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-- Posted 3 May, 2006 | | Source: SilverSeek.com
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com: Today’s Economic Data: Report | For | Reading | Expected | Previous | Factory Orders | Mar | 4.2% | 3.7% | 0.4% | ISM Services | Apr | 63.0 | 59.4 | 60.5 |
Today’s stronger than expected economic data renewed inflation and interest rate worries, but it did not have a strong impact as many are already looking towards Friday’s jobs data. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/29 expected at 310,000 and the preliminary reading for 1st quarter Productivity expected at 2.8%. | Close | Gain/Loss | Gold | $666.00 | +$1.80 | Silver | $13.76 | -$0.43 | XAU | 158.48 | -1.24% | HUI | 377.54 | -1.77% | GDM | 1176.17 | -1.66% | JSE Gold | 3035.00 | -0.84% | USD | 85.86 | +0.05 | Euro | 126.36 | +0.21 | Yen | 87.97 | -0.35 | Oil | $72.28 | -$2.33 | 10-Year | 5.144% | +0.034 | T-Bond | 106.03125 | -0.40625 | Dow | 11400.28 | -0.14% | Nasdaq | 2303.97 | -0.25% | S&P | 1307.85 | -0.41% |
Gold Warehouse Stocks: | 7,334,350 | - | Silver Warehouse Stocks: | 123,627,373 | - |
 Gold worked its way up near $670 in Asia and then moved above $675 in London and early New York trade, but a wave of selling at about 10AM EST brought gold all the way down near $660. It then rebounded back to $670 before it again fell back off a bit, but it still ended with a slight gain to set a new 25 year closing high. Silver rose near $14.50 in late Asian/early London trade before it sold off more than a dollar as gold sold off, but it was not able to recover as well as gold and it ended with a 3% loss on the day.
Euro gold remained near all-time highs at about €530, platinum gained $2 to $1,171 to new 26 year highs, palladium lost $5 to $375 to fall from 4 year highs, and copper rose back to new all-time highs above $3.30. Gold and silver equities dropped about 3% in the first hour of trade and then rebounded a bit before falling back near their lows in late afternoon trade, but they then rallied in the last hour of trade and ended with less than 2% losses. From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com: “Gold remains way UNDERVALUED and it is not excessive speculation moving this market, but trapped shorts who are increasingly desperate to cover their mounting losing positions. It is the dirty little secret that no one will talk about but MIDAS and the GATA camp. What atrocious market reporting … almost all of it contemptible and embarrassingly off target. Now, for what lies ahead. There is room for 150,000 new specs to enter the Comex gold arena from the long side. That lies ahead and can take gold to its historic highs above $850. When will the specs pour in? I don’t know, but it’s coming. This is why Goldman Sachs and fellow Gold Cartel allies are exiting this market as fast as they can without driving up gold $30 per day … after day … after day. Remember, The Gold Cartel and friends have thousands of tonnes of gold STILL to cover, at some point and in some manner.” From The Hightower Report, Futures Analysis and Forecasting: “The gold market forged a back and forth pattern on Wednesday, as the early run to new highs was significantly undermined in the wake of a significant slide in energy prices. Some suggested that the setback off the highs in the morning action was the result of a Dollar rally but the Dollar rally was insignificant and un-sustained, which would seem to suggest that the gold break was inspired by a deflation in energy prices off the rise in US gasoline stocks. However, the gold market did manage to get back into positive territory just after mid day and managed the bounce despite the fact that silver prices remained moderately lower. With a weaker equity and energy market track in the background the gold bulls were probably fortunate that the US economic reports were so strong or gold might have seen sustained pressure throughout the session. Despite upbeat action in the gold and platinum markets and a recovery in copper prices from moderate early losses the silver market action on Wednesday ended up favoring the bear camp. We suspect that the weakness in the equity market contributed to the slide in silver prices but with the US economic reports so strong, it is also possible that the weakness in silver was simply technical profit taking. Some traders even suggested that continued stronger than expected US economic numbers could end up rekindling US rate hike fears and the fear of over-tightening by the US conspired to weaken silver prices.”
