-- Posted 21 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $625.60 | +$13.70 |
Silver | $12.27 | +$0.30 |
XAU | 147.68 | +4.91% |
HUI | 344.71 | +5.37% |
GDM | 1093.51 | +4.92% |
JSE Gold | 2987.20 | +5.46% |
USD | 84.68 | +0.59 |
Euro | 128.97 | +0.79 |
Yen | 86.31 | +0.02 |
Oil | $72.45 | +$1.31 |
10-Year | 4.819% | -0.016 |
T-Bond | 109.78125 | +0.15625 |
Dow | 11345.05 | -0.32% |
Nasdaq | 2147.75 | -0.75% |
S&P | 1297.52 | -0.37% |
The Metals:
Gold rose about $5 in early Asian trade and came into London about $10 higher. After remaining in the low $620s in London, it then added another few dollars at the New York open and remained near its highs into the close to end with a gain of 2.24%. Silver followed a similar pattern and ended about 10 cents off its highs, but it still closed with a gain of 2.51%.
Euro gold rose to about €487, platinum gained $21 to $1,225, palladium gained $11 to $341, and copper rose about 8 cents to roughly $3.48.
Gold and silver equities jumped over 2% higher at the open and continued to gain throughout the rest of trade to end near their highs with about 5% gains.
The Economy:
There were no major economic today and there are none due out tomorrow.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on geopolitical worries as Iran said it will not suspend uranium enrichment which opposes the wishes of the UN and makes it more likely that Iran may cut off oil supply.
The U.S. dollar index continued to fall and treasuries continued their recent win streak on the belief that the fed may be done raising interest rates.
The Dow, Nasdaq, and S&P fell at the open and remained moderately lower throughout trade on higher oil and disappointing earnings reports.
Among the big names making news in the market today were United, American Airlines, SanDisk, Xstrata, Anglo American, Escondida, EuroZinc and Lundin Mining, Freddie Mac, Ford, Morgan Stanley and Glenborough Realty Trust, and Lowe’s.
The Commentary:
“The big picture for gold and silver could not be better. Paulson’s platoons are forcing gold down. It is like holding a rubber ball underwater. It won’t stay underwater. The longer The Gold Cartel allows the growing physical market buyers to buy cheap gold, the bigger the move.
This is no time to be too cute. A historic move of epic proportions is coming. Those who paid heed who to this one trick pony market commentary in 2001 have made a great deal of money. I know I have. The key is to stay in the game, not get taken out of position, and to remain with winning gold and silver companies. Many of the companies that veteran Café members bought back then for pennies are worth many pennies or dollars. In the months and years ahead those same firms will be worth many dollars. The return on equity has been, and will be staggering. How typical that so few investors have been a part of this giant move. At some time they will be and will be ever so happy to sell to them.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed up 13.5 at 635.2. This was 3.9 up from the low and 0.8 off the high.
September Silver finished up 0.315 at 12.345, 0.105 off the high and 0.055 up from the low.
The gold market started out modestly higher and added to the gains into the mid day and afternoon action. With the Dollar remaining under pressure and the gold market seemingly getting support from Middle East developments it seemed like the bull camp was becoming more confident in its positioning. Despite weekend Press coverage suggesting that the gold market had recently lost its flight to quality sensitivity, the gold market seemed to slip back into that role in the action Monday. Given the magnitude of the gains in gold on Monday the flight to quality crowd certainly has to feel like they have leveled the playing field. In fact, some flight to quality players were even suggesting that significant declines in the US equity market brought home the argument that alternative investments like gold are still very important.
