-- Posted 10 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $635.10 | -$15.50 |
Silver | $12.02 | -$0.46 |
XAU | 145.75 | -1.62% |
HUI | 339.61 | -1.43% |
GDM | 1078.67 | -1.86% |
JSE Gold | 2961.30 | -0.19% |
USD | 85.10 | +0.37 |
Euro | 127.85 | -0.77 |
Yen | 86.70 | -0.03 |
Oil | $74.00 | -$2.35 |
10-Year | 4.927% | -0.010 |
T-Bond | 108.65625 | -0.125 |
Dow | 11124.37 | +0.44% |
Nasdaq | 2071.74 | +0.56% |
S&P | 1271.81 | +0.46% |
The Metals:
Gold rose near $654 in Asia before it fell back near $650 in London and then dropped throughout trade in New York to close near its lows of the session with a loss of 2.38%. Silver rose above $12.60 in Asia before it dropped near unchanged in London and then fell throughout trade in New York to close near its lows of the session with a loss of 3.69%.
Euro gold fell under €500, platinum lost $9 to $1,234, palladium lost $5 to $316, and copper lost nearly 10 cents to about $3.57.
Gold and silver equities fell throughout morning and early afternoon trade to find over 2% losses, but they then rallied in the last 2 hours of trade and ended with about 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 8/05 | 319K | 315K | 312K |
Trade Balance | June | -$64.8B | -$64.5B | -$65.0B |
Treasury Budget | July | -$33.2B | -$35.0B | -$53.4B |
Today’s economic data was mostly ignored as most concentrated on the foiled terror plot that allegedly was an attempt to bomb flights from the U.K. to the U.S.
Tomorrow at 8:30AM EST brings Import and Export Prices for July and Retail Sales for July expected at 0.8%. Excluding autos, sales are expected at 0.5%. At 10AM are Business Inventories for June expected at 0.5%.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Rather than rising on an increased geopolitical concerns, oil fell on speculation that fears over attacks on the transportation industry will lessen demand. Optimism that things are getting better in Alaska may have also contributed to the decline, but an announcement by ConocoPhillips late in the day that they are declaring force majeure on their Alaska oil shipments counteracts that belief.
The U.S. dollar index rose possibly due to the belief that the fed will change back to an inflation fighting/interest rate rising mindset if economic reports such as the Retail Sales report tomorrow come in strong. Expectations for a strong Retail Sales report tomorrow were raised following several strong earnings reports by various retailers today.
Treasuries fell as the 30-year bond auction drew weak demand.
The Dow, Nasdaq, and S&P started off lower on terror worries, but they then steadily rose throughout trade and ended with decent gains as oil dropped markedly and earnings reports were mostly strong.
Among the big names making news in the market today were IBM and FileNet, Target, Urban Outfitters, Delta, the Airlines, ImClone, and J.C. Penney.
The Commentary:
"Defensive optimism belies the fragility of the global scene, so we have to keep our eyes on the tide of fundamentals to keep focus. Our eyes are on the oil price to show the way for precious metals!" - Julian D.W. Phillips, www.goldforecaster.com
“December Gold closed down 16 at 646. This was 0.5 up from the low and 15.5 off the high.
September Silver finished down 0.465 at 12.105, 0.375 off the high and 0.035 up from the low.
Apparently the early concern of slowing and deflation were moderated in the eyes of the stock market and were not as discounted by the gold market into the close. In fact, we suspect that the sharp slide in oil prices and the prospect of even further declines in oil prices off reduced travel was taken as a sign of lower financial uncertainty. With the Dollar mounting a very impressive recovery Thursday and seemingly coming into favor, the currency influence toward gold is definitively being viewed as a potential sustainable negative. Given the technical damage on the charts it might be difficult for the selling to simply be shut off without some surprise headline event. In the end, the metals markets seemed to telegraph just how important energy prices are to a number of markets.
