-- Posted 25 January, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Existing Home Sales for December came in less than the expected 6.87 million and fell 5.7% from 7 million to 6.6 million. Tomorrow at 8:30AM EST brings Durable Goods Orders for December expected at 1.0% and Initial Jobless Claims for 1/21 expected at 300,000. At 10AM is the Help-Wanted Index for December expected at 39.
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| Close | Gain/Loss |
Gold | $563.10 | +$5.20 |
Silver | $9.44 | +$0.27 |
XAU | 144.02 | +1.93% |
HUI | 314.32 | +2.77% |
GDM | 997.12 | +2.33% |
JSE Gold | 2893.23 | +2.88% |
USD | 88.41 | +0.35 |
Euro | 122.57 | -0.15 |
Yen | 86.48 | -0.75 |
Oil | $65.85 | -$1.21 |
10-Year | 4.479% | +0.089 |
T-Bond | 113.1875 | -1.09375 |
Dow | 10709.74 | -0.02% |
Nasdaq | 2260.65 | -0.20% |
S&P | 1264.68 | -0.17% |
Gold Warehouse Stocks: | 7,169,144 | - |
Silver Warehouse Stocks: | 122,815,922 | - |
Gold remained near unchanged for most of trade in Asia, but it then began a pronounced move upward at the end of Asian trade and continued to surge higher throughout most of trade in London. After making a high around $566 in New York it then fell off a bit, but it still ended the session at a new 25 year closing high. Silver followed a similar pattern to gold in Asia and London, but it continued to march higher in New York and ended near its highs with a 2.94% gain at a new 18 and ½ year high.
Gold and silver equities jumped about 3% at the open before falling off a bit, but they still ended nicely higher with the XAU closing at a new 9 and ½ year high and the HUI and GDM closing at new all-time highs.
Euro gold jumped back up near all-time highs at €461, platinum gained $9 to $1,050 to close at a new 26 year high, palladium gained $8 to $279 to end just $12 from new 20 month highs, and copper made new all-time highs above $2.20.
More Precious Metals Analysis:
“The influx of fund buying and the rumors of potential fund buying served to lift the precious metals markets again. This time the market was cheered on by reports of a new ETF and suggestions from a German Bank that they would implement a fund that primarily focused on metals, grains and energy markets. With silver carving out an 18 1/2 year high, platinum reaching a 26 year high and other base metals posting new highs, it is not surprising that the gold market remained well bid for most of the session.” - The Hightower Report, Futures Analysis and Forecasting
“Up and over the $560 level in gold in Europe today. The Far East and Europe have been leading the way on this run up showing just how global this market is. Gold is rising in Euros and with the Euro against the $, as well. But Silver appears to have 'broken out' and up to new highs. Could we see Silver outperform gold for a while? Has Chinese 'Official" selling stopped?” - Julian D.W. Phillips of www.goldforecaster.com
“Silver broke through strong area of resistance, moving above the $9.30 resistance level Wednesday, to hit fresh 18-year highs. Technical buy orders hit the market after breaking above the $9.25-$9.30 resistance, aided by investment funds who were active in the silver markets yesterday.
Renewed talk about the Barclays Capital’s iShares Silver Trust (ETF) helped to ignite buying interest, as the company disclosed today a notice by the SEC to solicit comments on their silver ETF proposal, submitted last year. The launch of the silver ETF is expected to draw large investment money into the silver markets, which would most indisputably take silver prices much higher.
With the break above this resistance mark, silver now looks to target the $9.50-$10 level with renewed momentum back in the market. Silver equities are among the leaders in today’s precious metals equity rally. The strong open in precious metals stocks in New York again failed to penetrate the 315-316 resistance mark [HUI], but should a close above this level occur, we could see the HUI project itself to the next upside target of 330-340.” - Peter Spina of GoldSeek.com
The U.S. dollar index traded lower overnight due to strength in the euro from a report showing strong German business sentiment, but the dollar rebounded in technically driven U.S. trade with lower oil and the possibility of more interest rate hikes in the U.S. helping the index out.
Oil started off the day lower ahead of inventory reports that saw crude inventories fall 2.3 million barrels, gasoline inventories build 3.2 million barrels, and distillates build 1.8 million barrels. Builds were expected across the board so the drop in crude inventories was surprising, but the larger than expected builds in gasoline and distillate inventories offset that surprise and kept the price of oil lower.
Treasuries fell off markedly as the government continued to auction more debt and drew weak demand.
The Dow, Nasdaq, and S&P opened higher on positive earnings and merger news, but they soon fell off and ended slightly lower as uncertainty about the market remains after last Friday’s large sell off.
Among the big names making news in the market today were Boston Scientific and Guidant, Abbott, Hershey, St. Jude, Colgate-Palmolive, Xerox, Microsoft, Bristol-Myers, ConocoPhillips, and Wellpoint.
