-- Posted 1 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $616.30 | $12.20 |
Silver | $12.41 | $0.21 |
XAU | 137.26 | -0.04% |
HUI | 319.83 | +0.31% |
GDM | 1031.94 | +0.15% |
JSE Gold | 2870.22 | +2.36% |
USD | 85.45 | +0.12 |
Euro | 127.68 | +0.06 |
Yen | 85.48 | -0.05 |
Oil | $58.71 | -$0.02 |
10-Year | 4.561% | -0.045 |
T-Bond | 113.15625 | +0.50 |
Dow | 12031.02 | -0.42% |
Nasdaq | 2334.35 | -1.37% |
S&P | 1367.81 | -0.74% |
The Metals:
Gold rose about $4 in Asia, traded between $608 and $612 in Asia, dipped to $608.40 at the New York open, and added almost $10 more before it fell back off a bit, but it then rallied into the close and ended near its highs with a gain of 2.02%. Silver rose about 10 cents in Asia and traded 10 to 20 cents higher in London before it dropped to $12.25 at the New York open, but it then rose near $12.50, fell back off a bit, rallied again into the close, and ended close to its highs with a 1.72% gain.
Euro gold rose above €485, platinum gained $14 to $1,094, palladium gained $2 to $320, and copper fell nearly 8 cents to about $3.27.
Gold and silver equities rose about 2% at the open before they fell off and traded slightly lower by early afternoon, but they did rebound a bit into to close and ended near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Oct | 51.2 | 53.0 | 52.9 |
Construction Spending | Sep | -0.3% | 0.0% | 0.0% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10.28 expected at 310,000 and the preliminary reading for 3rd quarter Productivity expected at 1.1%. At 10AM is the Factory Orders report for September expected at 3.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Crude inventories built 2.0 million barrels, gasoline inventories fell 2.8 million barrels, and distillates fell 2.7 million barrels. Refinery Runs came in at a higher than expected 2.7%. Oil fell on uncertainty about pledged OPEC cuts as it is unclear which member countries are actually following through on their cuts, but it did rebound in late trade and ended just barely lower as inventory reports were not quite as good as expected.
The U.S. dollar index fell and treasuries gained on weak economic data, but the dollar did rebound and ended slightly higher on news that Canada will tax income trusts. This news sent the Canadian dollar to 2 week lows versus the US dollar as it may influence overseas holders to pull out of the market.
The Dow, Nasdaq, and S&P fell on concerns about the economy and on mixed earnings.
Among the big names making news in the market today were Ford, DaimlerChrysler, Cigna, Burger King, Marsh & McLennan, CVS and Caremark, Time Warner, Sandell, and MasterCard.
The Commentary:
“This morning I see comments that a firmer dollar and sinking oil are weighing on gold. There are many market factors which affect the price of gold, but on a short term basis, they are very secondary to what The Gold Cartel does vis-à-vis the physical market. The rest is noise. Yesterday was a perfect example. Gold soared while the dollar was up and oil was sinking. This move back down had nothing to do with either. The dollar/oil action had nothing to do with the weakness in the HUI. It was the crooked cabal with their daily market machinations, pure and simple.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 12.5 at 619.3, 0.4 off the high and 8.3 up from the low.
December Silver closed up 0.205 at 12.475. This was 0.125 up from the low and 0.115 off the high.
The gold market started out slightly impressive and then became even more impressive as the session progressed. With gold rising on strong volume and open interest and the market forging the gains in the face of partially negative outside market forces, it is pretty clear that metals traders are focusing on something supportive. While some might suggest that the weakness in the US economic numbers is creating uncertainty and flight to quality buying interest, it is more likely that the buyers are merely anticipating further weakness in the US Dollar. In fact, the gold market was presented with sliding crude oil prices and news that Russian gold output was likely to reach 200 tons by 2010 and yet neither of those developments served to discourage the buyers. Certainly given the upside progression on the charts sparked some stop loss buying and perhaps even fresh outright buying. Just to highlight the ongoing "spin" of the fundamentals, some players even attributed the gains in the Gold market to the overt weakness in the US equity market.
With a solid upward spike in December silver it is possible that a good portion of the buying interest on Wednesday was technical in nature. However, the silver market did have some fundamental justification for the sharp rally on Wednesday, as the market was made aware of a 4.8% decline in August Mexican silver production. Even more surprising is the fact that the silver market sustained the strength despite the fact that copper and equity prices at times were under significant pressure. In the end the trade seems to be emboldened by the price action and the apparent level of trading interest in the market at even higher trading ranges.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
AngloGold Ashanti continues to reduce forward sales of gold
John Hathaway: Gold can triple without any catastrophe
Ted Butler: A red flag?
