-- Posted 13 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $588.90 | +$1.40 |
Silver | $11.06 | +$0.06 |
XAU | 130.73 | +0.70% |
HUI | 312.26 | +1.00% |
GDM | 986.44 | +0.99% |
JSE Gold | 2671.82 | -1.26% |
USD | 85.87 | -0.04 |
Euro | 126.91 | +0.03 |
Yen | 85.06 | +0.32 |
Oil | $63.97 | +$0.21 |
10-Year | 4.765% | -0.008 |
T-Bond | 110.375 | +0.0625 |
Dow | 11543.32 | +0.39% |
Nasdaq | 2227.67 | +0.53% |
S&P | 1318.07 | +0.38% |
The Metals:
Gold fell to under $580 in Asia, rebounded to about $585 in London, and then rose to over $592 in early New York trade before it fell back to about $585, but it then rose into the close and ended with a 0.24% gain. Silver fell under $10.90 in Asia, rebounded to about $11.00 in London, and rose to over $11.20 in early New York trade before it fell back to about $11.00, but it then rose into the close and ended with a 0.55% gain.
Euro gold remained slightly under €465, platinum lost $21 to $1,176, palladium gained $5 to $313, and copper rose slightly to get back above $3.40.
Gold and silver equities rose over 1% at the open before they fell back off a bit, but they did trade with roughly 1% gains for the rest of the session.
Citigroup rogue metals trader loses $20 mln -NYSE
“A rogue Citigroup Inc. trader lost $20 million for the largest U.S. bank by hiding more than $300 million of gold and silver contracts and reporting fake prices, the New York Stock Exchange's regulatory unit said.
Gail Edmonds had as much as $373 million of open positions, nearly 75 times her trading limit, before the bank discovered her misconduct in early 2003 and fired her, the regulator said on Wednesday.”
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Aug | -$64.6B | -$67.0B | -$51.3B |
Also making economic news today was the Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan which increased 3.2%. Tomorrow at 8:30AM EST brings Import and Export Prices for August, Initial Jobless Claims for 9/09 expected at 315,000, and Retail Sales for August expected at -0.2%. Excluding autos, sales are expected at 0.3%. At 10AM are Business Inventories for July expected at 0.5%.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly slightly higher as crude inventories fell 2.6 million barrels, gasoline inventories rose 100,000 barrels, and distillates rose 4.7 million barrels. Concerns over Iran and Nigeria also helped keep prices elevated.
The U.S. dollar index fell a bit as the yen gained on speculation that the G-7 may be more inclined to call for yen strength than previously thought yesterday.
Treasuries rose on easing inflationary worries as the yield on the 10-yesr fell back near 5 month lows.
The Dow, Nasdaq, and S&P steadily rose throughout trade and ended with moderate gains at new 4 month highs as decent earnings reports overshadowed oil’s first gain in 8 sessions.
Among the big names making news in the market today were Pulte, Hovnanian, Ford, Oracle, Lehman, Hewlett-Packard, and Merck.
The Commentary:
“As MIDAS and GATA have pointed out for a long time now, gold does not trade with the dollar. After Gold Rush 21, gold rallied $300 per ounce in 8 months and the dollar barely budged. However, that does not mean it won’t be an extremely important gold factor consideration in the future.
Ironically, what we see at the moment may be the reverse of how the gold/dollar relationship is reported. The way it appears is that the price of gold is being artificially suppressed to keep the dollar stronger than it otherwise might be. The Gold Cartel is trashing gold in order to support the efforts of the Counterparty Risk Management Group and ESF to keep the dollar steady going into the coming US fall elections. The Bush Administration is desperate, for their fortunes, politically and historically, rest on those elections. Thus, all efforts are going into keeping interest rates as low as possible and keeping the US stock market as high as possible. A disappearing dollar could dramatically affect both those markets.
Therefore, maintaining confidence in the US dollar is a must. A rising, or high gold price, is a considered a serious threat to that confidence, so gold is bombed.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 2 at 596.3, 4.2 off the high and 6.3 up from the low.
December Silver closed up 0.06 at 11.2. This was 0.1 up from the low and 0.22 off the high.
