Gold Seeker Closing Report – Gold Falls From 25-Year Highs

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Gold Seeker Closing Report – Gold Falls From 25-Year Highs

By: Chris Mullen, Gold Seeker

-- Posted 10 January, 2006 | | Source: SilverSeek.com

Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:

Wholesale Inventories for November came in less than the expected 0.5% at 0.4%, but higher than October’s mark of 0.2%. There are no major economic reports due out tomorrow.

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	Close	Gain/Loss
Gold	$543.90	-$4.90
Silver	$8.94	-$0.25
XAU	139.13	-0.19%
HUI	304.05	+0.12%
GDM	969.81	-0.10%
JSE Gold	2601.57	-1.36
USD	89.31	+0.04
Euro	120.73	-0.13
Yen	87.42	+0.04
Oil	$63.37	-$0.13
10-Year	4.428%	+0.049
T-Bond	113.53125	-0.59375
Dow	11011.58	-0.00%
Nasdaq	2320.32	+0.07%
S&P	1289.69	-0.04%

Gold Warehouse Stocks:	7,012,582	-
Silver Warehouse Stocks:	120,604,815	-

Gold initially jumped above $550 in access trade yesterday, but it then fell off steadily in Asia, London, and early New York trade to fall under $540 at one point before it rebounded slightly in afternoon New York trade. While gold ended off its lows of the session, it still ended 0.89% lower to fall from 24 and ½ year highs. Silver followed a similar pattern and ended 2.72% lower to fall from 18 and ½ year highs.

Gold and silver equities started off about 2% lower before rising to find slight gain in early afternoon trade, but they then fell off a bit into the close and ended mixed and near unchanged.

Copper made new all-time highs around $2.15, platinum gained $8 to $1,008 to come with in $1 of its 25 year closing high, palladium lost $5 to $270, euro gold fell back under €450, and the CRB index continued to drop slightly from it’s 25 year high made last Friday.

More Precious Metals Analysis:

“After being pushed to a new high in over night trade, Feb gold prices fell sharply under a wave of profit taking with March silver price seeing a more severe drop in prices. Clarification by a senior Chinese Central Banker that China was not about to sell its US Dollar assets as part of a move to diversify their foreign exchange reserves may have contributed to the sell off in gold as some investors had speculated that China's Central Bank may begin to accumulate more gold. News that Iran has restarted its nuclear program surprisingly did not provide any safe haven buying interest in gold. With silver following on gold's coattails and the market technically over bought, it is not surprising that the break in silver was more pronounced with the March contract failing to hold the $9 level. Despite Tuesday's technical sell off, market sentiment remains bullish that gold will resume its up trend once the correction is complete.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index found slight gains as China rejected ideas that it may sell US dollar assets as part of their move to diversify foreign reserves and the euro found some support from strong German sentiment data, but currencies held near unchanged for the most part as traders looked ahead to trade and budget deficit data on Thursday.

Oil gained in early trade as Mid-East tensions increased and traders looked for drops in stockpiles to be reported in inventory reports due out tomorrow, but oil fell off and found slight losses by the end of trade on signs of falling demand due to mild winter temperatures in the U.S.

Treasuries fell throughout trade ahead of more supply coming onto the market in the forms of a 5-year note auction tomorrow and a 10-year TIPS auction on Thursday.

The Dow, Nasdaq, and S&P traded mostly lower on disappointing earnings, but all 3 indices rallied in late trade to end mixed and near unchanged around their 4 and ½ year highs made yesterday.

Among the big names making news in the market today were Apple, Home Depot and Hughes Supply, OfficeMax, General Motors, Lottomatica and Gtech Holdings, Phelps Dodge, and Toy “R” Us.

