-- Posted 24 April, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for April expected at 106.4 and Existing Home Sales for March expected at 6.65 million.
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| Close | Gain/Loss |
Gold | $619.80 | -$12.70 |
Silver | $11.80 | -$1.15 |
XAU | 153.89 | -0.94% |
HUI | 368.82 | -1.30% |
GDM | 1145.37 | -1.05% |
JSE Gold | 2979.95 | -0.01% |
USD | 87.49 | -0.52 |
Euro | 124.05 | +0.60 |
Yen | 87.43 | +1.87 |
Oil | $73.33 | -$1.84 |
10-Year | 4.985% | -0.027 |
T-Bond | 107.78125 | +0.375 |
Dow | 11336.32 | -0.10% |
Nasdaq | 2333.38 | -0.40% |
S&P | 1308.11 | -0.24% |
Gold Warehouse Stocks: | 7,696,757 | - |
Silver Warehouse Stocks: | 124,856,588 | - |
Gold jumped over $635 at the open in Asia, but it soon fell to under $625 before a rebound brought it back near unchanged by the open in London. Gold initially remained near unchanged in London, but it then began to fall in later London trade and continued to fall in early New York trade. After briefly dropping under $620, gold then rebounded to above $625, but it then fell back off into the close and ended near its lows with about a 2% loss.
Silver followed a similar rollercoaster ride to gold in Asia and London, but it was unable to find a rebound in New York and steadily fell off throughout trade to end with a near 9% loss of over a dollar.
Euro gold fell to about €499, platinum lost $10 to $1,110, palladium gained $1 to $354, and copper fell nearly 10 cents to about $3 per pound.
Gold and silver equities fell over 2% at the open and then rebounded to near unchanged in early afternoon trade, but they then fell back off into the close and ended with about 1% losses.
More Precious Metals Analysis:
From The Hightower Report, Futures Analysis and Forecasting:
“A fresh liquidation wave hit the gold market again on Monday, even though the market attempted to carve out some early gains. Seeing oil prices fall sharply and seeing other markets like copper and silver decline, apparently added to the vulnerability in gold, which until this morning showed the ability to hold together. However, the market was also undermined by talk of higher Chinese gold production, as a private analyst even suggested that Chinese gold could rise above South African gold production within 3 years. It is also possible that a softer tone from an Iranian official (who suggested that there was no longer a need for nuclear weapons) contributed to the selling pressure. It is also likely that weakness in equity prices and slack US economic numbers prompted selling in gold, which is surprising considering that the US Dollar hit the lowest level since last September in the action Monday.
With the silver market falling back to the vicinity of last week's lows, it is clear the stop loss selling anxieties returned to the marketplace. With the silver getting no help from sagging gold, copper and energy prices and the stock market also under pressure, we can understand the negative price action in silver. The fear of a resumption of stop loss selling probably discouraged value hunters from stepping in front of the slide in prices and with the market running of emotion, it is possible that volatility remains high. Some players suggested that roll over action contributed to the weakness Monday but in retrospect it was clear that a number of macro economic forces were working against the bull camp in the first trading session of the week.”
Oil fell from all-time highs on profit taking, but any further losses are seen as limited as geopolitical worries add to future supply concerns.
The U.S. dollar index fell as the Group of Seven (G7) industrialized nations called for a stronger Yuan over the weekend. The euro rose to 7 month highs and the yen rose to 3 month highs.
Treasuries gained as traders speculated on the impacts of economic data and fed speak due out later this week.
The Dow, Nasdaq, and S&P traded mostly slightly lower on poor earnings and worries about the strength of the dollar.
Among the big names making news in the market today were American Express, TD Ameritrade, Xerox, Intel, Kimberly-Clark, Heinz, Caterpillar, and Washington Mutual and Commercial Capital.
GATA Posts:
Qatar's central bank diversifying out of dollars and into euros
James Turk: More new highs for gold around the world
More recognition of GATA supporter Frank Holmes of U.S. Global Investors
Penny's melt value reaches 0.8 cents, production cost 1.4 cents
India's securities board issues rules for exchange-traded funds in gold
Worry about the dollar, not the yuan, Chinese central banker says
IMF claims new powers to police global economy
Iran reports uranium enrichment deal with Russia
Who elected those bankers to run the world?
