-- Posted 21 November, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $791.50 | +$43.00 | +6.58% |
Silver | $9.505 | +$0.385 | -0.52% |
XAU | 88.80 | +26.71% | +10.72% |
HUI | 212.85 | +27.45% | +14.17% |
GDM | 637.10 | +27.29% | +12.57% |
JSE Gold | 1604.63 | +188.74 | +1.16% |
USD | 87.80 | -0.19 | +1.23% |
Euro | 125.82 | +1.18 | -0.71% |
Yen | 104.23 | -2.35 | +1.09% |
Oil | $49.93 | +$0.51 | -11.63% |
10-Year | 3.167% | +0.023 | -15.55% |
Bond | 126.296875 | +0.515625 | +6.54% |
Dow | 8046.42 | +6.54% | -5.31% |
Nasdaq | 1384.35 | +5.18% | -8.74% |
S&P | 800.03 | +6.32% | -8.39% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it soared higher throughout most of trade in New York and ended near its high of $801.10 with a gain of 5.74%. Silver traded about 1% on either side of unchanged in Asia and about 1% higher in London before it exploded higher in New York and ended near its high of $9.658 with a gain of 4.22%.
Euro gold rose to about €632, platinum gained $35 to $815.50, and copper remained at about $1.57.
Gold and silver equities rocketed throughout the day and ended with about 27% gains!
The Economy:
There were no major economic reports today, but it was announced late in the day that President-elect Barack Obama plans to announce his economic team on Monday and will name New York Fed President Tim Geithner his nominee for Treasury Secretary. All of this week’s economic reports:
Next week’s economic highlights include Existing Home Sales on Monday, GDP and Consumer Confidence on Tuesday, Durable Goods Orders, Initial Jobless Claims, Personal Income and Spending, Chicago PMI, Michigan Sentiment, and New Home Sales on Wednesday, Thanksgiving Holiday on Thursday, and Chicago PMI on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose and the U.S. dollar index fell with treasuries as economic worries eased slightly and encouraged market participants to put cash to work.
The Dow, Nasdaq, and S&P ended over 5% higher in volatile and mixed trade on hopes the economy may start to recover soon and on word that Geithner will be named as the next Treasury Secretary.
Among the big names making news in the market Friday were JPMorgan, GM, Smucker, Cravath, Coachmen, Heinz, AnnTaylor, Citigroup, Wal-Mart, Nationwide, and Dell.
The Commentary:
“There is one inviting conclusion out there. There is no way to know for sure which banks are broke, so it is better to consider they all are.”- Jim Sinclair, JSMineset.com
“December Gold closed up 43.1 at 791.8. This was 35.3 up from the low and 9.7 off the high.
December Silver finished up 0.455 at 9.48, 0.13 off the high and 0.22 up from the low.
With December gold breaking out to the upside and in turn reaching the highest level since October 21st it appeared as if the trade was definitively rejecting the late October and early November consolidation low zone. Apparently the trade thinks that fresh US banking sector concerns and or historically low interest are cause to bid up the flight to quality aspect of gold. However, the whole flight to quality argument was somewhat suspicious on Friday considering that equity prices spend most of the morning trading higher on the day. Perhaps some gold bulls are simply hopeful of some form of topping action in the US Dollar.
While the silver market did not manage as much of an upside thrust as the gold market did on Friday morning, seeing a host of physical commodity markets higher and seeing the US equity market higher gave off the impression of week ending short covering or perhaps weak bargain hunting buying. Clearly periodic weakness in the Dollar served to inspire a number of physical commodity markets but in the end it is likely that the ultra strong action in the gold market was the primary supporting factor behind the silver bounce.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Swamped by gold demand, Perth Mint stops taking orders
Italy's parliament to consider gold sales
Loan investors accuse Goldman Sachs of naked shorting
John Crudele: CNBC has no clue on market manipulation
Judge spares E-Gold directors jail time
Richard Russell says it again: Fed is suppressing gold
Switzerland's shock rate cut unnerves markets
The Statistics:
As of close of business: 11/20/2008
Gold Warehouse Stocks: | 8,108,878 | -100 |
Silver Warehouse Stocks: | 128,649,234 | -14,106 |
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 | 752.00 | 24,177,465 | US$ 17,839m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.03 | 3,762,486 | US$ 2,997m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 369,078 | US$ 295m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.94 | 866,171 | US$ 639m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/20/2008 | |
Total Net Assets | $1,537,214,680 | 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 11/20/2008 | |
Total Net Assets | $2,018,121,651 | Ounces of Silver
in Trust | 214,983,944.900 |
Shares Outstanding | 217,700,000 | Tonnes of Silver
in Trust | 6,686.75 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) $1 billion loan facility, HudBay’s (HBM.TO) offer to by Lundin (LUN.TO) for about C$800 million, Silverstone’s (SST.V) completed gold and silver stream purchase, and Apogee’s (APE.V) suspended production in Bolivia were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. AngloGold | AU+43.03% $19.61 |
2. Gold Fields | GFI +36.96% $7.30 |
3. Hecla | HL +34.55% $1.48 |
LOSERS
1. US Energy | USEG -4.40% $1.74 |
2. Allied Nevada | ANV -3.96% $2.17 |
3. Ivanhoe | IVN -1.15% $1.72 |
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:
Dia Bras Closes $2.0 Million Non-Brokered Private Placement - More
- November 21, 2008 | Item | E-mail
High River Gold Announces Completion of Previously Announced Equity Financing - More
- November 21, 2008 | Item | E-mail
Sherwood Announces Closing of Precious Metal Transaction - More
- November 21, 2008 | Item | E-mail
Silverstone Completes Purchase of 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 closed its previously announced transaction (November 7, 2008) with Sherwood Copper Corporation to purchase all of the payable gold and silver from the Minto Mine in the Yukon, Canada, over the life of the mine starting December 1, 2008." More
- November 21, 2008 | Item | E-mail
Katanga temporarily halts mining at 2 locations - More
- November 21, 2008 | Item | E-mail
Anooraq Board Appointment - More
- November 21, 2008 | Item | E-mail
HudBay to buy Lundin for about C$800 mln - "HudBay Minerals (HBM.TO: Quote, Profile, Research, Stock Buzz) has agreed to buy fellow Canadian base metals miner Lundin Mining (LUN.TO: Quote, Profile, Research, Stock Buzz) for around C$800 million ($625 million) in stock, the companies said on Friday.
