-- Posted 26 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $945.90 | +$8.00 |
Silver | $18.72 | +$0.68 |
XAU | 193.13 | +1.46% |
HUI | 475.87 | +2.04% |
GDM | 1435.44 | +1.97% |
JSE Gold | 2385.50 | -52.01 |
USD | 74.75 | -0.75 |
Euro | 149.47 | +1.28 |
Yen | 93.20 | +0.72 |
Oil | $100.88 | +$1.65 |
10-Year | 3.860% | -0.042 |
T-Bond | 116.00 | +0.15625 |
Dow | 12684.92 | +0.91% |
Nasdaq | 2344.98 | +0.75% |
S&P | 1381.29 | +0.69% |
The Metals:
Gold fell to $926.30 by late trade in Asia, but it then rallied back higher throughout trade in London and New York and rose to as high as $948.00 before it closed with a gain of 0.85% at a new record closing high. Silver fell to $17.91 before it rose to a new 27 year intraday high at $18.73 and closed with a remarkable gain of 3.8%.
Euro gold rose near €634, platinum lost $5 to $2130, and copper gained roughly 4 cents to about $3.78.
Gold and silver equities rose roughly 2% by early afternoon, remained near their highs into the close, and ended about 1-2% away from setting new record closing highs last set on January 14th 2008.
European gold sales on pace to end far below 500-tonne quota Resource Investor
Gold dehedging to slow this year - Fortis report Reuters
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Jan | 1.0% | 0.4% | -0.3% |
Core PPI | Jan | 0.4% | 0.2% | 0.2% |
Consumer Confidence | Feb | 75.0 | 82.0 | 87.3 |
PPI came in at 7.4% year over year, which was the highest since 1981. Vice chairman Kohn of the federal reserve said slower growth is more of a concern than inflation. The S&P/Case-Shiller U.S. National Home Price Index showed home prices fell at a record rate of 8.9% in 2007.
Tomorrow at 8:30AM EST brings the Durable Goods Orders report for January expected at -4.0% and at 10AM is the New Home Sales report for January expected at 600,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back above $100 and heating oil rose above $2.80, both to new record highs, as cold weather lingered in the US, geopolitical concerns remained in Iran, Turkey, and Iraq, and traders prepared for tomorrow’s inventory reports.
The U.S. dollar index fell markedly to a new record low as the euro rose on a strong reading from a German business confidence survey and stagflationary fears increased in the US after inflation came in at the highest in 27 years and Consumer Confidence came in at a 5-year low.
Treasuries found only minor gains despite poor economic data as the Dow, Nasdaq, and S&P rose nearly 1% on IBM’s plans to buy back stock.
Among the big names making news in the market today were IBM, Macy’s, Target, Home Depot, CBS, and RadioShack.
The Commentary:
“April Gold finished up 8.4 at 948.9, 1.6 off the high and 12.9 up from the low.
March Silver closed up 0.635 at 18.72. This was 0.61 up from the low and 0.01 off the high.
After an initial downside failure April gold managed a rather impressive recovery move Tuesday. Certainly seeing a hotter than expected US PPI report provided the bull camp with part of its recovery capacity but another new low for the move in the US Dollar was probably an equally important element in the bounce. With oil and equity prices rising in tandem and the last of the US scheduled data for the day (the Richmond Fed Manufacturing survey) coming in slightly better than expected there were a number of developments that the bull camp might have been able to embrace. In fact, seeing sharp catch up gains in Chicago wheat prices, rising metals prices and a hot monthly inflation reading is a very strong list of bullish issues.
