-- Posted 28 October, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $740.45 | -$1.70 |
Silver | $8.785 | -$0.375 |
XAU | 72.72 | +12.99% |
HUI | 172.69 | +13.93% |
GDM | 509.67 | +13.18% |
JSE Gold | 1405.62 | -55.44 |
USD | 86.73 | -0.02 |
Euro | 127.16 | +1.95 |
Yen | 102.40 | -5.07 |
Oil | $62.73 | -$0.49 |
10-Year | 3.820% | +0.091 |
T-Bond | 116.359375 | -0.96875 |
Dow | 9065.12 | +10.88% |
Nasdaq | 1649.47 | +9.53% |
S&P | 940.51 | +10.79% |
The Metals:
Gold fell over $10 and then rose over $12 from unchanged in Asia before it fell back off in London and New York to a nearly $15 loss at as low as $727.75 by about 11AM EST, but it then rallied back higher into the close and ended with a loss of just 0.23%. Silver rose 14 cents to $9.30 by late trade in Asia before it briefly dropped to as low as $8.41 in London, but it also rallied back higher into the close and ended over 4% off that low with a loss of 4.1%. Both metals have more than erased those losses in after hours access trade at the time of writing.
Euro gold rose to about €594, platinum gained $18.50 to $793, and copper gained another 5 cents to about $1.84.
Gold and silver equities rose over 7% at the open before they fell back off near unchanged by midmorning, but they then rallied back higher for the rest of the day and ended with about 13% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Oct | 38.0 | 52.0 | 59.8 |
Home prices see record plunge Reuters
Tomorrow at 8:30AM EST brings the Durable Goods Orders report for September expected at -1.0% and at 2:15PM is the fed’s policy statement that is expected to announce a 50 basis point reduction in interest rates to 0.75%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on talk of another OPEC production cut, but it fell back off by the close as MasterCard reported another drop in demand.
The U.S. dollar index turned early losses into gains midday on yen weakness as talk emerged that the Bank of Japan may cut interest rates, but the dollar still ended lower as market participants appeared to be putting cash to work by buying stocks.
Treasuries fell as the Dow, Nasdaq, and S&P followed other world markets noticeably higher at the open before they fell back off near unchanged after Consumer Confidence was reported to have dropped to an all-time low, but all three indices then rose to new highs in the last two hours of trade and ended with about 10% gains.
Among the big names making news in the market today were US Steel, Legg Mason, Whirlpool, BP PLC Occidental, Boeing, and Honda.
The Commentary:
“December Gold closed down 2.4 at 740.5. This was 9.5 up from the low and 6 off the high.
December Silver finished down 0.405 at 8.79, 0.29 off the high and 0.26 up from the low.
While the December gold contract did manage a new high for the move early in the trade Tuesday, a number of players expected gold to act like an extremely oversold physical in the face of the US equity market bounce. In fact, while flight to quality anxieties on the economy weren't markedly lower into the open on Tuesday, seeing a broad based global equity market rally seemed to temper the fear of severe deflation but that didn't seem to prompt much in the way of direct short covering in the gold market. While some players were emboldened by the December gold contracts capacity to bounce off the 40 day moving average, seeing the Dollar remain higher in the face of a US stock market rally and in the face of weaker than expected US numbers would seem to suggest that the Dollar has a mind of its own. In other words, the gold bulls can't seem to get a break from the influence of the currency markets.
The silver market seemed to remain stuck in a deflationary posture throughout the trade Tuesday, despite a bounce in the US equity market and periodic strength in copper and platinum prices. Apparently concerns of significant slowing in the economy is bearish toward silver prices and it would also seem like a slight tamping down of flight to quality anxiety also ends up being somewhat bearish to silver prices! Clearly silver remained under some pressure as a result of the very persistent strength in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Wanted: Investors for film on gold's role as money
IMF may need to 'print money' as crisis spreads
The Statistics:
As of close of business: 10/27/2008
Gold Warehouse Stocks: | 8,570,214 | -303 |
Silver Warehouse Stocks: | 130,944,876 | -314,265 |
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 | 749.21 | 24,087,741 | US$ 17,590m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.92 | 3,919,991 | US$ 2,932m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.64 | 373,877 | US$ 280m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.21 | 842,780 | US$ 615m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.15 tonnes, the LSE subtracted 0.72 tonnes, and the ASX subtracted 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 10/27/2008 | |
Total Net Assets | $1,538,065,433 | Ounces of Gold
in Trust | 2,074,377.938 |
Shares Outstanding | 21,050,000 | Tonnes of Gold
in Trust | 64.52 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/27/2008 | |
Total Net Assets | $1,954,805,467 | Ounces of Silver
in Trust | 217,056,464.200 |
Shares Outstanding | 219,700,000 | Tonnes of Silver
in Trust | 6,751.21 |
Note: Change in Total Tonnes from yesterday’s data: 82.94 tonnes were removed from the trust.