After making a minor new high for the move, the September silver contract forged an aggressive technical reversal and wasn't in the least bit supported by a recovery in the stock market. Apparently investors view the magnitude of the Dollar rally as a sign of a potential trend, which in turn could undermine the gold market, which in turn could undermine the silver market. While silver might have tacked opposite of the stock market, a sustained run in the equity market would be difficult to make into a negative for silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
80% hedged, Newcrest sure wishes it wasn't
Don't let Barrick steal NovaGold to feed the gold suppression scheme
The Statistics:
As of close of business: 08/9/2006
Gold Warehouse Stocks: | 8,320,012 | +157,434 |
Silver Warehouse Stocks: | 101,354,640 | +583,003 |
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$ 8,090m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.20 | 2,514,242 | US$ 1,602m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.71 | 312,279 | US$ 199m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,816 | US$ 232m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/09/2006 | |
Total Net Assets | $911,592,179 | Ounces of Gold
in Trust | 1,401,504.765 |
Shares Outstanding | 14,100,000 | Tonnes of Gold
in Trust | 43.59 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 08/09/2006 | |
Total Net Assets | $1,151,289,718 | Ounces of Silver
in Trust | 93,913,962 |
Shares Outstanding | 9,400,000 | Tonnes of Silver
in Trust | 2,921.0 |
Note: Change in Total Tonnes from yesterday’s data: 31 tonnes were added to the trust.
The Stocks:
Earnings from Goldcorp (GG), Rio Narcea (RNO), Cambior (CBJ), Taseko (TGB), Glencairn (GLE), and Canyon (CAU), Tanzanian Royalty’s (TRE) new C$3 million private placement, Taseko’s (TGB) $30 million in principal amount of five year convertible bonds, Cambior’s (CBJ) La Arena project update, Freeport-McMoRan (FCX) tender offer for early conversion of its 7% convertible senior notes, Kimber’s (KBX) July newsletter, Endeavour’s (EDR.TO) acquired silver properties, and IMA’s (IMR) legal team update for their Navidad appeal were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +8.06% $1.34 |
2. Entree Gold | EGI +2.46% $1.25 |
3. Almaden Minerals | AAU +1.56% $2.60 |
LOSERS
1. Taseko Mines | TGB -20.71% $2.22 |
2. Orezone | OZN -5.92% $1.59 |
3. Gammon Lake | GRS -4.22% $13.86 |
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:
Goldcorp Inc.: Second Quarter Earnings Nearly Doubled to $190 Million from Q2 2005 - "For the six months to June 30, 2006, net earnings increased to $282.8 million ($0.78 per share), adjusted for certain non-cash items, net earnings amounted to $229.3 million ($0.63 per share), compared with $127.5 million ($0.44 per share) in 2005. Operating cash flows increased to $314.5 million ($0.87 per share), compared with $244.1 million ($0.84 per share) in 2005. Gold production totaled 673,600 ounces in 2006 compared with 556,400 ounces in 2005. Gold sales increased to 687,100 ounces at a total cash cost of minus $108 per ounce, compared with 484,900 ounces, excluding gold sales of 275,700 ounces in gold bullion inventory, at a total cash cost of $64 per ounce in 2005." More
- August 10, 2006 | Item | E-mail
Revett Minerals Reports Improving Levels of Quarterly Profits - More
- August 10, 2006 | Item | E-mail
St Andrew Announces Anticipated Filing Date of Previously Announced Short Form Prospectus and of Rights Offering Prospectus - More
- August 10, 2006 | Item | E-mail
Nuinsco Continues to Aggressively Advance Projects in Second Quarter - More
- August 10, 2006 | Item | E-mail
Tanzanian Royalty Chairman and CEO Agrees to New C$3 Million Private Placement Subscription Agreement - "The pricing of each quarterly tranche will be based on the weighted average trading price of the Company's common shares for the last five consecutive trading days of each quarterly period. Consistent with the Current Agreement, no warrants, options or other rights are to be issued or granted, the placement common shares will be subject to certain mandated hold periods and resale restrictions and the certificates representing such shares will be legended accordingly." More
- August 10, 2006 | Item | E-mail
Rio Narcea Reports Continued Stronger Earnings and Cash Flow for the Second Quarter 2006 - "For the second quarter ended June 30, 2006, Rio Narcea reported net income of $5.6 million or $0.04 per share on total revenues of $53.3 million. This compares to a net loss of $5.4 million and $0.03 per share on revenues of $32.3 million in the same period in 2005." More
