-- Posted 15 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $622.50 | -$6.00 |
Silver | $12.03 | -$0.04 |
XAU | 141.23 | +1.09% |
HUI | 330.17 | +1.59% |
GDM | 1047.49 | +1.31% |
JSE Gold | 2868.35 | +0.23% |
USD | 85.22 | -0.32 |
Euro | 127.85 | +0.69 |
Yen | 86.13 | +0.43 |
Oil | $73.05 | -$0.48 |
10-Year | 4.931% | -0.070 |
T-Bond | 108.71875 | +0.75 |
Dow | 11230.26 | +1.19% |
Nasdaq | 2115.01 | +2.22% |
S&P | 1285.58 | +1.37% |
The Metals:
Gold fell slightly in Asia and dropped a little more in London before it seesawed between $621 and $627 in New York and ended near its lows with a loss of 0.95%. Silver slumped a bit in Asia and continued to fall in London to as low as $11.80 in early New York trade, but it then rallied throughout most of the rest of trade in New York and ended with a loss of just 0.33%.
Euro gold fell under €490, platinum gained $4 to $1,222, palladium gained $6 to $318, and copper gained about 4 cents to $3.55.
Gold and silver equities steadily rose with the general markets and ended near their highs of the session with over 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | July | 0.1% | 0.4% | 0.5% |
Core PPI | July | -0.3% | 0.2% | 0.2% |
NY Empire State Index | Aug | 10.3 | 14.8 | 16.6 |
Net Foreign Purchases | June | $75.1B | $65.0B | $63.6B |
Also making news in the economic world today was a report from the NAHB showing that home builder’s confidence fell 7 points to 32 in August to a 15-year low. “The index peaked at 72 in June 2005 and has fallen in the 12 months since then. It's the fastest decline in the 21-year history of the index, which has had a fairly good record of predicting the number of new homes started.” A separate report from the National Association of Realtors showed that home sales fell in 28 states and 7% overall in the April-June quarter. “The five biggest declines this spring compared to the April-June period of 2005 were Arizona, down 26.9 percent; Florida, down 26.7 percent; California, down 25.3 percent; Virginia, down 23.9 percent, and Nevada, down 23.5 percent.”
Tomorrow at 8:30AM EST brings CPI for July expected at 0.4%, Core CPI expected at 0.3%, Building Permits for July expected at 1,840,000, and Housing Starts for July expected at 1,810,000. At 9:15 is Capacity Utilization for July expected at 82.7% and Industrial Production expected at 0.6%.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell but held above $73 as traders prepared for tomorrow’s inventory reports which Platts predicts will show crude inventories falling by 950,000, gasoline inventories falling by 1.5 million barrels, and distillates building by 800,000 barrels.
The U.S. dollar index fell markedly and treasuries found nice gains as PPI came in lower than expected and reduced inflation fears which increased the chances that the fed will not raise interest rates at their next meeting.
The Dow, Nasdaq, and S&P rose throughout trade and ended over 1% higher on confidence that the fed will not raise interest rates.
Among the big names making news in the market today were Monsanto and Delta and Pine, Delphi, Deere, Wal-Mart, Home Depot, Dell, UBS, American Eagle, and Staples.
The Commentary:
“I’m not sure there are enough anti-stupidity pills in the world to affect those who write gold market commentary. Just when you think it cannot possibly deteriorate, it does. When gold was bombed last week by The Gold Cartel, the commentators remarked how gold was no longer a safe haven, or they just expressed complete confusion why gold was acting so poorly when it should have been doing so well.
Today they were all over the cease fire news as the reason gold was hit hard yet again. It makes no sense. Had gold risen sharply on the geopolitical mess, then one could see it falling on cease fire news. But that was not the case at all.
The Planet Wall Street world cannot handle the obvious: the action of the gold market in the short-term depends on what The Gold Cartel is able to do. Its going up or down is totally dependent on the physical market overpowering them, or being overwhelmed by them, at certain price levels. That is what the gold market is all about. The rest of the reasons for gold doing what it is at the moment, are supporting noise factors … period.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 6.4 at 632.9. This was 2.4 up from the low and 4.1 off the high.
September Silver finished down 0.075 at 12.085, 0.065 off the high and 0.235 up from the low.
The market sorted through the news flow of the day and decided to embrace the bearish developments at the expense of the bullish items. Certainly a deflationary PPI is negative to gold, but with the early focus anticipating strength in the Dollar, gold should have found some support. However, the inflation numbers were potentially a major shift and that prompted a number of longs to liquidate. Some traders suggest a decline in the Dollar back to the 84.28 area would need to occur before gold is supported off Dollar weakness.