With a big range up move the silver market seemed to get an equal lift from the copper market and from the gold market. However, a number of traders continue to suggest that silver prices are relatively cheaper than gold and that silver should continue to outperform gold. Given the sharp gains in gold, it is difficult to say that silver actually outperformed gold in the action Monday. While theSeptember silver thrust up away from the 100 day moving average with the action Monday it still hasn't managed to return to the August highs and many traders have suggested that the bull/bear line for September silver is either $12.45 or $12.72!” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russian bank thinks it gains prestige by selling 2% to MorganChase
India to slash duties on scrap and raw gold imports
The Statistics:
As of close of business: 08/18/2006
Gold Warehouse Stocks: | 8,179,021 | -97 |
Silver Warehouse Stocks: | 103,829,621 | + 533,263 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 388.98 | 12,506,073 | US$ 7,814m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.19 | 2,513,936 | US$ 1,579m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 314,041 | US$ 197m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,773 | US$ 219m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/18/2006 | |
Total Net Assets | $848,563,489 | 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 08/18/2006 | |
Total Net Assets | $1,163,177,112 | 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:
Royal Gold’s (RGLD) increased stake in Taranis Resources, Orezone’s (OZN) drill results, Banro’s (BAA) drill results, Northern Dynasty’s (NAK) drill results, and Meridian Gold’s (MDG) transition and drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG +9.19% $5.23 |
2. Nevsun Resources | NSU +9.19% $3.09 |
3. Vista Gold | VGZ +8.83% $11.71 |
LOSERS
1. Orezone Resources | OZN -4.52% $1.48 |
2. Taseko Mines | TGB -1.61% $2.44 |
3. Richmont Mines | RIC -1.24% $3.18 |
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:
Aurelio Completes Mineral Property Acquisition, Appoints New Board of Directors and Announces Financing - More
- August 21, 2006 | Item | E-mail
Royal Gold Increases Interest in Taranis Resources Inc. - "ROYAL GOLD, INC., the world's leading precious metals royalty company, today announced that it has acquired from Taranis Resources Inc., under a private placement, 100,000 common shares of Taranis and warrants exercisable to purchase up to 50,000 Taranis common shares at $0.49 (Cdn$0.55) per share expiring one year after closing." More
- August 21, 2006 | Item | E-mail
EuroZinc, Lundin forge latest mining merger - "The proposed marriage between the two Canadian-based miners, which together will operate four mines in Europe with a fifth coming into production in the second half of 2007, marks the latest deal in a high-flying mining sector that has been bolstered by record metal prices." More
- August 21, 2006 | Item | E-mail
Mayfair Mining & Minerals, Inc. -- Corporate Update - More
- August 21, 2006 | Item | E-mail
Cadiscor Resources Inc. Starts Trading on the TSX Venture Exchange - More
- August 21, 2006 | Item | E-mail
Appalaches Ressources: Board Appointments - More
- August 21, 2006 | Item | E-mail
Franc-Or Expands Mario, Peru Mineralization on Latest Drill Results - More
- August 21, 2006 | Item | E-mail
Tagish closes first tranche of previously announced flow-through and non-flow-through private placement of units - More
- August 21, 2006 | Item | E-mail
Timberline Exercises Option on East Camp Douglas Gold Project - More
- August 21, 2006 | Item | E-mail
Alberta Star Expands its Drilling to Include the Eldorado Uranium Target Area & Echo Bay Gossan Silver Target - More
- August 21, 2006 | Item | E-mail
Sunridge Issues Notices to Gain 100% Ownership of Asmara Project, Eritrea - More
- August 21, 2006 | Item | E-mail
Cabo Division Drilling Jackson's Arm for Kermode in Newfoundland - More
- August 21, 2006 | Item | E-mail
Golden Goose Resources Inc.: Change in Senior Management - More
- August 21, 2006 | Item | E-mail
Win-Eldrich Grants Stock Options - More
- August 21, 2006 | Item | E-mail
Aurelian Intersects 191.60 Metres Grading 7.43 g/t, and 215.90 Metres Grading 10.12 g/t of Gold in Drilling at the FDN Epithermal Gold-Silver Discovery - More
- August 21, 2006 | Item | E-mail
Fieldex grants options to Vice President - More
- August 21, 2006 | Item | E-mail
Yukon Resources Completes a NI43-101F1 Report on its Recently Acquired Sagar Property Located in Quebec which it Holds in a Joint Venture with Virginia Mines-Re - More
- August 21, 2006 | Item | E-mail
Premier Gold Mines Limited Launches Acquisition of Sedimentary Holdings Limited - More
- August 21, 2006 | Item | E-mail
