-- Posted 14 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $907.30 | +$0.60 |
Silver | $17.20 | -$0.07 |
XAU | 176.87 | -1.43% |
HUI | 434.27 | -0.98% |
GDM | 1305.84 | -0.99% |
JSE Gold | 2280.17 | +7.27 |
USD | 76.15 | -0.24 |
Euro | 146.41 | +0.57 |
Yen | 92.60 | +0.15 |
Oil | $95.46 | +$2.19 |
10-Year | 3.818% | +0.124 |
T-Bond | 116.40625 | -1.65625 |
Dow | 12376.98 | -1.40% |
Nasdaq | 2332.54 | -1.74% |
S&P | 1348.86 | -1.34% |
The Metals:
Gold rose to $913.90 in Asia before it fell to $901.62 in London, but it then rallied back higher in New York and ended with a small gain. Silver rose to $17.48 in Asian and early London trade and fell to $17.11 by early trade in New York before it rallied back near $17.40 by late morning, but it then fell back off in afternoon trade and ended with a loss of 0.4%.
Euro gold fell to about €620, platinum gained $12 to $1997 to a new record high, and copper fell roughly 4 cents to about $3.49.
Gold and silver equities remained near unchanged in morning trade, but they then fell back off a bit in afternoon trade and ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/09 | 348K | 350K | 357K |
Trade Balance | Dec | -$58.8B | -$61.5B | -$63.1B |
Bernanke spoke before the Senate Banking Committee this morning and reiterated that the fed “will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks.” He also noted that “the outlook for the economy has worsened in recent months, and the downside risks to growth have increased” and that seemed to raise concerns for many on Wall Street.
Tomorrow at 8:30AM EST brings Import and Export Prices for January and the NY Empire State Index for February expected at 7.0. At 9AM is the Net Foreign Purchases report for December, at 9:15 is Capacity Utilization for January expected at 81.4% and Industrial Production expected at 0.1%, and at 10AM is Michigan Sentiment for February expected at 76.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back over $95 on refinery problems and a strong GDP reading out of Japan raised that demand expectations.
Treasuries fell as economic data came in slightly better than expected and traders became worried about inflation due to recent and future rate cuts by the fed.
The U.S. dollar index and the Dow, Nasdaq, and S&P fell after Bernanke’s grim economic outlook.
Among the big names making news in the market today were GMAC, Goodyear, Comcast, and Ingersoll-Rand.
The Commentary:
“April Gold finished up 0.6 at 910.8, 5 off the high and 5.1 up from the low.
March Silver closed down 0.098 at 17.255. This was 0.085 up from the low and 0.195 off the high.
The gold market waffled around unchanged throughout the morning action despite a clearly weaker US Dollar. However, it seemed as if the slightly better than expected US economic data flow prompted some additional flight to quality long liquidation. However, with the equity market coming under pressure in the wake of the Fed Chairman testimony to a Senate committee it almost seemed as if the Fed rekindled concern toward the US financial sector. In fact, the Fed Chairman suggested that the US financial markets remained under significant strain and that more slowing and sub-prime problems were probably going to be seen ahead. In other words, the scheduled numbers might have reduced macro economic anxiety but the uncertainty over lingering credit market issues seems to prompt some renewed buying of gold.
