-- Posted 9 March, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Today’s Economic Data:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/04 | 303K | 295K | 295K |
Trade Balance | Jan | -$68.5B | -$66.5B | $65.1B |
Another record high trade deficit seemed to have little impact on the markets, with many looking towards the fact that Japan has decided to start raising interest rates. The process will come slow, however, and the first possible interest rate increase by the Bank of Japan is not seen as coming until at least July.
Tomorrow at 8:30AM EST brings jobs data for February. Nonfarm Payrolls are expected at 210,000, the Unemployment Rate is expected at 4.7%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM are Wholesale Inventories for January expected at 0.5% and at 2PM is the Treasury Budget for February expected at -$118.0 billion.
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| Close | Gain/Loss |
Gold | $545.50 | +$2.90 |
Silver | $9.94 | +$0.13 |
XAU | 124.28 | -1.86% |
HUI | 285.90 | -0.96% |
GDM | 916.08 | -1.39% |
JSE Gold | 2543.20 | +1.97% |
USD | 90.71 | +0.13 |
Euro | 119.08 | -0.19 |
Yen | 84.60 | -0.28 |
Oil | $60.47 | +$0.45 |
10-Year | 4.73% | -0.004 |
T-Bond | 110.75 | +0.0625 |
Dow | 10972.28 | -0.30% |
Nasdaq | 2249.72 | -0.78% |
S&P | 1272.23 | -0.49% |
Gold Warehouse Stocks: | 7,549,186 | - |
Silver Warehouse Stocks: | 127,880,003 | - |
Gold started off lower in Asia but found decent gains in London and added to its gains in New York to above $550 at one point, but it then sold off a bit into the close and ended near its lows of the New York session with only about half of its gains from the day’s high. Silver followed a similar pattern and traded over $10 at one point before selling off a bit into the close, but it still ended with an over 1% gain.
Euro gold rose near €460, platinum gained $6 to $1,007, palladium gained $8 to $287, and copper rose back over $2.20.
Gold and silver equities rose about 3% in the first hour of trade but then steadily sold off into the close and ended about 1% lower.
More Precious Metals Analysis:
“The metals showed signs of a correlated rally attempt on Thursday and that begins to diffuse some of the patently bearish sentiment that has prevailed this week. News of physical buying supported the market early but we suspect that another big jump in the US Trade deficit added to the bullish psychology. Also seen during the session were suggestions that Indian Wedding season demand might be set to rise and that South African January gold production declined by 13.5%. Therefore, the fundamental news seems to have improved and with oil prices also rising, it is not surprising to see precious metals prices up across the board.” - The Hightower Report, Futures Analysis and Forecasting
Oil started off about 50 cents higher before dropping to find slight losses by late morning, but it then rallied into the close and ended near its highs as geopolitical concerns seem to have created a floor in the market despite ample supplies and waning demand.
The U.S. dollar index fell after news that the Bank of Japan will start raising interest rates and fell further after the record high trade deficit report, but it then rallied into the close and ended near a new 9 week high as traders turned their attention to tomorrow’s jobs report that many are expecting to come in strong and influence the fed to continue to raise interest rates in the U.S.
Despite poor economic data, treasuries started off lower on expectations for a strong jobs report tomorrow, but bonds turned higher in late trade as a 10-year note auction drew decent demand.
The Dow, Nasdaq, and S&P started off higher on news that the Bank of Japan will slowly start to raise interest rates, but all three indices sold off in afternoon trade and ended slightly lower as higher oil and poor economic data weighed on the markets.
Among the big names making news in the market today were DP World, Sharper Image, GM and Delphi, Blockbuster, Imax, NYSE Group, and Intuit.
