-- Posted 28 August, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $614.90 | -$6.90 |
Silver | $11.98 | -$0.35 |
XAU | 143.74 | -1.81% |
HUI | 336.08 | -2.55% |
GDM | 1062.18 | -2.12% |
JSE Gold | 2972.25 | -1.34% |
USD | 85.23 | -0.20 |
Euro | 127.93 | +0.34 |
Yen | 85.37 | +0.15 |
Oil | $70.61 | -$1.90 |
10-Year | 4.797% | +0.006 |
T-Bond | 110.09375 | -0.03125 |
Dow | 11352.01 | +0.60% |
Nasdaq | 2160.70 | +0.95% |
S&P | 1301.79 | +0.52% |
The Metals:
Gold traded mostly slightly lower in Asia and mostly slightly higher in London and then dropped off dramatically in midmorning New York trade to as low as $611.80 before a small rebound into the close, but it still ended 1.11% lower on the day. Silver followed a similar pattern and lost 2.84%.
Euro gold fell near €480, platinum lost $5 to $1,209, palladium lost $5 to $338, and copper gained about 1 cent to over $3.42.
Gold and silver equities dropped nearly 2% at the open before rebounding a bit, but they then steadily fell back off throughout most of the rest of trade and ended about 2% lower on the day.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST is Consumer Confidence for August expected at 102.5 and at 2PM are the FOMC minutes from their August 8th meeting in which they paused in hiking interest rates for the first time in about 2 years.
ADVERTISEMENT
Why Are Some of the Richest Men in the World Suddenly Investing $14.3 Billion in This Cutting-Edge Technology?
Discover How You Could Earn $113,600 for Every $10,000 You Invest Between Now and November 15 - Riding the Biggest Government-Mandated Bull Market in History... Click Here.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over 2.5% on forecasts that tropical storm Ernesto will not hit key oil structures in the gulf. Forecasts now point to Ernesto traveling over Florida over the next few days.
The U.S. dollar index fell on the outlook that the fed will not raise rates while Europe does raise rates.
Treasuries fell slightly as traders prepared for a busy economic week.
The Dow, Nasdaq, and S&P steadily rose throughout most of trade and ended with decent gains as markedly lower oil inspired hopes of increased consumer spending to fuel company profits.
Among the big names making news in the market today were Prudential, BHP Billiton, Boeing and Air Sahara, Google and eBay, Kinder Morgan, Western Refining and Giant Industries, and Brown-Forman and Herradura.
The Commentary:
“As ranted here for weeks … months for that matter …, the fundamental, macro scenario for gold and silver could not be better, which is why The Gold Cartel has been sitting on the prices of both. Inflation is a real problem for the Fed, but a faltering housing market is a bigger problem for those in power in Washington. So, they huff and puff and bluff about fighting inflation while they are caving in on fighting it at the same time. The yield on the pivotal 10-year T note fell to 4.79%. The Bush Administration and cronies in Washington are desperate. They want US interest rates down at all costs, which is just what is happening.
The Washingtonians can spin this and spin that, and get their way in the very short term, but the proof is in the pudding, and that is the way the markets are playing out. The course of real action by the Fed is dollar bearish and very gold bullish. As most of you know, we are going into the gold buying season, especially in India, so the bad guys are going to have their hands full.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 6.9 at 623.9. This was 2.9 up from the low and 8 off the high.
December Silver finished down 0.35 at 12.197, 0.423 off the high and 0.067 up from the low.
With the ebb and flow of geopolitical and economic uncertainty flowing out instead of in, the gold market was probably justified in liquidating a portion of its moderate spec long positioning. In fact, with investors showing a renewed interest in the equity market, the flight to quality flow toward the metals is logically called into question. Wide spread selling in commodity markets in general on Monday and the sharp sell off in the energy complex in particular caused heavy spill over selling in the metals markets. The current outlook for Tropical Storm Ernesto to miss the Gulf Coast oil and gas region sent energy and metals bulls running for the sidelines. A near $10 drop in oil prices from the July high certainly helps reduce inflation expectations. With members of the United Nations Security Council not in complete agreement on how to proceed against Iran, who refuses to give up its uranium enrichment program, flight to safety holders of gold are also lightening up positions as it does not appear that any swift action will be taken.
Silver followed gold lower and selling based on technical signals probably pushed the market lower than was warranted. The downgrade of the hurricane likely took some flight to safety buyers out of the market as well. Traders are also likely adjusting positions ahead of key economic news later this week that could show further economic slowing. The break in energy prices may help improve the industrial demand outlook for silver down the road, but near-term it remains a negative.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MineWeb: Gold and copper hedges slash into Newcrest's profits
James Turk: Heed the wake-up call
Ted Butler: China is trying to talk silver down
Japan is back in the free-credit, dollar-bailout business
The Statistics:
As of close of business: 08/25/2006
Gold Warehouse Stocks: | 8,124,438 | - |
Silver Warehouse Stocks: | 103,868,244 | + 1,195,885 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 390.52 | 12,555,726 | US$ 7,798m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.19 | 2,513,742 | US$ 1,543m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 314,016 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 318,036 | US$ 197m |
Note: No change in Total Tonnes from Friday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/25/2006 | |
Total Net Assets | $862,224,425 | 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 Friday’s data.
