Gold rose a bit in early Asian trade, fell back off and came into London slightly lower, rose a little in London, and came into New York near $580.Gold fell over the next two hours to the low $570s, but it then rallied higher for the rest of trade and ended near its highs with a gain of 0.71%.Silver followed a similar pattern and rallied over 50 cents from its lows after dropping over 30 cents at the New York open.
Euro gold rose near €465, platinum lost $6 to $1,057, palladium gained $3 to $318, and copper fell a few cents to about $3.43.
Gold and silver equities dropped over 1% at the open, but they then rallied for the rest of morning trade and accomplished over 1% gains by early afternoon before they fell a bit into the close, but they still ended about 0.5% higher on the day.
The Economy:
There were no major economic reports today.Tomorrow at 10AM EST are Existing Home Sales for September expected at 6,250,000 and at 2:15PM is the FOMC policy statement which is expected to keep rates unchanged.
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Oil rose after the United Arab Emirates pledged to follow through on OPEC’s cut in oil exports, but the market remains confused and waits to see whether OPEC members will make their cuts through quotas or through actual production if they follow through.
The U.S. dollar index fell a bit as the yen gained on rumors “that the Japanese authorities may be about to intervene in the currency market to prop up the currency” and the euro gained a bit on a strong industrial orders in Europe, but any losses in the dollar were limited ahead of tomorrow’s fed meeting.
Treasuries remained near unchanged ahead of tomorrow’s fed meeting despite a strong 2-year note auction.
The Dow, Nasdaq, and S&P traded mixed and near unchanged due to various earnings reports as most awaited tomorrow’s fed meeting.
Among the big names making news in the market today were Alcatel, Amazon, BP, Lucent, Jet Blue, Lockheed, Northrop, DuPont, Whirlpool, Countrywide, BellSouth, and TD Ameritrade.
The Commentary:
“This might as well be a political market forum today, rather than one on gold and the financial markets. The Gold Cartel and PPT crew have gone into pre-election market rigging overdrive. All the focus in this column the past many months about this most important aspect of the US financial markets is crystallizing into a last blitzkrieg push by General Paulson and his various platoons.
The coming election in two weeks has the potential to be one of the most important in American history … for if President Bush loses both houses there is a possibility he could be impeached, due to the reasons for getting into the Iraq mess. It seems to me, and it has been this way for months, the best and only shot for the Republicans was to goose the US financial markets to where they wanted them … to create fear (their most used tactic) that if the Republicans aren’t voted back in the markets might fall apart.” - From yesterday’s Midas report byBill Murphy of LemetropoleCafe.com
“December Gold finished up 4.7 at 587.6, 1.4 off the high and 11.6 up from the low.
December Silver closed up 0.18 at 11.85. This was 0.5 up from the low and 0.045 off the high.
The gold market was certainly bailed out by the recovery in oil prices. However, given the start and stop action in the energy complex the gold market might need to see consistent confirmation of a bottoming in energy prices just to keep out from under the recent pattern of selling. It does seem like the $575 level managed to support prices but we also have to think a bit of a reversal in the Dollar inspired some gold shorts to bank profits. Certainly the weakness in gold prices since last week's highs is largely the result of sagging oil prices, one might also lay blame on hawkish Fed expectations and weak scheduled US economic numbers. News that Saudi Arabia and the UAE were informing customers of reduced November supplies, might actually serve to underpin oil prices but the oil market and therefore the gold market, will be watching the weekly distillate stock change on Wednesday morning for signs that early cool weather in the US is actually serving to tighten US supplies. Unfortunately, the gold market is locked in on energy market fundamentals and therefore the weekly inventory reports will be of interest to metals traders.
