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-- Posted 13 April, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com: Note: U.S. and Canadian markets will be closed on Friday for the Easter holiday. However, Good Friday is not a federal holiday and CoT reports will be released at 3:30PM EST as normal. The Gold Seeker Report will return on Monday. Today’s Economic Data: Report | For | Reading | Expected | Previous | Import Prices | Mar | -0.4% | 0.2% | -0.5% | Import Prices ex-oil | Mar | -0.3% | - | -0.6% | Export Prices | Mar | 0.2% | - | 0.1% | Export Prices ex-ag. | Mar | 0.2% | - | 0.1% | Initial Claims | 4/08 | 313K | 305K | 301K | Retail Sales | Mar | 0.6% | 0.5% | -0.8% | Retail Sales ex-auto | Mar | 0.4% | 0.5% | -0.3% | Michigan Sentiment | Apr | 89.2 | 89.0 | 88.9 | Business Inventories | Feb | 0.0% | 0.3% | 0.6% |
“The Fed's preferred inflation measure, the personal consumption expenditures price index, rose 3.2 percent for the 12 months ending February. Minus food and energy, the index rose 1.8 percent, near the upper end of the 1 percent to 2 percent range that Fed Chairman Ben S. Bernanke says is acceptable.” | Close | Gain/Loss | On Week | Gold | $596.30 | -$1.00 | +1.45% | Silver | $12.89 | +$0.22 | +6.97% | XAU | 145.47 | +0.48% | UNCH | HUI | 348.75 | +0.68% | +0.96% | GDM | 1086.22 | +0.50% | -0.14% | JSE Gold | 2854.12 | +2.15% | +0.72% | USD | 89.55 | -0.04 | -0.16% | Euro | 121.02 | +0.01 | UNCH | Yen | 84.38 | +0.04 | -0.12% | Oil | $69.32 | +$0.70 | +2.86% | 10-Year | 5.036% | +0.060 | +1.47% | Bond | 107.09375 | -0.625 | -0.72% | Dow | 11137.65 | +0.07% | +0.16% | Nasdaq | 2326.11 | +0.49% | -0.55% | S&P | 1289.12 | +0.08% | -0.49% |
This week’s economic reports: Next week’s economic highlights include Net Foreign Purchases on Monday, housing data, PPI, and FOMC minutes on Tuesday, CPI on Wednesday, and the Philadelphia Fed survey on Thursday. Gold Warehouse Stocks: | 7,622,836 | +49,841 | Silver Warehouse Stocks: | 124,708,629 | +8,356 |
Gold fell a few dollars in Asia and traded just slightly lower in London before it briefly dropped in early New York trade to nearly $590, but it then rebounded throughout the rest of trade in New York and ended just slightly lower on the day to close just $1.10 from the 25 year closing high it set on Monday. Silver traded in a range from about $12.50 to $12.75 in Asia, London, and early New York trade, but it then exploded higher into the close and ended with a 1.74% gain at a new 22 and ½ year high.
