-- Posted 29 February, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $971.85 | +$6.95 | +2.91% |
Silver | $19.76 | +$0.12 | +10.02% |
XAU | 196.58 | -3.09% | +3.50% |
HUI | 486.07 | -2.41% | +4.59% |
GDM | 1464.91 | -2.39% | +4.61% |
JSE Gold | 2518.20 | +74.20 | -1.03% |
USD | 73.70 | -0.02 | -2.41% |
Euro | 151.88 | -0.19 | +2.47% |
Yen | 96.18 | +1.28 | +2.79% |
Oil | $101.84 | -$0.75 | +3.07% |
10-Year | 3.534% | -0.181 | -6.75% |
Bond | 119.625 | +1.90625 | +2.19% |
Dow | 12266.39 | -2.51% | -0.93% |
Nasdaq | 2271.48 | -2.58% | -1.38% |
S&P | 1330.63 | -2.71% | -1.66% |
The Metals:
Gold rose to a new all-time high of $975.90 by late trade in Asia before it dropped in London to as low as $964.60 by about 10:45AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.72% at a new record closing high.
Silver set a new 27 year intraday high of $19.93 in Asia before it fell to $19.37 by about 8AM EST in New York, but it also rallied back higher for most of the rest of trade and ended with a gain of 0.61% at a new 27 year closing high.
Euro gold rose to €640, platinum gained $25.50 to a new record high at $2158, and copper fell a couple of cents to about $2.85.
Gold and silver equities fell roughly 3% from yesterday’s record highs despite nearly 1% gains in gold and silver as the major indices plummeted over 2% and dragged everything lower.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Jan | 0.3% | 0.2% | 0.5% |
Personal Spending | Jan | 0.4% | 0.2% | 0.3% |
Core PCE Inflation | Jan | 0.3% | 0.3% | 0.2% |
Chicago PMI | Feb | 44.5 | 49.5 | 51.5 |
Michigan Sentiment | Feb | 70.8 | 70.0 | 69.6 |
All of this week’s economic reports:
Next week’s economic highlights include Construction Spending and the ISM Index on Monday, ADP Employment, Productivity, Factory Orders, ISM Services, and the fed’s Beige book on Wednesday, Initial Jobless Claims and Pending Home Sales on Thursday, and February’s jobs data and Consumer Credit on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about 1% in low volume as economic worries overcame supply concerns.
The U.S. dollar index fell to a new record low for the fourth straight session after yet another round of more poor economic data raised recession worries.
Treasuries found substantial gains as the Dow, Nasdaq, and S&P fell markedly on more weak economic data and poor earnings reports. Stocks ended lower for the fourth straight month.
Among the big names making news in the market Friday were Ambac, Wilber Ross, AIG, Brown-Forman, Dell, and Swiss Re.
The Commentary:
“Price action in the precious metals was quite volatile today as the normal end of month positioning by longs booking profits came into conflict with superb fundamentals that continue to attract buying on any retreat in prices. Both gold and silver were well bid today even as sellers continued clipping their advances. Front month Silver notched a move above the $20 level before the funds decided to take a bit of money off the table so as to be able to brag a bit to their customers but even at that, its foray into the negative column did not last very long.” - Dan Norcini, Much more free commentary at JSMineset.com
“April Gold finished up 7.5 at 975, 2 off the high and 8.5 up from the low.
May Silver closed up 0.205 at 19.915. This was 0.345 up from the low and 0.025 off the high.
The gold market showed somewhat of choppy two sided trade throughout the trading session Friday but generally favored the upside. In fact, the market managed another new all time high and forged the high in the face of a minor rally in the US Dollar and perhaps even more importantly in the face of weakness in energy prices. In fact, the European gold market actually managed a new record high close and with the US equity market coming under more significant liquidation pressure one might suggest that gold was being supported by classic flight to quality conditions. While wheat prices were sharply lower and corn prices were mixed, soybean oil and other edible oil prices were sharply higher and that in turn has rekindled food price inflation fears, which in turn might have lent some support to gold prices.
