 | Item | E-mail
Petaquilla estimate more than doubles to $3.5 bln - "The estimated cost to develop the Petaquilla copper project in Panama has more than doubled to $3.5 billion due to higher costs and design changes, stakeholders Inmet Mining (IMN.TO: Quote, Profile, Research), Petaquilla Copper Ltd PTC.TO and Teck Cominco Ltd (TCKb.TO: Quote, Profile, Research) said on Friday." More
- February 08, 2008 | Item | E-mail
Silverstone buying $17.5M of Aquiline notes - "The debenture must be converted into either common shares of Aquiline, at a price of $12 per share, or a contract granting Silverstone the right to purchase 12.5 per cent of the life of mine payable silver from the Loma de La Plata zone." More
- February 08, 2008 | Item | E-mail
ZNext Mining Provides Update on Mining Projects - More
- February 08, 2008 | Item | E-mail
High Grade Mineralization Continues Down Dip at First Narrows' Chester Project; New Copper-Polymetallic Zone Discovered at Depth - More
- February 08, 2008 | Item | E-mail
BacTech Receives TSX Venture Conditional Approval for Merger With Scorpio Gold Corporation - More
- February 08, 2008 | Item | E-mail
Campbell Resources Announces Equity and Debt Financings - More
- February 08, 2008 | Item | E-mail
Northland Provides Drilling Update - More
- February 08, 2008 | Item | E-mail
Aldridge Minerals reports new results from Yenipazar resource definition drilling - More
- February 08, 2008 | Item | E-mail
Moto Gold Project: 47% Increase in Indicated Mineral Resources - More
- February 08, 2008 | Item | E-mail
Goldrea Resources Corp. and Molycor Gold Corp.: Diamond Drilling Confirms Grade and Extension of New Highgrade Molybdenum Zone at Empress - More
- February 08, 2008 | Item | E-mail
Canadian Zinc Corporation: Phase 2 Underground Drilling Results at Prairie Creek Mine-Multiple Veinlets of Stockwork Mineralization Intercepted - More
- February 08, 2008 | Item | E-mail
Tournigan Extends Uranium Roll-Front in Wyoming - More
- February 08, 2008 | Item | E-mail
H. William Habermeyer and William J. Madia Join USEC Inc. Board of Directors - More
- February 08, 2008 | Item | E-mail
East West Resource Corporation: Geophysical Surveys Commence on Havoc - More
- February 08, 2008 | Item | E-mail
Quest Uranium Receives Strong Uranium Results From 2007 Exploration on Its George River Properties, Northeastern Quebec - More
- February 08, 2008 | Item | E-mail
Kimber announces new board members and personnel change - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) announces that Mr. Donald Young, FCA and Dr. Frederick Graybeal have been appointed to the Company's Board of Directors, replacing Mr. Larry Bell and Dr. Keith Barron who recently stepped down." More
- February 08, 2008 | Item | E-mail
Kimber announces non-brokered private placement and plans to drill test depth potential of Monterede gold-silver project - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) is pleased to announce that it plans to complete a non-brokered private placement of up to 6,666,667 units to raise $5 million, subject to a possible oversubscription of up to an additional $1 million on the same terms. The net proceeds of the private placement will be used for exploration of the Company's Monterde, Pericones and Setago properties, advancement of Carmen and general corporate purposes. In particular the Company is planning to use core drills to drill Carmen at depth, as well as other targets at Monterde." More
- February 08, 2008 | Item | E-mail
SAfrica's Mbeki says power problem can be overcome - "President Thabo Mbeki said on Friday South Africa could overcome in a "relatively short period" a power supply crisis that has hurt the mining industry and raised concerns among foreign investors." More
- February 08, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 February, 2008 | |
