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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 1% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 18 January 2008 | Digg This ArticleDigg It! | | Source: GoldSeek.com

Note: US Markets will be closed on Monday in observance of Martin Luther King Day.

 

GoldSeek.com Radio Gold Nugget: Lou Dobbs & Chris Waltzek
By: GoldSeek.com Radio

 

 

Close

Gain/Loss

On Week

Gold

$880.50

+$0.60

-1.61%

Silver

$16.09

+$0.19

-0.86%

XAU

177.30

+1.09%

-8.40%

HUI

436.80

+0.63%

-8.06%

GDM

1334.12

+0.72%

-8.11%

JSE Gold

2561.94

-132.19

-7.44%

USD

76.37

+0.15

+0.47%

Euro

146.25

-0.53

-1.10%

Yen

93.45

-0.08

+1.78%

Oil

$90.57

+$0.44

-2.29%

10-Year

3.648%

+0.008

-4.25%

Bond

119.59375

-0.50

+1.14%

Dow

12099.30

-0.49%

-4.02%

Nasdaq

2340.02

-0.29%

-4.10%

S&P

1325.19

-0.60%

-5.41%

 

The Metals:

 

Gold saw a nearly 1% loss at as low as $871.60 in early London trade before it rallied strongly into the New York open and rose to as high as $885.15 by about 9AM EST, but it then fell back off for most of the rest of trade and ended with a gain of just 0.07%.  Silver fell to $15.676 and rose to $16.26 before it also fell back off a bit, but it still ended with a respectable gain of 1.19%.

 

Euro gold rose to about €602, platinum lost $13 to $1545, palladium lost $2 to $366, and copper rose over 5 cents to about $3.24.

 

Gold and silver equities rose about 2% at the open and fell roughly 2% midday before they rallied back higher into the close and ended with around 1% gains.

 

COT Gold, Silver and US Dollar Index Report - January 18, 2008  GoldSeek.com

 

The Economy:

 

Report

For

Reading

Expected

Previous

Leading Indicators

Dec

-0.2%

-0.1%

-0.4%

Michigan Sentiment

Jan

80.5

74.5

75.5

 

“The Bush administration proposed a growth package of as much as $150 billion to counter escalating risks to an economic expansion now in its seventh year.”

 

All of this week’s economic reports:

 

Michigan Sentiment - January

80.5 v. 75.5

 

Leading Indicators - December

-0.2% v. -0.4%

 

Philadelphia Fed - January

-20.9 v. -1.6

 

Initial Claims - 1/12

301K v. 322K

 

Building Permits - December

1068K v. 1162K

 

Housing Starts - December

1006K v. 1173K

 

Capacity Utilization - December

81.4% v. 91.6%

 

Industrial Production - December

0.0% v. 0.3%

 

Net Foreign Purchases - November

$90.9B v. $114.0B

 

CPI - December

0.3% v. 0.8%

 

Core CPI - December

0.2% v. 0.3%

 

Business Inventories - November

0.4% v. 0.1%

 

NY Empire State Index - January

9.0 v. 9.8

 

PPI - December

-0.1% v. 3.2%

 

Core PPI - December

0.2% v. 0.4%

 

Retail Sales - December

-0.4% v. 1.0%

 

Retail Sales ex-auto - December

-0.4% v. 1.7%

 

Next week’s economic highlights include Initial Jobless Claims and Existing Home Sales on Thursday.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil traded mixed before ending higher as worries over economic growth were overcome by short covering heading into the long weekend.

 

The U.S. dollar index found slight gains on hopes that the recently announced stimulus plan will help ease current credit market problems.

 

Treasuries fell slightly by the close, but interest rates remain close to 4 and ½ year lows on the outlook for a cut of at least 50 basis points by the fed at their meeting at the end of the month.

 

The Dow, Nasdaq, and S&P fell on worries about the economy and uncertainty about the exact size and details of the proposed stimulus plan.

 

Among the big names making news in the market Friday were Johnson Controls, NYSE and Amex, GE, MBIA and Ambac, Sprint Nextel, Schlumberger, and IBM.

 

The Commentary:

 

“February Gold finished up 1.2 at 881.7, 7.2 off the high and 5.2 up from the low.

 

March Silver closed up 0.205 at 16.215. This was 0.125 up from the low and 0.155 off the high.

