-- Posted 26 August, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $822.60 | +$1.80 |
Silver | $13.58 | +$0.195 |
XAU | 147.49 | +0.34% |
HUI | 340.48 | -0.16% |
GDM | 1023.65 | +0.27% |
JSE Gold | 1754.14 | +25.05 |
USD | 77.26 | +0.42 |
Euro | 146.51 | -1.05 |
Yen | 91.21 | -0.28 |
Oil | $116.27 | +$1.16 |
10-Year | 3.784% | -0.007 |
T-Bond | 118.625 | +0.078125 |
Dow | 11412.87 | +0.23% |
Nasdaq | 2361.96 | -0.15% |
S&P | 1271.51 | +0.37% |
The Metals:
Gold and silver remained near unchanged around $820 and $13.40 in Asia before they dropped to $806.60 and $12.96 by midday in London, but they then soared higher in early New York trade and rose to as high as $830.52 and $13.715 by a little after 10AM EST. Both metals then fell back off a bit into the close, but they still ended with gains of 0.22% and 1.46%.
Euro gold rose to about €562, platinum lost $8 to $1416.50, and copper fell over 4 cents to about $3.44.
Gold and silver equities traded mostly slightly higher and ended near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Aug | 56.9 | 53.0 | 51.9 |
New Home Sales | July | 515K | 525K | 503K |
New Home Inventories are still at a 10.1 month supply after falling the most since 1963 (5.2%) as builders have cut back markedly over the last several months to help add to what sales do occur. While sales technically increased 2.4%, that was due to the fact that June’s figure was revised from 530,000 down to 503,000. “Home prices fell a record annual 15.9 percent in June, but the monthly rate of decline slowed from May which suggested the decimated housing sector may be stabilizing, according to Standard & Poor's on Tuesday.”
FOMC Minutes from the fed’s August 5th meeting showed they expect inflation to moderate but fear upside risks. Weak consumer demand, a slowing global economy, and tight credit standards also had members worried. They continue to say they think the next move will be to raise rates, but point out they remain data dependent while such a move also relies on the health of the financial system that is still viewed as extremely fragile by many.
Also making news late in the day was the that the “number of problem U.S. banks on a regulatory watch list increased to 117 by the end of the second quarter from 90 at the end of the first quarter, the Federal Deposit Insurance Corp said on Tuesday.”
Tomorrow at 8:30AM EST brings the Durable Goods Orders report for July expected at 0.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on worries over developing Hurricane Gustav that is heading towards the Gulf of Mexico. Forecasts call for it to hit the Gulf over Labor Day weekend, but it may track south of most oil and natural gas rigs. Continuing instability in Russia also gave the bulls reason to buy.
The U.S. dollar index founds gains again as more grim data out of Europe sent the euro lower once more. This time it was on weak German GDP data and because the “Ifo German business climate index in August fell more than expected to a three-year low.”
Treasuries rose as the Dow, Nasdaq, and S&P remained near unchanged and ended mixed on worries over higher oil prices and conflicting economic data.
Among the big names making news in the market today were Smithfield Foods, HP and EDS, Big Lots, Merrill Lynch, Wachovia, Corinthian Colleges, and Citigroup.
The Commentary:
“Dear Friends,
We all know now what the timetable is for revealing busted banks. It is on Fridays after 5pm.
For massive bailouts with our money the timetable is over weekends.
Last weekend GM got a $50 billion US Treasury loan for the development of electric cars and low gas consumption new era vehicles. No one really buys that as we know it is to fend off bankruptcy by GM and an attendant collapse of the credit default derivatives issued thereupon.
If GM wanted a viable electric car they need only call the Tesla Company. They have made a real car, not an overblown golf cart. This car does 0 to 60 in 5 seconds with an equally respectable 1/4 mile both in speed and elapsed time. It tops out at 125 MPH. The car is pricey as it is developed on a Lotus chassis. If produced in good numbers and put on the low level cheap GM or Ford chassis they would have what they supposedly borrowed $50 billion from the US Treasury to invent and produce.
All GM needs in order to find a way to produce a real electric car is a used laptop with an internet connection. That might cost $600.”- Jim Sinclair, JSMineset.com
“December Gold finished up 2.4 at 828.1, 6.9 off the high and 11.6 up from the low.
December Silver closed up 0.199 at 13.678. This was 0.018 up from the low and equal to the high.
After an early morning recovery of rather impressive consequence the gold market settled back down well off its highs. Seeing the Dollar generally maintain a positive tilt had to keep some would be gold buyers at bay during the Tuesday session, especially since the Dollar did forge another new high for the move. It certainly seems as if the partially supportive US economic data and the attempt to bounce in the equity market provided the gold market with a lift. However, strength in the energy complex might have lifted gold instead of the US numbers and the action in the equity market.
