-- Posted 10 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $628.20 | -$6.20 | +0.16% |
Silver | $13.01 | +$0.05 | +3.67% |
XAU | 138.95 | -2.40% | -0.29% |
HUI | 332.39 | -2.54% | +1.57% |
GDM | 1059.99 | -2.23% | +0.88% |
JSE Gold | 2919.05 | +1.78% | +0.40% |
USD | 85.05 | -0.13 | -0.77% |
Euro | 128.47 | +0.14 | +1.01% |
Yen | 85.02 | +0.21 | +0.34% |
Oil | $59.65 | -$1.51 | +0.86% |
10-Year | 4.589% | -0.047 | -2.67% |
Bond | 112.96875 | +0.40625 | +1.20% |
Dow | 12108.43 | +0.04% | +1.02% |
Nasdaq | 2389.72 | +0.58% | +2.53% |
S&P | 1380.90 | +0.19% | +1.22% |
The Metals:
Gold remained near unchanged in Asia before it rose slightly in early London trade, but it then steadily fell off throughout most of the rest of trade in London and New York before it rebounded slightly in the last minutes of trade and closed with a loss of 0.98%. Silver followed a similar pattern, but it was able to rebound a bit stronger at the end of trade and it closed with a gain of 0.39%.
Euro gold fell to about €490, platinum gained $8 to $1,210, palladium lost $7 to $327, and copper fell nearly 15 cents to about $3.16.
Gold and silver equities steadily sold off throughout trade and ended with about 2.5% losses.
The Economy:
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Monday, PPI, Retail Sales, and Business Inventories on Tuesday, the NY Empire State Index and FOMC minutes on Wednesday, CPI, Initial Jobless Claims, Net Foreign Purchases, Capacity Utilization, Industrial Production, and the Philadelphia Fed survey on Thursday, and Building Permits, Housing Starts, and Michigan Sentiment on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the International Energy Agency trimmed its demand growth outlook.
The U.S. dollar index continued to fall on news that China plans to diversify its currency reserves.
Treasuries rose on the outlook for slower economic growth.
The Dow, Nasdaq, and S&P remained near unchanged with little news to act on, but all three indices were able to rally in the last minutes of trade and ended with slight gains.
Among the big names making news in the market Friday were Clear Channel, Intel, AIG, Disney, and Ford.
The Commentary:
“Two items of interest:
*A veteran gold producer executive returned from a gold conference in Dubai, attending by numerous wealthy Arabs. He says they are aggressively gold bullish, with a new mindset these days.
*Our Comex floor source says he is shocked by today’s gain. He expected gold to be down $5 to $10 today after yesterday’s mauling. He also said he knows numerous big time traders who are SHORT and remain that way. This move up caught many pros by surprise. It was the funds who were aggressive buyers today.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 6.7 at 630.1, 5.7 off the high and 3.6 up from the low.
December Silver closed up 0.065 at 13.115. This was 0.235 up from the low and 0.025 off the high.
Gold spent most of the day trading inside yesterday's wide range, as end of week profit taking appeared to come in following the rally to its highest level since September 7th. Reports that China intends to diversify its $1 trillion Dollar reserves sparked a strong rally yesterday, but comments from China's central bank chief that gold would be a "separate thing" under the diversification plan seemed to give traders some pause. The trade did not appear surprised by the profit taking today, especially given that the market had rallied over $70 since early October. Trade analysts estimate that China holds 1.5% of its reserves in gold and that it could climb to 5% under a diversification plan, which could amount to and increase from $12 billion to $50 billion.
Apparently the bout of profit taking in the gold market failed to hold silver back today, as it is at its highest level since early September for the second day in a row. Silver closed higher despite lower gold prices and weaker crude oil prices and may have found support instead from a weaker stock market and US Dollar. However, a 40-point bounce off the lows for the Dollar may have put metals traders on the defensive at some point during the day. The China diversification story serves to keep the investment interest in silver and other precious metals strong, even though there has been no mention of China buying silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China will power gold upward for years, Gartman says
China says it long has had a dollar diversification plan. Do you?