 

Gold saw a choppy trade this session as the market tried to weigh clear signs of economic slowing this week against US government efforts to avoid a recession. Early efforts to trade higher were limited by the Leading Indicators report showing a third straight monthly decline which some consider to be a sign of economic recession. Outside market influences were also mostly negative with the Dollar gaining ground and the equity markets turning lower as the Bush stimulus plan failed to inject much confidence the US will be able to avoid a recession. The market also held up relatively well despite some weak physical demand news. However, dips in gold prices also seemed to be attracting buyers on a flight to safety basis tied to increased inflation expectations. Bernanke made it clear this week the Fed stands ready to act aggressively to provide monetary stimulus despite the apparent inflation risks of a weak Dollar and high energy and food prices.

 

The silver market made an impressive upside probe as market action seemed to be more closely tied to strong gains in the copper market this session while the ebb and flow of the gold market seemed to have less influence. There was a mixed bag of economic news out on Friday as a decline in Leading Indicators points to economic slowing ahead, while an unexpected jump in the U of M consumer confidence reading raised hopes that an economic downturn may be less severe. In fact, it looks like industrial metals were able to garner some optimism regarding the economy from the Bush stimulus plan and expectations for the Fed to aggressively cut rates.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Telegraph's Jeff Randall: When governments print money, buy gold

 

The Statistics:

As of close of business: 1/17/2008

Gold Warehouse Stocks:

7,491,724

-813

Silver Warehouse Stocks:

129,453,342

-618,593

 

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)

StreetTRACKS Gold Shares

629.83

20,249,530

US$ 17,983m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

101.02

3,247,764

US$ 2,868m

Australian Stock Exchange (ASX)

Gold Bullion Securities

16.62

534,010

US$ 472m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

25.93

833,566

US$ 740m

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 1.22 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 1/17/2008

 

Total Net Assets

$1,638,368,946

Ounces of Gold
in Trust

1,863,176.220

Shares Outstanding

18,850,000

Tonnes of Gold
in Trust

57.95

Note: No change in Total Tonnes from yesterday’s data.

 

Silver Trust (SLV)

Profile as of 1/17/2008

 

Total Net Assets

$2,542,797,045

Ounces of Silver
in Trust

160,161,664.700

Shares Outstanding

16,150,000

Tonnes of Silver
in Trust

4,981.58

Note: No change in Total Tonnes from yesterday’s data.

 

The Stocks:

 

Midway’s (MDW) permitting, Kinross Gold’s (KGC) production outlook, AngloGold’s (AU) operational guidance, Northgate’s (NXG) approved acquisition of Perseverance, Sterling Mining’s (SRLM.OB) exhibit at the Vancouver Resource Investment Conference, Aquiline’s (AQI.TO) and IMA’s (IMR) extended deadline, and Oro Silver’s (OSR.V) drill results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Cardero

CDY +5.97% $1.42

2.  Northgate

NXG +4.96% $2.75

3.  Pan American

PAAS+4.13% $36.30

 

LOSERS

1.  Seabridge

SA-8.84% $21.75

2.  Solitario

XPL -8.61% $5.20

3.  Alexco

AXU-6.63% $4.51

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:

Creston Retains Investor Relations Consultants - More
- January 18, 2008 | Item | E-mail


Glass Earth Gold Limited: Private Placement Update - More
- January 18, 2008 | Item | E-mail


Explor Resources Increases East Bay Gold Property - More
- January 18, 2008 | Item | E-mail


Bannerman Resources Ltd. Reports Goanikontes Anomaly A Operational Cost Reductions - More
- January 18, 2008 | Item | E-mail


Sterling Mining to Exhibit at Vancouver Resource Investment Conference - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) today announced that it will exhibit at the Vancouver Resource Investment Conference on January 20th and 21st, 2008, in Vancouver, British Columbia, organized by Cambridge House International." More
- January 18, 2008 | Item | E-mail


Mega Uranium Update on 2007 Thelon Exploration Program - More
- January 18, 2008 | Item | E-mail


Asian Mineral Resources Limited Announces Appointment of New Chief Financial Officer - More
- January 18, 2008 | Item | E-mail


First Narrows Appoints New Board Member - More
- January 18, 2008 | Item | E-mail


Sage Drills Onaman Property-Beardmore Geraldton Gold Camp - More
- January 18, 2008 | Item | E-mail