The Statistics:
As of close of business: 10/31/2006
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$ 7,543m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 83.66 | 2,689,897 | US$ 1,664m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.08 | 323,847 | US$ 200m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,809 | US$ 191m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/31/2006 | |
Total Net Assets | $824,797,617 | Ounces of Gold
in Trust | 1,365,789.764 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.48 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/31/2006 | |
Total Net Assets | $1,265,190,571 | Ounces of Silver
in Trust | 104,776,594 |
Shares Outstanding | 10,500,000 | Tonnes of Silver
in Trust | 3,258.9 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) earnings, management appointments and changes, and dividend, Barrick’s (ABX) dividend, Crystallex’s (KRY) drill program, Northern Orion’s (NTO) project in Argentina, DRDGOLD’s (DROOY) NASDAQ bell ringing, Richmont’s (RIC) announcement, Rubicon’s (RBY) exploration activities, Fury’s (FUR.V) Board appointment, Pan American’s (PAAS) completed construction, Minefinders’ (MFN) drill results, and Sabina’s (SBB.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +10.88% $2.14 |
2. Arizona Star | AZS +6.76% $10.74 |
3. Almaden | AAU +5.71% $2.59 |
LOSERS
1. Mines MGMT | MGN -6.25% $6.00 |
2. Cardero | CDY -5.00% $1.71 |
3. Taseko | TGB -4.69% $2.44 |
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:
Asia Gold and Ivanhoe Mines Agree to More Time to Complete Mongolian Coal Acquisition Agreement - More
- November 01, 2006 | Item | E-mail
Crystallex Launches 40-hole Drilling Program at Las Cristinas - "Crystallex International Corporation today announced that it commenced a diamond drill program at its Las Cristinas, Venezuela property on October 31st, 2006. It is estimated that the drill program will be concluded by the end of January 2007 and that an updated resource and reserve estimate will be completed by the end of May, 2007. The cost of the program is estimated at US$1.6 million." More
- November 01, 2006 | Item | E-mail
Gold & Silver Minerals Appoints New Member to the Board of Directors - More
- November 01, 2006 | Item | E-mail
Wescan completes acquistion of Jojay Gold Deposit - More
- November 01, 2006 | Item | E-mail
Newmont Announces Executive Management Appointments & Changes - "Newmont Mining Corporation announced today the planned retirement of Pierre Lassonde on December 31, 2006 from his full-time role as President of Newmont Mining Corporation. Mr. Lassonde will continue his employment in a part-time capacity, providing strategic guidance to the Company, and will serve as Vice Chairman of the Newmont Board of Directors, effective January 1, 2007." More
- November 01, 2006 | Item | E-mail
Cameco plans Cigar Lake repairs, posts profit dip - More
- November 01, 2006 | Item | E-mail
Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation today declared a regular quarterly dividend of $0.10 per share, payable December 28, 2006 to holders of record at the close of business on December 7, 2006." More
- November 01, 2006 | Item | E-mail
HE-5 Resources, Corp. Declares Cash Dividend on Common Stock - More
- November 01, 2006 | Item | E-mail
Freegold to raise $1.5 million in debt and equity financing - More
- November 01, 2006 | Item | E-mail
Jasper Mining Corporation acquires additional McFarlane cells - More
- November 01, 2006 | Item | E-mail
Spruce Ridge Obtains U(3)O(8) Grades Up to 3.73% from Outcrop - More
- November 01, 2006 | Item | E-mail
Skygold Appoints Mr. Jeffrey Pontius to the Board of Directors - More
- November 01, 2006 | Item | E-mail
Full Metal and Andover Intersect 51 Meters of 0.48% Cu, 0.46 g/t Au at Kamishak - More
- November 01, 2006 | Item | E-mail
Corriente Resources Inc.: Mirador Mill Equipment Agreement Signed With Metso - More
- November 01, 2006 | Item | E-mail
Miranda Gold Corp. Stakes Claims in Utah - More
- November 01, 2006 | Item | E-mail
Argentine copper mine seen needing $2 bln invested - "A copper and gold mining project in northwestern Argentina will need an estimated investment of $2 billion, the company that owns the site said on Wednesday. Canada's Northern Orion Resources Inc. is developing Agua Rica, which is seen producing an average of 300 million pounds of copper per year, as well as 125,000 ounces of gold and 16 million pounds of molybdenum over an estimated 23-year life span." More