The silver market showed signs early in the session that it was capable of holding up even in the face of initial weakness in gold prices. However, with a sharply lower US Dollar and a mid day recovery pulse in copper prices, the silver market was potentially lifted by a host of outside market influences. In fact, seeing the US equity market manage another upside breakout on the charts, at the same time that oil prices rose to another new high would seem to put the precious metals markets back into a "perfect storm" mentality. On the other hand, one could suggest that the slowness of the US economy probably serves to keep the metals from having a true perfect storm.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
FDIC to add staff as bank failures loom
Rick Ackerman: Gold bugs could call IMF's bluff
Dan Norcini: As commodities soar, suppressing gold loses its point
Global shortage of metals looming
James Turk: An overview of gold's supply and demand
Catastrophe's cause was failure to regulate money and credit creation
Peter George's Investment Indicators letter cites GATA
U.S. backs plan for IMF to sell some gold
The Statistics:
As of close of business: 2/25/2008
Gold Warehouse Stocks: | 7,222,299 | +5,001 |
Silver Warehouse Stocks: | 134,228,282 | +1,049,289 |
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 | 639.44 | 20,558,637 | US$ 19,274m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 107.89 | 3,468,833 | US$ 3,282m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 18.97 | 609,409 | US$ 577m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.02 | 868,734 | US$ 814m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 8.29 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/25/2008 | |
Total Net Assets | $1,806,081,157 | 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 2/25/2008 | |
Total Net Assets | $2,988,890,701 | Ounces of Silver
in Trust | 165,551,302.800 |
Shares Outstanding | 16,700,000 | Tonnes of Silver
in Trust | 5,149.22 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Claude’s (CGR) exploration results, Harmony’s (HMY) mine deaths, Buenaventura’s (BVN) possible mine strike, Entree’s (EGI) drill results, Newmont’s (NEM) possible need for an extension for its Indonesian sale, Great Panther’s (GPR.TO) drill results, Silvermex’s (SMR.V) financing, Endeavour’s (EXK) drill results, and Scorpio’s (SPM.TO) stockpile update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. MAG Silver | MVG+17.54% $14.34 |
2. Exeter | XRA +10.22% $5.07 |
3. Entree | EGI +8.66% $2.51 |
LOSERS
1. Richmont | RIC -3.24% $3.58 |
2. Gold Fields | GFI-3.08% $13.83 |
3. Cardero | CDY -2.50% $1.17 |
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:
Osisko Releases 2007 Financial Results - More
- February 26, 2008 | Item | E-mail
Century Mining Files Full Lamaque Technical Report - More
- February 26, 2008 | Item | E-mail
Chapleau Continues to Intersect High Grade Gold, Silver, Lead, Zinc and Copper Mineralization at Coringa, Brazil - More
- February 26, 2008 | Item | E-mail
Trench results up to 9.7 meters of 0.027% U3O8 from Pipewrench Lake Property, Saskatchewan - More
- February 26, 2008 | Item | E-mail
Mayfair Mining & Minerals, Inc. Enters Into a New Joint Venture Agreement to Develop Eight Mining Licenses in the Zambian Copper Belt - More
- February 26, 2008 | Item | E-mail
Platinex reduces damages claim in dispute with KI - More
- February 26, 2008 | Item | E-mail
San Gold Phase 2 Drill Program Reveals Additional New High Grade Zone at Rice Lake Deep - More
- February 26, 2008 | Item | E-mail
Murgor completes work commitments to earn a 100% interest in the Hudvam and Wim copper-gold projects in Northern Manitoba - More
- February 26, 2008 | Item | E-mail
Gold Port Exploration Update - More
- February 26, 2008 | Item | E-mail
Guyana Goldfields Inc. Announces It Will Vote Against Resolutions Proposed by Coronation at March 3 Meeting - More
- February 26, 2008 | Item | E-mail
Sola Resource Corp.: Private Placement- Consulting Agreements - More
- February 26, 2008 | Item | E-mail
Merrex Unveils Strategic Plan: Dedicated to Gold, Focused in Mali - More
- February 26, 2008 | Item | E-mail