Gold and silver equities fell over 1% in the first half hour of trade but they soon rebounded to near unchanged on the day and ended at or near their highs with about 0.5% gains. Euro gold remained near all-time highs in the low €490s, platinum lost $11 to $1,071, palladium gained $1 to $344, and copper made new all-time highs over $2.80. Some important gold/silver stories recently crossing the wire: NYMEX - Margin Rate Change for Silver Futures Contract & New Inter-Commodity Spread Credit on Gold and Silver More Precious Metals Analysis: “While it is logical to assume that some weak handed longs decided to bank some long profits in the pre-holiday trade, it is also possible that some gold sellers took their cue from the Treasury market. In other words, expectations of a May and a June US Rate hike might have prompted some longs to fret over the pace of the US economy this summer if the Fed becomes aggressive toward their inflation fighting efforts. It is also possible that a minimally higher US Dollar and purely technical considerations undermined gold. However, the gold market wasn't interested in a significant profit taking push, probably because so many geopolitical risks remain in place. Unfortunately, June gold did diverge with positive action in silver and other base metals markets and that has some players view gold with less optimism. The silver market remained below the high posted early in the week, but unlike the gold market, the silver market consistently managed to hold above the prior day's lows and even managed to take out the prior day's highs. In the end, the stock market showed enough strength and the copper market remained firmly entrenched in a historic up move, and that seemed to solidify a favorable demand expectation for silver. Silver could easily have been undermined by the fear of a more aggressive US Fed but in the end, the silver market seems to be trading more like a physical demand driven base metal than a financially driven instrument.” - The Hightower Report, Futures Analysis and Forecasting The U.S. dollar index remained near unchanged but found some strength on decent economic data and rising treasury yields. Oil traded lower in morning New York trade on supply levels that were deemed to be adequate, but it then rose in late trade and ended with a decent gain at a new 7 month high. Treasuries fell on mostly strong economic data that pushed the yield on the 10-year to over 5% for the first time since June 2002. The Dow, Nasdaq, and S&P remained near unchanged and ended with slight gains as investors digested decent economic data and various company news. Among the big names making news in the market Thursday were Sprint, Ford, Tribune, New York Times, McClatchy, Bayer and Schering, Sony Ericsson, General Electric, and McDonald’s. GATA Posts: When the markets catch on, they'll propel gold to record highs The monetary resistance is active in upstate New York Gold Fields Mineral Service is the last to notice what's happening with gold Phillip Barton: The fundamental difference in gold's favor this time From the Charleston Voice email list: Subject: Beware the Dubai Mercantile Exchange Be advised the Dubai Mercantile Exchange (DME) is not a standalone entity. It is a 50% partnership with our very own NYMEX, and as such, cannot be trusted to respect investor confidentiality as well as subject the exchange to government and banking cartel (interchangeable terms) manipulation. http://www.dubaimerc.com/board.htm [snippet] JAMES E. NEWSOME - DME DIRECTOR
Dr. Newsome has been president of the NYMEX Holdings, Inc. and New York Mercantile Exchange, Inc. since August 2004. Prior to that, he served as chairman of the Commodity Futures Trading Commission (CFTC) since U.S. Senate confirmation in December 2001. He was a commissioner of the CFTC from August 1998. During his CFTC tenure, Dr. Newsome served as chairman of both the technology and the agricultural advisory committees. In addition to his responsibilities at the CFTC, Dr. Newsome served as a member of the President's Working Group on Financial Markets along with the secretary of the Treasury, the chairman of the Federal Reserve Board, and the chairman of the Securities and Exchange Commission. More recently, he was appointed to serve on the President's Corporate Fraud Task Force to coordinate corporate fraud investigations. Gold & Silver Stock News Update from GoldReview.com:  U.S. Energy’s $50 million equity financing agreement, Cumberland’s commenced drill program at Meadowbank, Kimber’s March newsletter, NovaGold’s offer to acquire all of the outstanding shares of Coast Mountain Power Corp., Queenstake’s closed $10 million private placement from Newmont and 1st quarter operating update, Minefinders’ pricing of its Canadian public offering of common shares, and Silver Wheaton’s completed Yauliyacu technical report and reserve/resource update were among the big stories in the gold and silver mining industry making headlines Thursday.
