-- Posted 16 March, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
Today’s Economic Data:
Report | For | Reading | Expected | Previous |
CPI | Feb | 0.1% | 0.1% | 0.7% |
Core CPI | Feb | 0.1% | 0.2% | 0.2% |
Building Permits | Feb | 2145K | 2113K | 2216K |
Housing Starts | Feb | 2120K | 2030K | 2303K |
Initial Claims | 3/11 | 309K | 298K | 304K |
Philadelphia Fed | Mar | 12.3 | 13.0 | 15.4 |
CPI was seen as tame and reduced inflation fears as housing data dropped to levels that were about as expected and Initial Jobless Claims rose to the highest level this year. Also making news was the senate “raising the ceiling on the national debt to nearly $9 trillion and preventing a first-ever default on U.S. Treasury notes.”
Tomorrow at 9:15AM EST brings Capacity Utilization for February expected at 81.4% and Industrial Production expected at 0.8%. At 9:50AM is the preliminary reading for March Michigan Sentiment expected at 88.0.
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| Close | Gain/Loss |
Gold | $554.40 | +$1.30 |
Silver | $10.30 | -$0.01 |
XAU | 131.49 | -0.76% |
HUI | 301.00 | -1.22% |
GDM | 963.48 | -0.77% |
JSE Gold | 2648.62 | -0.54% |
USD | 89.08 | -0.63 |
Euro | 121.77 | +1.08 |
Yen | 85.59 | +0.30 |
Oil | $63.58 | +$1.33 |
10-Year | 4.646% | -0.085 |
T-Bond | 111.46875 | +0.8125 |
Dow | 11253.24 | +0.39% |
Nasdaq | 2299.56 | -0.53% |
S&P | 1305.33 | +0.18% |
Gold Warehouse Stocks: | 7,527,188 | - |
Silver Warehouse Stocks: | 126,099,581 | - |
Gold and silver traded modestly lower in Asia but rose in London to near unchanged by the New York open which saw both metals move up over $555 and $10.30 to find decent gains. Both metals then dropped soon after 9AM EST, however, and fell to under $550 and $10.15 at one point before rebounding and rising back near the unchanged level by the close of trade. Silver lost a penny to fall from 22 year highs while gold was able to end back up near its highs of the session with a gain.
Euro gold fell near €450 and platinum and palladium fell over 1% as gold and silver hit their lows, but all three rebounded and cut their losses by about half by the close. Euro gold ended near €455, platinum lost $4 to $1,020, palladium lost $3 to $310, and copper gained further above $2.25.
Gold and silver equities started off near unchanged, fell off to find about 1% losses by late morning, rebounded to near unchanged midday, and then fell back off into the close to end about 1% lower.
More Precious Metals Analysis:
“The gold market managed to right the ship after some initial weakness and at times outperformed the silver market. Certainly the fact that the US Dollar was under significant pressure helped the gold market dodge selling from the disappointing US inflation readings and from the general weakness in the US economic numbers. In the end we suspect that the aggressive upward extension in the equity markets provided the metals with hopes of increased physical demand ahead and perhaps even served to keep the inflation hope alive in the face of evidence to the contrary.” - The Hightower Report, Futures Analysis and Forecasting
Oil traded slightly lower in morning New York trade as natural gas stocks fell 55 billion cubic feet which was a smaller drop than most expected. Yesterday’s large build in crude inventories and some bearish OPEC comments also held the price of oil lower early on, but energy prices rose in afternoon trade as geopolitical concerns returned to the market. News of a large air assault in Iraq added to geopolitical concerns over Iran and Nigeria.
The U.S. dollar index fell and treasuries gained as interest rates dropped on tame CPI data that suggests the fed may stop raising interest rates soon. The euro rose to 6 week highs.
The Dow and S&P rose to new 4 and ¾ year highs and the Nasdaq also found decent gains early on as tame inflation data encouraged investors, but a surge in oil late in the day cut into the gains of the Dow and S&P and sent the Nasdaq lower.
Among the big names making news in the market today were the NYSE, the SEC, Bear Stearns, Chiron, Barnes & Noble, Altria, Del Monte and Kraft, Pandit and Havens, and Goldman Sachs, LSE, and Nasdaq.
GATA Posts:
Mogambo Guru makes favorable reference to GATA
GoldMoney's James Turk interviewed on Howe Street's GoldRadioFM
GoldSeeker Closing Report: Foreign purchases of U.S. debt trail trade deficit
Why are prosecutors worried about fake bonds when fake gold works just fine?
