Gold rose a few dollars to about $620 in Asia, added another couple dollars in London, and rose to above $625 in early New York trade before it fell back to $621 in midmorning trade, but it then rallied back into the close and ended near its highs with a gain of 1.26%.Silver remained near unchanged in Asia, rose about 15 cents in London, and added another 15 cents in early New York trade before it fell back near $12.60, but it then rallied in late trade and made new highs on the session by the close to end with a gain of 2.81%.
Euro gold rose near €490, platinum gained $18 to $1,236, palladium gained $4 to $340, and copper rose nearly 10 cents to above $3.45.
Gold and silver equities rose about 2% at the open and steadily continued their gains throughout the rest of trade to end with gains of more than 2.5%.The XAU was held back due to its Goldcorp component which fell over 9% after it announced a deal to acquire Glamis Gold.
The Economy:
Report
For
Reading
Expected
Previous
Initial Claims
8/26
316K
315K
318K
Personal Income
July
0.5%
0.5%
0.6%
Personal Spending
July
0.8%
0.8%
0.4%
Chicago PMI
Aug
57.1
57.0
57.9
Factory Orders
July
-0.6%
-0.8%
1.5%
Help-Wanted Index
July
32
33
34
“Core consumer prices rose a less-than-expected 0.1 percent in July, but the year-on-year rate of nonfood, nonenergy inflation remained at 2.4 percent, the highest since September 2002.Analysts polled by Reuters were expecting a 0.2 percent gain in the core personal consumption expenditure index. The rate of inflation is a key factor in Federal Reserve thinking on whether to continue to pause in its campaign of interest rate hikes.”Bernanke spoke and predicted continued productivity growth that would allow the economy to grow without too much inflation, but his comments had little impact on the markets.
Tomorrow at 8:30AM EST brings August’s jobs data.Nonfarm Payrolls are expected at 125,000, the Unemployment Rate is expected at 4.7%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.9.At 9:50 is the revised reading for August Michigan Sentiment expected at 79.0 and at 10AM are Construction Spending for July expected at 0.0% and the ISM Index for August expected at 54.7.
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Oil traded mostly slightly lower before it rose in the last hour of trade and ended near its highs with slight gains on worries about Iran and its defiance over uranium enrichment as the UN deadline for them to stop has come and gone and a report was filed that they have not stopped uranium enrichment.
The U.S. dollar index fell after the ECB held rates at 3% and hinted toward rate increases in the near future, but it then rose to find slight gains after U.S. economic data came in about as expected and traders looked forward to tomorrow’s jobs data which could come in strong and influence the fed to raise interest rates.
Treasuries rose on tame monthly core inflation and on comments from Bernanke that eased inflation and interest rate worries.The yield on the 10-year fell to a 5 and ˝ month low.
The Dow, Nasdaq, and S&P traded in a tight range on either side of unchanged and ended slightly lower on mixed retail sales as traders waited for tomorrow’s jobs report.
Among the big names making news in the market today were the retailers, Zale, Wal-Mart, Heinz, Goldcorp and Glamis, and Ford.
The Commentary:
“December Gold closed up 8.1 at 634.2. This was 4.5 up from the low and 0.8 off the high.
December Silver finished up 0.36 at 13.03, 0.05 off the high and 0.26 up from the low.
After the extremely poor start to the week, the somewhat surprising strength of the US Dollar in the face of slack US economic readings it is really impressive to see the gold market showing consistent strength. However, the International Atomic Energy Agency might have whipped up some flight to quality concerns on Thursday by suggesting that Iran started another uranium enrichment cycle as recently as August 24th. Furthermore, US officials suggested that Iran was actually accelerating its nuclear activities into the deadline and therefore the flight to quality tilt was certainly front and center. It is even possible that the gold market was partially supported by fresh threat against physical gold production, more evidence of de-hedging and lastly by suggestions from the US Fed that inflation was still a force to contend with.
