-- Posted 24 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $619.40 | -$3.80 |
Silver | $12.28 | -$0.17 |
XAU | 145.28 | -1.69% |
HUI | 341.63 | -1.16% |
GDM | 1077.44 | -1.61% |
JSE Gold | 3044.59 | -0.17% |
USD | 85.33 | +0.20 |
Euro | 127.67 | -0.23 |
Yen | 85.86 | -0.07 |
Oil | $72.36 | +$0.60 |
10-Year | 4.803% | -0.010 |
T-Bond | 110 | +0.125 |
Dow | 11304.46 | +0.06% |
Nasdaq | 2137.11 | +0.11% |
S&P | 1296.06 | +0.24% |
The Metals:
Gold fell a few dollars in Asia and rebounded to find slight gains in London to above $625 by the New York open, but it then steadily fell off in choppy trade for the rest of trade in New York and ended near it lows with a loss of 0.61%. Silver fell under $12.40 in Asia before it rose above $12.50 in London, but it also fell off in New York and ended near its lows with a loss of 1.37%.
Euro gold remained near €487, platinum lost $1 to $1,219, palladium lost $3 to $339, and copper fell nearly 4 cents to about $3.40.
Gold and silver equities rose about 1% in early trade, but they soon fell off to find about 1% losses and remained near that level for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | July | -2.4% | -0.8% | 3.5% |
Initial Claims | 8/19 | 313K | 315K | 314K |
New Home Sales | July | 1072K | 1105K | 1120K |
As same as the data yesterday, there was little change in the prices of homes, which Wall Street seems to want to see fall to help facilitate a “soft landing” to the housing boom. Because of this, the weaker than expected data had a muted impact in terms of influencing the fed to continue to not hike interest rates. Durable Goods Orders that came in much weaker than expected also reignited fears that the economy is slowing too much, especially with mixed signs about inflation.
There are no major economic reports tomorrow, but Bernanke will be giving a speech around 10AM EST from a central bank meeting in Jackson Hole, Wyoming.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil prices steadily rose throughout most of trade and ended near their highs as traders kept their eye on a new tropical storm developing in the gulf and waited for news between the UN and Iran.
The U.S. dollar index fell in early trade on weaker than expected economic data, but it then rose to find slight gains by the close on speculation that Bernanke my hint towards further interest rate hikes at his speech tomorrow.
Treasuries gained on weaker than expected economic data, but any gains were limited ahead of Bernanke’s speech tomorrow.
The Dow, Nasdaq, and S&P opened higher, fell off to find slight losses by early afternoon, and then rebounded into the close to end slightly higher as traders interpreted economic data and company news and waited for Bernanke tomorrow.
Among the big names making news in the market today were McDonald’s, Ford, Barr, Apple, and Rite Aid.
The Commentary:
“The very low volume in many of the smaller gold and silver companies is a reflection of the lack of interest among the general public in the precious metal sector. We know the gold and silver fundamentals are extremely bullish, for all kinds of reasons brought to your attention in this column, yet even veteran gold and silver share investors are on the sidelines. This confirms the Café sentiment indicator, as does the lack of phone calls to brokerage houses by investors in the precious metals sector. This suggests we have a giant move coming. As we move up, and our net worth grows, the lemmings and sheeples will begin to come our way. That is when some of the smaller golds will soar.
Many longer term share investors can’t wait to sell the next rally, after watching many corrections. Been this way for some time. One day this will dry up and there will be little for sale. Investors will have to pay up, sometimes way up, to get onboard this historic move. It’s coming. Only a matter of time … and not that much time. That is why the constant mantra from me: GATA BE IN IT TO WIN IT!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 4.5 at 628.5. This was 1 up from the low and 7 off the high.
September Silver finished down 0.205 at 12.31, 0.29 off the high and 0.03 up from the low.
