-- Posted 3 October, 2008 | | Source: SilverSeek.com
Please Note: There will be no Gold Seeker Reports next week except for Friday.
| Close | Gain/Loss | On Week |
Gold | $827.85 | -$14.70 | -6.29% |
Silver | $11.23 | +$0.11 | -16.26% |
XAU | 112.09 | +0.95% | -18.95% |
HUI | 269.08 | +1.27% | -18.26% |
GDM | 804.07 | +1.38% | -17.64% |
JSE Gold | 1612.63 | -5.83 | -14.67% |
USD | 80.47 | -0.08 | +4.52% |
Euro | 137.98 | -0.32 | -5.60% |
Yen | 95.07 | +0.04 | +0.92% |
Oil | $93.85 | -$0.12 | -12.2% |
10-Year | 3.644% | -0.002 | -4.78% |
Bond | 119.6875 | +0.296875 | +1.92% |
Dow | 10325.38 | -1.50% | -7.31% |
Nasdaq | 1947.39 | -1.48% | -10.81% |
S&P | 1099.23 | -1.35% | -9.39% |
The Metals:
Gold rose about 0.5% to $847.25 at the New York open and then plummeted to as low as $818.60 by 9:30AM EST before it rebounded back near $840 by late morning, but it then fell back off into the close and ended with a loss of 1.74%. Silver fell to $10.83 by 9:30AM EST before it rebounded to see a 60 cent gain at as high as $11.72 by late morning in New York, but it also fell back off in the last couple of hours of trade and ended with a gain of just 1%.
Euro gold fell to about €598, platinum lost $19.50 to $951.50, and copper gained roughly 5 cents to about $2.70.
Gold and silver equities rose over 7% by late morning, but they then fell back off for the rest of the day and ended with only about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Sep | -159K | -105K | -73K |
Unemployment Rate | Sep | 6.1% | 6.1% | 6.1% |
Average Workweek | Sep | 33.6 | 33.7 | 33.7 |
Hourly Earnings | Sep | 0.2% | 0.3% | 0.4% |
ISM Services | Sep | 50.2 | 50.0 | 50.6 |
The BLS net birth/death adjustment added 42,000 payrolls.
Financial-Rescue Package Wins Final Approval With House Vote of 263 to 171
Bloomberg
All of this week’s economic reports:
Next week’s economic highlights include FOMC Minutes and Consumer Credit on Tuesday, Pending Home Sales on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and Export and Import Prices and the Trade Balance on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended just slightly lower on worries over demand going forward.
The U.S. dollar index fell and treasuries rose as the Dow, Nasdaq, and S&P eventually fell after the house passed the bailout bill 263 to 171. All of those moves were opposite earlier in the day on hopes that the bill would be passed, but all markets reversed after the fact on worries that the plan will now actually work to solve all of the serious problems facing the markets. Many also expect a fed rate cut of at least 25 basis points sometime soon.
Among the big names making news in the market Friday were Wells Fargo and Wachovia, Toyota, UBS, Boeing, and General Growth.
The Commentary:
“December Gold closed down 11.1 at 833.2. This was 8.2 up from the low and 13.8 off the high.
December Silver finished up 0.205 at 11.325, 0.365 off the high and 0.1 up from the low.
The gold market waffled around both sides of unchanged and in the wake of the US monthly payroll report the trade forged a quick $30 trading range. Clearly higher US equity prices and an apparent passage of the House bailout package served to knock some flight to quality bulls from the gold market. It also goes without saying that ongoing gains in the US Dollar added to the weakness in gold prices. Surprisingly the gold market and a host of other physical commodity markets weren't severely undermined in the wake of the weaker than expected US readings and that might have been the result of the mostly steady US unemployment rate reading.
