-- Posted 3 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $627.20 | +$2.30 | +4.88% |
Silver | $12.55 | -$0.01 | +4.58% |
XAU | 139.35 | +1.04% | +4.70% |
HUI | 327.26 | +1.29% | +5.39% |
GDM | 1050.79 | +1.10% | +5.04% |
JSE Gold | 2907.34 | +1.22% | +3.58% |
USD | 85.71 | +0.36 | +0.21% |
Euro | 127.18 | -0.64 | -0.13% |
Yen | 84.73 | -0.67 | -0.34% |
Oil | $59.14 | +$1.26 | -2.65% |
10-Year | 4.715% | +0.119 | +0.86% |
Bond | 111.625 | -1.1875 | -0.20% |
Dow | 11986.04 | -0.27% | -0.86% |
Nasdaq | 2330.79 | -0.14% | -0.84% |
S&P | 1364.30 | -0.22% | -0.95% |
The Metals:
CoT Reports Released: Gold | Silver
Gold fell a couple dollars in Asia, rose a couple of dollars in London, and then fell about $7 at the New York open, but it then rallied higher for the rest of trade and ended near it highs with a gain of 0.37%. Silver dropped over 25 cents in early New York trade before it rallied back for most of the rest of trade and closed just slightly lower.
Euro gold rose above €490, platinum gained $49 to $1,200, palladium gained $8 to $330, and copper gained a couple cents to about $3.33.
Gold and silver equities rose over 1% in the first hour of trade and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | 92K | 125K | 148K |
Unemployment Rate | Oct | 4.4% | 4.6% | 4.6% |
Hourly Earnings | Oct | 0.4% | 0.3% | 0.2% |
Average Workweek | Oct | 33.9 | 33.8 | 33.8 |
ISM Services | Oct | 57.1 | 54.5 | 52.9 |
The BLS net birth/death adjustment added 73,000 jobs to October’s payrolls. September’s jobs were revised to 148,000 from 51,000 and August’s jobs were revised to 230,000 from 188,000. This upward revision of 139,000 payrolls offset the economic disappointment of October’s shortfall and sent the dollar and interest rates higher on the premise that the fed may be influenced to raise interest rates rather than cut them. The unemployment rate dropped to a 5-1/2 year low.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Credit on Tuesday and Export and Import Prices, Initial Jobless Claims, the Trade Balance, and Wholesale Inventories on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on worries over militants in Nigeria that may be planning a new wave of attacks in oil producing parts of the nation.
The U.S. dollar index rose and treasuries fell on upward revisions to previous job reports that made it more likely that the fed will raise rates rather than lower rates.
The Dow, Nasdaq, and S&P opened briefly higher before they fell for the rest of trade and ended modestly lower on worries over higher interests rates and a rising oil price.
Among the big names making news in the market Friday were Caterpillar, Washington Post, Medco, and Microsoft and Novell.
The Commentary:
“December Gold finished up 1.4 at 629.2, 2.1 off the high and 9.7 up from the low.
December Silver closed down 0.015 at 12.635. This was 0.275 up from the low and 0.045 off the high.
The gold market took an initial negative reaction to strong US economic numbers this morning, but as the session progressed the market appeared to slough off the bearishness of the reports as it traded to new 8-week highs. The US unemployment rate fell to 4.4% in October, the lowest since May 2001, which had traders figuring that the Fed will tighten or hold rates steady. The fact that gold rallied in the face of a sharply higher Dollar suggests that the market may have found support from the demand side and from platinum prices trading $4.50 higher today. It probably also didn't hurt that crude oil prices were up as well after the US Government warned that militant group in Nigeria may have plans to attach oil facilities there.
The silver market's failure to follow through on an overnight move to new highs put the technical outlook under a cloud. Today's strong economic readings brought in some immediate selling, probably some profit taking on the notion that the Fed will not cut rates anytime soon. The market did work gradually higher after the initial break, but never made it though the overnight highs. It appears that the market is more worried about higher rates at the moment than being encouraged by evidence of a stronger economy.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Democrats warn that U.S. debt could trigger crisis
Buy gold regularly, like clockwork, and it will treat you right
The Statistics:
As of close of business: 11/2/2006
Gold Warehouse Stocks: | 7,525,772 | - |
Silver Warehouse Stocks: | 105904115 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 399.83 | 12,854,973 | US$ 7,977m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.02 | 2,829,837 | US$ 1,775m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.12 | 325,110 | US$ 204m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,802 | US$ 197m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 4.36 tonnes and the ASX added 0.04 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/02/2006 | |
Total Net Assets | $853,866,735 | Ounces of Gold
in Trust | 1,365,342.180 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.47 |
Note: Change in Total Tonnes from yesterday’s data: 0.01 tonnes were subtracted form the trust.