After only fleeting moves above unchanged the gold market showed that it was under less overall favor than the rest of the metals markets. While the Dollar didn't exactly forge an upside breakout it did manage to reach a new high for the move and that would seem to leave the currency impact on gold as a negative. While the Press continues to float stories regarding an eventual return to bull market conditions, the gold market doesn't seem to be benefiting from the somewhat impress recovery action in the US equity market. Apparently stock market investors are bullish but the outlook for the economy and the outlook for physical demand isn't improving in sync. While oil prices showed some recovery action in certain markets on Wednesday, it generally seems like the energy market influence on gold remains negative. While scheduled US economic data might not resurrect the gold market, the data flow this week has been very light and that might have allowed the bear camp in gold to be a little more aggressive with the selling this week!
In addition to talk about value hunting buying in the metals, it is likely that progressively higher equity prices are serving to give pause to the bear camp in silver. In fact, with silver and copper showing positive action on Wednesday in the wake of the equity market action and the silver market down $2.39 cents from the September highs, the silver market is certainly closing in on moderately oversold technical position.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: History repeats for gold and silver with another bull-market correction
Corrected version of Grandich Letter's special alert
The Statistics:
As of close of business: 09/12/2006
Gold Warehouse Stocks: | 8,019,972 | - |
Silver Warehouse Stocks: | 104,369,239 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 390.70 | 12,561,474 | US$ 7,419m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.17 | 2,513,297 | US$ 1,483m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.87 | 316,960 | US$ 187m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,980 | US$ 187m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 1.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/12/2006 | |
Total Net Assets | $813,541,979 | 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 09/12/2006 | |
Total Net Assets | $1,171,502,461 | Ounces of Silver
in Trust | 103,325,607 |
Shares Outstanding | 10,350,000 | Tonnes of Silver
in Trust | 3,213.8 |
Note: Change in Total Tonnes from yesterday’s data: 31.1 tonnes were added to the trust.
The Stocks:
Cardero’s (CDY) drill program, Ivanhoe’s (IVN) disagreement with the Globe and Mail, and Queenstake’s (QEE) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cumberland | CLG +6.05% $5.61 |
2. Fronteer | FRG +5.37% $5.49 |
3. Buenaventura | BVN+4.16% $27.02 |
LOSERS
1. Nevsun | NSU-3.04% $2.87 |
2. Banro | BAA -2.85% $7.85 |
3. Cardero | CDY-2.58% $1.51 |
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:
Paramount Gold Drills Multiple High-Grade Intercepts - More
- September 13, 2006 | Item | E-mail
Petaquilla in Talks with Jinchuan on Petaquilla Copper Project - More
- September 13, 2006 | Item | E-mail
Tagish Executes Letter of Offer with Macquarie Bank Ltd. for a C$2.0M Feasibility Financing Facility - More
- September 13, 2006 | Item | E-mail
Pearl Asian Mining Closes Regulation D Offering: 100% Completion of the 90% Buy Back, Starts Processing Gold Ores - More
- September 13, 2006 | Item | E-mail
Little Squaw Concludes Chandalar Drilling - More
- September 13, 2006 | Item | E-mail
Inmet Mining presentation at Merrill Lynch Canada Conference 2006 - More
- September 13, 2006 | Item | E-mail
Copper Ridge Exploration Update - Drilling commences at Lucky Joe - More
- September 13, 2006 | Item | E-mail
Cardero Announces Argentina Drill Program - "Cardero Resource Corp. is pleased to provide an update on its Argentine exploration program. Cardero is planning to aggressively test a minimum of five properties with 10,000 metres of diamond drilling in the 2006/07 field season. Two porphyry copper targets, Cerro Juncal and Huachi, will be tested in late-September and early November, respectively, followed by three gold properties early in 2007." More
- September 13, 2006 | Item | E-mail
Madison Arranges Non-Brokered Private Placement - More
- September 13, 2006 | Item | E-mail
Drilling begins at Yécora Project in Mexico; Paula Concession staked. - More
- September 13, 2006 | Item | E-mail
Pioneer Board of Directors Changed Due to Barrick's Acquisition of 81% of Pioneer - More
- September 13, 2006 | Item | E-mail