The silver market clearly diverged with the gold market during the action Friday, as the silver market seemed to adopt the physical commodity posture while the gold market was under pressure because of declining economic uncertainty. With the copper market managing a week ending bounce, it is possible that action inspired some similar short covering in the silver market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Royal Canadian Mint under strain to meet demand for gold
Rob Kirby: The invisible hand and the pox known as usury
Dan Norcini: Real gold isn't being sold off, only paper gold is
Franklin Sanders: Somebody's 'painting the tape' with gold and silver
Jason Hommel: If that silver price was real, you could get rich quick
The Statistics:
As of close of business: 10/02/2008
Gold Warehouse Stocks: | 8,596,414 | - |
Silver Warehouse Stocks: | 136,408,439 | +904,930 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 755.26 | 24,282,494 | US$ 20,681m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.26 | 3,738,011 | US$ 3,128m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.40 | 397,825 | US$ 334m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.22 | 843,012 | US$ 718m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/2/2008 | |
Total Net Assets | $1,711,424,490 | Ounces of Gold
in Trust | 2,039,885.244 |
Shares Outstanding | 20,700,000 | Tonnes of Gold
in Trust | 63.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/2/2008 | |
Total Net Assets | $2,697,575,209 | Ounces of Silver
in Trust | 220,216,436.200 |
Shares Outstanding | 222,900,000 | Tonnes of Silver
in Trust | 6,849.50 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Silver Wheaton’s (SLW) acquired mine life from Alexco (AXU), Gold Fields’ (GFI) view on global gold supply, Freeport’s (FCX) output, and Keegan’s (KGN) sediment survey results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. ITH | THM+11.93% $1.97 |
2. Golden Star | GSS +7.94% $1.36 |
3. Entree | EGI +6.67% $1.12 |
LOSERS
1. Solitario | XPL-7.45% $3.23 |
2. Timberline | TLR-6.25% $1.35 |
3. Hecla | HL -4.09% $3.75 |
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:
Moss Lake Gold Mines Ltd. - Drilling confirms Moss Lake potential - More
- October 03, 2008 | Item | E-mail
LOUNOR EXPLORATION INC. - Private placement - More
- October 03, 2008 | Item | E-mail
Franconia Minerals Completes Lake Drilling & Bulk Sample Collection at Birch Lake Copper-Nickel-PGM Project - More
- October 03, 2008 | Item | E-mail
HudBay Announces the Appointment of Michael D. Winship as President and Chief Operating Officer and New Appointments Within the Company's Senior Management Team - More
- October 03, 2008 | Item | E-mail
Mountain Lake Announces Private Placement - More
- October 03, 2008 | Item | E-mail
Slam Announces Assay Results & Launches Trenching Program at TSN - More
- October 03, 2008 | Item | E-mail
Case Financial, Inc. Receives Extension to Provide Funding for Gold Property Located on the Carlin Trend in Elko County, Nevada - More
- October 03, 2008 | Item | E-mail
Gold Fields CEO says global gold supply to tighten - "Global gold supply will likely contract as the financial crisis in the United States saps funds away from planned mining projects, Nick Holland, the chief executive of Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) said on Friday." More
- October 03, 2008 | Item | E-mail
New Brunswick Court of Queen's Bench Render's Decision on NPI claimed by Fern Trust - More
- October 03, 2008 | Item | E-mail
Freeport says Cerro Verde output OK despite strike | Markets | Markets News | Reuters - "Workers at the Cerro Verde copper pit, Peru's third largest, entered the second day of a strike on Friday, though mine owner Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) said output has not been impacted." More
- October 03, 2008 | Item | E-mail
Consolidated Abaddon to acquire a 100% interest in Copper Mountain Property, Stillwater Range, Nevada - More
- October 03, 2008 | Item | E-mail
Pershimco Initiates Bulk Sampling at Courville Gold Project for Metallurgical Study and Announces a Private Placement - More
- October 03, 2008 | Item | E-mail
MacMillan Gold and Duran Ventures Report 363.2 Metres Averaging 0.728% Cu Equivalent - More
- October 03, 2008 | Item | E-mail
Khan Resources Issues Update on Mongolia and the Dornod Uranium Project - More
- October 03, 2008 | Item | E-mail
Keegan Discovers 18 Km Zone of Mineralized Stream Sediments on Mt Olives and Announces Results of NW Drilling at Its Asumura Project - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(KGN - News) is pleased to announce the results of the stream sediment survey on the recently acquired Mt. Olives concession at its Asumura project in NW Ghana. The most significant find of the program is an 18 km long zone of anomalous stream sediments that suggest the potential for a significant regional zone of mineralization. " More
- October 03, 2008 | Item | E-mail
Silver Wheaton Acquires 25% of the Life of Mine Silver Production From Alexco's Keno Hill Project in the Yukon, Canada - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(SLW - News) is pleased to announce that it has agreed to purchase 25% of the life of mine silver produced by Alexco Resource Corp. ("Alexco") (Toronto:AXR.TO - News)(AXU - News) at its Keno Hill project ("Keno Hill") located in the Yukon Territory, Canada. Keno Hill is historically one of the highest-grade and most prolific silver producing districts in the world." More
- October 03, 2008 | Item | E-mail
Tao Minerals Provides Update on $1 Million Financing Commitment - More
- October 03, 2008 | Item | E-mail
Gladstone Pacific Nickel Ltd - ACN (104 261 887) ("Gladstone" or "the Company") - Feasibility study financial results using long term assumptions - More
- October 03, 2008 | Item | E-mail
USCorp Adds Claims at Its Arizona Twin Peaks Gold Property - More
- October 03, 2008 | Item | E-mail
Bear Lake Gold Adds Another Drill Rig at Larder Lake: Additional Exploration Targets Will be Drilled - More
- October 03, 2008 | Item | E-mail
Northern Gold Mining Inc. Annual Meeting and Exploration Update - More
- October 03, 2008 | Item | E-mail
TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property - More
- October 03, 2008 | Item | E-mail
Starfire Announces 140 Meters Averaging 0.67 Grams Gold per Tonne; Also Intersects 1.98 meters containing 6.49 Grams Gold per Tonne - More
- October 03, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 October, 2008 | |
