-- Posted 14 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $742.65 | +$35.35 | +1.14% |
Silver | $9.555 | +$0.695 | -4.26% |
XAU | 80.20 | -5.32% | -5.82% |
HUI | 186.43 | -6.13% | -7.30% |
GDM | 565.97 | -5.54% | -6.95% |
JSE Gold | 1586.19 | +99.18 | -1.96% |
USD | 86.73 | +0.04 | +0.94% |
Euro | 126.72 | -0.93 | -0.49% |
Yen | 103.11 | +0.97 | +1.39% |
Oil | $56.50 | -$1.74 | -7.44% |
10-Year | 3.750% | -0.068 | -0.79% |
Bond | 118.546875 | +1.53125 | +1.88% |
Dow | 8497.31 | -3.81% | -4.99% |
Nasdaq | 1516.85 | -5.00% | -7.92% |
S&P | 873.29 | -4.17% | -6.20% |
The Metals:
Gold and silver held yesterday’s notable after hours access gains in Asia and London and rose to new session highs of $751.85 and $9.703 by about 8:40AM EST in New York before they backed off slightly by late morning, but they still ended with impressive gains of 5% and 7.8%.
Euro gold rose to about €584, platinum gained $31 to $838, and copper gained over 8 cents to about $1.70.
Gold and silver equities rose about 4% in the first half hour of trade before they were dragged over 2% lower by substantial weakness in the major indices by about 11AM EST and remained at about that level for most of the rest of the day, but they then fell back off even further in the last half hour of trade and ended over 5% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Oct | -2.8% | -2.1% | -1.3% |
Retail Sales ex-auto | Oct | -2.2% | -1.2% | -0.5% |
Import Prices | Oct | -4.7% | -4.8% | -3.3% |
Import Prices ex-oil | Oct | -0.9% | - | -0.9% |
Export Prices | Oct | -1.9% | - | -0.8% |
Export Prices ex-ag. | Oct | -1.2% | - | -0.9% |
Michigan Sentiment | Nov | 57.9 | 57.0 | 57.6 |
Business Inventories | Sep | -0.2% | -0.1% | 0.2% |
Retail Sales, Import Prices, and Export Prices all fell by record amounts and Business Inventories fell the most in 3 years, but Michigan Sentiment actually came in better than expected to mark a very rare occasion in recent months.
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index, Capacity Utilization, and Industrial Production on Monday, PPI and Net Foreign Purchases on Tuesday, CPI, Building Permits, Housing Starts, and FOMC minutes on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on more worries over demand after another round of mostly poor economic data from around the world.
The U.S. dollar index rose slightly as the euro fell on evidence that “the 15-nation euro zone had tumbled into recession for the first time since the single currency's introduction nearly 10 years ago.” The dollar’s gains shrank rather markedly after all of the mostly dismal US data was released, but it still ended with a small gain on the view that most of the rest of the world is even worse off than the US.
Treasuries rose as the Dow, Nasdaq, and S&P fell about 4% further on more evidence that the economy is facing some very serious problems.
Among the big names making news in the market Friday were Nokia, Sun Microsystems, Citigroup, Freddie Mac, J.C. Penney, Abercrombie & Fitch, Textron, Home Depot, and Honda.
The Commentary:
“The major driving force in the gold market over the past day has been the drop of the US Dollar versus the Euro. Gold neared some terrific support around $700 and with the strength in the Euro, it helped to motivate upside momentum. The $750 (spot) area is a formidable resistance so a close above this resistance area would open the short-term window to further upside moves.
There have been other positive factors emerging from the gold investment markets. We received news this week of an unprecedented surge in Saudi gold purchases in the prior two weeks with over $3.5 BILLION being acquired. At the same time, South African gold mine supply has taken another tumble, down over 17% year over year. A sharp rise in physical gold investments combined with a drop in mine supply are turning into key ingredients for a well supported gold price.
