-- Posted 30 January, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
Personal Income | Dec | 0.4% | 0.4% | 0.4% |
Personal Spending | Dec | 0.9% | 0.8% | 0.5% |
Core PCE | Dec | 0.1% | 0.2% | 0.2% |
Core PCE rose 1.9% on an annual basis. This is slightly lower than the 2.2% reported in the GDP data last Friday but is still at the upper end of the fed’s 1-2% “comfort zone.”
“The Commerce Department reported Monday that the savings rate fell into negative territory at minus 0.5 percent, meaning that Americans not only spent all of their after-tax income last year but had to dip into previous savings or increase borrowing. The savings rate has been negative for an entire year only twice before -- in 1932 and 1933 -- two years when the country was struggling to cope with the Great Depression, a time of massive business failures and job layoffs.”
Tomorrow at 8:30AM EST brings the Employment Cost Index for the 4th quarter expected at 0.9%. At 10AM are Chicago PMI for January expected at 59.8 and Consumer Confidence for January expected at 105.0. At 2:15PM is the FOMC policy statement which is expected to bring a ¼ point interest rate hike to 4.5%. Also tomorrow is the conclusion of OPEC’s meeting and the president’s State of the Union address.
| Close | Gain/Loss |
Gold | $565.90 | +$7.40 |
Silver | $9.75 | +$0.18 |
XAU | 149.68 | +1.97% |
HUI | 333.52 | +2.84% |
GDM | 1044.64 | +2.16% |
JSE Gold | 3027.72 | -0.64% |
USD | 89.43 | +0.12 |
Euro | 120.85 | -0.23 |
Yen | 85.01 | -0.27 |
Oil | $68.35 | +$0.59 |
10-Year | 4.535% | +0.032 |
T-Bond | 112.65625 | -0.21875 |
Dow | 10899.92 | -0.07% |
Nasdaq | 2306.78 | +0.11% |
S&P | 1285.20 | +0.12% |
Gold Warehouse Stocks: | 7,318,378 | - |
Silver Warehouse Stocks: | 124,794,759 | - |
Gold jumped about $3 in Asia before falling back near $560 in London, but it then turned back higher and climbed upwards in New York to close near its highs of the session at a new 25 year closing high. Silver also jumped higher in Asia before slumping a bit in London, but it then recouped those losses in New York and ended at a new 18 and ½ year closing high.
Gold and silver equities jumped about 1% at the open before falling to near unchanged in late morning trade, but they then rose for the rest of trade and ended at their highs with nice gains. The XAU made new 9 and ½ year highs and the HUI and GDM made new all-time highs.
Euro gold set new all time highs near €470, platinum gained $4 to $1,064 to a new 26 year high, palladium gained $4 to $277, copper fell slightly all-time highs near $2.25, and the CRB Index made new all-time highs by gaining 3.1 points to 350.06.
More Precious Metals Analysis:
“An impressive trade was seen in the precious metals markets possibly because the Dollar mostly without direction. However, we suspect that ongoing Middle East tensions and a recovery in oil prices added to the flight to quality interest in the metals. Suggestions from Venezuela that they would support Iran in the Nuke debate is certainly cause for an increase in flight to quality buying, especially since Saudi Arabia has suggested that they would not instantly make up for supply lost from Iran due to sanctions. We also think that the prospect of even higher US interest rates, discouraged investment in the equity markets and that might have accelerated the ongoing flow of capital toward the precious metals.” - The Hightower Report, Futures Analysis and Forecasting
“Gold, silver and platinum started the week off on positive footing with continued excitement in the silver markets regarding the proposed silver ETF in the U.S. With platinum at fresh 26-year highs, gold just dollars away from fresh 25-year highs and silver touching 19 year highs, precious metals remain very attractive to investors.