Oil found minor gains in early trade but fell off to find slight losses ahead of inventory reports that showed crude inventories built 1.7 million barrels, gasoline inventories built 2.1 million barrels, and distillates fell 1.1 million barrels. The numbers were better/bigger builds than expected overall, and oil dropped more than a dollar soon after as a result. Demand was also shown as flat rather than an expected increase and that furthered the sell off in energy prices to cause oil to close over 3% lower. The U.S. dollar index found gains in late morning trade on strong economic data, but it soon fell back off to find slight losses as traders returned their focus to the weak fundamentals surrounding the dollar like the twin deficits and world interest rate outlooks. The euro made new 11 month highs. Treasuries fell on strong economic data that sent the yield on the 10-year back to its highest since May of 2002. The Dow, Nasdaq, and S&P fell on interest rate worries and mixed earnings, but losses were trimmed by the close and the three indices ended only slightly lower. Among the big names making news in the market today were Starbucks, Raytheon, Northwest, MasterCard, Qualcomm, Time Warner, Warner Music and EMI, P&G, Marsh & McLennan, Qwest, and Clear Channel. GATA Posts: Dollar still too strong, U.S. manufacturers say Silver ETF expected to reach 100 million ounces in first month Peter Grandich: Cartel of gold shorts is imploding Wall Street helps you get out of the dollar as long as you don't go to gold Gold & Silver Stock News Update from GoldReview.com: Earnings from Barrick Gold, Cambior, Glamis Gold, and Hecla, Buenaventura’s plans to invest $100 million in La Zanja, Bema Gold’s memorandum of understanding with Pamodzi Resources, Tanzanian Royalty’s $1 million private placement, Orezone’s strategic alliance in Ghana, Gold Reserve’s C$30 million offering, Fronteer’s $15 million funding from Teck Cominco, Seabridge Gold’s dill results, Glamis Gold’s closing of the Western Silver transaction, and First Majestic’s silver mine acquisition were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Meridian Gold | MDG +2.44% $33.99 | 2. Richmont Mines | RIC +1.32% $4.60 | 3. AngloGold | AU +1.31% $55.50 |
LOSERS 1. Gold Reserve | GRZ -9.51% $7.90 | 2. Orezone | OZN -6.7% $1.95 | 3. Great Basin | GBN -6.25% $2.25 |
All of today's gold and silver stock news: Buenaventura to invest $100 mln in La Zanja - "Peru's top precious metals miner Buenaventura said on Wednesday it expects strong 2006 earnings if metals prices remain high and forecasts a $100 million investment in its La Zanja project. Development of the La Zanja project in Peru, which counts U.S.-based Newmont Mining Co. as a partner, had been frozen after anti-mining protesters broke into the mine camp in 2004, burning tents and vehicles. Exploration is now slowly restarting after talks with nearby communities, Buenaventura Chief Executive Roque Benavides said on the sidelines of a gold conference in Lima." More
- May 03, 2006 | Item | E-mail
Ungava Minerals Corp. Announces the Appointment of a New Director and Treasurer - More
- May 03, 2006 | Item | E-mail
Barrick Gold Corporation: Earnings and Cash Flow Rise Sharply. Gold Hedge Position Significantly Reduced - "Q1 net income was $224 million ($0.29 per share) and operating cash flow was $378 million ($0.48 per share), rising sharply over the prior-year period's net income of $66 million ($0.12 per share) and operating cash flow of $122 million ($0.23 per share). During Q1, Barrick successfully completed its $10.0 billion acquisition of Placer Dome, and is integrating the operations within its Regional Business Unit structure and targeting $200 million in annual synergies from 2007 onwards." More
- May 03, 2006 | Item | E-mail
North American Gem Acquires British Columbia Molybdenum Project - More
- May 03, 2006 | Item | E-mail
Nuinsco Appoints Normand Lecuyer, P. Eng., as Vice-President, Quebec Operations - More
- May 03, 2006 | Item | E-mail
Minera Andes Begins Follow-Up Drill Program at Cerro Mojon, Argentina - More
- May 03, 2006 | Item | E-mail
GlobeStar Advances Nickel Laterite Project in the Dominican Republic - More
- May 03, 2006 | Item | E-mail
Sage drill program extends Kerrs Gold System - More
- May 03, 2006 | Item | E-mail
Asia Now Resources Corp. Announces Change of Auditor and Grant of Stock Options - More
- May 03, 2006 | Item | E-mail
Radisson Closes a Private Placement of $500,000 - More
- May 03, 2006 | Item | E-mail
New Guinea Gold Corrects Disclosure re Sinivit Cash Flow - More
- May 03, 2006 | Item | E-mail
MDN Options Gold Discovery Near Tulawaka Mine - More
- May 03, 2006 | Item | E-mail
Bema Signs Memorandum of Understanding to Bring Black Empowerment Company into the Petrex Mines - "Bema Gold Corporation is pleased to announce that its 100% owned subsidiary Bema Gold SA (Pty) Limited ("Bema SA", owner/operator of the Petrex Mines) has signed a memorandum of understanding with Pamodzi Resources (Pty) Limited. Under the terms of the MOU, Pamodzi can earn up to 51% of Bema SA by investing a minimum of ZAR50 million (US$8.3 million) in cash and by vending additional assets into Bema SA." More
