-- Posted 14 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $579.30 | -$9.60 |
Silver | $10.77 | -$0.29 |
XAU | 125.54 | -3.97% |
HUI | 298.76 | -4.32% |
GDM | 948.61 | -3.84% |
JSE Gold | 2696.15 | +0.91% |
USD | 85.67 | -0.20 |
Euro | 127.28 | +0.37 |
Yen | 85.09 | +0.03 |
Oil | $63.22 | -$0.75 |
10-Year | 4.793% | +0.028 |
T-Bond | 110.15625 | -0.21875 |
Dow | 11527.39 | -0.14% |
Nasdaq | 2228.73 | +0.05% |
S&P | 1316.28 | -0.14% |
The Metals:
Gold traded near unchanged in Asia before it rose over $5 to about $595 in London, but it then fell off throughout trade in New York and ended near its lows with a loss of 1.63%. Silver rose about 20 cents near $11.35 by the end of trade in London, but it also dramatically fell off in New York and ended near its lows with a loss of 2.62%.
Euro gold fell near €450, platinum lost $7 to $1,169, palladium gained $7 to $320, and copper fell over 5 cents to under $3.35 which is a 2 month low.
Gold and silver equities steadily fell off throughout most of trade and ended about 4% lower.
GFMS Sees $700 Gold By Year-End
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Aug | 0.8% | 0.3% | 1.0% |
Import Prices ex-oil | Aug | 0.5% | - | 0.0% |
Export Prices | Aug | 0.4% | 0.3% | 0.4% |
Export Prices ex-ag. | Aug | 0.4% | - | 0.3% |
Retail Sales | Aug | 0.2% | -0.2% | 1.4% |
Retail Sales ex-auto | Aug | 0.2% | 0.3% | 0.6% |
Initial Claims | 9/09 | 308K | 315K | 313K |
Business Inventories | July | 0.6% | 0.5% | 0.9% |
Higher than expected Import Prices raised inflation fears a bit and Retail Sales also came in higher than expected, but they still came in at a 2 month low and when excluding autos, sales came in below expectations.
Tomorrow at 8:30AM EST is CPI for August expected at 0.2%, Core CPI expected at 0.2%, and the NY Empire State Index for September expected at 14.0. At 9:15 is Industrial Production for August expected at 0.2% and Capacity Utilization expected at 82.5%. Finally at 9:50 is the preliminary reading for September Michigan Sentiment expected at 83.5.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Natural gas stocks added a more than expected 108 billion cubic feet and sent the price of natural gas to a 2 year low under $5. Word of a strike being called off in Nigeria and progress at the reopening of BP’s Prudhoe Bay also helped send the price of oil back down to new 5 month lows.
The U.S. dollar index fell as European Central Bank President Jean-Claude Trichet hinted toward further ECB interest rate hikes.
Treasuries fell on stronger than expected Retail Sales and higher than expected Import Prices, but losses were limited ahead of tomorrow’s CPI report.
The Dow, Nasdaq, and S&P opened modestly lower, rallied near unchanged by early afternoon, and ended the day mixed as lower oil prices and varied company news battled with inflation fears.
Among the big names making news in the market today were Ford, ConAgra, Microsoft, Wal-Mart, Segway, Anadarko, Bear Sterns, and GE and Apollo Management.
The Commentary:
“This is the really the pits, but it is the same "pits" we are so used to, each year since 2001. So why bother? Because at the end of most of these "pits" situations my net worth keeps going up and up and up. It is so important to thoroughly understand what the real gold story is all about, which is why (again) the www.GoldRush21.com DVD is so critical to view and review from time to time. When you watch the DVD again, it refocuses the mind on how right GATA has been. Of greater importance is how it builds confidence in where the gold price is going and why … which is the reason you will make mega bucks if you hang in there.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 10.3 at 586, 14.3 off the high and 2 up from the low.
December Silver closed down 0.25 at 10.95. This was 0.07 up from the low and 0.48 off the high.
After a couple early attempts to rally the gold market seems to have resumed the downside washout in the late action Thursday. With the IMF calling for the chance of higher interest rates and the market somehow fearful of rising US rates in the wake of a minor up tick in US retail sales, it would seem like the deflationary/soft landing crowd is back into a position to pressure gold prices. Some have suggested that the failure to extend recent equity market gains the face of more new lows in energy prices was simply too much for the bottom pickers in the gold market. While some players viewed the Gold Fields predictions Thursday as supportive, the fact of the matter is that the string of developments from the GFMS, were on their face, somewhat disappointing. For the gold market to have fallen so aggressively in the face of a sharp slide in the Dollar, seems to highlight a very negative track in the gold market.
