-- Posted 3 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $727.05 | +$7.90 |
Silver | $9.82 | +$0.09 |
XAU | 81.14 | +0.10% |
HUI | 195.04 | +0.60% |
GDM | 579.84 | +0.87% |
JSE Gold | 1636.45 | -52.93 |
USD | 86.25 | +0.58 |
Euro | 126.50 | -0.93 |
Yen | 100.85 | -0.63 |
Oil | $63.91 | -$3.90 |
10-Year | 3.900% | -0.070 |
T-Bond | 113.546875 | +0.421875 |
Dow | 9319.83 | -0.06% |
Nasdaq | 1726.33 | +0.31% |
S&P | 966.30 | -0.25% |
The Metals:
Gold rose nearly $20 to $739.10 in London before it fell to see only a $4 gain in early New York trade, but it then bounced back higher into the close and ended with a gain of 1.1%. Silver rose over 5% in Asia before it fell to see a 5 cent loss at as low as $9.68 in early New York trade, but it also rallied back higher in the last several hours of trade and ended with a gain of 0.92%.
Euro gold rose to about €574, platinum gained $4 to $814.50, and copper remained at about $1.84.
Gold and silver equities rose over 4% by mid-afternoon, but they then fell back off into the close and ended only slightly higher.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | Sep | -0.3% | -0.8% | 0.3% |
ISM Index | Oct | 38.9 | 42.0 | 43.5 |
Tomorrow at 10AM EST is the Factory Orders report for September expected at -0.8%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on more indications of falling demand as the ISM Index fell to the lowest level since 1982 and showed that manufacturing in the U.S. contracted in October at the fastest pace in 26 years.
The U.S. dollar index rose as the British Pound and Euro fell in anticipation of likely rate cuts by the Bank of England and European Central bank on Thursday.
Treasuries rose on uncertainty and economic weakness while the Dow, Nasdaq, and S&P waffled near unchanged in a relatively tight range as participants awaited the results of tomorrow’s elections.
Among the big names making news in the market today were GM, Ford, Nissan, Toyota, KKR, GM-Chrysler, Circuit City, Boeing, Marriott, and Rockwell Collins.
The Commentary:
“December Gold closed up 8.6 at 726.8. This was 1.3 up from the low and 5.7 off the high.
December Silver finished up 0.02 at 9.75, 0.17 off the high and 0.035 up from the low.
The gold market waffled around within the prior session's trading range on Monday but generally maintained a positive tilt. In retrospect, the gold market performed rather impressively in the face of a residual strength in the Dollar, especially since the markets were presented with fresh evidence of severe slowing in the US economy. Apparently the gold market was also able to discount noted weakness in oil prices and suggests that the fear of too much slowing was being discounted.
The silver market also waffled around both sides of unchanged but relatively speaking the silver market seemed to under perform the gold market. Clearly silver was periodically undermined by noted weakness in platinum and copper prices and it also seemed like weak US numbers discouraged some silver bulls. However, despite the patently disconcerting US data released during the session, the silver market wasn't presented with a concerted wave of deflationary selling. However, overt weakness in the energy complex did seem to apply some residual selling pressure toward the silver market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Sinclair helps you take metal off exchanges; he'll do it too
Coin dealers puzzled as paper gold falls amid real gold's scarcity
James Turk: Gold is still in an uptrend
The Fed as central bank to the world
William Greider: Paulson's swindle revealed
Pressure mounts for UK and EU rate cuts
Spectre of deflation lurks as global demand drops
The Statistics:
As of close of business: 10/30/2008
Gold Warehouse Stocks: | 8,560,830 | -8,902 |
Silver Warehouse Stocks: | 130,442,394 | -48,100 |
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$ 17,595m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.29 | 3,899,730 | US$ 2,821m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,352 | US$ 270m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.21 | 842,743 | US$ 615m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/31/2008 | |
Total Net Assets | $1,486,345,906 | 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 10/31/2008 | |
Total Net Assets | $2,013,299,261 | Ounces of Silver
in Trust | 217,056,464.200 |
Shares Outstanding | 219,700,000 | Tonnes of Silver
in Trust | 6,751.21 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Great Basin’s appointment, Silver Wheaton’s (SLW) third-quarter profit, and U.S. Silver’s (USA.V) management changes were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITH | THM +16.53% $1.41 |
2. New Gold | NGD +16.24% $1.36 |
3. International Royalty | ROY +10.79% $1.684 |
LOSERS
1. Northern Dynasty | NAK -11.71% $3.09 |
2. Allied Nevada | ANV -11.59% $3.05 |
3. Gammon Gold | GRS -4.50% $3.18 |
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:
Hard Creek Nickel seeks partner for Turnagain mine - More
- November 03, 2008 | Item | E-mail
Victoria Gold Achieves Important Milestone Securing Its Interest in Cove and Provides Progress Update - More
- November 03, 2008 | Item | E-mail
Uranium Resources Announces Third Quarter 2008 Earnings Teleconference and Webcast - More
- November 03, 2008 | Item | E-mail
Atomic launches suit - More
- November 03, 2008 | Item | E-mail
Crisis hits some Peru mining projects, others safe - "Inca Pacific (IPR.V: Quote, Profile, Research, Stock Buzz) delayed its Magistral project on Monday, the latest sign that miners, especially small ones, are struggling to bring projects into production as financing dries up and metals prices drop.
