-- Posted 8 March, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
There were no major economic reports today. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/04 expected at 295,000 and the Trade Balance for January expected at -$66.5 billion. Many will also be looking ahead to jobs data on Friday.
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| Close | Gain/Loss |
Gold | $542.60 | -$10.10 |
Silver | $9.81 | -$0.27 |
XAU | 126.63 | -2.20% |
HUI | 288.67 | -2.74% |
GDM | 928.98 | -2.42% |
JSE Gold | 2494.02 | -1.78% |
USD | 90.58 | -0.16 |
Euro | 119.27 | +0.51 |
Yen | 84.88 | +0.10 |
Oil | $60.02 | -$1.56 |
10-Year | 4.734% | -0.002 |
T-Bond | 110.6875 | -0.0625 |
Dow | 11005.74 | +0.23% |
Nasdaq | 2267.46 | -0.01% |
S&P | 1278.47 | +0.21% |
Gold Warehouse Stocks: | 7,517,222 | - |
Silver Warehouse Stocks: | 127,880,003 | - |
Gold and silver traded just slightly lower in Asia before dropping a bit further in early London trade, but the big drops in the metals came in late London and early New York trade. Both metals initially rebounded from their large losses, but both found their way to new session lows by afternoon trade which then saw a slight rebound into the close.
Euro gold fell near €455, platinum lost $30 to $1,001, palladium dropped $8 to $279, and copper fell further under $2.20.
Gold and silver equities fell over 3% in morning trade before rebounding into the close, but they still ended over 2% lower on the day.
More Precious Metals Analysis:
“The selling pressure mounted in the metals and with the declines we have to think that a portion of the selling was at least in part fostered by stop loss sales momentum. However, with oil prices once again falling aggressively and equity prices at times under moderate pressure one could conclude that Wednesday was a deflationary session. We are a little surprised that gold and silver failed to respond to rather incendiary threats from Iran toward the US but in the near term the activity of the funds appears to be all encompassing.” - The Hightower Report, Futures Analysis and Forecasting
“The downdraft in the metals continued in early New York trading Wednesday, with spot gold price falling to the low $540’s and silver dropping at double the percentage rate of gold.
Among some of the pressures affecting gold? Weaker crude oil prices along with a strong U.S. Dollar – helped by rising rates. Today’s action is feeding off the negative momentum from the past few trading sessions. We are breaking supports and traders want out. Once again we are being driven by speculators who ride the momentum waves. They are watching the chart support now around $540 followed by $535. Failures of these two levels are likely to bring back $525. Below $525’s support is $510.
The physical market will rejoice at this drop in prices. We are as well. Pullbacks remain a buying opportunity in our view. The HUI is quickly approaching our ultimate pullback objective. Some equities have seen sizeable, in the area of 30-40%, price corrections from their record highs just weeks ago! This is not new to old-timers in this area. It is more of the norm. Volatility is an opportunity if you trade it.
It appears we overextended on the way up and the same holds true on the way down.” – Peter Spina of www.goldforecaster.com
The U.S. dollar index fell from 9 week highs and traded mostly slightly lower as traders looked ahead to comments from the Bank of Japan on their policy and also looked ahead to jobs data on Friday.
Oil dropped as OPEC confirmed it will not cut production and crude inventories built by a much larger than expected 6.8 million barrels to the highest level since May of 1999. Gasoline inventories fell 1.1 million barrels and distillates fell 2.7 million barrels which were larger drops than most expected, but the OPEC news and the high crude inventories kept a bearish tone on the energy market.
Treasuries remained near unchanged as traders looked to jobs data on Friday to help indicate the future of interest rates.
The Dow, Nasdaq, and S&P fell on worries over interest rates Wednesday morning before rebounding in afternoon trade as lower oil encouraged investors.
Among the big names making news in the market today were Biogen and Tysabri, the NYSE, VNU, McDonald’s, Liberty Media, and Exxon Mobil.
THE BLACK GOLD WATCHER’S COMMENTARY FOR MARCH 08, 2006
ANALYSIS OF BLACK GOLD!
Today’s close (3/08/2006) was very weak. More of the weak holders, the public, were run out of the market. Locals will soon try to uncover the buy stops on the upside of the Crude market. Short sales of Crude Oil are out of the question at this time. Soon we will see how many traders will be caught on the short side when the market reasserts its trend. The MOMO traders have taken a lot of heat already. The Commercials are the key to support of Crude Oil.
Subscribers to THE BLACK GOLD WATCHER (copyright 2006) have already been issued the appropriate instructions to capitalize on this change.
The usual Mideast drama will keep the picture muddied, as it’s designed to do!