The silver market seemed to fight the early strength in gold but eventually the market seemed to settle into an upbeat posture. Like the gold market the March silver contract did manage to forge another new high for the move and in turn managed the rally despite countervailing outside market price action. Surprisingly the silver market wasn't undermined by the weakness in copper prices and the apparent escalation of US recession fears and that is surprising considering the magnitude of the selling pressure seen at times in the US equity markets. It is possible that soaring edible oil prices lent some inflation support to silver and other commodity prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Paul takes Bernanke to school about inflation
Anything to divert gold demand from physical to paper
IMF gold sales may be off-market transactions
The Statistics:
As of close of business: 2/29/2008
Gold Warehouse Stocks: | 7,371,272 | -791 |
Silver Warehouse Stocks: | 135,036,924 | +96,531 |
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$ 19,725m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 107.89 | 3,468,717 | US$ 3,375m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 19.02 | 610,889 | US$ 595m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.02 | 868,705 | US$ 833m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/28/2008 | |
Total Net Assets | $1,857,851,989 | 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 2/28/2008 | |
Total Net Assets | $3,317,580,422 | Ounces of Silver
in Trust | 172,488,301.200 |
Shares Outstanding | 17,400,000 | Tonnes of Silver
in Trust | 5,364.99 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport’s (FCX) annual report, Apollo Gold’s (AGT) updated mineral reserve estimate, Orezone’s (OZN) permit approval, Newmont’s (NEM) deadline request, Paramount’s (PZG) assay results, AngloGold’s (AU) power contract, Coeur’s (CDE) fourth-quarter and year-end results, MAG Silver’s (MVG) drill results, and Apex Silver’s (SIL) year-end results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Pacific Rim | PMU +2.54% $1.21 |
2. Eldorado | EGO +2.49% $7.00 |
3. Banro | BAA+1.70% $10.17 |
LOSERS
1. Fronteer | FRG -8.04% $9.04 |
2. DRDGOLD | DROOY-6.01% $12.67 |
3. Freeport | FCX -5.36% $100.86 |
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:
Buenaventura Clarifies Date of Annual Shareholders Meeting - "Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, announced that its Annual Shareholders Meeting will take place Thursday, March 27, 2008, not Friday, March 28, 2008, as was stated on Page 7 of the Company's fourth quarter earnings release." More
- February 29, 2008 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Files Annual Report on Form 10-K and Updates Purchase Price Allocation - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2007 and will post a copy to its web site www.fcx.com. Shareholders may also receive a hard copy of FCX’s audited financial statements free of charge upon request." More
- February 29, 2008 | Item | E-mail
Mengold Enhances Management Team - More
- February 29, 2008 | Item | E-mail
TTM Resources Inc. receives NI 43-101 report on Chu molybdeum project - More
- February 29, 2008 | Item | E-mail
Goldex Resources Successfully Flies Land Positions in Mexican Gold and Silver Belt With Eagle Mapping - More
- February 29, 2008 | Item | E-mail
Kria Reports Wardrop Inferred Resource Estimate for Ruttan of 17.15 Million Tonnes at 1.23% Cu and 1.60% Zinc - More
- February 29, 2008 | Item | E-mail
Mazorro Resources Files Final Prospectus for Initial Public Offering - More
- February 29, 2008 | Item | E-mail
Pro Minerals IPO closed, Plan Of Arrangement finalized - More
- February 29, 2008 | Item | E-mail
Orex Exploration Inc.: On-Going Drill Program at Goldboro Intersects Visible Gold in First Drill Hole - More
- February 29, 2008 | Item | E-mail
Ur-Energy Upgrades License Application - More
- February 29, 2008 | Item | E-mail
Temex provides update on Webequie Noront area activities - More
- February 29, 2008 | Item | E-mail
Southern Hemisphere Mining Limited: First Drill Hole at Las Santas Intersects Copper Porhyry Mineralization - More
- February 29, 2008 | Item | E-mail
Hard Creek Drills 64 Metres of 0.47% Nickel - More
- February 29, 2008 | Item | E-mail
Beartooth Platinum Corporation Identifies Potential Bulk Tonnage Platinum/Palladium Discovery With Contained High Grade Intercepts - More
- February 29, 2008 | Item | E-mail
Northern Gold Mining Inc. Drills in Timmins and in Kirkland Lake - More
- February 29, 2008 | Item | E-mail
Geoinformatics Provides Update on Regional Targeting at Whistler Project: Over 50 Individual "Areas-of-Interest" Identified - More
- February 29, 2008 | Item | E-mail
