Gold remained very near unchanged in Asia and London before it steadily rose throughout trade in New York and ended near its highs with a gain of 1.49%.Silver traded slightly lower in Asia and London before it also steadily rose in New York and ended with a gain of 1.21%.
Euro gold rose near €490, platinum gained $57 to $1,151, palladium gained $2 to $322, and copper gained about 4 cents and rose back over $3.30.
Gold and silver equities rose about 1% at the open, fell back near unchanged and traded briefly lower about an hour into trading, rose to find about 2% gains by early afternoon, and then sold back off into the close and ended about 1% higher.
The Economy:
Report
For
Reading
Expected
Previous
Initial Claims
10/28
327K
310K
309K
Productivity
Q3
0.0%
1.1%
1.2%
Factory Orders
Sep
2.1%
3.6%
-0.3%
In addition to economically disappointing unchanged Productivity, labor costs rose a more than expected 3.8% and raised inflation concerns.
Tomorrow at 8:30AM EST brings October’s jobs data.Nonfarm Payrolls are expected at 125,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8.At 10AM is the ISM Services report expected at 54.5.
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Oil fell on doubts over OPEC cuts and on recent weak economic data which may cut into demand.
The U.S. dollar index fell as the euro found strength on some comments from ECB President Trichet that hinted towards an interest rate increase at their next meeting.
Treasuries fell despite poor economic data as inflation concerns were raised from rising labor costs without any gains in Productivity.
The Dow, Nasdaq, and S&P fell on poor economic news and mixed sales reports from the retailers, but losses were minimal by the close as most looked ahead to tomorrow’s jobs report.
Among the big names making news in the market today were Wal-Mart, CBS, Nomura and Instinet, and Ford.
The Commentary:
“December Gold finished up 8.5 at 627.8, 0.5 off the high and 10.8 up from the low.
December Silver closed up 0.175 at 12.65. This was 0.21 up from the low and 0.02 off the high.
It would seem like the financial market uncertainty increased with the flow of US numbers on Thursday morning. While the pace of the US economy wasn't necessarily the cause of the anxiety Thursday morning, it might be said that the US numbers failed to impress the trade. However, the bigger focus of the session Thursday was on the prospect of escalating labor Costs and in turn the potential for inflation. Even without the sharpest rise in the US Unit Labor costs figure since the 4th quarter of 1982, the inflationary psychology might have been accentuated by the fact that US productivity readings were flat. In fact, seeing US productivity readings flatten out, could mean that labor conditions are set to tighten further and that Unit labor costs are set to rise. While the Gold trade could have fretted over stagflation from the numbers Thursday, the trade was apparently capable of keeping the bullish spin in place. In fact, with sharply rising grain prices joining the sharp rise in the copper and platinum markets, there were plenty of inflationary signals being seen by the gold market. With the US payroll report on Friday morning increasing the ante of uncertainty and that US economy growing more suspect by the day, there does seem to be plenty of flight to quality issues swirling and that favors the bull camp.
