-- Posted 7 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $734.25 | +$1.75 | +2.10% |
Silver | $9.98 | -$0.12 | +2.57% |
XAU | 85.16 | +4.02% | +5.06% |
HUI | 201.11 | +4.22% | +3.73% |
GDM | 608.26 | +4.70% | +5.79% |
JSE Gold | 1617.96 | -64.35 | -4.23% |
USD | 85.92 | -0.05 | +0.29% |
Euro | 127.34 | +0.24 | -0.13% |
Yen | 101.70 | -0.83 | 0.21% |
Oil | $61.04 | +$0.27 | -9.98% |
10-Year | 3.780% | +0.073 | -4.79% |
Bond | 116.359375 | -0.4375 | +2.86% |
Dow | 8943.81 | +2.85% | -4.09% |
Nasdaq | 1647.40 | +2.41% | -4.27% |
S&P | 930.99 | +2.89% | -3.90% |
The Metals:
Gold rose $12.10 to $744.60 in London before it fell to see a $1.25 loss by early afternoon in New York, but it then rallied back higher into the close and ended with a gain of 0.24%. Silver rose to see a 21 cent gain at $10.31 by late trade in Asia and then fell to see a 20 cent loss at $9.90 in New York before it rallied back higher in the last minutes of trade, but it still ended with a loss of 0.12%.
Euro gold remained at about €576, platinum gained $14.50 $849.50, and copper fell 3 cents to about $1.69.
Gold and silver equities rose over 8% in the first hour of trade before they fell back to about unchanged with a half hour left to go in trade, but they then rallied back higher into the close and ended with over 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | -240K | -200K | -284K |
Unemployment Rate | Oct | 6.5% | 6.3% | 6.1% |
Hourly Earnings | Oct | 0.2% | 0.2% | 0.2% |
Average Workweek | Oct | 33.6 | 33.6 | 33.6 |
Pending Home Sales | Sep | -4.6% | -3.4% | 7.5% |
Wholesale Inventories | Sep | -0.1% | 0.3% | 0.6% |
Consumer Credit | Sep | $6.9B | $0.0B | -$6.3B |
The BLS net birth/death adjustment added 71,000 payrolls.
This week’s other economic reports:
Next week’s economic highlights include Initial Jobless Claims and the Trade Balance and Treasury Budget on Thursday and Export and Import Prices, Retail Sales, Business Inventories, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended higher as the U.S. dollar index fell on the poor jobs data that increased chances for another interest rate cut from the fed.
Treasuries fell on worries over whether or not there will be willing buyers for the $55 billion in government debt to be auctioned next week.
The Dow, Nasdaq, and S&P rose on hopes for another rate cut from the fed.
Among the big names making news in the market Friday were Ford, Sprint, Altria, BP, GM, Genworth, and Las Vegas Sands.
The Commentary:
“December Gold closed up 2 at 734.2. This was 1.2 up from the low and 7.3 off the high.
December Silver finished down 0.092 at 9.963, 0.167 off the high and 0.003 up from the low.
The gold market managed an early rally and then fell sharply right in the wake of the US payroll report. However, as the stock market managed to shake off the negative payroll readings the gold market managed a bounce, but wasn't able to regain the early highs before prices fall by as much as $13 an ounce. The gold market seemed to make an attempt to recover but even with the Dollar falling back into negative ground in the early afternoon, the gold market was seemingly content to waffle on either side of unchanged levels. However, a speech by President-elect Obama talking of the need for more economic stimulus did seem to give gold a minor price boost later in the afternoon trade.
Like the gold market, the silver market managed a run up ahead of the critical scheduled US data, but then fell sharply in the wake of the negative news on the economy. Also like gold, the silver market ended up falling by roughly 30 cents an ounce in the aftermath of the payroll reports. However, even in the face of a recovery in the stock market and a slide in the Dollar the silver market managed to fall below the post report lows in the early afternoon action. Apparently favorable equity market action and a weaker Dollar weren't enough to put silver on a definitively bullish track.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
News agency sues Fed for look at collateral for loans to banks
Zero-interest world may lie ahead
Timing the next rush to gold
Another large decline in gold hedging
Eric Sprott: Cash or gold?
Credit swap inventory was grossly incomplete
Rubin won't return to Treasury, boosting Summers' chances
The Statistics:
As of close of business: 11/06/2008
Gold Warehouse Stocks: | 8,565,448 | - |
Silver Warehouse Stocks: | 130,209,760 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 749.21 | 24,087,741 | US$ 17,702m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 120.99 | 3,890,103 | US$ 2,864m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,335 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.21 | 842,688 | US$ 635m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/6/2008 | |
Total Net Assets | $1,516,113,032 | 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 11/6/2008 | |
Total Net Assets | $2,258,365,065 | 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:
Claude’s (CGR) third quarter results, Banro’s (BAA) corporate update, Jaguar’s (JAG) earnings, Crystallex’s (KRY) comments on Las Cristinas, Taseko’s (TGB) earnings, Silverstone’s (SST.V) acquired life-of-mine payable gold and silver production, Silver Eagle’s (SEG.TO) financial and operational update, and Hecla’s (HL) acquired assets were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Lihir | LIHR +11.11% $14.10 |
2. IAMGOLD | IAG +10.63% $3.54 |
3. Western Goldfields | WGW +9.18% $1.07 |
LOSERS
1. Hecla | HL -18.05% $1.68 |
2. Apex | SIL -14.97% $1.42 |
3. Minefinders | MFN-10.10% $4.54 |
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:
Azimut and NWT Uranium further extend the closing date of the Termination Agreement on the North Rae and Daniel Lake properties - More
- November 07, 2008 | Item | E-mail
Royal Quantum Updates Ohio Property - More
- November 07, 2008 | Item | E-mail
Royal Roads announces amended resource estimates at Lundberg and Engine House deposits, Buchans - More
- November 07, 2008 | Item | E-mail
Ecometals Litigation Update in Brazil - More
- November 07, 2008 | Item | E-mail
Clifton Star Announces Results of Continuous Disclosure Review With BCSC - More
- November 07, 2008 | Item | E-mail
Anatolia reports porphyry copper mineralization announced by Empire at Bursa East - More
- November 07, 2008 | Item | E-mail
Claude Resources Inc. Announces Third Quarter 2008 Results - "The Company recorded a third quarter net loss of $1.7 million, or $0.02 per share, relatively unchanged from the comparable period of 2007. For the first nine months of 2008, the Company recorded a net loss of $2.1 million, or $0.02 per share, a notable improvement over the nine month net loss of $5.2 million, or $0.06 per share, in 2007." More
- November 07, 2008 | Item | E-mail
Laurion Mineral Exploration Inc. - Correction of press release issued on November 4, 2008 - More
- November 07, 2008 | Item | E-mail
Nevada Copper-High Grade Copper-Gold Results From Pumpkin Hollow Continue - More
- November 07, 2008 | Item | E-mail
Ur-Energy Adopts Shareholder Rights Plan - More
- November 07, 2008 | Item | E-mail
Copper Fox announces private placement financing - More
- November 07, 2008 | Item | E-mail
Junior miner ends options at two Peru projects - More
- November 07, 2008 | Item | E-mail
2008 Proving to be Another Exceptional Exploration Season at Silver Coin - More
- November 07, 2008 | Item | E-mail
First Nickel Provides an Exploration Update on Lockerby and West Graham Properties - More
- November 07, 2008 | Item | E-mail
Adventure Gold Appoints New CFO - More
- November 07, 2008 | Item | E-mail
Paladin Energy Ltd: Change of Time - More
- November 07, 2008 | Item | E-mail
Caledonia Re-Files Certificates - More
- November 07, 2008 | Item | E-mail
Win-Eldrich Mines Limited - More
- November 07, 2008 | Item | E-mail
Andina Reports Positive Sulphur Metallurgical Results - More
- November 07, 2008 | Item | E-mail
Sherwood Raises US$37.5 Million From Minto Precious Metal Production - More
- November 07, 2008 | Item | E-mail
Osisko Releases Third Quarter Financial Results - More
- November 07, 2008 | Item | E-mail
Labrador nickel exploration update - More
- November 07, 2008 | Item | E-mail
Jinchuan Delays Closing of Kwale Transaction - More
- November 07, 2008 | Item | E-mail
Uranium One to Host Third Quarter 2008 Results Conference Call - More
- November 07, 2008 | Item | E-mail
AXMIN Announces Non-Brokered Private Placement - More
- November 07, 2008 | Item | E-mail
Arianne Starts Drilling on Lac a Paul and Presents the Project in Beijing - More
- November 07, 2008 | Item | E-mail
Amerigo Resources Ltd.: Cash Flow From Operations of US$7.6M in Q3-2008 - More
- November 07, 2008 | Item | E-mail
