-- Posted 18 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $586.00 | +$8.70 |
Silver | $11.15 | +$0.43 |
XAU | 130.27 | +3.08% |
HUI | 306.84 | +2.82% |
GDM | 981.57 | +2.96% |
JSE Gold | 2635.72 | -0.64% |
USD | 85.78 | -0.19 |
Euro | 126.97 | +0.41 |
Yen | 84.76 | -0.13 |
Oil | $63.80 | +$0.47 |
10-Year | 4.810% | +0.012 |
T-Bond | 109.9375 | -0.1875 |
Dow | 11555.00 | -0.05% |
Nasdaq | 2235.75 | +0.01% |
S&P | 1321.18 | +0.10% |
The Metals:
Gold rose about $7 in Asia before it fell back near unchanged in London and early New York trade, but a sharp rally in the last 2 hours of trade left gold with a gain of 1.51% on the day. Silver rose over $10.90 in Asia before it fell to unchanged in early New York trade, but it also rallied fiercely higher in the last 2 hours of trade and ended with a gain of 4.01%.
Euro gold rose over €460, platinum gained $3 to $1,156, palladium gained $1 to $310, and copper gained nearly 10 cents to over $3.40 per pound.
Gold and silver equities traded slightly higher in morning trade and advanced to find over 3% gains by early afternoon, but they then fell off to trade with just over 1% gains before they rallied into the close and ended near their highs with gains of about 3%.
The Economy:
Report | For | Reading | Expected | Previous |
Current Account | Q2 | -$218.4B | -$214.0B | -$213.2B |
Net Foreign Purchases | July | $32.9B | $70.0B | $75.1B |
July’s Net Foreign Purchases did not come close to covering July’s record high trade deficit of $68.0 billion reported last week. Also making economic news today was the NAHB’s homebuilder confidence survey that fell to a 15 year low to 30 from 33 in August, with a reading below 50 indicating that builders view conditions as poor. A CEO survey also reported that “CEO's expectations for economic growth over the next six months have dipped to their lowest level in three years. Its CEO Economic Outlook Index dropped sharply to 82.4 in September from the second-quarter reading of 98.6, for a second consecutive quarterly decline.”
Tomorrow at 8:30AM EST brings PPI for August expected at 0.3%, Core PPI expected at 0.2%, Building Permits for August expected at 1,740,000, and Housing Starts for August expected at 1,750,000.
ADVERTISEMENT
Join the Gold Rush: FREE Gold Traders Kit! FREE mini-sized Gold & Silver Fu
tures Booklet
FREE Electronic Gold OPTIONS Booklet (Don't forget - Electronic Gold launches March 3rd!)
Access to Gold Live Book (Free Real-Time Prices)
Access to Silver Live Book (Free Real-Time Prices)
Plus a special Metals Complex Benefits Sheet
- Click Here -
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after news came out that BP’s Thunderhorse platform in the Gulf of Mexico will not come back on line from hurricane damages as early as previously thought. Concerns over Iran also encouraged buying.
The U.S. dollar index and treasuries fell after Net Foreign Purchases came in less than expected and “data showed a sharp decline of net inflows into Treasuries… In July, private net buying of U.S. assets fell to $31.8 billion, the lowest since May 2005, in what analysts took to be a danger sign for appetite for U.S. assets. "This is a very disturbing number and clearly we were unable to finance our deficit for the month of July," said Michael Woolfolk, a senior currency strategist at the Bank of New York.” Losses in bonds and the dollar were minimal, however, as traders wait for PPI data tomorrow and look forward to the fed’s policy announcement on Wednesday. The dollar was also buoyed by lack of news from the G-7 meeting that some had hoped would call for a decline in the greenback's value against Asian currencies.
The Dow, Nasdaq, and S&P opened lower, rose to find small gains by early afternoon, and then fell back near their lows in late trade, but a little rally in the last minutes of trade left the indices mixed and near unchanged.
Among the big names making news in the market today were Amaranth, Home Depot, Playboy, GM and Ford, YouTube and Warner Music, Ford and BMW, Citizens Communications and Commonwealth Telephone, and Actavis, Pliva, and Barr.
The Commentary:
“December Gold finished up 9.8 at 592.8, 1.6 off the high and 8.5 up from the low.
December Silver closed up 0.415 at 11.29. This was 0.44 up from the low and 0.03 off the high.