With December silver prices managing to rise by 47 cents off the session low on Tuesday, we suspect that the bear camp is feeling a bit of pain. Some traders are suggesting the negative psychology will return to the forefront in the event that December silver prices fail to hold above the Monday low of $11.65. Fortunately both copper and platinum prices managed to recoil from early weakness or the outside market impact on silver prices on Tuesday could have been much more significant. With the last two days action posting significant volume on price weakness the technical crowd would suggest that silver has to definitively throw off the bearish tilt with a rise back above the $12.00 level.” - The Hightower Report,Futures Analysis and Forecasting
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX)
Streettracks Gold Shares
390.26
12,547,364
US$ 7,310m
LSE (London Stock Exchange) AND Euronext Paris
Gold Bullion Securities
83.67
2,690,135
US$ 1,571m
Australian Stock Exchange (ASX)
Gold Bullion Securities
9.98
320,716
US$ 187m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
9.89
317,837
US$ 185m
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/23/2006
Total Net Assets
$803,057,251
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 10/23/2006
Total Net Assets
$1,209,037,396
Ounces of Silver in Trust
103,280,281
Shares Outstanding
10,350,000
Tonnes of Silver in Trust
3,212.4
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Glamis Gold’s (GLG) earnings and Goldcorp (GG) combination update, Kirkland’s (KGI.TO) drill results, Barrick’s (ABX) $16.00 Best and Final Offer for NovaGold (NG), NovaGold’s advice to take no action on the takeover bid, Endeavour’s (EDR.TO) acquired silver project, Minefinders’ (MFN) completed sale of senior notes, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Tanzanian Royalty
TRE +4.13% $5.80
2.NovaGold
NG +3.85% $15.65
3.Coeur d’Alene
CDE +2.96% $4.87
LOSERS
1.Banro
BAA -8.98% $10.75
2.Entree Gold
EGI -6.10% $1.54
3.US Energy
USEG -4.99% $4.19
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:
Colombia Goldfields engages leading colombian environmental consultants - More - October 24, 2006 | Item | E-mail
Greencastle Grants Options - More - October 24, 2006 | Item | E-mail
CR Structure Results/Second Drill Added at La Fortuna - More - October 24, 2006 | Item | E-mail
Production update - More - October 24, 2006 | Item | E-mail
Consolidated Global Minerals Ltd.: Front Rage Project Update - More - October 24, 2006 | Item | E-mail
Alma Provides La Seca, Los Tacotes, Reconaissance Update - More - October 24, 2006 | Item | E-mail
Ontex Commences 3,000 Meter Drilling Program on Brookbank Gold Deposit - More - October 24, 2006 | Item | E-mail
Barrick ups NovaGold offer, says best and final - "Barrick said its offer, now worth $1.7 billion, is its "best and final offer." The sweetener comes after Barrick extended the previous offer of $14.50 a share three times without changing the terms. "Recent discussions with some pointed us to this best and final offer being made," said Barrick spokesman Vince Borg." More - October 24, 2006 | Item | E-mail
American Bonanza Discovery: 14 Meters Grading 0.43% Nickel and 0.14% Copper at Fenelon Massive Sulfide Target - More - October 24, 2006 | Item | E-mail
Equal Trading Inc. is Investigating the Source of the False News - More - October 24, 2006 | Item | E-mail
Glamis profit soars on strong gold production - "Glamis Gold Ltd., which has agreed to be taken over by Goldcorp Inc., reported a 12-fold jump in third-quarter profit on Tuesday, thanks to increased output and higher gold prices. Glamis earned $19.2 million, or 11 cents a share, in the three months ended Sept. 30, up from $1.6 million, or 1 cent a share, in the same period a year earlier." More - October 24, 2006 | Item | E-mail
Howlett Research Corp. Publishes Research Report on Bralorne Gold Mines Ltd. - More - October 24, 2006 | Item | E-mail
Leach pad sample results from Lluvia de Oro gold property - More - October 24, 2006 | Item | E-mail
Klondike Star Acquires Diamond Drill - More - October 24, 2006 | Item | E-mail
Rocmec Retains the Services of Paradox Public Relations - More - October 24, 2006 | Item | E-mail
Gold resource estimate substantially increased to 1.4 million ounces at 'New Liberty' project in Liberia - More - October 24, 2006 | Item | E-mail
Mexivada Subsidiary Awarded Three Additional Exclusive Diamond Concessions in Republic of Congo (Brazzaville) - More - October 24, 2006 | Item | E-mail
Eagle Plains Completes Airborne Geophysical Survey, Stakes Additional Uranium Properties - More - October 24, 2006 | Item | E-mail
Eagle Plains Completes Airborne Geophysical Survey, Stakes Additional Uranium Properties - More - October 24, 2006 | Item | E-mail
Franklin Mining Announces Cerro Rico Mine Development Plan Is Progressing Towards Completion - More - October 24, 2006 | Item | E-mail
PolyMet Presentation and Webcast - More - October 24, 2006 | Item | E-mail
Eloro Identifies Third Polymetallic Zone in James Bay Mine District, Delta Grab Samples Up to 13% Copper and 108 G/T Silver - More - October 24, 2006 | Item | E-mail
Dundee Precious to Acquire Further Shares of Goldbelt Resources Ltd. - More - October 24, 2006 | Item | E-mail
Canadian Zinc Corporation: New High Grade Underground Crosscut at Prairie Creek - More - October 24, 2006 | Item | E-mail
Cream Minerals Engages Environmental Baseline Study at Casierra Diamond Property, Sierra Leone - More - October 24, 2006 | Item | E-mail