These counterfeiters may have been just a few months ahead of their time
Beer kegs have monetized themselves; can gold and silver be far behind?
James Turk: Another step closer to the breakout
Gold & Silver Stock News Update from GoldReview.com:
Protestors killing 4 security officers in a protest in front of a mine owned by Freeport-McMoRan, Golden Star’s sale of Moto Goldmine shares and delay in 2005 Form 10-K filing, Queenstake’s board appointment, Gold Reserve’s received Permit to Impact Natural Resources for the Aggregate Quarry for the Brisas Project, and Silver Wheaton’s deal with Starcore to continue silver sales in Mexico were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +4.66% $4.94 |
2. Cardero Resource | CDY +4.64% $3.16 |
3. Aurizon Mines | AZK +3.65% $2.27 |
LOSERS
1. Lihir Gold | LIHRY -3.83% $33.10 |
2. Cumberland | CLG -3.57% $3.24 |
3. Kimber Resources | KBX -3.45% $2.80 |
All of today's gold and silver stock news:
Golden Star Announces Sale of Moto Goldmines' Shares and Delay in Filing Its 2005 Form 10-K - "Golden Star Resources Ltd. today announced that it has sold all of its shares in Moto Goldmines Limited for C$7.50 per share net of brokerage costs in a bought-deal transaction that closed yesterday. The sale of the six million shares resulted in net proceeds to Golden Star of C$45.0 million ($38.9 million). The sale is expected to realize approximately $30.1 million of capital gain for Golden Star, which will be recorded as income in the first quarter." More
- March 16, 2006 | Item | E-mail
John W.W. Hick Named to Queenstake Board of Directors - "The Board of Directors of Queenstake Resources Ltd. announced the appointment of John W.W. Hick of Toronto as a Director effective today. He will also be nominated in management's slate of directors for election at the Annual Meeting of Shareholders in Toronto on May 25, 2006." More
- March 16, 2006 | Item | E-mail
Goldcorp to Sell San Martin Mine in Mexico-Sale of Silver to Silver Wheaton to Continue - "Silver Wheaton Corp. is pleased to announce that as part of the recently announced sale of Goldcorp Inc.'s San Martin Mine located in the State of Queretaro, Mexico to Starcore International Ventures Ltd., one of the conditions of the sale is that Starcore will assume the obligations of Goldcorp for the sale of silver from this mine to Silver Wheaton. The silver production from San Martin, which represents 3% of Silver Wheaton's annual revenue, will continue to be delivered to Silver Wheaton in accordance with previously agreed terms." More
- March 16, 2006 | Item | E-mail
Azimut Exploration: Granting of Stock Option - More
- March 16, 2006 | Item | E-mail
Crosshair Exploration and Mining Corp.: Drilling Extended-From 9-12 Holes to 19-20 Holes at Moran Lake-Ground Exploration Program Outlined for 'Area 51' - More
- March 16, 2006 | Item | E-mail
Redcorp Ventures Ltd.: Corporate Revision of Asset Retirement Obligations - More
- March 16, 2006 | Item | E-mail
Gold Reserve Announces Receipt of Permit to Impact Natural Resources for the Aggregate Quarry for the Brisas Project - "Gold Reserve Inc. reported today that the Ministry of the Environment and Natural Resources in Venezuela has issued to the Company the "Permit to Impact Natural Resources" for the quarry on the Barbarita property which would provide aggregate for the Company's adjacent Brisas project." More
- March 16, 2006 | Item | E-mail
Noront Assignes Freewest Option to Probe, Double Eagle Project, McFaulds Lake Area, James Bay Lowlands - More
- March 16, 2006 | Item | E-mail
Golden Phoenix Reaches Ashdown Molybdenum Zone, Stope Development Begins - More
- March 16, 2006 | Item | E-mail
Excellon Announces 2.5-Metre Sulphide Intercept 100 Metres Southeast of Guadalupe Manto - More
- March 16, 2006 | Item | E-mail
Scorpio's Assay Results of Channel Sampling of 7th Level Development Drifts include 1,367.90 g/t Ag, 3.45% Zn, 0.02% Cu, 5.28% Pb and 0.40 g/t Au over 10 metres - More
- March 16, 2006 | Item | E-mail
Cassidy Gold Corp.: Kinkine Returns 2.40 g/t Au Over 75 Metres at Kouroussa Gold Project, Guinea - More
- March 16, 2006 | Item | E-mail
Shoshone Silver and Minco, Plc Enter Into Option and Joint Venture Agreement - More