Gold & Silver Stock News Update from GoldReview.com:

Peter Zihlmann’s new stock report on Agnico-Eagle Mines posted today, Crystallex’s new CFO appointment, Nevsun’s addition to the AMEX gold miners index, Mines Management’s trading on the Toronto Stock Exchange, MAG silver’s high-grade silver intersection at Batopilas, and Silver Standard’s director appointment were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1. Gold Reserve	GRZ +21.48% $4.75
2. Rubicon	RBY +14.29% $1.12
3. Crystallex	KRY +7.88% $2.60

LOSERS

1. Kimber	KBX -4.15% $1.85
2. Lihir Gold	LIHRY -4.09% $35.20
3. Rio Narcea	RNO -3.21% $1.51

All of today's gold and silver stock news:

Scion Capital Encouraged by Proxy Voting Against Gold Fields Acquisition of Bolivar - "Based on the proxies received up to today, we have received substantial support from securityholders, although the final vote won't be known until both our proxies and those received by management are counted," said Michael Burry, Scion Capital's President. More
- January 10, 2006 | Item | E-mail

Paramount Gold Closes Additional Financing at $3.50 Per Share - More
- January 10, 2006 | Item | E-mail

Drilling resumes - More
- January 10, 2006 | Item | E-mail

South American Gold and Copper Company Limited Provides Status Report on its Pimenton Gold Mine - More
- January 10, 2006 | Item | E-mail

Crystallex Announces Appointment of Dan Hamilton as Chief Financial Officer Upon the Retirement of Borden Rosiak - "Crystallex International Corporation announced today that Dan Hamilton, currently Vice-President and Controller of the Company since 2003, has been appointed Chief Financial Officer of the Company upon the retirement of Borden Rosiak, both effective January 31, 2006. Mr. Rosiak will be available to the Company as an advisor on financial matters going forward." More
- January 10, 2006 | Item | E-mail

Gulf International Minerals Ltd Announces - More
- January 10, 2006 | Item | E-mail

Kilgore Minerals to Conduct Work Program on Flagship Gold Property - More
- January 10, 2006 | Item | E-mail

Non-Brokered Private Placement Increased to $700,000 - More
- January 10, 2006 | Item | E-mail

International Gold Resources Reports on Findings of Independent Geological Report on One of Its Brazilian Properties - More
- January 10, 2006 | Item | E-mail

Great West Gold, Inc. -- 25 Percent Stock Dividend - More
- January 10, 2006 | Item | E-mail

Queenston - Upper Beaver Drilling Intersects New High Grade Gold - Copper Mineralization assaying 47.9 g/t Au and 6.4% Cu across 8.0 metres - More
- January 10, 2006 | Item | E-mail

La Mancha to acquire four gold mines in Australia, Sudan, and Ivory Coast - More
- January 10, 2006 | Item | E-mail

Galantas Exhibits At Vancouver and London Mining Shows - More
- January 10, 2006 | Item | E-mail

Eagle Plains/Northern Continental Complete 2005 Exploration Work on Elsiar (LCR) Project, West-Central B.C. - More
- January 10, 2006 | Item | E-mail

Nevsun Added to AMEX Gold Miners Index - "Nevsun Resources Ltd is pleased to announce it has been added to the AMEX Gold Miners Index. The Index is a modified market capitalization weighted index of companies primarily involved in the mining for gold and silver and listed on any of the U.S. stock markets: New York, American and NASDAQ." More
- January 10, 2006 | Item | E-mail

BrazMin receives further encouraging assay results from its Sao Jorge advanced exploration project, Brazil - More
- January 10, 2006 | Item | E-mail

Canarc Appoints Jack McClintock President and C.O.O. - More
- January 10, 2006 | Item | E-mail

Resource Finance Announces a New Source of Chromite in the USA and Reports on the Oregon Resources Corp. Industrial Minerals Project - More
- January 10, 2006 | Item | E-mail

Red Back Reports Main Zone at Enchi Exploration Target Expanded - More
- January 10, 2006 | Item | E-mail

Taranis Resources Extends Kettukuusikko South Zone Northward, Tests Paivanena and Kettukuusikko North Zones - More
- January 10, 2006 | Item | E-mail