Gold & Silver Stock News Update from GoldReview.com:
Venezuela’s renewed threat to take over mines, Rio Narcea’s year-end update, Queenstake’s drilling, Gold Fields’ and AngloGold’s quarterly profits, Desert Sun’s increased reserves at Jacobina, MAG Silver’s share subscription, Silver Wheaton’s year end results notification, and Minco Silver’s acquired additional interest on the Fuwan silver project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines MGMT | MGN +13.61% $7.18 |
2. Tan Range | TRE +11.38% $7.24 |
3. Rio Narcea | RNO +10.49% $1.79 |
LOSERS
1. US Energy | USEG -3.34% $5.79 |
2. Crystallex | KRY -2.43% $2.81 |
3. Cardero | CDY -2.08% $3.76 |
All of today's gold and silver stock news:
Oromin Explorations Ltd.: Drilling Program Underway at Sabodala - More
- January 25, 2006 | Item | E-mail
Automotive Specialty Concepts Changes Vision to Gold Exploration - More
- January 25, 2006 | Item | E-mail
Rio Narcea Provides Year-End Update - "Rio Narcea Gold Mines, Ltd. is pleased to report on its operations in Spain and provide an update on the Company's activities. During 2006, strong cash flows are anticipated from the Aguablanca nickel mine where operations show a steady improvement and nickel prices remain strong. On the gold side, the El Valle and Carles mines will continue operating underground, with the focus on cost reductions." More
- January 25, 2006 | Item | E-mail
The Regional Abitibi -Temiscamingue Solidarity FTQ Fund Authorizes an Investment in Mirabel's Thermal Fragmentation Process - More
- January 25, 2006 | Item | E-mail
UC Resources Ltd. Signs Letter of Intent for Acquisition of Production Facilities at La Dura Mine at Durango, Mexico - More
- January 25, 2006 | Item | E-mail
Live Webcast to be Hosted by Cypress Management on January 26th - More
- January 25, 2006 | Item | E-mail
Live Webcast To Be Hosted by Bayfield Management on January 26th at 10 a.m. Pacific Time - More
- January 25, 2006 | Item | E-mail
StrataGold intersects additional high-grade gold at Tassawini, Guyana - More
- January 25, 2006 | Item | E-mail
MAG Silver Announces Industrias Penoles Elects to Exercise Second Share Subscription - "MAG Silver Corporation and Industrias Penoles S.A. de C.V. announce that on January 24, 2006 Industrias Penoles elected to exercise their obligation to invest an additional US$500,000 through its purchase of 245,716 shares of MAG Silver Corp in advance of the required timing under the terms of their Juanicipio joint venture agreement." More
- January 25, 2006 | Item | E-mail
Olympus Receives Mining Licence For Second Gold Mine At Phuoc Son - More
- January 25, 2006 | Item | E-mail
Currie Rose Reports Completion of Airborne Magnetic Survey at Mabale Hills in Tanzania - More
- January 25, 2006 | Item | E-mail
Keegan Reports Extension of IP And Gold-in-Soil Anomaly at Asumura - More
- January 25, 2006 | Item | E-mail
Great Western Minerals Group Ltd.: Winter Work Program Underway at Hoidas - More
- January 25, 2006 | Item | E-mail
StrataGold and Northgate dissolve Hyland joint venture - More
- January 25, 2006 | Item | E-mail
Crescent Resources Commences 4,000 Metre Diamond Drill Program at Matupa Gold Project, Brazil - More
- January 25, 2006 | Item | E-mail
Global Gold Expands Into Uranium Exploration in Armenia at Getik Property - More
- January 25, 2006 | Item | E-mail
Silver Wheaton to Release Year End Results on February 13, 2006 - "A conference call will be held Tuesday, February 14, 2006 at 11:00 am (ET) to discuss these results. You may join the call by dialing toll free 1-800-769-8320 or (416) 695-5259 for calls from outside of Canada and the US." More
- January 25, 2006 | Item | E-mail
The Regional Abitibi -Temiscamingue Solidarity FTQ Fund Authorizes an Investment in Mirabel's Thermal Fragmentation Process - More
- January 25, 2006 | Item | E-mail
Minco Silver Acquired Additional 30% Interest on the Fuwan Silver Project - "Minco Silver Corporation is pleased to announce that it has signed an agreement with Guangdong Geological Exploration and Development Corporation (GGEDC) to acquire GGEDC's 30% interest on the Fuwan Silver Project. To acquire the additional 30% interest on the property, Minco Silver will pay the GGEDC an additional 30% of the evaluated value (10.33 million RMB, or about C$1.6 million) of the Fuwan Deposit. With the current existing 70% interest owned by Minco Silver, the Company now owns 100% of the interest on the whole Fuwan Silver Project, including a total of 4 exploration permits covering a total of 205.63 km2 and the Dadinggang Application." More
