-- Posted 24 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $612.90 | -$6.80 |
Silver | $10.83 | +$0.06 |
XAU | 135.66 | +1.66% |
HUI | 316.13 | +2.08% |
GDM | 996.42 | +2.31% |
JSE Gold | 2904.53 | -3.77% |
USD | 86.30 | +0.38 |
Euro | 126.23 | -0.60 |
Yen | 85.55 | -0.46 |
Oil | $75.05 | +$0.62 |
10-Year | 5.044% | -0.001 |
T-Bond | 107.71875 | UNCH |
Dow | 11051.05 | +1.68% |
Nasdaq | 2061.84 | +2.05% |
S&P | 1260.91 | +1.66% |
The Metals:
Gold fell to trade near $615 in Asia and London before it fell even further in morning New York trade to as low as $601.60 at one point, but it then rallied into the close and cut nearly two-thirds of its losses to end with a loss of just 1.10%. Silver traded slightly lower in Asia and mostly slightly higher in London before it fell off in morning New York trade, but it also rallied into the close and ended near its highs with a 0.56% gain on the day.
Euro gold fell to about €485, platinum lost $11 to $1,189, palladium gained $2 to $307, and copper fell slightly to about $3.35.
Gold and silver equities fell over 1% in early trade, but they then rallied for the rest of trade to find over 1% gains by early afternoon and about 2% gains by the close.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for July expected at 104.0 and Existing Home Sales for June expected at 6.6 million.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in morning trade on supposed easing Middle East tensions, but it then rose in afternoon trade and ended with decent gains on supply worries over refinery snags and tropical storms.
The U.S. dollar index rebounded from losses late last week on speculation that economic data later in the week may show climbing inflation and influence the fed to continue to raise interest rates.
Treasuries remained near unchanged ahead of debt auctions and economic data due out later this week.
The Dow, Nasdaq, and S&P surged over 1% higher in morning trade and remained near their highs into the close as strong earnings added to positive buyout news.
Among the big names making news in the market today were American Express, Merck, HCA, Advanced Micro, Schering-Plough, BellSouth, and Hasbro.
The Commentary:
“What might be a hidden plus of the day is that Treasury Secretary Paulson might have put The Gold Cartel in the spotlight with his Goldman Sachs ARROGANCE. The last two days were so hideous it might bring a good number of mainstream gold folks into the GATA camp ... at least privately.
For the second day in a row, gold went straight down over $12 in less than a half hour with no corresponding, outside market reason for doing so. It doesn’t get any more blatant than this. Yet the nitwit gold market pundits will put out any reason for gold going down except the truth.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed down 7 at 613.2. This was 10.7 up from the low and 2.6 off the high.
July Silver finished up 0.085 at 10.87, equal to the high and 0.11 up from the low.
After starting out slightly lower and dropping sharply, the gold market did manage a mid day bounce off the lows and that would seem to reiterate the idea that cheaper pricing is indeed serving to pull in some fresh buyers. However, it was clear that some of the war premium was to remain out of the market, despite suggestions from the White House that a cease fire might not be quick in coming. With a merger/acquisition being seen during the action Monday and the US equity market rising sharply, it is possible that fresh buyers saw the break in gold as an opportunity to get long at a discount to recent price levels. On the other hand, seeing the Dollar come back into favor (and in the process almost rise above critical chart resistance levels on the charts) certainly made it much more difficult for the gold to fully shake off the initial selling tilt that was present at the start of the session.
While the silver market managed to respect a pattern of higher lows on the charts and at times was able to rise in sync with the equity and copper markets, the bull camp is still somewhat on edge. The silver market has been walking a tight rope between the flight to quality benefits of tensions in the Middle East and the prospect of a significant softening off physical demand off the broad based political uncertainty. However, with the action Monday it is clear that silver can differentiate itself from the gold market but that means that silver indeed becomes a physical demand driven market and it could see its fortunes tied closely with the world equity markets.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Four brokers, including Goldman Sachs, fined for breaking short-sale rule
The Statistics:
As of close of business: 07/21/2006
Gold Warehouse Stocks: | 8,104,275 | -390 |
Silver Warehouse Stocks: | 102,884,877 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 387.56 | 12,460,424 | US$ 7,898m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.22 | 2,514,715 | US$ 1,547m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.66 | 310,317 | US$ 191m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.88 | 349,938 | US$ 221m |
Note: No change in Total Tonnes from Friday’s data.