While March silver did manage to climb above the prior session's highs, the market seemed to remain somewhat weaker than either the gold or platinum markets. Perhaps the sharp slide in the equity market or the weakness in copper derailed silver due to its physical commodity market ties or perhaps the silver market isn't in a position to benefit from renewed weakness in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Rescue for German bank aims to avoid crisis in confidence
Worried bankers seek to shift risk to Uncle Sam
Debt crisis spreads to U.S. municipalities
GATA's message slowly seeps into the financial mainstream
The Statistics:
As of close of business: 2/13/2008
Gold Warehouse Stocks: | 7,649,198 | - |
Silver Warehouse Stocks: | 133,347,767 | -36,739 |
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$ 18,240m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 106.82 | 3,434,294 | US$ 3,122m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 18.01 | 578,441 | US$ 526m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.64 | 888,586 | US$ 798m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/13/2008 | |
Total Net Assets | $1,746,391,420 | 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 2/13/2008 | |
Total Net Assets | $2,768,496,651 | Ounces of Silver
in Trust | 163,073,646.800 |
Shares Outstanding | 16,450,000 | Tonnes of Silver
in Trust | 5,072.16 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Lundin’s (LMC) fourth quarter results and 2008 guidance, Paramount’s (PZG) drill results, Pacific Rim’s (PMU) increased financing, Aurelian’s, (ARU.TO) scoping study update, Apollo Gold’s (AGT) assay results, Goldcorp’s (GG) completed sale of its Silver Wheaton (SLW) shares, AngloGold’s (AU) agreement with B2Gold (BTO.V), Orezone’s (OZN) initial resource estimate, Great Basin’s (GBN) purchase of the remaining 63% of the fully diluted equity shares of Rusaf, Fury’s (FUR.V) drill results, Apogee’s (APE.V) drill results, Silver Eagle’s (SEG.TO) equipment purchase, Minefinders’ (MFN) updated mine economics, and Scorpio’s (SPM.TO) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Harmony | HMY+4.83% $9.98 |
2. Seabridge | SA+4.50% $25.80 |
3. Fronteer | FRG+4.24% $8.60 |
LOSERS
1. Minefinders | MFN-5.65% $10.36 |
2. Lihir | LIHR-4.93% $31.45 |
3. US Gold | UXG -4.29% $3.35 |
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:
Wesdome Gold Mines Ltd. - Wesdome Announces 2007 Production and 2008 Corporate Outlook - More
- February 14, 2008 | Item | E-mail
Metanor Resources Inc.: Granted of Stock Options in Favour of Directors, Employees and Management - More
- February 14, 2008 | Item | E-mail
Continental Precious Minerals Inc. Announces Normal Course Issuer Bid - More
- February 14, 2008 | Item | E-mail
Coro to Conduct Independent Preliminary Economic Assessment on 35-50,000 tpy Copper in Concentrate Production From San Jorge - More
- February 14, 2008 | Item | E-mail
Fury Drills 6.5 Meters of 216.8 g/t Silver Including 1.0 Meter of 1,260 g/t at Guijoso - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that it has received all assays from Phase 1 drilling at the Company's 100% controlled Guijoso property in Jalisco State, Mexico. Between September and November, 2007 Fury completed 13 diamond drill holes for a total of 2,017 meters. The program was designed to test a two kilometer strike length of a vein system, which in previous surface sampling by the Company, returned high grade silver and gold values." More
- February 14, 2008 | Item | E-mail
Laurion Updates on 2008 Exploration Programs on the Sturgeon River in Beardmore; German, Lydian, Enid-Massey and North Tisdale Properties in Timmins, Ontario - More
- February 14, 2008 | Item | E-mail
Apogee Continues to Expand High Grade Silver-Zinc-Lead Mineralization at Pulacayo, Bolivia - "Apogee Minerals Ltd. (CDNX:APE.V - News) has received assays for an additional eight drill holes from its ongoing diamond drilling program at the Pulacayo-Paca Silver-Lead-Zinc project (Figure 1 & 2, Table 1). These intersections continue to expand the thick, high grade zone of silver, zinc and lead mineralization in the upper part of the Tajo Vein System of the Pulacayo Silver Deposit (see press release dated January 28 and January 8, 2008 for previous results)." More
- February 14, 2008 | Item | E-mail
