-- Posted 28 September, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $605.10 | +$7.50 |
Silver | $11.61 | +$0.04 |
XAU | 129.88 | -0.61% |
HUI | 303.34 | -0.76% |
GDM | 976.87 | -0.81% |
JSE Gold | 2851.44 | +0.22% |
USD | 85.76 | +0.08 |
Euro | 127.00 | -0.04 |
Yen | 84.82 | -0.25 |
Oil | $62.76 | -$0.20 |
10-Year | 4.626% | +0.032 |
T-Bond | 112.40625 | -0.34375 |
Dow | 11718.45 | +0.25% |
Nasdaq | 2270.02 | +0.29% |
S&P | 1339.15 | +0.19% |
The Metals:
Gold immediately rose over $600 in access trade yesterday and traded between $600 and $605 in Asia, London, and most of trade in New York before it rose above $605 in late morning trade and remained near its highs in afternoon trade to close with a gain of 1.26%. Silver rose to about $11.75 in late Asian trade before it fell off a bit in Asia and dropped to as low as $11.47 in midmorning New York trade, but it then rallied a bit into the close and ended with a gain of 0.35%.
Euro gold rose near €475, platinum gained $14 to $1,144, palladium gained $4 to $319, and copper fell over 5 cents to under $3.40.
Gold and silver equities traded on either side of unchanged in a tight range and found about 1% gains by late morning, but they then fell off into the close and ended near their lows with almost 1% losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
GDP-Final | Q2 | 2.6% | 2.9% | 2.9% |
Chain Deflator | Q2 | 3.3% | 3.3% | 3.3% |
Initial Claims | 9/23 | 316K | 315K | 322K |
Help-Wanted Index | Aug | 31 | 32 | 32 |
Tomorrow at 8:30AM EST brings Personal Income for August expected at 0.3% and Personal Spending expected at 0.2%. At 9:50 is the revised reading for Michigan Sentiment for September expected at 85.0 and at 10AM is Chicago PMI for September expected at 56.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil seesawed on varying reports over whether OPEC will cut production or not before it ultimately ended slightly lower on the day.
The U.S. dollar index found slight gains despite poor economic data and a euro that was strong early on hawkish ECB talk.
Treasuries fell despite weak economic data as traders took profits from an overbought market.
The Dow, Nasdaq, and S&P rose at the open before they fell in late morning trade, but all three indices then rose throughout afternoon trade and ended with decent gains. The Dow ended less than 5 points from a new all-time closing high and did not eclipse its record intraday high of roughly 11,750.
Among the big names making news in the market today were HP, ESPN, Topps, Neiman Marcus, Tracinda and GM, American Greetings, and GM and Renault.
The Commentary:
“The trading action the past many months around $600 gold is fascinating. First gold gapped above $600. Three times it came back to check that gap, only to reject going below that level on the downside. The fourth time down, it gapped BELOW the long held gap, thus leaving this long standing gaping hole. Today, gold went up to that level once more, was shot right down and then roared back up in choppy action to challenge $600 once again…
October gold
http://futures.tradingcharts.com/chart/GD/A6
Not sure what it all means from a technical level except to point out that it is a powerful area of contention. Since I am such a rampant bull, my take is that once gold closes above the $605 level, the price will have done all it needs to do on the downside to launch a rise to new high ground.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 7.6 at 610.9, 1.5 off the high and 5.4 up from the low.
December Silver closed up 0.035 at 11.735. This was 0.12 up from the low and 0.065 off the high.
Gold prices fluctuated aggressively on Thursday but did manage to rise to new highs for the day, after the flow of patently weak US economic numbers. In fact, the Press was reporting evidence of renewed physical demand during the session and that seemed to distract the market away from the economy and back toward potentially supportive internal supply and demand developments. With oil prices showing signs of strength again and a Fed member cautioning the market in its discounting of inflation readings, it would seem that a number of flight to quality elements were coming out in favor of the bull camp. While the Dollar was mostly higher and managed a new high for move, the gold market didn't seem to be that interested in the negative ramifications of a rising Dollar. While the US numbers might have been soft, one almost gets the sense that the market is assuming a better economy regardless of recent evidence to the contrary.
