-- Posted 6 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $625.30 | -$1.90 |
Silver | $12.69 | +$0.14 |
XAU | 137.67 | -1.21% |
HUI | 326.90 | -0.11% |
GDM | 1043.01 | -0.74% |
JSE Gold | 2945.95 | +1.33% |
USD | 85.74 | +0.03 |
Euro | 127.23 | +0.05 |
Yen | 84.58 | -0.15 |
Oil | $60.02 | +$0.88 |
10-Year | 4.709% | -0.006 |
T-Bond | 111.71875 | +0.09375 |
Dow | 12105.55 | +1.00% |
Nasdaq | 2365.95 | +1.51% |
S&P | 1379.78 | +1.13% |
The Metals:
Gold fell a few dollars in Asia and London before it rebounded in New York and traded briefly higher in late morning and early afternoon trade, but it then fell back off a bit into the close and ended with a loss of 0.30%. Silver fell about 10 cents in Asia and London before it rebounded throughout trade in New York and ended near its highs with a gain of 1.12%.
Euro gold remained above €490, platinum lost $12 to $1,188, palladium gained $1 to $331, and copper fell a couple cents to about $3.31.
Gold and silver equities rose over 1% in the first couple hours of trade, but they then steadily fell off for the rest of trade and ended roughly 1% lower.
The Economy:
There were no major economic reports today. Tomorrow at 3PM is Consumer Credit for September expected at $5.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on violence in Nigeria and on a call for further cuts to OPEC production.
The U.S. dollar index rose and treasuries fell after the fed’s Moskow said that his “assessment is that the risk of inflation remaining too high is greater than the risk of growth being too low” and “it would be incumbent on the Federal Reserve to adjust policy to affirm our commitment to price stability,” but any gains in the dollar were minimal by the close of trade and bonds actually rallied back and ended slightly higher on the day.
The Dow, Nasdaq, and S&P rose throughout trade and ended about 1% higher on merger news.
Among the big names making news in the market today were Kinross Gold and Bema Gold, XM Satellite, GM, Four Seasons, Abbot and Niaspan, and KKR, Goldman Sachs, and Kion forklift.
The Commentary:
“With only a few days to go before the critically important US elections, one has to wonder what has happened to the PPT and The Gold Cartel. Gold went up 8 days in a row in NY and the US stock market has been stuttering, failing to make new highs. Had they "run out of gas" or was the US economic news so bad, it was too much for them?
…
The smaller golds remain comatose. Unreal. Gold rallies every day for nearly two weeks and so few among the investing public care. There is near zero interest in the smaller gold companies. Investors can't wait to sell or go short. It is so weird. One day in the near future the light bulb will go off and then look out.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 1.3 at 627.9, 2 off the high and 3.4 up from the low.
December Silver closed up 0.125 at 12.76. This was 0.23 up from the low and 0.04 off the high.
Throughout most of the session Monday the gold market underperformed the silver market on the upside and at times generally seemed to be interested in falling back to a lower support level on the charts. While some in the trade suggested that gold was benefiting from the uncertainty off the coming US election, most outside market action seemed to suggest that the election or the expectation of the election outcome was shaping up to be a negative for gold prices. It is possible that the sharp rally in the equity market diverted some would-be buyers away from the gold market but with the energy market rally gathering strength later on in the session and gold prices not getting a lift from that action, it was clear that gold had lost some of its bullish capacity from last week. In fact, despite talk in the Press of ongoing fund buying interest in gold, gold prices didn't really see much in the way of appreciation on Monday and that would suggest that other selling interests were stepping up to offset new fund buying activity.
The silver market seemed to be saddled with the weakness in gold and platinum during the session Monday. In fact, one gets the sense that silver prices were poised to rally aggressively off rising equity and energy prices but persistent weakness in gold scared away some would-be silver buyers. Countervailing the positive tilt in silver prices on Monday, was news that Coeur D'Alene reporting rising silver production at 4 of 5 mines and that the company remains on track to sequentially boost its silver production above the 3.3 million ounce pace.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China planning shift from Treasury to mortgage and corporate debt
The CPI must have replaced Picassos with Elvises on velvet
Shift to Democrats in Congress would transform policy debates
The trillion-dollar high of China's central bank
China needs more derivatives, govt. financial official says
Euro hasn't gained as reserve currency for three years
One more proof there's too much 'money' sloshing around
The Statistics:
As of close of business: 11/03/2006
Gold Warehouse Stocks: | 7,525,772 | - |
Silver Warehouse Stocks: | 106,507,820 | + 603,715 |
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 | 402.92 | 12,954,202 | US$ 8,064m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.01 | 2,829,743 | US$ 1,765m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.12 | 325,099 | US$ 203m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,791 | US$ 197m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/03/2006 | |
Total Net Assets | $855,905,391 | Ounces of Gold
in Trust | 1,365,342.180 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.47 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/03/2006 | |
Total Net Assets | $1,321,708,421 | Ounces of Silver
in Trust | 104,735,443 |
Shares Outstanding | 10,500,000 | Tonnes of Silver
in Trust | 3,257.6 |
Note: Change in Total Tonnes from yesterday’s data: 1.3 tonnes were subtracted from the trust.
