-- Posted 8 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $609.70 | -$8.40 | -2.35% |
Silver | $12.13 | -$0.43 | -6.11% |
XAU | 140.81 | -2.85% | -4.53% |
HUI | 337.97 | -2.86% | -4.32% |
GDM | 1063.18 | -2.72% | -4.16% |
JSE Gold | 2932.22 | -2.66% | -1.62% |
USD | 85.95 | +0.39 | +1.19% |
Euro | 126.74 | -0.68 | -1.25% |
Yen | 85.53 | -0.40 | +0.16% |
Oil | $66.25 | -$1.07 | -4.25% |
10-Year | 4.771% | -0.024 | +0.95% |
Bond | 110.21875 | +0.1875 | +0.48% |
Dow | 11392.11 | +0.54% | -0.63% |
Nasdaq | 2165.79 | +0.49% | -1.25% |
S&P | 1298.92 | +0.38% | -0.92% |
The Metals:
CoT Reports Released: Gold | Silver
Gold remained near unchanged in Asia, fell about $5 in London, and dropped to as low as $605.90 in early New York trade before it rebounded slightly into the close, but it still lost 1.36% on the day. Silver rose slightly in early Asian trade before it fell about 10 cents in late Asian trade and then dropped another 30 cents in London ahead of a further 20 cent loss in early New York trade to as lows as $11.93, but it then rebounded a bit into the close and ended 3.42% lower on the day.
Euro gold fell near €480, platinum lost $23 to $1,217, palladium lost $17 to $327, and copper fell nearly 10 cents to under $3.55.
Gold and silver equities fell over 2% at the open and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | July | $5.5B | $6.5B | $14.1B |
All of this week’s economic reports:
Next week’s economic highlights include the Trade Balance on Tuesday, the Treasury Budget on Wednesday, Export and Import Prices, Initial Jobless Claims, Retail Sales, and Business Inventories on Thursday, and CPI, the NY Empire State Index, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the fifth straight day to a 5 month low as supply worries over Alaska, Iran, and the Gulf of Mexico continued to ease. Traders were also looking ahead to OPEC’s meeting next week that is expected to maintain current production levels.
The U.S. dollar index continued to rise on hopes for further interest rate hikes by the fed as traders looked ahead to next week’s G-7 meeting.
Treasuries were said to have risen on hopes for a continued pause in interest rate hikes despite the fact that the dollar was said to have risen for the opposite reason.
The Dow, Nasdaq, and S&P rose on lower oil and on hopes that indications of slow economic growth will influence the fed to not raise interest rates.
Among the big names making news in the market Friday were Heinz, Morgan Stanley and Duke Energy, Hewlett-Packard, Broadcom, and Lennar.
The Commentary:
“When markets are as manipulated as they are today in the US, normal analysis is useless. Breakouts mean nothing; trends mean little, fundamental and technical analysis are helpful only to a point. All that matters is what The Gold Cartel, PPT and Exchange Stabilization Fund intend to do to affect the markets and how much they can manage to get away with.
As far as gold is concerned, at least the GATA camp fully understands what is happening and why. Unfortunately, most investors are clueless. Therefore, they continue to flee the gold market as far as following and investing in the sector. We can thank THE SILENCE OF THE GOLD LAMBS in the industry for allowing this to occur. For if investors knew about the artificial gold price suppression, they would grit their teeth, but hang in there with their gold and silver investments, while also maintaining market vigilance.
One of my fears was, because of the desperation of those in power in Washington ahead of the coming elections, that they might bomb gold. It seems that was the plan. Now we need the physical market to hold the fort, which is likely to happen.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 7.6 at 617.3. This was 3.8 up from the low and 5.3 off the high.
December Silver finished down 0.4 at 12.295, 0.13 off the high and 0.205 up from the low.
With the gold market showing a second big range down washout for the second day in a row on Friday, it would seem like the bull camp remained back on its heels. However, with the Dollar reaching the highest level since late July and the US economy apparently garnering a bigger macro economic edge over the Canadian and Swiss economies, there would seem to be a good change of even more Dollar gains ahead and that could mean even more Dollar related selling of the gold market. In other words, unless the outlook for the economy improves, oil prices reverse their recent pattern of declines or some other critical fundamental shift takes place the bear camp seems to have the classical themes flowing in their favor.
With the gold market under such significant pressure and the rest of the metals complex also mostly under duress again on Friday it was not surprising to see silver continue to ignore talk of bargain hunting buying. In the end, the market ended up forging a moderately significant washout on the charts, which would seem to leave the bull camp completely back on their heels. While the fear of slowing seemed to be part of the selling in silver early in the week, the market seems to have become a little more technically orientated as the week progressed and with the technical condition mostly bearish and deteriorating and almost no help from the fundamentals there was little to take control away from the bear camp.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Talking its book, IMF forsees plunge in metals prices but no speculation
The Statistics:
As of close of business: 09/7/2006
Gold Warehouse Stocks: | 7,832,571 | - |
Silver Warehouse Stocks: | 104,209,990 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 391.94 | 12,601,187 | US$ 7,831m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.18 | 2,513,436 | US$ 1,535m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.78 | 313,978 | US$ 192m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,997 | US$ 197m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 0.13 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/07/2006 | |
Total Net Assets | $855,171,814 | Ounces of Gold
in Trust | 1,386,124.118 |
Shares Outstanding | 13,950,000 | Tonnes of Gold
in Trust | 43.11 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 09/07/2006 | |
Total Net Assets | $1,336,273,048 | Ounces of Silver
in Trust | 102,327,450 |
Shares Outstanding | 10,250,000 | Tonnes of Silver
in Trust | 3,182.7 |
Note: Change in Total Tonnes from yesterday’s data: 31 tonnes were added to the trust.