The gold market managed a much more impressive rally than many expected into the opening on Monday and considering that nearby gold almost forged a $10.00 rally it would seem like something more than simple short covering was behind the rally. In fact, with a number of physical commodities forging a rise in a concerted effort on Monday morning, it is possible that some value hunting buyers decided to step back into the long side of gold. In looking at the incendiary commentary from Iran at the UN on Monday morning it is also possible that flight to quality or geopolitical buying interest returned to gold, as the Iranian Supreme leading indicated that Iran would respond with "hostility" in the event that any form of sanctions were levied against Iran. It is also possible that the US Current Account balance readings and reports of lower investment interest flowing toward the US sparked flight to quality buying in gold.
With the gold and copper markets both providing solid leadership to silver, it is not surprising to see the silver market forge such a clear cut bounce. With a number of physical commodity markets all rising in sync on Monday and the Press talking up the potential for a coordinated recovery in some commodity markets, it is likely that some short exited and some fresh buying was seen. The gains in the copper market and the gains in the equity market might have been the most important element in the silver rally but until the December contract manages to rise above $11.51 on a close basis a number of traders are expected to remain bearish toward the market. It should be noted that the December contract managed to regain the 200 day moving average at $11.15 and that probably turned some technical systems into a more positive stance.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Foreign businesses not as welcome as China changes strategy
China rebuffs G7 appeals to let yuan rise faster
China sees no need for great FX reserves shift
Iran knocks bank boycott, considers dumping dollars
Liberty Dollar proponents vow to resist government crackdown
Is U.S. trying to drive Iran out of the dollar?
India nears approval of gold ETFs
Hugo Salinas Price: Silver money for Mexico
The Statistics:
As of close of business: 09/15/2006
Gold Warehouse Stocks: | 8,019,285 | -588 |
Silver Warehouse Stocks: | 105,676,944 | + 784,416 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 393.79 | 12,660,756 | US$ 7,348m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.17 | 2,513,158 | US$ 1,475m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.90 | 318,243 | US$ 187m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,962 | US$ 182m |
Note: Change in Total Tonnes from Friday’s data: The ASX added 0.03 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/15/2006 | |
Total Net Assets | $798,822,403 | 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 Friday’s data.
Silver Trust (SLV)
Profile as of 09/15/2006 | |
Total Net Assets | $1,105,326,396 | 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 Friday’s data.
The Stocks:
Rumors of a possible merger between AngloGold Ashanti (AU) and Gold Fields (GFI), US Energy’s (USEG) loss of their founder and Chairman Emeritus, Goldcorp’s (GG) recommendation to reject TRC’s mini-tender offer, Aurizon’s (AZK) drill results, Metallica’s (MRB) drill results, Coeur’s (CDE) CFO plans to speak at the Denver Gold Forum, Paramount’s (PGDP.PK) drill results, Fortuna’s (FVI.V) new management appointments, First Majestic’s (FR.V) and First Silver’s (FSR.TO) closed plan of arrangement, and Great Panther’s (GPR.V) inferred resource report were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Tanzanian Royalty | TRE +10.55% $5.03 |
2. Seabridge | SA +9.26% $11.80 |
3. Golden Star | GSS +8% $2.97 |
LOSERS
1. Cardero | CDY-7.28% $1.40 |
2. Richmont | RIC -1.76% $2.79 |
3. Yamana | AUY -1.7% $9.83 |
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:
Technical Report Filed on Modder East Gold Project - More
- September 18, 2006 | Item | E-mail
Coeur CFO to Speak at Denver Gold Forum - "James A. Sabala, Executive Vice President and Chief Financial Officer of Coeur d'Alene Mines Corporation, will speak at the Denver Gold Forum in Denver, Colorado on September 25 at 3:55 pm Eastern time (1:55 pm Denver time). Mr. Sabala will present an overview of the company's strategy and growth prospects. The slides used by Mr. Sabala will be available in the Investor Relations section of Coeur's web site, www.coeur.com." More
- September 18, 2006 | Item | E-mail
Paramount Gold's Trench Results at San Miguel, Mexico, Extend Silver/Gold Zone Another 250 Meters - "Paramount Gold Mining Corp., is pleased to release the results of a trenching program in the south and central part of its San Miguel concession block near Temoris, Chihuahua, Mexico. The eight trenches reported are located in the La Union zone which is adjoining and to the South of the San Jose zone where Paramount reported drill results that included 874 g/t silver across 5.2 meters and 553 g/t silver across 6.5 meters (see news release dated Sept. 14, 2006)." More
