Gold rose nearly $3 in Asia, fell a couple of dollars under unchanged in London, rebounded to about unchanged by the New York open, and fell in morning New York trade to under $620 at one point, but it then rebounded into the close and ended just slightly lower on the day.Silver rose nearly 10 cents in Asia before it also fell in London and early New York trade, but it then rebounded into the close and made new highs on the day to end with a gain of 0.86%.
Euro gold remained under €490, platinum gained $2 to $1,238, palladium gained $2 to $342, and copper fell a few cents to about $3.43.
Gold and silver equities fell about 1% at the open and then rebounded throughout the rest of morning trade to accomplish over 1% gains by early afternoon before they fell off a bit, but they were able to keep most of their gains into the close.
The Economy:
Report
For
Reading
Expected
Previous
Nonfarm Payrolls
Aug
128K
125K
121K
Unemployment Rate
Aug
4.7%
4.7%
4.8%
Hourly Earnings
Aug
0.1%
0.3%
0.5%
Average Workweek
Aug
33.8
33.9
33.9
Michigan Sentiment
Aug
82.0
79.0
78.7
Construction Spending
July
-1.2%
0.0%
0.4%
ISM Index
Aug
54.5
54.7
54.7
The BLS net birth/death adjustment added 121,000 jobs.For more on this adjustment, I would recommend reading this recent article by Jim Willie CB: Anatomy of Jobs Fraud.“Pending home sales fell 7% in July to lowest level since February 2003, the National Association of Realtors reported Friday.”
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Next week’s economic highlights include Productivity, ISM Services, and the Fed’s Beige Book on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and Consumer Credit on Friday.
Oil fell to under $70 as the UN did not bring immediate sanctions to Iran after their defiance of the UN’s request for them to stop their nuclear enrichment program.
The U.S. dollar index initially gained and bonds initially fell on profit taking despite the fact that the day’s economic data was mostly tame and pointed towards the fed not raising interest rates, but those developments reversed by the end of trade and the dollar closed lower and bonds closed higher as most would expect them to.The yield on the 10-year fell to a new 5 month low.
The Dow, Nasdaq, and S&P found decent gains as the day’s economic data suggested the fed may be done raising interest rates.
Among the big names making news in the market Friday were Toyota, Ford, Chrysler, Alcatel and Nortel, Sanofi, Lockheed and Northrop, Exxon, Asahi Tec and Metaldyne, and Intel.
The Commentary:
“The point is the shares have been compressing too and are ready to blow out to the upside at a time when there is abysmal interest in the sector. What is insightful is not that the general public has so little interest in gold and silver. We know that all too well. It is that so many of those who have invested in gold and silver and the shares in the past have dropped by the wayside. I find that hard to understand. At the same time, IT REVEALS WHAT A BULLISH SITUATION WE HAVE HERE. Many of those folks will be back, but not until the shares go nuts and they can’t stand being out of the move any longer.”- From yesterday’s Midas report byBill Murphy of LemetropoleCafe.com
“December Gold closed down 1.6 at 632.6. This was 4.6 up from the low and 1.2 off the high.
December Silver finished up 0.04 at 13.07, 0.03 off the high and 0.245 up from the low.
While the gold market made an impressive upward thrust at times this week, the December contract remained well under the 100 day moving average. The gold market was mostly held back by the Dollar action on the week but that didn't seem to be as critical as in the recent past. In fact, oil prices were also generally soft and negative toward gold market sentiment and even that ongoing development failed to apply an inordinate amount of pressure to prices. However, with the stock market managing to make another new high in the most recent week, it is possible that some investors were pulled away from gold and into the equity market.
After making a very impressive run on the week the silver contract probably deserved a bit of profit-taking. In fact, with the pre-holiday trade potentially thinning the trade and the US equity market posting another round of new highs for the move, it was not surprising to see silver fall back early in the session on Friday, but the market was able to rebound to end higher. For most of the session Friday all of the metals markets seemed to come under pressure and that certainly undermined the silver trade. In the end, silver seemed to garner more support from the monthly US payroll readings and was able to shake off slack readings in US construction spending and ISM Index.”- The Hightower Report,Futures Analysis and Forecasting
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 08/31/2006
Total Net Assets
$867,575,793
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 08/31/2006
Total Net Assets
$1,264,149,218
Ounces of Silver in Trust
100,368,644
Shares Outstanding
10,050,000
Tonnes of Silver in Trust
3,121.8
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
More news on Goldcorp’s (GG) plan to buy Glamis (GLG) and an update to Newmont’s (NEM) trial in Indonesia were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.Minco Mining
MMK +6.25% $1.70
2.Silver Standard
SSRI +4.77% $25.92
3.Crystallex
KRY +4.32% $2.90
LOSERS
1.Almaden Minerals
AAU -3.41% $2.55
2.Orezone Resources
OZN -2.55% $1.53
3.Gold Reserve
GRZ -1.74% $4.51
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:
Reno Gold Shareholders Approve Reverse Stock Split for Ramping Up of Gold Concession Development - More - September 01, 2006 | Item | E-mail