Lero Appoints Dr Alexander Yakubchuk as Consultant & Julian Woodcock as Chief Geologist - More
- January 18, 2008 | Item | E-mail


JNR Announces 2008 Winter Exploration Programs Underway - More
- January 18, 2008 | Item | E-mail


ABV Gold Releases Independent Appraisal of Russian Mine Merger Target and Signs Letter of Intent - More
- January 18, 2008 | Item | E-mail


Brazauro Resources Stock Options Reduced - More
- January 18, 2008 | Item | E-mail


Advanced Explorations Inc. Moving Forward on Resource Determination and Economic Studies - More
- January 18, 2008 | Item | E-mail


Typhoon Exploration Announces the Distribution of 2,000,000 Common Shares of Diamond Frank Exploration - More
- January 18, 2008 | Item | E-mail


RJK Explorations Ltd. Discussing Cuban Mining Opportunities with Holmer Silver Co. - More
- January 18, 2008 | Item | E-mail


Marifil Mines Ltd.: Encouraging Drill Results From San Roque - More
- January 18, 2008 | Item | E-mail


Alberta Star Drills 22.5 Meters of 2.24% Zinc, 0.23% Lead, 0.025% Cobalt and 0.10% Copper at the Skinny Lake IOCG Target at Contact Lake, NT - More
- January 18, 2008 | Item | E-mail


J-Pacific Terminates SEC Registration - More
- January 18, 2008 | Item | E-mail


Sage Gold Inc.: Jacobus Ni-Cu Drilling Continues to Return High Grade Intercepts - More
- January 18, 2008 | Item | E-mail


Wescan Goldfields Inc. reports on winter drilling programs - More
- January 18, 2008 | Item | E-mail


CNG's Bullard Pass Gold Project Advances to Phase Two - More
- January 18, 2008 | Item | E-mail


Mineral Deposits Limited-Sabodala Gold Project-Underground Reserves Potential - More
- January 18, 2008 | Item | E-mail


Merrex Forms Strategic Alliance for Turkish Exploration and Secures Efemcukuru Permit - More
- January 18, 2008 | Item | E-mail


Premier-Goldcorp Announce Changes in Red Lake Joint Venture - More
- January 18, 2008 | Item | E-mail


High Desert Gold Corporation Intersects Gold Mineralization at the Canasta Dorada Property in Sonora, Mexico - More
- January 18, 2008 | Item | E-mail


Mansfield Minerals Inc.: Huge Stepout-Big Copper/Gold Intercept at Rio Grande West - More
- January 18, 2008 | Item | E-mail


Alamos Gold Inc. Announces New Gold Zone Delineated at La Yaqui Prospect, Mulatos District, Mexico - More
- January 18, 2008 | Item | E-mail


Clifton Star Resources Inc.: Progress Report on Duquesne Mine Project-Quebec - More
- January 18, 2008 | Item | E-mail


Constitution Mining Appoints Five Member Advisory Board - More
- January 18, 2008 | Item | E-mail


GoldSpring, Inc. Appoints Two New Directors - More
- January 18, 2008 | Item | E-mail


Gladstone Pacific Nickel Ltd ("Gladstone" or "the Company") ACN (104 261 887) - Feasibility Study Results - More
- January 18, 2008 | Item | E-mail


Atlanta Gold changes strategic focus for development of Atlanta Gold project - More
- January 18, 2008 | Item | E-mail


Piedmont Mining Reports Preliminary Drill Results for Dutch Flat Property - More
- January 18, 2008 | Item | E-mail


Antares discovers new mineralized zone at Rio Grande project - More
- January 18, 2008 | Item | E-mail


Ventura Gold Reports Significant Drill Results at the Inmaculada Gold-Silver Project in Peru, Including 3.7 Meters at 9.3 gpt Gold and 476 gpt Silver - More
- January 18, 2008 | Item | E-mail


What's to blame for SA's gold tumble? - "Rising costs, falling ore quality and underinvestment in ageing mines were the main factors behind South Africa's ouster by China as the world's largest gold producer in 2007, analysts said Friday." More
- January 18, 2008 | Item | E-mail


Radisson Mining Reports More High-Grade Gold Assays on the O'Brien, High Grade Nickel Copper Assays on its RM Nickel Project and Initial Moly Samples at La Rein - More
- January 18, 2008 | Item | E-mail