The Stocks:
Kinross Gold’s (KGC) acquisition of Bema Gold (BGO), Minco’s (MMK) exploration update, Golden Star’s (GSS) joint venture with Newmont (NEM), Orezone’s (OZN) drill results, Banro’s (BAA) drill results, Eldorado’s (EGO) quarterly results, Goldcorp’s (GG) dividend, Fury’s (FUR.V) Board of Director appointment, Excellon’s (EXN.V) appointed President, and Coeur’s (CDE) quarterly results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Arizona Star | AZS +11.44% $12.08 |
2. Bema Gold | BGO +8.16% $5.17 |
3. Richmont | RIC +5.49% $2.88 |
LOSERS
1. Kinross Gold | KGC -9.43% $12.01 |
2. Mines MGMT | MGN -4.10% $5.61 |
3. Banro | BAA -4.00% $13.91 |
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:
Minco Discovered a Major Gold Zone on the Yangshan Gold Belt, Gansu, China - "Minco has completed a reconnaissance program over several major semi-regional geochemical anomalies discovered last year. Field work in this program has included sketch mapping, sampling along traverse lines over selected anomalous areas, and infill sampling along selected anomalous drainage. Significant gold, silver, antimony, lead and zinc mineralization has been discovered in all the three sub-project areas, including the following most significant mineral occurrences:" More
- November 06, 2006 | Item | E-mail
Adanac Moly Corp.: Up to $24,000,000 in Proposed Financings - More
- November 06, 2006 | Item | E-mail
Opawica Explorations Inc.: News Release - More
- November 06, 2006 | Item | E-mail
Noront Acquires Property Interest in Hungary - More
- November 06, 2006 | Item | E-mail
Consolidated Global Minerals Ltd.: Additional Stope Development Assays - More
- November 06, 2006 | Item | E-mail
U.S. Energy Corp. Reports Affirmation of Ruling on Mt. Emmons Patent Claims Litigation by Federal Appeals Court - More
- November 06, 2006 | Item | E-mail
UREX Energy Corp. Receives Strong Upgrade by Respected Research Firm - More
- November 06, 2006 | Item | E-mail
Gold Hawk Resources Inc.-Receives Permission to Restart the Tamboraque Mill - More
- November 06, 2006 | Item | E-mail
Goldbelt receives $2.9 million from Resolute on exercise of warrants - More
- November 06, 2006 | Item | E-mail
Stratagold announces Newmont warrant exercise - More
- November 06, 2006 | Item | E-mail
Prom Resources, Inc. Has Sent Gold Samples to Umicore for Assay - More
- November 06, 2006 | Item | E-mail
Tribute Announces Garnet Lake, Arrow Zone Update - More
- November 06, 2006 | Item | E-mail
Tinka�´s channel sampling confirms presence of large silver system at Colquipucro project in Peru, including 25m averaging 171 g/t silver - More
- November 06, 2006 | Item | E-mail
Sirios Resources Inc.: Increase of the Private Placement and Announcement of a New One - More
- November 06, 2006 | Item | E-mail
Goldcorp Declares Eleventh Monthly Dividend Payment for 2006 - "GOLDCORP INC. is pleased to declare its eleventh monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, November 17, 2006 will be entitled to receive payment of this dividend on Friday, November 24, 2006." More
- November 06, 2006 | Item | E-mail
High River Gold Arranges Debenture Financing - More
- November 06, 2006 | Item | E-mail
Young-Shannon Commences Drilling Program To Extend High Grade Gold Zone at McMillan Gold Mine Property - More
- November 06, 2006 | Item | E-mail
Kinross Gold makes $3.1 bln friendly bid for Bema - "Kinross, the world's eighth largest gold miner, is offering 0.441 of a Kinross share for every Bema share, which values the offer at C$6.61 a share. Kinross said that represents a 34 percent premium on the 20-day average price of Bema's shares on the Toronto Stock Exchange, and will create a new major gold producer valued at $7.9 billion." More
- November 06, 2006 | Item | E-mail
Golden Star Announces Joint Venture with Newmont on Its Saramacca Project, Suriname - "Golden Star Resources Ltd. is pleased to announce the recommencement of exploration at its Saramacca project in Suriname and the signing of a joint venture agreement on the property with Newmont Overseas Exploration Limited., a wholly owned subsidiary of Newmont Mining Corporation." More
- November 06, 2006 | Item | E-mail
Affinor Resources Inc.: Mission in the Democratic Republic of Congo - More
