-- Posted 19 January, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Initial Claims | 1/14 | 271K | 315K | 307K |
Building Permits | Dec | 2068K | 2100K | 2163K |
Housing Starts | Dec | 1933K | 2035K | 2121K |
Philadelphia Fed | Jan | 3.3 | 13.0 | 10.9 |
Housing Starts fell to a 9 month low as rising interest rates impact the housing market. Initial Jobless Claims fell to the lowest level in 5 and ½ years. The Philadelphia Fed Manufacturing Index came in surprisingly low in contrast to recent reports of strong economic conditions. Tomorrow at 9:50AM EST brings the preliminary reading for January Michigan Sentiment expected at 92.5.
Also having a small impact on the markets today were comments from Osama bin Laden. He spoke of new attacks in the U.S., but also said al Qaeda was open to a conditional truce provided that the U.S. pulls their troops out of Muslim nations.
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| Close | Gain/Loss |
Gold | $558.20 | +$14.60 |
Silver | $9.03 | +$0.24 |
XAU | 141.88 | +3.08% |
HUI | 308.80 | +3.96% |
GDM | 982.18 | +3.54% |
JSE Gold | 2751.83 | +2.49 |
USD | 89.36 | +0.07 |
Euro | 120.92 | +0.05 |
Yen | 86.61 | -0.07 |
Oil | $66.83 | +$1.10 |
10-Year | 4.379% | +0.039 |
T-Bond | 114.40625 | -0.34375 |
Dow | 10880.71 | +0.24% |
Nasdaq | 2301.81 | +0.97% |
S&P | 1285.04 | +0.56% |
Gold Warehouse Stocks: | 7,075,742 | - |
Silver Warehouse Stocks: | 121,208,418 | - |
Gold started off slightly lower in overseas trade and then jumped above $550 in Asia before sagging a bit in London, but it then climbed back to trade above $555 in New York and ended just off its highs with a 2.69% gain. Silver followed a very similar pattern and ended 2.73% higher. Both metals remain just under their 25 and 18 year highs set in world trade on Monday.
Euro gold made new all-time highs above €460, platinum gained $14 to $1,031 to end just $10 from new 26 year highs, palladium gained $4 to $278 to end just $13 from new 20 month highs, copper fell a bit from all-time highs near $2.15, and the CRB Index gained 2.54 points to 341.34 to get within 1.11 points from the 25 year high set on Tuesday.
Gold and silver equities jumped about 2% higher at the open and added to their gains in afternoon trade to end near their highs with over 3% gains. All three indices finished just short of their recent highs.
More Precious Metals Analysis:
“A very impressive recovery thrust in gold would seem to suggest that the bull trend is alive and well. In fact, even the Dollar cooperated by failing to extend on the upside despite numbers that could have lifted the Greenback. With some of the US numbers coming in positive Thursday and the stock market re-gathering itself the outlook for physical buying in gold and silver is improved from the situation seen at the beginning of the week. It should also be noted that Newmont Mining expects to sell only 8.0 million ounces of gold in 2006, compared to 8.6 million in 2005 and that suggests production has yet to respond to higher gold prices.” - The Hightower Report, Futures Analysis and Forecasting
More from Julian Phillips of “Gold Forecaster – Global Watch”
Market Action in the Gold Market:
Today's gold market saw the price moving from a brief consolidation in the mid $540's to a running market again, reaching $553 late New York morning. After being slammed out of the Far East in a $20 drop, gold found support and jumped back up $9. Consolidation or further correction is due, but not visible right now. This accelerated climb up a net $60 since December is symptomatic of the on-going evolution of the gold market to a broader based, alternative to currencies in an increasingly uncertain global environment [as the oil market moves into murky waters again]. To fully understand the current almost osmotic flow of institutional interest in the gold market, we have to see gold in a global context.
- In regards to our Report on China:
Chinese Gold & Foreign Exchange Reserves to be used for Nation Building!
In the most significant monetary change since Nixon stopped the convertibility of the U.S. $ to gold, in the early seventies, the Chinese have turned their Reserves to nation building. The long-term result will be the decline of the U.S.$ as a global reserve currency and could turn the U.S. Trade deficit into a full blown Balance of Payments deficit, leading to major U.S.$ crises on global foreign exchanges. Could this lead to the Fed imposing Capital Controls on the international flows of the $ - A strong possibility?
Certainly it is one of the many reasons why investment in gold is rising now!
– Julian Phillips, GoldForecaster.com
The U.S. dollar index gained on the jobs report before falling a bit following Osama bin Laden’s comments, but it still ended the day with a slight gain.
