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Close
Gain/Loss
Gold
$580.20
+$3.20
Silver
$11.00
+$0.20
XAU
123.94
-0.65%
HUI
290.57
-1.16%
GDM
932.40
-0.83%
JSE Gold
2677.80
+0.56%
USD
85.87
-0.06
Euro
127.02
+0.24
Yen
85.24
+0.21
Oil
$60.46
-$1.20
10-Year
4.729%
-0.008
T-Bond
110.84375
+0.125
Dow
11613.19
+0.63%
Nasdaq
2252.89
+1.37%
S&P
1325.18
+0.52%
The Metals:
Gold traded about $1 to $5 lower in Asia and London before it rose throughout morning trade in New York to find decent gains by noon, but it then fell off a bit in afternoon trade and ended with a gain of 0.55%.Silver too fell a bit in Asia and London before it rose in New York and accomplished impressive gains by noontime, but it also fell off slightly into the close and added 1.85%.
Euro gold rose above €455, platinum lost $13 to $1,132, palladium lost $3 to $303, and copper fell over 10 cents at one point before it rebounded into the close and ended near unchanged at about $3.38.
Gold and silver equities traded about 1% higher for most of trade, but they then fell off following the fed’s decision and ended about 1% lower.
The Economy:
The fed kept interest rates unchanged at 5.25% as expected.They noted moderation in economic growth continuing and inflation pressures likely to moderate over time, but that some inflation risks remain.Future rate hikes will depend on data.Richmond fed president Lacker again dissented from the rest of the voting members and called for a ¼ point increase.Fed fund futures see only a 4% chance of a rate hike at the fed’s next meeting in October.
Tomorrow at 8:30AM EST is the Initial Jobless Claims report for 9/16 expected at 310,000.At 10AM are Leading Economic Indicators for August expected at -0.2% and at noon is the Philadelphia Fed survey for September expected at 14.4.There are no major economic reports due out Friday.
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UC Resources Ltd. (TSX-V: UC) is an emerging producer of Gold and Silver in Mexico. The Company's goal is to combine both cash flow from production along with a significant exploration upside from its mining assets.
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Oil fell to 6 month lows following today’s inventory reports which showed crude inventories fell 2.8 million barrels, gasoline inventories built 600,000 barrels, and distillates built 4.1 million barrels.Distillates built much more than expected and that added downward pressure to the recent bearish sentiment in the energy market.
The U.S. dollar index pared its early losses and treasuries cut their early gains following the fed’s statement, but the dollar still closed lower and bonds still closed higher on the day.
The Dow, Nasdaq, and S&P found decent gains in early trade on strong earnings and they held those gains throughout the morning before they fell a bit following the fed’s statement, but they soon returned back near their highs of the session and ended near 5 and ½ year closing highs.
Among the big names making news in the market today were ImClone, Amaranth, BP, Oracle, Toyota, HP, Ford, CircuitCity, Masco, Morgan Stanley, Citadel, and CarMax.
The Commentary:
“As is the case time and time again, gold was trashed going into a US inflation number, this time to the tune of $5/$6. And is SO often the case, the drubbing began at 3 AM EDT, or when London opens for business.
PRICE ACTION MAKES MARKET COMMENTARY re US economic reports:
*If the US inflation numbers are high, the dollar often rises in anticipation of higher US inflation rates. Naturally, gold is taken down due to the dollar rising.
*If US inflation numbers are low, the dollar falls. Gold … it is taken down due to lowered inflation expectations.
The ESF, Counterparty Risk Management Group and Gold Cartel have a free hand with the US financial market press to create any spin, or illusion, they want in the very short term.” - From yesterday’s Midas report byBill Murphy of LemetropoleCafe.com
“December Gold finished up 3 at 586.2, 6.3 off the high and 5.4 up from the low.
December Silver closed up 0.195 at 11.14. This was 0.23 up from the low and 0.115 off the high.
While it is unclear whether or not the precious metals have actually turned the corner toward a more bullish environment ahead, the persistent gains in the equity market and the slide in oil prices is giving off the impression of improving macro economic conditions. In short some players apparently think that the patently deflationary conditions that have given the bear camp confidence are beginning to disperse and that might actually lower the reward and increase the risk to fresh shorts. With the Fed coming in pretty much as expected and basically offering very little in the way of fresh direction from the Fed, the gold market probably sees the FOMC eventually as a fleeting supportive development. However, with even sharper declines in oil prices and ongoing gains in equity prices the selling environment present in the gold market isn't nearly as compelling as was seen in the first half of September.