Silver Trust (SLV)
Profile as of 08/25/2006 | |
Total Net Assets | $1,213,227,304 | 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 Friday’s data.
The Stocks:
IMA’s (IMR) discussions with Aquiline (AQI.TO), Tanzanian Royalty’s (TRE) key appointments, protests at Newmont’s (NEM) Yanacocha mine, Fronteer’s (FRG) airborne gravity survey, Cardero’s (CDY) project update, Harmony’s (HMY) increased gold reserves, and Canyon’s (CAU) uranium JV agreement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +0.78% $3.87 |
2. Minco Mining | MMK +0.67% $1.50 |
3. Cambior | CBJ +0.64% $3.14 |
LOSERS
1. Gold Reserve | GRZ -6.07% $4.33 |
2. Kimber Resources | KBX -5.16% $2.02 |
3. Golden Star | GSS -4.83% $3.35 |
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:
Acrex announces Spanish Mountain drill program - More
- August 28, 2006 | Item | E-mail
Geoscience BC launches targeted airborne geophysical survey in Bonaparte Lake area - More
- August 28, 2006 | Item | E-mail
Redcorp Ventures Ltd.-Tulsequah Project: Big Bull Exploration Drilling Update - More
- August 28, 2006 | Item | E-mail
Bravo Reports 14.8-Metres of 15.7 g/t Au at Homestake Ridge - More
- August 28, 2006 | Item | E-mail
Crowflight Commences 30-Day Public Review for Full Project Permitting of Bucko Deposit - More
- August 28, 2006 | Item | E-mail
Jasper Mining Corporation announces additional results from drill program on Isintok property - More
- August 28, 2006 | Item | E-mail
AntOro Grants a Sale Option to Northern Gold Mining on its Benoit Property in Northern Ontario - More
- August 28, 2006 | Item | E-mail
Taranis Completes Re-Assaying Of Kettukuusikko North Zone Samples - More
- August 28, 2006 | Item | E-mail
Kenrich-Eskay Mining Corporation - Phase One Drilling on C 10 Zone Completed - More
- August 28, 2006 | Item | E-mail
Excellon Drilling Cuts What May Be Best Intersection Yet On Property - More
- August 28, 2006 | Item | E-mail
Azco Mining Resumes Trading on OTCBB - More
- August 28, 2006 | Item | E-mail
Palladon Announces Restructuring of Utah Copper Joint Venture - More
- August 28, 2006 | Item | E-mail
Palladon Announces First Iron Sale - More
- August 28, 2006 | Item | E-mail
Northern Lion Gold Corp.: Airborne Geophysical Survey Commences at Cercal, Portugal - More
- August 28, 2006 | Item | E-mail
Drilling Commences on Liaoning Gold Project - More
- August 28, 2006 | Item | E-mail
Great West Gold, Inc. -- 30% Stock Dividend - More
- August 28, 2006 | Item | E-mail
Infinex Ventures, Inc. in Negotiations to Acquire Bolivar Property on Texada Island, B.C. - More
- August 28, 2006 | Item | E-mail
Reunion Gold Corporation Announces its Financial Results for the First Quarter Ended June 30, 2006 and an Option Grant - More
- August 28, 2006 | Item | E-mail
Can-Cal Resources Ltd.-Reports Further High Grade Surface Sample Analysis at Wikieup Property - More
- August 28, 2006 | Item | E-mail
Alberta Star Announces the Filing of NI 43-101 Technical Report on the Elorado-Port Radium-Echo Bay IOCG & Uranium Project - More
- August 28, 2006 | Item | E-mail
Champion Bear acquires a 100% interest in the Aubrey Gold property - More
- August 28, 2006 | Item | E-mail
First Majestic Resource Corp.: Acquisition of 3,126 Hectares Surrounding La Parrilla Silver Mine - More
- August 28, 2006 | Item | E-mail
Gold Hawk Resources Inc. Releases Financial Results and Update for the First Half of 2006 - More
- August 28, 2006 | Item | E-mail
Cogitore Resources Inc. Announces Private Placement Financing - More
- August 28, 2006 | Item | E-mail
Metanor Resources Inc.: Report of the Warrants Expiration Delay-Private Placements Closed on March and June 2005 - More
- August 28, 2006 | Item | E-mail
MGM Mineral Resources to Hold Additional Meetings in Colombia - More
- August 28, 2006 | Item | E-mail
Phoenix Matachewan Mines Inc.: Bottle Creek Report - More
- August 28, 2006 | Item | E-mail
Zaruma Resources Outlines New Copper Exploration Potential at San Antonio - More
- August 28, 2006 | Item | E-mail
Farallon Announces Public Offering to Fund Underground Exploration & Ongoing Work Programs at its Campo Morado Project, Mexico - More
- August 28, 2006 | Item | E-mail
U.S. Precious Metals Reports 46 Feet of 0.244 oz/t Au and 59 Feet of 0.193 oz/t Au from Historical Drilling at the La Sabila Gold-Copper Project, Michoacan, Mex - More
- August 28, 2006 | Item | E-mail
Alma Resources Retains Pacific Imperial Capital to Provide Investor Relations Services - More
- August 28, 2006 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Recent Reconstruction on Deer Trail Mill and Processing Facility - More
- August 28, 2006 | Item | E-mail
Everton Commences Drilling on the Cuance Massive Sulfide Target in the Dominican Republic - More
- August 28, 2006 | Item | E-mail
GlobeStar Starts Drilling at the Cuance Massive Sulphide Target, Cerro de Maimon District, Dominican Republic - More
