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Gold Seeker Closing Report: Gold and Silver Rise Despite Lower Oil and Higher Dollar

By: Chris Mullen, Gold-Seeker.com


-- Posted 28 August, 2008 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$831.60

+$0.365

Silver

$13.63

+$0.12

XAU

151.01

-0.17%

HUI

348.46

+0.57%

GDM

1048.93

+0.52%

JSE Gold

1848.40

+36.85

USD

77.12

+0.10

Euro

146.90

-0.39

Yen

91.20

-0.13

Oil

$115.59

-$2.56

10-Year

3.795%

+0.023

T-Bond

118.78125

-0.015625

Dow

11715.18

+1.85%

Nasdaq

2411.64

+1.22%

S&P

1300.66

+1.48%

 
 

 

The Metals:

 

Gold and silver traded roughly 0.5% to 1.0% higher in Asia and London and rose to see nearly 2% and 4% gains at as high as $844 and $14.012 by midmorning in New York before they fell back off to see slight losses at $825.05 and $13.47 by about noon EST, but they then rallied back higher in the last hour and a half of trade and ended with gains of 0.44% and 0.89%.

 

Euro gold rose to about €566, platinum gained $36.50 to $1473.50, and copper fell over 4 cents to about $3.43.

 

Gold and silver equities rose over 2% at the open before they fell to see slight losses by early afternoon, but they then rallied back higher in afternoon trade and ended mostly higher.

 

World's Largest Gold Refiner Runs Out of Krugerrands
Bloomberg

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

8/23

425K

425K

435K

GDP

Q2

3.3%

2.7%

1.9%

Chain Deflator

Q2

1.2%

1.1%

1.1%

 

Tomorrow at 8:30AM EST brings Personal Income for July expected at -0.2% and Personal Spending expected at 0.2%.  At 9:45 is Chicago PMI for August expected at 50.0 and at 10AM is Michigan Sentiment for August expected at 62.0.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose over $2 to above $120 in early trade, but it fell back off to close with an over $2 loss as traders began to doubt whether Hurricane Gustav will actually hit rigs in the Gulf of Mexico with enough intensity to cause any significant damage.

 

The U.S. dollar index erased overnight losses after GDP data came in better than expected and it then turned higher after oil reversed its gains to losses later into the day.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on better than expected GDP data and lower oil prices.

 

Among the big names making news in the market today were Toyota, Sears, Tiffany, MBIA, Oracle, and Boeing.

 

The Commentary:

 

“December Gold finished up 3.2 at 837.2, 12 off the high and 5.2 up from the low.

 

December Silver closed up 0.137 at 13.705. This was 0.095 up from the low and 0.285 off the high.

 

The gold market tried to extend its recent pattern of strength but apparently another round of favorable US economic information and a slide in oil prices discouraged the bull camp. Perhaps a moderating of US financial sector concerns, persistent nagging strength in the Dollar and the sharp slide in oil was simply too many negatives for the bull camp in gold to absorb in a single trading session. In the end, the sharp slide in oil prices might have been a major element in the trade Thursday but with the Dollar returning to the vicinity of this year's highs, one can't effectively isolate the main force behind the failed rally attempt in gold.

 

Clearly the inability of gold to hold early gains undermined the silver market. However, renewed strength in the Dollar and weakness in copper probably left silver with a number of disappointing outside market forces to contend with on Thursday. Some players suggested that a slight decline in overall macro economic uncertainty level served to push out some flight to quality longs in silver, while others suggested that sloppy technicals served as an undermine for prices.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Let them mint paper: Now they're out of Krugerrands too

Two competing silver prices in Never-Never Land

'For every long there is a short' is no argument

Dollar rescue plan was drawn in March, Japanese paper says

 

The Statistics:

As of close of business: 8//2008

Gold Warehouse Stocks:

8,603,558

+19,826

Silver Warehouse Stocks:

137,911,436

-1,234,595

 

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$ 17,312m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

115.68

3,719,172

US$ 3,101m

Australian Stock Exchange (ASX)

Gold Bullion Securities

10.87

348,968

US$ 291m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

28.19

906,372

US$ 749m

 Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 8/25/2008

 

Total Net Assets

$1,583,714,876

Ounces of Gold
in Trust

1,967,280.000

Shares Outstanding

19,400,000

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

$2,862,965,023

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:

 

Royal Gold’s (RGLD) presentation, Anglo Gold’s (AU) safety management system, Rusoro’s (RNL.V) response to Gold Reserve’s (GRZ) comments yesterday, South American’s (SAC.TO) drill results, and Hecla’s (HL) preferred dividends were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  US Gold

UXG+10.08% $1.31

2.  Crystallex

KRY +9.62% $1.14

3.  Allied Nevada

ANV +7.67% $6.18

 

LOSERS

1.  Alexco

AXU-6.25% $2.55

2.  Vista

VGZ-5.60% $3.54

3.  Banro

BAA-5.56% $3.40

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:

Conway Resources Announces $200,000 Private Placement - More
- August 28, 2008 | Item | E-mail


Royal Gold to Present at the Merrill Lynch Canada 14th Annual Mining Conference - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, announced today that management will present at the Merrill Lynch Canada 14th Annual Mining Conference in Toronto, Canada. The Merrill Lynch Conference is an invitation-only conference for institutional investors, mining analysts and the executive management of North American mining companies." More
- August 28, 2008 | Item | E-mail


Drilling Continues to Confirm Continuity at Victory Nickel's Minago Deposit - More
- August 28, 2008 | Item | E-mail