Oil started off the day slightly lower ahead inventory reports that saw crude inventories build 2.7 million barrels, gasoline inventories build 2.8 million barrels, distillates build 900,000 barrels, and natural gas stocks fall 46 billion cubic feet. Oil remained mixed and near unchanged after the report, but it did end with a nice gain by the end of trade as tensions in Iran and Nigeria remain.
Treasuries fell on economically strong jobs data.
The Dow, Nasdaq, and S&P started off higher after a rebound in Tokyo and mostly strong earnings, but all 3 indices briefly dipped following the release of a statement from Osama bin Laden before resuming their gains on the day.
Among the big names making news in the market today were Motorola, AMD, UnitedHealth, Merrill Lynch, Pfizer, Wachovia, Tenet, Home Depot, D.R. Horton, Disney and Pixar, Harley-Davidson, and Union Pacific.
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Gold & Silver Stock News Update from GoldReview.com:
Rio Narcea’s senior management team addition, Tan Range’s Luhala Project results, and plenty of news from the junior and exploration companies were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Desert Sun | DEZ +12.97% $3.57 |
2. Crystallex | KRY +11.72% $2.86 |
3. Cambior | CBJ +10.04% $3.07 |
LOSERS
1. Freeport | FCX -2.21% $58.93 |
2. Buenaventura | BVN -2.1% $28.49 |
3. Great Basin | GBN -1.79% $1.71 |
All of today's gold and silver stock news:
Rio Narcea Announces Addition to Senior Management Team - "Dr. Hering, a geologist, brings with him more than 25 years of diversified technical and managerial experience in mineral exploration and corporate development. His experience includes all aspects of exploration and corporate development from project generation to managing advanced projects, negotiations, acquisition evaluation, mine and corporate valuation, strategic planning and new program design and implementation in the United States, Latin America and the Asia-Pacific region." More
- January 19, 2006 | Item | E-mail
Tao Minerals Ltd. - News Release - More
- January 19, 2006 | Item | E-mail
Increase in mineral reserves by 62% at the Mana project - More
- January 19, 2006 | Item | E-mail
Consolidated Puma Minerals Corp.: 2006 Exploration Drill Program Commences at East Pansky PGE Property - More
- January 19, 2006 | Item | E-mail
Rimfire Acquires Pogo Area Land Package - More
- January 19, 2006 | Item | E-mail
Royal Gold Announces Fiscal 2006 Second Quarter Conference Call - "ROYAL GOLD, INC., a leading precious metals royalty company, will report its second quarter fiscal 2006 results before the market opens for trading on Thursday, February 2, 2006. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- January 19, 2006 | Item | E-mail
X-Cal Resources Ltd.: Clarification - More
- January 19, 2006 | Item | E-mail
Conquest Resources Limited: Drilling at King Bay Gold Project, Sturgeon Lake - More
- January 19, 2006 | Item | E-mail
Minera Andes San Jose Project Drilling Discovers New Gold/Silver Vein With Up to 5.66 Meters of 24 G/T Gold and 747 G/T Silver - More
- January 19, 2006 | Item | E-mail
Tagish to Undertake Underground Work Program - More
- January 19, 2006 | Item | E-mail
Rare Earth Metals Corp. Announces Drill Program at Eden Lake, REE-U Property, Manitoba - More
- January 19, 2006 | Item | E-mail
Orko Completes 22 Million Ounce Silver Resource Estimate - More
- January 19, 2006 | Item | E-mail
Nord Resources Announces Filing of Form 10-KSB - More
- January 19, 2006 | Item | E-mail
Luhala Project Delivers More Encouraging Results for Tan Range - "According to James E. Sinclair, Chairman and CEO, "The latest results confirmed our expectations and serve to increase our confidence level in the project's potential as we proceed to complete a 43-101 compliant resource calculation over the next few months." The Luhala drill program included 29 RC holes, representing some 2,140 metres of drilling, and was concluded in November of 2005. The 14 remaining holes at Kisunge Hill were drilled from the Kisunge Central and West Zones which now appear to join up. The next phase of drilling will attempt to fill in the gap between these two bodies which are approximately 150 metres apart." More
