-- Posted 26 October, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $596.60 | +$9.40 |
Silver | $12.14 | +$0.35 |
XAU | 134.20 | -0.45% |
HUI | 314.47 | -0.53% |
GDM | 1008.10 | -0.38% |
JSE Gold | 2890.61 | -1.79% |
USD | 85.90 | -0.54 |
Euro | 126.87 | +0.97 |
Yen | 84.48 | +0.55 |
Oil | $60.36 | -$1.04 |
10-Year | 4.721% | -0.052 |
T-Bond | 111.34375 | +0.65625 |
Dow | 12163.66 | +0.24% |
Nasdaq | 2379.10 | +0.96% |
S&P | 1389.08 | +0.50% |
The Metals:
Gold gained about $5 in after hours access trade yesterday, held most of its gains in Asia and London, and rose near $600 in New York before it fell back off a bit, but it still ended with a gain of 1.60%. Silver followed a similar pattern but remained near its highs into the close and ended with a gain of 2.97%.
Euro gold rose above €470, platinum gained $12 to $1,076, palladium gained $4 to $322, and copper remained at about $3.42.
Gold and silver equities rose slightly at the open, quickly fell off to find about 1% losses by late morning, rebounded to find slight gains by early afternoon, fell back off into the close, and ended slightly lower.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/21 | 308K | 308K | 300K |
Durable Orders | Sep | 7.8% | 2.3% | -0.1% |
Help-Wanted Index | Sep | 30 | 31 | 30 |
New Home Sales | Sep | 1075K | 1050K | 1021K |
“The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.”
Tomorrow at 8:30AM EST is the advanced reading for third quarter GDP expected at 2.1%. The Chain Deflator is expected at 2.8%. At 9:50 is the revised reading of October Michigan Sentiment expected at 92.5.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil started higher in continued reaction to yesterday’s supply draws, but it soon fell off on profit taking and ended over a dollar lower as inventories are still at higher levels than a year ago.
The U.S. dollar index fell on the outlook for steady interest rates and on comments by Greenspan who noted “that both private investors and central banks were shifting away from the U.S. dollar and toward the euro.”
Treasuries rose despite a weaker than expected 5 year note auction as economic data reinforced the view that the fed is unlikely to raise interest rates anytime soon.
The Dow, Nasdaq, and S&P opened higher, fell off to find slight losses after New Home Sales data, rose as oil fell, and ended with decent gains by the close.
Among the big names making news in the market today were Red Hat, the SEC and Congress, Bristol-Myers, Sony, Comcast, Raytheon, Ghosn, Coca-Cola, Kellogg, US Airways, Dow Chemical, Exxon Mobil, Aetna, and Sprint Nextel.
The Commentary:
“*The HUI is leading the way up. It broke out today, decisively. It made new recent highs by a wide margin, breaking out of a well formed base, while both gold and silver are well off recent highs. This makes sense. The Gold Cartel have moved the shares down ahead of the election. They want out, or want IN because they know what is coming in the months ahead.
*Gold is moving irregularly higher. The move up should continue into the elections on November 7. However, super excitement will not be allowed until the elections are over. So far this has been the case … and very evident the past two trading sessions. Meanwhile, general interest in the gold and silver markets remains moribund in the West.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 9 at 599.8, 1.7 off the high and 6.8 up from the low.
December Silver closed up 0.35 at 12.24. This was 0.21 up from the low and 0.04 off the high.
While the bull camp might have been happy with getting the Fed and weaker oil prices off their back, we suspect that the developing weakness in the US Dollar is beginning to take on added importance in the markets psychology. Certainly seeing the December gold contract climb back above $600 during the session on Thursday gave added technical credence to the idea of a bottoming, but in the event that the Dollar continues to slide, it is possible that the daily ebb and flow of energy prices will be relegated to a less important role in the gold market. With the ex Chairman Greenspan suggesting on Thursday that the Euro is an equal partner to the Dollar and also suggesting that more and more holdings will shift from the Dollar to the Euro, we suspect that the flight to quality crowd in the Gold market is emboldened. In the end, the economic numbers released during the session weren't specifically noted to be responsible for much of a reaction in gold prices, but the numbers on their face were clearly supportive.
A huge upward extension on the charts in silver probably sparked short covering and perhaps fresh speculative buying. It is likely that gold gains provided silver with the majority of its strength but it is also possible that strength in the copper, lead and zinc markets also helped the silver market forge gains on the charts. With the December contract forging a clear run up above the $12.00 level the trade certainly has to recognize an improvement in both the technical and fundamental condition in silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Bulls bask, but bears and bugs regrouping
GATA holds reception at New Orleans conference Nov. 18
Treasury's Paulson plays with the plunge protectors
Will defeat in Iraq herald a repeat of post-Vietnam economic ills?