The divergence between gold and silver held throughout most of the session, with the silver market suffering less concentrated selling than gold. Therefore, it would seem that physical demand for silver continues to outweigh the flight to quality selling interest. However, the US PPI readings were so soft that many bulls in the silver market were fearful of deflation or significant slowing ahead.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Idaho Silver Summit to hear Hommel, Embry, Morgan
GATA dispatches via YahooGroups will end Tuesday
NovaGold CEO interviewed on ROB-TV about Barrick bid
The NovaGold share that beats the gold price suppression scheme could be yours
The Statistics:
As of close of business: 08/14/2006
Gold Warehouse Stocks: | 8,178,823 | +321 |
Silver Warehouse Stocks: | 103,668,629 | +601,301 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 388.98 | 12,506,073 | US$ 7,810m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.20 | 2,514,103 | US$ 1,569m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.71 | 312,262 | US$ 195m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,796 | US$ 223m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/14/2006 | |
Total Net Assets | $865,095,156 | Ounces of Gold
in Trust | 1,376,657.490 |
Shares Outstanding | 13,850,000 | Tonnes of Gold
in Trust | 42.82 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 08/14/2006 | |
Total Net Assets | $1,139,013,991 | Ounces of Silver
in Trust | 96,909,651 |
Shares Outstanding | 9,700,000 | Tonnes of Silver
in Trust | 3,014.2 |
Note: Change in Total Tonnes from yesterday’s data: 31 tonnes were added to the trust.
The Stocks:
Tanzanian Royalty’s (TRE) completed sixth tranche, Fronteer’s (FRG) drill results, Taseko’s (TGB) arbitration award, second quarter results from Endeavour (EDR.TO), Ivanhoe (IVN), and Apollo Gold (AGT), and Silver Standard’s (SSRI) increased silver resource and drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Silver Standard | SSRI +8.86% $22.98 |
2. Rio Narcea | RNO +7.69% $2.10 |
3. Taseko Mines | TGB +6.85% $2.34 |
LOSERS
1. Almaden Mineral | AAU -3.80% $2.53 |
2. Claude Resources | CGR -3.46% $1.255 |
3. Entree Gold | EGI -3.20% $1.21 |
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:
Minco Silver Provides Fuwan Silver Drilling Update and the Development Plan - More
- August 15, 2006 | Item | E-mail
Tanzanian Royalty Chairman Completes Sixth Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation confirms that the sixth tranche of the private placement by James E. Sinclair, the Company's Chairman and CEO, announced on August 1, 2006 closed on August 14, 2006. The sixth tranche consists of 44,664 common shares of the Corporation having a purchase price of $8.396 per share for proceeds totaling $375,000." More
- August 15, 2006 | Item | E-mail
Gold Summit Completes $350,000 Private Placement - More
- August 15, 2006 | Item | E-mail
Erdene Provides Second Quarter Project Updates - More
- August 15, 2006 | Item | E-mail
Tribute Minerals Inc. Assays Return 13.6 Grams Gold Over 6.23 Feet - More
- August 15, 2006 | Item | E-mail
Terex to Start Drilling Campaign in the Mishibishu Greenstone Gold Belt - More
- August 15, 2006 | Item | E-mail
Coastal Copper Project: Drilling Expands Double Ed Massive Sulphide Deposit - More
- August 15, 2006 | Item | E-mail
Gold Reserve Announces Conference Call to Discuss 2006 Second Quarter Results - "Gold Reserve Inc. will hold a conference call to discuss 2006 second quarter results on Thursday, August 17, 2006 at 4:30 p.m. Eastern daylight time (1:30 p.m. Pacific daylight time)." More
- August 15, 2006 | Item | E-mail
SLAM Exploration announces drilling results - More
- August 15, 2006 | Item | E-mail
Acero-Martin Intersects 136 Meters /446.1 ft of 0.79 g/t Au and 0.55% Cu '0.98% Cu Equiv.' - More
- August 15, 2006 | Item | E-mail
ESO Uranium cuts 13 meters of 4.99 g/t gold at Mikwam - More
- August 15, 2006 | Item | E-mail
MGM Mineral Resources Announces New Project Geologist - More
- August 15, 2006 | Item | E-mail
IRC reports six-fold increase in quarterly revenues and new dividend policy - More
- August 15, 2006 | Item | E-mail
Typhoon's Expertise Represented in UK - More
- August 15, 2006 | Item | E-mail
Endeavour Reports Record Operating Results for Second Quarter, 2006 - "Gross quarterly revenues were a record US$4.7 million (more than double the Q1 revenues, although not comparable because Q1 only reflected the two months following Endeavour's consolidation of its 51% interest in the Guanacevi Project at January 31, 2006), thanks in part to increases in mine output, plant production and the silver price, which averaged US$12.29 in Q2. Endeavour realized average prices of US$12.34 per oz silver and US$625 per oz gold on metal sales during the second quarter." More
- August 15, 2006 | Item | E-mail
Key Professionals added to Uranium Technical Team - More