With December silver managing to climb above an even number milestone of $13.00 in the December contract during the session Thursday it is clear that the bull camp is dominating. While some might doubt that seasonal interests are providing that much lift to silver prices it is possible that investment interest is providing the silver market with a near term direct lift. In fact, just to drive home the talk of ongoing strong investment demand in silver, some Press outlets were carrying stories Thursday afternoon about the high ongoing level of trading interest in ETF silver instruments.” - The Hightower Report,Futures Analysis and Forecasting
Note: Change in Total Tonnes from yesterday’s data:The NYSE added 1.55 tonnes.
COMEX Gold Trust (IAU)
Profile as of 08/30/2006
Total Net Assets
$856,215,094
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 08/30/2006
Total Net Assets
$1,226,025,928
Ounces of Silver in Trust
100,368,644
Shares Outstanding
10,050,000
Tonnes of Silver in Trust
3,121.8
Note: Change in Total Tonnes from yesterday’s data:77.6 tonnes were added to the trust.
The Stocks:
Goldcorp’s (GG) plans to buy Glamis (GLG), Royal Gold’s (RGLD) dividend, Newmont’s (NEM) end to the Yanacocha roadblock, Gold Fields (GFI) power consumption in Ghana, NovaGold’s (NG) updated resource estimate at its Nome gold deposit, IAMGOLD’s (IAG) updated resource estimate for the Buckreef Project, Freeport-McMoRan’s (FCX) tender offer extension, and Cumberland’s (CLG) recommendation from NIRB that development of the Meadowbank gold project should proceed were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Cumberland
CLG +18.71% $5.33
2.Glamis Gold
GLG+18.68% $46.12
3.Minefinders
MFN +12.91% $9.88
LOSERS
1.Goldcorp
GG -9.22% $27.66
2.Rubicon
RBY -5.41% $1.05
3.Anglo American
AAUK -2.65% $21.68
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:
Uranium One Announces African Company Status - More - August 31, 2006 | Item | E-mail
Win-Eldrich Retains Investor Relations Service Provider and Grants Stock Options - More - August 31, 2006 | Item | E-mail
Majescor Closes $1,562,000 Non-Brokered Private Placement - More - August 31, 2006 | Item | E-mail
AntOro Signs Acquisition Agreement on Property in Opinaca, Quebec - More - August 31, 2006 | Item | E-mail
Fortune Minerals announces closing of the Hemlo Mill purchase - More - August 31, 2006 | Item | E-mail
Bear Creek corrects drill result from Santa Ana Silver Project, Peru - More - August 31, 2006 | Item | E-mail
Oremex Announces Appointment of CFO - More - August 31, 2006 | Item | E-mail
First Majestic Resource Corp.: Acquisition of Desmin S.A. de C. V. and the La Encantada Silver Mine - More - August 31, 2006 | Item | E-mail
Russell Industries Announces 5 for 1 Stock Split - More - August 31, 2006 | Item | E-mail
International Arimex completes Phase I of Klaw exploration - More - August 31, 2006 | Item | E-mail
Augyva Reports Further High Grade Gold Grab Samples Results on its 100 %-Owned Yasinski Property, in James Bay, Quebec - More - August 31, 2006 | Item | E-mail
Golden Tag Resources Ltd.: Commencement of Drilling on San Diego Property, Mexico - More - August 31, 2006 | Item | E-mail
Wescan announces acquisition of Jojay Gold Deposit - More - August 31, 2006 | Item | E-mail
Pan African Mining Corp. International Oil Affiliate Concludes Initial $1.66 Million Financing - More - August 31, 2006 | Item | E-mail
Information Circular re Gold Business RTO filed - More - August 31, 2006 | Item | E-mail
Matamec Arranges a Private Placement of Approximately $210,000 - More - August 31, 2006 | Item | E-mail
Peru's Yanacocha gold mine restarts after protests - "Peru's Yanacocha restarted production at Latin America's biggest gold mine on Thursday after protesters calling for jobs lifted their road blocks. Yanacocha, which produced 3.3 million ounces of gold last year and is majority-owned by Newmont Mining of the United States, shut down Monday night amid demonstrations by farmers calling for jobs and social spending near the mine. "We've restarted our operations. From early today, Thursday, we've got going and we expect all staff to arrive at the mine and for things to run normally," Yanacocha spokesman Ricardo Morel said." More - August 31, 2006 | Item | E-mail
