Gold rose to over $580 in Asia, fell about $10 in London, dropped to under $570 in morning New York trade, and then rebounded to over $576, but it soon fell back off and hovered near its lows for the rest of trade to cut its gains from Monday and close 10 cents under its closing price of last Friday.Silver rose near $11.40 in Asia before it fell off in London and remained near its lows just above $11.00 for most of trade in New York, but it still ended 4 cents higher from last Friday’s close.
Euro gold fell near €455, platinum lost $0.90 to $1,069.10, palladium lost $0.50 to $296.50, and copper fell about 4 cents to $3.37.
Gold and silver equities opened slightly lower, but they soon went up and traded roughly 1% higher for the rest of trade.
The Economy:
Report
For
Reading
Expected
Previous
Wholesale Inventories
Aug
1.1%
0.6%
0.9%
Federal Reserve President Richard Fisher spoke today and warned the fed will raise rates again if inflation doesn’t ease.September’s Treasury Budget release was delayed until tomorrow at a time to be announced.It is now expected at $52.0 billion.At 2PM EST is the release of FOMC minutes from their September 20th meeting.
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Oil continued to fall as OPEC still has not announced an official cut in production and doubts surfaced that they will do so at any time in the near future as “Saudi Arabia's state oil company told customers in East Asia and Europe to expect the same quantity of oil in November as this month, undercutting OPEC's plans to cut output.”
The U.S. dollar index found decent gains and treasuries fell on speculation the fed may start raising rates again.
The Dow, Nasdaq, and S&P traded on either side of unchanged in a pretty tight range and ended a bit higher as lower oil prices battled renewed interest rate fears ahead of the release of earnings from several big companies in the near future.
Among the big names making news in the market today were Alcoa, Genentech, ING, Supervalu, Goldman Sachs, Airbus, and ImClone.
The Commentary:
“Let me repeat … the statement by the Bundesbank that other central banks are looking to swap gold with them is a major event as far as GATA is concerned, especially, in light of the Barclays' faux pas. Why:
*The ECB banks only sold 80% of what they could have.
*Whoever wants to swap gold with Germany can’t announce outright sales on their own (like the US), so they want a deceptive swap deal to dump gold on the market. That is exactly what a recent IMF report stated was going on in that the central banks were not accounting for this gold no longer in their possession.
*The request for swapped gold suggests The Gold Cartel is having to scramble for available central bank gold supply.
*The statement by the German central bank is EXTRAORDINARY and most unusual. It is possible it was meant to send a signal out there to other central banks and to the gold world in general.” - From yesterday’s Midas report byBill Murphy of LemetropoleCafe.com
“December Gold finished down 6.6 at 576.2, 4.6 off the high and 3.2 up from the low.
December Silver closed down 0.2 at 11.22. This was 0.07 up from the low and 0.15 off the high.
An outside day down on the charts can sometimes be seen as a partially negative technical development and with the oil market flirting with fresh contract lows again and platinum prices under aggressive attack, it would seem like the bear camp is getting its house back in order again. In fact, with the added pressure of a soaring Dollar a number of bullish long term fundamental forecasts for higher gold prices into the end of the year are called into question. Apparently the trade is becoming even more concerned with the overt slide in the Euro as that has seemingly created yet another liquidation force in addition to the Dollar rise against a host of other currencies. In the near term the trade might attach significant interest to the $60.00 price level in December crude oil as a couple closes below that key level could spark ideas of a move to an even lower level for energies.
The silver market was hardly immune to the pressure being seen in gold and platinum on Tuesday. In fact, with a host of outside market influences all pointing to more pressure for silver prices directly ahead, the bull camp might need help from the economic outlook or there could be another broad based commodity liquidation wave. While the regularly scheduled economic reports haven't necessarily contributed to the concern of sagging physical and jewelry demand, the stock market hasn't exactly provided the same time of positive spin on the economy as was seen last week and therefore the sloppy price action in silver, copper and platinum isn't that surprising.” - The Hightower Report,Futures Analysis and Forecasting
The Statistics:
As of close of business: 10/09/2006
Gold Warehouse Stocks:
7,856,096
-32,033
Silver Warehouse Stocks:
105,213,513
+4,808
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
Product name
Total Tonnes
Total Ounces
Total Value
New York Stock Exchange (NYSE)
Streettracks Gold Shares
389.34
12,517,589
US$ 7,200m
LSE (London Stock Exchange) AND Euronext Paris
Gold Bullion Securities