Ventana Gold Commences Trading on TSX-Introducing New Gold Discovery in Colombia-106.5 Meters of 7.81 g/t Au - More
- November 07, 2008 | Item | E-mail
USPR Announces a 12% Increase in Proven Reserves and a 22% Increase in Probable Reserves From Their Southern Michoacan Mineral Concession; Lab Supervisor Hired - More
- November 07, 2008 | Item | E-mail
Treasury Metals Reports Positive First NI 43-101 Resource Estimate for Goliath Gold Project - More
- November 07, 2008 | Item | E-mail
Sage Gold Inc.: Four Vein Systems-High Grade Channels Golden Extension-Beardmore Geraldton Gold Camp - More
- November 07, 2008 | Item | E-mail
Alhambra Resources Ltd. - Conference Webcast and Investor Meetings - More
- November 07, 2008 | Item | E-mail
Capstone Reports Financial Results for the Third Quarter - More
- November 07, 2008 | Item | E-mail
Alamos Gold Inc. Reports Record Quarterly Earnings of $0.09 per Share - More
- November 07, 2008 | Item | E-mail
Georox Resources Inc. undertaking private placement - More
- November 07, 2008 | Item | E-mail
Silverstone Purchases Life of Mine Gold and Silver From Sherwood Copper Corporation's Minto Mine - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) is pleased to announce that it has agreed to acquire 100% of the life-of-mine payable gold and silver production from Sherwood Copper Corporation's ("Sherwood") Minto mine located in the Yukon, Canada effective December 1, 2008. With this acquisition, together with Silverstone's existing contributing silver contracts, Silverstone is expected to sell in excess of 4.5 million silver equivalent ounces(1) in 2009." More
- November 07, 2008 | Item | E-mail
Silver Eagle Provides Financial and Operational Update - "As a result of the significant downturn in silver, lead and zinc prices, the Company has experienced lower than planned cash flows from operations. These cash flows are insufficient to cover the operating and corporate costs of the Company and as a result, Silver Eagle has minimal available cash resources. Silver Eagle has taken and is continuing to take steps to reduce cash costs and expenses both at its operations and its corporate offices." More
- November 07, 2008 | Item | E-mail
Banro provides corporate update - "The Company is on schedule to complete the pre-feasibility study of its wholly-owned Namoya project by December 2008 and the full feasibility study of its wholly-owned Twangiza project by January 2009. Banro has to date completed the pre-feasibility drilling program and the evaluation of the heap leach option at Namoya and has also completed the full feasibility drilling program at Twangiza. The pre-feasibility and full feasibility studies are being undertaken by SENET Engineering with input from a number of independent consultants, including SRK Consulting." More
- November 07, 2008 | Item | E-mail
Jaguar Mining Reports Q3 2008 Earnings - "Net loss of $1.3 million or $0.02 per share, which includes $2.1 million of charges related to unrealized mark-to-market losses for foreign exchange contracts and $5.5 million of charges related to unrealized foreign exchange translation losses. These charges were offset by a $6.5 million recovery of future income taxes." More
- November 07, 2008 | Item | E-mail
Crystallex Comments Las Cristinas Position - "Crystallex International Corporation (Toronto:KRY.TO - News)(NYSE-A: KRY) wishes to advise that, as a result of media reports relating to the control of the Las Cristinas gold project, the Company has requested formal clarification from the Minister of Mines ("MIBAM") as to the status of the Project and the Mine Operating Contract ("MOC")." More
- November 07, 2008 | Item | E-mail
Hecla Acquires Assets of Independence Lead Mines - "Hecla Mining Company (NYSE:HL) today announced it has acquired substantially all of the assets of Independence Lead Mines Company (ILM), located in northern Idaho’s Silver Valley. ILM shareholders voted overwhelmingly in favor of the transaction at an ILM meeting of shareholders on Monday, October 27, 2008, and the transaction was closed today." More
- November 07, 2008 | Item | E-mail
Taseko Announces Financial Results for Twelve Months Ending September 30, 2008 - "The Company reported an operating profit of $68.5 million and net earnings of $43.2 million or $0.31 per share. Sales for the period were 59.1 million pounds of copper at an average realized price of US$3.42 and 661,000 pounds of molybdenum at an average price of US$33.04 per pound." More
- November 07, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 7 November, 2008 | |