South American Silver Announces Intersection of New Lead-Zinc-Silver SEDEX Mineralization at Malku Khota - "South American Silver Corp. ("SASC" or the "Company")(Toronto:SAC.TO - News) is pleased to announce the results from the next 12 holes from the Malku Khota Project, Bolivia. All diamond drill holes are from the South Limosna and Wara Wara Zones." More
- August 28, 2008 | Item | E-mail


Houston Lake Reports First Quarter Results - More
- August 28, 2008 | Item | E-mail


Typhoon Shareholders Approve Resolutions at the 2008 Annual Meeting - More
- August 28, 2008 | Item | E-mail


Anglo Gold Ashanti Poised to Reduce Drastically Accident on the Mine - "The Anglo Gold Ashanti (Obuasi) will be implementing the Occupational Health Safety Assessment Series OHSAS), a safety management system, designed to assist the mine to drastically reduce accidents.

Known as OHSAS 18001, the system hopes to achieve a safety standard where every worker would always go home uninjured after work." More
- August 28, 2008 | Item | E-mail


Olympus Plans Toll Treatment of High Grade Phuoc Son Ore - More
- August 28, 2008 | Item | E-mail


Duncan Park Holdings Corporation Acquires Randsburg International Gold Corp.'s Interest in the Elephant Property and Resolves Outstanding Matters - More
- August 28, 2008 | Item | E-mail


Nevada Exploration Inc. ("NGE") announces extension of Series B warrants exercise period up to October 31, 2008 - More
- August 28, 2008 | Item | E-mail


Miranda and Montezuma Finalize Red Canyon Agreement - More
- August 28, 2008 | Item | E-mail


Inter-Rock Reports Second Quarter Results - More
- August 28, 2008 | Item | E-mail


Mantis Mineral Corp. encouraged by drilling at Orphan and Foisey - More
- August 28, 2008 | Item | E-mail


Murgor completes NI 43-101 resource estimate at the Hudvam deposit and increases its copper-gold-zinc resource - More
- August 28, 2008 | Item | E-mail


DR Congo mining review to finish Sept. 30 - "The Democratic Republic of Congo's review of all its mining contracts will finish on Sept. 30, Deputy Mines Minister Victor Kasongo said on Thursday.

Companies who have signed deals in the copper, tin and cobalt-rich central African country may have to cede much greater ownership to state-owned miner Gecamines, with flagship project Tenke earmarked for increased national involvement." More
- August 28, 2008 | Item | E-mail


Lundin Mining Corporation: Tenke Contract Review Reports - More
- August 28, 2008 | Item | E-mail


Reunion Gold Corporation Announces its Financial Results for the First Quarter Ended June 30, 2008 - More
- August 28, 2008 | Item | E-mail


GBS Gold Executive Management Changes - More
- August 28, 2008 | Item | E-mail


Amex Exploration Inc. Closes $244,375.00 Private Placement - More
- August 28, 2008 | Item | E-mail


Gemini Explorations, Inc. Announces Plans for More Extensive Sampling in New Mineralization Zone at La Tapata Gold Mine - More
- August 28, 2008 | Item | E-mail


Amerigo Resources Ltd.: Acquisition of Common Shares and Warrants of Los Andes Copper Ltd. - More
- August 28, 2008 | Item | E-mail


StrataGold announces drill results from the Mar-Tungsten deposit - More
- August 28, 2008 | Item | E-mail


Golden Eagle Reports on Production at C Zone Gold Mill - More
- August 28, 2008 | Item | E-mail


TerraX Commences Drilling at Needle Gold Property, Nunavut - More
- August 28, 2008 | Item | E-mail


Rusoro Responds to Gold Reserve News Release - "In response to the news release issued by Gold Reserve Inc. ("Gold Reserve") on Wednesday August 27, 2008, Rusoro Mining Ltd. (CDNX:RML.V - News) ("Rusoro" or the "Company") would like to confirm that it tabled a non-binding expression of interest, which expired at 11:59 pm Vancouver time on Tuesday August 26, 2008. The Company further confirms that it has received a response from Gold Reserve dated August 26, 2008." More
- August 28, 2008 | Item | E-mail


Colorado Goldfields Assesses Alternative Water Treatment Technologies with U.S. Environmental Protection Agency - More
- August 28, 2008 | Item | E-mail


Goldrea Resources Corp.: Production Begins at the Golden Rose, Probable Mineral Reserve Estimate Completed, Ludi Joint Venture Gets MOC Approval - More
- August 28, 2008 | Item | E-mail


Ecuador seizes more companies over debt dispute - "Ecuador started a new wave of seizures of companies owned by a business group over a debt row with the state, officials said, in a move that could help boost President Rafael Correa's popularity before a key vote in September." More
- August 28, 2008 | Item | E-mail


Lexam Second Quarter Results - More
- August 28, 2008 | Item | E-mail


Sherwood Reports High Rainfall Temporarily Restricts Access to Its Minto Mine, Production Not Affected - More
- August 28, 2008 | Item | E-mail


Hecla Declares Preferred Dividends - "Hecla Mining Company’s (NYSE:HL) Board of Directors, by unanimous written consent, has elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock, for a total amount of approximately $138,000. The cash dividend is payable October 1, 2008, to shareholders of record on September 15, 2008. There are a total of 157,816 shares of Preferred B Stock outstanding." More
- August 28, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© 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 28 August, 2008 | |


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