Inca Pacific, a Peru-focused junior that earlier this year was seen as a potential takeover target for global miners, said it canceled an order for a ball mill, postponed any new orders for long lead time equipment, and delayed the upgrade of a road to the mine." More
- November 03, 2008 | Item | E-mail
Aura Silver Reports High Grade Copper, Zinc and Precious Metal Samples from Greyhound Lake Project - More
- November 03, 2008 | Item | E-mail
Bearclaw Capital Corp. Reports Results of Summer Exploration Programs on James Bay and Wakeham Basin Properties - More
- November 03, 2008 | Item | E-mail
NXA Inc. Announces Results From Drilling Program on the Topley-Richfield Gold-Silver Property - More
- November 03, 2008 | Item | E-mail
Acadian Mining Q3 results show significant improvement over Q2 - Production outlook for Q4 is positive - More
- November 03, 2008 | Item | E-mail
Jasper Mining Corporation - Further high grade results from diamond drill program on Isintok Property - More
- November 03, 2008 | Item | E-mail
Lakota Resources announces excellent results from the first hole of diamond drilling at Tembo, Tanzania - More
- November 03, 2008 | Item | E-mail
GoldenFrank Granted Three Exploration Permits on the Balandougou Project in Guinea, West Africa - More
- November 03, 2008 | Item | E-mail
Eastern Goldfields, Inc. announces extension of Investec loan and appointment of IBK Capital Corp to raise funds - More
- November 03, 2008 | Item | E-mail
Golden Dory/540 Capital Acquires Land Position in Buchans-Roberts Arm Belt, Newfoundland; Completes Deep-Penetrating Airborne EM Survey - More
- November 03, 2008 | Item | E-mail
Search and Rescue in Process for Missing Plane Conducting Geophysics Survey for U3O8 Corp. - More
- November 03, 2008 | Item | E-mail
Tamerlane Updates Pine Point Feasibility Study Financial Analysis - More
- November 03, 2008 | Item | E-mail
Goldcorp Declares Eleventh Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its eleventh monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Friday, November 14, 2008 will be entitled to receive payment of this dividend on Monday, November 24, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- November 03, 2008 | Item | E-mail
Mineral Deposits to Spend US$2.5 Million to Earn 51% Interest in AXMIN's Senegal Permits - More
- November 03, 2008 | Item | E-mail
Blue Note Intersects Significant Mineralization at Armstrong - More
- November 03, 2008 | Item | E-mail
Colombia Goldfields provides update on proposed Marmato Mountain Lower Zone acquisition - More
- November 03, 2008 | Item | E-mail
Victory Nickel Announces Results of Lac Rocher PEA, Updates Projects - More
- November 03, 2008 | Item | E-mail
Golden Valley Mines Ltd.: Otish Basin Uranium Project Drilling Update - More
- November 03, 2008 | Item | E-mail
Silver Wheaton profit up on prices, stock climbs - "Silver Wheaton (SLW.TO: Quote, Profile, Research, Stock Buzz) said on Monday its third-quarter profit rose 5 percent as higher realized silver prices more than made up for lower sales volume. The Canadian company, which buys silver produced by other mining companies and resells it, earned $20.2 million, or 8 cents a share, up from $19.2 million, or 8 cents a share, in the year-before period." More
- November 03, 2008 | Item | E-mail
Peru junior Inca Pacific delays work on mine - More
- November 03, 2008 | Item | E-mail
Inter-Citic Intersects 32.5 Metres Averaging 3.91 GPT Gold in Step-Out Hole at Dachang - More
- November 03, 2008 | Item | E-mail
Lexam Explorations Inc.: High-Grade Uranium Intersected Near Surface - More
- November 03, 2008 | Item | E-mail
Golden Dory/540 Capital Expands Property Position and Commences Phase 2 Airborne at Burin Project - More
- November 03, 2008 | Item | E-mail
FACTBOX-Mines and plants hurt by low prices, high costs - "The global financial crisis and sharp falls in metals prices have forced several companies to abandon or put on hold their plans to bring new mines on-stream.