Matamec Closes $210,000 Private Placement - More
- September 13, 2006 | Item | E-mail
New Guinea Gold Corporation: 438g/t Gold & 485 g/t Silver in Drill Core at Imwauna Papua New Guinea - More
- September 13, 2006 | Item | E-mail
New World Resource Corp.: Drilling at Lipena Intersects 60.6 Metres of 3.17% Copper and 5.31 g/t Gold - More
- September 13, 2006 | Item | E-mail
Newgold Takes Next Step Towards Production; - More
- September 13, 2006 | Item | E-mail
HE-5 Resources, Corp. Signs MoU to Acquire a Massive Sulphide Deposit - More
- September 13, 2006 | Item | E-mail
Tesoro Gold Project, Peru - Plan of Development - More
- September 13, 2006 | Item | E-mail
Intrepid Files Preliminary Final Report - More
- September 13, 2006 | Item | E-mail
Enterayon Acquires Pinnacle Gold-Silver Claim - More
- September 13, 2006 | Item | E-mail
Initial Sampling Returns High Gold Values on Houston Lake Mining's Dogpaw Lake Property Option - More
- September 13, 2006 | Item | E-mail
Mansfield Minerals Inc.: Lindero Project, Argentina-Update - More
- September 13, 2006 | Item | E-mail
Lincoln Gold Begins Soil Sampling Program, Guadalupe y Calvo District, Mexico - More
- September 13, 2006 | Item | E-mail
Patriot Gold Corp. to Hold Special Meeting of Shareholders - More
- September 13, 2006 | Item | E-mail
Northland Cuts Significant Iron-Copper-Gold Mineralization at the Hannukainen Project, Finland - More
- September 13, 2006 | Item | E-mail
Shahuindo Mining Concessions Now Officially Registered Under Minera Sulliden Shahuindo SAC - More
- September 13, 2006 | Item | E-mail
Palmarejo Silver-Gold Project Drill Results Update - More
- September 13, 2006 | Item | E-mail
Amera Resources Listed on the NASDAQ OTCBB - More
- September 13, 2006 | Item | E-mail
Eagle Plains/Mulligan Capital Corp Commence Airborne Geophysical Survey on Eagle Lake, Saskatchewan Uranium Property - More
- September 13, 2006 | Item | E-mail
Copper Canyon Resources Engages Blackmont Capital as Financial Advisor - More
- September 13, 2006 | Item | E-mail
Unico, Inc. Chairman Reports Stock Purchase on Form 4 - More
- September 13, 2006 | Item | E-mail
Brazauro to Acquire BrazMin's Tocantinzinho Interests - More
- September 13, 2006 | Item | E-mail
Oromin Explorations Ltd.: Drilling and Trenching at Sabodala Expands Gold Mineralization - More
- September 13, 2006 | Item | E-mail
SearchGold Update on High Grade Gold Zones From Belleterre Project in Quebec, Canada - More
- September 13, 2006 | Item | E-mail
Sienna Gold Inc. - Latest Domo Samples Cut on Average 8 gpt Gold and 187 gpt Silver - More
- September 13, 2006 | Item | E-mail
Capital Gold Repurchases Interest in El Chanate Gold Mine, Sonora, Mexico - More
- September 13, 2006 | Item | E-mail
Thomas J. Weitz Joins O.T. Team - More
- September 13, 2006 | Item | E-mail
Cancor continues to explore Kistabiche, near Joutel in the Matagami Sector of Abitibi - More
- September 13, 2006 | Item | E-mail
Diamond Drilling Discovers New Zones and Extends Size of Uzboy Gold Deposit - More
- September 13, 2006 | Item | E-mail
Orex Clarifies Statement on New Inferred Resources for Goldboro - More
- September 13, 2006 | Item | E-mail
FNX Continues to Expand and Delineate Levack Footwall Deposits - More
- September 13, 2006 | Item | E-mail
Aurogin Nears Mine Completion at El Sastre - More
- September 13, 2006 | Item | E-mail
Clifton Mining Company Inc. (OTC : CFTN) - Shareholder meeting results and information - More
- September 13, 2006 | Item | E-mail
Globe and Mail newspaper fails again to tell the whole story about mining-related events and policies in Mongolia - "Even the seriously flawed story fails to support the obsessively negative headline. Neither the story, nor any representative of the Mongolian government, has said that the government is about to seize interests in any mining projects in the country. An implication of a grab, or seizure, is that such action could be taken without consent or fair compensation. But that is not the case." More
- September 13, 2006 | Item | E-mail
Queenstake Continues to Expand Gold Mineralization at SSX and Steer Mines - "Queenstake Resources Ltd. reported that recent underground drilling at the SSX Mine at the Jerritt Canyon operations in Northeastern Nevada continued to identify high-grade gold mineralization, the most significant of which included intersections of 35 feet grading 0.628 ounce of gold per ton (opt) or 10.7 meters grading 22 grams of gold per tonne (gpt) in Zone 2 and 15 feet of 0.658 opt (4.6 meters of 23 gpt) in Zone 6." More
- September 13, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 September, 2006 | |
