-- Posted 25 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $590.20 | +$1.00 |
Silver | $11.17 | +$0.02 |
XAU | 124.65 | -0.92% |
HUI | 291.25 | -1.13% |
GDM | 936.92 | -1.16% |
JSE Gold | 2772.10 | UNCH |
USD | 85.38 | +0.21 |
Euro | 127.48 | -0.45 |
Yen | 85.90 | +0.05 |
Oil | $61.45 | +$0.90 |
10-Year | 4.555% | -0.042 |
T-Bond | 110.84375 | +0.125 |
Dow | 11575.81 | +0.59% |
Nasdaq | 2249.07 | +1.36% |
S&P | 1326.37 | +0.88% |
The Metals:
Gold dropped to about $585 in early Asian trade, rose to over $590 in late Asian trade, fell a few dollars in London, and dropped to as low as $581.80 in morning New York trade, but it then rallied fiercely higher in afternoon trade and ended near its highs with a small gain. Silver followed a similar rollercoaster ride in a range of about $11.00 to $11.20 and also ended near its highs with a slight gain.
Euro gold rose above €460, platinum lost $14 to $1,124, palladium lost $4 to $312, and copper rebounded form early losses to end near unchanged at about $3.43.
Gold and silver equities fell about 3% in morning trade, but they then rebounded into the close and ended with losses of about 1%.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | Aug | 6.30M | 6.20M | 6.33M |
Existing Home Sales did not fall as much as some expected, but median prices fell for the first time in 11 years and the number of unsold homes on the market rose 1.5%.
Tomorrow at 10AM EST is the Consumer Confidence report for September expected at 103.0.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell under $60 to a new 6 month low in early trade on news that BP’s Prudhoe Bay may return to full production soon, but energy prices rose in afternoon trade and ended mostly higher on short covering and speculation that OPEC may cut production soon.
The U.S. dollar index rose slightly as housing data was not as bad as some expected, but gains were limited ahead of a busy economic week.
Treasuries rose on concerns that a poor housing market may slow the economy more than expected and possibly cause the fed to cut interest rates in the coming months. The yield on the 10-year fell to a seven month low.
The Dow, Nasdaq, and S&P rose and fell in somewhat volatile trade as funds adjusted their positions in this last week of the third quarter, but all three indices ultimately rose to end with nice gains after some comments by Dallas Federal Reserve President Richard Fisher suggested inflation would be dampened by a slowing economy.
Among the big names making news in the market today were Chiquita, Revlon, the Tobacco companies, GM, Ethan Allen, Amaranth, Walgreen, Goldman Sachs, Merrill Lynch, and Fidelity.
The Commentary:
“The morning fix in London today was at $589, clearly showing the price the physical market likes and is prepared to pay. The question being asked is, are the funds, who see gold tightly linked to the oil price, likely to keep pressing gold down? They did today in the first part of New York's day and pressed the price to the lower $580's, but towards the end of the day it seems their efforts were overwhelmed by the physical demand and the price responded by going back to the mornings level.
We are receiving reports that Central Bank sales last week and this are down to the previously seen 1 - 2 tonne levels again down from the 33 tonne sales the week before but will confirm that in the next day or so. This has softened the selling pressure for sure.
It seems as though the funds are becoming spent and their pressure unlikely to dominate the market from hereon, as physical demand, focusing on completely different factors such as seasonal demand and lower prices comes in strong. This week should see the battle resolved, but keep your eyes on the basic fundamentals, the tide of the market.” - Julian D.W. Phillips, www.goldforecaster.com
“December Gold finished up 0.5 at 595.9, 1.1 off the high and 8.4 up from the low.
December Silver closed up 0.015 at 11.325. This was 0.195 up from the low and 0.045 off the high.
The gold market managed to reject an initial bout of selling to put a partially positive face on the gold market into the afternoon trade on Monday. It was not surprising to see the gold dip in the face of early weakness in the oil sector and in the face of slack US economic readings. In fact, the Fed Fisher almost seemed to hint at the potential for severe slowing in the US economy because of the slowing in the US housing sector and that was justifiably un-nerving to the bull camp. However, with a significant recovery in the oil market into the afternoon action and the US equity market managing a similar recovery run, the patently deflationary environment present at the begging of the session was reversed. In the end, the trade seemed to be the most interested in the recovery in the oil market, as that rally was sharp enough to hint at flight to quality or uncertainty buying.
