-- Posted 5 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $638.40 | +$14.00 |
Silver | $12.97 | +$0.05 |
XAU | 151.75 | +2.89% |
HUI | 365.37 | +3.44% |
GDM | 1141.97 | +2.94% |
JSE Gold | 3078.47 | +2.03% |
USD | 85.01 | +0.07 |
Euro | 128.07 | -0.28 |
Yen | 86.22 | +0.83 |
Oil | $68.60 | -$0.59 |
10-Year | 4.781% | +0.055 |
T-Bond | 110.125 | -0.625 |
Dow | 11469.28 | +0.04% |
Nasdaq | 2205.70 | +0.57% |
S&P | 1313.25 | +0.17% |
The Metals:
Gold remained near unchanged in world trade on Monday and rose slightly in Asia and London today before it jumped about $10 higher at the New York open, fell back off a bit, and then gained about another $5 in late morning trade to end near it highs with a 2.24% gain on the day. Silver rose near $13.20 in late London and early New York trade before it fell off into the close, but it still ended with a gain of 0.39%.
Euro gold rose near €500, platinum gained $24 to $1,262, palladium gained $7 to $349, and copper rose over 15 cents near $3.60.
Gold and silver equities rose about 2% at the open and then furthered their gains in late morning trade to end about 3% higher on the day.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the revised reading for 2nd quarter Productivity expected at 1.6% and at 10AM is the ISM Services report for August expected at 55.0.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as worries eased both over Iran and over a so far calm hurricane season. A potential large discovery in the Gulf of Mexico that may increase U.S. oil production in a few years also had traders talking.
The U.S. dollar index fell versus the yen as the Bank of Japan indicated they may raise interest rates again later this year, but the dollar was able to gain against the euro after some soft data on the services sector encouraged traders to take recent gains made in European currencies.
Treasuries fell on profit taking and in preparation for economic reports due out later in the week. The yield on the 10-year rebounded from 5 week lows.
The Dow, Nasdaq, and S&P traded on either side of unchanged in a relatively tight range and ended slightly higher as traders prepared for company news and economic reports due out later in the week.
Among the big names making news in the market today were Intel, Ford, Viacom, Phelps Dodge and Inco, and Geophysique and Veritas.
The Commentary:
“Should that level hold on the close (for the HUI), we ought to get a share price explosion next week. All those out of the market will have to re-evaluate their positions. How long do pundits and gold/silver share investors stay out and risk missing a move of epic proportions?
So far so good for the short term analysis. For the HUI to be able to blow through such powerful resistance on a Friday holiday weekend trading session, is most impressive and suggests upside FIREWORKS next week.
Today's action (should it hold), also suggests that gold will soon follow silver and the HUI, as The Gold Cartel begins to suck wind again.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed up 14.3 at 646.9. This was 6.9 up from the low and 1.6 off the high.
December Silver finished up 0.07 at 13.14, 0.23 off the high and 0.02 up from the low.
A huge range up move in gold caught the attention of the mainstream media and with a number of outside market forces signaling a bearish condition for gold it is quite significant that the market was able to forge such significant gains. While the gold market could have been lifted somewhat defeated by talk of a minor quarter over quarter 1% decline in South African gold production, that bearish item was apparently more than offset by the fact that African gold production in the second quarter of 2006 was 6.4% below the second quarter of 2005. In other words, the supply situation in gold wasn't that conclusive but yet the trade was able to spin the outlook into a positive. Some players suggest that the big rally in the flat price of gold was merely a precursor to another buyout/merger sweep in the gold sector and only time will tell if that is indeed the case. In the end, seeing aggressive gains in gold in part confirmed by aggressive gains in platinum and copper, gives off the impression that all of the metals are coming back in favor with a broad cross section of investors and traders. In fact, the gold market managed to rise despite the news that Peru June gold production by 7% in June as compared to year ago data! The total Peru output was 18,306 kgs.
As suggested in the mid day comments, the silver market lagged behind the rest of the precious and industrial metals. With the Dollar higher and oil prices lower we continue to get the impression that the silver market is being lifted by the prospect of favorable macro economic condition and not the flight to quality tilt that might have inspired a large portion of the June and July gains. In short one really gets the sense that the market is being lifted by a new type of investment buying, especially with the market making the gains in the face of news from Peru that their July silver production rose by 8% over the prior June. The total June silver production from Peru was for 285,208 kgs.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Acquiring Glamis, is Goldcorp trying mainly to fend off Barrick?