Silver Trust (SLV)
Profile as of 11/02/2006 | |
Total Net Assets | $1,299,731,782 | 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 reports from Pan American (PAAS), Silver Wheaton (SLW), and Kinross Gold (KGC), Banro’s (BAA) drill results, Cumberland’s (CLG) C$87 million equity financing, Pacific Rim’s (PMU) extended closing date for the Denton-Rawhide sale, Rio Narcea’s (RNO) project update, Eldorado’s (EGO) drill results, Imperial Metals’ (III.TO) extended hostile bid for bcMetals (C.V), and Great Panther’s (GPR.V) new exploration manager were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Banro | BAA +15.55% $14.49 |
2. Gold Reserve | GRZ +9.88% $4.45 |
3. Fronteer | FRG +8.17% $7.68 |
LOSERS
1. U.S. Energy | USEG-4.71% $4.45 |
2. Cumberland | CLG -3.42% $4.80 |
3. Miramar | MNG -2.39% $4.91 |
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:
Intrepid Holds 2006 Annual General Meeting in Perth - More
- November 03, 2006 | Item | E-mail
Imperial extends takeover bid for bcMetals - "Imperial Metals Corp. extended its hostile bid for bcMetals Corp. to Nov. 14 on Friday, but did not sweeten its offer despite plans by Taseko Mines Ltd. to trump its bid. Taseko said on Thursday that it would initiate within days an offer of C$1.05 a share for each bcMetals, for a C$35.7 million ($31.6 million) bid." More
- November 03, 2006 | Item | E-mail
First Nickel Reports 2.98% Copper, 2.85 gpt Platinum, 4.85 gpt Palladium, 4.66 gpt Gold and 58.9 gpt Silver Over 0.30 Metres in Footwall at Premiere Ridge - More
- November 03, 2006 | Item | E-mail
Banro announces preliminary metallurgical testwork results from its Twangiza project - "Eleven composite drill hole samples of approximately 10 kilograms each from the main Twangiza deposit were submitted to SGS Lakefield in South Africa for initial diagnostic leaching testwork to establish the gold-mineral association within oxide, transitional and fresh rock materials. The diagnostic testwork procedure involved the sequential solubilizing of the least-stable minerals via various pre-treatments (cyanidation, hydrochloric and nitric acid) and extraction of the associated gold by cyanidation/CIL." More
- November 03, 2006 | Item | E-mail
Cumberland Arranges Cdn$87 Million Equity Financing - "CUMBERLAND RESOURCES LTD. has today entered into an agreement for a bought deal financing with a syndicate of Canadian underwriters. Cumberland will issue 16,100,000 Common Shares at a price of Cdn$5.40 per Common Share for gross proceeds of Cdn$86,940,000. The Underwriters have been granted an over-allotment option, exercisable up to 30 days following closing, to purchase an additional 2,415,000 Common Shares." More
- November 03, 2006 | Item | E-mail
Pacific Rim Mining Corp.: Closing Date of Denton-Rawhide Open Pits Sale Extended - "Pacific Rim Mining Corp. and Kennecott Rawhide Mining Company, joint venture partners at the Denton-Rawhide residual leach gold operation near Fallon, NV, have signed an amendment to the October 2004 Property Purchase and Sale Agreement with Nevada Resource Recovery Group LLC of Reno, NV extending the closing date of the sale to on or before October 31, 2007. All other details of the agreement, as outlined in the Company's October 28, 2004 news release (#04-16) remain the same." More
- November 03, 2006 | Item | E-mail
Pershimco Names Ali Abbas Al-Hazeem as Director - More
- November 03, 2006 | Item | E-mail
Great Panther Appoints New Exploration Manager in Mexico; Receives Conditional Approval for TSX Listing - "GREAT PANTHER RESOURCES LIMITED is pleased to announce the appointment of Mr. Bill Vanderwall, B.Sc. as Exploration Manager for Mexico. Bill has an exemplary track record with twenty-seven years in the gold and silver mining industry, having spent approximately equal time in production and exploration. He is a proven mine-finder and has a strong emphasis on safety, having worked his entire career without a lost time accident." More
- November 03, 2006 | Item | E-mail
BrazMin Announces Final Phase II Drill Results from the Sao Jorge Gold Project - More
- November 03, 2006 | Item | E-mail
Golden Eagle Begins Pilot Operations on Its C Zone Gold Anomaly in Its Precambrian Claims - More
- November 03, 2006 | Item | E-mail
Great West Gold, Inc. - Update On Stockholder Communications - More
- November 03, 2006 | Item | E-mail
Great West Gold, Inc. -- Update on Filings - More
- November 03, 2006 | Item | E-mail
