-- Posted 28 February, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Report | For | Reading | Expected | Previous |
GDP | Q4 | 1.6% | 1.6% | 1.1% |
Chain Deflator | Q4 | 3.3% | 3.0% | 3.0% |
Chicago PMI | Feb | 54.9 | 58.5 | 58.5 |
Consumer Confidence | Feb | 101.7 | 104.0 | 106.8 |
Existing Home Sales | Jan | 6.56M | 6.65M | 6.75M |
Despite the revised up 4th quarter GDP, it is still the slowest growth in 3 years. Existing Home Sales fell 2.8% to add to the economic disappointments from the Chicago PMI and Consumer Confidence reports.
Tomorrow at 8:30AM EST brings Personal Income for January expected at 0.6% and Personal Spending expected at 1.0%. At 10AM are Construction Spending for January expected at 1.2% and the ISM Index for February expected at 55.5.
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| Close | Gain/Loss |
Gold | $561.50 | +$6.90 |
Silver | $9.74 | +$0.11 |
XAU | 133.35 | -1.71% |
HUI | 305.87 | -1.10% |
GDM | 966.03 | -1.23% |
JSE Gold | 2721.48 | -5.37% |
USD | 90.13 | -0.56 |
Euro | 119.36 | +0.81 |
Yen | 86.36 | +0.31 |
Oil | $61.41 | +$0.41 |
10-Year | 4.547% | -0.043 |
T-Bond | 113.09375 | +0.59375 |
Dow | 10993.41 | -0.94% |
Nasdaq | 2281.39 | -1.12% |
S&P | 1280.66 | -1.04% |
Gold Warehouse Stocks: | 7,518,869 | -6,053 |
Silver Warehouse Stocks: | 127,898,415 | -71,669 |
Gold and silver traded marginally lower in Asia before they rose a bit in London and then gained throughout most of trade in New York to end near their highs of the session with over 1% gains.
Euro gold jumped back above €470, platinum gained $19 to $1,044, palladium gained $8 to $286, and copper recouped most of yesterday’s losses to climb back above $2.20.
Gold and silver equities started off near unchanged but soon fell about 2% before rebounding to near unchanged midday, but they then fell back off into the close and ended over 1% lower despite greater than 1% gains in the metals.
More Precious Metals Analysis:
“With copper and platinum leading the precious metals markets up early on Tuesday, we aren't surprised to see gold and silver eventually manage an impressive rally. We suspect that the breakdown in the Dollar facilitated the rise in the precious metals and with the equity market also under moderate selling pressure we can understand at least part of the buying interest in the market. Apparently the market was partially lifted by the news of lower Newmont gold mining production in the 4th quarter but that story is partially offset by projections that overall 2006 world gold supply might rise by 4.1%.” - The Hightower Report, Futures Analysis and Forecasting
"Gold is moving to a point of resolution in the very short-term. One of the most frightening market features, because it means the price will jump one way or the other and it is not often clear which way. All one can say is it will be a burst of volatility! - Brace yourself!
The Technicals are looking down but the fundamentals have hormones." - Julian D.W. Phillips of www.goldforecaster.com
Oil rebounded from yesterday’s losses as traders looked ahead to inventory reports tomorrow and an OPEC meeting next week. Supply worries remain as geopolitical concerns still exist in Nigeria, Saudi Arabia, Iran, and Iraq.
Disappointing economic data caused the U.S. dollar index and the Dow, Nasdaq, and S&P to fall markedly while treasuries found nice gains.
Among the big names making news in the market today were Apple, Staples, Heinz, Google, and Shell and Chevron.
Gold & Silver Stock News Update from GoldReview.com:
NovaGold’s year end financial results and project development update, Silver Standard’s south ridge zone expansion at Pitarrilla, Golden Star’s exploration results, Yamana’s completed acquisition of RNC Gold, and the completion of a Plan of Arrangement between Gold Fields and Bolivar Gold were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Aurizon Mines | AZK +7.31% $2.35 |
2. Cumberland | CLG +6.17% $3.27 |
3. Kimber Resources | KBX +5.8% $2.19 |
LOSERS
1. Western Silver | WTZ -4.58% $19.37 |
2. Harmony Gold | HMY -4.05% $13.99 |
3. AngloGold Ashanti | AU -3.78% $50.92 |
All of today's gold and silver stock news:
Yamana Completes Acquisition Of RNC Gold - "Yamana Gold Inc. and RNC Gold Inc. today announced the completion of Yamana's previously announced acquisition of RNC. Pursuant to the transaction, shareholders of RNC will receive 0.12 of a Yamana common share for each RNC common share. Yamana will issue 5,782,376 common shares in connection with the transaction and will have 199,238,320 common shares outstanding after giving effect to the transaction." More
- February 28, 2006 | Item | E-mail
NovaGold Resources Inc.: Year End Financial Results and Project Development Update - "The Company had a net loss of $5.8 million (or $0.09 per share) for the year ended November 30, 2005, compared with a net loss of $8.4 million (or $0.14 per share) in 2004 and a net loss of $7.0 million (or $0.14 per share) in 2003. The main factors for the reduction in net loss of $2.6 million were the decrease in stock based compensation, increase in foreign exchange gain and a future income tax recovery of $2.6 million, offset by increases in almost all other expense categories as a result of the significant increase in activity during 2005 since property expenditures have increased from $27 million in 2004 to $77 million in 2005." More
