-- Posted 11 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $633.30 | -$1.80 | -1.71% |
Silver | $11.87 | -$0.15 | -4.04% |
XAU | 142.25 | -2.40% | -1.82% |
HUI | 330.96 | -2.55% | -1.95% |
GDM | 1052.18 | -2.46% | -2.25% |
JSE Gold | 2966.20 | +0.17% | -2.57% |
USD | 85.48 | +0.38 | +1.06% |
Euro | 127.21 | -0.64 | -1.29% |
Yen | 85.92 | +0.22 | -1.79% |
Oil | $74.35 | +$0.35 | -0.55% |
10-Year | 4.967% | +0.040 | +1.35% |
Bond | 108.28125 | -0.375 | -0.89% |
Dow | 11088.03 | -0.33% | -1.36% |
Nasdaq | 2057.71 | -0.68% | -1.31% |
S&P | 1266.74 | -0.40% | -0.99% |
The Metals:
CoT Reports Released: Gold | Silver
Gold rose over $5 to above $640 in Asia and remained above $640 for most of trade in London before it dipped a bit at the New York open, but it then rose near $645 in midmorning New York trade until just before 11AM EST which saw the price plummet for the next hour all the way down to $625.40. Gold then rebounded a bit into the close to end back near unchanged on the day, but it still ended slightly lower. Silver gained over 15 cents in Asia and London and rose above $12.30 in midmorning New York trade before it also sold off dramatically in late morning trade, but it was not able to rebound as well as gold and ended 1.25% lower on the day.
Euro gold fell near €495, platinum gained $3 to $1,237, palladium lost $1 $315, and copper fell over 10 cents to about $3.43.
Gold and silver equities rose about 1% in early trade, but they quickly fell off with the metals in late morning trade and remained near their lows into the close to end with about 2.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | July | 0.9% | 0.8% | 0.0% |
Import Prices ex-oil | July | -0.1% | - | 0.4% |
Export Prices | July | 0.4% | - | 0.7% |
Export Prices ex-ag. | July | 0.2% | - | 0.5% |
Retail Sales | July | 1.4% | 0.8% | -0.4% |
Retail Sales ex-auto | July | 1.0% | 0.5% | 0.1% |
Business Inventories | June | 0.8% | 0.5% | 1.1% |
All of this week’s economic reports:
Next week’s economic highlights include PPI and Net Foreign Purchases on Tuesday, CPI and housing data on Wednesday, the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged and ended higher as traders awaited word from BP about operations at Prudhoe Bay. Most expect problems won’t be resolved for several months, but there is a possibility that part of the Western field may reopen soon.
The U.S. dollar index rose as strong Retail Sales data lifted hopes for further fed interest rate hikes.
Treasuries fell on strong Retail Sales data and in further reaction to poor debt auction earlier in the week.
The Dow, Nasdaq, and S&P fell on poor earnings and worries about the economy and inflation, but they did come off their lows into the close to end with insignificant losses.
Among the big names making news in the market Friday were the airlines, Evercore, Apple, CVRD and Inco, BETonSPORTS, Fortress and Intrawest, Keefe Bruyette & Woods, Analog Devices, and Boeing.
The Commentary:
“Sick this is indeed. Do you need any more insight to understand there is a Plunge Protection Team to keep the US stock market copacetic? Gold is slaughtered when it ought to be leaping, yet the DOW hardly budges to the downside and then goes up at time when it should be under considerable pressure. Newer Café members surely ought to now see why I compare these market antics to those of the Communists in the former Soviet system. We DO NOT have free financial markets in the United States. Nor do we have a free press. We have managed markets and this constant manipulation will end very badly; and, an unsuspecting general public is going to lose a great deal of their net worth. When that occurs, they will go berserk because they will be blindsided economically because potential warning signals of trouble will have been eliminated.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 1.6 at 644.4. This was 7.9 up from the low and 11.3 off the high.
September Silver finished down 0.22 at 11.885, 0.505 off the high and 0.115 up from the low.