After early weakness the silver market also managed an impressive early afternoon recovery bounce and at times the market was back to within close proximity to the highest price level in two weeks. With suspect that silver was helped to the bounce by the recovery in the copper market and was also lifted indirectly by the recovery in oil and equity prices. In the end, the silver market continues to act like a physical commodity market, instead of a financial or flight to quality precious metal. In fact, with the prevailing trend toward soft US economic numbers and ongoing concern for the US economy, the silver market could have to constantly fight against the commodity liquidation mode.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Bank of Tokyo sees faster advance of China's yuan
Another bullion fund, Central Gold-Trust, launches on Amex
Goldman's revision of commodity index caused plunge in gasoline prices
Canada's ROB-TV interviews market analyst Peter Grandich
MineWeb has two reports on Silver Summit in Coeur d'Alene
Dubai's AMEInfo: Buy gold to hold, not to trade
Resource Investor: Central banks quicken pace of gold sales
James Turk: 8 things everyone should know about gold
The Statistics:
As of close of business: 09/22/2006
Gold Warehouse Stocks: | 7,984,666 | -40,208 |
Silver Warehouse Stocks: | 103,142,743 | +295,472 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 386.38 | 12,422,498 | US$ 7,315m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.16 | 2,512,963 | US$ 1,481m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.90 | 318,218 | US$ 188m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,948 | US$ 184m |
Note: Change in Total Tonnes from last Wednesday’s reported data: The NYSE subtracted 4.32 tonnes and the LSE subtracted 0.01 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/22/2006 | |
Total Net Assets | $816,780,441 | 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 last Wednesday’s reported data.
Silver Trust (SLV)
Profile as of 09/22/2006 | |
Total Net Assets | $1,176,405,610 | Ounces of Silver
in Trust | 104,323,655 |
Shares Outstanding | 10,450,000 | Tonnes of Silver
in Trust | 3,244.8 |
Note: No change in Total Tonnes from last Wednesday’s reported data.
The Stocks:
Nevsun’s (NSU) deposit in Eritrea, Great Basin’s (GBN) addition to the GDM index, Newmont’s (NEM) award, Solitario’s (XPL) agreement with Newmont, Pacific Rim’s (PMU) acquired gold project, Newmont’s joint venture with Shore Gold, Cumberland’s (CLG) production decision, Golden Star’s (GSS) management changes, NovaGold’s (NG) Donlin Creek study and waived shareholder rights plan, Entree Gold’s (EGI) plans to ring the opening bell at the Toronto Stock Exchange, Barrick’s (ABX) increased stake in Pioneer, Esperanza’s (EPZ.V drilling, Apex Silver’s (SIL) alliance with Sumitomo Corporation, and Silver Standard’s (SSRI) drill resutls were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Apex Silver | SIL +2.83% $15.26 |
2. Solitario | XPL +2.33% $3.07 |
3. US Energy | USEG+2.03% $3.51 |
LOSERS
1. New Gold | NGD -8.80% $6.94 |
2. Cumberland | CLG -8.51% $5.05 |
3. Northern Dynasty | NAK -6.44% $5.96 |
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:
Rolling Rock Resources Corporation: New Zone Discovered Assaying Up to 45.54g/t Au Over 0.5 Metres - More
- September 25, 2006 | Item | E-mail
Mercator to Hold Conference Call to Discuss ASARCO LLC's Mission South Mill Litigation - More
- September 25, 2006 | Item | E-mail
NovaGold drops poison pill, slams Barrick bid - "NovaGold Resources Inc. said on Monday its board has waived the company's shareholder rights plan, leaving the door open for its shareholders to consider what it called an "inadequate hostile takeover bid" by Barrick Gold Corp. Vancouver, British Columbia-based NovaGold said "a significant number" of its major shareholders have indicated they will not tender shares to Barrick's $1.3 billion, or $14.50 a share, offer." More
- September 25, 2006 | Item | E-mail
Canarc Resource Corp.: Drilling Intersects 23.1 gpt Gold Over 16.5 m at New Polaris Project - More
- September 25, 2006 | Item | E-mail
Uranium One Reports Exploration Results at the Dominion Uranium Project - More