COMEX Gold Trust (IAU)
Profile as of 07/21/2006 | |
Total Net Assets | $837,662,328 | Ounces of Gold
in Trust | 1,352,254.362 |
Shares Outstanding | 13,600,000 | Tonnes of Gold
in Trust | 42.06 |
Note: No change in Total Tonnes from Friday’s data.
Silver Trust (SLV)
Profile as of 07/21/2006 | |
Total Net Assets | $1,006,217,607 | Ounces of Silver
in Trust | 91,417,377 |
Shares Outstanding | 9,150,000 | Tonnes of Silver
in Trust | 2,843.4 |
Note: No change in Total Tonnes from Friday’s data.
The Stocks:
Barrick’s (ABX) cash offer for NovaGold (NG), Newmont’s (NEM) oil sands sale, Pacific Rim’s (PMU) shareholder rights plan, and Bema Gold’s (BGO) and Arizona Star’s (AZS) project development appraisal were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. NovaGold | NG+32.82% $15.50 |
2. Vista Gold | VGZ +5.97% $9.23 |
3. Entree Gold | EGI +5.71% $1.11 |
LOSERS
1. Minco Mining | MMK -9.02% $1.11 |
2. Cardero Resource | CDY -6.34% $1.639 |
3. DRDGOLD | DROOY -4.41% $1.30 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Fort Chimo Completes Acquisition of Limestone - More
- July 24, 2006 | Item | E-mail
South Korea buys into Canada's oil sands - "South Korea has made its first foray into Canada's oil sands with a $270-million (C$310 million) acquisition of an early-stage project as the world's No. 4 crude importer seeks to boost self-sufficiency in oil, the energy ministry said on Monday. Korea National Oil Corp. signed a deal to buy the BlackGold lease in Alberta from major gold producer Newmont Mining Corp., which put the asset on the block earlier this year, South Korea's Ministry of Commerce, Industry and Energy said." More
- July 24, 2006 | Item | E-mail
Eloro Resources Ltd.: Eloro Initiates James Bay Exploration, Also Advances Hurdman ZN-AG Project - More
- July 24, 2006 | Item | E-mail
Arbitration Decision on Shahuindo Property: Tribunal Declares Sulliden's Full Entitlement to Shahuindo Property - More
- July 24, 2006 | Item | E-mail
Royal Standard Minerals Inc.: Goldwedge Project Developments Includes Plant Startup - More
- July 24, 2006 | Item | E-mail
Luna acquires a high grade hydrothermal vein project in the Walker Lane belt of Nevada - More
- July 24, 2006 | Item | E-mail
Orex Exploration Inc.: Update on NI 43-101 Technical Report for the Goldboro Gold Resources - More
- July 24, 2006 | Item | E-mail
Inter-Citic Receives Conditional Approval For Listing On Toronto Stock Exchange - More
- July 24, 2006 | Item | E-mail
Keegan Defines Rich Gold Anomaly on Esaase Property - More
- July 24, 2006 | Item | E-mail
Golden Star Schedules Second Quarter Results Conference Call and Webcast - "Golden Star Resources Ltd. will release its second quarter results after the market close on Tuesday, August 8, 2006 and has scheduled a conference call and webcast on Wednesday, August 9, 2006 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)." More
- July 24, 2006 | Item | E-mail
Pacific Rim Mining Corp. Board of Directors Approves Adoption of Shareholder Rights Plan - "Pacific Rim Mining Corp.'s board of directors has approved the adoption of a Shareholder Rights Plan. Shareholder approval of the Rights Plan will be sought at the Company's annual general meeting of shareholders scheduled to be held on August 29, 2006. If the Rights Plan is ratified by the shareholders, the Rights Plan will have an initial term which expires at the annual general meeting of shareholders of the Company to be held in 2009, unless terminated earlier." More
- July 24, 2006 | Item | E-mail
Alberta Star Continues to Drill its Target Areas at the Contact Lake IOCG & Uranium Project - More
- July 24, 2006 | Item | E-mail
Franconia Minerals Corporation: NI43-101 Technical Report on Maturi Copper-Nickel-PGM Resource at Birch Lake Available on SEDAR - More
- July 24, 2006 | Item | E-mail
Uranium One Files Independent Technical Report on Dominion Project - More
- July 24, 2006 | Item | E-mail
