-- Posted 27 October, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $598.00 | +$1.40 | +0.88% |
Silver | $12.00 | -$0.14 | +1.10% |
XAU | 133.09 | -0.79% | +3.34% |
HUI | 310.51 | -1.26% | +2.89% |
GDM | 1000.33 | -0.77% | +3.16% |
JSE Gold | 2806.82 | -2.90% | -0.07% |
USD | 85.53 | -0.37 | -0.90% |
Euro | 127.35 | +0.48 | +0.94% |
Yen | 85.02 | +0.54 | +0.94% |
Oil | $60.75 | +$0.39 | +2.39% |
10-Year | 4.675% | -0.046 | -2.28% |
Bond | 111.84375 | +0.50 | +1.10% |
Dow | 12090.26 | -0.60% | +0.73% |
Nasdaq | 2350.62 | -1.20% | +0.36% |
S&P | 1377.34 | -0.85% | +0.64% |
The Metals:
CoT Reports Released: Gold | Silver
Gold traded mostly slightly lower near $595 in Asia and London, rose up near $600 in early New York trade, fell back off to trade slightly lower again, and then rose slightly at the close to end with a small gain. Silver fell about fifteen cents in Asia and London prior to a rally in early New York trade that saw brief gains before it fell for the rest of trade and ended near its lows with a loss of 1.15%.
Euro gold remained above €470, platinum lost $1 to $1,075, palladium lost $4 to $318, and copper fell a few cents to about $3.40.
Gold and silver equities remained near unchanged in morning trade and rose to find about 1% gains by early afternoon, but they then fell back off into the close and ended slightly lower.
The Economy:
Report | For | Reading | Expected | Previous |
GDP – Advanced | Q3 | 1.6% | 2.1% | 2.6% |
Chain Deflator | Q3 | 1.8% | 2.8% | 3.3% |
Michigan Sentiment | Oct | 93.6 | 92.5 | 92.3 |
All of this week’s economic reports:
Next week’s economic highlights include Personal Income and Spending on Monday, the Employment Cost Index, Chicago PMI, and Consumer Confidence on Tuesday, Construction Spending, Pending Home Sales, and the ISM Index on Wednesday, Initial Claims, Productivity, and Factory Orders on Thursday, and October jobs data and ISM Services on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in afternoon trade after terrorist threats to oil structures in the Persian Gulf.
The U.S. dollar index fell and treasuries rose on the poor GDP report that raised economic growth fears and led most to believe that the fed will not raise interest rates anytime soon.
The Dow, Nasdaq, and S&P fell at the open on worries over severely slowing economic growth, rose back up near unchanged by early afternoon, sold off sharply into the close, and ended with notable losses.
Among the big names making news in the market Friday were Ingersoll-Rand, Volkswagen, Avon, Alltel, Cemex and Rinker, Timberland, Chevron, GM, and Citigroup.
The Commentary:
“Something has to give, and it should following the elections. If interest rates go up much from here, the housing picture will deteriorate further, taking the stock market with it. If they don’t, the dollar should sink like a stone. How will the Chinese take that with their 1 trillion in dollar reserves? Perhaps the stock market will advance further on liquidity factors. I don’t think so. The PPT, Working Group on Financial Markets, and Counterparty Risk Management Group can win the day in the short term, but their efforts have only so much sustainability. What we know that Planet Wall Street does not (or does not want to deal with publicly) is that the Orwellians are grooming US financial markets for the elections. Once the elections are over, it is every man/firm, for himself.
When it comes to gold, The Gold Cartel has just used up a good deal of its supply at these price levels. They are straining like a train going up a mountain. It is eventual suicide to keep dumping cheap gold at these levels with demand for physical soaring. Thus, the gold price should roar higher going into year end no matter what else occurs in the financial market arena.
Silver? It could blow sky high at any time.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 1.2 at 601, 1.5 off the high and 4.9 up from the low.
December Silver closed down 0.16 at 12.08. This was 0.04 up from the low and 0.16 off the high.
The gold market actually managed to perform well during the session Friday, especially when one considers that the US economic numbers released during the session were seen as disappointing and in most cases were considered somewhat deflationary. However, offsetting the fear of slowing physical gold demand and softening inflation, were more significant declines in the US dollar. One might also suggest that the action in the energy complex was mostly supportive even though the energy market waffled around on both sides of unchanged throughout the session. On the other hand, seeing the December contract mostly hold up around the $600 level after being presented with early negative pressure from a series of outside markets might be considered a victory of sorts by some players. We suspect that the gold market saw some support from Fed dialogue as the Fed's Stern seemed to be priming the market for a longer term rise in inflation. In fact, the Fed's Stern suggested that he was in favor of an inflation target and that the US has already enjoyed a long period of low inflation. In other words, the trade might see that dialogue as a warning that low inflation is set to go away. In the end, the direction of oil prices seemed to remain in control of gold prices.