5.6% Cu, 53.1 g/T Ag - Sage Gold Onaman LYNX NO.2 - WEST - More - August 31, 2006 | Item | E-mail
Majestic Gold Receives Drilling Results From Song Jiaguo - More - August 31, 2006 | Item | E-mail
Orex Announces New Resource Estimates for Goldboro, Files NI43-101 Technical Report from P&E Mining Consultants Inc. - More - August 31, 2006 | Item | E-mail
Rare Element Resources Arranges $840,000 Private Placement - Reports Excellent Progress at Bear Lodge Gold Joint Venture - More - August 31, 2006 | Item | E-mail
Goldcorp and Glamis say not stalking Barrick - "Goldcorp Inc. and Glamis Gold Ltd., who plan to merge to form a $21.3 billion company, will not immediately seek an even bigger acquisition such as Barrick Gold Corp., they said on Thursday. "We certainly don't have Barrick in our sights at this point," Ian Telfer, president and chief executive of Goldcorp, told ROB TV. "Right now, I don't think we have anything else in our sights." Telfer noted that Goldcorp has been a partner with Barrick, the world's biggest gold miner. In May, Goldcorp closed a transaction to acquire certain Placer Dome assets from Barrick for $1.6 billion." More - August 31, 2006 | Item | E-mail
Birim Goldfields Inc.: Positive Drill Intersection at Chert Ridge Target Area - More - August 31, 2006 | Item | E-mail
Metanor Resources Inc. Announces an Extension to the Agreement for the Acquisition of Halo Resources Ltd.'s 50% Interest in the Bachelor Lake Property, Quebec - More - August 31, 2006 | Item | E-mail
SearchGold's Bakoudou-Magnima Gold Project Advancing as Planned - More - August 31, 2006 | Item | E-mail
Tournigan Acquires Additional Uranium Licence in Slovakia - More - August 31, 2006 | Item | E-mail
Sienna Gold Inc. - Domo Zone at Igor Assays 9 gpt Gold and 327 gpt Silver on Average - More - August 31, 2006 | Item | E-mail
Cooperation Agreement Signed on Lead-Zinc Properties in Yunnan Province, Weixi District, China - More - August 31, 2006 | Item | E-mail
Unico, Inc. Chairman Files Form 4 on Stock Purchase - More - August 31, 2006 | Item | E-mail
Crew Gold Corp.: Sale of Interest in Barberton - More - August 31, 2006 | Item | E-mail
Alexis Receives Lac Pelletier Resource Estimate: Surface Drilling and Scoping Study Advancing - More - August 31, 2006 | Item | E-mail
Golden China Schedules Shareholders' Meeting in Connection with its Upcoming Amalgamation with Michelago - More - August 31, 2006 | Item | E-mail
HuntMountain Resources Signs Contract for Dun Glen Drill Program - More - August 31, 2006 | Item | E-mail
Radisson Receives Airborne Survey Results and Commences a Diamond Drilling Program on the O'Brien/Kewagama Project - More - August 31, 2006 | Item | E-mail
Royal Gold Announces Fourth Quarter Dividend - "ROYAL GOLD, INC., the leading publicly-traded precious metals royalty company, today announced that its Board of Directors has declared its fourth quarter dividend of US$0.055 per share of common stock. The dividend is payable on October 20, 2006, to shareholders of record at the close of business on October 6, 2006. The Company has paid dividends since 2000." More - August 31, 2006 | Item | E-mail
Goldcorp, Glamis forge $8.6 bln merger deal - "Glamis shareholders will receive 1.69 Goldcorp shares for each share of Glamis, representing a value of $51.49 a share, based on Goldcorp's Aug. 30 closing price. That's a premium of 32.7 percent to Glamis's closing price. The news sent shares of Glamis up 20 percent to $46.60 on the New York Stock Exchange and to C$51.51 on the Toronto Stock Exchange. Goldcorp stock was down nearly 9 percent at $27.80 in New York and at C$30.78 in Toronto." More - August 31, 2006 | Item | E-mail
