-- Posted 15 February, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
NY Empire State Index | Feb | 20.3 | 18.0 | 20.1 |
Net Foreign Purchases | Dec | $56.6B | - | $91.6B |
Capacity Utilization | Jan | 80.9% | 80.8% | 81.2% |
Industrial Production | Jan | -0.2% | 0.2% | 0.9% |
Foreign inflows of $56.6 billion did not cover December’s trade deficit of $65.7 billion, though recent months inflows have more than covered recent deficits. New fed Chairman Bernanke spoke before congress for over 3 hours, but his comments didn’t really change from previous perceptions about his beliefs. He commented that economic growth is on track and inflation remains contained. He also reiterated recent fed comments that further interest rate increases may be necessary.
Tomorrow at 8:30AM EST brings Building Permits for January expected at 2,068,000, Housing Starts for January expected at 2,023,000, Initial Jobless Claims for 2/11 expected at 285,000, and Export and Import Prices. At 12PM is the Philadelphia Fed for February expected at 9.2. Bernanke also speaks again tomorrow before the senate.
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| Close | Gain/Loss |
Gold | $539.60 | -$6.40 |
Silver | $9.18 | -$0.12 |
XAU | 134.28 | -2.42% |
HUI | 298.78 | -3.00% |
GDM | 940.24 | -2.50% |
JSE Gold | 2788.03 | -1.19% |
USD | 90.71 | +0.11 |
Euro | 118.82 | -0.24 |
Yen | 84.78 | -0.37 |
Oil | $57.70 | -$1.87 |
10-Year | 4.606% | -0.008 |
T-Bond | 112.1875 | +0.15625 |
Dow | 11058.97 | +0.28% |
Nasdaq | 2276.43 | +0.63% |
S&P | 1280.00 | +0.35% |
Gold Warehouse Stocks: | 7,488,044 | - |
Silver Warehouse Stocks: | 125,622,430 | - |
Gold and silver held near unchanged in Asia and London, but they then fell off throughout most of trade in New York before rebounding slightly into the close to end off of their session lows. Both metals lost over 1% to erase most of yesterday’s gains.
Gold and silver equities started off slightly lower before rising to find minor gains midmorning, but they then fell off in early afternoon trade and remained near their lows into the close to end with about 2.5% losses.
Platinum lost $15 to $993, palladium lost $3 to $274, and copper fell markedly to under $2.20.
Did you miss today's SilverSeek.com 2006 Silver Investment Conference? No worries! You can go to here to view all of today’s presentations at anytime over the next 12 months. Also, “Podcast” is now available.
More Precious Metals Analysis:
“The precious metals markets came under significant liquidation pressure in the wake of a possible revelation that gold companies might be moving to hedge their production again. Apparently a report that pointed to a reduction in "de-hedging" in the 4tth quarter of 2005 sparked the concern and with the markets already waffling back and forth for the last week it probably didn't take much to evoke technical selling. Seeing the threat of hedging might not end the bull market but the development is not something to discount!” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index fell following the release of soft capital inflow data, but it then rebounded during Bernanke’s testimony and ended with decent gains. The euro fell to a new 6 week low.
Oil traded higher ahead of inventory reports that saw crude inventories build 4.9 million barrels, gasoline inventories build 2.2 million barrels, and distillates build 900,000 barrels. Oil initially remained higher following the reports, but it did edge lower by afternoon trade and ended the session significantly lower as the builds in inventories were larger than most expected.
Treasuries traded slightly higher as Bernanke signaled no change to current fed policy.
The Dow, Nasdaq, and S&P started off lower, rose to find decent gains as Bernanke began speak, and then found slight losses in early afternoon trade, but they then rallied into the close and ended near their highs with decent gains. As was the case yesterday, lower oil offset any concerns over future fed policy.
Among the big names making news in the market today were Oneok, EnCana, Merrill Lynch and BlackRock, Nasdaq, and Caremark Rx.
