Gold rose to over $592 in Asia before it fell back off in London and dropped to as low as $585.60 in early New York trade, but it then rallied throughout most of the rest of trade in New York and ended slightly higher on the day.Silver dropped to as lows as $11.06 in early New York trade after it had traded higher in Asia, but it also rallied throughout most of the rest of trade in New York and ended with a gain of 1.70%.
Euro gold rose over €465, platinum remained unchanged at $1,124, palladium gained $2 to $314, and copper rose slightly to about $3.45.
Gold and silver equities rose throughout morning trade and remained near their highs into the close to end with gains of about 3%.
The Economy:
Report
For
Reading
Expected
Previous
Consumer Confidence
Sep
104.5
103.0
100.2
Also making economic news today was a rarely watched report from the Federal Reserve Bank of Richmond that “reported its manufacturing index rose to 9 in September, up from 3 in August and above economists' expectations for a rise to 5.”The report eased manufacturing concerns raised last Friday by a poor reading from the Philadelphia Fed.
Tomorrow at 8:30AM EST brings Durable Goods Orders for August expected at 0.4%.At 10AM are New Home Sales for August expected at 1,040,000.
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Oil started off lower before it rose midday on comments from OPEC that indicated they may cut output, but it then fell off into the close and ended lower in preparation for tomorrow’s inventory reports which are expected to show healthy supplies.
The U.S. dollar index rose on the Consumer Confidence report that came in better than expected.
Treasuries fell and yields rebounded from 7 month lows on profit-taking in reaction to the strong Consumer Confidence report.Traders also prepared for two-year and five-year Treasury auctions later in the week.
The Dow, Nasdaq, and S&P rose on strong economic data and mostly lower oil despite some mixed company news.The S&P closed at a 5 and ˝ year high and the Dow closed at its second best level ever and less than 60 points from a new all-time closing high.
Among the big names making news in the market today were Visteon, Sharper Image, Pentair, Lennar, and the FBI.
The Commentary:
“December Gold finished up 1.2 at 597.1, 2.4 off the high and 5.5 up from the low.
December Silver closed up 0.17 at 11.495. This was 0.315 up from the low and 0.085 off the high.
The gold market mostly waffled around unchanged as the market was sure how to factor a sharp rise in the Dollar and improved US economic readings. It is also possible that the gold market was a little unsure on the ramifications of European Central bank gold sales, which reportedly came in at 392 tons as the limit for the annual sales quota was 500 tons, but the market has long anticipated a reduction in those sales. We have to wonder if the official tally of sales is actually known, with the deadline only recently passing. With Gold Fields Mineral Services early in the session Tuesday, predicting that gold could return to $700 per ounce before the end of the year, the market was probably a little more receptive to the talk of improved physical demand and perhaps the market became interested in the benefits from upcoming Indian and Muslim holidays. While crude oil had trouble holding gains throughout the session Tuesday, oil prices showed enough initial upside follow through.
In a turn of events the silver contract seemed to outperform the gold market and that could be the result of a moderate improvement in the economic outlook as that might logically serve to benefit the physical or industrially based metals. Reports of increasing Indian silver imports might have given the silver market the leg up on Tuesday, as the market really hasn't been seeing much in the way of solid physical demand lately. Apparently the Indian silver import improvement goes hand in hand with the Indian gold festival demand seen persistently in the Press over the last several sessions. Apparently some Indian dealers were overstocked with silver early in the year and returned some supply back up the marketing chain and they have now been caught short handed into renewed demand.” - The Hightower Report,Futures Analysis and Forecasting
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.05 tonnes.
COMEX Gold Trust (IAU)
Profile as of 09/25/2006
Total Net Assets
$817,446,650
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 09/25/2006
Total Net Assets
$1,152,362,824
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 yesterday’s data.