Geophysical Surveys Identify New Targets on the Kampti Gold and Gaoua Copper-Gold Projects - RC Drilling to Commence on Kampti - More
- November 03, 2006 | Item | E-mail
Gossan's Inwood Magnesium Property Hosts 34.7 Million Measured Tonnes of High-Purity Dolomite - More
- November 03, 2006 | Item | E-mail
Gryphon Reports Progress on Borealis Mine Development - More
- November 03, 2006 | Item | E-mail
Great West Gold, Inc. -- Valuation of Mining Assets - More
- November 03, 2006 | Item | E-mail
Shallbetter Industries Appoints Dr. David Strong as Head Technical Advisor - More
- November 03, 2006 | Item | E-mail
Anooraq-Anglo Platinum: Ga-Phasha PGM Project Update - More
- November 03, 2006 | Item | E-mail
Marathon Announces Closing of Previously Announced Equity Offering - More
- November 03, 2006 | Item | E-mail
Imperial Takes Up bcMetals Shares and Extends Offer - "Imperial Metals Corporation reports that all conditions of its offer to acquire all of the common shares of bcMetals Corporation have been met or waived." More
- November 03, 2006 | Item | E-mail
El Capitan Reports on Platinum and Gold Potential in Three Square Mile Area - More
- November 03, 2006 | Item | E-mail
U.S. Gold & Lexam CEO Rob McEwen Receives 2006 Tiffany Mark Award! - More
- November 03, 2006 | Item | E-mail
Galantas Gold Corporation-Share Trading Activity - More
- November 03, 2006 | Item | E-mail
Mega Acquires Uranium Exploration Properties in Colombia - More
- November 03, 2006 | Item | E-mail
Golden Patriot, Corp.: Samples Now At Tucson Lab On Successfully Completed Uranium Drill Program On Past Producing Mine - More
- November 03, 2006 | Item | E-mail
Crescent Resources Corp.: Letter Agreement Signed to Acquire 70% of the Oviedo Uranium Property, Paraguay - More
- November 03, 2006 | Item | E-mail
Rio Narcea Gold Mines, Ltd.: Ball Mill Arrives on Site at Tasiast - "Rio Narcea Gold Mines, Ltd. is pleased to report an update on the construction of its Tasiast gold mine in Mauritania, West Africa. All critical path items are now on site as construction continues to proceed on schedule. Construction is expected to be completed in the first half of 2007 and production expected shortly thereafter." More
- November 03, 2006 | Item | E-mail
Pan American Silver Reports Q3 Results: Record Revenues & Net Income - "Pan American Silver Corp. today reported record results for the third quarter ending September 30, 2006. Third quarter sales reached an all time high of $64.3 million, a 114% increase over the year earlier period. Consolidated net income for the quarter established a new Company record at $16.4 million, or $0.22 per share, as compared to $0.2 million, or $nil per share, in the third quarter of 2005. Net income for the third quarter of 2006 included an income tax provision of $8.4 million." More
- November 03, 2006 | Item | E-mail
Silver Wheaton Third Quarter Earnings More Than Triple to US$22.5 Million - "It has been another great quarter for the Company," said Peter Barnes, President and Chief Executive Officer. "Not only did we more than triple our earnings and cash flows, compared with last year, but we also became the largest shareholder in Bear Creek; we obtained a right of first refusal on future silver production from the Penasquito project in Mexico; and we were recognized as the strongest public company in British Columbia. All this, for a Company that is only two years old!" More
- November 03, 2006 | Item | E-mail
Eldorado Announces Initial 2006 Drill Results From the Efemcukuru Project, Western Turkey - "Paul N. Wright, President & Chief Executive Officer of Eldorado Gold Corporation, is pleased to announce results from this year's first eight drill holes at the Efemcukuru Project in Western Turkey. This program is designed to upgrade inferred resources into measured and indicated as well as testing the down dip extension of the epithermal system." More
- November 03, 2006 | Item | E-mail
Kinross Gold success continues with strong third quarter - "We are making great strides in creating both a stronger company and real wealth for our shareholders," said Tye Burt, President and CEO. "We delivered on our production and operating targets, refinanced and reduced our debt, initiated two major construction projects, divested non-core assets and delivered strong cash flow and earnings. Kinross' stock has significantly outperformed both the price of gold and our senior peer group. Thank you to our employees for their hard work." More
- November 03, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 November, 2006 | |