79.24
2,547,538
US$ 1,461m
Australian Stock Exchange (ASX)
Gold Bullion Securities
9.94
319,465
US$ 183m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
9.89
317,886
US$ 182m
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/09/2006
Total Net Assets
$801,380,657
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 10/09/2006
Total Net Assets
$1,181,846,357
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:
Buenaventura’s (BVN) exercised option to purchase the remaining 25% of Minas Poracota, US Energy’s (USEG) agreement over the Lucky Jack molybdenum property, Gammon Lake’s (GRS) progress update, Fronteer’s (FRG) Aurora drill results, Seabridge’s (SA) drill results, Eldorado’s (EGO) aim for a Hong Kong listing, Hochschild Mining’s plans for a London IPO, and Silver Dragon’s (SDRG.OB) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.US Energy
USEG+5.72% $4.25
2.GammonLake
GRS +5.36% $11.01
3.Bema Gold
BGO +3.68% $4.23
LOSERS
1.Fronteer
FRG-3.99% $5.78
2.Eldorado
EGO-3.16% $3.98
3.Orezone
OZN-2.21% $1.33
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:
Eastern Goldfields, Inc. Announces Financing, Forthcoming Roadshows and RC Drilling Results - More - October 10, 2006 | Item | E-mail
Prospero Minerals Corp. Elects Four New Directors - More - October 10, 2006 | Item | E-mail
Buenaventura Exercises Option to Purchase Remaining 25% of Minas Poracota - "Compania de Minas Buenaventura S.A.A., Peru's largest publicly-traded precious metals mining company, announced today that it has accepted the decision of Teck Cominco Peru S.A. to sell its 25% interest in Minas Poracota S.A. to Buenaventura." More - October 10, 2006 | Item | E-mail
Stellar Pacific Ventures Inc.: 10.43 g/t Au Over 1.0 M. Intersected at Vassan Property - More - October 10, 2006 | Item | E-mail
CMQ Encouraged by Recent Drilling - More - October 10, 2006 | Item | E-mail
Pelangio Reports final results from first surface exploration program at its Obuasi gold property in Ghana - More - October 10, 2006 | Item | E-mail
Pelangio Reports final results from first surface exploration program at its Obuasi gold property in Ghana - More - October 10, 2006 | Item | E-mail
High Grade Rock Sampling Results, up to 557 g/t Gold in Quartz Veins and up to 306 g/t Gold in the Altered Host Rocks, at the Gaoua Project - More - October 10, 2006 | Item | E-mail
U.S. Energy Corp. / Crested Corp. and Kobex Resources Ltd. Enter Into Letter Agreement Involving Lucky Jack Molybdenum Property - "On October 6, 2006, U.S. Energy Corp., its majority-owned subsidiary, Crested Corp., and U.S. Moly Corp., a Wyoming corporation organized by USEG and Crested but not yet active, entered into the "Letter Agreement" with Kobex Resources Ltd., which is headquartered in Vancouver, B.C. The Letter Agreement outlines the terms under which Kobex can acquire a 50% interest in certain patented and unpatented mining claims held by USEG and Crested, for $50 million in option payments and expense funding. U.S. Energy and Crested Corp." More - October 10, 2006 | Item | E-mail
Wealth Minerals Ltd.: Exploration Activities-Update - More - October 10, 2006 | Item | E-mail
YSV Ventures Inc.: Press Release - More - October 10, 2006 | Item | E-mail
GammonLake Announces Monthly Progress Update of Ocampo Mine Commissioning - "Gammon Lake Resources Inc. is pleased to report on the Company's progress during commissioning of the Ocampo Gold-Silver Mine in Chihuahua, Mexico. The Company is pleased to announce that, subsequent to a one week maintenance shut down in August, the open pit crushers and heap leach are performing well. Although the production numbers for September remain low, the Company is seeing increased production rates this month and expects that production in October will be higher than any month seen thus far." More - October 10, 2006 | Item | E-mail
Western Uranium Corp Drills Impressive Zone of Uranium-Gold-Silver-Molybdenum at Kings Valley, Nevada - More - October 10, 2006 | Item | E-mail
Consolidated Spire Ventures Acquires a 100% Interest in the ProspectValley Gold Project - More - October 10, 2006 | Item | E-mail
Goldcorp Declares Tenth Monthly Dividend Payment for 2006 - "GOLDCORP INC. is pleased to declare its tenth monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, October 20, 2006 will be entitled to receive payment of this dividend on Friday, October 27, 2006." More - October 10, 2006 | Item | E-mail
Peruvian Silver Miner Hochschild Plans London IPO - "Hochschild Mining Ltd., a Peruvian miner that's the world's fourth-largest primary silver producer, plans to sell shares and list them on the London Stock Exchange. The company, based in Lima, plans to complete the sale in November, it said in an e-mailed statement today. Robin Walker, the company's spokesman in London, declined to comment on how much the company aims to raise." More - October 10, 2006 | Item | E-mail
AfriOre reports finanical results for the three and six months ended August 31, 2006 - More - October 10, 2006 | Item | E-mail
Teck Cominco Commences Drilling on White Knight's Celt Property, Cortez Trend - More - October 10, 2006 | Item | E-mail