PITAGORAS INTERNACIONAL SA. Onlypill@cox.net http://onlypill.tripod.com/theblackgoldwatcher
GATA Posts:
New silver ETF may or may not have silver or contracts in any particular amount
ROB-TV interviews Peter Grandich about GATA and mining stocks
Gold & Silver Stock News Update from GoldReview.com:
Tan Range’s name change to Tanzanian Royalty Exploration Corporation and plenty of junior and exploration stock news were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +2.5% $2.87 |
2. Miramar Mining | MNG +1.96% $3.12 |
3. Minco Mining | MMK +1.31% $2.32 |
LOSERS
1. Coeur d’Alene | CDE -6.33% $5.33 |
2. Pan American | PAAS -6.01% $22.36 |
3. Gammon Lake | GRS -5.75% $16.07 |
All of today's gold and silver stock news:
Fieldex issues shares upon conversion of debenture - More
- March 08, 2006 | Item | E-mail
Plato Gold Corp. Appoints John H. Paterson to its Board of Directors - More
- March 08, 2006 | Item | E-mail
Acero-Martin Exploration Inc.: Private Placement of $0.60 per Unit has Increased to $3.6 Million - More
- March 08, 2006 | Item | E-mail
Tyler Announces Further Porphyry Intersects at Bahuerachi - More
- March 08, 2006 | Item | E-mail
Drake Gold Resources Inc. Signs Management Contract With Thunder Gulch Resources Ltd. - More
- March 08, 2006 | Item | E-mail
Can-Cal Resources Ltd.-Additional Property Claims Acquisition and Analytical Testing - More
- March 08, 2006 | Item | E-mail
Drake Gold Resources Inc. Announces Consultant - More
- March 08, 2006 | Item | E-mail
Petaquilla Adopts Shareholder Rights Plan - More
- March 08, 2006 | Item | E-mail
Aurora Gold Corporation Announces Results From Preliminary Exploration Programs at the Santa Isabel and Ouro Mil Properties - More
- March 08, 2006 | Item | E-mail
Work to Begin on Gold Canyon's Favourable Lake Polymetallic Project - More
- March 08, 2006 | Item | E-mail
Golden Odyssey Mining Inc. Announces Additions to Its Board Of Directors and Management Team - More
- March 08, 2006 | Item | E-mail
Shoreham Receives Regulatory Approval and Initiates Exploration Program at Favourable Lake Property - More
- March 08, 2006 | Item | E-mail
South American Gold and Copper Company Announces Expanded Drill Program by Rio Tinto at Pimenton - More
- March 08, 2006 | Item | E-mail
Unico, Inc. Chairman Files Form 4 on Stock Purchase - More
- March 08, 2006 | Item | E-mail
Taseko Secures Listing on the Toronto Stock Exchange - More
- March 08, 2006 | Item | E-mail
Romios Announces Proposed Financing - More
- March 08, 2006 | Item | E-mail
Wits Basin to Initiate Early Drilling Plan - More
- March 08, 2006 | Item | E-mail
Maxy Gold Corp.: Niukong Drilling Results Extend Mineralization Zone to Over 200 Meters and Discovers a New Gold Zone - More
- March 08, 2006 | Item | E-mail
Nevada Star Resource Corp. Opens Major Nickel-Copper-Platinum Group Elements Property for Joint Venture - More
- March 08, 2006 | Item | E-mail
Little Squaw Fortifies Board & Management Team - More
- March 08, 2006 | Item | E-mail
Mega Uranium to Acquire Uranium Rights in Bolivia - More
- March 08, 2006 | Item | E-mail
EuroZinc Announces New Mineral Resource and Reserve for Neves-Corvo - More
- March 08, 2006 | Item | E-mail
Buffalo Gold Ltd.: Acquisitions Update - More
- March 08, 2006 | Item | E-mail
Gold Hawk Completes $16,250,000 Private Placement for the Tamboraque Mine Acquisition - More
- March 08, 2006 | Item | E-mail
Gold Recoveries Exceed 98% at Aurogin's EI Arenal Zone in Guatemala - More
- March 08, 2006 | Item | E-mail
China Diamond Corp. Appoints New Director - More
- March 08, 2006 | Item | E-mail
Diamond Fields Announces the Discovery of a Second Kimberlite in Liberia - More
- March 08, 2006 | Item | E-mail
Consolidated Goldwin announces 3,000 foot drill program scheduled for Nevada Gold and Copper Property - More
- March 08, 2006 | Item | E-mail
Tanzanian Royalty Exploration Corporation announces name change from Tan Range Exploration Corporation - "Tanzanian Royalty Exploration Corporation announces that it has changed its legal name from Tan Range Exploration Corporation. The change was approved by shareholders at the Company's Annual and Special Meeting held on February 27, 2006 in Toronto and by the Toronto Stock Exchange and the American Stock Exchange effective today." More
- March 08, 2006 | Item | E-mail
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
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© Gold Seeker 2006
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-- Posted 8 March, 2006 | |