S.Africa utility Eskom says to buy back power - "South African power utility Eskom [ESCJ.J] will consider buying back "significant" amounts of power from industrial customers in order to ease an energy crisis, CEO Jacob Maroga said on Thursday." More
- February 14, 2008 | Item | E-mail
Lundin Mining Q4 2007 and 2008 Guidance - "Lundin Mining Corporation (Toronto:LUN.TO - News)(NYSE:LMC - News)(OMX: LUMI) ("Lundin Mining" or the "Company") reports that a review of the estimates of certain independent analysts for the fourth quarter ended December 31, 2007 and the year ended December 31, 2008 has revealed material differences between those estimates and the Company's own forecasts. The differences are in respect of both revenue and costs." More
- February 14, 2008 | Item | E-mail
Alexander Haig on CanAlaska Uranium: Drill Programs Underway - More
- February 14, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Reports High Grade Gold Results from Surface and Underground Sampling of a New Area in its San Miguel Project - "These analytical results confirm the presence of excellent gold grades across mineable widths in surface and near-surface exposures within the dacite dome complex. They also seem to be pointing us in the direction of a gold-dominant part of the system. These results further advance our objective of discovering and developing more gold rich, high-grade bodies, such as the ones in the San Miguel and San Luis Zones." More
- February 14, 2008 | Item | E-mail
Metanor: Closing of a Private Placement - More
- February 14, 2008 | Item | E-mail
Pancontinental Uranium Provides 2008 Exploration Plan for Its Australian Properties - More
- February 14, 2008 | Item | E-mail
Silver Eagle Purchases Equipment to Enable Mill Expansion - "The Company has entered into agreements and made down payments in respect of all equipment that would be needed for an expansion of the mill, including a ball mill (800hp), cone crusher (4 1/4 ft), floatation cells, pumps and a disc filter. The aggregate cost of the purchased equipment totals approximately $940,000. Some of the equipment including the cone crusher is new and other equipment including the ball mill is used and will be refurbished. The cone crusher is expected to arrive in Mexico this month, and the ball mill is expected to be refurbished and shipped in March, 2008." More
- February 14, 2008 | Item | E-mail
Fletcher Nickel drilling confirms Texmont mineralization model intersecting 0.88% Ni over 27 meters - More
- February 14, 2008 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Trenching Expands Gold Zones - More
- February 14, 2008 | Item | E-mail
Raymond Bérubé named to Stellar's board of directors - More
- February 14, 2008 | Item | E-mail
Strathmore Updates Shareholders on Wyoming & New Mexico Uranium Properties: Year End 2007 - More
- February 14, 2008 | Item | E-mail
Uranium Bay Receives First Assay Results for the Uskawanis Uranium Property Drill Campaign - More
- February 14, 2008 | Item | E-mail
Semafo and GoviEx Join Forces to Advance Uranium Exploration and Production in Africa - More
- February 14, 2008 | Item | E-mail
Zambia to meet foreign mining firms on tax row - "Zambian will invite foreign owners of copper mines to talks to resolve a dispute over new taxes after some mines threatened to seek international arbitration, President Levy Mwanawasa said on Wednesday." More
- February 14, 2008 | Item | E-mail
Romarco Plans Drill Program at Pinos Gold District - More
- February 14, 2008 | Item | E-mail
Pacific Rim Financing Increased to 6,711,000 Units - "Investor interest in Pacific Rim Mining Corp.'s ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) recently announced non-brokered private placement financing has been strong. As a result, the Company has increased the financing from an aggregate of 4,800,000 Units to an aggregate of up to 6,711,000 Units." More
- February 14, 2008 | Item | E-mail
Typhoon Intersects 5.38 g/t Au in Extension at Fayolle - More
- February 14, 2008 | Item | E-mail
Kinbauri Intersects 167g Au/t, 383g Ag/t and 5.75% Cu over 1.2m at El Valle - More
- February 14, 2008 | Item | E-mail
Stingray Copper Inc.: Starter Pit Area Drilling Confirms Copper Grades and Thicknesses at El Pilar, Mexico - More
- February 14, 2008 | Item | E-mail
Castle Gold Drills 6.1 Metres of 8.95 Grams/Tonne Gold at Bridge Zone, Guatemala - More
- February 14, 2008 | Item | E-mail
Stratabound Provides New Elmtree Property Resource Estimate, Drilling Continues - More
- February 14, 2008 | Item | E-mail