- August 15, 2006 | Item | E-mail
High River Reports Second Quarter 2006 Results - More
- August 15, 2006 | Item | E-mail
Randsburg Updates Shareholders on Cease Trade Order - More
- August 15, 2006 | Item | E-mail
Geological Exploration Expands Showing Extensive Gold Mineralization - More
- August 15, 2006 | Item | E-mail
Yukon Resources Acquires 13 Claims Contiguous to its Highly Prospective Sagar Uranium/Gold Property, Labrador Trough, Northern Quebec - More
- August 15, 2006 | Item | E-mail
Medallion Commences Drilling on Ocelot Gold Project, Nevada - More
- August 15, 2006 | Item | E-mail
Uranium One Announces Financial Results for Q2 2006 - More
- August 15, 2006 | Item | E-mail
Golden Arrow Resources Corporation: Significant Gold Zones Identified on San Jose Project, Argentina - More
- August 15, 2006 | Item | E-mail
Everton Discovers a New High-Grade Gold Showing on its 100%-Owned Wildcat Property, in the Opinaca Region, James Bay, Quebec - More
- August 15, 2006 | Item | E-mail
General Minerals Corporation Files June 30, 2006 Quarterly Report - More
- August 15, 2006 | Item | E-mail
Konigsberg Corporation Appoints Advisors to the Board of Directors - More
- August 15, 2006 | Item | E-mail
MAG Silver Corp.: Definition Drilling to Begin at Juanicipio/Valdecanas Vein Discovery - More
- August 15, 2006 | Item | E-mail
Golden China Announces Amendment to Michelago Business Combination Terms - More
- August 15, 2006 | Item | E-mail
Bear Creek Mining - More positive drill results at Corani; drilling starts at La Curva - More
- August 15, 2006 | Item | E-mail
Silver Dragon Resources Inc. Completes U.S. Closing of Equity Purchase in Sanhe Sino-Top Resources and Technologies, Ltd. - More
- August 15, 2006 | Item | E-mail
Jaguar Mining reports Q2 2006 results; significantly increases production, gross profit & gold reserves - More
- August 15, 2006 | Item | E-mail
Itronics Second Quarter 2006 Sales Up 45 Percent, Reports $274,000 Profit Due to Gain on Derivative - More
- August 15, 2006 | Item | E-mail
Fronteer Development Group Inc.: New Surface High Grade Zones Discovered at Kirazli, Northwestern Turkey - "Fronteer Development Group Inc. announced today that four new, high- grade gold +/- silver zones have been discovered at Kirazli outside the current resource area. These new zones are an important indication of both the property's untapped potential, and the ability to add significant ounces to Kirazli's current resource base." More
- August 15, 2006 | Item | E-mail
Taseko Wins Arbitration Award - "Taseko Mines Limited is pleased to announce that its 100% controlled subsidiary Gibraltar Mines Ltd. has been advised that it has won a previously disclosed binding arbitration dispute with an international copper concentrate purchaser." More
- August 15, 2006 | Item | E-mail
Silver Standard Increases Pitarrilla Silver Resource by 116% - "Silver Standard Resources Inc. is pleased to report that project resources have increased significantly at its wholly-owned Pitarrilla silver project located in the state of Durango, Mexico. The increased resources are comprised of measured and indicated silver resources totalling 234.3 million ounces, an increase of 249%, and inferred silver resources of 192.1 million ounces, an increase of 47.5%." More
- August 15, 2006 | Item | E-mail
Silver Standard Hits 70.5 oz./ton Silver and 25.2% Base Metals Over 33.5 Feet at Pitarrilla in Mexico - "PD-152 intersected 534.8 feet averaging 6.7 ounces of silver per ton (163.0 meters averaging 230.1 grams of silver per tonne) including 51.5 feet averaging 49.8 ounces of silver per ton (15.7 meters averaging 1,706.1 grams of silver per tonne), 6.92% zinc, 6.00% lead and 5.57% copper." More
- August 15, 2006 | Item | E-mail
Ivanhoe Mines Announces Q2 2006 Results - "During the quarter, the Company recorded a net loss of $40.3 million (or $0.12 per share), compared to a net loss of $25.2 million (or $0.08 per share) in Q2'05. The increase in the loss from 2005 to 2006 was primarily due to a $6.1 million increase in exploration expenses, a $3.5 million increase in stock compensation expense and a $10.2 million decrease in income from the Monywa Copper joint venture, less a $3.0 million increase in foreign exchange gains." More
- August 15, 2006 | Item | E-mail
Apollo Gold Reports Second Quarter 2006 Results - "Apollo Gold Corporation announced today a net loss of $2.6 million, or $0.02 per share, for the three months ended June 30, 2006, as compared to a net loss of $6.5 million, or $0.07 per share, for the three months ended June 30, 2005. The net loss for the six months ended June 30, 2006, was $6.8 million, or $0.06 per share, compared to a net loss of $10.7 million, or $0.11 per share, for the same period 2005. Unless otherwise indicated, all dollar amounts are reported in US currency." More
- August 15, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 August, 2006 | |