- February 28, 2006 | Item | E-mail
Etruscan reports 2005 year end results - More
- February 28, 2006 | Item | E-mail
Paramount Gold Gains SEC Clearance and Prepares For NASD Filing and OTC:BB Trading - More
- February 28, 2006 | Item | E-mail
White Knight Resources Ltd.: Shareholders, Report - More
- February 28, 2006 | Item | E-mail
Little Squaw Completes Equity Financing - More
- February 28, 2006 | Item | E-mail
ESO Uranium Commences Drilling on its Mikwam Project - More
- February 28, 2006 | Item | E-mail
Gold Fields and Bolivar Gold Announce Completion of Plan of Arrangement - "Gold Fields Limited and Bolivar Gold Corp. announced today that the Yukon Court of Appeal has dismissed the appeal by Scion Capital et al of the decision of the Yukon Supreme Court granting approval of the previously announced Plan of Arrangement. Bolivar Gold has filed Articles of Arrangement under the Yukon Business Corporations Act completing the transaction." More
- February 28, 2006 | Item | E-mail
Pearl Asian Mining Industries, Inc. Announces the Hiring of an Investor Relations Consultant - More
- February 28, 2006 | Item | E-mail
King's Bay Gold Completes $2,791,271 Brokered Private Placement - More
- February 28, 2006 | Item | E-mail
EXMIN Arranges Private Placement - More
- February 28, 2006 | Item | E-mail
Stratagold intersects 1.57 g/t over 24.38 metres, extends Tassawini South Zone - More
- February 28, 2006 | Item | E-mail
Dia Bras Outlines 2006 Strategic Objectives - More
- February 28, 2006 | Item | E-mail
Golden China Resources announces second quarter results - More
- February 28, 2006 | Item | E-mail
Au Martinique Silver Inc. Appoints New CEO and Chairman - More
- February 28, 2006 | Item | E-mail
Franklin Mining, Bolivia Financial Audit to Be Complete on March 2 - More
- February 28, 2006 | Item | E-mail
New Gold Inc.: CDN$75 Million Bought Deal Financing Closes - More
- February 28, 2006 | Item | E-mail
Rocmec Obtains Undergroung Sampling Results up to 109 gr/t - More
- February 28, 2006 | Item | E-mail
Cream Minerals Defines Additional Total Inferred Mineral Resource for Once Bocas Gold-Silver Zone - More
- February 28, 2006 | Item | E-mail
MetalCORP; Drilling on Big Lake Project Intersects Massive Sulphides - More
- February 28, 2006 | Item | E-mail
Laurion Gold Inc. Announces Discovery of Encouraging Ni/Cu/Pt/Pd Mineralization - More
- February 28, 2006 | Item | E-mail
East Asia Minerals completes EC1 drilling program and begins drilling EC2 - More
- February 28, 2006 | Item | E-mail
Apogee Minerals Hosts Bolivian Minister of Mines and Metallurgy, Mr. Walter Villaroel - More
- February 28, 2006 | Item | E-mail
Gowest Amalgamated Resources Ltd: Gold Resource Defined By Joint Venture North Of Timmins, Ontario - More
- February 28, 2006 | Item | E-mail
Murgor Intersects 20.00 G/T Au Over 4.0 Meters in Latest Drilling at the Barry Gold Deposit, NW Quebec - More
- February 28, 2006 | Item | E-mail
Sheffield Cuts 178 Metres (584 Ft) of 0.37% Copper at Moonlight Project - More
- February 28, 2006 | Item | E-mail
Sea Green Capital Corp. Drilling Update - More
- February 28, 2006 | Item | E-mail
Magnus International Resources Announces Results of First 10 Drill Holes at the Mangshi Project, Yunnan Province, China - More
- February 28, 2006 | Item | E-mail
Medoro Resources Advised of OSC Investigating Trading in Shares - More
- February 28, 2006 | Item | E-mail
Red Dragon Resources Corp. - Extension of expiry date of warrants - More
- February 28, 2006 | Item | E-mail
Eaglecrest Explorations Ltd.: Bulk Sampling Gold Grades Significantly Higher than Diamond Drilling Core Grades - More
- February 28, 2006 | Item | E-mail
Golden Star Announces Prestea Underground Exploration Results - "Golden Star Resources Ltd. today announced exploration results for the Prestea Underground gold exploration project in Ghana, which support the 280% increase in Inferred Resource tonnage included in the Company's year-end mineral reserves and mineral resources statements released on February 2. Prestea Underground is an inactive mine beneath and to the south of the present open-pit operations of the Company's Bogoso/Prestea Mine and it represents the extension of the surface mineralization." More
- February 28, 2006 | Item | E-mail
Silver Standard Continues Expanding the South Ridge Zone at Pitarrilla Silver Project in Mexico - "Silver Standard Resources Inc. is pleased to report that diamond drilling at the South Ridge of the Pitarrilla silver project in Mexico has again expanded the zone along its southern and eastern flanks with silver values over thick intervals. The wholly-owned project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango." More
- February 28, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted 28 February, 2006 | |