Dollar may feel sting after G7 complains about China
Barclays pledges to continue silver fund despite price plunge
As IMF meets, Russian finance minister questions dollar's reserve role
Gold & Silver Stock News Update from GoldReview.com:
Orezone’s drill results, Goldcorp’s agreement with Band Ore on Red Lake, Glencairn’s appointed Vice-President of Operations, Gold Reserve’s update on the Brisas project, and Silver Standard’s drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +4.53% $7.15 |
2. Bema Gold | BGO +4.48% $5.60 |
3. Cumberland | CLG +4% $4.16 |
LOSERS
1. Apex Silver | SIL -9.32% $22.18 |
2. DRDGOLD | DROOY -5.03% $1.51 |
3. Silver Standard | SSRI -4.37% $20.57 |
All of today's gold and silver stock news:
Coeur d'Alene Mines Corporation Announces First Quarter Earnings Conference Call Schedule - "COEUR D'ALENE MINES CORPORATION will report its first quarter results on Monday, May 8, 2006 before the New York Stock Exchange opens for trading. There will be a conference call that day at 1:00 p.m. Eastern time." More
- April 24, 2006 | Item | E-mail
New Island Announces the Closing of its Private Placement - More
- April 24, 2006 | Item | E-mail
Gowest Amalgamated Resources Ltd.: Reduction of Stated Capital and Return of Capital - More
- April 24, 2006 | Item | E-mail
Palladon Commences Construction of Power Plant at Iron Mountain Project, Utah - More
- April 24, 2006 | Item | E-mail
HuntMountain Resources Increases Cash Position Through Warrant Exercise - More
- April 24, 2006 | Item | E-mail
Canadian Zinc Corporation: Underground Exploration and Development Program at Prairie Creek Mine; 10,000 Meters of Underground Drilling Planned - More
- April 24, 2006 | Item | E-mail
Permitting for Trenching and Drilling Started, Yécora Project, Mexico - More
- April 24, 2006 | Item | E-mail
White Knight Doubles Drill Budget for 2006 - More
- April 24, 2006 | Item | E-mail
Yale Set to Return to the Leicester Copper Property and Makuru Gold Property, Namibia - More
- April 24, 2006 | Item | E-mail
Wits Basin Announces Silver Project Moves Into Due Diligence Phase - More
- April 24, 2006 | Item | E-mail
Sea Green Capital Corp. Announces Quebec Property Acquisition and Drilling Update - More
- April 24, 2006 | Item | E-mail
Goldbelt Increases Measured Resource by 53% and Announces Upcoming Drill Program - More
- April 24, 2006 | Item | E-mail
Sur American Gold Corporation: Further Gold Mineralized Zones Intersected at Batoto Project, Philippines - More
- April 24, 2006 | Item | E-mail
Silver Dragon Signs Contract to Begin Drill Program to Upgrade and Expand Silver Resource at Cerro Las Minitas Mine in Durango, Mexico - More
- April 24, 2006 | Item | E-mail
Amera Commences Surface Work on Cocha Copper-Silver Property; New Porphyry Copper-Gold Target Acquired - More
- April 24, 2006 | Item | E-mail
ESO Uranium Strikes 19 meters of 4.1 g/t Gold - More
- April 24, 2006 | Item | E-mail
Golden Goose Resources Inc. Reports its 2005 Annual Results - More
- April 24, 2006 | Item | E-mail
Odyssey Resources Limited: Significant Developments at Odyssey's Tavsan Gold Property in Turkey - More
- April 24, 2006 | Item | E-mail
Orezone Reports on Kossa Drilling, Two Zones Drilled to Date Return Encouraging Results - "Orezone Resources Inc. reports that it is approximately half way through a 10,000m drill program on the Company's 100 per cent owned Kossa permit in Niger, West Africa. Kossa is located immediately adjacent to the Orezone/Gold Fields Limited Essakane Project with the two properties being separated by the border between Burkina Faso and Niger. A number of major target areas have been identified on Kossa based on soil geochemistry as well as airborne geophysics and geological mapping." More
- April 24, 2006 | Item | E-mail
Columbia Metals Corporation Limited: La Jojoba Progress - More
- April 24, 2006 | Item | E-mail
Goldcorp and Band-Ore Sign Option Agreement on Red Lake, Ontario High Grade Copper, Nickel, Platinum, Palladium and Rhodium Property - "Band-Ore Resources Ltd. is pleased to announce that it has signed a formal agreement with Goldcorp Inc. for an option on 113 claim units located in Ball, Killala and Mulcahy townships in Red Lake, Ontario. Pursuant to the proposed terms, Band-Ore can earn an undivided 60% interest in the "property" termed the Trout Bay Project, by incurring $5,000,000 in exploration expenditures on the Property over a 5 year earn in period." More
- April 24, 2006 | Item | E-mail
Unico, Inc. Announces Extension of Deer Trail Mine Lease and Option to Purchase With Crown Mines, LLC - More