Oromonte acquires additional 56,000 hectares of mining concessions in Ecuador - More - October 24, 2006 | Item | E-mail
Mine Permitting of Ur-EnergyWyoming Uranium Properties on Schedule - More - October 24, 2006 | Item | E-mail
Linux Gold Corp. Announces Progress Report Granite Mountain, Alaska - More - October 24, 2006 | Item | E-mail
Raven Gold Corp. Initiates Expansion Plans for the La Currita Mill - More - October 24, 2006 | Item | E-mail
Farallon Announces Additional Results of Metallurgical Testing of G-9 Deposit, Campo Morado, Mexico - More - October 24, 2006 | Item | E-mail
Tara Gold Initiates Expansion Plans for the La Currita Mill - More - October 24, 2006 | Item | E-mail
StrataGold Extends Eagle Zone to Depth, Dublin Gulch, Yukon - More - October 24, 2006 | Item | E-mail
East Asia Minerals intersects 24 metres of 0.82% copper at Khok Adar - More - October 24, 2006 | Item | E-mail
Curlew Lake Resources Inc. is Pleased to Announce the Acquisition of an Additional 19 Mineral Claims - More - October 24, 2006 | Item | E-mail
El Capitan President/CEO Distributes Newsletter - More - October 24, 2006 | Item | E-mail
Extension drilling starts at Stratoni - More - October 24, 2006 | Item | E-mail
68% of M Zone Diamond Drill Holes Return at Least 10 Grams/Tonne Gold Over a Minimum of 1.0 Metre on Trade Winds' Properties at Detour Lake, Ontario - More - October 24, 2006 | Item | E-mail
Oromonte Releases Results of Three Holes Drilled At Gold Star - More - October 24, 2006 | Item | E-mail
Endeavour Acquires Arroyo Seco Silver Project in Michoacan, Mexico - "Arroyo Seco was purchased at auction from Servicio Geologo Mexicano ("SGM", the Mexican Geological Survey) for US$229,000, payable over 2 years, plus a 1% NSR production royalty. This 1215 hectare (3002 acre) property was first worked in the 1600's by the Spaniards, who developed 3 small mines, Los Alacranes, San Ignacio and El Zapote." More - October 24, 2006 | Item | E-mail
Minefinders Completes Private Sale of US$85 Million in 4.50% Convertible Senior Notes - "Minefinders Corporation Ltd. announced today that it has completed the sale to an initial purchaser of US$85 million aggregate principal amount of its 4.50% Convertible Senior Notes due December 15, 2011, which amount includes the Convertible Notes issued upon exercise of the initial purchaser's over-allotment option." More - October 24, 2006 | Item | E-mail
NovaGold Advises Shareholders to Take No Action Regarding Barrick Gold's Amended Unsolicited Takeover Bid - "NovaGold Resources Inc. today confirmed that Barrick Gold Corporation has increased and extended its hostile offer to purchase all of the outstanding common shares of NovaGold. NovaGold advises its shareholders to take no action at this time in response to Barrick's amended offer for US$16.00 per share in cash, scheduled to expire at 9:00 PM Toronto time on November 7, 2006." More - October 24, 2006 | Item | E-mail
Barrick Announces US$16.00 Best and Final Offer for NovaGold - "Barrick Gold Corporation announced today that it has increased its all-cash offer to acquire the outstanding common shares of NovaGold Resources Inc. to US$16.00 per common share and extended its offer to 9:00 p.m. (Toronto time) on November 7, 2006. The increased price is Barrick's best and final offer price for NovaGold." More - October 24, 2006 | Item | E-mail
Fury and Southern Silver Consolidate Magistral Land Package - More - October 24, 2006 | Item | E-mail
Kirkland Lake Gold Inc.: Exploration Drilling Continues to Return Significant Mineralization - "The New South Zone continues to represent the most important discovery made by the Company to date and these latest results add to the increasing ounce base of these impressive zones," said Duncan Middlemiss, Kirkland Lake Gold's Engineering and Production Manager. "The potential for high grade production is currently being increased with every hole targeting this growing area." More - October 24, 2006 | Item | E-mail
Glamis Reports Third Quarter 2006 Results; Provides Update on Combination with Goldcorp - "As we progress toward completion of this transaction, we are pleased by the tremendous show of support from shareholders of both Glamis and Goldcorp," continued McArthur. "We are excited by the prospect of creating a truly differentiated company in the industry: a senior unhedged gold producer with the lowest cash costs among its peers, 50 percent growth expected through 2010 and 70 percent of its reserves in NAFTA countries. In the space of eight years and four major transactions, Glamis has developed a reputation for enhancing shareholder value. We fully expect to continue that track record with this historic combination." More - October 24, 2006 | Item | E-mail
Silver Standard Reports Further Drill Results from Snowfields Project - "Silver Standard Resources Inc. is pleased to report further diamond drilling results from the Snowfield gold project in northern British Columbia. The property is located 40 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek. The following table sets out assay results for 10 additional holes of the 26 holes totalling 6,141 meters completed. The reported holes are collared in the southern half of the mineralized zone." More - October 24, 2006 | Item | E-mail
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“This might as well be a political market forum today, rather than one on gold and the financial markets. The Gold Cartel and PPT crew have gone into pre-election market rigging overdrive. All the focus in this column the past many months about this most important aspect of the 