Northland Reports Barsele Drill Results - More
- July 24, 2006 | Item | E-mail
David Hodgson Joins Board of Uranium One - More
- July 24, 2006 | Item | E-mail
Redcorp Ventures Ltd.-Tulsequah Project: Big Bull Exploration Drilling Results - More
- July 24, 2006 | Item | E-mail
Tara Gold Acquires Gold Mine and Production Plant - More
- July 24, 2006 | Item | E-mail
Scorpio Mining Appoints Mine Manager For Mexican Operations - More
- July 24, 2006 | Item | E-mail
Midlands Minerals Corporation commences preparation for drilling for gold on the Itilima Project in Tanzania - More
- July 24, 2006 | Item | E-mail
Final Feasibility Studies on Track for Skouries - More
- July 24, 2006 | Item | E-mail
Robert Baxter Appointed President And Director Of Norsemont Mining, General Manager Of Norsemont Peru, SAC - More
- July 24, 2006 | Item | E-mail
Enterayon Discovers New Gold-Silver Veins at Horseshoe - More
- July 24, 2006 | Item | E-mail
BrazMin Announces Discovery of New Mineralized Zone & Exploration Update on the Sao Jorge Gold Project - More
- July 24, 2006 | Item | E-mail
Magnus International Resources' Intersects Altered and Mineralized Zones in First Two Drill Holes at Huidong East Target Area - More
- July 24, 2006 | Item | E-mail
Barrick Gold plans $1.29-bln bid for NovaGold - "Barrick Gold Corp. plans to offer $1.29-billion for NovaGold Resources Inc. as Barrick, the world's largest gold producer, seeks to consolidate its interest in projects in Alaska and British Columbia. Toronto-based Barrick said it plans to offer $14.50 in cash for each NovaGold share, a 24-percent premium over Friday's closing price on the AMEX." More
- July 24, 2006 | Item | E-mail
Pioneer Agrees to be Acquired by Barrick - "Barrick Gold Corporation announced today that it has reached an agreement with Pioneer Metals Corporation whereby Barrick will offer cash to acquire all of the issued and outstanding shares of Pioneer. The transaction is valued at about C$60.1 million (or C$64.7 million on a fully diluted basis). In a separate news release issued today, Barrick also announced its intention to acquire all the outstanding shares of NovaGold Resources Inc." More
- July 24, 2006 | Item | E-mail
Bema Gold Corporation: Cerro Casale Project 'Bema 49%, Arizona Star 51%' Development Appraisal - "Bema Gold Corporation is pleased to announce the results of a project development appraisal for the Cerro Casale project. The appraisal conducted by Mine Quarry Engineering Services Inc., analyzed and modified ore processing concepts and updated the operating and capital costs of the 2000 feasibility study completed by Placer Dome Inc. and updated by Placer in 2004." More
- July 24, 2006 | Item | E-mail
Barrick Announces Cash Offer for NovaGold - "Barrick Gold Corporation announced today that it intends to make an offer to acquire all the outstanding shares of NovaGold Resources Inc. in order to consolidate its interest in the Donlin Creek project in Alaska, USA, and acquire 100 per cent of the Galore Creek project in British Columbia, Canada. The proposed transaction is valued at approximately US$1.29 billion (or US$1.53 billion on a fully diluted basis). The all-cash offer of US$14.50 per share represents a premium of 24 per cent over the July 21, 2006 closing price of NovaGold's shares on the AMEX." More
- July 24, 2006 | Item | E-mail
Pioneer Supports Friendly Takeover Bid From Barrick at $1.00 Per Common Share - "Pioneer Metals Corporation announced today that it has entered into a definitive support agreement with Barrick Gold Corporation of Toronto, Canada pursuant to which Barrick has agreed to acquire all of Pioneer's common shares in a friendly, all-cash transaction for a total consideration of approximately $65.0 million on a fully-diluted basis, or $1.00 (CDN) per common share. Barrick currently owns no shares of Pioneer." More
- July 24, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 July, 2006 | |
