-- Posted 25 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $621.80 | +$2.40 | +1.62% |
Silver | $12.33 | +$0.05 | +3.01% |
XAU | 146.39 | +0.81% | +3.99% |
HUI | 344.89 | +0.95% | +5.43% |
GDM | 1085.20 | +0.72% | +4.12% |
JSE Gold | 3012.62 | -1.05% | +6.36% |
USD | 85.43 | +0.10 | +0.40% |
Euro | 127.59 | -0.08 | -0.46% |
Yen | 85.22 | -0.64 | -1.24% |
Oil | $72.51 | +$0.15 | +1.93% |
10-Year | 4.791% | -0.012 | -0.91% |
Bond | 110.125 | +0.125 | +0.46% |
Dow | 11284.05 | -0.18% | -0.86% |
Nasdaq | 2140.29 | +0.15% | -1.09% |
S&P | 1295.09 | -0.07% | -0.55% |
The Metals:
Gold fell a few dollars in early Asian trade but moved a few dollars higher by the London open which held the price near $622 until the open in New York. Gold soon rose near $624 before it fell to find slight losses midmorning, but it then rallied into the close and ended 0.39% higher on the day. Silver followed a similar pattern in a range of about $12.20 to $12.40 before it ended near the middle of that range with a gain of 0.41%.
Euro gold remained near €487, platinum lost $5 to $1,214, palladium gained $4 to $343, and copper rose slightly to about $3.42.
Gold and silver equities steadily rose over 1.5% in morning trade before selling off a bit in afternoon trade, but they still ended with near 1% gains.
The Economy:
Bernanke gave no hints about his plan for interest rates in his speech on globalization today. This led some to believe that he may be pleased with the current market sentiment of believing that the fed is in no hurry to continue to raise interest rates since he may have made a point to say something if his beliefs varied greatly from that popular belief. There were no major economic reports released.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence and FOMC minutes on Tuesday, GDP on Wednesday, Personal Income and Spending, Factory Orders, and Chicago PMI on Thursday, and August’s jobs data, Michigan Sentiment, and the ISM Index on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over a dollar in early trade on concerns about a tropical depression in the gulf that may turn into a tropical storm, but it did fall off to end with only slight gains by the close.
The U.S. dollar index rose marginally as the euro fell a bit in reaction to weak German CPI inflation data.
Treasuries rose to find slight gains as Bernanke gave no indication of more rate hikes. The yield on the 10-year fell to a near 5 month low.
The Dow, Nasdaq, and S&P traded on either side of unchanged in a relatively small range as there were no major economic reports to react to and Bernanke said nothing dramatic ahead of a busy economic schedule next week.
Among the big names making news in the market Friday were XM, Winston hotels, H&R Block, Toyota, Novelis, Ford, and PricewaterhouseCoopers.
The Commentary:
“It is clear what is transpiring here. Some big players want in on silver. At the same time The Gold Cartel has called on the silver price managers to hold the line the best they can while the cabal caps the price of gold. The gold manipulation is blatant enough as is. Can you imagine silver taking out $15 per ounce and gold doing what it is at the moment?
The bad guys have their hands full as silver has been moving up on expanding open interest and IS only as low as it is today because of the continued gold price suppression. If these players are as significant as I suspect, they are ready to take on the bums … perhaps in a fashion like those who took on the copper and nickel shorts!!! That is for another day. In quiet, end of summer trading, the market manipulators got their way this trading session.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed up 2.3 at 630.8. This was 2.3 up from the low and 2.7 off the high.
September Silver finished up 0.06 at 12.37, 0.05 off the high and 0.17 up from the low.
Gold ended the day higher Friday after staying inside Thursday's range throughout the session. There was little in the way of economic news to drive the market either way after Bernanke's talk this morning yielded no clues about the Fed's next policy move. The trade is looking for confirmation that the Fed has ended its 2-year tightening cycle, but the Fed Chairman avoided that issue. The market did find some support from sharply higher crude oil prices on concerns about a possible tropical storm forming in the Caribbean early in the session, but by the end of the day oil prices had given up most of their earlier gains. A steady dollar and analyst comments about potential central bank gold sales are both limiting factors.
