-- Posted 19 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $577.00 | -$9.00 |
Silver | $10.80 | -$0.35 |
XAU | 124.75 | -4.24% |
HUI | 293.98 | -4.19% |
GDM | 940.19 | -4.22% |
JSE Gold | 2662.97 | +1.03% |
USD | 85.93 | +0.15 |
Euro | 126.78 | -0.19 |
Yen | 85.03 | +0.27 |
Oil | $61.66 | -$2.14 |
10-Year | 4.737% | -0.073 |
T-Bond | 110.71875 | +0.78125 |
Dow | 11540.91 | -0.12% |
Nasdaq | 2222.37 | -0.60% |
S&P | 1318.31 | -0.22% |
The Metals:
Gold traded mostly slightly higher in Asia and fell about $5 in London before it rebounded back near unchanged in early New York trade, but it then fell back off throughout the rest of trade in New York and made new lows on the session to close with a loss of 1.54%. Silver followed a very similar pattern and ended with a loss of 3.14%.
Euro gold fell near €450, platinum lost $11 to $1,145, palladium lost $4 to $306, and copper fell a few cents to back under $3.40.
Gold and silver equities steadily fell throughout trade and ended near their lows with over 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Aug | 0.1% | 0.3% | 0.1% |
Core PPI | Aug | -0.4% | 0.2% | -0.3% |
Building Permits | Aug | 1722K | 1740K | 1747K |
Housing Starts | Aug | 1655K | 1750K | 1772K |
Housing Starts fell more than expected to a 3 year low and raised concerns that the economy is slowing too much, but tame inflation data eased those concerns a bit until news of a coup in Thailand rattled the markets midway through the trading day. Tomorrow at 2:15PM is the FOMC policy statement which is expected to keep interest rates unchanged.
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The Markets:
Oil started higher on continued worries over delays in the restart of BP’S Thunderhorse platform in the Gulf of Mexico, but prices ultimately fell to new 6 month lows after President Bush was not as forceful with Iran as some had expected in his speech at the UN and traders continued to digest mild weather across the U.S. and a so far calm hurricane season.
The U.S. dollar index initially fell on economic data that reduced the chances for further interest rate hikes by the fed, but it then rose after news of a coup in Thailand caused traders to sell Asian currencies and buy dollars.
Treasuries gained throughout trade and ended with impressive gains on weak inflation data, poor housing data, and safe haven buying from worries over the coup in Thailand.
The Dow, Nasdaq, and S&P dropped to find notable losses by early afternoon on poor housing data and geopolitical worries, but they were able to cut most of their losses by the close as markedly lower oil encouraged investors.
Among the big names making news in the market today were Yahoo, Chrysler, Toshiba, and Motorola.
The Commentary:
“The point of covering this is that The Gold Cartel has set up one of the great market moves in history. Why? Simple again. The central banks have gone through more than half of their central bank reserve stash. It is gone. With the deficit being what it is, they cannot get their gold back without driving the price to the moon. In addition, each month the plight of the slowly retreating Gold Cartel WORSENS. They are doomed. They can win a battle, like they just did, but that is it. Winning a battle for them only sets up a more urgent retreat, as they are forced to buy back their short positions.
The bottom line IMO: it will take a price of around $3,000 to $5,000 per ounce to clear the market in the years ahead. The price of gold, and silver, is going to go bonkers, as The Gold Cartel hits the wall. This is not a move that I don’t want to miss. Thus, I am a one trick pony in that, yes one must monitor individual gold company investments and a make a shift here and there, if warranted; however, I believe it best to be fully invested at all times because the likelihood is that gold and silver will go berserk one day, out of the blue. Those not in will find it very difficult to pay way up to jump onboard again.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 9.6 at 583.2, 8.1 off the high and 0.2 up from the low.
December Silver closed down 0.345 at 10.945. This was 0.035 up from the low and 0.345 off the high.
After a couple fleeting attempts to rally in the morning action, the gold market seemed to settle slightly lower on the session in the face of deflationary economic conditions. With housing starts and permits coming in soft, the US PPI (excluding Food and energy) component actually declining by 0.4% and oil prices forging a massive downside washout the deflationary environment was certainly as issue during the action Tuesday. It is a little surprising that gold failed to rally in the wake of an apparent coup attempt in Thailand and also into the face of US/Iran political wrangling at the UN. In other words, the market just wasn't in a posture to benefit from flight to quality developments. With the Dollar managing to hold in positive territory through obviously undermining US economic stats, the gold was getting any breaks from outside market action.