- November 06, 2006 | Item | E-mail
Vior Updates Douay Gold Project and Lac-Edouard NI-CU Project - More
- November 06, 2006 | Item | E-mail
Asia Now Begins Drilling at Beiya Gold Project in China - More
- November 06, 2006 | Item | E-mail
2006 Uranium and Diamond Results Enhance UNOR's Prospects - More
- November 06, 2006 | Item | E-mail
Copper Fox Metals finds free gold zone at Schaft Creek - More
- November 06, 2006 | Item | E-mail
Manicouagan Commences drilling of 100% owned Brabant Lake Zinc Deposit in Northern Saskatchewan - More
- November 06, 2006 | Item | E-mail
Fury Appoints Mr. Trevor A. Moss to Board of Directors - "With the appointment of Trevor Moss and the recent addition of advisors Michael Williams and Douglas Hurst, Fury has assembled a team of professionals with the necessary experience to guide the Company as it embarks on an exciting new phase", remarked Fury's President, Steve Vanry. "Fury's goal of achieving near-term production at our Nevada based, Taylor silver project while acquiring and exploring other projects with high economic potential is one step closer to being realized." More
- November 06, 2006 | Item | E-mail
Terex Changes its Name to Trelawney Resources Inc. - More
- November 06, 2006 | Item | E-mail
Yukon Gold Likely to Expand its Mineral Resource With New Drill Results From its Marg Property - More
- November 06, 2006 | Item | E-mail
Pearl Asian Mining Industries Enters into a Long-Term Agreement to Supply Gold Bullion with WIET LLC, Announces the New Telephone Numbers at its Philippine Head - More
- November 06, 2006 | Item | E-mail
Vena Resources Expands Board of Directors and Grants Options - More
- November 06, 2006 | Item | E-mail
John Currie, CFO of Intrawest, Joins Hathor's Board of Directors - More
- November 06, 2006 | Item | E-mail
Landmark Acquires Yukon Uranium Property - More
- November 06, 2006 | Item | E-mail
Alberta Star Announces Results of Prelimary Sampling of Uranium & Silver Tailings and Waste Dumps at Eldorado/Echo Bay Mine - More
- November 06, 2006 | Item | E-mail
Alberta Star Announces Results of Prelimary Sampling of Uranium & Silver Tailings and Waste Dumps at Eldorado/Echo Bay Mine - More
- November 06, 2006 | Item | E-mail
Azco Mining Eliminates Debt and Books $4.46M Gain - More
- November 06, 2006 | Item | E-mail
Linux Gold Corp. Announces Gold, Platinum & Uranium Results on 68 Square Mile Alaska Property - More
- November 06, 2006 | Item | E-mail
Linux Gold Corp. Announces Gold, Platinum & Uranium Results on 68 Square Mile Alaska Property - More
- November 06, 2006 | Item | E-mail
Unico, Inc. Announces $1 Million Payment and Extension of Deer Trail Mine Lease and Option to Purchase With Crown Mines, LLC - More
- November 06, 2006 | Item | E-mail
Forsys Selects Snowden for Pre-Feasibility Study - More
- November 06, 2006 | Item | E-mail
Birim Goldfields Inc.: Follow Up Drilling at Chert Ridge Delivers Results - More
- November 06, 2006 | Item | E-mail
Midlands Minerals Announces up to $3 Million Private Placement - More
- November 06, 2006 | Item | E-mail
U.S. Antimony Announces Mill Site for Antimony Silver Deposit - More
- November 06, 2006 | Item | E-mail
Enterayon Issues Shareholder Update - More
- November 06, 2006 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project; Expansion of Near Mine Discovery - More
- November 06, 2006 | Item | E-mail
Repeat: Sao Luis Mining Announces Plan to Become Fully Reporting Company - More
- November 06, 2006 | Item | E-mail
Centurion Announces Granting of Mining and Prospecting Rights - More
- November 06, 2006 | Item | E-mail
Western Goldfields Shelf Registration Filed in U.S. and Canada -- Declared Effective by SEC - More
- November 06, 2006 | Item | E-mail
Tornado Gold Receives Drill Permit for Illipah Gold Project; Past Work Has Barely Scratched the Surface - More
- November 06, 2006 | Item | E-mail
West Excelsior Enterprises Inc. to Incorporate Mexican Subsidiary - More
- November 06, 2006 | Item | E-mail
Third Quarter Financial Results Conference Call - More
- November 06, 2006 | Item | E-mail
RFI closes Industrial Minerals Corp Ltd Transaction Facilitating Next Stage Funding for Oregon Resources Corp Through ASX Listing - More
- November 06, 2006 | Item | E-mail