The Stocks:
Anatolia’s (ANO.TO) cost estimates, Golden Star’s (GSS) mining award, AngloGold’s (AU) and Gold Fields’ (GFI) spending, Lihir’s (LIHR) production report, Fortuna’s (FVI.V) in-fill drilling, First Majestic’s (FR.TO) drill results, Silver Dragon’s (SDRG.OB) acquired mill, and Apogee’s (APE.V) new resource estimate were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN +23.46% $1.00 |
2. Newmont | NEM+22.89% $26.47 |
3. Harmony | HMY +21.92% $7.51 |
LOSERS
1. Solitario | XPL -14.95% $1.82 |
2. Cardero | CDY-11.41% $1.32 |
3. Ivanhoe | IVN -6.91% $1.75 |
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:
PREVIEW-Strong gold prices to pad Q3 mining earnings - "Canadian gold producers will report mostly stronger third-quarter profits on the back of higher year-over-year gold prices, although gold miners with base metals byproducts will suffer from the plunge in those prices, analysts say.
Despite its recent slide to 12-month lows, gold was stronger on average in the third quarter compared with the year-before period, and so should continue to drive revenues higher." More
- October 28, 2008 | Item | E-mail
Purepoint Uranium Group Inc: Board of Director Changes - More
- October 28, 2008 | Item | E-mail
Anatolia Minerals announces lower cost estimates for Copler Gold Project - "Anatolia Minerals Development Limited ("Anatolia") (TSX: ANO - News) today announced lower capital and operating cost estimates for its 100%-owned Copler Gold Project, located in east-central Turkey. Prior estimates placed capital costs at approximately US$190 million, with life of mine cash operating costs at about $290 per ounce of gold after start-up. Both estimates are expected to decline within a range of 10-15%." More
- October 28, 2008 | Item | E-mail
Asia Now Shareholders Approve Proposed Private Placement and Introduce Two New Directors to the Board - More
- October 28, 2008 | Item | E-mail
Jasper Mining Corporation - More high grade molybdenum results from McFarlane property - More
- October 28, 2008 | Item | E-mail
La Mancha Resources Inc.: Positive Drill Results South of Frog's Leg Mine - More
- October 28, 2008 | Item | E-mail
Anglo Swiss Resources Inc. to Introduce the Kenville Gold Mine Property to the Mining Public by Technical Presentations and a Guided Tour - More
- October 28, 2008 | Item | E-mail
Andean Resources Ltd.: Release of Cerro Negro Pre-Feasibility Study Results - More
- October 28, 2008 | Item | E-mail
Blue Note Caribou Drilling Encounters Significant Mineralization Thickness - More
- October 28, 2008 | Item | E-mail
Pele Mountain Provides Eco Ridge Mine Project Update - More
- October 28, 2008 | Item | E-mail
Genco Resources' employees walkout at La Guitarra mine - More
- October 28, 2008 | Item | E-mail
Selwyn Resources Ltd.: Drilling in Don Valley Further Demonstrates Mineral Potential - More
- October 28, 2008 | Item | E-mail
Unico, Inc. Announces Results of Behre Dolbear Tailings Evaluation From the Deer Trail Mine - More
- October 28, 2008 | Item | E-mail
3rd Quarter Investor Update 2008 - More
- October 28, 2008 | Item | E-mail
Capstone Announces Production and Sales for the Third Quarter of 2008 - More
- October 28, 2008 | Item | E-mail
Tao Minerals Provides Update of Operations at Its El Colmillo Gold Mine - More
- October 28, 2008 | Item | E-mail
Surface stripping at Golden Goose's Magino property returns nearly 20 g/t Au over 0.5 metres - More
- October 28, 2008 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Chief Mine Project Development Update - More
- October 28, 2008 | Item | E-mail
Creston Moly Receives New Resource Estimate - More
- October 28, 2008 | Item | E-mail
Capella Announces Results on Labrador Copper-Nickel-Cobalt Exploration - More
- October 28, 2008 | Item | E-mail
Inmet announces third quarter 2008 earnings of $1.55 per share - More
- October 28, 2008 | Item | E-mail
Crowflight Restructures $55 Million Debt Facility: Pays Off $42 Million of Debt and Adds $19.4 Million in Cash - More
- October 28, 2008 | Item | E-mail
EurOmax defines gold-copper anomaly north of Bor-Veliki Krevilj gold & copper mines - More
- October 28, 2008 | Item | E-mail
Farallon Initiates Off-Take Agreement With Trafigura - More
- October 28, 2008 | Item | E-mail
Quaterra Announces Non-Brokered Private Placement - More
- October 28, 2008 | Item | E-mail
Wesdome has record third quarter gold production and sales - More
- October 28, 2008 | Item | E-mail
Corriente Resources Inc.: Ecuador Government Grants License for Copper Concentrate Port Project - More
- October 28, 2008 | Item | E-mail
Southern Copper profit drops; will review projects - More
- October 28, 2008 | Item | E-mail
Donner Metals Ltd.: Scoping Study Initiated as Latest Step-Out Delineation Drilling Continues to Expand Bracemac-Mcleod at Matagami, Quebec - More
- October 28, 2008 | Item | E-mail