- September 18, 2006 | Item | E-mail
Andina Increases Volcan Indicated Resource by 310% to 1.44 Million Ounces of Gold - More
- September 18, 2006 | Item | E-mail
Bravo Intercepts Additional High-Grade Gold at Homestake Ridge - More
- September 18, 2006 | Item | E-mail
Gowest Amalgamated Resources Ltd. and Newstrike Resources Ltd.: Drilling Results-Falconbridge Property, Prosser Township, Timmins Area, Ontario - More
- September 18, 2006 | Item | E-mail
International Tower Hill Launches New Corporate Website - More
- September 18, 2006 | Item | E-mail
Canarc Resource Corp.: Visible Gold Intersected in Drill Hole at New Polaris Project, BC - More
- September 18, 2006 | Item | E-mail
St Andrew to Acquire Holloway-Holt Gold Mining and Exploration Assets From Newmont - More
- September 18, 2006 | Item | E-mail
Fortuna Silver Mines Inc.: New Management Appointments - "Mr. Vehrs' appointment as Vice President Exploration will significantly enhance the Company's ability to manage multi-phase programs at our various projects in Peru and Mexico, as well as bring new exploration and mining opportunities in the region. Mr. Peter Thiersch, is leaving the position of Vice President of Exploration. Peter leaves his active role in the Company to attend family matters and will continue to serve as board member. The Company wishes him all the best for the future." More
- September 18, 2006 | Item | E-mail
International Wayside Gold Mines Ltd.: Drilling Resumes on the Mucho Oro Zone - More
- September 18, 2006 | Item | E-mail
First Majestic Resource Corp. and First Silver Reserve Inc. Plan of Arrangement Closes - "First Majestic Resource Corp. and First Silver Reserve Inc. are pleased to announce that the business combination between First Majestic and First Silver by way of a plan of arrangement closed September 14, 2006 (the "Effective Date"). First Silver is now a wholly-owned subsidiary of First Majestic. The shares of First Silver will be delisted from the Toronto Stock Exchange effective at the close of trading on Monday, September 18, 2006." More
- September 18, 2006 | Item | E-mail
Keegan Discovers 30 Meters of 2.0 g/t Gold in New Trench at Esaase Gold Property - More
- September 18, 2006 | Item | E-mail
Merrex Gold Inc. Appoints C.F.O. - More
- September 18, 2006 | Item | E-mail
Great Panther Announces 22.3 mill. oz. Silver Equivalent Inferred Resource at KM66 Property - "GREAT PANTHER RESOURCES LIMITED is pleased to announce that Wardrop Engineering (Wardrop) of Vancouver, B.C. has delivered a NI 43-101 compliant resource estimate for the Company's Km 66 Project in northeastern Durango State, Mexico. Using a 50 g/t silver equivalent cut-off grade, Wardrop estimates that the Palmitas and Gloria Zones together contain an Inferred Mineral Resource of 4,969,800 tonnes at a grade of 59 g/t Ag, 0.13 g/t Au, 0.81% Pb and 1.31% Zn." More
- September 18, 2006 | Item | E-mail
Cancor raises $1,200,000 pursuant to a private placement - More
- September 18, 2006 | Item | E-mail
MacDonald Mines October Drill Program Targets the 1.2 Km Campbell Zone on its McNugget Property; MacDonald Signs Agreement with Virginia Mines - More
- September 18, 2006 | Item | E-mail
Exeter Resource Corporation: Luna Zone Drilling Extends Gold Mineralization at La Cabeza - More
- September 18, 2006 | Item | E-mail
American Bonanza Launches New Website - More
- September 18, 2006 | Item | E-mail
Goldbelt graduates to Tier 1 listing - More
- September 18, 2006 | Item | E-mail
Vena Resources Provides Significant Update on Azulcocha Zinc Project - More
- September 18, 2006 | Item | E-mail
Western Warrior Contracts Aerial AeroTEM III Survey at Warclub Lake, Ontario - More
- September 18, 2006 | Item | E-mail
Richview Resources Retains AGORACOM Investor Relations - More
- September 18, 2006 | Item | E-mail
Teryl Resources Corp. Announces Drilling Has Commenced on Gil Joint Venture - More
- September 18, 2006 | Item | E-mail
Copper Fox Metals Inc. Announces the Completion of $5,000,000 in Qualifying Expenditures pursuant to its Option Agreement for the acquisition of a 93.4% interes - More
- September 18, 2006 | Item | E-mail
Baltic Resources Inc.: Hawkins Property Update - More
- September 18, 2006 | Item | E-mail
Western Copper and Lumina Resources to Complete Business Combination - More
- September 18, 2006 | Item | E-mail
Crew Gold Corp.: Masara Mine, Philippines - More
- September 18, 2006 | Item | E-mail
Arian Silver Corporation Completes Phase 1 of its San Celso Mine Evaluation - More
- September 18, 2006 | Item | E-mail
Positive Gold Results in Globex-Noront, Hunters Point, Gold-Uranium Project Area - More
- September 18, 2006 | Item | E-mail
Little Squaw Evaluating Chandalar Placer Gold Deposits - More
