-- Posted 9 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $650.60 | +$4.70 |
Silver | $12.48 | +$0.30 |
XAU | 148.15 | +2.20% |
HUI | 344.52 | +2.20% |
GDM | 1099.15 | +1.86% |
JSE Gold | 2966.86 | UNCH |
USD | 84.73 | -0.05 |
Euro | 128.62 | +0.32 |
Yen | 86.73 | -0.09 |
Oil | $76.35 | +$0.04 |
10-Year | 4.937% | +0.014 |
T-Bond | 108.78125 | -0.1875 |
Dow | 11076.18 | -0.87% |
Nasdaq | 2060.28 | -0.03% |
S&P | 1265.95 | -0.44% |
The Metals:
Gold dropped in after hours trade yesterday to find about $10 losses in early Asian trade before it rebounded in late Asian and London trade to come into New York near unchanged. It then continued to gain throughout morning trade in New York before it fell off slightly in afternoon trade, but it still ended with a gain of 0.73%. Silver fell under $12 in Asia before it rebounded in London and continued to gain in New York to close with a gain of 2.46%.
Euro gold rose back near €505, platinum gained $7 to $1,243, palladium gained $3 to $321, and copper gained more than 10 cents to over $3.65 after talks to resolve a strike at the world’s largest copper mine failed to show any progress.
Gold and silver equities rose to find about 3% gains by early afternoon before they sold off a bit with the general markets in later afternoon trade, but they still ended with gains of about 2%.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | June | 0.8% | 0.7% | 0.9% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/05 expected at 315,000 and the Trade Balance fur June expected at -$64.5 billion. At 2PM is the Treasury Budget for July expected at -$35.0 billion.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded slightly higher ahead of this morning’s inventory reports which showed crude inventories fell 1.1 million barrels, gasoline inventories fell 3.1 million barrels, and distillates fell 200,000 barrels. The draws were larger than expected and demand was shown as strong so oil quickly shot to over $77 as a result, but it then fell off into the close and ended near unchanged despite continued concern over BP’s pipeline problem in Alaska and a reaffirmed busy second half to this year’s hurricane season. Comments late in the day about a partial reopening to Prudhoe Bay (Alaska) as early as this weekend may have contributed to the late day decline, but those comments hit the market well after oil closed for the day.
The U.S. dollar index fell on the outlook for a stop to interest rate hikes by the fed.
Treasuries fell before and after a 10-year note auction that drew lackluster demand as expected. Concern that the fed is underestimating inflation also kept bonds down ahead of tomorrow’s 30-year note auction.
The Dow, Nasdaq, and S&P opened up nicely higher on strong earnings before falling off on growth and inflation concerns, but the Nasdaq was able to stay higher until the last closing minutes thanks to Cisco’s strong profit.
Among the big names making news in the market today were Fannie Mae, Adidas, Morgan Stanley, Federated, Disney, Cisco, Toll Brothers, and Bridgestone.
The Commentary:
“The bottom line is they refused to let gold trade freely when they are caving in on inflation, as they have been doing for months. Once again The Gold Cartel is now a prisoner of the price of gold because of their manipulations over the years. They are petrified of its price taking off because most all of Planet Wall Street will cite a sharply rising price of gold as a Fed failure. Had gold been above $660 when the Fed announcement hit the tape, it might have exploded. I understand it did pop $4 quickly and then was hit again. Now it is down $3+ in the Access Market.
As tedious as this is, The Gold Cartel is going down. They are in the deepest of trouble which is why Herr Paulson of the US Treasury is so shameless in his market capping. The set-up for the price of gold to explode could not be better.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed up 4.7 at 662. This was 6 up from the low and 4.5 off the high.
September Silver finished up 0.31 at 12.57, 0.095 off the high and 0.21 up from the low.
With the equity market rising in sync with the energy complex at times on Wednesday, it seemed like the metals markets in general were seeing very supportive macro economic and inflationary conditions. While the Dollar action wasn't particularly supportive for gold, the trade apparently was emboldened by a series of fund manager comments about investors including risky investments in their holdings. In fact, with the oil market condition potentially poised to enter an even more uncertain phase in the wake of the US domestic supply issues and the Israeli government voting to expand the land battle it is somewhat difficult to find any of the recently supportive elements in gold backing down. Some players expressed concern that the high on the day Wednesday failed to surpass the high posted at the beginning of August, considering the amount of fresh supportive news in the headlines. However, the market still managed the highest trade of the week and bested prior closing levels.