The gold market seemed to sag early in the wake of soft US economic readings and with the US Dollar not falling in the wake of the soft readings, the bull camp was even more disappointed. In fact, the gold market initially showed negative divergence in the wake of silver gains and that typically shows a lack of conclusive opinion in metals and can sometimes hint at ongoing weakness. With the gold market also not responding favorably to potential flight to quality threats from North Korea and Iran, it was clear that the typical bull contingent wasn't exactly waiting on the sidelines to buy gold on weakness.
While the silver bulls waged a good fight in the first half of the trading session Thursday it was clear that sagging gold and copper prices and slowing economic evidence was serving to trip up the market into mid session and into the afternoon action the selling seemed to intensify. With all of the precious metals exhibiting vulnerable action and the equity market fighting to stay positive all the face of a stronger Dollar, the bear camp simply garnered an edge.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
NovaGold boosts mineral estimates: gold by 14%, copper 25%, silver 55%
Australia's national newspaper cites GATA and BIS' confession to suppressing gold
The Statistics:
As of close of business: 08/23/2006
Gold Warehouse Stocks: | 8,124,243 | - 18,168 |
Silver Warehouse Stocks: | 103,460,188 | - 198,666 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 390.52 | 12,555,726 | US$ 7,884m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.19 | 2,513,853 | US$ 1,561m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 314,030 | US$ 195m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 318,050 | US$ 197m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.54 tonnes and the JSE added 1.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 08/23/2006 | |
Total Net Assets | $864,600,503 | 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 08/23/2006 | |
Total Net Assets | $1,215,218,252 | Ounces of Silver
in Trust | 97,872,860 |
Shares Outstanding | 9,800,000 | Tonnes of Silver
in Trust | 3,044.2 |
Note: Change in Total Tonnes from yesterday’s data: SLV added 1.1 tonnes to the trust.
The Stocks:
Miramar’s (MNG) production plans, Golden Star’s (GSS) commissioning of a crusher, DRDGold’s (DROOY) gold output, and NovaGold’s (NG) increase to mineral resource estimates were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree Gold | EGI +5.31% $1.19 |
2. Rio Narcea | RNO +4.56% $2.52 |
3. Cardero | CDY +2.61% $1.57 |
LOSERS
1. Minco Mining | MMK-5.45% $1.56 |
2. Seabridge | SA -4.37% $13.78 |
3. Great Basin | GBN -4.17% $1.61 |
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:
Former Permanent Secretary of Tanzania's Public Service Management Joins Douglas Lake Minerals as Chairman of the Board - More
- August 24, 2006 | Item | E-mail
Miramar Initial Mine Planning Demonstrates Potential Phase 2 Production Alternatives for 6,000 and 15,000 tpd - "The objective of Miramar's 2006 work at Hope Bay is to define a second phase of production following the proposed Doris North Project which is now in the permitting process. Originally, Phase 2 was planned to be primarily underground at Madrid, supported by the high grade ores from Boston and Doris Central. However internal studies indicated that there may be opportunities for larger scale production at the Hope Bay Project." More
- August 24, 2006 | Item | E-mail
Doe Run Peru Earns ISO 14001: 2004 Certification for Environmental Standards - More
- August 24, 2006 | Item | E-mail
MAX Resource's JV partner completes work program on Diamond Peak Gold/Zinc Property in Eureka County, Nevada - More
- August 24, 2006 | Item | E-mail
Vault commences Lebel drilling and updates other project activities - More
- August 24, 2006 | Item | E-mail
Dios' Update on Pontax Property - More
- August 24, 2006 | Item | E-mail
Drill Hole SC06-56 intersects 4.57 g/t Gold and 31.1 g/t Silver over 3.39 metres - More
- August 24, 2006 | Item | E-mail