- August 10, 2006 | Item | E-mail
Wineco Productions Inc. Announces Quarterly Shareholder Update - More
- August 10, 2006 | Item | E-mail
Azco Mining Becomes Current in Financial Reporting - More
- August 10, 2006 | Item | E-mail
Cabo to drill Titan Uranium Inc.'s Thelon Basin project at Baker Lake, NWT - More
- August 10, 2006 | Item | E-mail
Drilling begins at Pony Creek - More
- August 10, 2006 | Item | E-mail
Goldmarca geological interpretation indicates gold prospective zones 300 metres west of Aurelian discovery - More
- August 10, 2006 | Item | E-mail
Duncan Park Holdings Corporation Commences Drilling and Additional Field Work at its Rock Creek Claims, Lander and Eureka Counties, Nevada - More
- August 10, 2006 | Item | E-mail
Wildcat Silver Corporation: Ventana's High Grade Gold Samples from Colombia Include 33 Metres at 10.5 g/t, 14 Metres at 18 g/t - More
- August 10, 2006 | Item | E-mail
Mongolia Exploration Program on CU-AU - More
- August 10, 2006 | Item | E-mail
UC Resources Ltd. Completes Acquisition of Minera Silver Creeck S.A. de C.V. - More
- August 10, 2006 | Item | E-mail
Roxmark initiates molybdenum bulk sampling, obtains concentrate sales agreement - progresses on 3D modeling of gold properties - More
- August 10, 2006 | Item | E-mail
Redcorp Ventures Ltd.: Appointment of New Vice President, Mining and Engineering - More
- August 10, 2006 | Item | E-mail
Michigan Gold Extremely Close to the Release of the Peruvian Anita Mine Geological Report - More
- August 10, 2006 | Item | E-mail
North Bay Resources Names New CFO - More
- August 10, 2006 | Item | E-mail
Platmin Limited Closes C$45.5 Million Initial Public Offering and Commences Trading on the Toronto Stock Exchange and AIM - More
- August 10, 2006 | Item | E-mail
Tiomin Completes Buy Back of NPI Royalty on Kenyan Mineral Sands Properties - More
- August 10, 2006 | Item | E-mail
Rocmec Intercepts an Undeveloped Gold Bearing Structure - More
- August 10, 2006 | Item | E-mail
Reunion Gold Corporation: High Grade Gold Mineralisation in Channel Samples at Antino 1 - More
- August 10, 2006 | Item | E-mail
Further high grade results from Semafo's Mana gold deposits - More
- August 10, 2006 | Item | E-mail
Campbell Resources announces second quarter results - More
- August 10, 2006 | Item | E-mail
Northern Peru Appoints Ross Beaty Chairman and Director - More
- August 10, 2006 | Item | E-mail
Global Copper Corp. Closes San Jorge Transaction with Coro Mining - More
- August 10, 2006 | Item | E-mail
Norsemont continues to expand mineralized zones in step-out drilling at the Constancia Project - More
- August 10, 2006 | Item | E-mail
Fortune Minerals provides NICO update - More
- August 10, 2006 | Item | E-mail
QGX Announces Changes To Senior Management To Drive Future Project Development - More
- August 10, 2006 | Item | E-mail
Anvil Mining reports record net earnings of $22.5 million ($0.42 per share) for the second quarter of 2006 and an operating profit of $27.7 million - More
- August 10, 2006 | Item | E-mail
De Beira Goldfields Inc.: Capital Raising Announced - More
- August 10, 2006 | Item | E-mail
Candente Expands Higher Grade Core on the Canariaco Norte Copper Project in Northern Peru - More
- August 10, 2006 | Item | E-mail
DPM to Acquire 80% Interest in Deno Gold Armenian Project Adds 300,000 Tonnes to Annual Production - More
- August 10, 2006 | Item | E-mail
Endeavour Acquires Two More Properties in Parral Silver District, Chihuahua, Mexico - "The La Aurora and El Cometa properties are valuable additions to our project portfolio in Parral silver district. Although smaller than the large Minas Nuevas properties in Parral acquired by Endeavour last week, these two properties may hold more immediate mining potential. Both properties are located only 5 kilometres from an operating processing facility in Parral, a 500 tonne per day flotation plant that has existing un-utilized capacity. Endeavour plans to focus its initial exploration at La Aurora and El Cometa mines on the potential to develop near-term, higher grade reserves, resources and production." More
- August 10, 2006 | Item | E-mail
Cambior Inc.: Increase in Net Earnings to $7.1 Million - "Cambior Inc. is pleased to report second quarter net earnings of $7.1 million (or $0.03 per share), a $6.1 million increase over the corresponding period of 2005. This substantial increase is due to strong gold prices, a gain on disposal of marketable securities, in spite of a very strong Canadian dollar (relative to US dollar) and high inflation in the costs of fuel and other consumables." More