Despite a rather significant morning recovery, silver prices at one point fell back as far as 23 cents from their morning highs. However, with the precious metals mostly adopting a positive bias in the face of the latest US Dollar rally that would seem to suggest that silver was beginning to look beyond the recent nearly exclusive focus on the currency markets. Some players suggested that the silver markets capacity to rally on Tuesday was associated with a slight improvement in overall macro economic psychology.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Washington Post reporter gets interested
China's stealth intervention supports dollar
Credit insurance obligations cloud bailout of Freddie, Fannie
China warns U.S. against failure of Fannie, Freddie
Rob Kirby: Only a central bank could be shorting gold that much
John Lee on gold coin rationing: Where there's smoke, there's fire
Mint elaborates on gold coin rationing amid huge demand
The Statistics:
As of close of business: 8/25/2008
Gold Warehouse Stocks: | 8,483,331 | -7,850 |
Silver Warehouse Stocks: | 138,825,724 | - |
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) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 651.37 | 20,942,246 | US$ 17,250m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.68 | 3,719,254 | US$ 3,079m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 348,976 | US$ 289m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/25/2008 | |
Total Net Assets | $1,612,321,380 | Ounces of Gold
in Trust | 1,967,280.000 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.19 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/25/2008 | |
Total Net Assets | $2,833,900,721 | Ounces of Silver
in Trust | 208,145,124.600 |
Shares Outstanding | 210,500,000 | Tonnes of Silver
in Trust | 6,474.04 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) worker boycott, Timberline’s (TLR) shareholder meeting results, Rubicon’s (RBY) drill results, Solitario’s (XPL) drill results, Petaquilla’s (PTC.TO) accepted offer from Inmet (IMN.TO), and Silver Dragon’s (SDRG.OB) exploration program update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+26.15% $1.64 |
2. Solitario | XPL+12.35% $3.82 |
3. Vista | VGZ +7.56% $3.56 |
LOSERS
1. Golden Star | GSS-6.75% $1.52 |
2. Northgate | NXG-5.95% $1.58 |
3. Crystallex | KRY -5.66% $1.00 |
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:
Paladin looks to join top-tier uranium producers - More
- August 26, 2008 | Item | E-mail
Macusani Yellowcake Inc.: Recoveries Average 88.40% from Latest Metallurgical Tests - More
- August 26, 2008 | Item | E-mail
New Grant of Stock Options - More
- August 26, 2008 | Item | E-mail
Timberline Announces Results of Shareholder Meeting and Provides Corporate Update - "Timberline Resources Corporation (AMEX:TLR - News) today announced results of its 2008 Annual Meeting of Stockholders, held on August 22, 2008 in Coeur d'Alene, Idaho. The Company received overwhelming approval for all proposals submitted to stockholders, including the election of its Board of Directors and the proposed acquisition of Small Mine Development, LLC (``SMD'')." More
- August 26, 2008 | Item | E-mail
Great Panther Expands Molybdenum Discovery at Mapimi - More
- August 26, 2008 | Item | E-mail
Pele Mountain Assembles Team of Uranium Industry Leaders to Develop Eco Ridge Mine at Elliot Lake - More
- August 26, 2008 | Item | E-mail
Nickel Mineralization Discovered at Phillips Project - More
- August 26, 2008 | Item | E-mail
Petaquilla Copper accepts sweetened Inmet offer - "Petaquilla Copper (PTC.TO: Quote, Profile, Research, Stock Buzz) has accepted a sweetened C$350 million ($336 million) takeover offer from Inmet Mining (IMN.TO: Quote, Profile, Research, Stock Buzz), clearing the way for Inmet to acquire the majority of the massive Petaquilla project in Panama, the companies said." More
- August 26, 2008 | Item | E-mail
Mantis Initiates a VTEM survey over its Grass River property and completes a VTEM survey over its Thorburn property - More
- August 26, 2008 | Item | E-mail
Century Mining Terminates Option To Purchase Rosario De Belen - More
- August 26, 2008 | Item | E-mail
Golden Goose Resources reports its financial results for the second quarter of 2008 - More
- August 26, 2008 | Item | E-mail
StrataGold provides shareholder update - More
- August 26, 2008 | Item | E-mail
Firstgold Corp. Announces That It Has Received All Permits Necessary to Begin Production - More
- August 26, 2008 | Item | E-mail
OREX: Assays Continue to Provide Positive Results and Increase Size of Gold System - More
- August 26, 2008 | Item | E-mail