While the silver market attempted to regain the 200 day moving average during the action Tuesday, the market was unable to garner much in the way of fundamental support. With US housing starts and permits down sharply and the US equity market sliding aggressively it was hard to embrace a sagging physical and investment demand for silver. In fact, with the copper market down sharply, and a number of commodities back under intense pressure during the session, the whole idea of renewed commodity fund selling was certainly providing some fuel to the sellers.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: You need to know what GATA knows
James Turk: At last, a bounce
GATA substitutes for Eva Longoria at Toronto conference book launch
These gold claims turned out to be only paper
Russian oligarchs betting heavily on gold
Ted Butler: You make the call on market manipulation
The Statistics:
As of close of business: 09/18/2006
Gold Warehouse Stocks: | 7,789,312 | - 229,973 |
Silver Warehouse Stocks: | 105,676,944 | - |
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 | 12,561,481 | US$ 7,328m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.17 | 2,513,130 | US$ 1,441m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.90 | 318,239 | US$ 183m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,959 | US$ 184m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/18/2006 | |
Total Net Assets | $812,380,156 | 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 09/18/2006 | |
Total Net Assets | $1,133,178,886 | 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:
Fronteer’s (FRG) drill results, Seabridge’s (SA) drill results, Sterling Mining’s (SRLM.OB) safety award, and Esperanza’s (EPZ.V) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gammon Lake | GRS+2.65% $11.60 |
2. Seabridge | SA+1.19% $11.94 |
3. Banro | BAA +0.54% $7.49 |
LOSERS
1. Crystallex | KRY-11.18% $2.86 |
2. Golden Star | GSS -8.42% $2.72 |
3. Richmont | RIC -7.53% $2.58 |
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:
sxr Uranium One Inc. - Plant Commissioning Commences at Dominion Uranium Project - More
- September 19, 2006 | Item | E-mail
New PGM/Copper Zone at Marathon and Main Zone Drill Results, Increases Extent of PGM/Copper mineralization from 3 km to 5.5 km - More
- September 19, 2006 | Item | E-mail
Sterling Mining Receives Prestigious Safety Award at the Sunshine Mine - "Sterling Mining Company is pleased to announce that the Sunshine Mine has won the coveted 2005 Sentinels of Safety Award granted by the U.S. Department of Labor Mine Safety and Health Administration. The Sunshine Mine operation had the most reportable hours without an injury in the State of Idaho in the Small Underground Metal Group category, making it the safest in the state in 2005." More
- September 19, 2006 | Item | E-mail
Freegold Commences Expansion/Bulk Sampling of High Grade Veins at Golden Summit - More
- September 19, 2006 | Item | E-mail
Klondike Star Intersects 98.7 G/T Gold over 0.90 Meters - More
- September 19, 2006 | Item | E-mail
Newgold, Inc. Announces Relief Canyon Pond Improvements Authorized by NDEP; Construction to Commence Immediately - More
- September 19, 2006 | Item | E-mail
Silver Eagle Reports Extension of Calvario Vein to 1.4 Km Strike Length And Discovery of two More Previously Unknown High Grade Veins - More
- September 19, 2006 | Item | E-mail
Mansfield Minerals Inc.: Apex Silver to Drill La Frontera, Argentina - More
- September 19, 2006 | Item | E-mail
Golden Peaks Resources Ltd. - Nik Project Update - More
- September 19, 2006 | Item | E-mail
General Metals Gives Presentation At Equities Magazine Transatlantic Conference At The AMEX In NY City - More
- September 19, 2006 | Item | E-mail
Drilling program complete - More
- September 19, 2006 | Item | E-mail
Merrex Concludes Option with Aur Resources and Increases Interest in the Jubilee Zinc Deposit - More
- September 19, 2006 | Item | E-mail
Virgin Metals continues to encounter high grade molybdenum mineralization at Los Verdes: results include 0.33% molybdenum over 28 meters - More
- September 19, 2006 | Item | E-mail
Yorbeau Resources Inc.: Drilling Resumes at the Rouyn Property - More
- September 19, 2006 | Item | E-mail
Timberline Resources Invites Shareholders to `The Silver Summit 2006' and Its Annual General Meeting - More
- September 19, 2006 | Item | E-mail
Plexmar Resources Inc.: High Grade Values on Escondida Project, Ecuador - More
- September 19, 2006 | Item | E-mail
Laurion Gold Inc. Announces Consent Judgment Removing NSR on Davidson-Tisdale Property - More
- September 19, 2006 | Item | E-mail
Robex announces a $2M exploration program - More
- September 19, 2006 | Item | E-mail
Kodiak Drilling Intersects 16.6 Metres Grading 15.59 g/t of Gold at Hercules - More
- September 19, 2006 | Item | E-mail
Medallion Shareholders Elect Rod McKeen to Board of Directors - More
