-- Posted 5 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $741.75 | -$15.50 |
Silver | $10.46 | +$0.32 |
XAU | 89.80 | -3.58% |
HUI | 213.62 | -4.59% |
GDM | 640.16 | -4.28% |
JSE Gold | 1706.70 | +16.49 |
USD | 84.86 | +0.27 |
Euro | 129.50 | -0.47 |
Yen | 101.41 | +1.06 |
Oil | $65.30 | -$5.23 |
10-Year | 3.694% | -0.071 |
T-Bond | 116.625 | +1.265625 |
Dow | 9139.27 | -5.05% |
Nasdaq | 1681.64 | -5.53% |
S&P | 952.77 | -5.27% |
The Metals:
Gold rose $6.10 to $763.35 by midday in London and then plummeted in late morning New York trade to as low as $735.90 by about noon EST before it rallied back higher into the close, but it still ended with a loss of 2.05%. Silver fell 6 cents to $10.08 in Asia and rose to about $10.50 by late morning in New York before it dropped back to about $10.20 as gold sold off, but it then fiercely rallied back higher in the last hour and a half of trade and ended near its new session high of $10.58 with a gain of 3.16%.
Euro gold fell to about €570, platinum gained $21 to $863, and copper lost roughly 14 cents to about $1.81.
Gold and silver equities saw slight gains in midmorning trade, but they then fell about 4% by early afternoon and remained at about that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Oct | -157K | -100K | -8K |
ISM Services | Oct | 44.4 | 47.0 | 50.2 |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/01 expected at 476,000 and third quarter Productivity expected at 1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil gave up a large portion of yesterday’s notable gains as sentiment returned to poor economic conditions and falling demand.
The U.S. dollar index rose slightly as currency traders prepared for tomorrow’s expected rate cuts from the Bank of England and European Central Bank.
Treasuries rose and the Dow, Nasdaq, and S&P fell over 5% as focus moved on from the election and turned back the severe economic problems facing the country.
Among the big names making news in the market today were Time Warner, GlaxoSmithKline, GMAC, the bond insurers, Yahoo, General Growth, Kimco, and Jones Lang.
The Commentary:
“December Gold closed down 14.9 at 742.4. This was 5.9 up from the low and 18.1 off the high.
December Silver finished up 0.325 at 10.455, equal to the high and 0.275 up from the low.
With some real divergence between gold and silver during the trade it was clear that the bull camp in gold was the disappointed party. Even more disappointing to the bull camp in gold is the fact that gold prices fell in the face of a slide in the Dollar. Clearly a sharp washout in energy prices and overt weakness in the equity market hinted at a broad based post election let down but it is also possible that classic slowing evidence was climbing back into the driver's seat and that undermined the gold trade. In fact, with the monthly non farm payroll report drawing closer and the stock market falling back it is possible that deflationary concerns were being put back into the equation. As has been the case of the last month the gold market doesn't seem to behave well in the face of news that even hints at a resumption of severe financial sector concerns and with a series of bond insurers and GMAC posting some very big losses, it is possible that the gold market was undermined by uncertainty in the financial sector.
The silver market clearly outperformed the gold market throughout most of the Wednesday trade. With silver managing to hold in positive ground for most of the trading session and managing that action in the face of a massive break in oil prices, a 14 cent slide in copper prices and a moderately hard sell off in the equity market it wasn't really clear what was supporting silver prices. Some players suggested that increased gold/silver spread action might have been supporting prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Venezuela takes control of Crystallex project
Financial Times: Be ready to print money like crazy
Having unleashed deflation, Fed mulls how to get inflation back
Credit swaps are no problem, their inventors and managers insist
Brien Lundin: Is gold holding a wild card?