East West Resource Corporation: Stock Options Granted - More
- February 26, 2008 | Item | E-mail
Claude Resources Releases Madsen Exploration Results - "Claude Resources Inc. (TSX: CRJ / AMEX: CGR) today reported on its gold exploration results from Phase 1 of the drill program at the Russet South area of the Madsen property located at Red Lake, Ontario." More
- February 26, 2008 | Item | E-mail
Dioro Exploration NL Announces Appointment of New Director - More
- February 26, 2008 | Item | E-mail
Great Panther Extends High Grade Silver-Gold to 600 Metre Depth at Guanajuato With Drill Intersection of 5,773 g/t Ag and 15.45 g/t Au - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that further deep diamond drilling results from core drill-holes EUG07-002 to 007 at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico has confirmed the extension of high grade gold and silver mineralization to a depth of approximately 600 metres. This is 170 metres below the current lowest workings and highlights the potential for a major continuation of this world class orebody. Given the historical production of approximately one billion ounces of silver from the upper 400 metres of this deposit, the possibility of extending it by at least another 50% has major implications." More
- February 26, 2008 | Item | E-mail
Verena Project Update: Drilling at Monte do Carmo Intersects 13.0m grading 2.98 g/t Gold Drill Targets Defined at Patrocinio - More
- February 26, 2008 | Item | E-mail
Macusani Yellowcake is Pleased to Announce Its Best Hole to Date. Diamond Drill Hole DD 3 South P04 was Drilled to a Depth of 62.3 Metres - More
- February 26, 2008 | Item | E-mail
TEAL receives letter from DRC Minister of Mines regarding DRC Mining Contract Review - More
- February 26, 2008 | Item | E-mail
New Horizon Announces $5 Million Brokered Private Placement - More
- February 26, 2008 | Item | E-mail
Western Warrior completes private placement of $1.5 million equity offering - More
- February 26, 2008 | Item | E-mail
JNR Announces Further 2008 Exploration Activities - More
- February 26, 2008 | Item | E-mail
Moss Lake Gold Mines Ltd - Encouraging preliminary results of step out drilling - More
- February 26, 2008 | Item | E-mail
Discovery on Upinor: Sirios Hits 2.064%U308 in the Outcropping Basement - More
- February 26, 2008 | Item | E-mail
Golden Band Resources Receives Updated and Expanded Positive Preliminary Economic Assessment on La Ronge Gold Project - More
- February 26, 2008 | Item | E-mail
Flag Resources (1985) Limited's Cobalt Hill Exploration Project, Mackelcan Township, Sudbury, Ontario - More
- February 26, 2008 | Item | E-mail
Goldeye Announces Diamond Drill Program on Juby North Gold Project - More
- February 26, 2008 | Item | E-mail
Temex announces diamond drill program on Juby North Gold Property - More
- February 26, 2008 | Item | E-mail
Asia Now Resumes Aggressive Drilling Program at Beiya North, China - More
- February 26, 2008 | Item | E-mail
Commissioning of Gold Recovery Circuit to Begin at Lluvia de Oro Gold Mine - More
- February 26, 2008 | Item | E-mail
First Gold Exploration Retains AGORACOM to Provide Investor Relations, Social Network and Google Search Engine Program - More
- February 26, 2008 | Item | E-mail
Copper Mountain Mining Corporation - 2007 Review and Financial Results - More
- February 26, 2008 | Item | E-mail
Klondike Silver Adds New Results for Pending Vein Samples at the Connaught Property - More
- February 26, 2008 | Item | E-mail
Ruby Red Resources - Results from renewed drilling at Zeus - More
- February 26, 2008 | Item | E-mail
Happy Creek drills 100.0 metres of 0.285% copper from Rateria property, Highland Valley, BC - More
- February 26, 2008 | Item | E-mail
Canadian Arrow Mines files positive Preliminary Economic Assessment Report for Kenbridge Nickel Project - More
- February 26, 2008 | Item | E-mail
Yamiri Gold and Energy Inc. provides update on activities in Uruguay - More
- February 26, 2008 | Item | E-mail
African Gold Group, Inc. 2.7 Kilogram Gold Nugget Discovered at Kobada, Mali - More
- February 26, 2008 | Item | E-mail
Lydian Trenches 51m at 1.25 g/t Gold at Trpeza Prospect in Kosovo - More
- February 26, 2008 | Item | E-mail