Silver ended the day on a strong note after probing lower earlier in the session, as the market appeared to garner upside momentum on possible rising geopolitical concerns that could resurface next week. Fresh economic news was lacking today, but weak economic earlier in the week left traders questioning silver's industrial demand potential. While silver's posture has traditionally been based on its use as an industrial metal, recent talk of possible central bank gold selling may have rekindled some interest in silver as a safe haven. The strong close appears to put the market in a good posture for Monday morning.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Greg Peel: Gold sales continue to confuse
Exchanges see gold's monetary role growing
The Statistics:
As of close of business: 08/24/2006
Gold Warehouse Stocks: | 8,124,438 | + 195 |
Silver Warehouse Stocks: | 102,672,359 | - 629,684 |
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$ 7,829m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.19 | 2,513,825 | US$ 1,566m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 314,027 | US$ 196m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 318,046 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/24/2006 | |
Total Net Assets | $858,767,388 | 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 08/24/2006 | |
Total Net Assets | $1,230,861,043 | Ounces of Silver
in Trust | 97,872,860 |
Shares Outstanding | 9,800,000 | Tonnes of Silver
in Trust | 3,044.2 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
NovaGold’s (NG) lawsuit against Barrick (ABX), Goldcorp’s (GG) recommended rejection of a mini-tender offer by TRC Capital Corporation, Taseko’s (TGB) $11.5 million investment in Continental minerals (KMK.V), Newmont’s (NEM) trial in Indonesia, and Coeur d’Alene’s (CDE) temporary injunction at Kensington were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Fronteer | FRG+6.74% $5.70 |
2. Orezone | OZN +6.49% $1.64 |
3. Golden Star | GSS +5.71% $3.52 |
LOSERS
1. Entree Gold | EGI -5.88% $1.12 |
2. Minco Mining | MMK -4.49% $1.49 |
3. Gammon Lake | GRS -2.39% $12.25 |
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:
Goldcorp Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation - "GOLDCORP INC. announced that it has received a copy of an unsolicited below market "mini-tender" offer made by TRC Capital Corporation, pursuant to which TRC Capital has offered to purchase up to 3,000,000, or approximately 0.72 percent, of the outstanding common shares of Goldcorp. The offer price of C$32.00 per common share represents a 2 percent discount to the C$32.74 closing price for Goldcorp's common shares on the Toronto Stock Exchange on August 16, 2006, the day before the offer was made, and a 5 percent discount to yesterday's closing price for Goldcorp's common shares on the TSX which was C$33.60." More
- August 25, 2006 | Item | E-mail
Eloro Resources Ltd. to Grant Options - More
- August 25, 2006 | Item | E-mail
Golden Goose Reports its Financial Results for the Second Quarter - More
- August 25, 2006 | Item | E-mail
ECU Makes Major New Gold and Silver Discovery Over 40 Meters in Length and 5.88 Meters in Width - More
- August 25, 2006 | Item | E-mail
Continental Secures $11.5 Million Convertible Note Financing - More
- August 25, 2006 | Item | E-mail
Silk Road Resources Ltd. announces financial results for second quarter period ended June 30, 2006 - More
- August 25, 2006 | Item | E-mail
Doublestar Resources appoints new President, makes changes in Directors, grants options and enters into investor relations contract - More
- August 25, 2006 | Item | E-mail
Unico, Inc. Announces Additional Reconstruction on Deer Trail Mill and Processing Facility - More
- August 25, 2006 | Item | E-mail
Golden Goose Resources Inc.: Closing of $1,600,000 Private Placement - More
- August 25, 2006 | Item | E-mail
Palmarejo Announces Progress Results From La Patria-La Virginia-Maclovia Project - More
- August 25, 2006 | Item | E-mail
San Gold Celebrates First Gold Pour - More
- August 25, 2006 | Item | E-mail
Robex amends warrant exercise price. Post-rainy season exploration programs established - More
- August 25, 2006 | Item | E-mail
Snowden Mining Consultants Validate Resources at Moto Gold Project - More
- August 25, 2006 | Item | E-mail
McVicar Acquires New Gold Property in China - More
- August 25, 2006 | Item | E-mail
Silver Fields property update - More
- August 25, 2006 | Item | E-mail
Taseko Announces $11.5 Million Investment in Continental Minerals Corporation - "Taseko Mines Limited announces that it has reached an agreement with Continental Minerals Corporation whereby Taseko will purchase an $11.5 million principal amount convertible secured promissory note of Continental (the "Note"). The Note, if not earlier converted, redeemed or repaid on the terms outlined below, is due one year from its date of issuance (the "Closing")." More
- August 25, 2006 | Item | E-mail
Newmont Exec Blasts Pollution Charges - "An executive who heads the Indonesian branch of the world's largest gold producer blasted pollution charges against the company as "silly" on Friday, and said he was looking forward to taking the stand to clear his name." More
- August 25, 2006 | Item | E-mail
Temporary Injunction Affects Some Construction at Kensington - "Coeur d'Alene Mines Corporation has been notified that a two judge motions panel in the U.S. Ninth Circuit Court of Appeals in San Francisco has issued a temporary injunction against some construction activities at the Kensington Gold mine site, near Juneau Alaska, at the request of plaintiffs Southeast Alaska Conservation Council and the Sierra Club. The temporary injunction only impacts work in the tailings facility area." More
- August 25, 2006 | Item | E-mail
Newmont Exec to Defend Himself in Court - "An American gold-mining executive was preparing Friday to defend himself in court for the first time against charges his company dumped millions of tons of mercury and arsenic-laced waste into an Indonesian bay, sickening villagers." More
- August 25, 2006 | Item | E-mail
Newmont dismisses Indonesian pollution report - "The head of the Indonesian unit of Newmont Mining Corp. dismissed a government-commissioned report on Friday that said the U.S. firm's mining waste from its operations in Sulawesi was contaminated by toxic substances. In a high-profile pollution trial, Newmont has been accused of dumping tailings in the Indonesian province's Buyat bay near the company's now inactive gold mine, making villagers sick." More
- August 25, 2006 | Item | E-mail
NovaGold Files Lawsuit Claiming Barrick has Violated U.S. Securities Laws - "NovaGold Resources Inc. announced today that it has filed a lawsuit against Barrick Gold Corporation in the United States District Court for the District of Alaska. The lawsuit alleges that Barrick has violated United States securities laws by making material misstatements with respect to Barrick's interest in NovaGold's Donlin Creek project in Alaska. NovaGold currently holds a 70% interest in the venture through its subsidiary NovaGold Alaska; Barrick holds a 30% interest through its subsidiary Placer Dome U.S. Inc." More
- August 25, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 August, 2006 | |
