Gold traded mostly slightly lower in Asia and London before it fell off further in morning New York trade to as low as $595.70 at one point, but a rally into the close cut some of its losses and left it with a 1.06% loss on the day.Silver followed a similar pattern.It fell to as low as $11.27 before it rebounded and ended with a loss of 1.72%.
Euro gold fell near €470, platinum lost $10 to $1,134, palladium lost $9 to $310, and copper rose over 5 cents to get back near $3.45.
Gold and silver equities fell over 1.5% at the open and remained near their lows in morning trade, but they then rallied throughout most of afternoon trade and found small gains before they fell back off in the last hour of trade and ended about 1% lower.
The Economy:
Report
For
Reading
Expected
Previous
Personal Income
Aug
0.3%
0.3%
0.5%
Personal Spending
Aug
0.1%
0.2%
0.8%
Michigan Sentiment
Sep
85.4
85.0
84.4
Chicago PMI
Sep
62.1
56.0
57.1
Year over year Core PCE rose 2.5%.It was the biggest increase in more than 10 years.St. Louis fed president William Poole spoke and noted easing inflation pressures.
ADVERTISEMENT
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.
Click Here for more information including a video presentation...
Next week’s economic highlights include Construction Spending and the ISM Index on Monday, Factory Orders and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and Consumer Credit and September’s jobs data on Friday.Bernanke and Kohn will also be speaking next week.
Oil fell in early trade as OPEC announced that there will be no emergency meeting to talk about a possible official OPEC production cut, but Nigeria and Venezuela said they will cut production and BP “said it had shut in 25,000 to 30,000 barrels per day of oil output in Alaska following a natural gas leak at its Lisburne oil field.”This announcement late in the day brought in some buying in the last minutes of trade and caused oil to end slightly higher.
The U.S. dollar index rose in anticipation of high Core PCE and remained higher after year over year Core PCE came in at the highest since January 1995.Core PCE is one of the fed’s most closely watched indicators and may influence them raise interest rates in the future as they like to see Core PCE below today’s reading of 2.5% and closer to the 1-2% range.
Treasuries came in higher before falling following strong economic data, but they then rebounded at the close to end unchanged on the day following some dovish comments from the fed’s Poole.
The Dow, Nasdaq, and S&P remained near unchanged for most of trade before they fell off in the last couple of hours and ended modestly lower on inflation worries.
Among the big names making news in the market Friday were Toshiba, Dell, J. Crew, RIM, and Timken.
The Commentary:
“December Gold finished down 6.7 at 604.2, 3.3 off the high and 4.7 up from the low.
December Silver closed down 0.195 at 11.54. This was 0.22 up from the low and 0.17 off the high.
The gold market again fluctuated moderately but it was clear that the bear camp held the most control over prices. With the Dollar finishing the week on an upbeat tilt and the oil sector periodically showing weakness again there were a number of outside market forces prompting profit taking by the longs. In fact, considering the non-descript Personal Income and Consumption readings and the level PCE Index, the market saw negative macro economic indications from the first set of numbers. However, later in the session the market should have seen some support from the Chicago Purchasing Managers and the New York Purchasing Managers data.
With the December silver contract forging a rather wide trading range on Friday and seemingly content to sit near the mid point between the 100 and 200 day moving average, it would seem like the market is attempting to make a trend decision. With the Press reporting fund selling interest throughout the session and the end of month psychologically already being played up by the trade it almost seemed like a self fulfilling prophecy for prices to weaken. Even the positively positioned copper market failed to benefit from the favorable Chinese growth news that was floated before the opening and therefore it wasn't surprising to see the silver market fail to benefit.”- The Hightower Report,Futures Analysis and Forecasting
On September 27, 2006 the iShares Silver Trust [AMEX: SLV] filed a S-1 to register 15,222,727 shares at a proposed maximum offering price of $110.00 per share for a maximum net offering proceeds of $1,674,449,970.
As of 09/28/2006, iShares Silver Trust showed 104,323,655 ounces of silver in the trust or 3,244.8 tonnes. This represented 10,450,000 shares. Thus the registration of the S-1 this week will effectively increase the amount of shares and silver by just under 150%.