The silver market continued to take its cue from the gold market, which in turn was taking its cue from the oil and currency markets. The copper market gave off almost no direction with its action and moderately significant weakness in the equity market and the US numbers could have pressured the silver market, if the market were paying close attention to the prospects of physical demand. In the near term the trade thinks that silver is not the primary market and that the majority of action in silver will come from outside forces. In fact, significant gains in lead and zinc prices hardly registered on the silver market and it is painfully clear that soft economic readings from the US were almost ignored and for the bull camp that is a positive development.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: The dollar weakens while gold strengthens
The Statistics:
As of close of business: 10/26/2006
Gold Warehouse Stocks: | 7,565,823 | - |
Silver Warehouse Stocks: | 105,312,961 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 388.72 | 12,497,746 | US$ 7,449m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 83.67 | 2,690,046 | US$ 1,611m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.08 | 323,865 | US$ 194m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,826 | US$ 189m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
|
Profile as of 10/26/2006 | |
Total Net Assets | $826,725,273 | 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 10/26/2006 | |
Total Net Assets | $1,253,751,591 | Ounces of Silver
in Trust | 104,776,594 |
Shares Outstanding | 10,500,000 | Tonnes of Silver
in Trust | 3,258.9 |
Note: Change in Total Tonnes from yesterday’s data: 46.5 tonnes were added to the trust.
The Stocks:
Penoles’ earnings, DRDGold’s (DROOY) empowerment holding, and Gold Fields (GFI) power initiatives were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Aurizon | AZK +9.23% $2.84 |
2. Metallica | MRB+3.04% $3.05 |
3. Glamis | GLG+2.30%$42.21 |
LOSERS
1. Entree Gold | EGI -4.89% $1.75 |
2. Ivanhoe | IVN -4.73% $10.67 |
3. Gold Fields | GFI -4.45% $16.73 |
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:
Penoles net profit leaps 288 pct in third quarter - "Mexico's Penoles, the world's top refined silver producer, saw its net profit soar 288 percent in the third quarter on higher metals prices and better ore grades at its mines. Penoles said on Friday its net profit was 1.032 billion pesos ($94 million) in the quarter, up 288.2 percent compared to the same period a year earlier." More
- October 27, 2006 | Item | E-mail
Nortec (NVT) subsidiary mobilizes a second diamond drill, Ganarin Epithermal Gold-Silver Project, Southern Ecuador - More
- October 27, 2006 | Item | E-mail
Inmet's 2006 third quarter results more than double the same period in 2005 - More
- October 27, 2006 | Item | E-mail
Gabriel Informed EIA Annex Questions Expected in November 2006 - More
- October 27, 2006 | Item | E-mail
Energy Metals Reports Significant Drilling Results at La Palangana; Hobson Plant Refurbishment and Permitting on Schedule at Texas Operations - More
- October 27, 2006 | Item | E-mail
Titan and Dejour Combine Athabasca Uranium Assets - More
- October 27, 2006 | Item | E-mail
New round of dilution for Uranium One - More
- October 27, 2006 | Item | E-mail
BHP ready to boost uranium - More
- October 27, 2006 | Item | E-mail
Rio Tinto says miners return to work at Rossing uranium mine - More
- October 27, 2006 | Item | E-mail
Pershimco Updates San Miguel Exploration in Mexico - More
- October 27, 2006 | Item | E-mail
Moydow Mines Kimberlite Licence Ratified By Angolan Government - More
- October 27, 2006 | Item | E-mail
Goldbelt appoints Dr. Peter Turner as VP Exploration and Business Development - More
- October 27, 2006 | Item | E-mail
Affinor Resources Inc.: Notice of Default Financial Statements - More
- October 27, 2006 | Item | E-mail
Colombia Goldfields Announces Exercise Of Warrants - More
- October 27, 2006 | Item | E-mail
Diamond drilling has commenced at Etruscan's Diba gold discovery in Mali, West Africa - More
- October 27, 2006 | Item | E-mail
High River Gold Re-Prices and Extends Expiry on Warrants - More
- October 27, 2006 | Item | E-mail
Sparton Recieves Initial Results From SBD Project Nevada Geophysical Program - More
- October 27, 2006 | Item | E-mail
Yukon Gold Corporation, Inc. Appoints Paul Gorman CEO & Director - More
- October 27, 2006 | Item | E-mail
Definitive Arrangement Agreement Signed by Western Copper and Lumina Resources - More
- October 27, 2006 | Item | E-mail
McVicar Announces New Acquisition - More
- October 27, 2006 | Item | E-mail
Oriental Minerals Launches Website and Frankfurt Stock Exchange Listing - More
- October 27, 2006 | Item | E-mail
Enterayon Issues Willa Property Update - More
- October 27, 2006 | Item | E-mail
Adanac's Annual General Meeting Endorses Board Changes - More
- October 27, 2006 | Item | E-mail
Aur Resources Inc. Reports Net Earnings of US$84.6 Million and Cash Flow from Operating Activities of US$142.9 Million in the Third Quarter of 2006 - More
- October 27, 2006 | Item | E-mail
Quinsam Capital Corporation to terminate Tasco option - More
- October 27, 2006 | Item | E-mail
DRDGold SA increases empowerment holding to 26% - "DRDGold, the South African and Australasian gold producer, says it has sold another 11% holding in its South African division, DRDGold SA, to black economic empowerment (BEE) entities for R9.37 million under an option agreement." More
- October 27, 2006 | Item | E-mail
Gold Fields plans Ghana power initiatives - "Gold Fields and miners AngloGold Ashanti and Golden Star, who have operations in Ghana, are planning long term solutions to the power shortages being experienced in the country." More
- October 27, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 October, 2006 | |