- September 19, 2006 | Item | E-mail
Piedmont Mining Company Form SB-2 Registration Statement Declared Effective by the SEC - More
- September 19, 2006 | Item | E-mail
Curlew Lake Resources Inc. Announces Work Has Begun on the Typhoon Gold Project - More
- September 19, 2006 | Item | E-mail
Typhoon Clarifies the Location of Fayolle and Aiguebelle in Context of the Aiguebelle Park and Land Reserve - More
- September 19, 2006 | Item | E-mail
Silver Shield Resources Acquires Welsh Silver Mine - More
- September 19, 2006 | Item | E-mail
Yukon government to appoint a project coordinator for YGC'S Ketza River property - More
- September 19, 2006 | Item | E-mail
Unico, Inc. Announces Payment of Additional Bond Amount for Amended Large-Scale Mining Permit - More
- September 19, 2006 | Item | E-mail
Paramount Gold's Trench Results at San Miguel, Mexico, Extend Silver/Gold Zone Another 250 Meters - More
- September 19, 2006 | Item | E-mail
African Gold Group, Inc.: Diamond Drilling Resumes at Mankranho, Ghana - More
- September 19, 2006 | Item | E-mail
Tao Minerals Ltd. Reports High Grade Gold Values From Exploratory Tunnels TG-01 & TG-02 on Golondrina Project, Colombia - More
- September 19, 2006 | Item | E-mail
Strong Phase IV Final Drilling Results at Tocantinzinho - More
- September 19, 2006 | Item | E-mail
Metalline Mining Sierra Mojada Update - More
- September 19, 2006 | Item | E-mail
Goliath Resources Finalizes Acqusition of Canadian Mineral Properties - More
- September 19, 2006 | Item | E-mail
SearchGold Fully Funded for Fall/Winter Exploration Program - More
- September 19, 2006 | Item | E-mail
General Minerals Corporation Identifies Anomalous Indium and Gallium Zones at the Malku Khota Silver Project - More
- September 19, 2006 | Item | E-mail
Tamija Gold & Diamond Exploration, Inc. Announces the Appointment of Carey Bloch as Its President and Chief Operating Officer - More
- September 19, 2006 | Item | E-mail
Tara Gold's Trench Results at San Miguel, Mexico Extend Silver/Gold Zone Another 250 Meters - More
- September 19, 2006 | Item | E-mail
Millstream Readies Gold Mill at Tamarack - More
- September 19, 2006 | Item | E-mail
Viking Exploration Inc. Announces Name Change to Sierra Gold Corporation and Reorganization - More
- September 19, 2006 | Item | E-mail
Jinshan Receives Business License for Dadiangou Gold Property - More
- September 19, 2006 | Item | E-mail
Silver Dragon Resources Inc. Closes $2 Million Private Placement - More
- September 19, 2006 | Item | E-mail
Anatolia Selects Contractor to Develop Copler Gold Project - More
- September 19, 2006 | Item | E-mail
Houston Lake Mining Available via S&P's "Market Access Program" - More
- September 19, 2006 | Item | E-mail
Intrepid Acquires Gold Project in Casposo District, Argentina - More
- September 19, 2006 | Item | E-mail
BrazMin Update on the Agua Branca Gold Project - More
- September 19, 2006 | Item | E-mail
AfriOre Announces Significant Increase in Mineral Resource for Akanani Platinum Project - More
- September 19, 2006 | Item | E-mail
Esperanza Silver Corporation: Clarification of Press Release - "Esperanza Silver Corporation wishes to clarify an earlier press release regarding a property update. The NI 43-101 technical report on the San Luis property, and the Annual Information Form of the Company have not been filed on SEDAR at this time." More
- September 19, 2006 | Item | E-mail
Fronteer Continues to Expand New High Grade Gold Zone at Kirazli, Northwestern Turkey - "Drill hole KD-54 tested a zone of outcropping gold mineralization located approximately 350 metres south of the central portion of the current resource area. This hole intersected three mineralized intervals of greater than 1 gram per tonne gold over an aggregate length of 160.8 metres. KD-54 returned the following results:" More
- September 19, 2006 | Item | E-mail
Esperanza Provides Projects Update - "The Company is now in the process of completing the construction of access roads for its initial drill program on the San Luis site. A 4000 meter diamond-core program is planned and the drill-rig is on site. The first drilling will test the Ayelen and Ines veins as well as a newly discovered stockwork zone between the two veins." More
- September 19, 2006 | Item | E-mail
Seabridge Confirms Large Gold-Copper System at Mitchell - "In June 2006, Seabridge commenced a 7,500 meter core drill program at Kerr-Sulphurets designed to expand the project's known gold resource by testing for the strike and depth extensions of the Sulphurets deposit and by systematically drilling the promising new Mitchell gold zone identified in previous work. To date, 19 holes totaling approximately 5,900 meters have been completed at the Mitchell Zone with assay results received on the first eight holes." More
- September 19, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 September, 2006 | |