- May 03, 2006 | Item | E-mail
Global Copper Corp. to Begin Trading on the Toronto Stock Exchange - More
- May 03, 2006 | Item | E-mail
Apogee Minerals: Bolivian Vice-President States 'Government Will Not Nationalize Private Mining' - More
- May 03, 2006 | Item | E-mail
New World Resource Corp.: Drilling Commences at Lipena Project - More
- May 03, 2006 | Item | E-mail
Glamis Gold Announces Closing of Western Silver Transaction - "Glamis Gold Ltd. announced that the Plan of Arrangement between Glamis and Western Silver Corporation has been completed, effective today, following approval of the Arrangement by the Supreme Court of British Columbia on May 2, 2006. As a result of the Arrangement, Western Silver Corporation is now a wholly-owned subsidiary of Glamis. Glamis issued 33,881,532 common shares in connection with the Arrangement and now has 165,969,122 common shares issued and outstanding." More
- May 03, 2006 | Item | E-mail
Gabriel Resources First Quarter Results, Conference Call and Webcast Information - More
- May 03, 2006 | Item | E-mail
Northland Resources Closes Financing - More
- May 03, 2006 | Item | E-mail
Notice DPM Annual General Meeting and 2006 First Quarter Financial Results - More
- May 03, 2006 | Item | E-mail
Pelangio starts exploration at its Obuasi gold property in Ghana - More
- May 03, 2006 | Item | E-mail
Lincoln Gold Corp.: Agnico Eagle Commences Drill Program at Company's Buffalo Valley Project in Nevada - More
- May 03, 2006 | Item | E-mail
Tanzanian Royalty chairman to provide C$1 million private placement - "Tanzanian Royalty Exploration Corporation announces that Mr. James E. Sinclair has agreed to provide C$1 million by way of a private placement with the proceeds being applied to a significant exploration program including a major drilling component on several of its mineral properties in Tanzania." More
- May 03, 2006 | Item | E-mail
First Majestic Resource Corp.: Acquisition of the La Candelaria Silver Mine, Hostotipaquillo Jalisco, Mexico - "First Majestic Resource Corp. is pleased to announce that after the most recent due diligence program on the La Candelaria Silver Mine, the Company has entered into a revised agreement with Compania Minera Rio Frio, S.A. de C.V., a privately owned Mexican mining company, for the purchase of a 100% interest in the La Candelaria Silver Mine." More
- May 03, 2006 | Item | E-mail
Northern Shield Resources Completes High Resolution IP Survey at Highbank Lake: Drill Target Selection Underway - More
- May 03, 2006 | Item | E-mail
Olympus Increases Resources, Extends Deposit, And Commences 2006 Drill Program At Phuoc Son - More
- May 03, 2006 | Item | E-mail
Profitable Quarter for Cambior - "Cambior Inc. is pleased to report first quarter net earnings of $9.1 million (or $0.03 per share), a $7.5 million increase over the corresponding period in 2005. The substantial increase is due to the gain on disposal of non-strategic investments and the appreciation of the gold receivable from the disposal of the Carlota project in December 2005. Total revenues for this past quarter amounted to $87.1 million compared to $90.5 million during the corresponding quarter of 2005." More
- May 03, 2006 | Item | E-mail
AURUS Launches New Website - More
- May 03, 2006 | Item | E-mail
Wallbridge Secures Dominant Position in Northwest Sudbury Footwall Copper-Nickel-PGE Exploration - More
- May 03, 2006 | Item | E-mail
Orezone forms Strategic Alliance in Ghana - "Orezone Resources Inc. is pleased to announce that it has agreed to purchase 4,000,000 units of PMI Ventures Ltd. through a private placement at a price of CAD $0.25 per unit. Each unit consists of one common share and one non-transferable share purchase warrant to purchase one additional common share of PMI at a price of $0.35 per share for a two year period. On closing, Orezone will have an interest of approximately 8 per cent in PMI or 14.6 per cent on exercise of the warrants." More
- May 03, 2006 | Item | E-mail
Discovery of new gold zone on Whitney Property - Multiple gold-bearing zones intersected on Reef Open Pit Zone - More
- May 03, 2006 | Item | E-mail
Emgold announces additional high-grade historical assays - More
- May 03, 2006 | Item | E-mail
Slam Exploration requests drilling tenders at Nash Creek - More
- May 03, 2006 | Item | E-mail
MGM Mineral Resources Acquires Exceptional Property in Colombia's High Yielding Gold Zone - More
- May 03, 2006 | Item | E-mail
CanAsia Industries Corporation and Teuton Resources Corp. and Silver Grail Resources Ltd.: Clone Property Airborne Geophysical Program Completed - More
- May 03, 2006 | Item | E-mail
Golden Patriot Closes $380,237.50 Private Placement - More
- May 03, 2006 | Item | E-mail
Anglo-Canadian Uranium Corp. -- Exploration Underway at Skoonka Creek Gold Project - More
- May 03, 2006 | Item | E-mail