Some existing producers also have shut down or curtailed their output at mines and plants as high costs and low prices bite. Below are details of the major projects and facilities which have been affected in recent months, as well as other related news." More
- November 03, 2008 | Item | E-mail
Augusta Announces Corporate Initiatives-Retains TD Securities as Advisor - More
- November 03, 2008 | Item | E-mail
High Desert Gold Corporation Provides Update on Shareholder Rights Plan - More
- November 03, 2008 | Item | E-mail
Duran Ventures and MacMillan Gold Completes Arrangement - More
- November 03, 2008 | Item | E-mail
Petaquilla Minerals Ltd. to Begin Gold Production - More
- November 03, 2008 | Item | E-mail
Rusoro Mining Limited: Updated Resource Estimate for SREP and Days Vein - More
- November 03, 2008 | Item | E-mail
Cadiscor Takes Over the Sleeping Giant Mine - More
- November 03, 2008 | Item | E-mail
Tournigan Appoints VP Engineering / Environmental and VP Exploration - More
- November 03, 2008 | Item | E-mail
Drilling Returns 106m at 2.3g/t Gold (Including 21m at 9.7g/t Gold) at Lydian's Amulsar Discovery in Armenia - More
- November 03, 2008 | Item | E-mail
Asian Mineral Resources Limited-Revised Corporate Strategy - More
- November 03, 2008 | Item | E-mail
GobiMin Signs Framework Agreement To Sell its Chinese Nickel Properties - More
- November 03, 2008 | Item | E-mail
Gold Resource Corporation Intercepts 1.4m of 55.30 g/t Gold Within 7.8m of 20.34 g/t Gold at El Rey - More
- November 03, 2008 | Item | E-mail
Thunder Mountain Gold Increases Land Holdings at Its South Mountain Project - More
- November 03, 2008 | Item | E-mail
High Desert Gold Corporation Provides Update on Unsolicited Take-Over Bid and Special Committee Process - More
- November 03, 2008 | Item | E-mail
U.S. Silver Announces Management Changes and Reports a Strategic Review of Operations and a Reduction in the Workforce at the Galena Mine - "U.S. Silver Corporation (CDNX:USA.V - News) ("US Silver" or the "Company") is pleased to announce that Thomas Parker will become the Company's interim Chief Executive Officer ("CEO") effective immediately. Mr. Bruce Reid, the former CEO, will remain as a consultant to the Company. Mr. Reid was instrumental in the creation of U.S. Silver in 2006 and facilitated access to financing for the Company. He has served the Company with distinction and dedication over the past two years providing the leadership necessary for the Galena Mine to achieve a significant turnaround." More
- November 03, 2008 | Item | E-mail
Great Basin Gold Appoints Chris Knoetze as General Manager of the Burnstone Management Team - "Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN; JSE: GB Gold) ("Great Basin Gold" or the "Company") announces the appointment of Chris Knoetze as General Manager of the Burnstone Management team, located in Mpumalanga, South Africa." More
- November 03, 2008 | Item | E-mail
Silver Wheaton Reports Third Quarter Earnings of US$20 Million and Operating Cash Flows of US$27 Million - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(SLW - News) is pleased to announce net earnings of US$20.2 million (US$0.09 per share) and operating cash flows of US$26.7 million (US$0.12 per share) for the third quarter of 2008." More
- November 03, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 November, 2008 | |