Corrected e-mail address for silver market analyst Ted Butler
Ed Steer and Ted Butler: Gold, silver, GATA, and the COT
James Turk: Mixed signals
Join GATA at the Toronto Resource Investment Conference Sept. 24-25
Gold call options may sniff competitive devaluations ahead
That's some medium of exchange that can't be exchanged
The Statistics:
As of close of business: 09/1/2006
Gold Warehouse Stocks: | 7,980,437 | -393 |
Silver Warehouse Stocks: | 104,235,384 | + 601,433 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 392.07 | 12,605,374 | US$ 7,826m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.18 | 2,513,519 | US$ 1,603m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 313,989 | US$ 201m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 318,008 | US$ 199m |
Note: No change in Total Tonnes from Friday’s data.
COMEX Gold Trust (IAU)
Profile as of 09/01/2006 | |
Total Net Assets | $865,486,392 | 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 09/01/2006 | |
Total Net Assets | $1,279,187,197 | 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 Friday’s data.
The Stocks:
NovaGold’s (NG) surface rights for Galore Creek, Claude Resources (CGR) control of the Madsen, Red Lake project, Seabridge’s (SA) buyout and 100% interest in the Kerr-Sulphurets project, U.S. Energy’s (USEG) drill results, and Canyon’s (CAU) updates on the Reward and Briggs projects were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +18.28% $3.43 |
2. Metallica | MRB+12.13% $3.42 |
3. Gold Reserve | GRZ +9.76% $4.95 |
LOSERS
1. Tanzanian Royalty | TRE -2.28% $6.86 |
2. Banro Corp. | BAA -1.22% $8.88 |
3. Rio Narcea | RNO -1.20% $2.46 |
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:
Stellar Cuts 7.52 g/t Au Over 1.76 M and Locate Continuity at Depth by Geophysics on Vassan - More
- September 05, 2006 | Item | E-mail
Neo Alliance Supplements Statements of August 30th's Press Release - More
- September 05, 2006 | Item | E-mail
Oremex Commissions Independent Preliminary Assessment Study on Tejamen Silver Property - More
- September 05, 2006 | Item | E-mail
Claude Resources reacquires control of the Madsen, Red Lake project - "The Agreement was due to expire on December 15, 2006. Claude and Goldcorp were unable to reach terms by which the latter would earn an interest in the property. In addition, Goldcorp is required to make a cash payment to Claude in lieu of fulfilling certain obligations relating to the remediation of infrastructure on the site." More
- September 05, 2006 | Item | E-mail
New Guinea Gold Adds Frankfurt Stock Exchange Listing - More
- September 05, 2006 | Item | E-mail
Excellon Intercepts 12 Metres of Sulphides 100 Metres Outside Current Resources Limits - More
- September 05, 2006 | Item | E-mail
Jasper Mining Corporation commences diamond drill program on Irony property - More
- September 05, 2006 | Item | E-mail
Media Advisory-LionOre Presentations to the Media and Investment Communities - More
- September 05, 2006 | Item | E-mail
Arian Silver Corporation: Award of Additional Calicanto Claims and Progress Results From Calicanto - More
- September 05, 2006 | Item | E-mail
Mansfield Minerals Inc.: Long Intercepts of High Grade Copper-Gold Mineralization Cut at Rio Grande Project, Argentina - More
- September 05, 2006 | Item | E-mail
Anatolia's Copler Drill Results; Regains Grassroots - More
- September 05, 2006 | Item | E-mail
Wescan appoints new Chief Financial Officer: - More
- September 05, 2006 | Item | E-mail
Merrex Gold Expands Significant Gold Anomalous Structure and Intersects Gold in Initial Drilling on the Siribaya Gold Project in West Mali - More
- September 05, 2006 | Item | E-mail
Mediterranean announces new discovery at Tac in northeastern Turkey - More
- September 05, 2006 | Item | E-mail
Shoreham Options up to 75% of Marudi Gold Project in Guyana - More
- September 05, 2006 | Item | E-mail
Fortuna and Continuum outline bonanza Ag-Au shoot at the San Jose project, Mexico. - More
- September 05, 2006 | Item | E-mail
Exploration Update on Buffalo's Australian Gold and Uranium Properties - More
- September 05, 2006 | Item | E-mail
YGC Resources reports results from the B-Mag zone at its Ketza River property - More
- September 05, 2006 | Item | E-mail
Antares cuts long intercepts of higher grade copper-gold mineralization at Rio Grande - More
- September 05, 2006 | Item | E-mail
Tamija Gold &Diamond Exploration, Inc. Commences Trading - More
- September 05, 2006 | Item | E-mail
New Jersey Mining Company Increases Resources - More
- September 05, 2006 | Item | E-mail
USA OTCBB company very bullish in gold property in British Columbia, Canada - More
- September 05, 2006 | Item | E-mail
CORRECTION FROM SOURCE: Golden Hope Mines Expands its Bellechasse Gold Property Holdings - More