QGX Completes Airborne Geophysical Survey at Golden Hills Copper-Gold-Silver District - More
- May 03, 2006 | Item | E-mail
Norsemont Announces Phase II 20,000 Meter Drill Program at Constancia - More
- May 03, 2006 | Item | E-mail
Amerix Precious Metals Enters Into Investor Relations Agreement - More
- May 03, 2006 | Item | E-mail
HE-5 Resources, Corp. Forms Joint Venture With Sand Oil, Inc. for Ruby #1 and #2 Mine Project - More
- May 03, 2006 | Item | E-mail
Adastra Minerals Inc. - Issue of Shares pursuant to the Stock Option Plan and Changes in Directors' Share Interests - More
- May 03, 2006 | Item | E-mail
Chariot Releases Highlights From Mina Justa Scoping Study: NPV US$364 Million With IRR of 28% - More
- May 03, 2006 | Item | E-mail
AuEx Ventures, Inc.: Exploration Commences at Trinity Silver and Pasco Canyon - More
- May 03, 2006 | Item | E-mail
Crowflight Enters Option Agreement with Wallbridge on its Peter's Roost Property - More
- May 03, 2006 | Item | E-mail
Apogee Minerals Responds to Concerns in Bolivia - More
- May 03, 2006 | Item | E-mail
Paramount Gold Acquires 100,000 Hectares Concession in Prolific Sierra Madre Gold-Silver Belt - More
- May 03, 2006 | Item | E-mail
Gold Reserve Inc. Announces Cdn$30 Million Offering - "Gold Reserve Inc. announced today that it has entered into an underwriting agreement with a syndicate of underwriters comprised of Sprott Securities Inc. and RBC Capital Markets and their affiliates in the U.S., as co-leads, pursuant to which the underwriters have agreed to purchase 3,335,000 Class A common shares of Gold Reserve at a price of Cdn.$9.00 per share, representing aggregate gross proceeds to Gold Reserve of Cdn.$30,015,000. The closing of the offering is expected to occur on or about May 15, 2006." More
- May 03, 2006 | Item | E-mail
Glamis Gold Announces First Quarter 2006 Results - "Driven by strong performance at the Company's El Sauzal Mine in Mexico, a full quarter of commercial production at Marlin and higher metals prices, revenue in the first quarter of 2006 increased to $81.4 million compared to $42.1 million in the first quarter of 2005. Glamis sold 141,206 ounces of gold in the quarter at an average realized price of $557 per ounce. By comparison, the Company sold 98,117 ounces of gold in the corresponding period of 2005 at an average realized price of $429 per ounce." More
- May 03, 2006 | Item | E-mail
Teck Cominco to Fund Next US$15 Million on Fronteer's Gold Projects in Western Turkey - "Fronteer Development Group is pleased to announce that Teck Cominco Limited's Turkish subsidiary, has elected to exercise its right to earn an interest in Fronteer's 100% owned Agi Dagi and Kirazli gold projects by spending an aggregate of US$15 million over the next two years to accelerate ongoing exploration and development." More
- May 03, 2006 | Item | E-mail
Hecla First Quarter 2006 Earnings Top $38 Million - "Hecla Mining Company today reported first quarter net income of $38.4 million, or $0.32 per share, compared to a net loss of $3.3 million, or $0.03 per share, during the same period of 2005. Hecla's gross profit more than doubled from the same period a year ago, the average total cash cost per ounce of silver production decreased 21% and gold production increased 51% over the first quarter of 2005." More
- May 03, 2006 | Item | E-mail
Seabridge Gold Inc.: Courageous Lake Drilling Yields Exceptional Assays - "Seabridge Gold announced today that it has successfully drill-tested a number of structurally controlled zones within the existing FAT deposit at its 100% owned Courageous Lake gold project in the Northwest Territories, Canada. The results obtained are significantly higher than the grades predicted in the FAT deposit resource model and, as such, are expected to increase the grade of the deposit in those areas." More
- May 03, 2006 | Item | E-mail
Update on Migori gold drilling programme - More
- May 03, 2006 | Item | E-mail
Glamis Gold Announces First Quarter 2006 Results - "Driven by strong performance at the Company's El Sauzal Mine in Mexico, a full quarter of commercial production at Marlin and higher metals prices, revenue in the first quarter of 2006 increased to $81.4 million compared to $42.1 million in the first quarter of 2005. Glamis sold 141,206 ounces of gold in the quarter at an average realized price of $557 per ounce. By comparison, the Company sold 98,117 ounces of gold in the corresponding period of 2005 at an average realized price of $429 per ounce." More
- May 03, 2006 | Item | E-mail
Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com - Written by Chris Mullen Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1. The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news. For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster. All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/. © Gold Seeker 2006 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 3 May, 2006 | |
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