- September 25, 2006 | Item | E-mail
AURUS Concludes US$10 Million Offering to NewConsult Ltd., a Swiss Private Equity Fund - More
- September 25, 2006 | Item | E-mail
Esperanza Commences Drilling at San Luis, Peru - "Esperanza Silver Corp. is pleased to announce that drilling has commenced at the San Luis joint venture project in Peru. A minimum 4000-meter, diamond-core drill program is planned to determine the extent of high-grade gold and silver mineralization on the Ayelen and Ines veins. Additional vein targets will also be tested as well as a newly identified stockwork zone between the Ayelen and Ines veins." More
- September 25, 2006 | Item | E-mail
New gold rush seen on Horn of Africa, Eritrea - "Miners still flock to the traditional Gold Coast of west Africa, but a new gold rush is occurring on the other side of the continent, in Eritrea and the Horn of Africa, a gold mining executive said on Monday. "What we have at Bisha, Eritrea, is basically a gold deposit sitting on top of a copper deposit, sitting on top of a zinc deposit," Nevsun Resources Ltd. Chief Executive Officer John Clarke told the Denver Gold Forum." More
- September 25, 2006 | Item | E-mail
High River Gold Reports Good Results from the Prognoz Silver Project - More
- September 25, 2006 | Item | E-mail
Great Basin Added to Gold Index on Amex - "Great Basin Gold Ltd announces that the Company has recently been added to the Gold Miner's Index ("GDM") on the American Stock Exchange (AMEX). According to a recent report, the GDM was up 4.3% in August and 23% over the eight months in 2006. GDM is a modified market capitalization-weighted index that is comprised of the common stocks or American Depositary Receipt of publicly traded companies involved primarily in the mining of gold and silver." More
- September 25, 2006 | Item | E-mail
Wildcat Announces Drill Program-Bissett Mining Camp - More
- September 25, 2006 | Item | E-mail
Newmont's Idarado Receives BLM's National Director's Award - "The Department of the Interior created the Award to showcase the finest examples of responsible mineral resource development in the country. The Award recognizes the implementation of the principles of sustainable development, a concept adopted by the United States and 192 other countries, to balance environmental, economic, and social considerations for mining operations. The Idarado team and members of Newmont's corporate Environment and Social Responsibility department accepted the award at a ceremony hosted by the National Mining Association in Washington, D.C. on September 21, 2006." More
- September 25, 2006 | Item | E-mail
Cadiscor Resources Inc. Announces the Attribution of a Major Diamond Drilling Contract on the Discovery Property - More
- September 25, 2006 | Item | E-mail
Drilling Indicates the Presence of a New Zone - More
- September 25, 2006 | Item | E-mail
Mercator Reports ASARCO LLC's Litigation Over Purchase of the Mission South Mill - which Mercator Believes Is Without Merit - More
- September 25, 2006 | Item | E-mail
Newgold Submits Relief Canyon Production "Plan of Operations" to NDEP - More
- September 25, 2006 | Item | E-mail
Intrepid Names Ann Candelario as Vice President, Investor Relations - More
- September 25, 2006 | Item | E-mail
PolyMet Receives Positive Definitive Feasibility Study for Its NorthMet Copper-Nickel-Precious Metals Project - More
- September 25, 2006 | Item | E-mail
Great West Gold, Inc. -- Forward Stock Split - More
- September 25, 2006 | Item | E-mail
Tiberon corrects financial parameters; updates ownership transaction for Nui Phao project - More
- September 25, 2006 | Item | E-mail
GoldSpring, Inc. Enters Into Ten Year Mining Lease for Its Big Mike Copper Mine - More
- September 25, 2006 | Item | E-mail
Bolivian Government Issues Positive Report on Eaglecrest - More
- September 25, 2006 | Item | E-mail
Update On Mana Project - More
- September 25, 2006 | Item | E-mail
IRC Expects US$11 To US$12 Million In Revenues During The Second Half Of 2006 - More
- September 25, 2006 | Item | E-mail
