-- Posted 11 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $733.80 | -$13.70 |
Silver | $9.785 | -$0.465 |
XAU | 83.62 | -6.13% |
HUI | 196.99 | -6.43% |
GDM | 596.47 | -6.33% |
JSE Gold | 1608.43 | -79.29 |
USD | 87.15 | +1.07 |
Euro | 125.19 | -2.32 |
Yen | 102.37 | +0.26 |
Oil | $59.33 | -$3.08 |
10-Year | 3.755% | -0.005 |
T-Bond | 118.4375 | Closed |
Dow | 8693.96 | -1.99% |
Nasdaq | 1580.90 | -2.22% |
S&P | 898.95 | -2.20% |
The Metals:
Gold traded just slightly lower in Asia and then fell back off in London and New York to as low as $726.40 by late morning in New York before it rallied over 1% from that low in the last couple of hours of trade, but it still ended with a loss of 1.8%. Silver dropped to as low as $9.55 before it also rebounded, but it still ended with a loss of 4.5%.
Euro gold rose to about €586 on euro weakness, platinum lost $33.50 to $816, and copper fell over 10 cents to about $1.84.
Gold and silver equities fell over 8% by late morning before they cut some of their losses in afternoon trade, but they still ended with over 6% losses.
The Economy:
There were no major economic reports today and there are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell below $59 a barrel at one point to a new 21 month low and ended with an over 5% loss on renewed economic worries that sent the U.S. dollar index higher on another move to cash that sent the Dow, Nasdaq, and S&P markedly lower on more dismal and rather desperate news from various companies. All three indices rallied back near unchanged after FHFA head Lockhart announced at 2PM EST more steps to try and help out Fannie and Freddie and the mortgage market and stop foreclosures, but stocks then fell back off into the close again and ended with about 2% losses. The treasury market was closed for Veteran’s Day.
Among the big names making news in the market today were Toll Brothers, Las Vegas Sands, GM, Citigroup, Fannie, Freddie, American Express, and Genworth.
The Commentary:
“December Gold closed down 13.7 at 732.8. This was 7.3 up from the low and 4.3 off the high.
December Silver finished down 0.415 at 9.805, 0.115 off the high and 0.095 up from the low.
The gold market started out under pressure and generally remained under pressure throughout the trading session Tuesday. Clearly a sharp rise in the US Dollar provided at least some of the selling pressure on gold prices Tuesday, but given the magnitude of the weakness in the equity market and the deterioration in the macro economic outlook, it is also possible that some deflationary selling pressure was mixed into the equation. In the end, too much slowing hasn't been a favorable environment for the gold bulls.
The silver market was clearly under pressure as a result of seemingly broad based physical commodity selling interest. It goes without saying that a sharply higher US Dollar and sagging macro economic views put anything physical under pressure during the trade Tuesday. In short, deflationary concerns have returned to the headlines and that seems to have emboldened the bear camp in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Goldman urged bets against California bonds it helped sell
Lawrence A. Hunter: Obama's golden opportunity
Ted Butler: Silver was smashed to ease Morgan's takeover of Bear
Gene Arensberg: Big traders are least short gold in years
The Statistics:
As of close of business: 11/10/2008
Gold Warehouse Stocks: | 8,372,435 | -197,513 |
Silver Warehouse Stocks: | 129,057,717 | -2 |
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$ 18,129m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.56 | 3,811,969 | US$ 2,806m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,319 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.21 | 842,651 | US$ 634m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 2.05 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/10/2008 | |
Total Net Assets | $1,545,906,199 | 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 11/10/2008 | |
Total Net Assets | $2,236,547,968 | 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:
Newmont’s (NE) decision to delay a development decision on its Minas Conga copper-gold project in Peru and Apex Silver’s (SIL) quarterly results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Tanzanian Royalty | TRE +1.32% $2.29 |
2. Solitario | XPL +0.43% $2.32 |
3. Royal Gold | RGLD +0.32% $31.57 |
LOSERS
1. Apex Silver | SIL -41.96% $0.83 |
2. Hecla | HL -18.52% $1.32 |
3. Fronteer | FRG-16.52% $1.87 |
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:
Ontex Resources Limited Announces Approval of Normal Course Issuer Bid - More
- November 11, 2008 | Item | E-mail
Newmont says to delay decision on Peru mine project - "Newmont Mining Corp (NEM.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it will delay a development decision on its Minas Conga copper-gold project in Peru until the first quarter of 2009 because of the global financial crisis." More
- November 11, 2008 | Item | E-mail
Peru's Antamina eyes 2008 output, expansion - More
- November 11, 2008 | Item | E-mail
Tiomin Reports 2008 Q3 Financial Results - More
- November 11, 2008 | Item | E-mail
Talon Metals reports third quarter 2008 results - More
- November 11, 2008 | Item | E-mail
Arehada Announces Temporary Mine and Plant Shut Down - More
- November 11, 2008 | Item | E-mail
Majescor Reports on Uranium Exploration at South Rae, Quebec-Corporate Update - More
- November 11, 2008 | Item | E-mail
Typhoon: At the Core of the Destor-Porcupine Gold Structure - More
- November 11, 2008 | Item | E-mail
Ivernia's Wholly Owned Magellan Metals Welcomes Premier's Commitment to Esperance - More
- November 11, 2008 | Item | E-mail
New Gold Zones Defined in Exploratory Step-Out Drilling at Lydian's Amulsar Discovery in Armenia - More
- November 11, 2008 | Item | E-mail
Lake Victoria Mining Company, Inc.: Kalemela Gold Project Triples in Size With Two New Acquisitions, Lake Victoria Greenstone Belt, Tanzania - More
- November 11, 2008 | Item | E-mail
Strateco Retains Financial Advisor - More
- November 11, 2008 | Item | E-mail
Explorator Resources Intercepts Additional Manto Hosted Oxide Copper-Gold Mineralisation in the Rachel Area at the El Espino Project - More
- November 11, 2008 | Item | E-mail
Constitution Mining Completes Purchase of 25% Interest in Gold Sands Project - More
- November 11, 2008 | Item | E-mail
Platinum Equity Completes Purchase of SCM Metal Products from Gibraltar - More
- November 11, 2008 | Item | E-mail
Results for Q3 2008 - Certej project continues to advance - Profit sustained at Stratoni - More
- November 11, 2008 | Item | E-mail
Extract Resources - Rossing South continues to return wide, high grade zones of uranium mineralisation - More
- November 11, 2008 | Item | E-mail
Ditem: Sinosteel Suspends Agreement - More
- November 11, 2008 | Item | E-mail
Strateco Resources Inc.: Scoping Study on Matoush Indicates Very Strong Economics - More
- November 11, 2008 | Item | E-mail
Bayswater Provides Project and Operations Update - More
- November 11, 2008 | Item | E-mail
Aspire Signs a Mining Subcontract Agreement - More
- November 11, 2008 | Item | E-mail
Cameco Reports Third Quarter Earnings - More
- November 11, 2008 | Item | E-mail
Champion Announces $500,000 Financing - More
- November 11, 2008 | Item | E-mail
International Nickel Ventures Corporation Reports Q3/2008 Results and Provides Exploration Update - More
- November 11, 2008 | Item | E-mail
ALERT: Gold Discovery Breakthrough With State-of-the-Art NITON XRF Testing at Gold King Mine Affirms Colorado Goldfields' Drilling Program - More
- November 11, 2008 | Item | E-mail
Uranium One to lay off staff at SAfrica mine-union - More
- November 11, 2008 | Item | E-mail
Frontera Copper Announces the Temporary Suspension of Mining at Its Piedras Verdes Mine in Mexico, With Leaching Operations to Continue - More
- November 11, 2008 | Item | E-mail
Kalimantan Gold Corporation Limited: Initial Resource Statement for the Mewet Vein at the Jelai Gold Project - More
- November 11, 2008 | Item | E-mail
Cameco profit rises, to reexamine projects - More
- November 11, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 November, 2008 | |