Ex-Goldcorp chairman blasts Glamis deal - "The ex-chairman of Goldcorp Inc. on Thursday criticized the gold miner's move to acquire Glamis Gold Ltd., saying the company he ran for 19 years was paying too much in the $8.6 billion deal and hurting shareholders at the same time. "From a shareholder perspective, this is a very expensive way for Ian to retire," Rob McEwen said of Ian Telfer, who succeeded him as chief executive officer of Vancouver-based Goldcorp." More - August 31, 2006 | Item | E-mail
Gold Fields Told to Reduce Ghana Power - "The South Africa-based gold miner said it could switch to emergency diesel-powered generators at its Damang and Tarkwa mines, but the move would run operating costs up an additional $4 million for one month's power generation. Gold Fields said it is in discussions with the Volta River Authority, via the Ghanaian Chamber of Mines, to help mitigate potential disruptions to power supply." More - August 31, 2006 | Item | E-mail
NovaGold Updates Resource Estimate at its Nome Gold Deposit - "NovaGold Resources Inc. is pleased to announce that based on an updated resource estimate for its Nome Gold deposit in Alaska, NovaGold's Measured and Indicated Resource base for all projects now totals 21.0 million ounces of gold, 117.1 million ounces of silver and 8.5 billion pounds of copper. The Company has an additional Inferred Resource of 16.3 million ounces of gold, 66.0 million ounces of silver and 3.4 billion pounds of copper, as well as historical resources of 1.2 million ounces of gold, 32.7 million ounces of silver, 1.6 billion pounds of copper and 2.2 billion pounds of zinc." More - August 31, 2006 | Item | E-mail
IAMGOLD Updates Buckreef Project Resources and Second Half Exploration Plan - "The review has increased our geologic knowledge and identified new styles of mineralization as well as provided for greater understanding of geologic controls and the mineralization continuity. The update resulted in a 28% increase in the indicated resources category. The overall resource of 1.9 million ounces has remained unchanged as this increase is not based on additional drilling beyond March 2006." More - August 31, 2006 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Announces Extension of Tender Offer for Early Conversion of its 7% Convertible Senior Notes due 2011 to September 8, 200 - "Freeport-McMoRan Copper & Gold Inc. announced today that it has extended the expiration date of the previously announced tender offer of its 7% Convertible Senior Notes due 2011 ("Notes") from 12:00 midnight, New York City Time, September 7, 2006, to 5:00 p.m., New York City time, September 8, 2006, unless further extended by FCX. The financial terms of the tender offer are unchanged. FCX will pay a cash premium of $90 plus accrued and unpaid interest up to (but excluding) the conversion date for each $1,000 principal amount." More - August 31, 2006 | Item | E-mail
Goldcorp to Buy Glamis for $8.6 Billion to Add Production in North America - "The stock offer values each share of Reno, Nevada-based Glamis at $51.49, 33 percent higher than the Aug. 30 closing price, the companies said in a statement today. Glamis holders will get 1.69 shares in Toronto-based Goldcorp for each share. Shares of Glamis rose to $48.40 in New York before the opening of U.S. exchanges." More - August 31, 2006 | Item | E-mail
Goldcorp and Glamis Agree to US$21.3 Billion Combination Creating the World's Premier Gold Mining Company - "Under the terms of the transaction, which is structured as a Plan of Arrangement, Glamis' common shareholders will exchange each Glamis share for 1.69 common shares of Goldcorp, representing a value of US$51.49 per share based upon the closing price of Goldcorp on August 30, 2006. This represents a premium of 32.7% to the closing price of Glamis' shares on the TSX on August 30, 2006 and 34.8% to the 20 day volume weighted average trading price of Glamis' shares on the TSX." More - August 31, 2006 | Item | E-mail
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