Even the silver market gave up fighting against the recent liquidation tilt and that is surprising after the somewhat positive action of the last 36 hours. However, with energy prices down, equity prices down and gold coming under renewed pressure the trade was confronted with bearish ideas from a number of fronts. With the equity market sliding, the whole benefit of an improving economy off the favorable retail sales readings and the gains posited by the stock market early in the week is lost. While some traders are now suggesting that the silver market has leveled its spec and fund long positioning, the upcoming positioning report will not fully register the decline in the spec long position and that could leave the market open to even more long liquidation fears. Without a solid forward economic viewpoint, the bears in silver seem to have little recourse.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russian central banker murdered after attacking insolvencies and corruption
Morgan Chase fined, censured for short-selling violations
Dollar eases as Paulson hits China on eve of banker meetings
John Embry: Manipulation of precious metals prices could hardly be more obvious
Paramount Gold endorses and underwrites GATA's work
Strange ... This never happens to MorganChase and Goldman Sachs metals traders
The Statistics:
As of close of business: 09/13/2006
Gold Warehouse Stocks: | 8,019,873 | -99 |
Silver Warehouse Stocks: | 104,636,808 | + 267,569 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 393.79 | 12,660,756 | US$ 7,456m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.17 | 2,513,269 | US$ 1,450m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.87 | 316,957 | US$ 183m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,976 | US$ 187m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/13/2006 | |
Total Net Assets | $816,443,925 | 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 09/13/2006 | |
Total Net Assets | $1,136,355,706 | Ounces of Silver
in Trust | 103,325,607 |
Shares Outstanding | 10,350,000 | Tonnes of Silver
in Trust | 3,213.8 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
IAMGOLD’s (IAG) friendly takeover of Cambior (CBJ), Pacific Rim’s (PMU) quarterly results, Orezone’s (OZN) drill results, Ivanhoe’s (IVN) anomaly discoveries, Barrick’s (ABX) plans to terminate NovaGold’s poison pill and bid extension, NovaGold’s (NG) court finding, First Majestic’s (FR.V) mine update, and Coeur d'Alene (CDE) exploration agreement with Mirasol (MRZ.V) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cambior | CBJ +13.8% $3.71 |
2. Gold Reserve | GRZ +2.8% $4.40 |
3. Crystallex | KRY +2.73% $3.01 |
LOSERS
1. IAMGOLD | IAG-12.88% $8.93 |
2. Seabridge | SA -10.9% $10.54 |
3. Vista Gold | VGZ -9.92% $9.08 |
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:
Wesdome Gold Mines Files Amended MD&A - More
- September 14, 2006 | Item | E-mail
Operational Overview - Athabasca Basin - More
- September 14, 2006 | Item | E-mail
Barrick to Seek Termination of NovaGold Poison Pill and Extends Bid - "Barrick Gold Corporation announced today that it will be submitting an application to the British Columbia Securities Commission for a hearing to cease trade NovaGold Resources Inc.'s shareholder rights plan or poison pill. The Company will ask that the hearing be held no later than September 27, 2006. Barrick also announced that its offer to acquire the outstanding shares of NovaGold has been extended to 6:00 p.m. (Toronto time) on September 29, 2006." More
- September 14, 2006 | Item | E-mail
GBS Gold International Inc.: Annual Financial Results and Operations Update - More
- September 14, 2006 | Item | E-mail
Patricia Mining Corp. Announces Surface Exploration Drill Results - More
- September 14, 2006 | Item | E-mail
Intrepid Announces Board Resignation - More
- September 14, 2006 | Item | E-mail
Vena to Resume Drilling at Las Princesas and Increases Ownership Stake - More
- September 14, 2006 | Item | E-mail
Amarillo Updates Exploration and Drilling, Mara Rosa Project, Goias, Brazil - More
- September 14, 2006 | Item | E-mail
Augusta Infill Drill Program Continues to Verify Rosemont Deposit - More
- September 14, 2006 | Item | E-mail
Great Western Minerals Group Ltd.: Robert 'Bob' J. Quinn Appointed Director - More
- September 14, 2006 | Item | E-mail
Consolidated Gold Win Ventures Inc.: Work at Dolly Varden Continues to Find Copper Mineralization - More
- September 14, 2006 | Item | E-mail
Corriente Resources Inc.: Board Approval Granted to Order Long Lead Time Equipment for Mirador Copper-Gold Mine, Ecuador - More
- September 14, 2006 | Item | E-mail
Thundermin Resumes Diamond Drill Program on the Linda 2 Massive Copper-Zinc Sulphide Deposit on Its 100% Owned RLM Property, Snow Lake Area, Manitoba - More