Vangold Resources Ltd.: J/V Agreement Extended Fieldwork to Resume at Feni Islands to Establish Drill Targets for Upcoming Drill Program - More
- August 24, 2006 | Item | E-mail
Haber, Inc. Seeking Prospecting License in Ghana after Favorable Findings Reported in Final Reconnaissance Report - More
- August 24, 2006 | Item | E-mail
Douglas Lake Minerals Announces New Chairman - More
- August 24, 2006 | Item | E-mail
Sirios Resources Inc.: Discovery of a High Grade Silver-Gold Showing on Pontax - More
- August 24, 2006 | Item | E-mail
Eastmain Resources Inc.: Eau Claire Gold Deposit Extended to 880-Metre Depth D Vein Expanded - More
- August 24, 2006 | Item | E-mail
Plexmar Resources Inc.: Update on Escondida Project, Ecuador - More
- August 24, 2006 | Item | E-mail
Moto Goldmines Announces Significant Increase in Indicated Resources - More
- August 24, 2006 | Item | E-mail
UC Resources Signs LOI for Minera El Alizal S.A. de C.V. Acquisition - More
- August 24, 2006 | Item | E-mail
Wineco Productions Inc Tests Results Indicate Micron Processing Could Yield 3 Ounces of Gold Per Ton - More
- August 24, 2006 | Item | E-mail
MGM Mineral Resources Completes Acquisition of Producing Mine - More
- August 24, 2006 | Item | E-mail
Dundee Resources to coordinate exploration program for Valdez Gold - More
- August 24, 2006 | Item | E-mail
Resource Report Concludes Kinbauri's Corcoesto Deposit Has Very Good Potential to Advance Into a Gold Producer - More
- August 24, 2006 | Item | E-mail
Morgain Negotiates Private Placement - More
- August 24, 2006 | Item | E-mail
Avnel Gold completes Phase 4 Exploration Technical Report and recommends next stage of exploration - More
- August 24, 2006 | Item | E-mail
Majescor Spins-out its Baker Lake Uranium Rights in the Thelon Basin for a Major Stake in a New Uranium Company-Airborne Geophysical Survey to Commence - More
- August 24, 2006 | Item | E-mail
General Minerals Corporation Plans to Form New Silver Focused Company - More
- August 24, 2006 | Item | E-mail
Consolidated Goldfields Announces the Acquisition of Dome Copper - More
- August 24, 2006 | Item | E-mail
Sao Luis Mining, Inc. Announces Listing on the Frankfurt Stock Exchange - More
- August 24, 2006 | Item | E-mail
Golden Hope Mines Closes 2 Private Placements - More
- August 24, 2006 | Item | E-mail
International Arimex Receives Key Lake Data - More
- August 24, 2006 | Item | E-mail
Aquila Continues to Expand Massive Sulfide Zones - More
- August 24, 2006 | Item | E-mail
Sonora Gold Corp. Announces Changes to Board of Directors - More
- August 24, 2006 | Item | E-mail
Golden Star Announces Commissioning of Crusher on Its Bogoso Sulfide Expansion Project - "Construction continues on-track for completion, ahead of schedule late in the third quarter, and costs continue to be within budget expectations, at $125 million for the construction and $25 million for the pre-stripping and inventory build-up. The crushing section has been hot commissioned (operated with material) and approximately 8,000 tonnes of ore have been crushed and added to the crushed ore stockpile. Over the next few weeks, portions of the grinding circuit and the CIL plant are also scheduled to be hot commissioned." More
- August 24, 2006 | Item | E-mail
Gold output at DRDGold up 2% - "South African gold miner DRDGold on Thursday reported a 2.0 percent rise in gold production to 131 857 ounces in the quarter ended June from 129 657 ounces in the quarter ended March." More
- August 24, 2006 | Item | E-mail
NovaGold Announces Significant Increases to Mineral Resource Estimates - "The estimates released today provide further evidence of the value being created for NovaGold shareholders at the Company's world-class assets," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "We are continuing to build on our strong track record of resource growth. Barrick's hostile bid does not recognize NovaGold's solid growth record or the potential of our projects. This enhanced resource base provides further support for shareholders to reject the hostile Barrick bid."
- August 24, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 August, 2006 | |