With the gold market showing extremely positive leadership, copper and platinum prices rising sharply and the US financial markets unsettled by the Unit Labor Costs the environment for the bulls in silver is certainly getting more interesting. In fact, some traders have suggested that nearby silver prices now have little resistance until the $13.00 level but with the critical US payroll report on Friday increasing the chances for extreme volatility, traders should not be surprised to see prices reeling in both directions. While seeing the threat of labor induced inflation would be much more credible in the face of a stronger US economy, apparently the markets are capable of factoring in some inflation or the need for flight to quality regardless of the perceived weakness in the US economy.” - The Hightower Report,Futures Analysis and Forecasting
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX)
Streettracks Gold Shares
399.83
12,854,973
US$ 7,977m
LSE (London Stock Exchange) AND Euronext Paris
Gold Bullion Securities
83.66
2,689,867
US$ 1,679m
Australian Stock Exchange (ASX)
Gold Bullion Securities
10.08
323,843
US$ 202m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
9.88
317,805
US$ 195m
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 11.11 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/01/2006
Total Net Assets
$841,860,950
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 11/01/2006
Total Net Assets
$1,294,510,686
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:
Quarterly results from DRDGOLD (DROOY), Royal Gold (RGLD), Barrick (ABX), and Randgold (GOLD), IRC’s (ROY) comments on income trusts, U.S. Energy’s (USEG) optioned property, Barrick Gold’s stake in Highland Gold (HGM.L), Tanzanian Royalty’s (TRE) private placement, Taseko Mines (TGB) planned offer for bcMetals (C.V), Barrick’s and NovaGold’s (NG) deferred court hearing, and Apogee’s (APE.V) comments on Bolivia were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Fronteer
FRG+12.16% $7.10
2.Yamana
AUY+6.07% $10.84
3.Metallica
MRB +5.41% $3.51
LOSERS
1.DRDGOLD
DROOY-5.22% $1.27
2.Northgate
NXG -4.39% $3.05
3.Aurizon
AZK -3.51% $2.75
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:
Olympus-Continues Further Vietnam Exploration Success - More - November 02, 2006 | Item | E-mail
International Royalty Corporation (IRC) is not an income trust - "International Royalty Corporation received a large volume of telephone calls yesterday from its shareholders concerning the announcement by the Canadian government of its intention to tax income trusts and the impact of this decision on IRC. IRC is not and has never been an income trust and, therefore, this proposed legislation has no negative effect on the Company or its shareholders." More - November 02, 2006 | Item | E-mail
Tagish Reports Additional High Grade Gold and Silver Values in Diamond Drilling - More - November 02, 2006 | Item | E-mail
U.S. Energy Corp. Announces That Sutter Gold Acquires Option on Mexican Property - "U.S. Energy Corp. announced that Sutter Gold Mining Inc. today announced that it signed an Exclusive Option Agreement with The Alamo Group, Inc. of Scottsdale, AZ, to acquire a 100% interest (less royalty provisions) in the Santa Teresa mineral concession located in the historic El Alamo gold mining district southeast of Ensenada, Mexico for C$500,000 in payments and work commitments." More - November 02, 2006 | Item | E-mail
Western Warrior assembles Pipestone Project adjacent to RainyRiver Resources - More - November 02, 2006 | Item | E-mail
Klondike Star Geophysical Survey Increases Lone Star Drill Targets - More - November 02, 2006 | Item | E-mail
Alexco Announces Initial Keno Hill Drill Results - More - November 02, 2006 | Item | E-mail
Fronteer's Aurora Continues to Expand the Jacques Lake Uranium Deposit, Central Labrador - More - November 02, 2006 | Item | E-mail
Foreign investors in Russian mining - "Barrick Gold Corp., the world's largest gold miner, will raise its stake in Highland Gold Mining Ltd., Russia's fourth-largest gold miner, to 34 percent from 20 percent, Highland said on Thursday. Highland will also acquire Barrick's interest in exploration ventures in Russia and Kyrgyzstan and appoint Barrick executives to its senior management team in a deal that merges the companies' operations in the former Soviet Union." More - November 02, 2006 | Item | E-mail
Calypso Identifies 213 Uranium Anomalies After Completion of Large Airbone Geophysical Survey of Argentine Projects - More - November 02, 2006 | Item | E-mail
International Arimex engages Harden Capital - More - November 02, 2006 | Item | E-mail