- January 25, 2006 | Item | E-mail
Olympus Receives Mining Licence For Second Gold Mine At Phuoc Son - More
- January 25, 2006 | Item | E-mail
Geoinformatics Announces Exploration Update on Alliances in Australia and New Zealand - More
- January 25, 2006 | Item | E-mail
Romarco Commences Drilling at Pine Grove Gold Project - More
- January 25, 2006 | Item | E-mail
Scandinavian Gold Limited: New Resource Estimate For Keivitsa Nickel-Copper-PGE Property - More
- January 25, 2006 | Item | E-mail
RECOV Energy Corp. Completes Acquisition of General Gold Corporation - More
- January 25, 2006 | Item | E-mail
Nevada Pacific Gold Ltd.: Shareholders Approve Second Tranche Of McEwen Financing - More
- January 25, 2006 | Item | E-mail
Newgold, Inc. Completes Acquisition of Gold Mining Interests in the Cortez Trend, Nevada - More
- January 25, 2006 | Item | E-mail
Riverstone Announces New Directors - More
- January 25, 2006 | Item | E-mail
Pan African Mining Corp. Makes Laterite Nickel Discovery in Madagascar - More
- January 25, 2006 | Item | E-mail
MDN Northern Mining: Tulawaka Mine Produces 124,743 Ounces of Gold in 2005 - More
- January 25, 2006 | Item | E-mail
X-Cal Resources to Acquire New Sleeper Gold's 50% Interest in The Sleeper Project in Nevada - More
- January 25, 2006 | Item | E-mail
Osisko Intersects 1.88 g/t Au Over 80 Metres, Discovers Western Extension at Canadian Malartic - More
- January 25, 2006 | Item | E-mail
European Goldfields Limited: Certej Project Moving Forward - More
- January 25, 2006 | Item | E-mail
Fieldex engages PowerOne Capital Markets for private placement of up to $2 million - More
- January 25, 2006 | Item | E-mail
Blue Note Prepares For Canoe Landing Lake Drilling - More
- January 25, 2006 | Item | E-mail
Canarc Plans CA$ 2.7 Million, Phase 3 In-Fill Drilling Program at the New Polaris Gold Project, BC - More
- January 25, 2006 | Item | E-mail
Cypress Development Corp. Announces That Geophysical Crew Begins Exploration on Broulan Reef Gold Project, Red Lake, Ontario - More
- January 25, 2006 | Item | E-mail
Consolidated Abaddon Resources Inc. Announces That Triex Minerals Provides Exploration Update - More
- January 25, 2006 | Item | E-mail
Venezuela Threatens to Take Over Mines - "Venezuela's mining minister said Tuesday that the government was ready to take over top gold and diamond mines from foreign companies that have failed to exploit them. Mining Minister Victor Alvarez accused unnamed foreign companies of using their mining holdings merely to speculate on the market." More
- January 25, 2006 | Item | E-mail
Queenstake's Drilling Expands High-Grade Mineralization at Smith, SSX and Steer Mines - "Queenstake Resources Ltd. continued to intercept high grade gold mineralization in its recent near-mine drilling, extending the Mahala deposit at the Smith Mine in and around an access ramp for underground mining. In addition, encouraging drilling results at the drift connecting the SSX and Steer mines has expanded the mineralization in this new prospective area. Drilling results from the SSX-Steer connection included one drill hole intercepting 65 feet of 0.677 ounce of gold per ton (opt) or 19.8 meters of 23 grams per tonne (gpt)." More
- January 25, 2006 | Item | E-mail
Gold Fields, AngloGold May Say Quarterly Profit Rose - "Gold gained for a fifth year in 2005, the longest winning streak in 30 Years, and rose to $568.10 an ounce on Jan. 20, the highest since 1981, amid growing investor interest in commodities and as a falling dollar spurred demand. Gold companies are recovering after the rand weakened in 2005 following three years of gains that hurt margins, prompting job cuts and strikes." More
- January 25, 2006 | Item | E-mail
Desert Sun Increases Reserves at Jacobina by 25% to 1.5 Million Ounces Gold - "DESERT SUN MINING CORP. has increased mineral reserves by 25% through an updated mineral reserve estimate for its Jacobina Mine (Joao Belo Zone), Morro do Vento Mine, Morro do Vento Extension zone and Serra do Corrego zone. This increase is based on the updated estimates of Measured and Indicated mineral resources released on December 20, 2005." More
- January 25, 2006 | Item | E-mail
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- Written by Chris Mullen
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© Gold Seeker 2006
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-- Posted 25 January, 2006 | |