- April 24, 2006 | Item | E-mail
Campbell Resources announces equity financings of up to $15.5 million and execution of management and operating agreement with Nuinsco Resources - More
- April 24, 2006 | Item | E-mail
Nuinsco Enters Chibougamau Mining Camp Via Agreement With Campbell Resources - More
- April 24, 2006 | Item | E-mail
Sparton Reports Startup of Drilling Operations at Sierra Rosario Silver-Gold Project, Mexico; New Stock Options Approved - More
- April 24, 2006 | Item | E-mail
Idaho General Announces Addition of Henry A. Miller as Executive Vice President -- Finance and Senior General Counsel - More
- April 24, 2006 | Item | E-mail
Nevada Star Resource Corp. Uncovers Massive Sulfide Potential at the MAN Alaska Canwell Complex - More
- April 24, 2006 | Item | E-mail
Garibaldi Acquires Third Gold/Silver Project in Mexico's Sierra Madres Strategically Located Adjacent to Palmarejo's Trogan Project - More
- April 24, 2006 | Item | E-mail
Cusac Welcomes Veteran Geoscientist Garth D. Kirkham to Board of Directors - More
- April 24, 2006 | Item | E-mail
Campbell Resources announces equity financings of up to $15.5 million and execution of management and operating agreement with Nuinsco Resources - More
- April 24, 2006 | Item | E-mail
Stellar closes $ 686,000 private placement - More
- April 24, 2006 | Item | E-mail
Romarco Receives Permit, Schedules Drilling at Cori Puncho Gold Project, Peru - More
- April 24, 2006 | Item | E-mail
Osisko Increases Length of Canadian Malartic by 30 Percent - More
- April 24, 2006 | Item | E-mail
Marifil Mines Ltd.: New Gold Silver Target at Tembrao - More
- April 24, 2006 | Item | E-mail
Jaguar Mining strikes high-grade gold intercepts at Turmalina - More
- April 24, 2006 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property - More
- April 24, 2006 | Item | E-mail
Magnus International Resources Update Conference Call - More
- April 24, 2006 | Item | E-mail
Quarterly Activities Report To Australian Stock Exchange Limited For the First Quarter Ended March 31, 2006 - More
- April 24, 2006 | Item | E-mail
CGW intersects kimberlite in initial five holes at Ticho Project - More
- April 24, 2006 | Item | E-mail
Ore Extraction Commences at Globex's Russian Kid Gold Mine - More
- April 24, 2006 | Item | E-mail
Glencairn Gold Appoints Vice-President Operations - "Glencairn Gold Corporation is pleased to announce the appointment of Gaston A. Araya as Vice-President, Operations. Mr. Araya, currently General Manager of Glencairn's Limon Mine in Nicaragua, will assume most of the duties of Kevin Drover, who is resigning as Glencairn's Chief Operating Officer effective April 30, 2006." More
- April 24, 2006 | Item | E-mail
Silver Standard Reports Further Results from Pitarrilla Silver Project in Mexico - "Silver Standard Resources Inc. is pleased to report that infill diamond drilling at the Pitarrilla silver project in Mexico continues to demonstrate continuity of mineralization over thick intervals at the Breccia Ridge, South Ridge and Pena Dike zones. The wholly-owned project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango." More
- April 24, 2006 | Item | E-mail
Gold Reserve Signs EP&CM Contracts and Updates Initial Capital Cost Estimate - "Gold Reserve Inc. reports upon the completion of the initial engineering definition phase of the Brisas project and the signing of the Engineering Procurement and Construction Management (EP&CM) contracts with SNC- Lavalin Engineers & Constructors, Inc. and its affiliates ("SNC-Lavalin"). The scope of work for the contracts includes detailed engineering, procurement and construction management for the process, infrastructure, tailings and camp facilities as further defined in the EP&CM contracts." More
- April 24, 2006 | Item | E-mail
TTM Purchases the Molygold and Deeker Properties - More
- April 24, 2006 | Item | E-mail
Final Feasibility Study Extends Mine Life And Demonstrates Robust Economics For Jinshan's CSH '217' Gold Project, China - More
- April 24, 2006 | Item | E-mail
Magnus Enters Agreement To Purchase Manzhanggan Gold Property, Qinghai Province, Peoples Republic Of China - More
- April 24, 2006 | Item | E-mail
Magnus International Resources Inc. Opts Out Of Xixia Titanium Property Agreement Based On Due Diligence Review Of Property - More
- April 24, 2006 | Item | E-mail
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- Written by Chris Mullen
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-- Posted 24 April, 2006 | |