WINNERS 1. Northgate | NXG +7.43% $3.18 | 2. Minefinders | MFN +5.01% $7.76 | 3. Gold Reserve | GRZ +4.85% $7.78 |
LOSERS 1. Almaden Minerals | AAU -3.95% $2.92 | 2. Mines MGMT | MGN -3.81% $8.08 | 3. Gammon Lake | GRS -3.13% $16.38 |
All of Friday's gold and silver stock news: Mengold Announces Private Placement - More
- April 13, 2006 | Item | E-mail
Minera Hochschild to commence exploration on the Nik gold project - More
- April 13, 2006 | Item | E-mail
Minefinders Announces Pricing of Canadian Public Offering of Common Shares - "Minefinders Corporation Ltd. has priced its previously-announced Canadian public offering of common shares. Pursuant to the Offering, the Company will issue 10 million common shares at a price of CDN$8.50 per share, for gross proceeds of CDN$85 million." More
- April 13, 2006 | Item | E-mail
Gold Canyon Intersects High Grade Gold in New Zone in 2.5 km Long Southwest Target Area, 1.518 opt Gold Mineralization in Core Area at Springpole - More
- April 13, 2006 | Item | E-mail
U.S. Energy Corp. Announces $50 Million Equity Financing Agreement - "U.S. Energy Corp., a natural resources exploration and development company, is pleased to announce the signing of a Standby Equity Distribution Agreement with Cornell Capital Partners, LP of Jersey City, New Jersey, under which Cornell has committed to provide up to $50 million of equity financing to USEG over the next 36 months. Each individual equity funding under the SEDA will be limited to a maximum amount of $5 million. Access to the SEDA financing is subject to USEG having an effective registration statement with the SEC for the securities underlying the SEDA." More
- April 13, 2006 | Item | E-mail
Cumberland Commences 2006 Drill Program at Meadowbank and Reports Initial Cannu Resource - "CUMBERLAND RESOURCES LTD. is pleased to announce that two diamond drills are active and an initial inferred mineral resource has been completed at the recently discovered Cannu zone at the Company's 100% owned Meadowbank gold project located in Nunavut, Canada. The two phased 2006 exploration program, including approximately 9,000 metres of diamond drilling, will focus on increasing gold resources and reserves at the Cannu zone and other targets along the 25 kilometre Meadowbank gold trend." More
- April 13, 2006 | Item | E-mail
Silver Wheaton Reports Completion of Yauliyacu Technical Report, December 31, 2005 Reserve and Resource Update - "As previously reported, Silver Wheaton recently completed a silver purchase agreement with Glencore International AG, owner of the Yauliyacu Mine, whereby Glencore will deliver 4.75 million ounces of silver per year to Silver Wheaton for twenty years. WGM has reported that, as at December 31, 2005, the Yauliyacu Mine had proven and probable silver reserves of 12.9 million ounces, measured and indicated silver resources of 52.2 million ounces and inferred silver resources of 64.7 million ounces. This report has been filed on SEDAR." More
- April 13, 2006 | Item | E-mail
ECU Silver Mining Inc.-Press Release - More
- April 13, 2006 | Item | E-mail
Drilling programs resumed at the Mana gold project - More
- April 13, 2006 | Item | E-mail
Continental Minerals Ltd. and Great China Mining Inc.: Merger to Unify 100% of Xietongmen Property - More
- April 13, 2006 | Item | E-mail
Au Martinique Silver Inc. Grants Stock Options - More
- April 13, 2006 | Item | E-mail
Kimber Resources Inc. - Newsletter for March - "Drilling continued on the Carmen deposit during the month, but results had not accumulated in sufficient quantity to justify distribution until the news release of April 5. Towards the end of the drill period which ended on April 10, a fire from a fuel leak damaged one of the drills. There were no injuries and we expect the drill to be repaired on site and to be back in operation in early May. During the last drill period both drills were on the Carmen deposit while roads and drill sites were being prepared on the Carotare and El Orito Norte." More
- April 13, 2006 | Item | E-mail
Chariot Provides Additional Details on Drill Intercepts Announced on April 12, 2006 - More