Murray Pollitt: A 'New Bretton Woods' is likely to remonetize gold
The Statistics:
As of close of business: 11/4/2008
Gold Warehouse Stocks: | 8,560,830 | - |
Silver Warehouse Stocks: | 130,502,690 | +199,834 |
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$ 17,848m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.29 | 3,899,643 | US$ 2,889m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,344 | US$ 276m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.21 | 842,706 | US$ 624m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/4/2008 | |
Total Net Assets | $1,567,572,203 | Ounces of Gold
in Trust | 2,073,594.645 |
Shares Outstanding | 21,050,000 | Tonnes of Gold
in Trust | 64.50 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/4/2008 | |
Total Net Assets | $2,158,624,284 | Ounces of Silver
in Trust | 216,958,480.900 |
Shares Outstanding | 219,700,000 | Tonnes of Silver
in Trust | 6,748.16 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Crystallex’s (KRY) possibly seized gold project in Venezuela, US Gold’s (UXG) drill results, Anatolia’s (ANO.TO) assay results, Fronteer’s (FRG) drill results, Randgold’s (GOLD) board appointments, International Minerals’ (IMZ.TO) silver production, Fortuna’s (FVI.V) update, and Silver Standard’s (SSRI) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Endeavour | EXK +18.68% $1.22 |
2. Western Goldfields | WGW +12.09% $1.02 |
3. Exeter | XRA +7.20% $1.64 |
LOSERS
1. Aurizon | AZK -16.22% $1.55 |
2. Allied Nevada | ANV -16.00% $2.94 |
3. Vista Gold | VGZ -12.41% $1.34 |
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:
Peru's PM says no talks until mining protests stop - "A day after declaring a state of emergency in the southern province of Tacna, Peru's prime minister said on Wednesday he would not discuss protesters' demands to change a new mining law until the area was calm.
Tacna is locked in a dispute with Moquegua, a neighboring province, over how to share millions of dollars in taxes paid by Southern Copper Corp (SPC.LM: Quote, Profile, Research, Stock Buzz)(PCU.N: Quote, Profile, Research, Stock Buzz), one of the world's largest mining companies." More
- November 05, 2008 | Item | E-mail
Sage Obtains Final Acceptance of $3.450 Million Private Placement - More
- November 05, 2008 | Item | E-mail
Venezuela says to take over Crystallex gold project - "Venezuela will take over the giant Las Cristinas gold project operated by Canadian miner Crystallex, the government said on Wednesday, a new step by President Hugo Chavez to put key industries into state hands.
Venezuela's mining ministry said it aimed next year to start a mine at one of Latin America's largest deposits.
"This mine will be recovered and will be operated under state administration," the ministry said in a statement, citing on a local radio interview with mining minister Rodolfo Sanz." More
- November 05, 2008 | Item | E-mail
Denison Mines Corp. Third Quarter 2008 Results Conference Call Thursday, November 13, 2008 - More
- November 05, 2008 | Item | E-mail
Castle Gold Announces Stock Repurchase Program - More
- November 05, 2008 | Item | E-mail
The TSX Venture Exchange Approves the Acquisition of 6891667 Canada Inc. - More
- November 05, 2008 | Item | E-mail
US Gold Corporation: Gold & Silver Mineralization Expands at Two Sites in Mexico - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) announces that drilling within the Magistral District, located in Sinaloa State, Mexico has successfully intersected more encouraging gold and silver mineralization at the Magistral Mine and Palmarito Project (Figure 1)." More
- November 05, 2008 | Item | E-mail
Golden Band Resources: Bingo gold deposit updated resource estimates - More
- November 05, 2008 | Item | E-mail
Evolving Gold Corp Becomes Tier 1 Issuer on the TSX Venture Exchange - More
- November 05, 2008 | Item | E-mail
Dundee starts Uranium One with buy - More
- November 05, 2008 | Item | E-mail
Mercator Commences Crushing Ore at the Mineral Park Mill - More
- November 05, 2008 | Item | E-mail
Blue Note Appeals New Brunswick Court of Queen's Bench Decision on NPI - More
- November 05, 2008 | Item | E-mail
International Minerals Reports Continued Growth in Silver Production From the Low-Cost Pallancata Mine, Peru - "International Minerals Corporation (Toronto:IMZ.TO - News) (Swiss:IMZ.SW - News) reports that silver production at the Pallancata Mine in southern Peru increased 8% to 899,000 ounces in the calendar third quarter ended September 30, 2008 ("Q3 2008") compared to the prior quarter. See Table 1 for further details." More
- November 05, 2008 | Item | E-mail
Anatolia drills copper-gold extensions at Karakartal copper-gold porphyry target - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO - News) announces assay results for its 100% owned Karakartal copper-gold porphyry property in east-central Turkey. Karakartal is located approximately 15 km southeast of Anatolia's Copler Gold Project, which is currently under construction." More
- November 05, 2008 | Item | E-mail
Fronteer Hits More Gold 'Off-Trend' in Nevada's Eastern Great Basin - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that initial drilling at its Kilgore Basin ("KB") project in Nevada has intersected encouraging oxide gold mineralization, expanding the prospectivity of the Company's emerging 400,000-acre Eastern Great Basin ("EGB") portfolio." More
- November 05, 2008 | Item | E-mail
UBS cuts Quadra mining to sell - More
- November 05, 2008 | Item | E-mail
Tamerlane Reports Assay Results Of Hinge Zone Deposit At Pine Point - More
- November 05, 2008 | Item | E-mail
Royal Gold Raises Common Stock Dividend 14% to $0.32 Per Share - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced that its Board of Directors increased the Company's annual dividend for its shares of common stock from $0.28 to $0.32, payable on a quarterly basis of $0.08 per share. Royal Gold has steadily increased its annual dividend since it first issued a $0.05 annual payment for calendar year 2000." More
- November 05, 2008 | Item | E-mail
Orbit Garant Drilling Awarded Major Contract by Newmont Mining - More
- November 05, 2008 | Item | E-mail
James Bay Resources Intersects VMS Zones in Drill Holes at McFauld's Lake Property - More
- November 05, 2008 | Item | E-mail
Randgold Resources strengthens board - Randgold Resources chairman Philippe Lietard said he was delighted to welcome the new directors to the board, which would be enhanced by their stature and experience, and confirmed that their appointment was in line with the company's phased succession plan.