While the silver market also posted a rather wild range for the session, it was clear from the magnitude of the gains that the market was seeing a number of fundamental and technical issues supporting the bull case. While it may sound like a broken record the strength in the equity market was probably the backbone of the strength as the trade was recently showing signs of weakness off fears that the US economy might be set to slow. While a single day of equity market gains doesn't grant an all clear on the economy, some suggest that the ability to make gains in the wake of the Fed, is a sign that the market has potentially gotten beyond the Fed's long string of rate hikes.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: A blind man's world
The Statistics:
As of close of business: 08/8/2006
Gold Warehouse Stocks: | 8,162,578 | - |
Silver Warehouse Stocks: | 100,771,637 | -309,548 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 387.74 | 12,466,345 | US$ 8,052m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.20 | 2,514,270 | US$ 1,633m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.71 | 312,282 | US$ 203m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,824 | US$ 232m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/08/2006 | |
Total Net Assets | $904,874,947 | Ounces of Gold
in Trust | 1,401,504.765 |
Shares Outstanding | 14,100,000 | Tonnes of Gold
in Trust | 43.59 |
Note: Change in Total Tonnes from yesterday’s data: 1.54 tonnes (49,694.55 ounces) were added to the trust.
Silver Trust (SLV)
Profile as of 08/08/2006 | |
Total Net Assets | $1,126,514,055 | Ounces of Silver
in Trust | 92,915,373 |
Shares Outstanding | 9,300,000 | Tonnes of Silver
in Trust | 2,890.0 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Second quarter results from Northern Orion (NTO), Yamana (AUY), Apex Silver (SIL), Vista Gold (VGZ), and Golden Star (GSS), Rubicon’s (RBY) approved restructuring plan, Almaden’s (AAU) drill results, Ivanhoe’s (IVN) coal division transaction with Asia Gold, Kinross Gold’s (KGC) share purchase of X-Cal, Gammon Lake’s (GRS) commissioning of the Ocampo mill and completed business combination with Mexgold Resources, and Coeur d’Alene’s (CDE) award to the Kensington Gold Mine from the BLM were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ+6.69% $11.80 |
2. Kinross Gold | KGC+5.36% $12.98 |
3. Apex Silver | SIL +3.74% $16.08 |
LOSERS
1. Northern Orion | NTO -4.91% $5.04 |
2. U.S. Energy | USEG -3.97% $3.63 |
3. Entree Gold | EGI -3.94% $1.22 |
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:
Golden China Resources Corporation - More
- August 09, 2006 | Item | E-mail
Valencia Signs Letter of Intent to Acquire 100% of Chanarcillo Silver Property, Chile - More
- August 09, 2006 | Item | E-mail
Paramount Gold Hits Gold Target in Four of Five Drill Holes at Linda Property in Peru - More
- August 09, 2006 | Item | E-mail
Conquest Resources Limited: Board Changes - More
- August 09, 2006 | Item | E-mail
Consolidated Goldwin Nevada Gold and Copper Property Exploration update - Elko County, Nevada - More
- August 09, 2006 | Item | E-mail
Rubicon Minerals Shareholders Approve Re-Structuring Plan - "David W. Adamson, President and CEO of Rubicon Minerals Corporation, is pleased to announce that the shareholders of the Company overwhelmingly approved the re-structuring plan by way of a Plan of Arrangement, proposed by the company in November 2005." More
- August 09, 2006 | Item | E-mail
Arian Silver Corporation Acquires Additional Property in Mexico - More
- August 09, 2006 | Item | E-mail
Marathon Hits More High-Grade, 6m of 23.51 g/t PGM & Au - More
- August 09, 2006 | Item | E-mail