The Statistics:
As of close of business: 11/09/2006
Gold Warehouse Stocks: | 7,525,639 | - |
Silver Warehouse Stocks: | 107,388,456 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 409.59 | 13,168,578 | US$ 8,286m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 89.10 | 2,864,617 | US$ 1,802m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.25 | 329,384 | US$ 207m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,777 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/09/2006 | |
Total Net Assets | $866,908,577 | 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 11/09/2006 | |
Total Net Assets | $1,318,981,583 | Ounces of Silver
in Trust | 104,735,443 |
Shares Outstanding | 10,500,000 | Tonnes of Silver
in Trust | 3,257.6 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Kimber’s (KBX) committee report, Cumberland’s (CLG) quarterly results, Metallica’s (MRB) quarterly results, Aurizon’s (AZK) dill results, Newmont’s (NEM) trial in Indonesia, Gold Fields’ (GFI) mining licenses, IAMGOLD’s (IAG) quarterly results, NovaGold’s (NG) comments on Barrick’s (ABX) waived minimum tender condition, Taseko’s (TGB) re-evaluation, and Barrick’s (ABX) extended offer for Pioneer (PSM.TO) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Northern Dynasty | NAK +5.47% $7.14 |
2. Solitario | XPL +3.40% $3.65 |
3. NovaGold | NG +2.71% $16.28 |
LOSERS
1. Rio Narcea | RNO -12.88% $2.57 |
2. Hecla Mining | HL -6.34% $6.20 |
3. Northern Orion | NTO -5.88% $4.32 |
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:
Duncan Park Holdings Corporation Acquires Additional Claims at Rock Creek-South Silver Cloud Exploration Project, Lander and Eureka Counties, Nevada - More
- November 10, 2006 | Item | E-mail
St Andrew Announces Commissioning of Gold Mill at Nixon Fork Gold Mine, Alaska - More
- November 10, 2006 | Item | E-mail
Kimber Board Receives Independent Committee Report - "The Board of Directors of Kimber Resources Inc. is pleased to advise that it has received the report and recommendations of the Independent Committee. The report concluded that no corporate action is required, beyond a number of specific internal steps that were recommended to be undertaken by the Board of Directors." More
- November 10, 2006 | Item | E-mail
Bellhaven Copper and Gold Inc. Officially Appoints Julio Benedetti as CEO and President - More
- November 10, 2006 | Item | E-mail
Minera Andes welcomes senior mining executive to board - More
- November 10, 2006 | Item | E-mail
Research Report Concludes Canada's Rice Lake Belt Vastly Under-Explored; Sites Potential to Become one of North America's Major Gold Districts - More
- November 10, 2006 | Item | E-mail
Cumberland Reports Third Quarter 2006 Financial Results and Summary of Activities - "At September 30, 2006 the Company had cash and cash equivalents of $21.5 million as compared to $27.9 million at December 31, 2005. The Company incurred a net loss of $4.0 million ($0.07 per share) in the third quarter of 2006 compared to $2.7 million ($0.05 per share) in the third quarter of 2005. This increase in net loss is primarily due to increased exploration and project development costs for the Meadowbank project." More
- November 10, 2006 | Item | E-mail
Alberta Star Appoints Roger Watson as Chief Geophysicist for the Eldorado & Contact Lake IOCG and Uranium Projects - More
- November 10, 2006 | Item | E-mail
Alberta Star Appoints Roger Watson as Chief Geophysicist for the Eldorado & Contact Lake IOCG and Uranium Projects - More
- November 10, 2006 | Item | E-mail
Adanac Appoints Senior Financial Advisor - More
- November 10, 2006 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge-Exploration Update - More
- November 10, 2006 | Item | E-mail
Metanor Resources Inc.: First Closing of a Private Placement of a Maximum of $2.5 M - More
- November 10, 2006 | Item | E-mail
Petaquilla Minerals Ltd.: Change of Chief Financial Officer - More
- November 10, 2006 | Item | E-mail
Metallica Resources Announces Third Quarter Results - "The Company reported a loss of $0.60 million ($0.01 per share) for the three months ended September 30, 2006 as compared to net income of $9.66 million ($0.12 per share) for the three months ended September 30, 2005. The decrease in net income of $10.26 million in the current period was primarily due to a onetime $10 million earn-in payment from Xstrata Plc ("Xstrata", formerly Falconbridge Limited) in 2005 as part of its earn-in requirement for the El Morro project, which resulted in $8.35 million of income, and a $1.40 million decrease in foreign exchange gains on cash balances held in Canadian dollars." More