Inter-Citic Receives Results From 10 New Drill Holes at Dachang Gold Project - More - November 02, 2006 | Item | E-mail
Win-Eldrich Mines Limited notified of BLM approval for full-scale operations at the Ashdown molybdenum mine - More - November 02, 2006 | Item | E-mail
Gitennes exploration - progress report - More - November 02, 2006 | Item | E-mail
Cancor confirms massive sulfide lenses on Explo-Zinc - More - November 02, 2006 | Item | E-mail
Radisson's Drilling Program Intersects High Grade Gold North of the Cadillac Break on the O'Brien and Kewagama Properties - More - November 02, 2006 | Item | E-mail
Temoris Ressources Inc.: Channel Sampling Results on Fancamp - More - November 02, 2006 | Item | E-mail
DRDGOLD's headline loss widens in Q1, costs up - "South Africa's DRDGOLD posted a deeper headline loss per share for its fiscal first quarter on Thursday as costs surged. The firm said, however, that cash flow was healthy and it might have surplus cash at the end of its fiscal year. "I would seriously hope, but not make a prediction, if cash generation continues as it is at the moment, we could well wind up with surplus funds at the end of the year," Chief Executive Mark Wellesley-Wood told a conference call." More - November 02, 2006 | Item | E-mail
Mega Buys 6.25% of Northern Uranium Limited - More - November 02, 2006 | Item | E-mail
WitsBasin Reports on Drilling Progress in Colorado - More - November 02, 2006 | Item | E-mail
Endeavour Silver Corp.: Third Quarter Financial Results and Conference Call, Webcast and Podcast Scheduled for November 14th, 2006 - "Endeavour Silver Corp. plans to release its third quarter financial results on the morning of Tuesday, November 14, 2006. A conference call to discuss the Q3 results will be held at 1:15 PM Pacific Time (4:15 PM Eastern Time) the same day." More - November 02, 2006 | Item | E-mail
Golden Odyssey Begins Drilling on Mexican Hill Project, Carlin Trend, Nevada - More - November 02, 2006 | Item | E-mail
Osisko Appoints Mr. Victor Bradley to Board of Directors - More - November 02, 2006 | Item | E-mail
Canadian Zinc Corporation: Exploration Drilling Intersects High Grade Mineralization Five Kilometers South of Prairie Creek Mine Site - More - November 02, 2006 | Item | E-mail
Aflease Gold Appoints N M Rothschild as Exclusive Financial Adviser - More - November 02, 2006 | Item | E-mail
Continuum Updates Exploration Advances and Future Plans at San Jose and Natividad, Mexico - More - November 02, 2006 | Item | E-mail
Crew Gold Announces Private Placement of 50 Million Shares Concluded - More - November 02, 2006 | Item | E-mail
Laurion Gold Inc. Announces Change of Name to Laurion Mineral Exploration Inc. - More - November 02, 2006 | Item | E-mail
Silver Shield Completes First Phase Private Financing - More - November 02, 2006 | Item | E-mail
Argentex Continues Fieldwork, Commences IP Geophysics at Pinguino, Argentina - More - November 02, 2006 | Item | E-mail
Bellhaven Copper & Gold Announces a Change in Management - More - November 02, 2006 | Item | E-mail
Orvana Reports Record Production for Fiscal 2006 - More - November 02, 2006 | Item | E-mail
Raven Gold Corp. Announces the Following Additions to Management - More - November 02, 2006 | Item | E-mail
CanAsia Industries Corp. Enters Into LOI on Nevada Gold Prospect - More - November 02, 2006 | Item | E-mail
Full Metal Discovers a Second Massive Sulphide System at 40 Mile; Nine Meters Averaging 12.3% Zn - More - November 02, 2006 | Item | E-mail
NovaGold, Barrick court hearing deferred - "NovaGold Resources Inc. said on Thursday that a U.S.court has deferred a hearing scheduled for Nov. 3 to allow Barrick Gold Corp. time to respond to NovaGold's amended complaint. NovaGold, the target of a $1.7 billion hostile offer from Barrick, filed the amendment with the Alaska court late October to include "Barrick's more recent self-serving conduct" affecting NovaGold's Galore Creek project as well as its majority owned Donlin Creek project. Barrick owns the remaining stake in the Donlin Creek project in Alaska." More - November 02, 2006 | Item | E-mail
Dia Bras Intersects 188 g/t Silver Over 38 Meters at Cusi - More - November 02, 2006 | Item | E-mail
Alexis Completes First Gold Pour at Lac Herbin - More - November 02, 2006 | Item | E-mail
Largo Resources Announces Inaugural Members to Advisory Board - More - November 02, 2006 | Item | E-mail
Terex Resources Inc.: Drilling Program Quadrupled to 20,000 Metres in Wawa - More - November 02, 2006 | Item | E-mail
Forum Uranium and Hathor Exploration Form 50/50 Joint Venture, Athabasca Basin, Saskatchewan - More - November 02, 2006 | Item | E-mail
Pele Mountain's Newly Consolidated Elliot Lake Project Contains Over 20 Million Pounds of Uranium Oxide'1' - More - November 02, 2006 | Item | E-mail