Gold & Silver Stock News Update from GoldReview.com:
Barrick’s conditional OK for a gold project in Chile, Crystallex’s received rights to aggregate quarry for Las Cristinas, Minco Mining’s new officer, and Agnico-Eagle’s redeemed convertible debentures for shares were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. IMA Exploration | IMR +1.06% $2.85 |
2. NovaGold | NG +0.77% $11.79 |
3. Ivanhoe | IVN +0.77% $7.82 |
LOSERS
1. Hecla Mining | HL -10.71% $4.75 |
2. Desert Sun | DEZ -8.66% $3.48 |
3. Vista Gold | VGZ -6.05% $4.50 |
All of today's gold and silver stock news:
Crystallex Receives Rights to Aggregate Quarry for Las Cristinas - "Crystallex International Corporation confirmed today that it has been granted the rights to explore and develop a quarry for aggregate by the Mining Institute (IAMIB) of Bolivar State, Venezuela. Aggregate is required for the construction of the Las Cristinas Project and the concession is located approximately 1 kilometre from the Las Cristinas Project site." More
- February 15, 2006 | Item | E-mail
AntOro Resources Inc.: Gold Properties Update - More
- February 15, 2006 | Item | E-mail
White Knight Resources Ltd.: Drilling Program Completed at Gold Pick Project, Nevada - More
- February 15, 2006 | Item | E-mail
Taseko Produces 13.4 Million Pounds of Copper and 223,000 Pounds of Molybdenum in First Quarter - More
- February 15, 2006 | Item | E-mail
Farallon Board Approves $10.5 Million Program for First Half of 2006 Exploration and G-9 Processing Key Objectives of the Next 6 Months - More
- February 15, 2006 | Item | E-mail
Great Western Minerals Group Ltd.: Work Underway at Chuckwalla and Copper Hill - More
- February 15, 2006 | Item | E-mail
Gabriel Resources Ltd. - Chairman Succession and Appointment of New Director - More
- February 15, 2006 | Item | E-mail
Letter of intent signed with Strateco Resources Inc. - More
- February 15, 2006 | Item | E-mail
BrazMin Corp announces option agreement with Troy Resources of Australia on Serrita Project - More
- February 15, 2006 | Item | E-mail
Commander Resources Ltd.: Baffin Island Drilling Program - More
- February 15, 2006 | Item | E-mail
Minco Mining and Metals Corporation: Appointment of New Officer and Resignation of Officers - "Minco Mining and Metals Corporation is pleased to announce the appointment of Mr. Mark Orsmund as the Company's Vice President Finance and Chief Financial Officer subject to regulatory approval. Mr. Orsmond holds a Bachelor of Commerce Degree in Accounting Science from the University of South Africa (B.Compt) and in 1997 became a member of The Institute of Certified Public Accountants of South Africa." More
- February 15, 2006 | Item | E-mail
Miranda Gold's 2006 Joint Venture Update - More
- February 15, 2006 | Item | E-mail
Strateco Acquires a 100% Interest in the Discovery Gold Property - More
- February 15, 2006 | Item | E-mail
ECU Silver Mining Inc.: Press Release - More
- February 15, 2006 | Item | E-mail
Orex Confirms Grade of 3 G/T Gold at Goldboro - More
- February 15, 2006 | Item | E-mail
Caledonia Makes Block Listing Arrangement on AIM - More
- February 15, 2006 | Item | E-mail
Franklin Mining Hires Consultants for Bolivian Mine Operations - More
- February 15, 2006 | Item | E-mail
Kinross to announce financial results for first nine months of 2005 - "Kinross will release its financial statements for the first nine months of 2005 today, February 15, 2006, after market close. In connection with the release, Kinross will hold a conference call and audio webcast on Thursday, February 16, 2006 at 2 p.m. EST to discuss the third quarter results announcement followed by a question and answer session." More
- February 15, 2006 | Item | E-mail
Argentex adds accomplished mining engineer to Board of Directors - More
- February 15, 2006 | Item | E-mail