Solitario Resources Signs Major Agreement with Newmont Mining on Its Pachuca Real Silver-Gold Project, Mexico - "Solitario Resources Corporation is pleased to announce that it has signed a definitive Venture Agreement with Newmont de Mexico, S.A. de C.V., a wholly owned subsidiary of Newmont Mining Corporation, on Solitario's Pachuca Real silver-gold project in central Mexico. Solitario's 100%-owned Pachuca Real project encompasses approximately 47,215 hectares of mineral rights in and around the famed Pachuca silver-gold mining district, one of the largest silver-gold districts in the world." More
- September 25, 2006 | Item | E-mail
Emgold's Golden Bear Ceramics at West Coast Green Conference - More
- September 25, 2006 | Item | E-mail
Premier Completes Red Lake Drilling - Exploration Update - More
- September 25, 2006 | Item | E-mail
Farallon Updates Drilling at G-9 Deposit: High Grade Intersections Continue to Be Made in Central Zone - More
- September 25, 2006 | Item | E-mail
Bellhaven Ventures Receives Exchange Approval from the Cuprum Acquisition - More
- September 25, 2006 | Item | E-mail
Vantex Resources Starts a New Exploration Campaign - More
- September 25, 2006 | Item | E-mail
Development of Underground Decline at G-9 Deposit Underway at Farallon's Campo Morado Property - More
- September 25, 2006 | Item | E-mail
Unico, Inc. Secretary Files Form 4 on Stock Purchase - More
- September 25, 2006 | Item | E-mail
Inter-Citic Initiates Humanitarian Medical Project at Dachang - More
- September 25, 2006 | Item | E-mail
Shore acquiring Cameco's and UEM's interests in the FALC JV and selling a 40% interest to Newmont - More
- September 25, 2006 | Item | E-mail
Timberline Signs Memorandum of Understanding for Lease/Option of Conglomerate Mesa Gold Project - More
- September 25, 2006 | Item | E-mail
Antares demonstrates continuity of high-grade core at Haquira SX-EW copper project, Peru - More
- September 25, 2006 | Item | E-mail
Scandinavian Minerals Appoints Mr. Krister Soderholm as Vice-President, Operations - More
- September 25, 2006 | Item | E-mail
New high grade gold discovery at Silverado's Nolan gold property - More
- September 25, 2006 | Item | E-mail
Independent Geologist for Drake Gold Raises Estimation to $102M of Recoverable Placer Gold From Jackpot Placer Project - More
- September 25, 2006 | Item | E-mail
Pacific Rim Mining Acquires Cerro Colorado Gold Project in El Salvador - "The Cerro Colorado project comprises an 85 square km land package located roughly 10 km west of the Company's Zamora gold project and approximately 50 km north of San Salvador, the capital city of El Salvador. The project exposes high-level gold bearing veins in an adularia-sericite epithermal system (the same type of gold system as occurs at the Company's flagship El Dorado gold project). Limited grab sampling by the Company of vein outcrops and float within a small portion of the project area has returned values of between 0.01 and 27.24 g/t gold over vein widths of 1 to 4 meters. Of the twenty-seven samples collected, fourteen returned values of more than 1 g/t gold." More
- September 25, 2006 | Item | E-mail
Kensington, Newmont to Join on Project - "Shore Gold Inc. subsidiary Kensington Resources is paying 246 million Canadian dollars ($220.2 million) to acquire the rest of the Fort a la Corne diamond project in Saskatchewan and has agreed to sell a 40 percent stake and form a joint venture with global giant Newmont Mining Corp. for 170.4 million Canadian dollars ($152.5 million)." More
- September 25, 2006 | Item | E-mail
NovaGold Waives Shareholder Rights Plan For Barrick's Inadequate Hostile Bid - "Barrick clearly wants NovaGold and, in particular, the Donlin Creek property. If Barrick hopes to succeed, it will have to offer shareholders fair value," said Gerald McConnell, Chairman of the Special Committee of NovaGold's Board of Directors. "By waiving the rights plan in this case, we intend to force an end to the current offer by allowing shareholders to send Barrick a clear and strong message that its bid is completely unacceptable." More
- September 25, 2006 | Item | E-mail