- September 05, 2006 | Item | E-mail
Moydow Announces Closing of Financing - More
- September 05, 2006 | Item | E-mail
AXMIN Inc.: Drilling Continues to Intersect High Grades at Kofi Sw Zone C, Kofi Project, Mali - More
- September 05, 2006 | Item | E-mail
Pearl Asian Mining Reports That Gold Processing Equipment Has Arrived - More
- September 05, 2006 | Item | E-mail
Fortuna Outlines Bonanza Ag-Au Shoot at the San Jose Project, Mexico - More
- September 05, 2006 | Item | E-mail
Palmarejo Announces Progress Results from the Guadalupe Project and Approval of Change of Use of Surface Permit - More
- September 05, 2006 | Item | E-mail
Semafo's Mana Project Secures Major Mill Equipment - More
- September 05, 2006 | Item | E-mail
Tim Coupland of Alberta Star Development Corp. joins board of MAX Resource Corp. - More
- September 05, 2006 | Item | E-mail
Scorpio's Definition Drilling from 8th Level of Nuestra Senora Silver Mine Continues to Extend Mineralization - More
- September 05, 2006 | Item | E-mail
Cusac Gold Mines Ltd.: Taurus II Drilling Begins - More
- September 05, 2006 | Item | E-mail
Skygold Ventures Ltd.: Main Zone Expands to over 400 Metres in Width Drilling Intersects 83.0m of 1.02 g/t Gold - More
- September 05, 2006 | Item | E-mail
Infill Drilling to Commence at Bobby's Pond Base Metal Deposit in Central Newfoundland - More
- September 05, 2006 | Item | E-mail
Majescor and Vaaldiam Double the Size of the Brauna 7 Pipe in Brazil: Mini Bulk Sampling Program to Commence Shortly - More
- September 05, 2006 | Item | E-mail
Seabridge Gold Completes Buyout and Now Holds 100% Interest in Kerr-Sulphurets Project - "Seabridge Gold announced today that it has closed its previously announced agreement with Falconbridge Limited, a subsidiary of Xstrata plc, whereby Seabridge has purchased Falconbridge's option to earn a 65% interest on Seabridge's Kerr-Sulphurets project located in British Columbia, Canada. Consideration paid by Seabridge to Falconbridge was 200,000 common shares and 2.0 million common share purchase warrants, none of which are presently exercisable." More
- September 05, 2006 | Item | E-mail
Little Squaw Acquires Nevada Gold Exploration Property - More
- September 05, 2006 | Item | E-mail
Mercator Announces Excellent Returns in Mineral Park Copper-Moly Mine Mill Expansion Pre-Feasibility Study - More
- September 05, 2006 | Item | E-mail
Golden Hope Mines Expands its Bellechasse Gold Property Holdings - More
- September 05, 2006 | Item | E-mail
Exeter Resource Corporation: Ojo Zone Drilling Extends Gold Mineralization at La Cabeza - More
- September 05, 2006 | Item | E-mail
U.S. Energy Corp. Announces That Sutter Gold Intersects High-Grade Gold Mineralization - "U.S. Energy Corp. announced today that Sutter Gold Mining Inc. has announced the first results from its underground diamond drilling program at the project site located in the historic Mother Lode District east of Sacramento, California. Each of the first five underground core holes intersected high-grade gold mineralization with coarse visible gold noted in several of the vein quartz intercepts." More
- September 05, 2006 | Item | E-mail
Canyon Resources Provides Update on Reward and Briggs Projects - "We have commenced an 8,000-foot reverse circulation (RC) drilling program at the Reward Project. The program will consist of 31 drill holes positioned as step-outs from mineralization recognized in the existing pre-feasibility study open pit design. The pre-feasibility study for Reward (previously reported on January 12, 2006) developed a design for an open pit which contained an in-situ mineralized material estimate of 3.35 million tons at a grade of 0.031 ounces per ton based on a $400 gold price and a cutoff grade of 0.011 ounces of per ton. The mineralized material in this pit design has not been closed off by drilling. The new program is designed to test the expansion potential of the deposit and to infill portions of the currently planned open pit design which had been classified as waste due to lack of sufficient drilling information." More
- September 05, 2006 | Item | E-mail
NovaGold Follows Established Process to Obtain Surface Lease for Galore Creek Project - "Based in part on Barrick's own experience at their Eskay Creek mine in northwestern British Columbia, we believe that Barrick's interpretation of surface lease claims is inaccurate," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "In 1994, surface rights were granted at Eskay Creek for waste rock and tailings facilities under nearly identical circumstances. Based on the same legislation and process used at Eskay Creek, we expect to obtain surface rights for facilities at our Galore Creek project." More
- September 05, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 September, 2006 | |