The Statistics:
As of close of business: 10/25/2006
Gold Warehouse Stocks: | 7,565,823 | - |
Silver Warehouse Stocks: | 105,307,961 | + 227,183 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 388.72 | 12,497,746 | US$ 7,256m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 83.67 | 2,690,076 | US$ 1,606m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.08 | 323,868 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,830 | US$ 184m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/25/2006 | |
Total Net Assets | $813,986,213 | 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 10/25/2006 | |
Total Net Assets | $1,213,135,681 | 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:
Quarterly reports from Richmont (RIC), Agnico-Eagle (AEM), and Gold Fields’ (GFI), Glamis Gold’s (GLG) shareholder approved combination with Goldcorp(GG), Royal Gold’s (RGLD) acquired royalty, Great Basin’s (GBN) JSE listing, Northern Orion’s (NTO) Feasibility Study Update, Centerra Gold’s (CG.TO) drill results, Entree Gold’s (EGI) drill results, Minefinders’ (MFN) construction update, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +15.35% $11.20 |
2. Entree Gold | EGI +11.39% $1.84 |
3. Mines MGMT | MGN +5.27% $5.79 |
LOSERS
1. Lihir Gold | LIHR -3.22% $21.05 |
2. Coeur d’Alene | CDE -2.84% $4.79 |
3. Richmont | RIC -2.48% $2.45 |
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:
Goldrea/Tortuga Outline Strategic Plan for China - More
- October 26, 2006 | Item | E-mail
Louvem Mines Announces its Third Quarter Results for 2006 - More
- October 26, 2006 | Item | E-mail
Private placement with Sodemex II- LP. - More
- October 26, 2006 | Item | E-mail
Sirios Resources Inc.: Private Placement Announcement - More
- October 26, 2006 | Item | E-mail
Two Drill Ready Targets Added to the Urique Project, Mexico - More
- October 26, 2006 | Item | E-mail
Joint venture Fieldex - Lake Shore Gold - More
- October 26, 2006 | Item | E-mail
Nevada Star Resource Corp. Receives US $3.3 Million From Sale of Gold Hill Royalty - More
- October 26, 2006 | Item | E-mail
CORRECTION: Can-Asia Announces Resource Opportunities - More
- October 26, 2006 | Item | E-mail
Strateco Continues to Intersect Very High Grades on its Matoush Uranium Property - More
- October 26, 2006 | Item | E-mail
Valdez Gold to begin first stage exploration at Jarros Norte - More
- October 26, 2006 | Item | E-mail
Andover Acquires Sun Property/Announces Financing - More
- October 26, 2006 | Item | E-mail
Dundee Precious Metals acquires 29% stake in Goldbelt - More
- October 26, 2006 | Item | E-mail
Great West Gold, Inc. -- 'Bouse' Gold Property Assessment - More
- October 26, 2006 | Item | E-mail
Anatolia Receives Credit Approval for US$115 Million Senior Project Financing of Copler Gold Project - More
- October 26, 2006 | Item | E-mail
Dia Bras Continues to Intersect High-Grade Massive Sulfides at Bolivar: 9.70 Meters of 3.56 % Copper and 35.30 % Zinc - More
- October 26, 2006 | Item | E-mail
Sierra Gold Announces Results for Potential Gold Reserves - More
- October 26, 2006 | Item | E-mail
EXMIN-Yale JV Acquires Two Historic Mines Within the Urique Project and Plans to Drill in Early 2007 - More
- October 26, 2006 | Item | E-mail
Queenston Explores New Gold Discovery Near Chibougamau, Quebec - More
- October 26, 2006 | Item | E-mail
'Bonanza grade' silver intercept at Yuma King indicates possible significant high-grade supergene silver targets - More
- October 26, 2006 | Item | E-mail
Cream Minerals Commences Diamond Drilling on Nuevo Milenio Property, Mexico - More
- October 26, 2006 | Item | E-mail
UCR Commences Phase One of 2006 Winter Drilling Campaign - More
- October 26, 2006 | Item | E-mail
Results from a deep drilling program at Wona, Mana gold project: up to 3.05 g/t Au over 23 meters - More
- October 26, 2006 | Item | E-mail
Tri-Valley Unit Announces the Signing of an Exclusive Agreement to Evaluate 200 Industrial Minerals Properties in Nevada - More
- October 26, 2006 | Item | E-mail
AmMex Gold Announces Conference Call with Chief Geologist set for Friday, October 27 at 12:00pm ET - More
- October 26, 2006 | Item | E-mail
Redcorp Ventures Ltd.: Lagoa Salgada Project, Portugal - More
- October 26, 2006 | Item | E-mail
Argentex acquires additional land along Tranquilo Trend, Santa Cruz province, Patagonia, Argentina - More
- October 26, 2006 | Item | E-mail