- September 14, 2006 | Item | E-mail
Nuinsco Making Good Progress on Minago Scoping Study - More
- September 14, 2006 | Item | E-mail
Iamgold to buy Cambior in friendly C$1.33 bln deal - "Iamgold Corp. said on Thursday it will buy fellow Canadian miner Cambior Inc. for about C$1.33 billion ($1.2 billion) in stock, creating a gold miner with more than 1 million ounces of annual production. The deal will push Iamgold to the top of the midtier gold producers and comes six months after the miner snapped up Australian-based Gallery Gold." More
- September 14, 2006 | Item | E-mail
Oriel Resources plc: Press Release - More
- September 14, 2006 | Item | E-mail
Harte Gold Corp.: Private Placement-Up To $2,200,000.00 - More
- September 14, 2006 | Item | E-mail
Canarc Clarifies Past Disclosures - More
- September 14, 2006 | Item | E-mail
South American Minerals, Inc. to Establish Land Based Alluvial Gold Sluicing Operation - More
- September 14, 2006 | Item | E-mail
New Jersey Mining Company Locates New Gold Property - More
- September 14, 2006 | Item | E-mail
Aurelian Interesects 107.5 Metres Grading 5.01 g/t and 173.0 Metres Grading 4.73 g/t of Gold in Drilling - More
- September 14, 2006 | Item | E-mail
Great West Gold, Inc. -- Strategic Review of Operations and Corporate Update - More
- September 14, 2006 | Item | E-mail
First Majestic Resource Corp.: La Parrilla Silver Mine Update and New NI 43-101 Resource - "The La Parrilla Silver Mine is located about 1km from the village of San Juan de La Parrilla and 75km SE of Durango, Mexico. Covering in excess of 3400 hectares, with excellent infrastructure, the mine is only 4km off of the main highway which links Durango and Zacatecas. Among the several large vein systems included within the La Parrilla property boundaries, the company is focusing on the La Rosa/Los Rosarios, San Marcos, San Jose, San Nicolas, Vacas, Quebradilla, La Luz and Recuerdo structures." More
- September 14, 2006 | Item | E-mail
Virginia Mines Inc.: Signing of an Agreement with Macdonald Mines Exploration Ltd. on the LG 3.5 Property - More
- September 14, 2006 | Item | E-mail
High River Gold to Drill Twelve Major Target Areas at Bissa - More
- September 14, 2006 | Item | E-mail
Boliden: Skelleftea AIK Gets the Gold - More
- September 14, 2006 | Item | E-mail
Gold Resource Corporation Approved for Trading on OTC-BB - More
- September 14, 2006 | Item | E-mail
Bison Drills into High Grade Gold in Bissett Camp - More
- September 14, 2006 | Item | E-mail
Noront to Restart Drilling at Windfall Lake - More
- September 14, 2006 | Item | E-mail
Greencastle Reports Initial Drill Results from Namaga Project in Niger 22m grading 2.4 g/t and 10m grading 4.9 g/t - More
- September 14, 2006 | Item | E-mail
Rocmec to Initiate a Diamond Drill Campaign on its Rocmec 1 'Russian Kid' Gold Property - More
- September 14, 2006 | Item | E-mail
Aura Silver and Intrepid Mines Team up to Explore High-Grade Silver Prospect, Nunavut - More
- September 14, 2006 | Item | E-mail
Paramount Gold Drills Multiple High-Grade Intercepts - More
- September 14, 2006 | Item | E-mail
Champion Bear Resources drilling confirms mineralized structure continues down plunge to the west and discovers anomalous gold mineralization - More
- September 14, 2006 | Item | E-mail
Bellhaven Ventures Acquires the Cerro Chorcha Porphyry Copper Deposit - More
- September 14, 2006 | Item | E-mail
Mirasol Signs Exploration Agreement with Coeur d'Alene Mines - "Mirasol Resources Ltd. is pleased to announce the signing of a Letter of Intent with Coeur d'Alene Mines for the exploration of Mirasol's 100%-owned Sascha and Joaquin gold-silver projects in Santa Cruz Province, southern Argentina. Coeur is a top-tier international silver producer whose South American operations include the Martha silver mine in southern Argentina and the Cerro Bayo silver-gold mine in southern Chile. Both the Joaquin and Sascha Projects are Mirasol discoveries in the prolific Deseado Massif volcanic terrane of southern Argentina." More
- September 14, 2006 | Item | E-mail
Galway announces acquisition of Lone Mountain Copper-Zinc Project - More
- September 14, 2006 | Item | E-mail
Tara Gold Drills Multiple High-Grade Intercepts - More
- September 14, 2006 | Item | E-mail
Vantex Resources Ltd: Results From the Lake Expanse Bulk Sample - More
- September 14, 2006 | Item | E-mail
Terex Resources Inc.: Drilling Update On Wawa Mishibishu Greenstone Gold Belt - More
- September 14, 2006 | Item | E-mail
Drilling at NAP's Offset High Grade Zone Shows Good Continuity of PGM-Cu-Ni Mineralization - More
- September 14, 2006 | Item | E-mail
Northern Peru Announces Results from Thirteen Drill Holes at Hilorico-All Contain Significant Gold Intercepts - More