- September 18, 2006 | Item | E-mail
Western Copper Corp. to Acquire Lumina Resources Corp. - More
- September 18, 2006 | Item | E-mail
Enterayon Acquires Additional Zone on Monte Cristo Platimum Property - More
- September 18, 2006 | Item | E-mail
Wits Basin Announces Dr. Clyde Smith Appointed President - More
- September 18, 2006 | Item | E-mail
Wallbridge Mining Extends Mineralization and Tests New Targets - More
- September 18, 2006 | Item | E-mail
Golden River Resources Advances Slave Craton Projects - More
- September 18, 2006 | Item | E-mail
Cambridge Mineral Resources plc: Interim Results - More
- September 18, 2006 | Item | E-mail
Royal Standard Minerals: Plans for Investor/Shareholder Market Awareness Program - More
- September 18, 2006 | Item | E-mail
Anatolia Mandates Lead Arranger for Senior Project Financing of Copler Gold Project - More
- September 18, 2006 | Item | E-mail
Letter to the Shareholders of Drake Gold Resources, Inc. - More
- September 18, 2006 | Item | E-mail
Alberta Star to Raise Up to $11.02 Million in Brokered Private Placement - More
- September 18, 2006 | Item | E-mail
Chapleau Resources Ltd. negotiates a $3,003,000 private placement - More
- September 18, 2006 | Item | E-mail
Founder and Chairman Emeritus of U.S. Energy Corp. Dies at Age 74 - "While we have lost a great friend and one of the mining industry's true visionaries, Jack Larsen (my father) built a remarkable company that is fully prepared to carry forward his vision to capitalize on the tremendous opportunities we see in the minerals markets. We will always be deeply grateful for his leadership and the contributions he made during a career that spanned half a century. His legacy at U. S. Energy Corp. includes the ownership in a world class molybdenum deposit, the ownership of one of the last uranium mills in the United States and significant equity interests in both a publicly traded gold company, a natural gas company that is currently in registration and a royalty on a world class uranium deposit." More
- September 18, 2006 | Item | E-mail
Goldcorp Continues to Recommend Rejection of Mini-Tender Offer by TRC Capital - "Goldcorp continues to recommend that its shareholders reject this unsolicited offer. Goldcorp wishes to inform its shareholders that it is not associated with TRC Capital, the offer or the offer documentation." More
- September 18, 2006 | Item | E-mail
Aurizon Reports Further Positive Definition Drill Results from the Lower Inter Zone at Casa Berardi - "These additional definition holes drilled in the Lower Inter Zone continue to indicate that the potential of this wide, flat lying zone could improve our current mine plan," said David Hall, President and CEO of Aurizon. "The current undiluted resource grade for the Lower Inter Zone is 7.27 grams. A new resource estimate will be calculated for the deposits at Casa Berardi at the end of the year." More
- September 18, 2006 | Item | E-mail
Russian Gold Miner Expands Ambitions - "Russia's biggest gold mining company, OAO Polyus Gold, unveiled a 10-year plan Monday to become one of the world's largest gold producers, the chief executive officer said. The company's board approved a plan to triple its output to 3.9 million ounces and boost proven and possible reserves to 68 million ounces by 2015, he said. Under the plan, some $3.4 billion will be invested to acquire new assets and licenses in Russia and overseas." More
- September 18, 2006 | Item | E-mail
Metallica Resources Drills 108 Meters Averaging 0.40% Copper and 0.96 g/t Gold at its Rio Figueroa Project, Chile - "Metallica Resources Inc. is pleased to announce the latest drill results from its Rio Figueroa copper-gold project in Chile, which includes a 108 meter intercept averaging 0.40% copper and 0.96 g/t gold in hole MDH-02. During July and August 2006, a diamond drilling program consisting of three core holes totaling 1,339 meters was completed in the Cerro Matta area. All three core holes intercepted significant intervals of porphyry-style copper-gold mineralization." More
- September 18, 2006 | Item | E-mail
Commentators yearn Gold Fields / AngloGold marriage - "South Africa’s gold mining industry has consolidated sharply over the past decade, but there may yet be room and appetite for a monster deal – a marriage between AngloGold Ashanti and Gold Fields – to create the world’s biggest gold miner." More
- September 18, 2006 | Item | E-mail
Miners challenge SA govt in court over "damaging" license blockage - "Anglo Platinum’s decision to take legal action against the Department of Minerals & Energy over its refusal to grant it four prospecting licenses underlines the growing tensions and logistical frustrations developing between mining companies and the government." More
- September 18, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2006
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 18 September, 2006 | |