The gold bulls had to very disappointed with the action this week, as a potential major flight to quality terrorism threat ultimately failed to spark fresh long interest in the gold market and in the end the incident might have simply served to dampen the overall macro economic outlook. Furthermore, the Dollar was lifted by a stronger than expected US retail sales reading, which in turn seemed to foster ideas that the US Fed might be back on track to hike interest rates. While the Press lays the profit taking mantra on the market for the poor action on Friday, in the end it was clear that the typically supportive fundamental elements for gold were mostly reversed and that inspired some longs to move to the sidelines. However, despite the choppy to lower result on the week, the gold market did see instances where lower prices stimulated classical physical buying and that might give the bull some consolation. Just to round out the mostly bearish fundamental flow of news in gold, the Press was seemingly reporting on progress toward a cease fire in the Middle East.
With a mostly negative feel to the late in the week action, the silver market would seem to be deflated. Certainly seeing both gold and copper falter, seeing the equity market weak and seeing renewed concerns of higher US interest rates ahead undermines the bull case in silver for many traders. In fact, some traders even suggested that aggressively lower metals and grain prices from Friday might serve to push out even more speculative interest in the silver market. Fortunately, the US retail sales report was strong enough to bolster the macro economic outlook but that element was one of the few fundamental factors that stood up against the selling during the session Friday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Antal Fekete: To Barrick or Be Barricked -- That Is the Question
Gold falls as terror threat rises -- what a mystery!
The Statistics:
As of close of business: 08/10/2006
Gold Warehouse Stocks: | 8,198,992 | -121,020 |
Silver Warehouse Stocks: | 102,086,202 | +731,562 |
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$ 8,037m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.20 | 2,514,214 | US$ 1,590m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.71 | 312,275 | US$ 198m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,812 | US$ 230m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/10/2006 | |
Total Net Assets | $873,943,758 | Ounces of Gold
in Trust | 1,376,658.025 |
Shares Outstanding | 13,850,000 | Tonnes of Gold
in Trust | 42.82 |
Note: Change in Total Tonnes from yesterday’s data: 0.77 tonnes were subtracted from the trust.
Silver Trust (SLV)
Profile as of 08/10/2006 | |
Total Net Assets | $1,191,594,254 | Ounces of Silver
in Trust | 95,911,124 |
Shares Outstanding | 9,600,000 | Tonnes of Silver
in Trust | 2,983.2 |
Note: Change in Total Tonnes from yesterday’s data: 62.2 tonnes were added to the trust.
The Stocks:
Earnings from Crystallex (KRY), Seabridge (SA), IAMGOLD (IAG), Northgate (NXG), and Gammon Lake (GRS), Newmont’s (NEM) problems with its joint venture in Uzbekistan, and Crystallex’s (KRY) completed C$32.4 million equity financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Almaden Minerals | AAU +3.46% $2.69 |
2. Entree Gold | EGI +3.20% $1.29 |
3. Taseko Mines | TGB +1.80% $2.26 |
LOSERS
1. Cumberland | CLG -6.76% $4.14 |
2. Great Basin | GBN -5.88% $1.60 |
3. Gammon Lake | GRS-5.77% $13.06 |
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:
Crystallex Reports Second Quarter 2006 Results - "The Company recorded a net loss for the first half and second quarter of 2006 of $15.3 million, (($0.07) per share) and $8.3 million, (($0.04) per share) respectively, as compared with net losses of $16.3 million, (($0.08) per share) and $8.3 million (($0.04) per share) for the comparable periods in 2005. The losses in the first six months and second quarter of 2006 are principally attributable to the aggregate of mine operations costs, corporate general and administrative costs and interest expense." More
- August 11, 2006 | Item | E-mail
Belvedere Resources Ltd. - Private Placement Completed - More
- August 11, 2006 | Item | E-mail
Laurion Gold Inc. Announces the Completion of the Phase II Gold Exploration Program on the East Clavos Property - More
- August 11, 2006 | Item | E-mail
Queenstake Announces Second Quarter 2006 Results Conference Call - "Queenstake Resources Ltd. will announce its second quarter 2006 results on Monday, August 14th and will hold a conference call hosted by President and Chief Executive Officer Dorian (Dusty) Nicol to review the quarter highlights at 1:00 p.m. Eastern Daylight Time that day." More
