-- Posted 12 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $761.25 | +$19.70 | -4.75% |
Silver | $10.73 | +$0.255 | -12.3% |
XAU | 127.10 | +10.22% | -1.96% |
HUI | 290.45 | +10.45% | -3.55% |
GDM | 867.06 | +10.55% | -3.55% |
JSE Gold | 1615.45 | +67.37 | -1.23% |
USD | 78.98 | -1.24 | +0.05% |
Euro | 142.23 | +2.53 | -0.06% |
Yen | 92.68 | -0.71 | -0.61% |
Oil | $101.18 | +$0.31 | -4.75% |
10-Year | 3.730% | +0.108 | +1.91% |
Bond | 119.453125 | -1.390625 | -0.40% |
Dow | 11421.99 | -0.10% | +1.79% |
Nasdaq | 2261.27 | +0.14% | +0.24% |
S&P | 1251.70 | +0.21% | +0.76% |
The Metals:
Gold rose about 2% in Asia and London before it briefly spiked lower a little after 10AM EST in New York to see just a $4.45 gain at $745.90, but it then rallied to new session highs in the last few hours of trade and ended at its high of the day with a gain of 2.66%. Silver rose to $10.932 in London before it also briefly spiked lower in New York and saw just a $0.045 gain at $10.52 a little after 10AM EST, but it then rallied back higher into the close and ended with a gain of 2.43%.
Euro gold rose to about €567, platinum gained $67.50 to $1204.50, and copper gained over 7 cents to about $3.21.
Gold and silver equities rose throughout the day and ended with over 10% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Aug | -0.3% | 0.3% | -0.5% |
Retail Sales ex-auto | Aug | -0.7% | -0.2% | 0.3% |
PPI | Aug | -0.9% | -0.5% | 1.2% |
Core PPI | Aug | 0.2% | 0.2% | 0.7% |
Business Inventories | July | 1.1% | 0.5% | 0.8% |
Michigan Sentiment | Sep | 73.1 | 64.0 | 63.0 |
Also making economic news today was a new record high number of foreclosure filings in August according to RealtyTrac.
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index, Capacity Utilization, and Industrial Production on Monday, CPI, Net Foreign Purchases, and the FOMC Policy Statement on Tuesday, Building Permits and Housing Starts on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on worries over Hurricane Ike before it briefly dipped below $100 for the first time since March 4th in late trade, but it still ended with a slight gain as traders gauged the damage the storm will do over the weekend.
The U.S. dollar index fell markedly as traders finally started to grasp the gravity of the ongoing financial problems in the US and even started to price in the possibility of a fed rate cut as soon as this weekend or at least in preparation for a possible cut at the fed’s meeting next week. Almost all expect the Lehman problem to be resolved one way or another over the weekend and lowering the fed funds rate may come as part of that effort.
Treasuries fell on mostly better than expected economic data.
The Dow, Nasdaq, and S&P fell at the open on more financial worries and higher oil prices, but all three indices rose back near unchanged by the close as oil ended well off its highs and most remained confident that a deal will be worked out over the weekend by someone to acquire Lehman Brothers.
Among the big names making news in the market Friday were the USDA, Deutsche Bank and Postbank, NXP Semiconductors, Lehman Brothers, and Washington Mutual.
The Commentary:
“December Gold finished up 19 at 764.5, 0.5 off the high and 14.5 up from the low.
December Silver closed up 0.24 at 10.795. This was 0.065 up from the low and 0.08 off the high.
The gold market sprang back to life in the face of a number of fresh developments. In addition to a rather larger setback in the US Dollar (that seemed to cast doubt toward all things US) it is likely that arbitrage buying and perhaps flight to quality buying were on the rise. It is also likely that periodic strength in oil prices and what seemed to be a broad based physical commodity buying spree gave the gold market an added boost. One could also suggest that the rally was in part week ending technical short covering after the rather aggressive liquidation seen early in the week.