More
- November 05, 2008 | Item | E-mail
Marifil Mines Signs Letter of Intent With Yamana Gold - More
- November 05, 2008 | Item | E-mail
Terrane Reports Assay Results From Berg Project, Drilling Program Connects West, South and Northeast Zones - More
- November 05, 2008 | Item | E-mail
Fortuna Provides Corporate Update & Reviews Progress at Caylloma & San Jose - As of September 30th, Fortuna's consolidated cash position was CAD $41.2 million. Despite recent depressed metal prices, the Caylloma Mine is operating well and has the capacity to generate sufficient operating cash-flows to fund its minimum investment requirements for 2009. More
- November 05, 2008 | Item | E-mail
RiverRun Option's Properties in Peru's Gold Sands Mining District - More
- November 05, 2008 | Item | E-mail
Discovery of Two New Gold Bearing Structures on Maritime Cadillac Property - More
- November 05, 2008 | Item | E-mail
Golden Share Starts Drilling on Elwood Property and Initiates Stripping Program on Pistol Lake Property - More
- November 05, 2008 | Item | E-mail
High-grade uranium discovered at Langtjarn in Sweden - More
- November 05, 2008 | Item | E-mail
Colossus Minerals Appoints Geotechnical Consultancy and Advances Geotechnical Investigations of the Serra Pelada Gold-Platinum-Palladium Project - More
- November 05, 2008 | Item | E-mail
Strateco Resources Inc.: Licence Application for Underground Exploration Program at the Matoush Uranium Property - More
- November 05, 2008 | Item | E-mail
Romios' Diamond Drill Hole TRK-08-02 Intersects 3.27 GPT Gold, 5.71 GPT Silver and 0.31% Copper Over 27 Metres (88.6 Feet) Contained Within a 315.16 Metre (1,03 - More
- November 05, 2008 | Item | E-mail
International Minerals Reports Continued Growth in Silver Production From the Low-Cost Pallancata Mine, Peru - More
- November 05, 2008 | Item | E-mail
Unico, Inc. Releases November 2008 Issue of Investor Newsletter Highlighting Behre Dolbear Reports and Recent Activity at the Deer Trail Mine - More
- November 05, 2008 | Item | E-mail
New Resource Estimate at Kinbauri's El Valle/Carles Gold/Copper Project in Spain Confirms Potential for Restarting Operations - More
- November 05, 2008 | Item | E-mail
Anatolia drills copper-gold extensions at Karakartal copper-gold porphyry target - More
- November 05, 2008 | Item | E-mail
VenCan Gold Provides Exploration Update on Recently Acquired Properties in Timmins Area - More
- November 05, 2008 | Item | E-mail
Canstar Resources Inc. Announces $250,000 Non-Brokered Private Placement to Explore CBS Project, Newfoundland - More
- November 05, 2008 | Item | E-mail
Fronteer Hits More Gold 'Off-Trend' in Nevada's Eastern Great Basin - More
- November 05, 2008 | Item | E-mail
Silver Standard Reports Third Quarter 2008 Results - The Pirquitas Project continues on track with commissioning of infrastructure systems commenced and process commissioning set for December. Production is on target for the first quarter of 2009. More
- November 05, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. announces private placement - More
- November 05, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 November, 2008 | |