The silver market didn't regain the 200 day moving average like the gold market but the market did climb above the 100 day moving average and that could increase the buying interest of the funds and the specs. Surprisingly a hard reversal in the copper market and the patently negative US economic numbers didn't discourage the market from behaving positively on Thursday but in general the bull camp seemed to have the edge despite the choppy afternoon action. News of a new ETF fund at the London Stock exchange might stimulate renewed investment talk in silver and that could be important considering the slack macro economic news floated during the session Thursday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
You're invited to GATA's reception during the New Orleans Investment Conference
Treasury irked that somebody else may be rigging markets
The Statistics:
As of close of business: 09/27/2006
Gold Warehouse Stocks: | 7,889,420 | - 24,851 |
Silver Warehouse Stocks: | 105,261,045 | + 442,214 |
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$ 7,373m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.16 | 2,512,880 | US$ 1,514m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.95 | 319,508 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,927 | US$ 188m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 09/27/2006 | |
Total Net Assets | $827,686,032 | 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 09/27/2006 | |
Total Net Assets | $1,207,622,703 | 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:
Rob McEwen’s voiced support for a shareholder vote over Goldcorp’s (GG) purchase of Glamis Gold (GLG), Arizona Star’s (AZS) C$6,000,000 financing, Tanzanian Royalty’s (TRE) repurchased rights to the Kigosi property, and Banro’s (BAA) increase in gold resources were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro Corp | BAA +8.37% $8.63 |
2. Solitario | XPL +4.81% $3.27 |
3. Apex Silver | SIL+2.67% $16.53 |
LOSERS
1. Nevsun Resources | NSU -4.89% $2.72 |
2. Mines Management | MGN -4.37% $5.69 |
3. Crystallex | KRY -3.99% $2.89 |
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:
Carmax Explorations Ltd.: Assays Pending - More
- September 28, 2006 | Item | E-mail
Copper Fox Metals Inc. announces third quarter results - More
- September 28, 2006 | Item | E-mail
Sea Green Capital Corp. Seeks to Extend Warrants - More
- September 28, 2006 | Item | E-mail
Taranis Completes Geologic Due Diligence At Thor Property, British Columbia - More
- September 28, 2006 | Item | E-mail
Plexmar Acquires Escondida Project, Ecuador - More
- September 28, 2006 | Item | E-mail
Golden Phoenix Adds Mining Professionals Corby Anderson and Kent Aveson to Its Board of Directors - More
- September 28, 2006 | Item | E-mail
Golden Eagle Appoints Director with Vast Experience in Bolivia - More
- September 28, 2006 | Item | E-mail
Silver Dragon Resources Inc. Receives Certificate of Approval by Ministry of Commerce, China Granting Equity Transfer in Sanhe Sino-Top Resources and Technologi - More
- September 28, 2006 | Item | E-mail
Longview Congratulates Buffalo Gold on US$20 Million Financing - More
- September 28, 2006 | Item | E-mail
Tumi Resources Limited - Tumi Resources completes deep penetrating pulse EM geophysical survey at Sala, Sweden - More
- September 28, 2006 | Item | E-mail
Full Metal Intersects New Massive Sulphide Deposit: 12.1m Averaging 110.9 g/t Ag, 0.32% Cu, 4.0% Pb, 11.6% Zn - More
- September 28, 2006 | Item | E-mail
China Diamond Corp.: Announcements - More
- September 28, 2006 | Item | E-mail
Canarc to Raise Up to CA$4.1 Million in Two Private Placements - More
- September 28, 2006 | Item | E-mail
Drake Gold Resources Welcomes Two Mining Professionals to the Board of Directors - More
- September 28, 2006 | Item | E-mail
Gold miners grapple with replacing reserves - "Replacing reserves is the biggest issue gold mining companies face, executives said at this year's Denver Gold Forum. "That's issue 1, 2 and 3," said Ian Cockerill, the chief executive of Gold Fields Ltd., the world's fourth-biggest gold producer. "It doesn't matter who you talk to, everybody has the same issue." And indeed they do." More
- September 28, 2006 | Item | E-mail
Aurus Signs Agreement With Manufacturer for Equipment to Increase Its Existing Production and to Commence Operations on Existing Sites - More
- September 28, 2006 | Item | E-mail
Campbell Resources Announces Rights Offering And Receipt For Final Prospectus - More
- September 28, 2006 | Item | E-mail
Shifting Gear in Chibougamau - More
- September 28, 2006 | Item | E-mail
Golden China Shareholders Approve Business Combination with Michelago - More
- September 28, 2006 | Item | E-mail