Titan 24 surveying completed at Joutel - More
- February 29, 2008 | Item | E-mail
Pele Mountain Mobilizes Second Drill Rig to Elliot Lake to Begin Testing Geophysical Targets for Remobilized Uranium - More
- February 29, 2008 | Item | E-mail
Ucore Uranium Reports 4 Metres Grading 0.64% U3O8 From Channel Sampling at Bokan Mountain - More
- February 29, 2008 | Item | E-mail
Marathon Drilling Hits High Grade W-Horizon 25 Metres Below Pit-Shell, 6.73 g/t PGM and Au and 0.02% Cu over 8 m - More
- February 29, 2008 | Item | E-mail
Kodiak's Drilling Intercepts Deep Gold Zones, Significantly Expands Resource Potential - More
- February 29, 2008 | Item | E-mail
Glass Earth Gold Limited: Gold Exploration Update - More
- February 29, 2008 | Item | E-mail
Copper Canyon Receives Shares and $100,000 Cash Payment for Abo - More
- February 29, 2008 | Item | E-mail
Government of Guyana Supports Mining Projects - More
- February 29, 2008 | Item | E-mail
Harte's 2008 Drilling Program Begins on Stoughton-Abitibi Property - More
- February 29, 2008 | Item | E-mail
Newport Gold Inc. Acquires a 50% Interest in the 'Mac' Gold Property in B.C. Canada - More
- February 29, 2008 | Item | E-mail
DIAGNOS' Technology Woke Up the Sleeping Giant: Impressive Results of Copper in Haiti - More
- February 29, 2008 | Item | E-mail
Inspiration Intersects 1.018% NI Over 9.42M or 30.91Ft Containing 2.086% NI Over 1.32M or 4.33Ft (True Width) - More
- February 29, 2008 | Item | E-mail
War Eagle Mining Company Inc.: Mac Project Mineralized Area Greater than Previously Indicated - More
- February 29, 2008 | Item | E-mail
AXMIN Inc.: High Grade Intersections Over Impressive Widths at Komahun Project, Nimini Hills, Sierra Leone - More
- February 29, 2008 | Item | E-mail
Abcourt Enlarges its Aldermac Property - More
- February 29, 2008 | Item | E-mail
Melkior Appoints Michael A. Berry Advisor and Michel Blouin Secretary - More
- February 29, 2008 | Item | E-mail
Kakanda to Change Name and Elects New Director - More
- February 29, 2008 | Item | E-mail
Blackstone Lake Minerals Inc. Appoints Dr. Rudolf Mauer as CEO, CFO, President and Sole Director - More
- February 29, 2008 | Item | E-mail
Pebble Creek Mining Ltd. Progress Report - More
- February 29, 2008 | Item | E-mail
Intrepid Files Preliminary Final Report for the Year Ended December 31, 2007 - More
- February 29, 2008 | Item | E-mail
Sage Gold Inc.: 78.92 g Au/T Channel-Gold Hill-Arizona - More
- February 29, 2008 | Item | E-mail
Full Metal and Kinross Enter Into Exploration Alliance in Alaska, Yukon - More
- February 29, 2008 | Item | E-mail
Quaterra Resources Inc. to List on the American Stock Exchange - More
- February 29, 2008 | Item | E-mail
Board of Directors of Garrison International Ltd. Approves Private Placement of Common Share Units - More
- February 29, 2008 | Item | E-mail
Amador Intersects 12.35 Grams per Tonne Gold Over 2.4 Metres on New Gold Zones on Horwood Project - More
- February 29, 2008 | Item | E-mail
Drilling on Carpathian's Hungarian Exploration Property Intersects: 9 Metres at 247 g/t Silver and 3.33 g/t Gold - More
- February 29, 2008 | Item | E-mail
Sage Gold Inc.: Lynx # 1 Drilling-5.56% Cu, 153.2 g Ag/T and 2.30 g Au/T Over 6.5 Metres - More
- February 29, 2008 | Item | E-mail
Western Copper Corporation: YESAB Responds to Public Comments on the Carmacks Copper Project - More
- February 29, 2008 | Item | E-mail
Continental Nickel Reports Five New Conductive Targets Identified in a Regional Airborne VTEM Survey of the Nachingwea Project, Tanzania - More
- February 29, 2008 | Item | E-mail
Aquila Appoints New Director - More
- February 29, 2008 | Item | E-mail
Drilling Expands High Grade Gold and Silver Zone (Clavo) Within the San Miguel Vein - More
- February 29, 2008 | Item | E-mail
Crowflight Drilling at Halfway Lake Intersects 13 Metres Grading 1.6% Nickel - More
- February 29, 2008 | Item | E-mail
El Capitan Precious Metals, Inc. Reports on Metallurgical and Permitting Efforts - More
- February 29, 2008 | Item | E-mail
Gold Crest Mines, Inc. and Newmont Propose to Form Joint Ventures - More
- February 29, 2008 | Item | E-mail
Goldex Resources Successfully Flies Land Positions in Mexican Gold and Silver Belt With Eagle Mapping - More
- February 29, 2008 | Item | E-mail
CanAlaska Uranium Ltd.: Key Lake Drilling Hits Graphite Conductor and Uranium Mineralization - More
- February 29, 2008 | Item | E-mail
WestCan Uranium Corp.: Key Lake Drilling Hits Graphite Conductor and Uranium Mineralization - More
- February 29, 2008 | Item | E-mail
