-- Posted 18 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $611.90 | -$3.40 | -3.38% |
Silver | $11.97 | +$0.02 | +0.84% |
XAU | 140.77 | +0.32% | -1.04% |
HUI | 327.13 | +0.01% | -1.16% |
GDM | 1042.21 | +0.17% | -0.95% |
JSE Gold | 2832.49 | -2.24% | -4.51% |
USD | 85.09 | +0.06 | -0.46% |
Euro | 128.18 | -0.01 | +0.76% |
Yen | 86.29 | +0.18 | +0.43% |
Oil | $71.14 | +$1.08 | -4.32% |
10-Year | 4.835% | -0.032 | -2.66% |
Bond | 109.625 | +0.3125 | +1.24% |
Dow | 11381.47 | +0.41% | +2.65% |
Nasdaq | 2163.95 | +0.29% | +5.16% |
S&P | 1302.30 | +0.37% | +2.81% |
The Metals:
CoT Reports Released: Gold | Silver
Gold fell slightly in Asia, rebounded to find small gains in London, and climbed near $620 in early New York trade, but it then fell off throughout most of the rest of trade and dropped to as low as $606.90 before it rebounded in the last minutes of trade and ended 0.55% lower on the day. Silver followed a very similar pattern, but its rebound in the last minutes of trade took it higher on the day and it was able to end with a gain of 0.17%.
Euro gold remained under €480, platinum lost $13 to $1,204, palladium lost $1 to $330, and copper rose over 5 cents to about $3.40.
Gold and silver opened higher, fell about 2% by late morning, and then rallied into the close to end slightly higher on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Aug | 78.7 | 84.0 | 84.7 |
All of this week’s economic reports:
Next week’s economic highlights include Existing Home Sales on Wednesday and Durable Goods Orders, Initial Jobless Claims, and New Home Sales on Thursday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil came into New York higher and briefly fell under $70 in morning trade, but it quickly rebounded and rose for the rest of trade to close with over $1 gains as traders watched a developing storm in the Gulf.
The U.S. dollar index fell after China hiked interest rates and continued to drop after the soft Michigan Sentiment report, but it rebounded in late trade and ended slightly higher on speculation that inflation fears may resurface and influence the fed to continue to raise interest rates.
Treasuries rose on the poor Michigan Sentiment data. The yield on the 10-year fell to a new 4 and ˝ month low.
The Dow, Nasdaq, and S&P fell in early trade on poor earnings and disappointing Michigan Sentiment data, but they steadily rose throughout trade and ended slightly higher despite the fact that oil ended near its highs.
Among the big names making news in the market Friday were Altria, Reynolds American, Microsoft, Ford, J.M. Smucker, Time Warner, Escondida, Dell, and Tivo.
The Commentary:
“Another day to enjoy the pool for awhile. There was little reason to watch the markets after another blatant assault on the gold price on the Comex … vintage Gold Cartel. This time they made their move after a firm AM Fix of $630.75, but before the PM Fix of $625.50. Once the PM Fix was over, gold had rallied a bit due to good physical demand, they attacked with a second wave mugging that knocked the crud out of it.
Gold and silver love to fill gaps left below the market, which is one reason I loathe higher openings most of the time. It didn’t take both of these metals long to do just that after strong openings this morning. It was downhill from there on in.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 3.6 at 621.7. This was 5.2 up from the low and 7.1 off the high.
September Silver finished up 0.035 at 12.03, 0.11 off the high and 0.17 up from the low.
After giving back early gains and tracking moderately lower on the session the gold market mounted a weak afternoon recovery. Some traders suggested that the bounce was inspired by week ending short covering while others suggested that renewed tensions with Iran might have prompted some fresh speculative buying ahead of the week end. With a quasi reversal in the energy complex the return of flight to quality concerns might have actually been seen in the trade. Other traders suggested that talk of a more favorable seasonal pattern ahead inspire the short covering/fresh buying but it was clear at times during the session that weak US economic readings were serving to pressure gold prices.