Almaden Minerals Ltd.: Surface Sampling Averages 2.4 g/t Over 10.5 Meters at Ponderosa, B.C. - "The Ponderosa property is 100% owned by Almaden and was acquired by staking in late 2005. The claim group covers 6950 hectares (69.5 sq. km.) is located within the Spences Bridge Group volcanic assemblage, and is situated with good road access, 25 km southwest of Merritt, BC." More
- August 09, 2006 | Item | E-mail
Almaden Minerals Ltd.-Caballo Blanco, Mexico: Drillhole CB06-03 Intersects 144 m of 1.0 g/t Gold, 76 m of 1.7 g/t Gold, and 26 m of 2.5 g/t Gold - "Almaden Minerals Ltd. is pleased to announce that it has received the results from Comaplex's 2006 drilling program on Almaden's Caballo Blanco project, Mexico. Comaplex completed 743.8 meters of drilling in three holes (CB06-01, CB06-02 and CB06-03). All three holes were collared in the vicinity of the 2005 drilling, on the top of Cerro la Cruz of the Northern Zone." More
- August 09, 2006 | Item | E-mail
Santa Catalina Mining Company Releases Preliminary Geologist Report and Technical Overview for the El Alacran Project - More
- August 09, 2006 | Item | E-mail
Eloro Closes Property Acquisition - More
- August 09, 2006 | Item | E-mail
Kinbauri Gold Corp.: Drill Program Begins at Corcoesto to Increase Open Pit Resources - More
- August 09, 2006 | Item | E-mail
Crew Gold Corp.: Masara Mine, Philippines-NI 43-101 Initial Resource Statement - More
- August 09, 2006 | Item | E-mail
Crew Gold Corp.: Drilling Update for Masara Gold Mine, Philippines - More
- August 09, 2006 | Item | E-mail
American Bonanza Restarts Copperstone Drilling - More
- August 09, 2006 | Item | E-mail
Azimut: Update on the North Rae Uranium Property, Ungava Bay - More
- August 09, 2006 | Item | E-mail
Quinto acquires gold property - More
- August 09, 2006 | Item | E-mail
Continuum Updates Exploration Results and Initiates Drilling in Taviche Silver-Gold District, Oaxaca, Southern Mexico - More
- August 09, 2006 | Item | E-mail
Typhoon's Shareholders Approves Resolutions at Annual and Special Meeting - More
- August 09, 2006 | Item | E-mail
Blue Note Metals to invest $48 million to re-open Caribou and Restigouche mines - More
- August 09, 2006 | Item | E-mail
Pearl Asian Mining Industries, Inc. (PAIM) SqueezeTrigger Price is $0.00054 - More
- August 09, 2006 | Item | E-mail
Pele Mountain Reports Exploration Progress at Highland - More
- August 09, 2006 | Item | E-mail
Garuda Capital Corp. announces completion of helicopter-borne geophysical survey over new mining prospect - More
- August 09, 2006 | Item | E-mail
Inter-Citic Minerals Inc.: Dachang Gold Project Receives 27 Year Business License - More
- August 09, 2006 | Item | E-mail
El Alacran Gold Mining Corp. Unveils Its Primary Mine Called 'El Alacran,' Located in Municipality of Puerto Libertador Colombia - More
- August 09, 2006 | Item | E-mail
Scorpio's Continued Drilling of the Hoag Zone Discovery includes 37.10 metres grading 83.70 g/t Silver, 3.15% Zinc, 0.22% Copper, 2.10% Lead and 0.04 g/t Gold - More
- August 09, 2006 | Item | E-mail
Linux Gold Corp. Appoints New Vice President and Financial Advisor - More
- August 09, 2006 | Item | E-mail
Solid Resources Ltd. - More
- August 09, 2006 | Item | E-mail
Full Metal Commences Drilling at 40 Mile Project-Exploration Update - More
- August 09, 2006 | Item | E-mail
Everton Begins Drilling the Tres Bocas Massive Sulfide Discovery, Loma el Mate Concession, Dominican Republic - More
- August 09, 2006 | Item | E-mail
Northern Peru Increases the Indicated Resources at Galeno to 765 Million Tonnes at 0.64% Copper Equivalent - More
- August 09, 2006 | Item | E-mail
Corriente to Spin-off Ecuador Gold Properties to Shareholders - More
- August 09, 2006 | Item | E-mail
Gold Canyon Commences Drill Program at Cordero Gallium Project - More
- August 09, 2006 | Item | E-mail
Golden China Appoints Chief Financial Officer - More
- August 09, 2006 | Item | E-mail
Osisko Intersects Higher Grades at Barnat: 12.4 g/t Au over 13.5 Metres - More