Going forward, the US Dollar is in its final mid-term leg higher, nearing the end of its massive short-covering rally while other short-term driving forces diminish. True long-term fundamentals do not support a strong US Dollar and as it begins to once again return back to its long-term secular bear market the gold price will accelerate its appeal among dollar, euro and other paper currency holders. We are just entering into the next stage of the global currency crisis which will ultimately drive gold prices significantly higher over the coming months and years.”- Peter Spina, www.goldforecaster.com
“December Gold closed up 37.5 at 742.5. This was 8.3 up from the low and 4.5 off the high.
December Silver finished up 0.69 at 9.49, 0.08 off the high and 0.01 up from the low.
With gold making a very impressive low to high recovery bounce of roughly $55 from the Thursday low and managing most of the recovery right in the face of weaker than expected US economic readings and a hard slide in US equity prices, it almost seemed like the gold market was picking up some fresh buying interest. In fact, the gains in the gold market from the prior session's low did not seem to come from weakness in the Dollar but from some other factor. However, with all the metals markets showing an upward tilt and managing that action in the face of outside market action that early in the week seemed to apply pressure to gold prices, there could have been some type of subtle shift in the markets focus.
Given the weaker than expected US retail sales figures and the downside pulse in the US equity market in the morning action Friday it was very surprising to see the silver market forge and generally maintain the gains Friday through a large portion of the trading session. While the Dollar at times was almost 200 points below the prior session's high, the silver market didn't specifically seem to be garnering its strength from the currency market action.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China urged to buy gold to hedge dollar decline
Chris Powell: Gold and silver market manipulation update
China reported planning big shift of FX reserves into gold
Vindication for CFTC chairman who wanted to regulate derivatives
The Statistics:
As of close of business: 11/13/2008
Gold Warehouse Stocks: | 8,171,788 | -200,429 |
Silver Warehouse Stocks: | 130,204,084 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 748.94 | 24,079,044 | US$ 17,178m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.66 | 3,782,779 | US$ 2,833m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.59 | 372,306 | US$ 279m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.58 | 854,430 | US$ 609m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/13/2008 | |
Total Net Assets | $1,447,575,180 | Ounces of Gold
in Trust | 2,053,895.409 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 63.88 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/13/2008 | |
Total Net Assets | $2,031,433,353 | 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:
Fronteer’s (FRG) third quarter results, First Majestic’s (FR.TO) third quarter results, and Apex Silver’s (SIL) mine sale were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. ITH | THM+10.19% $1.19 |
2. Endeavour | EXK +8.60% $1.01 |
3. Gammon | GRS +4.17% $3.50 |
LOSERS
1. Allied Nevada | ANV -12.93% $2.76 |
2. IAMGOLD | IAG -11.23% $3.24 |
3. Lihir | LIHR -10.49% $12.03 |
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:
Minera Andes reports third quarter 2008 results - More
- November 14, 2008 | Item | E-mail
Sherwood Shareholders Overwhelmingly Approve Business Combination with Capstone - More
- November 14, 2008 | Item | E-mail
Copper Mesa Reports fiscal 2008 Third Quarter Results - More
- November 14, 2008 | Item | E-mail
Murgor Resources announces first closing of $403,000 private placement - More
- November 14, 2008 | Item | E-mail
North Atlantic Issues Financial Statements and MD&A for the Third Quarter of 2008 - More
- November 14, 2008 | Item | E-mail
TEAL Exploration & Mining Incorporated - Report for the quarter-ended September 30, 2008 - More
- November 14, 2008 | Item | E-mail
Pathfinder drilling completed - More
- November 14, 2008 | Item | E-mail
Nord Resources Reports 2008 Third Quarter - More
- November 14, 2008 | Item | E-mail
Campbell Resources reports third quarter 2008 financial results - More
- November 14, 2008 | Item | E-mail