Gold Resource Corporation Discovers New High-Grade Gold at Second Magnetic Anomaly Returning 1M of 48.3 g/t Gold Within 3M of 25.3 g/t Gold and 1857 g/t Silver - More
- February 26, 2008 | Item | E-mail
Goldcorp Exercises Option to Increase Its Interest in Eleonore South - More
- February 26, 2008 | Item | E-mail
StrataGold commences 2008 exploration program at Tassawini, Guyana - More
- February 26, 2008 | Item | E-mail
Azimut's partner Goldcorp exercises Option at Eleonore South - More
- February 26, 2008 | Item | E-mail
Ireland Inc. Reports Drilling Program Results and Details Development Plan for Columbus Project - More
- February 26, 2008 | Item | E-mail
Harmony Gold Mining says earthquake kills 2 at Bambanani mine, 4 injured - "Harmony Gold Mining Co Ltd said an earthquake occurred at its Bambanani mine in the Free State killing two people and injuring four, of which one is in critical condition." More
- February 26, 2008 | Item | E-mail
Zazu Metals to Prepare Current Lik Resource to Meet NI 43-101 Standards - More
- February 26, 2008 | Item | E-mail
U3O8 Corp. Reports 0.12% or 2.4 lbs per ton U3O8 over 25.2m from Aricheng South - More
- February 26, 2008 | Item | E-mail
Wallbridge Mining Intersects Nickel-Copper Mineralization on JV Property in Sudbury - More
- February 26, 2008 | Item | E-mail
Atlanta Gold Completes Second Tranche of C$5.6 million Financing and Opens New Atlanta Project Office in Boise, Idaho - More
- February 26, 2008 | Item | E-mail
Queenston Announces $10 Million Guaranteed Flow-Through Financing - More
- February 26, 2008 | Item | E-mail
Centenario Updates on Pelusa Property Drilling Program - More
- February 26, 2008 | Item | E-mail
Southampton to Commence an Airborne Geophysical Survey Over Cu-Ni-PGE Targets on the Lake Horden Project, North of Tamagami, Quebec - More
- February 26, 2008 | Item | E-mail
Columbia Metals Lluvia-Jojoba gold and copper mine project update - More
- February 26, 2008 | Item | E-mail
Rochester Receives Additional Ball Mill to Substantially Increase Mill Production - More
- February 26, 2008 | Item | E-mail
Alhambra Resources Ltd. - Appointment of New Director - More
- February 26, 2008 | Item | E-mail
Anvil Mining Limited - Record Year for Production, Revenues, Net Income and Cash Flows - More
- February 26, 2008 | Item | E-mail
Bonaventure Issues Significant Drill Results From the New Pass Project, Nevada: 115 Feet of 0.037 oz/ton Gold, 0.22 oz/ton Silver, and 185 Feet of 0.027 oz/ton - More
- February 26, 2008 | Item | E-mail
New Trench and Pit Data Expands High-Grade Zone at Sacre-Coeur's Northwest Gold Project; 12 Meters Average 7.90 g/t Au - More
- February 26, 2008 | Item | E-mail
Mwana Africa PLC - Copper update: Democratic Republic of Congo - Further positive drilling results at Kibolwe prospect - More
- February 26, 2008 | Item | E-mail
Mesa Uranium Expands Land Holdings, Forms WellProbe Geophysical With New Horizon Uranium - More
- February 26, 2008 | Item | E-mail
Mega Commences Drilling of its Kitongo Project in Cameroon - More
- February 26, 2008 | Item | E-mail
Discovery on UPINOR: DIOS Hits 2.064% U308 in the Outcropping Basement - More
- February 26, 2008 | Item | E-mail
Silvermex Resources Ltd. Announces $7,000,000 Financing - "Each Unit will consist of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant") at a price of $1.00 per Unit. Each Warrant will entitle the holder to purchase one additional common share of Silvermex at a price of $1.25 per share for a period of 12 months from the date of issuance of the Warrant. The Agent will receive cash commission of 8% of the gross proceeds of the Offering and broker warrants ("Broker Warrants") equal to 8% of the number of Units issued pursuant to the Offering. Each Broker Warrant will entitle the Agent to subscribe for one Unit at the Offering price of the Units. In addition, the Agent will receive a corporate finance fee of $25,000." More
- February 26, 2008 | Item | E-mail
Workers at Peru's Buenaventura threaten strike - "Workers of Peruvian precious metals producer Buenaventura (BUEv.LM: Quote, Profile, Research)(BVN.N: Quote, Profile, Research) threatened to go on strike on Wednesday, officials said Tuesday.