Mining equities continued to march higher but overhead resistance is seen in many equities. Silver stocks remain leaders and do have momentum to continue higher in the short-term before consolidation, but the real action of late has been in the junior and exploration stocks. We are seeing many penny mining stocks pop in huge percentage terms. Indicative of speculative capital re-entering the marketplace, these companies continue to trade well below highs seen in the 2003 rallies. As long as this market remains hot, the big money is and should be made in the speculative exploration and junior stocks.” - Peter Spina of GoldSeek.com
The U.S. dollar index traded slightly higher on speculation that fed comments tomorrow may indicate further interest rate hikes.
Oil traded near unchanged as worries over Iran and Nigeria were somewhat overcome by indications that OPEC will maintain current production levels. An official announcement is expected tomorrow.
Treasuries fell ahead of tomorrow’s expected hike in interest rates.
The Dow, Nasdaq, and S&P traded mostly slightly higher, but trade was quiet ahead of tomorrow’s fed meeting.
Among the big names making news in the market today were GM and Ford, Sysco, Exxon Mobil, Fairmont Hotels & Resorts, Schering-Plough, Kodak, and Dell.
Gold & Silver Stock News Update from GoldReview.com:
Earnings from DRDGold and Lihir Gold, Newmont’s World Bank loans, and Ivanhoe’s new reserves estimate for their Oyu Tolgoi project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. IMA Exploration | IMR +10.24% $3.23 |
2. Aurizon | AZK +7.5% $1.72 |
3. Coeur d’Alene | CDE +7.19% $5.22 |
LOSERS
1. DRDGold | DROOY -4.28% $1.79 |
2. Claude Resources | CGR -3.64% $1.06 |
3. Lihir Gold | LIHRY -2.9% $36.50 |
All of today's gold and silver stock news:
Breakwater provides 2006 forecasts - More
- January 30, 2006 | Item | E-mail
Caramanta Exploration Update: Colombia Goldfields Identifies Two Large Mineralized Gold Zones - More
- January 30, 2006 | Item | E-mail
Cantex Mine Development Corp. - Update on drilling at the Al Hariqah gold deposit, Yemen - More
- January 30, 2006 | Item | E-mail
NFX to Grant Options - More
- January 30, 2006 | Item | E-mail
Oremex Drilling Extends Los Mantos Zone at Tejamen Silver Project in Mexico - More
- January 30, 2006 | Item | E-mail
Bristol Gold Project Exploration Program update - More
- January 30, 2006 | Item | E-mail
Amera Closes Financing - More
- January 30, 2006 | Item | E-mail
GoldQuest Extends Gold Mineralization at Cerro Dorado - More
- January 30, 2006 | Item | E-mail
IGC Resources Announces Private Placement - More
- January 30, 2006 | Item | E-mail
Andean American Mining Corp.: Sinchao Drilling Update - More
- January 30, 2006 | Item | E-mail
General Metals Corporation Appoints New Director - More
- January 30, 2006 | Item | E-mail
Drilling at Tiomin's Pukaqaqa Copper/Gold Project Confirms Potential - More
- January 30, 2006 | Item | E-mail
Palladon Intersects 6.7% Copper and 41.40 Ounces per Tonne Silver over 2m on Western Utah Copper Project - More
- January 30, 2006 | Item | E-mail
ECU Silver Mining Inc.: Press Release - More
- January 30, 2006 | Item | E-mail
ValGold's initial independent mineral resource for the Tower Mountain Gold Property, Ontario - More
- January 30, 2006 | Item | E-mail
Sur American Gold Corporation: Multiple, Major Structurally Controlled Gold Mineralized Zones Identified at Batoto Gold-Silver-Copper Project, Philippines - More
- January 30, 2006 | Item | E-mail
SearchGold Provides Update on African Gold Strategy - More
- January 30, 2006 | Item | E-mail
Clarification of the Igor Option Agreement and Drilling Progress - More
- January 30, 2006 | Item | E-mail
Signet Minerals Inc.: New Uranium Projects Acquired - More
- January 30, 2006 | Item | E-mail
Redstar Options Pine Nut Project to SMB - More
- January 30, 2006 | Item | E-mail
New Gold Inc.: Board Changes - More
- January 30, 2006 | Item | E-mail