Petaquilla Minerals Ltd.: Phase II Drilling Finds Two New Mineralization Trends at the Molejon Deposit in Panama - More
- November 06, 2006 | Item | E-mail
Kinross Gold announces acquisition of Bema Gold - "This acquisition will create exceptional value for shareholders," said Tye W. Burt, President and Chief Executive Officer of Kinross. "By combining our assets, operations and expertise, we have dramatically increased our gold reserve and resource base to more than 50 million ounces. We will have a well-balanced gold reserve profile with 39 per cent in Chile, 37 per cent in Brazil, 16 per cent in North America and 8 per cent in Russia. These reserves, coupled with our enhanced exploration pipeline, will put Kinross in a unique position to take advantage of the robust gold price and provide investors with an excellent portfolio of world-class assets." More
- November 06, 2006 | Item | E-mail
Orezone Resources Inc.: Sega Drilling Intersects Strong Gold Mineralization at Depth - "Orezone Resources Inc. is pleased to announce drill results from a combined core and RC drilling program at its 100% owned Sega project in Burkina Faso, West Africa. Drilling at the 3 principle zones, RZ, Gambo and Bakou indicate that: 1) not only does the mineralization continue at depth, it can be locally very high grade and 2) shallow core drilling results confirm the previous RC drilling and therefore RC drilling can be relied upon to evaluate the near surface mineralization." More
- November 06, 2006 | Item | E-mail
G. Ross MacFarlane Appointed President of Excellon - "Excellon Resources Inc. is pleased to announce that G. Ross MacFarlane, P. Eng., has been appointed president and chief operating officer, effective October 25, 2006. He has provided consulting services to Excellon in development of the Platosa/Saltierra project since 2002, and has been responsible for the overall management of the Company's test-mining operation at its Platosa/Saltierra Property in Durango State, Mexico since the start of production in May 2005." More
- November 06, 2006 | Item | E-mail
Nuinsco Announces Third Quarter Financial Results - More
- November 06, 2006 | Item | E-mail
Coeur Reports Sharply Improved Results for Third Quarter of 2006 - "Coeur d'Alene Mines Corporation today reported net income of $18.4 million, or $0.06 per diluted share, for the third quarter of 2006, compared to net income of $3.5 million, or $0.01 per diluted share, for the year-ago period. Cash provided by operations was $20.8 million, compared to $3.9 million of cash provided by operations in the year-ago quarter." More
- November 06, 2006 | Item | E-mail
Pele Mountain Announces Financing with Sprott Asset Management - More
- November 06, 2006 | Item | E-mail
Trigon Completes Private Placement - More
- November 06, 2006 | Item | E-mail
Pele Mountain's Newly Consolidated Elliot Lake Project Contains Over 20 Million Pounds of Uranium Oxide - More
- November 06, 2006 | Item | E-mail
Eldorado Gold Corporation: Q3 2006 Financial and Operational Results - "We are extremely pleased with our first quarter of commercial production at Kisladag. Production continues to increase monthly as the solution inventory increases and our costs have quickly assumed a level at or better than plan. Despite a short term delay associated with a minor fire at our Tanjianshan project commissioning is back underway with our first production anticipated by month end. These are significant milestones for our Company and attest to the high quality of Eldorado staff in successfully building and commissioning two mines this year." More
- November 06, 2006 | Item | E-mail
Banro continues to intersect wide zones of gold mineralization from its drilling at Twangiza - "Core holes were inclined at between minus 50 and 55 degrees and averaged 256 metres in depth with a maximum of 456 metres down the hole. Core recovery for these holes averaged 96% within the mineralized zones. It is estimated that the true widths of the mineralized zones are approximately 90% of the intersected widths in the holes." More
- November 06, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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© Gold Seeker 2006
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-- Posted 6 November, 2006 | |