- August 28, 2006 | Item | E-mail
Moto Gold Project Pre-Feasibility Study Demonstrates a Robust Start Up Position and Significant Long Term Potential - More
- August 28, 2006 | Item | E-mail
Western Goldfields Lists On The Toronto Stock Exchange - More
- August 28, 2006 | Item | E-mail
Little Squaw Encouraged With Chandalar Drilling - More
- August 28, 2006 | Item | E-mail
Timberline Resources Reports $2.54 Million in Quarterly Revenue - More
- August 28, 2006 | Item | E-mail
El Capitan to Expand Drilling Program to Determine Extent of Mineralization - More
- August 28, 2006 | Item | E-mail
La Quinta Options Major Land Position in Democratic Republic of Congo - More
- August 28, 2006 | Item | E-mail
Tanzanian Royalty Announces Key Appointments - "Tanzanian Royalty Exploration Corporation is pleased to announce the appointment of Jonathan G. Deane to the Board of Directors. Mr. Deane will retain his executive position as president of Tanzanian Royalty Exploration Corporation, including responsibility for all its exploration activities in Tanzania." More
- August 28, 2006 | Item | E-mail
Yanacocha says Peru protests threaten gold output - "Anti-mining protests at Peru's Yanacocha gold mine, Latin America's biggest, could force operations to shut down and output is already limited, a mine spokesman said on Monday. Yanacocha, which produced 3.3 million ounces of gold last year and is owned by U.S.-based Newmont Mining Corp. (NEM.N: Quote, Profile, Research), has faced an upsurge in protests since peasants temporarily took Yanacocha workers hostage this month to demand jobs." More
- August 28, 2006 | Item | E-mail
Fronteer Leads the Way With Airborne Gravity Survey in Yukon - "We feel strongly that this survey will allow us to see through all of the surface smoke and point us towards big deposits in the belt. This is the first time a gravity survey has ever been flown over these mountains, and it will create a whole new road map to discovery for us." More
- August 28, 2006 | Item | E-mail
Cardero Resource Corp.: Baja California Norte Mexico IOGC Project Update - "Exploration to date has only partially drill tested three targets, two of which contain potentially significant mineralization. Highlights of the exploration include the intersection of copper mineralization, varying from trace to significant accumulations in every borehole, over a 38 kilometre strike length associated with intense IOCG alteration. Cardero plans to continue to aggressively explore the district during the remainder of 2006." More
- August 28, 2006 | Item | E-mail
Gold-ore reserves up 3,4%, Harmony announces - "The company said that its Samrec-compliant consolidated reserves statement showed an increase from 54,1-million ounces to 56-million ounces for the year ending 30 June 2006. Harmony’s ore reserves showed an overall depletion of around 2,4-million ounces for the financial year." More
- August 28, 2006 | Item | E-mail
Aids takes its toll on gold miners - "Harmony Gold, the largest producer of South African gold, estimates that Aids will kill one in three of about 41 000 workers it employs in South Africa. The HIV infection rate among the company's workforce would peak this year at 33.9 percent, Harmony said in its 2004 annual report." More
- August 28, 2006 | Item | E-mail
Canyon Announces Execution of Sand Creek Uranium JV Agreement - "The Sand Creek JV covers an area of interest of approximately 92,000 acres (37,300 hectares), located east and south of Douglas, in Converse County, Wyoming. The objective of the Sand Creek JV is to move rapidly to explore and develop uranium resources in this area of known uranium occurrences. Converse was formed in January 2006, by Canyon and New Horizon Uranium Corporation, a private company based in Golden, Colorado, to explore and develop uranium properties in Converse and Niobrara Counties of Wyoming." More
- August 28, 2006 | Item | E-mail
Protests prompt Newmont to halt Peruvian gold mining leach project - "As the Carachugo leach pad extension project at Newmont’s Yanacocha operations in Peru continues to be targeted by protestors, mining officials Friday decided to stop all project activities, laying off more than 1,000 contracted workers." More
- August 28, 2006 | Item | E-mail
IMA and Aquiline Enter Discussions on the Navidad Project Pending the Appeals Process - "IMA Exploration Inc. and Aquiline Resources Inc. have entered discussions to co-operate in the orderly conduct of the Navidad Project pending the determination of the appeal by IMA against the judgment of the trial court. The order of the trial court requires that the Navidad claims be transferred to Aquiline within 60 days of the order and that Aquiline pay IMA's costs of acquisition and development of Navidad." More
- August 28, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2006
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 28 August, 2006 | |