- August 09, 2006 | Item | E-mail
African Gold Group, Inc: 2,000 Metre Diamond Drill Program Commences at Nyankumasi, Ghana - More
- August 09, 2006 | Item | E-mail
Asia Gold Minority Shareholders Approve the Acquisition of Ivanhoe Mines Coal Division - "On July 11, 2006, Ivanhoe Mines and Asia Gold signed a definitive agreement for Asia Gold to acquire Ivanhoe Mines' Coal Division by issuing 82,576,383 shares of Asia Gold to Ivanhoe Mines, which would result in Ivanhoe Mines owning approximately 90% of the issued and outstanding shares of Asia Gold (see Ivanhoe Mines News Release dated July 11, 2006, for full details)." More
- August 09, 2006 | Item | E-mail
Gammon Lake begins commissioning of Ocampo mill - "Gammon Lake Resources Inc. is pleased to announce that commissioning of the Ocampo mill has commenced processing ore from the Company's underground mine. Material is currently being fed through the crushers and ball mills for testing purposes." More
- August 09, 2006 | Item | E-mail
Gammon Lake Resources and Mexgold Resources Complete Business Combination - "Gammon Lake acquired all of the issued and outstanding Common Shares and Stock Options of Mexgold by way of a plan of arrangement under the Business Corporations Act (Ontario), in exchange for Common Shares and Stock Options of Gammon Lake on the basis of 0.47 Gammon Lake Common Shares for each Mexgold Common Share." More
- August 09, 2006 | Item | E-mail
Kensington Gold Mine Receives Prestigious Bureau of Land Management Award - "Coeur d'Alene Mines Corporation said that its Kensington Gold Mine in Alaska has been chosen to receive the prestigious 2006 Hardrock Mineral Community Outreach and Economic Security Award presented by the U.S. Bureau of Land Management (BLM)." More
- August 09, 2006 | Item | E-mail
Kinross Gold Agrees to Purchase Shares of X-Cal - "Kinross Gold Corporation wishes to advise that they have entered into an agreement whereby X-Cal Resources Ltd. has agreed to issue and sell to Kinross, on a private placement basis, 3.5 million common shares of X-Cal at a price of C$0.32 per share." More
- August 09, 2006 | Item | E-mail
Apex Silver Reports on Second Quarter 2006 Results - "Apex Silver Mines Limited today reported a net loss of $63.4 million or $1.10 per share for the second quarter 2006 compared to a net loss of $2.8 million or $0.06 per share for the same 2005 period. The loss in the second 2006 quarter was mainly due to a $61.1-million charge related to the previously announced commodity-related hedge position required by the company's lenders in connection with the $225-million project financing for its 100%-owned San Cristobal open-pit silver-zinc-lead project located in southwestern Bolivia and certain hedge positions unrelated to the project financing." More
- August 09, 2006 | Item | E-mail
Northern Orion Reports Record Second Quarter 2006 Results and Indicative Guidance for Agua Rica - "Northern Orion is pleased to report record quarterly net earnings of $32,828,000 ($0.22 per share) for the second quarter of 2006 compared with net earnings of $3,624,000 ($0.02 per share) for the second quarter of 2005 ("Q2 2005")." More
- August 09, 2006 | Item | E-mail
Yamana Gold Reports Second Quarter 2006 Results: Strong Cash Flows; Continued Growth; Dividend Announced - "Mine operating earnings were $11.5 million, an increase of 1,900% from mine operating earnings of $0.6 million for the comparative quarter in 2005. These operating earnings reflect operations from the Fazenda Brasileiro, Fazenda Nova, Jacobina and San Andres mines for the current quarter and Fazenda Brasileiro and Fazenda Nova mines for the comparative prior quarter. Mine operating earnings on a year-to-date basis were $16.7 million." More
- August 09, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 August, 2006 | |