Cumberland Announces Production Decision for the Meadowbank Gold Project - "CUMBERLAND RESOURCES LTD. is pleased to announce that the Company's Board of Directors has approved a production decision for the Meadowbank gold project. The Meadowbank gold project contains Canada's largest pure gold open pit gold reserves and is forecast to produce an average of 330,000 ounces of gold per year over an eight year mine life. The production decision was made following a positive development recommendation by the Nunavut Impact Review Board ("NIRB") to the Federal Minister of Indian Affairs and Northern Development in late August 2006." More
- September 25, 2006 | Item | E-mail
Golden Star Announces Senior Operational and Technical Management Changes - "These two appointments further strengthen and broaden our senior management team. Both Colin and Daniel deliver strong technical and operational qualifications to Golden Star as well as significant underground mining experience, which become more important in the future as we progress the Prestea Underground mine. In addition, Daniel delivers an excellent understanding of doing business in Ghana which we expect will further strengthen our stakeholder relationships in Ghana." More
- September 25, 2006 | Item | E-mail
NovaGold Resources Inc.: Donlin Creek Study Indicates 1.9 Million Ounces Annual Gold Production - "NovaGold Resources Inc. today announced that SRK Consulting (US), Inc. has completed an independent Preliminary Economic Assessment of the Donlin Creek gold project. NovaGold asked SRK to complete this study to provide NovaGold shareholders and the market with updated information on the Donlin Creek project in light of Barrick Gold Corporation's hostile take-over bid for all outstanding common shares of NovaGold. This study is not intended to represent the views of Barrick regarding development of the Donlin Creek project, and does not include any results from Barrick's 2006 drilling campaign." More
- September 25, 2006 | Item | E-mail
Barrick Increases Stake in Pioneer to 89% - "Barrick Gold Corporation announces that it has taken up and accepted for payment, approximately, an additional 5.5 million common shares of Pioneer Metals Corporation that were tendered to its Offer after September 11, 2006, which represent approximately 8.5% of the outstanding shares. Together with the approximately 52 million shares taken up by Barrick on September 11, 2006, Barrick now owns approximately 58 million shares, representing approximately 89% of the outstanding shares." More
- September 25, 2006 | Item | E-mail
Apex Silver Forms Strategic Alliance with Sumitomo Corporation - "Apex Silver Mines Limited today announced the formation of a strategic alliance with Sumitomo Corporation, a diversified international company whose business operations include major interests in mining, metal products, transportation and construction systems, finance and logistics. Under the agreement, approved by the respective Boards of Directors, Sumitomo will acquire a 35% participating interest in Apex Silver's San Cristobal open-pit silver-zinc-lead project located in southwestern Bolivia and will be granted a two-year option to earn a 35% share of certain Apex Silver exploration projects located in Peru, Mexico, Argentina and Bolivia." More
- September 25, 2006 | Item | E-mail
Entree Gold to Ring Opening Bell at Toronto Stock Exchange - "Our graduation to the TSX in April was a significant milestone in our corporate development. We look forward to continuing to build our presence on the Exchange, as we advance our copper and gold prospects in Mongolia and Arizona." More
- September 25, 2006 | Item | E-mail
Silver Standard Announces First Drill Results from Snowfield Project - "Silver Standard Resources Inc. is pleased to announce the results of the first ten drill holes from the Snowfield Project located 40 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek in northern British Columbia. Snowfield is a non-core Silver Standard project consisting of a gold-molybdenum mineralized zone adjacent to the company's silver-gold Sulphurets Project. Silver Standard believes that the Snowfield Project holds considerable locked-in value, and has designed a drill program to define a mineral resource." More
- September 25, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 September, 2006 | |