Pearl Asian Mining Has Processed at Least 2 Metric Tons of Gold Ore, Producing Up to 2 Kg of Gold Concentrate - More
- September 28, 2006 | Item | E-mail
Mill City Retains Buy-Back Options to Purchase One Third of all Nevada Royalties - More
- September 28, 2006 | Item | E-mail
Goldcorp ex-CEO says support grows against Glamis - "Rob McEwen, the former chief executive of Goldcorp Inc., on Thursday said he had the support of more than 5 percent of the company's investor base in his push to force the company to hold a vote on its $6.5 billion purchase of Glamis Gold Ltd. McEwen, who founded Goldcorp and still holds a 1.5 percent stake in the company, said he also expected to gain support from other institutional and retail holders." More
- September 28, 2006 | Item | E-mail
Callinan Increases Private Placement by $750,000 - More
- September 28, 2006 | Item | E-mail
MDN Northern Mining: New Gold Intersections on Msasa Project-Tanzania - More
- September 28, 2006 | Item | E-mail
Canaco Exercises Option and Releases 43-101 Report on Douglas Lake Mineral's Morogoro Property - More
- September 28, 2006 | Item | E-mail
Unico, Inc. Announces Recent Reconstruction on the Mill and Processing Facility at the Deer Trail Mine - More
- September 28, 2006 | Item | E-mail
SearchGold Reports Positive Surface Results from Belleterre Project in Quebec, Canada - More
- September 28, 2006 | Item | E-mail
Garibaldi Resources Corp.: $2.4 Million Private Placement Closes - More
- September 28, 2006 | Item | E-mail
La Mancha Closes Transaction Creating Internationally Diversified Gold Producer - More
- September 28, 2006 | Item | E-mail
Exall Resources Limited and Southern Star Resources Inc. Agree to Merge - More
- September 28, 2006 | Item | E-mail
Skygold Ventures Ltd.: North Zone Builds Potential while Central Zone Continues to Impress - More
- September 28, 2006 | Item | E-mail
Alexis Intersects 4.9 Ounces Gold Per Ton Over 8.5 Feet '167.0 Grams Gold Per Tonne Over 2.6 Metres' in West E Zone, Lac Herbin - More
- September 28, 2006 | Item | E-mail
Sierra Gold Corporation Announces Appointment of New Officers and Directors - More
- September 28, 2006 | Item | E-mail
Underground Development at Globex`s Fabie Bay Copper-Silver Deposit and Other News - More
- September 28, 2006 | Item | E-mail
Apogee Strengthens Senior Management Team - More
- September 28, 2006 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property - More
- September 28, 2006 | Item | E-mail
HuntMountain Resources Appoints New President and Chief Financial Officer - More
- September 28, 2006 | Item | E-mail
Aggressive Exploration Planned for Seven Potential Porphyry Copper Targets in the Philippines - More
- September 28, 2006 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge-Trenching Results-York Viking Zone - More
- September 28, 2006 | Item | E-mail
Mining companies facing risks in search for gold - "If anyone doubted the risks of doing business in developing countries, they need only look at what happened to Newmont Mining. The world's second largest gold producer just left Uzbekistan after more than a decade after the government in Tashkent effectively expropriated Newmont's share of a joint venture in the former Soviet republic." More
- September 28, 2006 | Item | E-mail
Arizona Star Resource Corp. Arranges CDN $6,000,000 Financing - "Arizona Star Resource Corp. announced today that it has arranged a Cdn$6,012,500 private placement financing consisting of 650,000 common shares at Cdn$9.25 per share. The shares to be issued under this private placement will be subject to a four-month hold period. Closing of this financing is subject to regulatory approval and completion of final documentation. There are no commissions or finders fees payable on the financing." More
- September 28, 2006 | Item | E-mail
Tanzanian Royalty Re-Purchases Rights to Kigosi Property in Tanzania - "Tanzanian Royalty Exploration Corporation is pleased to announce that it has negotiated the repurchase of its rights to the Kigosi property, including all related camp and equipment, along with the purchase of a non-associated property, the Dongo, from AngloGold-Ashanti in a transaction valued at USD$900,000." More
- September 28, 2006 | Item | E-mail
Banro announces significant increase in gold resources at Twangiza - "This increase in Mineral Resources at Twangiza results from a core drilling program of 6,421 metres (33 diamond drill holes) which commenced in February 2006. Drilling is continuing and has been accelerated with an increase to four diamond core rigs at Twangiza with the goal of adding to and upgrading these Mineral Resources." More
- September 28, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 September, 2006 | |