Cloudbreak Hits Cu-Au Mineralization on its 100% Owned Muntele Rotund License in Romania - More - November 02, 2006 | Item | E-mail
Aquila Expands Near Surface Gold and Zinc Mineralization 59.1 Meters of 4.27 G/T Gold 40.5 Meters of 1.74 G/T Gold and 8.17% Zinc - More - November 02, 2006 | Item | E-mail
Hathor and Forum Form 50:50 Joint Venture on HaultainRiver Uranium Property - More - November 02, 2006 | Item | E-mail
Strathmore Minerals Acquires Exploration Project in the Prolific Gas Hills Uranium District of Wyoming - More - November 02, 2006 | Item | E-mail
Logan Resources Provides Clarification on Carswell Uranium Project - More - November 02, 2006 | Item | E-mail
Aurora Continues to Expand the Jacques Lake Uranium Deposit, Central Labrador - More - November 02, 2006 | Item | E-mail
Conductors Confirmed at International KRL's Carswell Uranium Project - More - November 02, 2006 | Item | E-mail
Uranerz Energy Corporation: Drilling Results; Permit Application Update - More - November 02, 2006 | Item | E-mail
El Nino Options the Bancroft Uranium Properties - More - November 02, 2006 | Item | E-mail
Tanzanian Royalty Chairman Proceeds with Seventh Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair is proceeding with the seventh tranche of the private placement announced on January 13, 2005 whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005, of which six tranches have been completed to date." More - November 02, 2006 | Item | E-mail
Taseko Mines to Offer C$1.05 Per Share for bcMetals Corp. - "Taseko Mines Limited announced today that it will shortly make a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation. The offer will represent an 11% premium over the current bid price for bcMetals being made by Imperial Metals Corporation." More - November 02, 2006 | Item | E-mail
Apogee Minerals Ltd.: Bolivian Government Mining Initiatives to Focus on Investment, Job Creation - "We are pleased that on an occasion that the government has pronounced as significant, it has taken the opportunity to emphasize the need to attract investment capital to the Bolivian mining industry and the important role that job creation can play in revitalising the Bolivian economy. We continue to view our Bolivian projects as secure investments that offer our company the possibility for excellent returns on investment. We will continue to move forward with our plans to expand the La Solucion Mine and establish a 43-101 Resource Estimate at the Paca Open Pit target." More - November 02, 2006 | Item | E-mail
Royal Gold Reports 43% Year-Over-Year Increase in Revenues for First Quarter of Fiscal 2007 - "Royal Gold, Inc., the leading publicly traded precious metals royalty company, today announced fiscal first quarter 2007 net income of $5.0 million, or $0.21 per basic share, on royalty revenue of $9.7 million. This compares to net income for the first quarter of fiscal 2006 of $3.1 million, or $0.14 per basic share, on royalty revenue of approximately $6.8 million." More - November 02, 2006 | Item | E-mail
NovaGold Updates Complaint Against Barrick in U.S. Federal Court - "NovaGold filed the Amended Complaint with the Alaska Court on October 27, 2006. In addition to the original claims against Barrick alleging breach of fiduciary and joint venture duties, filed August 25, 2006, the Amended Complaint includes Barrick's more recent self-serving conduct affecting both the Donlin Creek and Galore Creek projects, and now alleges damages. It also continues to seek a timely ruling on the meaning of the Donlin Creek Mining Venture Agreement's back-in requirements, a declaration that Barrick cannot meet the requirements to earn an additional 40% interest in the project, and the appointment of NovaGold as manager of the Donlin Creek project." More - November 02, 2006 | Item | E-mail
Barrick Earns Over $1 Billion in First Nine Months of 2006; Earnings and Cash Flow Per Share Rise Over 100% - "Q3 net income was $405 million ($0.46 per share) compared to $113 million ($0.21 per share) in the prior-year period, and Q3 operating cash flow was a record $805 million ($0.92 per share) compared to $232 million ($0.43 per share) in the prior-year period." More - November 02, 2006 | Item | E-mail
Randgold Resources announces Another profitable quarter - "Randgold Resources posted a profit from mining of US$30.7 million for the September quarter, taking its total for the nine months to date to US$99.4 million - up 90% on the corresponding period in 2005 thanks to the contribution from its new Loulo mine and the higher gold price." More - November 02, 2006 | Item | E-mail
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