- March 16, 2006 | Item | E-mail
Quincy Intersects 5 Feet Grading 137.24 opt Ag and 10 Feet Grading 14.64 opt Ag on its Lantern Project - More
- March 16, 2006 | Item | E-mail
Avino Silver Retains Media Relations Firm - More
- March 16, 2006 | Item | E-mail
J-Pacific Plans Future Nevada Exploration; Reports 2005 Final Results - More
- March 16, 2006 | Item | E-mail
Dundee Precious Metals Inc.: Bulgarian Government Calls Additional Environmental Council Meeting On Chelopech Expansion Project - More
- March 16, 2006 | Item | E-mail
Asia Now Resources Provides Update On Projects In China - More
- March 16, 2006 | Item | E-mail
Signet Minerals Inc.: Curie Uranium-Gold Project Airborne Survey - More
- March 16, 2006 | Item | E-mail
Logan Resources Ltd. Files 43-101 Report on its Heidi Property - More
- March 16, 2006 | Item | E-mail
SLAM Exploration and Bard Ventures sign agreement - More
- March 16, 2006 | Item | E-mail
Great West Gold, Inc. - Update On Filing - More
- March 16, 2006 | Item | E-mail
Additional financing for Kiewit drilling - More
- March 16, 2006 | Item | E-mail
Indonesian Officers Killed During Protest - "Protesters killed four security officers after clashes broke out Thursday during a rally demanding the closure of a U.S.-owned gold mine in Papua. The officers were either hacked or burned to death, police and witnesses said. It was the third day of violent protests against the mine run by Freeport-McMoRan Copper & Gold Inc. The killings are certain to sharply raise tensions in the region, which is also home to a separatist rebellion." More
- March 16, 2006 | Item | E-mail
East Asia Minerals identifies new copper oxide potential at EC1 - More
- March 16, 2006 | Item | E-mail
Probe Mines Continues to Consolidate Land Position in the McFauld's Lake Area, James Bay Lowlands - More
- March 16, 2006 | Item | E-mail
Infinity Mining Corp. (Canada) Hires PR Firm Janis & Company - More
- March 16, 2006 | Item | E-mail
Twin Mining To Include Jipangu Inc. Nominee To Slate Of Directors - More
- March 16, 2006 | Item | E-mail
Travel underground into the gold deposits of Swede Channel - More
- March 16, 2006 | Item | E-mail
Skyharbour Resources Ltd.: Drilling Update on Continuing Phase 1 Exploration Program, Broulan Reef Property, Red Lake, Northwestern Ontario - More
- March 16, 2006 | Item | E-mail
Jersey-Emerald Royalty Could Have Significant Economic Impact for World Ventures Inc. - More
- March 16, 2006 | Item | E-mail
Romarco Completes Pine Grove Phase I Drilling Early Assay Results Show Promising Gold Values - More
- March 16, 2006 | Item | E-mail
Tenajon Resources Corp.: MineFill Services Completes Resource Calculation and 3-D Model of Silver Coin - More
- March 16, 2006 | Item | E-mail
Wits Basin Provides Updates on Gold Exploration Projects - More
- March 16, 2006 | Item | E-mail
Pioneer Metals Corporation - Company Update - More
- March 16, 2006 | Item | E-mail
Pearl Asian Acquires an additional 3,000 Square Meters of Land for Gold/Silver Refinery Facility - More
- March 16, 2006 | Item | E-mail
LionOre Mining Reports Audited 2005 Financial Results - More
- March 16, 2006 | Item | E-mail
Exall Announces $10,400,000 Private Placement Financings - More
- March 16, 2006 | Item | E-mail
GlobeStar Mining Advances Moblan Industrial Mineral Project - More
- March 16, 2006 | Item | E-mail
Geologix Discovers Gold Porphyry at Huacullo - More
- March 16, 2006 | Item | E-mail
King's Bay Gold Commences Airborne Geophysical Survey Adjacent to 'North Rock' Platinum Discovery and Acquires More Land - More
- March 16, 2006 | Item | E-mail
Finlay Minerals Ltd. Purchases Silver Hope Project, central British Columbia - More
- March 16, 2006 | Item | E-mail
Dynasty Increases Investor Relations Presence - More
- March 16, 2006 | Item | E-mail
Aurora Gold Corporation Announces Results From Preliminary Exploration Programs at the São Joao Property in the Tapajos Gold Province, State of Pará, Brazil - More
- March 16, 2006 | Item | E-mail
Antares Minerals Inc. retains Renmark Financial Communications Inc. - More
- March 16, 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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-- Posted 16 March, 2006 | |