- November 01, 2006 | Item | E-mail
Platinum Group Metals Expands South African Team to Advance Platinum Joint Venture - More
- November 01, 2006 | Item | E-mail
Great West Gold, Inc. -- Stockholder Communications - More
- November 01, 2006 | Item | E-mail
811 Drilling results continue to shine - More
- November 01, 2006 | Item | E-mail
Crew Gold to Apply for Separate Listing for Crew Minerals - More
- November 01, 2006 | Item | E-mail
Amarillo Reports on Successful Warrant Exercise - More
- November 01, 2006 | Item | E-mail
Norsemont Reports Arrival of 4th Drill Rig at the Constancia Copper Project, Southern Peru - More
- November 01, 2006 | Item | E-mail
Goldbelt releases prefeasibility study for Inata including acceptance of environmental impact study - More
- November 01, 2006 | Item | E-mail
Great West Gold, Inc. -- `Mockingbird' Gold Property Assessment - More
- November 01, 2006 | Item | E-mail
Freewest Discovers New Uranium Occurrences on the George River Property, Northeastern Quebec and Northwestern Labrador - More
- November 01, 2006 | Item | E-mail
Karmin Exploration Inc. Shares for Debt Issuance - More
- November 01, 2006 | Item | E-mail
Aurelian Intersects 135 Metres Grading 9.78 g/t and 171 Metres Grading 3.84 g/t of Gold in Drilling at FDN - More
- November 01, 2006 | Item | E-mail
Golden China-Michelago Business Combination Update - More
- November 01, 2006 | Item | E-mail
Timberline Provides Contract Drilling Subsidiary Update - More
- November 01, 2006 | Item | E-mail
Osisko Signs Letter of Intent with Metso Minerals for Canadian Malartic Mill - More
- November 01, 2006 | Item | E-mail
Rocmec Entrusts its Mine Development to Dumas Contracting Ltd. and Options its Denain Property to Autanabi Resources - More
- November 01, 2006 | Item | E-mail
EXMIN-Penoles Commence Drilling at Maguarichic Project - More
- November 01, 2006 | Item | E-mail
Golden Goose Resources Inc. - Geophysical anomalies at Lac Levac Ni-Cu-PGM Property, Northern Quebec - 14,000 meter Drill program to start - More
- November 01, 2006 | Item | E-mail
USCorp Acquires the Picacho Salton Gold Mining Property - More
- November 01, 2006 | Item | E-mail
Unico, Inc. Reports Additional Reconstruction of the Mill and Processing Facility at the Deer Trail Mine - More
- November 01, 2006 | Item | E-mail
Continental Minerals Corporation and Great China Mining Inc.: Excellent Results From 2006 Delineation Holes at Xietongmen - More
- November 01, 2006 | Item | E-mail
Everton Increases Land Position in the Eleonore Gold Discovery Area, James Bay, Quebec-Robert McEwen Exercises Warrants - More
- November 01, 2006 | Item | E-mail
San Gold Develops High Grade "98" Vein at Rice Lake - More
- November 01, 2006 | Item | E-mail
Golden Hope Mines: Bellechasse Gold Project Large-Diameter Drilling Program Has Begun - More
- November 01, 2006 | Item | E-mail
Golden Phoenix Receives Final Approval for Full-Scale Operations at Ashdown Molybdenum Mine - More
- November 01, 2006 | Item | E-mail
Globex Stakes Additional Properties - More
- November 01, 2006 | Item | E-mail
Landmark Minerals Inc.: Airborne Geophysical Survey Completed on Quebec Uranium Properties - More
- November 01, 2006 | Item | E-mail
DRDGOLD Limited (DROOY) CEO to Ring the NASDAQ Stock Market Closing Bell - "What: Mark M. Wellesley-Wood, CEO of DRDGOLD Limited (DROOY) will preside over the closing bell. Where: NASDAQ MarketSite - 4 Times Square - 43rd & Broadway - Broadcast Studio. When: Thursday November 2nd, 2006 at 4:00 p.m. ET" More
- November 01, 2006 | Item | E-mail
Barrick Gold Announces Dividend - "Barrick Gold Corporation today announced that its Board of Directors has declared a dividend of US11 cents per share, payable on December 15, 2006 to shareholders of record at the close of business on November 30, 2006." More
- November 01, 2006 | Item | E-mail
Fury Appoints Mr. Douglas Hurst to Advisory Board - "Mr. Hurst lives in Nelson, BC and is currently the chairman of a private Power Company as well as on the board of two publicly listed resource companies. Mr. Hurst has a B.Sc. in Geology and worked from 1987 to 1995 as a mining securities analyst for Vancouver based investment dealers, McDermid St. Lawrence and Sprott Securities. He then consulted as an independent mining analyst until 2003, when he participated in the creation and listing of International Royalty Corporation." More
- November 01, 2006 | Item | E-mail