Keegan Discovers 155 Meters of 1.08 g/t Gold in Trench at Esaase Property, Ghana - More
- October 26, 2006 | Item | E-mail
Cusac Gold Mines Ltd.: Phase I Taurus II Drilling Complete - More
- October 26, 2006 | Item | E-mail
Unico, Inc. Announces Mineralization Results From Interim Summary Report on Analysis of Diamond Core Samples From Drilling Program at Deer Trail Mine - More
- October 26, 2006 | Item | E-mail
Freegold continues to extend new mineralized zones at Golden Summit - bulk sampling continues - More
- October 26, 2006 | Item | E-mail
MetalCORP; DRILLING Commences on High Grade Copper-Zinc-Silver-Gold Discovery at Big Lake Project near Hemlo, Ontario - More
- October 26, 2006 | Item | E-mail
Alhambra Resources Ltd. - Expansion to the 2006 Uzboy Gold Deposit Diamond Drilling Program - More
- October 26, 2006 | Item | E-mail
Drilling Intersects High-Grade Oxide Gold Intervals at Golden China's Beyinhar Gold Project - More
- October 26, 2006 | Item | E-mail
Oriental Minerals Acquires World-Class Mineral Portfolio in South Korea - More
- October 26, 2006 | Item | E-mail
GBS Gold International Inc.: New Drilling Results at Union Reefs-Fountain Head Deposit - More
- October 26, 2006 | Item | E-mail
Clifton Mining Company announces Carlin-style gold discovery - More
- October 26, 2006 | Item | E-mail
NewWest Gold Corporation announces conference call to discuss third quarter results - More
- October 26, 2006 | Item | E-mail
Can-Asia Announces Resource Opportunities - More
- October 26, 2006 | Item | E-mail
Royal Gold Acquires the Gold Hill Royalty From Nevada Star Resource Corp. - "ROYAL GOLD, INC. today announced an agreement to purchase a sliding-scale net smelter return royalty from Nevada Star Resource Corp. on the Gold Hill deposit for $3.3 million. The Gold Hill deposit, located just north of the Round Mountain gold mine in Nye County, Nevada, is controlled by Round Mountain Gold Corporation, a joint venture between Kinross Gold, the operator, and Barrick Gold Corporation. The closing of the acquisition is subject to customary conditions and is anticipated to occur in November." More
- October 26, 2006 | Item | E-mail
Glamis Shareholders Overwhelmingly Approve Combination with Goldcorp - "Glamis Gold Ltd., announced that at a special meeting held today, its shareholders approved the plan of arrangement with Goldcorp, under which Glamis will combine with Goldcorp to create one of the world's premier gold producers. The proposal to approve the plan of arrangement received 98.6 percent of the total shares voted. A minimum two-thirds majority vote was required for approval. An update on the timeline toward closing of the transaction is expected by the end of October." More
- October 26, 2006 | Item | E-mail
Great Basin Completes Secondary Listing on the JSE Limited in South Africa - "Great Basin Gold Ltd. announces that the listing of the issued share capital of Great Basin has been approved by the JSE Limited, the stock exchange in Johannesburg, South Africa. The shares will be listed on the JSE at the commencement of trading on October 27, 2006.More
- October 26, 2006 | Item | E-mail
Richmont Mines Announces its Results for the Third Quarter of 2006 - "For the three-month period ended on September 30, 2006, Richmont Mines reported a net loss of $437,952, or $0.02 per share, compared with a net loss of $1,389,743, or $0.07 per share, in 2005. The difference of $951,791 is mainly due to more than a 100% increase of ounces of gold sold, compared with the same quarter in 2005, as well as an increase in the average selling price in 2006. Cash flow from operations totalled $400,086 for the third quarter of 2006, compared with $250,040 in 2005. During the period of three months ended on September 30, 2006, 10,653 ounces of gold were sold at an average price of US$611, compared with an average price of US$438 for 4,931 ounces of gold sold for the same period in 2005." More
- October 26, 2006 | Item | E-mail
Northern Orion Announces Completion of the Feasibility Study Update on the Agua Rica Project-23 Year Life of Mine, 20% IRR and $1.9 Billion NPV 8% - "Northern Orion Resources Inc. is pleased to announce that it has received a positive Feasibility Study Update (FSU) as part of the ongoing development of its 100% owned Agua Rica copper-gold-molybdenum project. The FSU assumes the development of the Agua Rica deposit on an independent basis and is based on the 1997 BHP/Northern Orion Initial Feasibility Study and recent additional work undertaken by Northern Orion. All cost amounts are reported in second quarter 2006 US dollars." More