The Stocks:
Barrick’s (ABX) extended bid for NovaGold (NG), Rob McEwen’s push for a shareholder vote over Goldcorp’s (GG) proposed business combination with Glamis Gold (GLG), NovaGold’s drill results, Bema Gold’s (BGO) possible joint venture in South Africa, Fronteer’s (FRG) drill results, Agnico-Eagle’s (AEM) purchased additional 2,340,500 units of Continuum Resources Ltd. (CNU.V), Bema Gold’s (BGO) new licenses and drill results, Northgate’s (NXG) drill results, and Great Basin’s (GBN) approval for a secondary listing on the Johannesburg Stock Exchange were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Cardero
CDY+11.59% $1.54
2.Cumberland
CLG +8.12% $5.46
3.Miramar
MNG +6.94% $4.16
LOSERS
1.GammonLake
GRS -3.91% $11.55
2.Arizona Star
AZS -2.03% $8.72
3.NovaGold
NG -1.60% $15.39
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:
Azimut announces a $200,000 private financing - More - September 26, 2006 | Item | E-mail
Vaaldiam Resources Ltd.: Gold Results Increase Revenue Potential of Duas Barras Diamond Deposit - More - September 26, 2006 | Item | E-mail
Jasper Mining Corporation announces final results from drill program on Isintok property - More - September 26, 2006 | Item | E-mail
McEwen Capital: Goldcorp Fails To Provide Fundamental Shareholder Rights - "Rob McEwen, the founder and largest individual shareholder of Goldcorp announced today that he has sent a letter to Goldcorp's Board of Directors stating that Goldcorp is not in compliance of Ontario's Business Corporations Act by failing to convene a shareholders meeting to vote on the proposed business combination with Glamis Gold. The board of Goldcorp has been requested to rectify the situation failing which a request will be made to the court for a compliance order." More - September 26, 2006 | Item | E-mail
Continuum Closes $1,500,000 Private Placement - More - September 26, 2006 | Item | E-mail
Barrick Bid for NovaGold to Proceed-Extends Offer of US$14.50 - "We are pleased that NovaGold's Board of Directors has, not surprisingly, allowed their shareholders the opportunity to now decide for themselves on our Offer. NovaGold has produced a series of project related updates over the past two months, has run a full auction and has failed to produce any alternative offers. This highlights what we have been saying all along; that our offer is both attractive and fair to NovaGold shareholders. Surely if there were greater value in NovaGold, a better offer would have surfaced by now." More - September 26, 2006 | Item | E-mail
Mexivada Mining Corp. - Expiry date of warrants extended by six months - More - September 26, 2006 | Item | E-mail
Great West Gold, Inc. -- Restructuring - More - September 26, 2006 | Item | E-mail
NovaGold Reports First Results of 80,000 Meter Drill Campaign at Donlin Creek - "To date Barrick Gold Corporation, manager of the Donlin Creek project, has provided drilling results for only the first 74 of 171 completed core holes drilled on the property since February 2006. NovaGold hopes to receive results from the remaining holes as quickly as possible, so that shareholders and the market can determine Donlin Creek's true value. The majority of holes are infill drilling, for the purpose of converting Inferred Resources to Measured and Indicated Resources." More - September 26, 2006 | Item | E-mail
Bema seeks joint venutre to ease So. Africa debt - "Canadian mining company Bema Gold Corp. on Tuesday acknowledged mounting debt in a South African gold mine and said it was pursuing a joint venture there. "In the next couple of weeks we intend to close a deal with Pamodzi (Resources Ltd) which will make the new entity a gold mining company that will be majority-owned by a black empowerment company," said Chief Executive Officer Clive Johnson." More - September 26, 2006 | Item | E-mail
Alpha Gold Discovers New "GD" Zone on Lustdust Property - More - September 26, 2006 | Item | E-mail
Fronteer Intersects 4 Grams Per Tonne Gold Over 111 Metres at Agi Dagi Deposit, NW Turkey - "Fronteer Development Group Inc. is pleased to announce that Teck Cominco's Turkish subsidiary, as operator, has reported to Fronteer that a new drill hole (AD-212) located 150 metres to the west of the current Deli Resource Area has intersected 3.96 grams per tonne gold over 111.3 metres, including 7.1 grams per tonne over 15.0 metres (see table below)." More - September 26, 2006 | Item | E-mail
Typhoon Releases Assay Results of an Outcrop at Fayolle - More - September 26, 2006 | Item | E-mail
Fury Initiates Drilling at Taylor - More - September 26, 2006 | Item | E-mail
Olympus-Continued Drilling Success at Phuoc Son Property - More - September 26, 2006 | Item | E-mail
GBS Gold International Inc.: First Gold Pour - More - September 26, 2006 | Item | E-mail
Sur American Gold Corporation: Strong Copper-Gold-Silver Assays Returned From Initial Drilling at Tagpura Project, Philippines - More - September 26, 2006 | Item | E-mail
Northland Resources Arranges C$30-Million Financing - More - September 26, 2006 | Item | E-mail
American Creek grants Mike Muzylowski stock options - More - September 26, 2006 | Item | E-mail
Bulk mineable silver potential at Colquipucro Project in Peru - More - September 26, 2006 | Item | E-mail