- April 13, 2006 | Item | E-mail
Golden Arrow Encounters Bonanza Gold Grades in Northern Argentina - More
- April 13, 2006 | Item | E-mail
New Jersey Mining Company Raises Funds - More
- April 13, 2006 | Item | E-mail
U.S. Energy Corp. Announces Earnings for 2005 - "For the twelve months ended December 31, 2005, the Company reported net income of $8,841,500, or $0.55 per share, compared with a net loss of $6,248,700, or $0.48 per diluted share, in 2004. Net income for 2005 included a gain of $15,533,500 from the sale of USEG's Rocky Mountain Gas, Inc. subsidiary during the quarter ended June 30, 2005. The Company reported an operating loss for the year ended December 31, 2005 of $6,066,900, reflecting the holding costs associated with various mineral properties that management hopes to place into production in the future. These properties include uranium, molybdenum and gold resources." More
- April 13, 2006 | Item | E-mail
Slam Exploration completes financing - More
- April 13, 2006 | Item | E-mail
Alamos Gold Inc. Reports Warrants Exercised - More
- April 13, 2006 | Item | E-mail
Unico Announces Engineering Contract for Electrical Substation at the Deer Trail Mine - More
- April 13, 2006 | Item | E-mail
Retransmission-Petaquilla Minerals Ltd.: Drilling on Molejon Confirms Gold Resource and Finds New Zone - More
- April 13, 2006 | Item | E-mail
Everton Closes $1.5 Million Financing with Robert McEwen - More
- April 13, 2006 | Item | E-mail
General Minerals Corporation Completes Interpretation of Surface and Drill Results at the Malku Khota Silver Project in Bolivia - More
- April 13, 2006 | Item | E-mail
Non Brokered Private Placement to Raise up to $500,000 - More
- April 13, 2006 | Item | E-mail
East Asia Minerals continues to expand the EC1 copper oxide deposit with additional drill results - More
- April 13, 2006 | Item | E-mail
Osisko Retains Roscoe Postle for Resource, Estimate at Canadian Malartic - More
- April 13, 2006 | Item | E-mail
Taseko to Re-Start SX-EW Plant at Gibraltar - More
- April 13, 2006 | Item | E-mail
Alexis Buys 1400 Tonne-Per-Day Aurbel Gold Mill and 100% Interest in Aurbel Property in Val-d'Or, Quebec - More
- April 13, 2006 | Item | E-mail
PCFG Completes $6.1 Million Financing - More
- April 13, 2006 | Item | E-mail
Red Lake options advanced stage silver property - More
- April 13, 2006 | Item | E-mail
NovaGold Announces Offer for Green Power Project Near Galore Creek - "NovaGold Resources Inc. announced that it intends to make an offer to acquire all of the outstanding shares of Coast Mountain Power Corp., a green power company with hydroelectric projects and expertise located near NovaGold's Galore Creek copper-gold project in Northwestern British Columbia. Shareholders of Coast Mountain, including the majority of the Board of Directors of Coast Mountain Power Corp., representing approximately 25% of the outstanding shares have entered into or agreed to enter into binding agreements to tender their shares under the terms of this offer." More
- April 13, 2006 | Item | E-mail
Queenstake Announces Closing of US$10 Million Private Placement from Newmont - "Queenstake Resources Ltd. has closed its equity private placement with Newmont Canada Limited , a subsidiary of Newmont Mining Corporation, whereby Newmont purchased 28.51 million Queenstake common shares at Cdn$0.41 per share for gross proceeds of US$10 million. With this purchase, Newmont owns approximately 4.9% of Queenstake's basic outstanding common shares." More
- April 13, 2006 | Item | E-mail
Queenstake Provides First Quarter Operating Update and Reaffirms 2006 Production Guidance - "Queenstake Resources Ltd. reported that its Jerritt Canyon operations in northeastern Nevada produced 29,873 ounces of gold in the first quarter of 2006 and accumulated an estimated 22,000 ounces contained in an ore stockpile as at the end of March 2006. For the full year, the Company expects to produce between 200,000 and 220,000 ounces of gold." More
- April 13, 2006 | Item | E-mail
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-- Posted 13 April, 2006 | |
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