Purepoint Uranium Group Inc: Hook Lake Exploration Program Update - More
- October 28, 2008 | Item | E-mail
Paladin Energy Ltd: Chief Financial Officer Replacement - More
- October 28, 2008 | Item | E-mail
Uranium Energy Corp Announces Positive Results from First-Phase Drilling at the Nichols Project in South Texas - More
- October 28, 2008 | Item | E-mail
Golden Star Awarded Nedbank Capital Green Mining Award - "Golden Star Resources Ltd. (AMEX: GSS - News) (TSX: GSC - News) (GSE: GSR) is pleased to announce that it was recently awarded a prestigious Nedbank Capital Green Mining award in recognition of the creation of and continuing efforts on the Golden Star Oil Palm Plantation project (GSOPP). We are the first non-South African company to receive a Nedbank Capital Green Mining award in any category." More
- October 28, 2008 | Item | E-mail
Fortuna's In-Fill Drilling Confirms High-Grade Mineralization at San Jose Project, Mexico - "The 33,000 meter in-fill drill program was initiated in June of 2008 and is designed to convert a significant portion of the resources in the upper 250 meters of the deposit to the Indicated category prior to proceeding with a pre-feasibility study. Initial drill results from the program were announced in September (see Fortuna's news release dated September 25, 2008). Two surface core drill rigs and two multi-purpose reverse circulation/core drill rigs are currently drilling in the Trinidad Zone. The in-fill drill program has been designed following recommendations by AMEC E&C Services Inc. indicating that a drill spacing of 31 meters will be required for classification of the resources to the Indicated category." More
- October 28, 2008 | Item | E-mail
First Majestic Silver Corp.: Another Major Intersection at Del Toro Silver Mine, Drill Hole Cuts 62.05 Metres (203.58 ft) of 422 g/t Ag, 6.29% Pb, 6.78% Zn - "Further to the Company's prior news release dated July 17th announcing the major intersection of hole SSJ-04 which intersected 74.20 metres (243.44 ft) grading 359 g/t Ag, 7.07% Pb and 7.60% Zn, additional drill results have now been received. Hole SSJ-08 was programmed to drill perpendicular to the SSJ-04 for the purpose of defining a second dimension of this third massive sulphide Orebody discovered with hole SSJ-04." More
- October 28, 2008 | Item | E-mail
Silver Dragon Acquires Mill, Seeks to Begin Production At Cerro las Minitas - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce that it has acquired its first mill. The mill is currently located in the Municipality of Chalchihuites, in the Mexican State of Zacatecas. It has an initial processing capacity of 50 tonnes per day, which can be expanded as the Company continues to develop its Cerros las Minitas Silver Project in Durango, Mexico. It will be dismantled, transported, and reassembled on the Company's Santo Ninyo concession, and is expected to become operational in the first quarter of 2009." More
- October 28, 2008 | Item | E-mail
Apogee Increases Resources at the Pulacayo-Paca Silver-Lead-Zinc Project, Bolivia - "The new resource estimate for the Pulacayo Deposit, excluding consideration of mining and metallurgical dilution, adds 11.6 million ounces of silver in the Indicated category plus 22.4 million ounces of silver in the Inferred category, 225 million pounds of zinc in the Indicated category plus 307 million pounds of zinc in the Inferred category and 97 million pounds of lead in Indicated category plus 128 million pounds of lead in the Inferred category (see below for classification, grades and tonnages) to the Pulacayo-Paca project." More
- October 28, 2008 | Item | E-mail
AngloGold, Gold Fields May Spend Less as Price Falls - "The Johannesburg-based miners, which will report quarterly earnings this week, face rising expenses, higher financing costs and declining demand for the metal among investors. Gold has slumped about 20 percent since trading at a record $1,032.70 on March 17. Worsening credit markets and commodity prices may lead mining companies to defer $50 billion of development projects globally for a year, Credit Suisse Group AG said yesterday." More
- October 28, 2008 | Item | E-mail
LGL'S (Lihir Gold) Third Quarter 2008 Production Report - "Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(LIHR - News) ("LGL") is pleased to announce the release of its Production Report for the three month period ended September 30, 2008. Documents relating to these results, including the Production Results, Management Review, Drill Results and an overview presentation will be available on SEDAR shortly at (http://www.sedar.com) and on the Company's website: www.LGLgold.com. Also, a recording of the Company's discussion of these results is available on LGL's website." More
- October 28, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 October, 2008 | |