The Silver market managed to mostly consolidate in the wake of the non descript Fed outcome but as long as silver is at least partially supported off the rise in equities and the sharp slide in oil prices, the silver market might be able to get out from under the deflationary or physical commodity selling pressure. In fact, with the copper market managing an impressive rejection of the Wednesday lows, the weight recently heaped on the physical metals markets is also reduced.” - The Hightower Report,Futures Analysis and Forecasting
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 09/19/2006
Total Net Assets
$799,341,687
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 09/19/2006
Total Net Assets
$1,137,852,532
Ounces of Silver in Trust
104,323,655
Shares Outstanding
10,450,000
Tonnes of Silver in Trust
3,244.8
Note: Change in Total Tonnes from yesterday’s data: 31 tonnes were added to the trust.
The Stocks:
Rubicon’s (RBY) drilling program, Miramar’s (MNG) project certificate, Gammon Lake’s (GRS) gold-silver pour, Kinross Gold’s (KGC) new credit facility, and UC Resources’ (UC.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Cumberland
CLG +3.31% $5.30
2.Bema Gold
BGO +1.99% $4.62
3.GammonLake
GRS+1.29% $11.75
LOSERS
1.Orezone
OZN -6.67% $1.26
2.Golden Star
GSS -6.62% $2.54
3.Northern Dynasty
NAK -5.08% $6.54
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:
Shareholders Overwhelmingly Endorse Transaction - More - September 20, 2006 | Item | E-mail
UC Resources Reviews Results of Phase 2 Exploration and Plans Phase 3 Drilling at Copalquin, Mexico - "The Company is pleased to announce that management has approved a multi-phase exploration program to further evaluate the Copalquin project located in the northwestern part of Durango State, Mexico. Contracts for exploration work have now been executed and field work is expected to commence by the end of September." More - September 20, 2006 | Item | E-mail
Rubicon Minerals Announces Commencement of RedLake Drilling in Early October - "As we anticipate the completion of Rubicon's Plan of Arrangement in which our diverse assets will be re-organized into three public vehicles, we are excited about the future for Rubicon as a gold-focused exploration company, controlling an extensive high quality portfolio of projects in RedLake. With a strong cash position, we are well positioned to carry out aggressive programs designed to develop resources and make new discoveries in this prolific gold camp." More - September 20, 2006 | Item | E-mail
Can-Cal Resources Ltd. Amends Letter of Intent - More - September 20, 2006 | Item | E-mail
Canadian Shield Earns 90% Interest in Peruvian Properties - More - September 20, 2006 | Item | E-mail
GoldCanyon Appoints Vincent Della Volpe to the Board of Directors - More - September 20, 2006 | Item | E-mail
Capella Resources Corporate Update - More - September 20, 2006 | Item | E-mail
Latin American Minerals Announces Appointment Of Dr. Waldo A. Perez As Senior Vice-President Of Exploration And Director - More - September 20, 2006 | Item | E-mail
Rockgate Appoints Mr. Lorne Warner, P.Geo to Board - More - September 20, 2006 | Item | E-mail
Mineralization Extended - Jeep Property - Bissett Mining Camp - More - September 20, 2006 | Item | E-mail
Perihelion Global Announces Acquisition of Patented Gold Mine with Minimum Gold Reserves in Excess of $737 Million USD - More - September 20, 2006 | Item | E-mail
Gold Eagle Bruce Channel Discovery Continues to Expand Drilling - More - September 20, 2006 | Item | E-mail
Southern Star Drills 36.32 metres Grading 8.35 g/tonne Gold at it's Red Lake Gold Eagle Mine Property - More - September 20, 2006 | Item | E-mail
Haynes Capital Corp. Announces Successful Gold Acquisition In Tanzania - More - September 20, 2006 | Item | E-mail
Western Goldfields Opens TSX Trading on September 20, 2006 - More - September 20, 2006 | Item | E-mail
Alturas Reports 1.67 g/t Gold and 11.9 g/t Silver Over 77 Metres in Trenches on Huilacollo Gold Project, Peru - More - September 20, 2006 | Item | E-mail
American Bonanza Reports 18.5 Grams Per Tonne Gold Over 1.6 Meters in a 1.3 Kilometer Long Zone at La Martiniere - More - September 20, 2006 | Item | E-mail
King's Bay Gold and Mainstream Minerals Sign Agreement - More - September 20, 2006 | Item | E-mail
Murgor signs agreement to acquire major polymetallic assets from Hudbay Minerals Inc. - More - September 20, 2006 | Item | E-mail
Wineco Productions Inc. Enters Into Negotiations With New York Hedge Fund - More - September 20, 2006 | Item | E-mail
Iberian Minerals' President's Letter #1 - More - September 20, 2006 | Item | E-mail
Mike Muzylowski joins American Creek Board of Directors - More - September 20, 2006 | Item | E-mail