Romios Gold Resources Inc.: Geophysical Surveys Define Priority Target At Newmont Lake - More
- January 10, 2006 | Item | E-mail

sxr Uranium One welcomes outcome of Sub Nigel (SBN) shareholders' meeting on the establishment of Aflease Gold - More
- January 10, 2006 | Item | E-mail

Table on Sultan Minerals' January 9, 2006 Kena Gold Property News Release Corrected & Additional Information - More
- January 10, 2006 | Item | E-mail

Stellar Closes a Private Placement - More
- January 10, 2006 | Item | E-mail

Matamec Signs Letter of Intent to Acquire Majority Interest in Montclerg Gold Deposit in Porcupine-Timmins Mining Camp - More
- January 10, 2006 | Item | E-mail

MDN Northern Mining: Underground Feasibility Study for Tulawaka Mine - More
- January 10, 2006 | Item | E-mail

Mill City/Minterra commence drilling at Eden, Nevada - More
- January 10, 2006 | Item | E-mail

Petaquilla Minerals Ltd.: Private Placement Fully Subscribed - More
- January 10, 2006 | Item | E-mail

Laramide Airborne Survey Shows Potential for Discovery of New Uranium District in Northern Australia - More
- January 10, 2006 | Item | E-mail

Trend's Athabasca Uranium Project Completes Drill Hole, Adds to Claims - More
- January 10, 2006 | Item | E-mail

Murgor Resources appoints Dr. C. Jay Hodgson, former chief geologist at Barrick Gold, as Chairman of the Board - More
- January 10, 2006 | Item | E-mail

Fortress Announces CDN $5 Million Private Placement - More
- January 10, 2006 | Item | E-mail

General Minerals Corporation Announces Drill Results for Warra Warra Target at the Malku Khota Silver Project in Bolivia - More
- January 10, 2006 | Item | E-mail

Geocom Resources Inc.: La Carolina Venture Update - More
- January 10, 2006 | Item | E-mail

Farallon Warrant Exercise Complete & Campo Morado 2006 Program Begins - More
- January 10, 2006 | Item | E-mail

GoldSpring, Inc. Advances Plum Mine Improvement Program - More
- January 10, 2006 | Item | E-mail

First Quantum Minerals Provides an Update and Scoping Study Results for the High Pressure Oxidation and Leach Project at the Kansanshi Copper-Gold Mine - More
- January 10, 2006 | Item | E-mail

Itronics Popular 2006 Limited Edition Silver Nevada Miner Bars Are Now Available - More
- January 10, 2006 | Item | E-mail

Alto Arranges Financing for Drilling of Gold Projects - More
- January 10, 2006 | Item | E-mail

Bear Creek announces additional metallurgical test results - More
- January 10, 2006 | Item | E-mail

Mines Management Begins Trading on the Toronto Stock Exchange - "The listing on the TSX will provide additional investment opportunities for Canadian investors, investment professionals and institutions, and is part of the Company's strategy to increase visibility for the Company and improve liquidity for shareholders." More
- January 10, 2006 | Item | E-mail

MAG Silver Intersects High-Grade Silver at Batopilas 75.8 Ounces/Tonne '2,357 Grams' Silver Over 1.70 Meters - "MAG Silver Corp. announces that high-grade silver mineralization has been intersected in initial drilling at its 100% owned Batopilas Silver Project in Chihuahua State, Mexico. Hole 02 intersected 1.70 meters (5.6 feet) of 2,358 grams per tonne silver (75.8 ounces per tonne). The intersection is part of a 3.0 meter (9.8 feet) zone locally rich in the silver bearing mineral acanthite (argentite)." More
- January 10, 2006 | Item | E-mail

Silver Standard Announces Appointment of New Director - "The board of directors of Silver Standard Resources Inc. is pleased to announce the appointment of John R. Brodie, FCA, to the board of the company as an independent director. Mr. Brodie has extensive financial and operations management experience and a proven record of strengthening financial performance for private and public companies." More
- January 10, 2006 | Item | E-mail

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Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com

- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news. For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

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 10 January, 2006 | |

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