- August 11, 2006 | Item | E-mail
Jasper Mining Corporation announces correction on initial results from drill program on Isintok property - More
- August 11, 2006 | Item | E-mail
Gryphon's First Quarter Fiscal 2007 Financials - More
- August 11, 2006 | Item | E-mail
Ungava Minerals Corp.'s Subsidiary Files Motion in Quebec to Commence Litigation - More
- August 11, 2006 | Item | E-mail
Golden Peaks Receives Conditional Approval for Toronto Stock Exchange Listing - More
- August 11, 2006 | Item | E-mail
Pearl Asian Mining Industries Completed More Than 90% of the 90% Buy-Back of Common Shares - More
- August 11, 2006 | Item | E-mail
Aurora Gold Corporation Announces the Results From Its Rock Chip Sampling Program on the Sao Joao Property in the Tapajos Gold Province, State of Pará, Brazil - More
- August 11, 2006 | Item | E-mail
Imperial Announces Normal Course Issuer Bid - More
- August 11, 2006 | Item | E-mail
BrazMin Reports Results for Quarter Ended June 30, 2006 and Makes New Appointment - More
- August 11, 2006 | Item | E-mail
Golden Goose Resources Inc.-Private Placement to be Used to Finance New Work on Magino Property and on Lac Levac Property - More
- August 11, 2006 | Item | E-mail
Drill Hole SC06-50 intersects 77.50 g/t Gold and 487.0 g/t Silver over 1.15 metres - More
- August 11, 2006 | Item | E-mail
AntOro: End of Phase I Exploration on Andy Lake Property - More
- August 11, 2006 | Item | E-mail
Dia Bras Provides Clarification on its Pilot-Mining Program in Chihuahua, Mexico and Other Projects - More
- August 11, 2006 | Item | E-mail
Imperial Reports Results for the Second Quarter 2006 - More
- August 11, 2006 | Item | E-mail
ValGold Update on Private Placement - More
- August 11, 2006 | Item | E-mail
Unico, Inc. Announces Reverse Stock Split and New Trading Symbol - More
- August 11, 2006 | Item | E-mail
European Goldfields Limited - Results for Q2 2006 - Stratoni production continues to ramp-up - Significant progress on other three development-stage projects - More
- August 11, 2006 | Item | E-mail
Cogitore intersects 11.8 metres of zinc-rich massive sulphides at the Scott Lake Project - More
- August 11, 2006 | Item | E-mail
Lake Shore Gold Quarterly Project Update - More
- August 11, 2006 | Item | E-mail
Golden Hope Mines Limited: Detailed Gold Sampling has Begun in Quebec - More
- August 11, 2006 | Item | E-mail
HudBay Announces Exceptional Second Quarter 2006 Results - More
- August 11, 2006 | Item | E-mail
Jasper Mining Corporation announces initial results from drill program on Isintok property - More
- August 11, 2006 | Item | E-mail
Newmont loses day-to-day control of Uzbek venture - "U.S. gold miner Newmont Mining Corp. said on Friday it has lost day-to-day control over its joint venture in Uzbekistan and believes the government is trying to expropriate its share of the operation. A week after it said it was no longer able to export gold from Uzbekistan and that tax authorities had seized some gold, the company said it had been forced to send home expatriate employees at its Uzbek joint venture." More
- August 11, 2006 | Item | E-mail
Seabridge Gold Files Second Quarter Financial Statements, MDA and Report to Shareholders - "Seabridge Gold announced today that it has filed its Second Quarter Financial Statements, Management's Discussion and Analysis and Report to Shareholders for the period ended June 30, 2006 on SEDAR. To review these documents, please see http://www.seabridgegold.net/2006-Q2.pdf." More
- August 11, 2006 | Item | E-mail
Newmont Says It's Under Investigation - "Newmont Mining Corp. disclosed Friday the government of Uzbekistan has launched a criminal investigation into the company amid a $48 million (euro37.6 million) tax dispute threatening its gold operations in that country." More
- August 11, 2006 | Item | E-mail
Crystallex International Completes Cdn$32.4 Million Equity Financing - "Crystallex International Corporation announced today that it has completed its previously announced equity financing of 10,125,000 Units of Crystallex at a price of Cdn$3.20 per Unit for gross proceeds of Cdn$32,400,000. Each Unit is comprised of one common share of Crystallex and one-half of one common share purchase warrant." More
- August 11, 2006 | Item | E-mail
IAMGOLD Announces Second Successive Record Quarterly Earnings - "Net earnings for the second quarter of 2006 were a record $29.8 million or $0.17 per share compared to $2.4 million or $0.02 per share for the second quarter of 2005." More
- August 11, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 August, 2006 | |