AXMIN Inc.: Drilling Targets Delineated From Adit and Soil Sampling at Sosso Polipo Project, Central African Republic - More - September 20, 2006 | Item | E-mail
Rocmec Cuts 1668 g/t Au at its Rocmec 1 'Russian Kid' Gold Property - More - September 20, 2006 | Item | E-mail
Vena Resources Closes Financing for Azulcocha Drilling & Mine Restart - More - September 20, 2006 | Item | E-mail
Northland Engages Public Relations Company in Norway - More - September 20, 2006 | Item | E-mail
Azco Mining Engages Engineering Firm for Feasibility Work on Summit Silver- Gold Property - More - September 20, 2006 | Item | E-mail
Consolidated Abaddon Announces: Triex Minerals Begins 4,000 Metre Drill Program On Mann Lake Uranium Project, Athabasca, Saskatchewan - More - September 20, 2006 | Item | E-mail
Caldera Resources Inc.: Ellendale East Diamond Project Update-Western Australia - More - September 20, 2006 | Item | E-mail
AmMex Gold to Drill Test Multiple Targets at their Tiliche Project in Sonoro, Mexico - More - September 20, 2006 | Item | E-mail
Azimut's partner Everton identifies a new gold target at Opinaca - More - September 20, 2006 | Item | E-mail
Brazauro to Explore Two New Projects in the Tapajos Region of Brazil - More - September 20, 2006 | Item | E-mail
BattleMountain Royalty Update -- ReliefCanyon Moves Towards Production With Approval for Pond Improvements - More - September 20, 2006 | Item | E-mail
Drill hole and bulk sample results - 18 "Chain of Custody" drill hole and 750 pound bulk surface sample analyses on Clarkdale Slag Project - More - September 20, 2006 | Item | E-mail
Continental Minerals Corporation and Great China Mining Inc.: Drilling Continues to Expand & Confirm Continuity of Xietongmen Deposit - More - September 20, 2006 | Item | E-mail
Vior Signs $1 Million Agreement with Inco Limited - More - September 20, 2006 | Item | E-mail
Everton Discovers a New Gold Target Grading Up to 35.98 G/T Au on Opinaca Block "B", In James Bay, Quebec - More - September 20, 2006 | Item | E-mail
Sunridge Gold Corp.: High-Grade Copper Drill Results Increase Depth Within Debarwa Main Zone - More - September 20, 2006 | Item | E-mail
Sabina's Hackett River Assay Update Includes Deep Stepout Hole With 42.95m of 8.35% Zinc and 180.5g/T Silver - More - September 20, 2006 | Item | E-mail
Itronics President Dr. Whitney to Present at World's Top Silver Conference - More - September 20, 2006 | Item | E-mail
Infinity Mining Announces Latest Assay Results - More - September 20, 2006 | Item | E-mail
Candente-Orex Schedule Drilling for Pamel Property, CentralPeru - More - September 20, 2006 | Item | E-mail
Aquila Tests Multiple Zones at Back Forty Deep Holes to Test Depth Potential of Mineralized System - More - September 20, 2006 | Item | E-mail
Miramar Receives Doris North Project Certificate - "In March 2006, the NIRB completed its review of the environmental impact assessment of the Doris North Project and recommended to the Minister of Indian and Northern Affairs Canada ("INAC") that the Project should be given approval to obtain the required permits for construction and operation. In a letter dated July 28, 2006, the Minister of INAC accepted NIRB's recommendation. The Minister's letter also advised that the other federal departments with jurisdictional responsibility in relation to Doris North have concurred with this decision." More - September 20, 2006 | Item | E-mail
GammonLake Announces First Gold-Silver Pour from Ocampo Mill - "Gammon Lake Resources Inc. is pleased to announce the first gold-silver pour from the Mill facility at the Company's Ocampo Gold-Silver Project in Chihuahua, Mexico. Commissioning of the Ocampo Mill is proceeding as scheduled and the first gold-silver pour is seen as a significant milestone attained during this process." More - September 20, 2006 | Item | E-mail
Kinross Completes New Credit Facilities Totaling US$500 Million - "Kinross Gold Corporation announced today that it has entered into a new revolving and term credit facility with ScotiaCapital and a group of lenders. The US$300 million three year revolving credit facility will support Kinross' liquidity and letter of credit needs. The five and a half year US$200 million term loan will support the previously announced expansion program at the Paracatu mine in Brazil." More - September 20, 2006 | Item | E-mail
Gold Fields rallies JSE as FirstRand falls on debts - "GOLD Fields jumped 4% to lead South African shares higher on Tuesday as investors sought value, while shares in second-largest banking group FirstRand fell after it warned that its bad debts may rise." More - September 20, 2006 | Item | E-mail
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“As is the case time and time again, gold was trashed going into a 