Aurelian Update on FDN Scoping Study; Engages Redpath and Cartellone for Mine Construction Planning - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced that it is in the process of generating a NI 43-101 compliant Scoping Study of its Fruta del Norte (FDN) gold-silver deposit. This study will provide a conceptual level assessment of mining methods, throughput, ore handling, process plant design, tailings and waste rock, power and related infrastructure for the fast-track development of FDN." More
- February 14, 2008 | Item | E-mail
First Narrows' Metallurgical Tests Yield High Copper Recoveries of 99.3% From Chester Feeder Zone Deposit - More
- February 14, 2008 | Item | E-mail
Inspiration Intersects 0.558% Ni Over 24.47m or 80.28ft Containing 0.942% Ni Over 4.43m or 14.53ft and 0.932% Ni Over 5.71m or 18.73ft (True Width) - More
- February 14, 2008 | Item | E-mail
Pershimco Receives First Results on Courville New Zone With 14.20 G/T Gold Over 1 M - More
- February 14, 2008 | Item | E-mail
Network Exploration to exhibit at Global Chinese Financial Forum - More
- February 14, 2008 | Item | E-mail
St. Genevieve Resources Ltd.: Postponement of SGV Special Meeting - More
- February 14, 2008 | Item | E-mail
Apollo Gold Announces Results of the Black Fox Project Drill Assays - "I believe that the drill program has achieved its objective and we expect to convert some of the resource into additional reserves and are now completing the new resource statement. The infill drilling program consisted of 66 holes, 41 drilled from the surface and 25 from our underground drift on the 235 meter level, with 60% of the holes encountering mineralization in excess of 2 grams per tonne." More
- February 14, 2008 | Item | E-mail
Temex and Mill City receive final approval - Airborne geophysical survey underway near Noront discovery - More
- February 14, 2008 | Item | E-mail
Mill City and Temex Agreement receives final approval - More
- February 14, 2008 | Item | E-mail
Little Squaw Reports Complete Drill Results at Chandalar - More
- February 14, 2008 | Item | E-mail
Petaquilla Copper Ltd. Defines Strategic Milestones - More
- February 14, 2008 | Item | E-mail
Goldcorp Completes Sale of Its 48% Interest in Silver Wheaton - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that Goldcorp Inc. ("Goldcorp") has completed the previously announced secondary offering of 108,000,000 common shares of Silver Wheaton at a price of C$14.50 per share for gross proceeds of C$1,566,000,000." More
- February 14, 2008 | Item | E-mail
Goldcorp Completes Sale of Silver Wheaton Shares - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to announce that it has completed the previously announced secondary offering, through a wholly-owned subsidiary, of 108,000,000 common shares of Silver Wheaton Corp. at a price of C$14.50 per share for gross proceeds of C$1,566,000,000." More
- February 14, 2008 | Item | E-mail
Augyva Appoints a New Director - More
- February 14, 2008 | Item | E-mail
Kalumines reports excellent operational results and exploration drilling program completed - More
- February 14, 2008 | Item | E-mail
Lundin Mining Q4 2007 and 2008 Guidance - More
- February 14, 2008 | Item | E-mail
Western Announces Positive Underground Sampling Results From Gurvanbulag - More
- February 14, 2008 | Item | E-mail
Dutch Gold Resources Reports Additional Progress Towards Reopening the Texas Vein of Its Benton Mine in Oregon; Adds Pioneer Jaw Crusher - More
- February 14, 2008 | Item | E-mail
Minefinders Updates Dolores Mine Economics and Reserves - "Perhaps the most important finding of the new study, given the global environment of cost escalation, is that the economics for the Dolores Mine remain robust," said Mark Bailey, Minefinders' President and CEO. "Looking ahead, there is significant upside potential from optimization efforts currently underway, with results expected later this year." More
- February 14, 2008 | Item | E-mail
New Guinea Gold Notice Re: $0.30 Warrants Expiring Monday, February 18th, 2008 - More
- February 14, 2008 | Item | E-mail
Progress on Atlanta Gold Inc.'s New Strategic Focus - More
- February 14, 2008 | Item | E-mail
Threegold Reactivates Adanac Gold Project And Closes Private Placement - More
- February 14, 2008 | Item | E-mail
Gowest Drilling at Molybdenite Lake - More
- February 14, 2008 | Item | E-mail