Queenston Reports More Results from Upper Beaver Including "New Zone" Assaying 20.8 g/t Au Over 4.0m - More - October 10, 2006 | Item | E-mail
HighRiver Gold Transfers its 50% Interest in the Non-Operating New Britannia Mine - More - October 10, 2006 | Item | E-mail
Romios Commences Trading on the Frankfurt Exchange - More - October 10, 2006 | Item | E-mail
"Sable to diamond drill high grade ridge zone" - More - October 10, 2006 | Item | E-mail
Positive Results From Initial Phase Of Sampling At La Africana Property, Zacatecas State, Mexico - More - October 10, 2006 | Item | E-mail
Altius Minerals Corporation: Rambler Appoints Vice President Operations - More - October 10, 2006 | Item | E-mail
Vantex Resources Acquires 20 Cells in the Anatacau-Pivert Trend, Opinaca - More - October 10, 2006 | Item | E-mail
Paramount Gold to Acquire an 80% Interest in over 6,000 Hectares Surrounding Their San Miguel Project in Mexico - More - October 10, 2006 | Item | E-mail
Nuinsco & Xstrata to Drill Highly Prospective Geophysical Targets at Berta Property - More - October 10, 2006 | Item | E-mail
Preliminary results from Pony Creek drilling program - Carlin trend, Nevada - More - October 10, 2006 | Item | E-mail
Record September Tonnage Boosts Dia Bras Third Quarter Results at its Bolivar Pilot-Mining Program in Chihuahua State, Mexico - More - October 10, 2006 | Item | E-mail
GoldCanyon Confirms the Presence of Scandium at Cordero - More - October 10, 2006 | Item | E-mail
Xstrata Nickel-Castillian Team Returns Encouraging Phase I Drill Results from Their Mangabal Nickel Project, Brazil: Revises Joint Venture Agreement - More - October 10, 2006 | Item | E-mail
Marifil Closes Private Placement - More - October 10, 2006 | Item | E-mail
Probe Mines Enters into Joint Venture Agreement with Avenue Financial - More - October 10, 2006 | Item | E-mail
Manila says mining revival on track, okays permits - More - October 10, 2006 | Item | E-mail
Fronteer's Aurora Continues to Expand the Michelin Uranium Deposit in Labrador - More - October 10, 2006 | Item | E-mail
De Beira Announces Acquisition of New Ecuador Project - More - October 10, 2006 | Item | E-mail
Fronteer's Aurora Continues to Expand the Michelin Uranium Deposit in Labrador - "Fronteer Development Group Inc. announces that Aurora Energy Resources Inc. in which Fronteer holds a 47.7% interest, has released additional results the Michelin deposit where drilling has extended the deposit by an additional 400 metres. Drill hole M-06-26, which intersected the deposit at 730 metres depth, demonstrates that Michelin is continuing to expand in size at very encouraging grades. This drill hole returned:" More - October 10, 2006 | Item | E-mail
RANDGOLD RESOURCES ANNOUNCEMENT OF Q3 RESULTS - THURSDAY 2 NOVEMBER 2006 - "The Q3 results will be released electronically on Thursday 2 November 2006 at 07:00 UK time when the full results will also be published on our website at www.randgoldresources.com. The PowerPoint presentation will be available on the site from 11:30 UK time." More - October 10, 2006 | Item | E-mail
Silver Dragon Cuts 3,940 Grams per Tonne/126.7 Ounces Silver in Drill Intersections of Ag-Pb-Zn Mineralization at Cerro Las Minitas Project, Mexico - "Drill Hole LM-06 was drilled to a depth of 151.5 meters at an angle of -75° to further test the La Chiva structure at Puro Corazón and also to test strata believed to be favorable for manto mineralization. Ag-Pb manto mineralization was cut in two intervals summarized in the table below. The La Chiva structure was not intersected because it was faulted out of the drill section. Two intercepts cut in LM-06, summarized in the table below, returned grades of economic interest. Reported intervals are measured core lengths, and their true widths have yet to be determined." More - October 10, 2006 | Item | E-mail
Seabridge Drilling Expands Courageous Lake Gold Deposit - "Ten holes drilled this summer to the west of the FAT deposit's main gold zones have confirmed and delineated new mineralized structures which are likely to extend the project's expected mine life. The FAT deposit is located within Seabridge Gold's 100% owned Courageous Lake Project in Canada's Northwest Territories. Resource Modeling Inc. ("RMI") has been commissioned to prepare an updated resource estimate incorporating the drill results from 2005 and 2006 under National Instrument 43-101 guidelines." More - October 10, 2006 | Item | E-mail
Eldorado Gold aims HK listing to bankroll China drive - "Eldorado Gold Corp. is aiming to float shares in Hong Kong in 2007 to bankroll a quest for projects in China, the firm's top executive said on Tuesday. The gold miner, listed in Toronto and the United States, will start trial operations at its first mine in the world's fourth-largest economy by the end of this month, making Hong Kong an attractive option to help finance more Chinese projects." More - October 10, 2006 | Item | E-mail
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“Let me repeat … the statement by the Bundesbank that other central banks are looking to swap gold with them is a major event as far as GATA is concerned, especially, in light of the Barclays' faux pas. Why:
