-- Posted 9 October, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $578.10 | +$5.90 |
Silver | $11.29 | +$0.21 |
XAU | 123.55 | -0.52% |
HUI | 290.21 | -0.60% |
GDM | 926.34 | -0.60% |
JSE Gold | 2879.70 | +1.12% |
USD | 86.52 | -0.02 |
Euro | 126.07 | UNCH |
Yen | 84.12 | UNCH |
Oil | $59.96 | +$0.20 |
10-Year | 4.698% | +0.002 |
T-Bond | 111.56250 | UNCH |
Dow | 11857.81 | +0.06% |
Nasdaq | 2311.77 | +0.51% |
S&P | 1250.66 | +0.08% |
The Metals:
Gold steadily rose in Asia and traded nearly $10 higher before it fell off in London and traded slightly lower at one point in late morning New York trade, but it then rallied into the close and ended over 1% higher on the day. Silver rose to find nearly 40 cent gains in early New York trade before it sold off a bit in late morning trade, but it also rebounded into the close and ended with a gain of nearly 2%.
Euro gold rose near €460, platinum was higher by $11 to $1,081, palladium was unchanged at $297, and copper was down slightly at about $3.41.
Gold and silver equities rose over 1% in early trade, but they then steadily fell off throughout most of the rest of trade and ended slightly lower.
The Economy:
There were no major economic reports released today. Tomorrow at 10AM brings Wholesale Inventories for August expected at 0.6% and at 2PM is the Treasury Budget for September expected at $42.0 billion.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on geopolitical concerns over North Korea and on a possible OPEC cut, but no official OPEC statement about cuts is out yet as it was expected to be and oil ended well off its highs as a result.
The U.S. dollar rose to an 8 month high versus the yen on concerns over North Korea, but it fell versus the euro on speculation over hawkish talk from the ECB and on expectations for strong economic reports coming out of Europe this week.
The bond market was closed today in observance of Columbus Day.
The Dow, Nasdaq, and S&P opened lower on geopolitical concerns over North Korea that drove energy prices higher, but all three indices rallied to find slight gains by the close as oil ended well off its highs of the session.
Among the big names making news in the market today were Celadon and Erin Truckways, Google and YouTube, Johnson Controls, Cheesecake Factory, Cablevision, PNC and Mercantile Bankshares, Veritas Capital and Cornell, and Monster.
The Commentary:
“Obviously there are many new Café members who have had little time to look into what GATA has done in the past regarding the Germans, swap issues, going to Congress, etc., and why MIDAS is jumping up and down about the Barclays/Bundesbank developments. Together they are the equivalent of a SMOKING GUN and go right to the heart of GATA’s case.
What came out the past couple of days bolsters much of what the GATA camp discovered, or got into, six years ago (and still the dummies in the mainstream gold world remain silent). For fun I am combining the details of some of our efforts and past articles with the national story of the day regarding Congressman Foley and Speaker of the House, Dennis Hastert …. what did Speaker Hastert know and when did he know it?” - From last Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 6 at 582.8, 0.6 off the high and 7.3 up from the low.
December Silver closed up 0.245 at 11.42. This was 0.12 up from the low and 0.13 off the high.
With a partial range up rally and the December contract managing to rise above the quasi double top of $575.5 it would seem like the bear camp was being threatened with some short covering interest. Certainly the favorable action in the energy complex improved the outlook toward gold and to a certain degree it is also possible that the North Korean situation provided the market with an added lift. However, the gold market did have to discount news that Chinese gold production in the January through August time frame actually increased by 11% and that clearly suggests that the market was focused on issues other than classic supply and demand statistics.
With a gap up move, the silver market certainly seemed to cast its lot with the gold market and the oil market to start out the new week. While the market wasn't able to climb above the 100 day moving average, the fact that most of the metals made solid upward bids seemed to shake off more of that lingering broad based commodity selling mentality. However, with the stock market sluggish and the recent macro economic outlook injured by the slack US monthly payroll readings, it would not seem like the silver market is set up to receive a wave of physical buying interest. However, the copper market was generally positively biased throughout the session Monday and that seemed to keep the physical demand crowd positive in the silver market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
As miners battle each other, Bolivia may seize inactive mines
Gasoline price manipulation before the elections
So much money and so little real economy to invest it in
The gold price suppression scheme is being found out
The Statistics:
As of close of business: 10/6/2006
Gold Warehouse Stocks: | 7,888,129 | + 94,910 |
Silver Warehouse Stocks: | 105,208,705 | - 11,785 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 389.34 | 12,517,589 | US$ 7,018m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 79.24 | 2,547,567 | US$ 1,468m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.94 | 319,469 | US$ 184m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,889 | US$ 178m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/06/2006 | |
Total Net Assets | $793,092,831 | Ounces of Gold
in Trust | 1,385,649.968 |
Shares Outstanding | 13,950,000 | Tonnes of Gold
in Trust | 43.10 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/06/2006 | |
Total Net Assets | $1,148,003,207 | Ounces of Silver
in Trust | 104,277,935 |
Shares Outstanding | 10,450,000 | Tonnes of Silver
in Trust | 3,243.4 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Observance of Thanksgiving Day in Canada made for a slow news day for the miners, but we did have a few juniors with some news and Arian Silver (AGQ.V) reported some drill results.
WINNERS
1. Richmont Mines | RIC +9.68% $2.72 |
2. Cardero Resource | CDY +5.84% $1.45 |
3. Lihir Gold | LIHR +4.88% $21.94 |
LOSERS
1. Bema Gold | BGO -3.77% $4.08 |
2. Metallica | MRB -3.62% $2.93 |
3. Arizona Star | AZS -3.13% $8.37 |
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:
HuntMountain Resources Begins Drilling at Dun Glen Gold Project - More
- October 09, 2006 | Item | E-mail
International Gold Resources Reports No Material Changes - More
- October 09, 2006 | Item | E-mail
Crew Gold Corporation Announces Financial Results for the Year Ended June 30, 2006 - More
- October 09, 2006 | Item | E-mail
De Beira Goldfields Inc.: Announcing an Initial Inferred Resource of 3.6 Million Ounces of Gold and 24 Million Ounces of Silver at the Minanca Mining Project - More
- October 09, 2006 | Item | E-mail
'Imperialist' S.African firms under fire in Africa - "Mining giants like Anglo American from South Africa -- which accounts for a third of the continent's gross domestic product -- create thousands of jobs, spurring small African economies and boosting government tax revenues. But despite all this, Africans are increasingly accusing South Africa's corporate juggernauts of exploiting their resources, abusing their workforces and behaving just like the western colonial powers before them." More
- October 09, 2006 | Item | E-mail
Positive Results From Initial Phase Of Sampling At La Africana Property, Zacatecas State, Mexico - "The results indicate potential economic mineralisation over a much wider disseminated zone than initially envisaged. Previously the high-grade epithermal vein at La Africana was mined using conventional mining methods. If further systematic exploration is consistent with the results from this initial phase then the project may be amenable to underground bulk mining." More
- October 09, 2006 | Item | E-mail
Medusa Mining Limited: New Corporate Video Available - More
- October 09, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 October, 2006 | |