The silver market joined the gold market in a week ending recovery bounce that could have been partly technical short covering and perhaps even value hunting buying. As suggested in the gold market, it is also possible that rising US financial sector concerns have reached a level where even the silver market is actually attracting flight to quality. However, one has to think that a sharp slide in the Dollar and a bounce in a number of physical commodity markets contributed to the impression that silver was oversold.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Morgan Chase aiming to acquire Washington Mutual
Mortgage mess seen pushing China away from dollars
Fed, Treasury brokering deal to rescue Lehman Brothers
Fed's next move could be to cut, not raise interest rates
Central banks may be destroying their own tool, the futures markets
Bank of England refuses permanent support to mortgage lenders
CFTC acknowledges possible off-market commodity price manipulation
The Statistics:
As of close of business: 9/11/2008
Gold Warehouse Stocks: | 8,592,581 | -201 |
Silver Warehouse Stocks: | 137,730,322 | -903,035 |
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 | 614.35 | 19,752,109 | US$ 14,628m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.66 | 3,718,551 | US$ 2,827m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,910 | US$ 265m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.23 | 843,206 | US$ 624m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/11/2008 | |
Total Net Assets | $1,421,104,890 | Ounces of Gold
in Trust | 1,917,292.993 |
Shares Outstanding | 19,450,000 | Tonnes of Gold
in Trust | 59.63 |
Note: Change in Total Tonnes from yesterday’s data: 0.15 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/11/2008 | |
Total Net Assets | $2,235,866,161 | Ounces of Silver
in Trust | 209,781,279.100 |
Shares Outstanding | 212,250,000 | Tonnes of Silver
in Trust | 6,524.93 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Implats’ (IMPJ.J) discussions to "create a South African-controlled platinum champion," Freeport’s (FCX) explosions, and Hecla’s (HL) closed offering were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Tanzanian Royalty | TRE +36.04% $3.02 |
2. Almaden | AAU +26.09% $1.16 |
3. Great Basin | GBN +22.97% $1.82 |
LOSERS
1. Apex Silver | SIL -4.12% $1.86 |
2. Timberline | TLR -3.88% $1.24 |
3. Golden Star | GSS-3.05% $1.27 |
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:
Cameco takeover-proof despite Canada proposal - More
- September 12, 2008 | Item | E-mail
Waseco Welcomes New Director - More
- September 12, 2008 | Item | E-mail
Cameco investment limits to stay - Conservatives - More
- September 12, 2008 | Item | E-mail
Moss Lake announces shares for debt transaction - More
- September 12, 2008 | Item | E-mail
Hecla Announces Closing of Offering - "Hecla Mining Company (NYSE:HL) ("Hecla") today announced the closing of its public offering of 31 million shares of common stock (“Common Stock”) at $5 per share." More
- September 12, 2008 | Item | E-mail
Cliff Rock Resources Corp. News Release - More
- September 12, 2008 | Item | E-mail
Amseco Enters Into an Option and Joint Venture Agreement Relating to its Starchrome Property and Closes a Private Placement - More
- September 12, 2008 | Item | E-mail
Arianne Acquires 4 Claims Adjacent to its Lac a Paul Phosphorus Property - More
- September 12, 2008 | Item | E-mail
TSX approval conditions met - More
- September 12, 2008 | Item | E-mail
Radius Announces Remaining Trebol Drill Results and Commencement of Drilling at Estrella de Oro - More
- September 12, 2008 | Item | E-mail
Uranium Star Receives Conditional Approval to List on the TSX Venture Exchange - More
- September 12, 2008 | Item | E-mail
DPM Exploration Defines a Cluster of Cu-Au-Mo-Ag Porphyries in the Coka Kuruga Mining Concession, Bor District, Eastern Serbia - More
- September 12, 2008 | Item | E-mail
Wallbridge Mining Discovers Porphyry Gold-Copper Mineralization on BC Property - More
- September 12, 2008 | Item | E-mail
Implats in talks to buy Mvelaphanda, Northam - "South Africa's Impala Platinum Ltd (Implats) (IMPJ.J: Quote, Profile, Research, Stock Buzz) said on Friday it is in talks with Mvelaphanda Resources (Mvela) (MVLJ.J: Quote, Profile, Research, Stock Buzz) and Northam Platinum (NHMJ.J: Quote, Profile, Research, Stock Buzz), sending shares of all three mining companies soaring.
Implats, the world's No. 2 producer of platinum, said it had entered into discussions to "create a South African-controlled platinum champion".
If the deal is successful, it will be the third-largest M&A transaction in South Africa to date, with the three companies' combined market capitalization at 147.5 billion rand ($18.08 billion)." More
- September 12, 2008 | Item | E-mail
Uruguay Mineral Exploration Inc. Exploration Drilling Update - More
- September 12, 2008 | Item | E-mail
Uruguay Mineral Exploration, Inc. Gold Production for the First Quarter of Fiscal 2009 Ended August 31, 2008 - More
- September 12, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. updates progress at Jerritt Canyon, Nevada - More
- September 12, 2008 | Item | E-mail
Dr. Lawrence Dick appointed to the Board of Directors - More
- September 12, 2008 | Item | E-mail
Mustang Minerals and Western Areas Sign Agreement for Joint Venture at East Bull Lake Near Sudbury, Ontario - More
- September 12, 2008 | Item | E-mail
Great Western Minerals Details New Hoidas Lake Footwall Zone - More
- September 12, 2008 | Item | E-mail
Geovic Mining Appoints Conrad Houser as President of Geovic Energy - More
- September 12, 2008 | Item | E-mail
Canstar Resources Inc.: Mary March Adjudication Hearing Delayed - More
- September 12, 2008 | Item | E-mail
Kola Announces Highest Grade Intercepts to Date; Souker Progress Update - More
- September 12, 2008 | Item | E-mail
Acadian Mining announces new resource estimates for the Getty Zinc-Lead Deposit adjacent to Scotia Mine - More
- September 12, 2008 | Item | E-mail
Richfield provides update on summer exploration work - More
- September 12, 2008 | Item | E-mail
Augusta Appoints Tim Baker As Director - More
- September 12, 2008 | Item | E-mail
Freeport Indonesia hit by two explosions - "Two small bombs exploded near a massive mine operated by the Indonesian unit of U.S. mining firm Freeport McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) in Papua early on Friday, but there were no casualties, a company official said." More
- September 12, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 September, 2008 | |