Jinshan Increases Gold Resources to 3.9 Million Ounces Measured and Indicated and 1.3 Million Ounces Inferred at Its CSH Gold Mine, China - More
- February 14, 2008 | Item | E-mail
B2Gold Corp. Signs Agreement with AngloGold Ashanti to Increase B2Gold's Ownership of its Colombian Properties - More
- February 14, 2008 | Item | E-mail
International PBX Ventures Ltd. Discovers Large 3D IP Anomaly Below Existing Tabaco Copper Resource - More
- February 14, 2008 | Item | E-mail
Duluth Metals continued drilling expands Nokomis Deposit - More
- February 14, 2008 | Item | E-mail
AngloGold Ashanti Signs Agreement With B2Gold - "AngloGold Ashanti Limited ("AngloGold Ashanti" or "the Company") is pleased to announce that it has entered into a binding memorandum of agreement (the "MOA") with B2Gold Corp. ("B2Gold"). The MOA provides that the existing Colombian joint venture arrangements between AngloGold Ashanti and B2Gold will be amended. B2Gold will also acquire from AngloGold Ashanti, additional interests in certain mineral properties in Colombia. In exchange, B2Gold will issue to AngloGold Ashanti, 25 million common shares and 21.4 million common share purchase warrants in B2Gold." More
- February 14, 2008 | Item | E-mail
Manicouagan Minerals Inc.: Brabant Lake Zinc/Copper Deposit Exploration Update - More
- February 14, 2008 | Item | E-mail
Hinterland hits platinum & palladium at Ebay Property, Quebec - More
- February 14, 2008 | Item | E-mail
With All Financing in Place, Silverado to Launch $5,000,000 Nolan Creek 2008 Exploration Program - More
- February 14, 2008 | Item | E-mail
Cuatro Hermanos Drill Program Continues to Delineate Broad Zones of Porphyry Style Cu-Mo Mineralization - More
- February 14, 2008 | Item | E-mail
Farallon Announces Favourable Legal Ruling in Mexico Appeal Court Dismisses Hermiston Civil Case Appeal - More
- February 14, 2008 | Item | E-mail
Houston Lake Reports Third Quarter Results - More
- February 14, 2008 | Item | E-mail
Zoloto Resources Files Technical Report on Elvenei Project - More
- February 14, 2008 | Item | E-mail
First Uranium reports results for the three and nine months ended December 31, 2007 - More
- February 14, 2008 | Item | E-mail
Paladin Energy Announces December 31, 2007 Quarter and Half Year Report - More
- February 14, 2008 | Item | E-mail
NWT announces advancements with Niger Uranium properties - More
- February 14, 2008 | Item | E-mail
Jourdan Intersects 5.14 Metres at 0.66 Lbs U3O8/Ton in the Wakehem Sedimentary Basin - More
- February 14, 2008 | Item | E-mail
Blue Sky Uranium Corp.: Shareholder Update - More
- February 14, 2008 | Item | E-mail
Orezone Bombore Project Initial Resource Estimate - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce the results of a National Instrument 43-101 compliant gold resource estimate of its Bombore Project in Burkina Faso, West Africa. The estimate performed by Met-Chem Canada Inc., of Montreal, Quebec confirms a total indicated resource of 576,000 oz contained in 29.6 million tonnes (Mt) at a grade of 0.61 g/t along with inferred resources of 501,000 oz contained within 23.7 Mt at a grade of 0.66 g/t (Table 1)." More
- February 14, 2008 | Item | E-mail
Great Basin Gold Concludes Agreement to Purchase the Remaining Shares in Rusaf Gold Limited - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) announces that it has entered into an agreement with Vancouver based Rusaf Gold Ltd. ("Rusaf") whereby Great Basin Gold will purchase the remaining 63% of the fully diluted equity shares of Rusaf for total consideration of CDN$14.4 million, payable in approximately 4.9 million Great Basin Gold common shares. The exchange ratio was 1 (one) Great Basin Gold share for every 4.5 (four and a half) Rusaf shares." More
- February 14, 2008 | Item | E-mail
Scorpio Provides Nuestra Senora Project Update, Sinaloa State, Mexico - "The Scorpio team has been aggressively pushing on all fronts to meet the mandated start up in March 2008 of the Nuestra Senora mill facility. Not only is the team succeeding but they have also progressed other major projects such as Company housing for the mine workers. The team effort shown is greatly appreciated by the Company and we all look forward to becoming a low cost producer in the near future, especially given the current strong metal prices which should only enhance the economics and cash flow of the mine." More
- February 14, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 February, 2008 | |