Adventure Gold Arranges a Private Placement with Desjardins Securities - More
- November 14, 2008 | Item | E-mail
Inspiration Corporate Update - More
- November 14, 2008 | Item | E-mail
Supreme Court hears Sulldien's appeals in Shahuindo litigation - More
- November 14, 2008 | Item | E-mail
Uranium One takes $2 bln loss on writedowns - More
- November 14, 2008 | Item | E-mail
Encouraging Assays Returned from Coles Creek - More
- November 14, 2008 | Item | E-mail
Metalex-WSR-Arctic Star 5.01 progress report - More
- November 14, 2008 | Item | E-mail
RiverRun Resources Appoints Chief Financial Officer - More
- November 14, 2008 | Item | E-mail
Sparton Signs Milestone Agreement for Design and Construction of Coal Ash Uranium Recovery Plants in PRC - More
- November 14, 2008 | Item | E-mail
Tao Minerals Announces Procurement of $500,000 Financing to Fund Further Development of El Colmillo Gold Mine - More
- November 14, 2008 | Item | E-mail
JNR Discovers New Mineralized Zones on Way Lake Uranium Project - More
- November 14, 2008 | Item | E-mail
Caledonia Mining Announces Third Quarter 2008 Results - More
- November 14, 2008 | Item | E-mail
Anooraq announces progress update on empowerment transaction with Anglo Platinum - More
- November 14, 2008 | Item | E-mail
Atna Resources Reports Third Quarter 2008 Results - More
- November 14, 2008 | Item | E-mail
Firstgold Begins Crushing at Relief Canyon - More
- November 14, 2008 | Item | E-mail
Logan Resources correction re: directors and officers - More
- November 14, 2008 | Item | E-mail
Premier completes 14 million dollar private placement - More
- November 14, 2008 | Item | E-mail
East West Resource Corporation: Eva Kitto Platinum Property - More
- November 14, 2008 | Item | E-mail
High Desert Gold Board Unanimously Recommends Shareholders REJECT Northern's Unsolicited Offer - More
- November 14, 2008 | Item | E-mail
Freeport appoints Fleming to Advisory Board - More
- November 14, 2008 | Item | E-mail
USCorp Releases an Open Letter To Shareholders - More
- November 14, 2008 | Item | E-mail
Roxmark files Technical Report updating resources at Northern Empire Gold Mine - More
- November 14, 2008 | Item | E-mail
Ivernia Reports Third Quarter 2008 Financial Results - More
- November 14, 2008 | Item | E-mail
Centenario Reports Third Quarter 2008 Results - More
- November 14, 2008 | Item | E-mail
Fronteer Reports Third Quarter Results - "The Company's net loss for the three months ended September 30, 2008 was $5,086,188 or $0.06 per share compared to a net loss of $3,868,201 or $0.06 for three months ended September 30, 2007. The Company's net loss for the nine months ended September 30, 2008 was $12,669,615 or $0.15 per share compared to a net loss of $14,499,061 or $0.22 per share for nine months ended September 30, 2007." More
- November 14, 2008 | Item | E-mail
First Majestic Silver Corp.: Third Quarter Financial Results - "The Company generated an operating loss of $0.8 million for the quarter, compared to an operating loss of $1 million for the quarter ended September 30, 2007. Mine operating earnings for the nine months ended September 30, 2008, amounted to a gain of $59,861, compared to a loss of $4.0 million for the nine months ended September 30, 2007." More
- November 14, 2008 | Item | E-mail
Centenario Copper Reports on Development Progress at Franke SX-EW Copper Project and Proposed Partial Monetization of Current $77 Million Copper Hedge Value - More
- November 14, 2008 | Item | E-mail
Uranium One Announces Results for Q3 2008 - More
- November 14, 2008 | Item | E-mail
GBS Gold Update-Expected Late Filing of Q3 Financials - More
- November 14, 2008 | Item | E-mail
Consolidated Thompson Provides a Third Quarter Update on the Bloom Lake Iron Ore Project - More
- November 14, 2008 | Item | E-mail
Bayswater to Sell Gold Mineral Interests in Italy - More
- November 14, 2008 | Item | E-mail
Vangold Update - More
- November 14, 2008 | Item | E-mail
Apex Silver Announces Letter of Intent for Sale of San Cristobal Mine to Sumitomo - "Apex Silver Mines Limited (AMEX:SIL - News) today announced that it has entered into a non-binding letter of intent with Sumitomo Corporation providing for the sale of Apex Silver's interest in the San Cristóbal mine to Sumitomo for a cash purchase price of $22.5 million. Apex Silver would continue to manage the mine following the sale." More
- November 14, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 November, 2008 | |