The Stocks:
Ivanhoe’s (IVN) extended completion date of its acquisition agreement with Asia Gold and Coeur d’Alene’s (CDE) Rule 10b5-1 plan were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.Solitario
XPL+11.62% $3.65
2.NovaGold
NG +3.09% $15.69
3.Hecla
HL +2.68% $5.74
LOSERS
1.Cardero Resource
CDY -5.63% $1.51
2.Claude Resources
CGR -3.31% $1.17
3.Harmony Gold
HMY -3.15% $12.93
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:
Ivanhoe Mines and Asia Gold Extend Completion of Mongolian Coal Acquisition Agreement - "Ivanhoe Mines and Asia Gold announced today that they have agreed to extend until November 1, 2006, the date for completion of the Coal Transaction, whereby Asia Gold will acquire the coal division of Ivanhoe Mines in consideration for the issuance of common and preferred shares." More - September 29, 2006 | Item | E-mail
Oriel Resources Plc: Interim Results for the Period Ended 30 June 2006 - More - September 29, 2006 | Item | E-mail
AntOro Files Audited Financial Statements &Concludes Private Placement - More - September 29, 2006 | Item | E-mail
Shore completes FALC Joint Venture transactions - More - September 29, 2006 | Item | E-mail
Asia Now Appoints Gaetan Chabot as CFO - More - September 29, 2006 | Item | E-mail
ITH drilling Intersects 1540 g/t '49.5 ounces/t' Gold over 0.8 Metres at the LMS Project, Alaska - More - September 29, 2006 | Item | E-mail
Jasper Mining Corporation announces results of airborne geophysical program on Sawyer Property - More - September 29, 2006 | Item | E-mail
European Minerals Corporation Announces the Appointment of Timothy Hanford a Non-Executive Director - More - September 29, 2006 | Item | E-mail
Mining minnows merge to lure a big-league catch - "Small Canadian mining companies are rushing to groom themselves to attract big-league suitors, experts say, a trend underscored by a wave of consolidation among junior explorers and producers. Flush with cash and confidence spawned by robust commodity prices, the miners want to capitalize on vibrant investor interest." More - September 29, 2006 | Item | E-mail
Vena Resources Confirms Press on Michiquillay Copper Project - More - September 29, 2006 | Item | E-mail
Uranium One Announces Receipt of Environmental Licence for Honeymoon - More - September 29, 2006 | Item | E-mail
Hi Ho Silver Resources Inc.: Carmi Property Update - More - September 29, 2006 | Item | E-mail
Augyva Reports Channel Sampling Results on its Duncan Property and Begin VTEM Survey at Kali, Opinaca - More - September 29, 2006 | Item | E-mail
Dia Bras Extends Mineralized Zones at Bolivar Mine - More - September 29, 2006 | Item | E-mail
Rocmec Closes Financing for the Diamond Drill Campaign on its Rocmec1 'Russian Kid' Gold Property - More - September 29, 2006 | Item | E-mail
Aurelio Resource Corporation Completes $1.6 Million Private Placement - More - September 29, 2006 | Item | E-mail
Colombia Goldfields Continues to Consolidate the Marmato Mountain Gold District - More - September 29, 2006 | Item | E-mail
Gabriel Resources Ltd. - Appointment of Simon Prior-Palmer to Board of Directors - More - September 29, 2006 | Item | E-mail
Beaufield Resources Inc.: 27.6 G/T Gold Assay Result from Opinaca - More - September 29, 2006 | Item | E-mail
Jaguar Mining expects increased reserves and production rate from new Turmalina Zone - More - September 29, 2006 | Item | E-mail
Medusa Mining to List on AIM and Undertake $15 Million Capital Raising - More - September 29, 2006 | Item | E-mail
GBS Gold International Inc.: Filing of AIF, Harmony Payment, CEO Interview and S&P Market Access Program - More - September 29, 2006 | Item | E-mail
Newmont Mining cut by analysts on lowered gold forecast - "At least three investment banks lowered their outlooks for Newmont Mining Corp. Thursday, a day after the world's largest gold producer revealed that bullion sales would miss previous forecasts for the second time this year." More - September 29, 2006 | Item | E-mail
Coeur CEO Establishes Rule 10b5-1 Plan - "Coeur d'Alene Mines Corporation today announced that Dennis E. Wheeler, Chairman, President and Chief Executive Officer of the company, has entered into a Rule 10b5-1 plan with a securities brokerage firm pursuant to which he may publicly sell over a one-year period up to 500,000 shares of the company's common stock that may be acquired by him in the future upon the exercise of previously granted stock options." More - September 29, 2006 | Item | E-mail
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure:The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.The author of this report is not a registered financial advisor.Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.Past results are not necessarily indicative of future results.Any statements non-factual in nature constitute only current opinions, which are subject to change.Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
The content on this site is protected by U.S. and international
copyright laws and is the property of SilverSeek.com and/or the
providers of the content under license. By "content" we
mean any information, mode of expression, or other materials and
services found on SilverSeek.com. This includes editorials, news,
our writings, graphics, and any and all other features found on
the site. Please contact us for any further information.
Disclaimer
The views contained here may not represent the views of SilverSeek.com,
its affiliates or advertisers. SilverSeek.com makes no representation,
warranty or guarantee as to the accuracy or completeness of the
information (including news, editorials, prices, statistics, analyses
and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or
materials contained on or within this website, without the express
written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person
for any decision made or action taken in reliance upon the information
provided herein.