The Stocks:
Gammon Lake’s (GRS) heap leach crushing facility expansion, Kinross Gold’s (KGC) joint venture with Verena Minerals and share sale of Katanga Mining, Glencairn’s (GLE) COO appointment, and Tanzanian Royalty’s (TRE) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Ivanhoe | IVN +6.02% $6.87 |
2. Miramar Mining | MNG +1.58% $4.50 |
3. DRDGOLD | DROOY +0.66% $1.53 |
LOSERS
1. Crystallex | KRY -6.79% $3.02 |
2. Vista Gold | VGZ-6.15% $11.44 |
3. Orezone | OZN -6.13% $1.53 |
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:
Gammon Lake to Expand Heap Leach Crushing Facility - "Since commencement of Open-Pit operations on January 3, 2006 the Company continues to outperform the Feasibility Study projected mining levels and overwhelm the crushing facilities. Over the past 8 months the Company has evaluated operations and sees the opportunity to increase gold and silver production by expanding the crusher capacity. The Company feels it will be more cost effective to commence the expansion before the mill construction workers involved leave site. This expansion will increase the Company's production profile. More
- September 08, 2006 | Item | E-mail
Shallbetter Industries Inc. Updates on SEC Filings -- Seeks New Properties in China - More
- September 08, 2006 | Item | E-mail
Lakota Updates Exploration Activity and Grants Options to Tanzanian Employees - More
- September 08, 2006 | Item | E-mail
Kinross, Verena to form new link in Brazilian gold - "Canadian gold miner Kinross Gold Corp. will enter into a new joint venture and investment accord with Canada's Verena Minerals Corp. on gold prospecting in Brazil, a source close to Verena said." More
- September 08, 2006 | Item | E-mail
MAG Silver Exploration Update - More
- September 08, 2006 | Item | E-mail
Osisko Market Activity - More
- September 08, 2006 | Item | E-mail
Seafield Drilling Underway at Elora, Ontario - More
- September 08, 2006 | Item | E-mail
Independent rock sample lab-tests confirm ''diamond deposits well worth mining'' at Prospero's mining operations in Central African Republic - More
- September 08, 2006 | Item | E-mail
Altius Minerals Corporation: Ongoing Drilling at Rambler Project ExtendsMing Footwall Zone "MFZ" by 225 Meters - More
- September 08, 2006 | Item | E-mail
Merrex Gold Expands Land Position in West Voisey's Bay - More
- September 08, 2006 | Item | E-mail
Richview Resources Receives Approval to Dewater the Thierry Mine - More
- September 08, 2006 | Item | E-mail
Great West Gold, Inc. -- Payment of Stock Dividend - More
- September 08, 2006 | Item | E-mail
GREAT WEST GOLD, INC. - STRATEGIC REVIEW OF OPERATIONS - More
- September 08, 2006 | Item | E-mail
Higher Silver Recoveries Indicated in Mineral Process Test Work - More
- September 08, 2006 | Item | E-mail
Alturas Welcomes Peruvian Government's Reaffirmation of Commitment to Legal Stability for Mining Companies - More
- September 08, 2006 | Item | E-mail
St Andrew Announces an Update to Its Previously Announced Private Placement of Subscription Receipts - More
- September 08, 2006 | Item | E-mail
Unico, Inc. Announces Additional Progress on Reconstruction of Mill and Processing Facility at Deer Trail Mine - More
- September 08, 2006 | Item | E-mail
International Wayside Gold Mines Ltd.: Loan from Related Parties and Mosquito Property Payment Made - More
- September 08, 2006 | Item | E-mail
Keegan Discovers Additional Soil Anomalies and Delineates Drill Targets Using Induced Polarization at Esaase Gold Project - More
- September 08, 2006 | Item | E-mail
Enterayon Adopts New Technology to Facilitate Acquisitions - More
- September 08, 2006 | Item | E-mail
Imperial to Make Offer for bcMetals - More
- September 08, 2006 | Item | E-mail
Australian miners chase success in safer Africa - "An improving political climate, and the potential for major mineral discoveries, has reawakened interest in Africa among Australian mining companies that have traditionally rated the continent too risky." More
- September 08, 2006 | Item | E-mail
Kinross Sells Equity Interest in Katanga Mining Limited - "Kinross Gold Corporation announced today that it has sold its 5,751,500 shares in Katanga Mining Limited for proceeds of approximately CDN$35.9 million (CDN$6.25 per share) through a private placement." More
- September 08, 2006 | Item | E-mail
Glencairn Gold Appoints Graham Speirs as Chief Operating Officer - "Glencairn Gold Corporation is pleased to announce the appointment of Graham Speirs, P.Eng., to the position of Chief Operating Officer of the Company. He will join Glencairn on October 1st of this year and be based in Managua, Nicaragua. Mr. Speirs will assume the responsibility of overseeing the Company's planned optimization and expansion of operating mines and the development of Glencairn's new and existing mining projects in Central America." More
- September 08, 2006 | Item | E-mail
Tanzanian Royalty Reports Discovery of Higher Grade Zone at Luhala Gold Project - "The latest results confirm our most optimistic expectations for Luhala and leave open the opportunity to expand known zones of gold mineralization down dip and along strike." "Clearly, we are entering a new phase of exploration at Luhala which, coupled with our exploration successes elsewhere in the Lake Victoria Greenstone Belt, points to a banner year for the company." More
- September 08, 2006 | Item | E-mail
UBS cuts Silver Standard to "neutral" - "UBS on Friday lowered its rating on silver mining company Silver Standard Resources Inc. to "neutral" from "buy" on share price appreciation." More
- September 08, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 September, 2006 | |