HudBay, which like Lundin has been hit hard by tight credit markets and sliding commodity prices, will pay 0.3919 of a share for each Lundin common share. At C$2.08 a share, the offer is a steep premium on Lundin's price of C$1.12, before the stocks were halted on Friday on the Toronto Stock Exchange." More
- November 21, 2008 | Item | E-mail
Red Back boosts offering 50 pct, cites demand - More
- November 21, 2008 | Item | E-mail
Katanga Mining Limited: Kolwezi Concentrator Update - More
- November 21, 2008 | Item | E-mail
HudBay and Lundin Announce Friendly Business Combination - More
- November 21, 2008 | Item | E-mail
New Jersey Mining Company Updates Progress of Toboggan Project - More
- November 21, 2008 | Item | E-mail
Ventana Appoints Randy Smallwood to Board of Directors - More
- November 21, 2008 | Item | E-mail
Termination of proposed restructure of Extract Resources Limited and Kalahari Minerals Plc - More
- November 21, 2008 | Item | E-mail
Osisko Intersects 185.2 Metres Averaging 1.97 g/t Au at South Barnat - More
- November 21, 2008 | Item | E-mail
Hawk Uranium Inc. Extends Loan to Wits Basin Precious Minerals Inc.; Abandons Lambton County Prospect - More
- November 21, 2008 | Item | E-mail
Fletcher Nickel appoints VP and seeks director - More
- November 21, 2008 | Item | E-mail
Energy Fuels Announces Capital Preservation Strategy While Advancing Development of Its Asset Base - More
- November 21, 2008 | Item | E-mail
Northern Gold Mining Inc. Completes 2008 Drilling - More
- November 21, 2008 | Item | E-mail
MAX intersects 22 metres of 0.78 g/t gold at Howell - More
- November 21, 2008 | Item | E-mail
Magnum Recycling Canada Receives Visit from Politician in Quebec, Mario Dumont - More
- November 21, 2008 | Item | E-mail
Douglas Lake Minerals appoints geological expert, Dr. Wenqin Zhang, to the Board of Directors - More
- November 21, 2008 | Item | E-mail
Logan Resources announces resignation of Director - More
- November 21, 2008 | Item | E-mail
Chile Molymet sees molybdenum around $10/lb in 2009 - More
- November 21, 2008 | Item | E-mail
Blue Note Appoints New Directors - More
- November 21, 2008 | Item | E-mail
Freewest Set to Resume Diamond Drilling on Its 100%-Owned McFaulds Property in Northern Ontario - More
- November 21, 2008 | Item | E-mail
Crowflight Obtains Conditional Approval to Trade on Toronto Stock Exchange - More
- November 21, 2008 | Item | E-mail
First Gold Intercepts 9.07 g/t Au Over 6.0 m at Croinor - More
- November 21, 2008 | Item | E-mail
Golden Phoenix Minerals Issues President's Letter to Shareholders Following Release of Q3 Financials - More
- November 21, 2008 | Item | E-mail
Apogee Halts Production at La Solucion Mine, Bolivia - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) today announced it has suspended production at its silver-zinc-lead mining operation, located north of La Paz in Bolivia. Declining metal prices and lower grades at the mine combined with higher smelting costs and taxes relative to last year have rendered the operation sub economic under present conditions. The company is in discussions with union officials and with Bolivian Ministry of Mines officials to review best alternatives for the future of the operation and will provide further information on conclusion of these discussions." More
- November 21, 2008 | Item | E-mail
AngloGold Ashanti Announces Signing of US$1 Billion Loan Facility - "The Term Facility is available to be drawn during February 2009 for the purpose of repaying the US$1 billion convertible bond due on 27 February 2009 issued by AngloGold Ashanti Holdings plc and guaranteed by AngloGold Ashanti. The Term Facility is for an initial one year period from the date of the first drawdown in February 2009 and the Term Facility is extendable, if required, at the option of AngloGold Ashanti until 30 November 2010." More
- November 21, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2008
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 21 November, 2008 | |