- August 10, 2006 | Item | E-mail
Taseko Mines Limited to Privately Place Approximately US$30 Million in Convertible Bonds - "Taseko Mines Limited today announced that it has agreed to offer approximately US$30 million in principal amount of five year convertible bonds ("Bonds") to qualified institutional buyers outside of North America. The Bonds will be convertible into Taseko's common (ordinary) shares." More
- August 10, 2006 | Item | E-mail
Taseko Reports Quarterly Operating Profit of $18.3 Million and Earnings of $4.1 Million for Third Quarter - "The Company had operating profit of $18.3 million for the third quarter and $33.8 million for the first nine months of the fiscal year. After tax earnings for the quarter and nine-month period were $4.1 million and $13.9 million, respectively." More
- August 10, 2006 | Item | E-mail
IMA Announces Legal Team Update for Navidad Appeal - "IMA Exploration Inc. wishes to announce that it has retained Leonard T. Doust, Q.C. of McCarthy Tetrault LLP, to lead the Company's legal team in its appeal of the recent Supreme Court of British Columbia decision concerning its ownership of Navidad." More
- August 10, 2006 | Item | E-mail
Glencairn Gold Reports Second Consecutive Quarter of Record Net Earnings, Revenue and Gold Production - "Glencairn produced 21,127 ounces during the latest second quarter, compared with 9,669 ounces during the second quarter of 2005, and 18,382 ounces during the first quarter of 2006. Sales were $12,441,000, as a result of the sale of 20,137 ounces at an average realized price of $618 per ounce. This resulted in net earnings of $2,051,000 or $0.01 per share during the quarter. This compares with a loss of $1,401,000 during the corresponding quarter of 2005, and a profit of $1,770,000 during the first quarter of 2006." More
- August 10, 2006 | Item | E-mail
Cambior Inc.: La Arena Project Update - "Cambior is pleased to report that the La Arena project is now totalling measured and indicated mineral resources of 2 million ounces of gold and some 1.1 billion lbs of copper. These measured and indicated resources are estimated within a Whittle pit design using assumptions of $550/ounce for the price of gold and $1.50/lb for the price of copper." More
- August 10, 2006 | Item | E-mail
Canyon Resources Reports Second Quarter Financial Results - "For the quarter, we reported a significantly lower loss of $1.4 million or $0.03 per share compared to $11.0 million or $0.32 per share in the same quarter last year. The current quarter's loss included non-cash charges of $0.4 million related to share-based compensation and expenses related to outstanding warrants. The $9.6 million decrease in net loss was due primarily to last years' $9.2 million impairment of the McDonald Gold Project, lower depreciation, depletion and amortization of $0.7 million, and lower exploration expense of $0.3 million, which was partially offset by a lower gross margin of $0.3 million and other miscellaneous items of $0.3 million." More
- August 10, 2006 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Commences Tender Offer for Early Conversion of its 7% Convertible Senior Notes due 2011 - "Freeport-McMoRan Copper & Gold Inc. announced today an offer to pay a cash premium of $90 plus accrued and unpaid interest up to (but excluding) the conversion date for each $1,000 principal amount of its 7% Convertible Senior Notes due 2011 ("Notes") that are converted into common stock on or prior to the expiration date of 12:00 midnight, New York City time, September 7, 2006." More
- August 10, 2006 | Item | E-mail
Kimber Resources Inc. - Newsletter for July - "We are pleased to report that the last option payment on the El Coronel concessions has now been made. Kimber through its wholly-owned subsidiary Minera Monterde S. de R.L. de C.V. now holds a 100% interest, free of all royalties, in all of the concessions that make up the Monterde project. This property consists of the formerly optioned claims which are surrounded by concessions staked by Kimber in 2005." More
- August 10, 2006 | Item | E-mail
LionOre Reports Second Quarter 2006 Results - More
- August 10, 2006 | Item | E-mail
Alamos Gold Inc. Reports Second Quarter 2006 Financial Results - More
- August 10, 2006 | Item | E-mail
Michigan Gold Awaits Imminent Release of the Anita Mine Geological Report - More
- August 10, 2006 | Item | E-mail
Western Goldfields Targets First Gold Pour From Expansion of Mesquite Mine - More
- August 10, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 August, 2006 | |