It is possible that silver continued to see the benefit of a favorable World Silver survey and it is also likely that the overt strength in the copper market served to embolden the bull camp in silver. In fact, some traders are suggesting that with the favorable long term fundamental condition depicted in the World Silver Survey, it is possible that silver will be seen as a purer investment play than gold, as gold is periodically seeing negative influences from economic slowing, currency impacts and the ebb and flow of geopolitical events.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Sprott raises stake in NovaGold; Barrick confident of keeping Donlin Creek
The Statistics:
As of close of business: 08/17/2006
Gold Warehouse Stocks: | 8,179,118 | +295 |
Silver Warehouse Stocks: | 103,296,358 | + 673,869 |
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$ 7,821m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.19 | 2,514,020 | US$ 1,546m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 314,051 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,784 | US$ 223m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.01 ounces and the ASX added 0.07 ounces.
COMEX Gold Trust (IAU)
Profile as of 08/17/2006 | |
Total Net Assets | $853,148,555 | Ounces of Gold
in Trust | 1,386,595.482 |
Shares Outstanding | 13,950,000 | Tonnes of Gold
in Trust | 43.13 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 08/17/2006 | |
Total Net Assets | $1,189,358,661 | Ounces of Silver
in Trust | 96,909,651 |
Shares Outstanding | 9,700,000 | Tonnes of Silver
in Trust | 3,014.2 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Claude’s (CGR) new board member and Newmont’s (NEM) arbitration over Uzbekistan's actions were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Taseko Mines | TGB +9.73% $2.48 |
2. Minco Mining | MMK +8.28% $1.57 |
3. Orezone | OZN +7.64% $1.55 |
LOSERS
1. Northgate | NXG -3.57% $3.51 |
2. Great Basin | GBN -3.24% $1.49 |
3. Silver Standard | SSRI -2.81% $22.16 |
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:
AmMex Gold Mining Corp. Completes Corporate Restructuring with Cancellation of 57.6 Million Restricted Shares - More
- August 18, 2006 | Item | E-mail
Konigsberg Corporation Initiates Phase I Exploration on the Yoquivo Gold/Silver Property - More
- August 18, 2006 | Item | E-mail
Josef Spross joins Claude's Board - "Arnie E. Hillier, Chairman of Claude Resources Inc., is pleased to announce that Josef Spross has joined the Company's Board of Directors. Josef Spross has extensive experience in mining and has played an important role in the development and operation of Cameco Corporation's uranium and gold properties." More
- August 18, 2006 | Item | E-mail
Pershing Resources Corporate Update - More
- August 18, 2006 | Item | E-mail
Midlands Minerals Corporation Announces Granting of Options - More
- August 18, 2006 | Item | E-mail
Copper Ridge Field Program Update - More
- August 18, 2006 | Item | E-mail
Matamec Cuts 11.98 g/t Au over 3 Metres at Montclerg - More
- August 18, 2006 | Item | E-mail
MDN Management Team - More
- August 18, 2006 | Item | E-mail
Nortec signs Contract for 2000 Metre Diamond Drilling on the Ganarin Epithermal Gold-Silver Project, Southern Ecuador - More
- August 18, 2006 | Item | E-mail
US Shareholder Visits A Small Scale Mining Operation In Masbate, Paracale & Cagayan De Oro Gold Mine Sites - More
- August 18, 2006 | Item | E-mail
AmMex Gold Mining Corp. Begins Trading Under New Symbol - More
- August 18, 2006 | Item | E-mail
General Metals Corporation Releases Financial Results - More
- August 18, 2006 | Item | E-mail
Quebec junior to spend up to $2 million on Quinto's properties - More
- August 18, 2006 | Item | E-mail
Alexis Commences Bulk Sampling of Lac Herbin Gold Zones - More
- August 18, 2006 | Item | E-mail
Golden China Files Amended Interim Financial Statement for the period ended March 31, 2006 - More
- August 18, 2006 | Item | E-mail
Azimut's partner Eastmain identifies a favourable geological context for gold on the Opinaca (D Block) and Eleonore South properties, James Bay region - More
- August 18, 2006 | Item | E-mail
Anvil Mining Signs an Evaluation and Development Agreement for Mineral Properties of Itogon Suyoc Resources Inc. in the Baguio District of the Philippines - More
- August 18, 2006 | Item | E-mail
De Beira Goldfields Inc.: Appointment of New Auditor - More
- August 18, 2006 | Item | E-mail
Newmont seeks arbitration over Uzbekistan's actions - "Gold miner Newmont Mining Corp. said Thursday it will take the government of Uzbekistan to international arbitration in an effort to regain control of its joint venture mining operation there. Denver-based Newmont announced its intentions in a filing with the Securities and Exchange Commission." More
- August 18, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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© Gold Seeker 2006
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-- Posted 18 August, 2006 | |