Agnico-Eagle fully redeems convertible debentures for shares - "Agnico-Eagle Mines Limited announced today that it has fully redeemed its $144 million principal amount 4.50% convertible subordinated debentures due February 15, 2012. The Company paid cash to satisfy interest on the debentures up to and including February 15, 2006 and issued approximately 10.3 million shares to discharge all of its remaining obligations under the indenture governing the convertible debentures." More
- February 15, 2006 | Item | E-mail
Increase in mineral reserves by 25% at the Samira Hill Gold Mine - More
- February 15, 2006 | Item | E-mail
Stellar to add new property in Opinaca gold play and begin winter program - More
- February 15, 2006 | Item | E-mail
Exeter Resource Corporation: Drilling Extends Cuello Zone Gold Discoveries at La Cabeza - More
- February 15, 2006 | Item | E-mail
Lundin Mining Appoints Manfred Lindvall Vice President Environment, Health and Safety - More
- February 15, 2006 | Item | E-mail
MetalCORP; DRILLING Commences on Big Lake Ni-Cu-PGM Project, Marathon, ON - More
- February 15, 2006 | Item | E-mail
Millstream to Drill Koval Gold Property and Airport Cu-PGM Property - More
- February 15, 2006 | Item | E-mail
Pearl Asian Mining Industries, Inc. Announces Phase 2: Construction & Pre- Development Stages is Now Underway "Operation Gold Finger" on The XYZ Gold Project - More
- February 15, 2006 | Item | E-mail
Paramount Gold Discovers a New Silver Zone at San Miguel, Sangre de Cristo Assaying up to 706 gpt Silver Across 7 Meters - More
- February 15, 2006 | Item | E-mail
Murgor releases drill results from the Barry Gold deposit, NW Quebec. - More
- February 15, 2006 | Item | E-mail
High River Gold Provides Update on its Taparko-Bouroum Development Project in Burkina Faso - More
- February 15, 2006 | Item | E-mail
EXMIN Signs Earn-in Joint Venture With World's Largest Silver Producer - More
- February 15, 2006 | Item | E-mail
East Asia Minerals refines Deren drill targets - More
- February 15, 2006 | Item | E-mail
International Minerals Reports Second Quarter Financial Results - More
- February 15, 2006 | Item | E-mail
Eastern Platinum Limited: Eastplats to Acquire Interest in Two Producing Platinum Mines and Establish an 86 Million Ounce PGM Resource Base - More
- February 15, 2006 | Item | E-mail
Kalimantan drill update - mineralization continuing to depth - More
- February 15, 2006 | Item | E-mail
Jaguar Mining Reports 13.2 Grams of Gold Over 5.1 Metres; Adds Gold Potential at Turmalina - More
- February 15, 2006 | Item | E-mail
Alberta Star Development Corp.: Connors Drilling Ltd. Appointed Drill Contractor for the Contact Lake Copper Gold & Uranium-IOCG Project - More
- February 15, 2006 | Item | E-mail
American Stellar Discovers a New Silver Zone at San Miguel, Sangre De Cristo Assays Up to 706 gpt Silver Across 7 Meters - More
- February 15, 2006 | Item | E-mail
Clifton's joint venture partner completes $1.3 million financing to advance Kiewit Gold Zone and porphyry target drilling - More
- February 15, 2006 | Item | E-mail
Barrick gold project in Chile gets conditional OK - "Canadian miner Barrick Gold Corp.'s proposed $1.5 billion Pascua Lama gold project, opposed by Chilean groups worried about water quality and glacier preservation, on Wednesday won conditional approval from a regional environmental authority. The Regional Environmental Commission, or Corema, in the third region in northern Chile, said in a statement Barrick could not make changes to three glaciers over part of the area the company wants to include in its open-pit mine. Barrick had proposed moving glacial ice to reach the mineral below." More
- February 15, 2006 | Item | E-mail
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-- Posted 15 February, 2006 | |