Paramount Gold Discovers a New High-Grade Gold and Silver Zone Across 16 Meters at Their San Miguel Project in Mexico - More
- January 30, 2006 | Item | E-mail
Mandorin Goldfields Inc.: Update - More
- January 30, 2006 | Item | E-mail
International Minerals Reports Results of Feasibility Study at Rio Blanco Gold-Silver Project, Ecuador - More
- January 30, 2006 | Item | E-mail
Amerix Precious Metals Closes Financing - More
- January 30, 2006 | Item | E-mail
Avalon intersects encouraging copper mineralization at Red Hill and defines gold target at U6 Savant - More
- January 30, 2006 | Item | E-mail
American Stellar Energy Discovers a New High-Grade Gold and Silver Zone Across 16 Meters at Their San Miguel Project in Mexico - More
- January 30, 2006 | Item | E-mail
Capstone Files Preliminary Silverstone Prospectus - More
- January 30, 2006 | Item | E-mail
Dynatec Workers Safe at Mosaic Mine - More
- January 30, 2006 | Item | E-mail
Diadem Shareholders Approve Share Consolidation - More
- January 30, 2006 | Item | E-mail
Crew Gold Corp.: Notification of Trade - More
- January 30, 2006 | Item | E-mail
Cabo to Drill Minto Project for Sherwood Copper Corp. - More
- January 30, 2006 | Item | E-mail
Groups appeal to World Bank unit over Newmont mine - "Development groups have appealed to the World Bank's private-sector lending arm to postpone approval this week of $125 million in loans for gold major Newmont Mining's Ahafo project in Ghana until all social and environmental issues are resolved." More
- January 30, 2006 | Item | E-mail
Financial Information from Boliden During Year 2006 - More
- January 30, 2006 | Item | E-mail
United Bolero Acquires Copper-Gold Prospect Adjacent to Coronado Resources in Madison County, Montana - More
- January 30, 2006 | Item | E-mail
African Copper Plc Matsitama Belt Exploration Returns High Grade Copper-Silver Drill Intersections - More
- January 30, 2006 | Item | E-mail
Ivanhoe announces proven and probable copper and gold reserves for open-pit mine at Oyu Tolgoi Project, Mongolia - "John Macken, President of Ivanhoe Mines, announced today that a new, independent estimate prepared by GRD Minproc Limited, of Perth, Australia, has upgraded the Measured and Indicated gold and copper resources contained within the planned open-pit deposits in the southern part of the company's Oyu Tolgoi (Turquoise Hill) Project to the Proven and Probable Mineral Reserve categories." More
- January 30, 2006 | Item | E-mail
Output slides at DRDGold - "South Africa's fourth largest gold producer, DRDGold on Monday reported a 4-percent drop in gold production for the December quarter. DRDGold said in a statement that production fell to 4 062 kilograms or 130 547 ounces and the slide in second quarter production reflected a 13 percent drop to 59 140 ounces in attributable gold production from its Australasian operations." More
- January 30, 2006 | Item | E-mail
Lihir Gold result far from a dazzler - "PAPUA New Guinea miner Lihir Gold reported disappointing full-year earnings results and cut its 2006 production forecast by 4 per cent yesterday. Lihir's net profit dropped to $US9.8 million ($A13 million), compared with analyst forecasts averaging $US19.6 million." More
- January 30, 2006 | Item | E-mail
NYC Comptroller asks US to probe Freeport - "New York City's comptroller has written to U.S. regulators seeking a probe of what he charges are "false or misleading" statements mining company Freeport-McMoRan knowingly made about payments to the Indonesian military, the New York Times reported on Saturday." More
- January 29, 2006 | Item | E-mail
New Honduran president slams open-pit mines - "Four metals mines operate in Honduras, two of them Canadian, one Spanish and one Honduran. Three are open-pit operations that have seen strong opposition from social and environmental groups who see them as eyesores and potential sources of pollution from cyanide used to separate gold ore." More
- January 28, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted 30 January, 2006 | |