Former Goldcorp CEO wants vote for Glamis deal - "Goldcorp Inc.'s former chief executive said on Friday he is seeking ways to ensure shareholders can vote on the company's plan to buy Glamis Gold Ltd. "At the moment, I am investigating whatever routes are possible to get a vote for Goldcorp shareholders," Rob McEwen said in an interview. Goldcorp, now headed by Ian Telfer, has proposed to buy Glamis in a friendly all-stock deal worth about $7.65 billion based on Friday's intraday prices. The deal needs to be approved by two-thirds of Glamis shareholders, but does not need a Goldcorp vote." More - September 01, 2006 | Item | E-mail
Kinbauri Gold Corp.: Yoshimatsu Retained for Investor Relations - More - September 01, 2006 | Item | E-mail
Pre-deal Glamis Gold option move suspicious-analyst - "A surge in calls in shares of Glamis Gold Ltd. two weeks ago before it was announced that Goldcorp Inc. would acquire the miner may be a sign of insider trading, an analyst said on Friday. Calls in Glamis shot up on Aug. 17, triggering an alert on a program measuring average daily volume of stocks and options, said Jon Najarian, founder of Chicago-based insideoptions.com." More - September 01, 2006 | Item | E-mail
Nortec signs Loma la Cruz Land Use Agreement and announces Mobilization of Diamond Drill Equipment, Ganarin Epithermal Gold-Silver Project, Southern Ecuador - More - September 01, 2006 | Item | E-mail
Goldcorp stock extends losses on Glamis deal - "Shares of Goldcorp Inc. extended losses on Friday, as the price of gold fell and the market snubbed the miner's plan to gobble up Glamis Gold Ltd. in an all-stock deal that's now worth $7.6 billion. Goldcorp stock, which lost 9 percent on Thursday, fell 2 percent to C$29.90 on the Toronto Stock Exchange on Friday and to $27.07 on the New York Stock Exchange. Shares of Glamis, which jumped 18 percent in the previous session, fell 2 percent to C$49.85 in Toronto and to $45.11 in New York." More - September 01, 2006 | Item | E-mail
GoldCorp/Glamis Deal May Lead To Silver Spin Offs: Telfer - "Goldcorp Inc.'s (G.T) recommended all-share offer for rival Glamis Gold Ltd. (GLG) could lead to a spin-off of the new company's formidable silver assets, Goldcorp's President and Chief Executive Ian Telfer said Thursday. "Spin off the silver assets? Wow, what a great idea," he said during a conference call to give details on the offer valued at US$8.6 billion. "It's not impossible to see how we could do something." If Goldcorp does close the Glamis deal, expected in November, the new Goldcorp would be sitting on substantial silver resources, primarily via Glamis' Penasquito project in Mexico and Goldcorp's Silver Wheaton Corp. (SLW) asset." More - September 01, 2006 | Item | E-mail
Vulcan Minerals Inc.: $1,000,000 Financing - More - September 01, 2006 | Item | E-mail
Clarification of Press Release titled "Frontier Pacific awards Engineering Contracts to Aker Kvaerner for the Perama Hill Gold Project, North-eastern Greece" - More - September 01, 2006 | Item | E-mail
Goldcorp to buy Glamis in deal worth $8.6 bln - "Vancouver-based Goldcorp Inc. will acquire Glamis Gold Ltd. in a stock transaction worth $8.6 billion to create one of the world's largest gold mining companies, the firms said on Thursday. The new company will continue under the name Goldcorp Inc. Glamis' shareholders will exchange each Glamis share for 1.69 shares of Goldcorp, representing a value of $51.49 per share based upon the closing price of Goldcorp on Aug. 30." More - September 01, 2006 | Item | E-mail
BrazMin Announces Resource Estimate and Metallurgical Results for the Wilton Zone, São Jorge Gold Project - More - September 01, 2006 | Item | E-mail
Gitennes Exploration - private placement closed - More - September 01, 2006 | Item | E-mail
First Metals Inc. Announces Closing of $10,200,000 Initial Public Offering and Listing on the Toronto Stock Exchange - More - September 01, 2006 | Item | E-mail
ECU Silver Mining Inc.: News Release - More - September 01, 2006 | Item | E-mail
La Quinta Resources Corporation: Malcolm Swallow Appointed as Chairman and CEO - More - September 01, 2006 | Item | E-mail
Premier not to proceed with acquisition of Sedimentary - More - September 01, 2006 | Item | E-mail
Keegan Adopts Shareholder Rights Plan - More - September 01, 2006 | Item | E-mail
Yukon Gold Corporation, Inc. Announces Corporate Initiatives Update - More - September 01, 2006 | Item | E-mail
St Andrew Announces Appointment of President and Chief Operating Officer - More - September 01, 2006 | Item | E-mail
Newmont Exec Denies Pollution Claims - "Richard Ness, taking the stand for the first time since his trial began just over a year ago, faces up to 10 years in prison if convicted and his Denver-based company, Newmont Mining Corp., a possible fine of $68,000. A verdict is not expected for several months." More - September 01, 2006 | Item | E-mail
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“The point is the shares have been compressing too and are ready to blow out to the upside at a time when there is abysmal interest in the sector. What is insightful is not that the general public has so little interest in gold and silver. We know that all too well. It is that so many of those who have invested in gold and silver and the shares in the past have dropped by the wayside. I find that hard to understand. At the same time, IT REVEALS WHAT A BULLISH SITUATION WE HAVE HERE. Many of those folks will be back, but not until the shares go nuts and they can’t stand being out of the move any longer.”- From yesterday’s Midas report by 