- September 14, 2006 | Item | E-mail
Former Canadian Prime Minister John Turner Joins Inter-Citic's Advisory Board - More
- September 14, 2006 | Item | E-mail
Midlands Minerals Corporation Reports Three Parallel Extensions to Esaase on Sian Property-Ghana - More
- September 14, 2006 | Item | E-mail
Osisko Intersects 287.1m Averaging 1.31 G/T Au at Canadian Malartic - More
- September 14, 2006 | Item | E-mail
Medusa Mining Ltd First Day of Dealings on Frankfurt Stock Exchange - More
- September 14, 2006 | Item | E-mail
Scandinavian Minerals Commences Pilot Plant Program on Kevitsa, Finland Nickel-Copper-PGE Bulk Sample - More
- September 14, 2006 | Item | E-mail
Wits Basin Announces Commencement of Surface Drilling at Bates-Hunter Mine - More
- September 14, 2006 | Item | E-mail
Petaquilla in Talks with Jinchuan on Petaquilla Copper Project - More
- September 14, 2006 | Item | E-mail
Pacific Rim Announces Fiscal 2007 First Quarterly Results - "The consolidated net loss for Q1 2007 was $(2.0) million or $(0.02) per share compared to a net income of $0.5 million or $0.01 per share in Q1 2005. The reduction in net income during the first quarter of the current fiscal year is primarily due to increased direct exploration expenditures in the three month period ended July 31, 2006 ($2.1 million in Q1 2007 compared to $1.1 million in Q1 2006) and recoveries of $1.0 million in creditor proceeds and due diligence payments related to the sale of the Andacollo mine in Q1 2006 for which there is no comparable item in Q1 2007." More
- September 14, 2006 | Item | E-mail
Orezone Resources Inc.: First Drill Results From Namaga Project in Niger: 22m Grading 2.4 g/t and 10m Grading 4.9g/t - "Orezone Resources Inc. reports that assay results have been received from a rotary air blast and reverse circulation drilling program carried out on the 1148 km2 Namaga permit in Niger, West Africa. The Namaga permit, located in the Tera greenstone belt in Western Niger, has been optioned from Greencastle Resources and surrounds Koma Bangou, the country's largest artisanal mining site." More
- September 14, 2006 | Item | E-mail
Regional Geophysical Exploration Delineates Two Large IP Anomalies on the Ivanhoe-BHP Billiton Falcon JV Property in the Oyu Tolgoi District, Mongolia - "Charles Forster, Ivanhoe Mines Oyu Tolgoi Exploration Manager, announced today that the Ivanhoe-BHP Billiton Falcon Gobi joint venture has discovered two large induced polarization (IP) chargeability anomalies north and northwest of the Oyu Tolgoi copper and gold mine development project in southern Mongolia. The two new anomalies are on the Falcon Gobi Project, an exploration joint-venture between BHP Billiton, which manages and funds the joint venture, and Ivanhoe. The project covers an area of approximately 28,000 square kilometres of Ivanhoe's non-core exploration ground in southern Mongolia." More
- September 14, 2006 | Item | E-mail
U.S. Federal Court Finds "Genuine Dispute" on NovaGold's Donlin Creek Gold Project and Says Preliminary Injunction Unnecessary - "NovaGold Resources Inc. today announced that the U.S. District Court for the District of Alaska has declined to grant a preliminary injunction to temporarily suspend the hostile take-over bid by Barrick Gold Corporation, but has made no ruling yet on the merits of the remaining motions. NovaGold has requested an expedited date from the Court for a trial to decide the precise actions that Barrick must take to satisfy the Donlin Creek Mining Venture Agreement in order to earn an additional 40% interest in the Donlin Creek project." More
- September 14, 2006 | Item | E-mail
IAMGOLD and Cambior Agree to a US$3 Billion Transaction Creating a Leading Global Gold Producer - "Under the terms of the transaction, which is structured as a Plan of Arrangement, Cambior's common shareholders will receive 0.42 common shares of IAMGOLD for each issued share of Cambior, representing a value of C$4.83 per share based upon the closing price of IAMGOLD on the TSX on September 13, 2006. This represents a premium of 31% to the closing price of Cambior's shares on the TSX on September 13, 2006 and 33% based on the 20 day volume weighted average trading prices of IAMGOLD's and Cambior's shares on the TSX." More
- September 14, 2006 | Item | E-mail
Record clip of metals mergers: chasing fool's gold? - "Forget prospecting. By the time the next rich vein of gold is found, the blistering rally in prices might be over. The much quicker road to today's Klondike is to leverage assets and jump someone else's claim." More
- September 14, 2006 | Item | E-mail
Eaglecrest Explorations Ltd.: Accomplished Exploration Geophysicist/Geologist Joins Board - More
- September 14, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 September, 2006 | |