Richmont Mines Inc.: Announcement - "Richmont Mines Inc. announces today that the TSX has accepted the Company's notice of intention to make a normal course issuer bid to purchase its outstanding common shares through the facilities of the TSX, for a period of twelve months expiring on November 2, 2007. Up to 1,200,000 common shares of Richmont Mines, representing approximately 5% of the 24,237,853 common shares of the Company issued and outstanding on October 31, 2006, may be purchased under the bid. The purchases may commence on November 3, 2006 and will extend to November 2, 2007." More
- November 01, 2006 | Item | E-mail
Rubicon Minerals Updates Its Newfoundland Exploration Activities - "Rubicon Minerals Corporation is pleased to provide the following update on its recent exploration activities and upcoming plans in Newfoundland. The Newfoundland assets will be transferred to Paragon Minerals Corporation upon completion of the Rubicon Plan of Arrangement, which remains subject to certain conditions being satisfied (see news release August 9, 2006)." More
- November 01, 2006 | Item | E-mail
Cameco Profit Falls as Uranium, Power Sales Decline - More
- November 01, 2006 | Item | E-mail
Forsys Intersects Uranium Mineralization in Valencia's East Zone - More
- November 01, 2006 | Item | E-mail
Anglo Canadian Uranium Corp.: Colorado Uranium / Vanadium Project Option Agreement - More
- November 01, 2006 | Item | E-mail
CanAlaska Uranium Ltd. - New Uranium Zones Defined at North East Wollaston Project - More
- November 01, 2006 | Item | E-mail
Colorado Uranium / Vanadium Project Option Agreement - More
- November 01, 2006 | Item | E-mail
Cameco Reports Third Quarter Earnings - More
- November 01, 2006 | Item | E-mail
Golden Star Schedules Third Quarter Results Conference Call and Webcast - "Golden Star Resources Ltd. will release its third quarter results after the market close on Monday, November 6, 2006 and has scheduled a conference call and webcast on Tuesday, November 7, 2006 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)." More
- November 01, 2006 | Item | E-mail
Pan American Silver Reports: Alamo Dorado Mine Construction Complete - "Pan American Silver Corp. is pleased to announce that ore is now being processed through the leaching circuit at its new Alamo Dorado open-pit silver mine located in the state of Sonora, Mexico. Construction is now complete, on schedule and virtually on the original feasibility budget. Pan American is presently focused on ramping up production to the plant's design capacity of 4,000 tonnes per day." More
- November 01, 2006 | Item | E-mail
Minefinders Resumes Drilling on Northern Sonora Silver Projects-Program Targets 2.5 km Extension of High-Grade Mineralization - "Following the discovery of ore-grade silver mineralization at these projects in 2004 and 2005, the Company undertook expanded geophysical and geochemical surveys, supported by detailed geological sampling and mapping, in preparation for the current drilling program. The new program focuses principally on Planchas de Plata and is designed to extend known mineralization along geological and geophysical trends, and to test newly-identified zones of high-grade silver mineralization." More
- November 01, 2006 | Item | E-mail
Sabina Presents 2006 Drilling Summary - "SABINA SILVER CORPORATION is pleased to present full assay results including Holes 46-52 from 2006 drilling at its Hackett River Project in Nunavut, Canada. A total of 17,293m in 53 holes were drilled at Hackett River this year. The silver and zinc-rich character of massive sulphide mineralization of the three large, potentially open-pittable massive sulphide deposits at Hackett River confirms what the Company increasingly recognizes as a potential new zinc and silver-rich base metal camp in Canada's far north." More
- November 01, 2006 | Item | E-mail
Newmont Reports Third Quarter Net Income Increased 57% to $198 Million ($0.44 Per Share) - "Our results reflect continuing earnings growth and our leverage to the gold price. Year-to-date earnings grew over 100% from the prior year, while gold prices rose approximately 40% for the same period. We are maintaining our production and cost outlook for the year, as our Leeville and Phoenix projects in Nevada near commercial production and our Ahafo mine in Ghana continues to ramp up. These new mines, as well as our expectation for a fifth straight year of reserve growth net of depletion, will form a solid base from which to grow our business." More
- November 01, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 November, 2006 | |