Mediterranean continues to extend mineralization at Tac in northeastern Turkey - More
- August 21, 2006 | Item | E-mail
Au Martinique Silver Inc.: Name Change to Aura Silver Resources Inc. - More
- August 21, 2006 | Item | E-mail
AmMex Gold Mining Corp. Completes Corporate Restructuring with Cancellation of 57.6 Million Restricted Shares - More
- August 21, 2006 | Item | E-mail
Linux Gold Corp. Retains National Media Associates - More
- August 21, 2006 | Item | E-mail
Fortuna Increases Silver Resource by Fifty Percent at Caylloma - More
- August 21, 2006 | Item | E-mail
Canarc Resource Corp.: Drilling Returns Best Holes Yet at New Polaris Project, BC - More
- August 21, 2006 | Item | E-mail
Cusac Gold Mines Ltd.: Table Mountain High-Grade Underground Gold Mining Begins, Taurus II Exploration Continues - More
- August 21, 2006 | Item | E-mail
Unico, Inc. Announces Website Changes With Video Archive and Additional Planned Upgrades - More
- August 21, 2006 | Item | E-mail
Red Dragon Resources Corp. - Further Sample Results on Weixi Zinc Project, Yunnan, China - More
- August 21, 2006 | Item | E-mail
Scorpio's Drilling of the New Hoag Zone Continues to Return Wide Intersections and Comparable Grades of Mineralization - More
- August 21, 2006 | Item | E-mail
Osisko Intersects 118 m Averaging 1.38 g/t Au at Canadian Malartic - More
- August 21, 2006 | Item | E-mail
Temex Resources enters into Consulting Agreement with Metals Finance - More
- August 21, 2006 | Item | E-mail
Globex-Queenston Continue to Intercept Significant Gold Values at Wood-Pandora - More
- August 21, 2006 | Item | E-mail
Tournigan Finds Additional Mineralization Near Tailings Location, Extends Pre-Feasibility Study - More
- August 21, 2006 | Item | E-mail
Sutcliffe Resources Wins Auction for Gold Projects in Far East Russia - More
- August 21, 2006 | Item | E-mail
Consolidated Gold Win reports pre-drilling and geological mapping details of QFP dyke and mineralization at Nevada gold and copper property - More
- August 21, 2006 | Item | E-mail
Orezone Reports on Kossa Drilling: 14m Grading 3.8 g/t and 13m Grading 2.4g/t Intersected on Kossa South Zone - "Orezone Resources Inc. reports that final assay results have been received from the latest phase of drilling on the Company's 100 per cent owned Kossa permit in Niger, West Africa. The most promising new results are from the Kossa South area where hole KSC0033 intersected 14m grading 3.8g/t and hole KSC0032, located 50m to the south, intersected 13m grading 2.4g/t." More
- August 21, 2006 | Item | E-mail
Banro receives excellent initial metallurgical results from its Namoya project - "Twelve composite drill hole samples from the main deposits of Mwendamboko, Kakula and Namoya Summit were submitted to SGS Lakefield in South Africa for initial metallurgical testwork to determine the amount of contained gold that can be extracted using conventional CIL (carbon-in-leach) processing. The diagnostic testwork procedure involved the sequential solubilizing of the least-stable minerals via various pre-treatments, and extraction of the associated gold by cyanidation/CIL." More
- August 21, 2006 | Item | E-mail
Northern Dynasty Minerals Ltd.: Excellent Results from First Drill Holes in 2006 at Pebble East - "Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. announces assay results for core holes 6338 through 6342. These are the first holes completed this year in the new Pebble East porphyry copper-gold-molybdenum deposit at the Pebble Project in southwestern Alaska, and are part of the up to 130,000 foot drill program budgeted for the Pebble East deposit in 2006." More
- August 21, 2006 | Item | E-mail
Meridian Gold Initiates Chief Executive Officer Transition - "Meridian Gold Inc. is pleased to announce the hiring of Mr. Edward Dowling. Mr. Dowling is being hired as the designate to current sitting Chief Executive Officer and President of Meridian Gold, Mr. Brian J. Kennedy. Mr. Dowling will also assume an immediate seat on the Board of Directors for Meridian Gold." More
- August 21, 2006 | Item | E-mail
Meridian Gold Announces Further High Grade Drill Results from the Al Este Vein - "Meridian Gold Inc. is pleased to provide updated exploration results for the new high-grade Al Este Vein, at the 100%-owned El Penon Property. On July 26th, 2006, Meridian reported the discovery with 35 drill-holes that had delineated 1.4 kilometers of strike length and 150 meters of dip length. Since that time, Meridian has drilled an additional 15 holes that have extended the vein to 1.5 kilometers, and defined three principal ore shoots with the northern most shoot being the most continuous along strike and dip." More
- August 21, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 August, 2006 | |