- October 26, 2006 | Item | E-mail
Centerra Gold Identifies High Grade Underground Potential in the SB Zone at Kumtor and Reports Further Positive Drilling Results From Sarytor and REN - "A further four drill holes were completed during the third quarter of 2006 to test targets in the south end of the Kumtor pit. Four holes were drilled to test the down dip and strike extensions of the SB Zone. All of the holes intersected significant mineralization with the holes returning intercepts from 2.24 to 27.73 g/t Au over down hole core lengths ranging from 18.3 to 109.7 metres. Hole D1121A intersected the SB Zone at the 3,600 metre elevation between sections 18 and 22 and returned an intercept of 6.2 g/t Au over 109.7 metres, which includes an intercept of 22.2 g/t Au over 19.4 metres." More
- October 26, 2006 | Item | E-mail
Drilling on Entree's Lookout Hill Project Intersects Copper and Gold Mineralization 7.5 km North of the Entree-Ivanhoe Property Boundary - "Entree Gold Inc. reports that drilling on its Lookout Hill project, 7.5 km along strike to the north of the Entree-Ivanhoe joint property boundary, has intersected widespread, shallow, copper and gold mineralization. The mineralization, in the Ulaan Khud Zone of Lookout Hill (see map on www.entreegold.com), occurs in the same geological setting as that of Oyu Tolgoi." More
- October 26, 2006 | Item | E-mail
Agnico-Eagle reports record quarterly earnings and cash flows - "Agnico-Eagle Mines Limited today reported third quarter earnings of $45.2 million, or $0.38 per share. This compares to net earnings of $2.1 million, or $0.02 per share, in the third quarter of 2005. The third quarter 2006 earnings were positively affected by a non-recurring after-tax gain of $11 million, or $0.09 per share, on the sale of Contact Diamond Corporation shares. The earnings were negatively affected by a non-cash foreign exchange translation loss of $1.0 million, or $0.01 per share, and a loss of $1.0 million, or $0.01 per share, on zinc forward sales." More
- October 26, 2006 | Item | E-mail
Minefinders Corporation Ltd.: Construction of the Dolores Gold and Silver Mine Proceeds on Schedule - "With the completion of the recent 4.50% convertible note (the "Notes") financing, the Company is now in a position to fund from treasury the entire construction and start-up cost of the Dolores mine, with US$40 million of additional working capital for other corporate purposes, including the ongoing exploration of Dolores and the Company's other projects. The Company has approximately 47.9 million shares outstanding at present and 60.3 million shares outstanding after full dilution, including conversion of the Notes and the exercise of all options." More
- October 26, 2006 | Item | E-mail
SilverCrest Reports on Increased Silver Grades at Cruz De Mayo, Mexico - "SilverCrest Mines Inc. is pleased to announce it has received the silver assay results of the re-assaying of 82 samples from 5 drill holes of a completed 20 drill hole program at its Cruz de Mayo prospect Northern Mexico. The Cruz de Mayo prospect is located approximately 180 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company owns a 100% interest in the Cruz de Mayo 2 concession and has contracted to acquire 100% of the 18 hectare El Gueriguito concession that lies within the Cruz de Mayo 2 concession boundaries." More
- October 26, 2006 | Item | E-mail
Gold Fields Limited: R2 Billion (US$280 Million) Operating Profit and R698 Million (US$98 Million) Net Earnings Generated for the Quarter - "Gold Fields Limited today announced net earnings for the September 2006 quarter of R698 million compared with R618 million in the June 2006 quarter and R64 million for the September quarter of 2005. In US dollar terms net earnings for the September 2006 quarter were US$98 million compared with US$97 million in the June 2006 quarter and US$10 million for the September quarter of 2005. Net earnings excluding gains and losses on financial instruments and foreign debt net of cash and exceptional items were R702 million (US$99 million) for the September 2006 quarter compared with R550 million (US$86 million) for the June 2006 quarter, an increase of 28 per cent." More
- October 26, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 October, 2006 | |