GATA Posts:
Bank for International Settlements confesses to gold price suppression scheme
Gold may be dangerous but it is innocent of all charges
Gold & Silver Stock News Update from GoldReview.com:
Gold Fields’ Venezuelan output and plenty of junior mining and exploration stock news were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN +5.08% $1.86 |
2. Cumberland | CLG +5.02% $3.14 |
3. Aurizon Mines | AZK +3.68% $1.97 |
LOSERS
1. IAMGOLD | IAG -3.76% $8.18 |
2. Newmont | NEM -3.59% $47.79 |
3. Royal Gold | RGLD -3.36% $28.17 |
All of today's gold and silver stock news:
Gold Fields Begins Operations in Venezuela - "Howard Stevenson, the new head of Gold Fields' Venezuelan operations, said Thursday the company now controls two gold mine concessions in the southeastern Bolivar state and has exploration permits for 15 others that the Canadian Bolivar Gold Corp. had acquired." More
- March 09, 2006 | Item | E-mail
War Eagle Mining Company Inc.: Private Placement Closed - More
- March 09, 2006 | Item | E-mail
Aranka Gold Announces Financing - More
- March 09, 2006 | Item | E-mail
IFC Invests $5,397,000 in Guyana Goldfields Inc. - More
- March 09, 2006 | Item | E-mail
PolyMet Mining Corp.: NorthMet Drilling Reports 5.1% Grade Increase, Scope of Definitive Feasibility Study Expanded - More
- March 09, 2006 | Item | E-mail
Drake Gold Resources Inc. Signs Seasoned Mining Operator Norm Pearson as Project Manager - More
- March 09, 2006 | Item | E-mail
Pearl Asian Mining Industries Announces NASDAQ Set X-Dividend Date - More
- March 09, 2006 | Item | E-mail
Typhoon Signs an Agreement with Agnico-Eagle and Controls a 8 Kilometers Long Auriferous Corridor - More
- March 09, 2006 | Item | E-mail
Gold Fields sees 140k oz gold from Venezuela in '06 - "South African mining company Gold Fields Ltd. said Thursday it expected its recently acquired Choco 10 mine in southern Venezuela to produce between 120,000 and 140,000 ounces of gold in 2006. Gold Fields, one of the world's top five gold producers, on March 1 completed the acquisition of Canada's Bolivar Gold, acquiring its 5,400 tonne-per-day processing plant and its Choco 10 mine with 1.3 million ounces in reserves." More
- March 09, 2006 | Item | E-mail
Rocmec Confirms Access to 2nd Level and Reports Additional Sampling Results Up to 63.13 g/t - More
- March 09, 2006 | Item | E-mail
Tribute Announces Exercise of 6,000,000 Warrants - More
- March 09, 2006 | Item | E-mail
Metanor Resources Inc.: Closing Private Placement - More
- March 09, 2006 | Item | E-mail
Laurion Gold Inc. Announces Issuance of Shares for Settlement of Claims - More
- March 09, 2006 | Item | E-mail
Pearl Asian Mining Industries 'Naked Shorting' Victim - More
- March 09, 2006 | Item | E-mail
IGC Resources Receives Prelim Petrographic Study on Blackburn Gold Project, Western Australia - More
- March 09, 2006 | Item | E-mail
Golden Arch Completes Mildred Peak, Arizona Acquisition - More
- March 09, 2006 | Item | E-mail
High River Gold to Raise Funding Through Early Exercise of Warrants - More
- March 09, 2006 | Item | E-mail
Inspiration Mining Corporation: Private Placement Closes - More
- March 09, 2006 | Item | E-mail
First Quantum Reports Operational and Financial Results for Three Months and Twelve Months Ended December 31, 2005 - More
- March 09, 2006 | Item | E-mail
Ascendant Copper Reports on Relogging of Core Samples at Junin Copper Porphyry Project, Ecuador - More
- March 09, 2006 | Item | E-mail
Drake Gold Resources Inc. Signs First Right to Refusal on Ten (10) Projects From Thunder Gulch Resources Ltd. - More
- March 09, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted 9 March, 2006 | |