- January 19, 2006 | Item | E-mail
Red Back Mining Inc. Accelerates Expiry Date of Share Purchase Warrants - More
- January 19, 2006 | Item | E-mail
TVI Pacific Inc. Clarifies its Relationship with Phelps Dodge Exploration Corporation - More
- January 19, 2006 | Item | E-mail
New Junction Zone Takes Shape at Cassidy Gold's Kouroussa Gold Project, Guinea - More
- January 19, 2006 | Item | E-mail
Rare Element Resources and Newmont Agree to Terms to Create Bear Lodge Gold-Exploration Venture - More
- January 19, 2006 | Item | E-mail
Miranda Gold Corp.: Red Canyon Drill Results - More
- January 19, 2006 | Item | E-mail
Golden Arch Resources Ltd. - Drill Hole Intersects Gold Vein at Arizona Property - More
- January 19, 2006 | Item | E-mail
Freeport participates in Inco's Airborne Gravity Survey - More
- January 19, 2006 | Item | E-mail
Canadian Shield Appoints Investor Relations Firm - More
- January 19, 2006 | Item | E-mail
Douglas Lake Minerals Inc. Acquires Mining Concessions in High Grade Gold Zones in Tanzania -- Initial Field Work Commences - More
- January 19, 2006 | Item | E-mail
CZM Capital Corp. Options TAG Gold Silver Property - More
- January 19, 2006 | Item | E-mail
Typhoon Confirms Continuity of Gold Rich Lens With 2.61 Oz/T Gold Intersection at Fayolle - More
- January 19, 2006 | Item | E-mail
Resumption of Gold Production at Bonanza South - More
- January 19, 2006 | Item | E-mail
Wallbridge to Acquire Resources at Broken Hammer and Parkin; Falconbridge Increases Its Interest in Frost Lake Property to 50% - More
- January 19, 2006 | Item | E-mail
Castleworth to Change Name to Highlight Nevada and Gold as Focus New Name: Pan-Nevada Gold Corporation; New Symbol-PNV - More
- January 19, 2006 | Item | E-mail
Tribute Hires Broad Oak Associates to do 43-101 - More
- January 19, 2006 | Item | E-mail
Placer Dome Returns Mill Creek To X-Cal Drill Test Inconclusive - More
- January 19, 2006 | Item | E-mail
Serengeti's 2005 Annual Project Review - More
- January 19, 2006 | Item | E-mail
Skygold Ventures Ltd. and Wildrose Resources Ltd.: Step Out Drill Sections Return the Most Expansive Mineralization to Date at Spanish Mountain - More
- January 19, 2006 | Item | E-mail
Wits Basin Engages CEO of El Capitan Precious Metals to Guide Colorado Development - More
- January 19, 2006 | Item | E-mail
Pacific Gold Corp. Announces Final Phase of Pre-Production - More
- January 19, 2006 | Item | E-mail
MetalCORP Ltd.; Drilling Commences on North Rock Copper-Nickel-Platinum Property - More
- January 19, 2006 | Item | E-mail
Elder Creek drill results, Cortez Trend, Nevada - More
- January 19, 2006 | Item | E-mail
ECU Silver Mining Inc.: Press Release - More
- January 19, 2006 | Item | E-mail
Evolving Gold Announces Closing of Private Placement - More
- January 19, 2006 | Item | E-mail
Jinshan Gold Mines Inc.: Drill Results Further Expand and Delineate the Bulk Tonnage Chang Shan Hao 'CSH 217' Gold Development Project in Inner Mongolia, China - More
- January 19, 2006 | Item | E-mail
Jaguar Mining options significant gold properties with 590,000 OZ of gold resources and studies new sulfide plant - More
- January 19, 2006 | Item | E-mail
Amarillo Gold Corp.: Welcomes New CFO and Brazil Manager, Options Distributed - More
- January 19, 2006 | Item | E-mail
Birim Goldfields Inc./Drilling Continues to Extend Tinga Far East Gold Deposit, Ghana: Phase One Drilling Complete - More
- January 19, 2006 | Item | E-mail
Centerra Gold Announces Conference Call and Webcast update on Reserves and Resources - More
- January 19, 2006 | Item | E-mail
Corex Announces Geologist - More
- January 19, 2006 | Item | E-mail
American Bonanza Announces Exploration Programs for Martiniere Gold Project - More
- January 19, 2006 | Item | E-mail
Alhambra Resources Ltd.: Positive Results of Heap Leach Test - More
- January 19, 2006 | Item | E-mail
Apogee Commences Drilling At Pulacayo-Paca Project - More
- January 19, 2006 | Item | E-mail
Atlas Mining Company Reports Claims Staked for Atlas/KAT Joint Venture - More
- January 19, 2006 | Item | E-mail
Infinex Announces Change to Joint Venture and Option Agreement - More
- January 19, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted 19 January, 2006 | |