Diamond Drilling Begins on Radisson Mining Resources' Massicotte Project (Detour Lake Area) - More
- August 26, 2008 | Item | E-mail
Etruscan drills 36 meters of 3.9 grams on Youga Gold Belt at Bitou - More
- August 26, 2008 | Item | E-mail
Maestro Strengthens Position in Emerging Gold Region of Nevada - More
- August 26, 2008 | Item | E-mail
Golden Band Resources Announces up to $1,500,000 Financing - More
- August 26, 2008 | Item | E-mail
HuntMountain Continues Run of High-Grade Results at La Josefina - More
- August 26, 2008 | Item | E-mail
Ruby Red Resources updates exploration program - More
- August 26, 2008 | Item | E-mail
Anooraq obtains key regulatory approvals relating to the acquisition from Anglo Platinum of a controlling interest in the Lebowa Platinum Mine - More
- August 26, 2008 | Item | E-mail
Arianne Starts Drilling on Massicotte/Detour Lake - More
- August 26, 2008 | Item | E-mail
Strong Initial Readings on First Ruhuhu Target - More
- August 26, 2008 | Item | E-mail
Lumina Copper Reports Results From Six Drill Holes at Taca Taca Including 426 Meters Grading 0.99% Copper Equivalent(ii)-Rio Tinto Discontinues Option - More
- August 26, 2008 | Item | E-mail
Inmet and Petaquilla Copper Reach Agreement On Acquisition - More
- August 26, 2008 | Item | E-mail
Sunridge Gold Reports Gold Assay Results From the Surface Oxide Cap at Emba Derho - More
- August 26, 2008 | Item | E-mail
Raytec Metals Corp.: Drilling Starts on Riverlake Property, Saskatchewan - More
- August 26, 2008 | Item | E-mail
Kinbauri Completes In-Fill Drill Program: Resource Up-Date Scheduled for Early October, New Discovery Contains Significant High Grade Resources - More
- August 26, 2008 | Item | E-mail
Melkior Surveys for Copper-Molybdenum in the Otish - More
- August 26, 2008 | Item | E-mail
Colorado Goldfields Generating Excitement in Silverton - More
- August 26, 2008 | Item | E-mail
Wallbridge Mining Signs $5M Joint Venture with Impala Platinum on Parkin Offset Dyke Properties in Sudbury - More
- August 26, 2008 | Item | E-mail
Karmin Exploration: Drill Results From Aripuana Feasibility Study, Brazil Includes 7 Metres Grading 15.3% Zinc and 3.6 Grammes per Tonne Gold - More
- August 26, 2008 | Item | E-mail
HudBay Minerals Completes Business Combination With Skye Resources; Announces New Director and Chief Financial Officer - More
- August 26, 2008 | Item | E-mail
Rubicon Continues to Hit More Bonanza Grade Gold in F2 Zone Drilling, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce that it has intersected additional bonanza grade gold at its F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario. Previous drilling (see news releases dated May 5, 2008 through July 8, 2008), has identified significant zones of mineralization (the F2 Zone) including high-grade intercepts as outlined in Table 1." More
- August 26, 2008 | Item | E-mail
Solitario Exploration & Royalty Corp. Expands Platinum-Palladium Mineralization on Its Pedra Branca Project, Brazil - "Solitario Exploration & Royalty Corp. (AMEX:XPL - News) (TSX:SLR - News) announces significant new platinum-palladium ("PGM") drill hole assay results that expand previously defined mineralization on its Pedra Branca project in northeastern Brazil. Additionally, Solitario received a $200,000 property payment from Votorantim Metais that allows Votorantim to continue its option to earn an interest in Solitario's high-grade Bongará zinc property in Peru." More
- August 26, 2008 | Item | E-mail
Silver Dragon Updates Progress At Liangdi Silver-Lead-Zinc Polymetallic Exploration Project - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce further progress of the ongoing comprehensive exploration program at Liangdi Silver-Lead-Zinc polymetallic project. The tunneling project PD1 has further revealed the extensions of mineralized bodies No.4, No.5, No.6, No.7 and No.8 (see Figure 1). In particular, the length of the indicated part of mineralized body No.6 is now 120 meters, and that of No.7 is 80 meters. The grades of mineralized body No.6 are up to 663g/t Ag, 15.63% Pb and 18.38% Zn (see sample LH220 in Table 1). The horizontal thicknesses of the mineralized bodies are mostly between 2 and 3.6 meters." More
- August 26, 2008 | Item | E-mail
Anglogold TauTona mine faces workers boycott Thurs - "AngloGold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz), the world's No. 3 gold producer, faces a worker boycott at its TauTona mine in South Africa on Thursday after workers said they planned to mourn a miner who died at the site two weeks ago." More
- August 26, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 August, 2008 | |