Sierra Minerals Completes Acquisition of Cerro Colorado and Receives Approval to Trade on TSX - More - September 26, 2006 | Item | E-mail
Probe Mines Intersects Zinc-Rich Base and Precious Metal Mineralization on the Norway Lake Project, Northwestern Ontario - More - September 26, 2006 | Item | E-mail
Globex Mining Enterprises Inc.: Metallurgical Drill Holes Return Up to 2.9% Copper Over 28.8 Meters - More - September 26, 2006 | Item | E-mail
Alma Resources Releases Results of Preliminary Reconnaissance of Barreteros Property, Mexico - More - September 26, 2006 | Item | E-mail
Mexivada Mining Corp. - Private Placement completed for $935,000 - More - September 26, 2006 | Item | E-mail
Golden China Upgrades and Expands Mineral Resource Estimate at its Nibao Gold Project - More - September 26, 2006 | Item | E-mail
Diadem Intersects 4.16 g/t Gold Over 10.3 Meters in New Drilling Program on Duquesne West Gold Project - More - September 26, 2006 | Item | E-mail
Sierra Gold Announces Acquisition of Gold Property - More - September 26, 2006 | Item | E-mail
Silver Dragon Report of Development and Exploration Program at Erbahuo Silver Mine, Northern China - More - September 26, 2006 | Item | E-mail
Great West Gold, Inc. -- Forward Stock Split Pay Date - More - September 26, 2006 | Item | E-mail
Enterayon Acquires Silver Cup Ridge Gold-Silver Property - More - September 26, 2006 | Item | E-mail
Wits Basin Announces Commencement of Drilling Program at the Vianey Mine - More - September 26, 2006 | Item | E-mail
De Beira is pleased to announce drilling has begun at the Company's Minanca Project in Portovelo, Zaruma mining district - More - September 26, 2006 | Item | E-mail
Magnus International Resources Inc.: Huidong Exploration Update-Alteration and Mineralization in Dingjiaping Drill Holes - More - September 26, 2006 | Item | E-mail
Goldcorp Founder to Challenge Glamis Bid - "A spokesman for McEwen confirmed Tuesday that McEwen, Goldcorp's largest individual shareholder is not in favor of the deal and is "starting that proxy effort." A formal challenge against Goldcorp management and its board of directors is expected later Tuesday." More - September 26, 2006 | Item | E-mail
Barrick Gold Corporation Third Quarter 2006 Results Release, Conference Call and Webcast - "Third Quarter Results Release November 2nd before market opens. Conference Call and Webcast November 2nd at 11:00 am ET" More - September 26, 2006 | Item | E-mail
Agnico-Eagle purchases units in Continuum Resources Ltd. - "Agnico-Eagle Mines Limited announces today that it has purchased an additional 2,340,500 units of Continuum Resources Ltd. for $585,125. Each unit consists of one common share and one-half of one share purchase warrant. With this purchase, Agnico now holds 6,605,500 common shares and 4,810,250 warrants of Continuum. Each newly purchased share purchase warrant entitles the holder to purchase one additional common share of Continuum at a price of C$0.25 per warrant if exercised within the next year." More - September 26, 2006 | Item | E-mail
Bema Gold Corporation: New Licenses Acquired at the Kupol Project Area and Additional High Grade Results - "With the acquisition of these two licenses, Kupol West and Kupol East, CMGC increases its overall land position in the Kupol Project area from approximately 17.5 square kilometers to an approximate combined 425.5 square kilometers. Furthermore, additional high-grade drill results have been received from the recently discovered 650 zone located south-east of the main Kupol vein." More - September 26, 2006 | Item | E-mail
NORTHGATE ANNOUNCES CONTINUED EXPANSION OF THE LOWER YD AND LOWER BOUNDARY ZONES AT YOUNG-DAVIDSON - "The most recent diamond drill results at the Young-Davidson property have substantially expanded the two core zones of mineralization we have discovered between the 5500 and 4000 levels during our 2006 exploration campaign. It is also becoming increasingly evident that the grade of the gold mineralization at the Young-Davidson property is increasing with depth and that the Lower Boundary and Lower YD zones could converge at depth. If both these hypotheses prove to be correct, the economics of the property will improve dramatically from our initial acquisition projections. In the fourth quarter of 2006, our exploration team expects to increase the number of drills active at Young-Davidson to six and more importantly we plan to release an updated NI-43-101 compliant resource estimate for the property before the end of November." More - September 26, 2006 | Item | E-mail
Great Basin Announces Reserve Bank Approval for Secondary Listing on the Johannesburg Stock Exchange - "Since announcing the results of the Burnstone Feasibility Report, and subsequent commencement of construction of the decline at the Burnstone site, there has been increasing local interest in the Company. By listing on the JSE, we will be offering South African investors exposure to both our development projects in South Africa as well as our high grade gold and silver deposit in Nevada, USA. When in production, both are expected to be shallow, low cash cost operations." More - September 26, 2006 | Item | E-mail
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