"It's very strange. In reality, they (the unions) want to determine how much their share of profits will be, even though our financial results and reporting have not even been completed," Carlos Galvez, the company's chief financial officer, told Reuters." More
- February 26, 2008 | Item | E-mail
Drilling Intersects New Gold-Silver Zone at Cebada Mine, Guanajuato; Extends Known Silver Orebody at Porvenir Mine, Guanacevi, Mexico - "Three drill holes intersected the new mineralized zone near Section Line 3785, about 800 m north of the Cebada shaft, over an area 50 m along strike by 50 m down dip, still open in all directions. An old Penoles exploration tunnel along the Veta Madre vein that passes about 50 m beneath the new drill holes was reported to have intersected 4.62 gpt gold and 466 gpt silver over 4.27 m, indicating that the high grade mineralization continues at depth." More
- February 26, 2008 | Item | E-mail
Power crisis takes shine off S African gold boom - "A power crisis in South Africa has forced miners to partially close mines, curbed output and put jobs at risk, triggering threats of street protests by unions in the world's top precious metals producer.
South Africa's key mining industry, a big foreign exchange earner and job creator, ground to a halt for five days last month as an electricity shortage became a national emergency." More
- February 26, 2008 | Item | E-mail
Crosshair Anchors 4.5 Kilometer Uranium Mineralization Corridor - More
- February 26, 2008 | Item | E-mail
Silver Spruce Resources Inc.: Drill Permit Received For Mount Benedict Property; Airborne Radiometric Anomalies Located on Makkovik River Property - More
- February 26, 2008 | Item | E-mail
Superior Receives Encouraging Uranium News on Mistassini Property - More
- February 26, 2008 | Item | E-mail
Latest Drilling Extends Entree Gold's Heruga Deposit, Mongolia - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") announces additional gold, copper and molybdenum mineralization has been intersected on the Heruga deposit, increasing the strike length of the deposit by a further 200 metres. Drilling is being conducted by partner and project operator, Ivanhoe Mines Ltd. (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News) ("Ivanhoe Mines")." More
- February 26, 2008 | Item | E-mail
Scorpio Reports on Mineralized Stockpile for Initial Mill Throughput at Nuestra Senora - "We now have over 64,041 tonnes stockpiled on surface awaiting mill start up, which puts us in a strong position to stay ahead of the initial required mill feed. The current stockpile includes a mix of lower grade development material and is well suited for the initial mill commissioning and required fine tuning for optimal metal recovery. With formal stoping in progress and more stringent grade controls in place, less dilution will occur and head grades will increase. This higher-grade material will be used as mill feed once the mill facility is running at maximum recovery." More
- February 26, 2008 | Item | E-mail
Newmont may ask for more time for Indonesian sale - "Newmont Mining Corp (NEM.N: Quote, Profile, Research) said on Tuesday that it may ask the Indonesian government for an extension to if it fails to reach an agreement by next week over the divestment of a 10 percent stake in its local unit.
The U.S. mining giant said late on Monday that the Indonesian government had extended the deadline for it to divest a 10 percent stake in its local arm, PT Newmont Nusa Tenggara, to March 3." More
- February 26, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 February, 2008 | |