Coeur Reports Fourth-Quarter and Year-End 2007 Results - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced fourth quarter net income of $14.3 million, or $0.05 per share, compared to net income of $23.2 million, or $0.08 per share during the fourth quarter of 2006. For the year ended December 31, 2007, net income totaled $43.9 million, or $0.15 per share, compared to net income of $75.4 million, or $0.28 per share, in 2006." More
- February 29, 2008 | Item | E-mail
Apollo Gold Announces 1,330,000 Ounces of Gold Reserves at its Black Fox Project - "Apollo Gold Corporation ("Apollo") (TSX: APG - News)(AMEX: AGT - News) is pleased to announce the results of an updated mineral reserve estimate at its 100% owned Black Fox Project (“Black Fox”) located near Timmins, Ontario, Canada. The new mineral reserve estimate was prepared by SRK Consulting (“SRK”), Denver, Colorado. SRK has confirmed that the reserve study complies in all respects with Canadian National Instrument 43-101 (“NI 43-101”) guidelines and the NI 43-101 technical report will be filed within 45 days." More
- February 29, 2008 | Item | E-mail
Case Financial Provides Additional Guidance on Uranium Properties - More
- February 29, 2008 | Item | E-mail
MAG Silver & Penoles Announce Intersection of Juanicipio Vein and Results From Valdecanas - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") and Industrias Penoles S.A.B. DE C.V. ("Penoles") on behalf of Minera Juanicipio are pleased to announce that drill hole 17P targeted on the Juanicipio Vein has intersected the vein over 60 centimetres at 651 metres down hole. The vein is visually described as a banded and crystalline quartz vein with visible silver, lead, zinc and iron sulphides. Assay results are pending." More
- February 29, 2008 | Item | E-mail
Midway Gold Announces 2008 Plans for Nevada Projects - "Midway is developing a pipeline of projects, ranging from new discoveries to projects moving toward development." said Alan Branham, President and CEO of Midway Gold Corp. "We have budgeted $15 million in 2008 to bring the Midway underground project to a development stage, to bring the Pan project to pre-feasibility, and to expand new discoveries on the Spring Valley, Afgan, Monte, Thunder Mountain, and Burnt Canyon properties. We plan to aggressively move our existing projects forward while continuing to seek and develop outstanding new opportunities." More
- February 29, 2008 | Item | E-mail
Orezone Essakane Project Receives Mining Permit Approval - "We are very pleased to have received approval of the mining permit in such a timely manner indicating that Burkina Faso is solidly behind developing its mining sector and attracting foreign investors," said Orezone CEO, Ron Little. "Now that the company has achieved this significant milestone, we will focus on completing the due diligence for our $250 million project loan facility and move towards beginning construction of the project in order to meet our early 2010 production goal." More
- February 29, 2008 | Item | E-mail
Newmont asks Indonesia for April sale deadline - "The Indonesian unit of U.S. mining group Newmont Mining Corp (NEM.N: Quote, Profile, Research) said on Friday it had asked the government to extend a deadline on divesting shares in its local unit by a month to April.
PT Newmont Nusa Tenggara, which runs the Batu Hijau copper and gold mine in Sumbawa island, is required to sell a 51 percent of its share to local investors under its contract of work." More
- February 29, 2008 | Item | E-mail
Apex Silver Reports 2007 Year-End Results - "Apex Silver Mines Limited (AMEX:SIL - News) today reported net income of $11.6 million or $0.20 per share for the year ended December 31, 2007, compared to a net loss of $513.5 million or $9.09 per share for the same 2006 period. The company also reported a loss from operations of $37.9 million for the year ended December 31, 2007, compared to a loss of $744.6 million for the same 2006 period." More
- February 29, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Expand High Grade Gold and Silver Mineralization to Depth and Confirm Their First High Grade Zone (Clavo) - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce assay results from 14 drill holes in the San Miguel Zone of its San Miguel project in the Guazapares Mining District, Mexico. Drill holes SM-05 to SM-18 were drilled 30-90 meters apart and were designed to intercept the San Miguel vein structure approximately 50-150 meters below the surface." More
- February 29, 2008 | Item | E-mail
S.Africa's Nufcor expects to meet contract terms - "AngloGold Ashanti said on Friday its Nuclear Fuels Corp of South Africa unit did not expect to default on its contracts despite alerting customers to a potential force majeure due to power shortages." More
- February 29, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2008
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 29 February, 2008 | |