Underground Plans Submitted for Permitting at Midway Project - "Midway Gold Corp. (CDNX:MDW.V - News)(MDW - News) (the "Company") is pleased to announce initiation of permitting for an exploration decline at its Midway Project, Nevada. A Plan of Operations has been submitted to the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection (NDEP) for a 3,000 foot decline." More
- January 18, 2008 | Item | E-mail


El Nino Ventures Update on Exploration Program in the Democratic Republic of Congo (DRC) - More
- January 18, 2008 | Item | E-mail


Trelawney to Form 50/50 Joint Venture With MetalCorp - More
- January 18, 2008 | Item | E-mail


China Shen Zhou Mining & Resources Announces Engagement of the Global Consulting Group to Lead Financial Marketing and Investor Relations Initiatives - More
- January 18, 2008 | Item | E-mail


Alhambra Resources Ltd. - 2008 Objectives, Preliminary Capital Program & Operational Targets - More
- January 18, 2008 | Item | E-mail


Goldex Resources increases land position in Mexican Gold and Silver Belt - More
- January 18, 2008 | Item | E-mail


Environmental Health and Safety program (EH&S) completed at Nolan - More
- January 18, 2008 | Item | E-mail


Commander Outlines Drill Targets at Troy's Pond - More
- January 18, 2008 | Item | E-mail


Aquiline and IMA Extend Deadline on Final Payment to Transfer Navidad Property - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) advises that Aquiline and IMA Exploration Inc. ("IMA") have agreed to amend the terms of the interim project development agreement (the "IPDA") to allow Aquiline an extension until February 11, 2008 to pay the sum of $11 million (the "Minimum Project Expenditure Amount") owing to IMA thereunder." More
- January 18, 2008 | Item | E-mail


Oro Silver Reports Positive Results on Vetagrande Mine, Zacatecas, Mexico - "Results received to date by Oro Silver confirm high-grade potential of the Vetagrande vein system. Control samples taken underground during due-diligence graded from 140.3 to 436.7 g/t Ag and 0.2 to 2.0 g/t Au, with elevated base metal contents of 1.34 to 6.38% zinc and 0.13 to 6.18% lead." More
- January 18, 2008 | Item | E-mail


China now world's largest gold producer; foreign miners at door - "China produced 276 metric tons of gold last year, equal to about 9.7 million ounces, said London precious metals consultancy GFMS Ltd. in a report released Thursday. That's up 12% from the year-ago and represented just over one-tenth of the world's supply." More
- January 18, 2008 | Item | E-mail


Perseverance shareholders and warrant holders approve Northgate acquisition proposal - "Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) is pleased to announce that the common shareholders and warrant holders (referred to in Australia as ordinary shareholders and optionholders, respectively) of Perseverance Corporation Limited ("Perseverance") voted earlier today in favour of their respective Schemes of Arrangement (the "Schemes"), which will give effect to Northgate's acquisition of Perseverance." More
- January 18, 2008 | Item | E-mail


Kinross Provides Outlook for 2008 and 2009 - "This will be an important year of transition at Kinross. In 2008, we expect to bring all three of our new, lower-cost development projects into production on schedule, increasing our gold equivalent production by 20 per cent this year and setting the stage for expected production of 2.5 to 2.6 million ounces in 2009, a 60-per-cent increase over 2007 production." More
- January 18, 2008 | Item | E-mail


AngloGold Ashanti Operational Guidance for Q4 2007 - "During the fourth quarter AngloGold Ashanti's South African operations experienced a number of planned and unplanned shutdowns due primarily to safety interventions. This has resulted in the South African operations producing approximately 55,000 ounces of gold less than the prior quarter. The "Safety is our First Value" campaign was introduced on 8 November 2007, undertaken jointly with organised labour and government representatives, together with associated campaigns at each of our South African business units. As a result, these operations have started to experience an encouraging improvement in safety performance." More
- January 18, 2008 | Item | E-mail


AngloGold Q4 output falls on shutdowns, Tanzania - "Fourth quarter output at AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) fell 4.3 percent, undermined by safety-related shutdowns in South Africa and operational woes in Tanzania, sending its shares into a near nine percent dive.

The world's third-biggest gold producer said on Friday fourth quarter output to end-December fell to 1.368 million ounces, against 1.43 million ounces for the third quarter." More
- January 18, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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-- Posted Friday, 18 January 2008 | Digg This Article | Source: GoldSeek.com




 



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