- November 10, 2006 | Item | E-mail
Atna Reports Third Quarter Financials and Highlights - More
- November 10, 2006 | Item | E-mail
Eagle Plains Announces Financing - More
- November 10, 2006 | Item | E-mail
Barrick's Fair and Final Offer for NovaGold - "Barrick Gold Corporation will host a conference call/webcast to discuss its US$16 fair and final offer for NovaGold Resources Inc. on Tuesday, November 14th, at 4:00 p.m. ET." More
- November 10, 2006 | Item | E-mail
Big Red Diamond Corp. Announces the Acquisition of the Strategis Property Next to Strateco's Matoush Project - More
- November 10, 2006 | Item | E-mail
Clarification Release: Yukon Gold's Annual and Special Meeting - More
- November 10, 2006 | Item | E-mail
BrazMin Reports Results for Quarter Ended September 30, 2006 - More
- November 10, 2006 | Item | E-mail
Western Troy Reports MacLeod Bore Hole IP Results - More
- November 10, 2006 | Item | E-mail
Thistle Mining Inc. - Results for the third quarter ended September 30, 2006 - More
- November 10, 2006 | Item | E-mail
New Jersey Mining Company Starts Coleman Exploration Crosscut - More
- November 10, 2006 | Item | E-mail
African Gold Group, Inc.: Reconnaisance Drill Program Intercepts High Grade Gold Targets Over 3 Km of Strike at Nyankumasi, Ghana - More
- November 10, 2006 | Item | E-mail
Western Québec Mines Have Re-Filed Corporate Governance Disclosure - More
- November 10, 2006 | Item | E-mail
Bayfield Ventures Corp.: Four Properties Acquired Immediately West and Southwest of Rainy River Resources - More
- November 10, 2006 | Item | E-mail
Kodiak Traces New Gold System for 1.2 km Along Strike at Hercules-Remains Open - More
- November 10, 2006 | Item | E-mail
Penasco Quemado Project Drill Results - More
- November 10, 2006 | Item | E-mail
Affinor Resources: Notice of Default Financial Statements - More
- November 10, 2006 | Item | E-mail
Running Fox's Plan for Shareholders to Get Free Shares in a New Energy Company - More
- November 10, 2006 | Item | E-mail
Horseshoe Report Confirms Gold-Silver Potential - More
- November 10, 2006 | Item | E-mail
Alexis Completes Second Gold Pour at Lac Herbin - More
- November 10, 2006 | Item | E-mail
Jaguar Mining announces conference call - More
- November 10, 2006 | Item | E-mail
HudBay Solidifies Financial Position With Record Q3 and YTD 2006 Results - More
- November 10, 2006 | Item | E-mail
Bullion River Gold Corp. Successfully Completes Test Mining at its French Gulch Mine and Starts Production as of November 10, 2006 - More
- November 10, 2006 | Item | E-mail
Uranium Resources, Inc. Announces Feasibility Study of New Mexico Assets - More
- November 10, 2006 | Item | E-mail
Fugro Survey Identifies Major Uranium Anomaly at Magnum's Stanley Property - More
- November 10, 2006 | Item | E-mail
AngloGold Ashanti says uranium is on it M&A radar - More
- November 10, 2006 | Item | E-mail
NovaGold Comments on Barrick's Decision to Waive Minimum Tender Condition - "It appears clear that in waiving the 50.1% minimum condition, Barrick is acknowledging that they will not gain a controlling interest in NovaGold through this undervalued bid. Barrick seems to now agree with our other shareholders that at US$16, NovaGold shares are better than money in the bank," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "The current bid level still represents a discount to NovaGold's pre-bid trading price highs. NovaGold shareholders have overwhelmingly rejected Barrick's bid over almost four months and five extensions as completely inadequate for NovaGold's world-class assets and huge potential value from successful development of its projects." More
- November 10, 2006 | Item | E-mail
Aurizon Mines Ltd.: Gold Production at Casa Berardi to Commence in November 2006; Encouraging Drill Results From the Principal Zones - "The mill is currently processing material from the surface stockpile of development ore and should be operating at the initial production rate of 1,600 tonnes per day by mid November, 2006. Thereafter, mill feed will come from the underground stopes currently being developed. Mill throughput will gradually increase to 2,200 tonnes per day over the next twelve months in accordance with the feasibility study." More
- November 10, 2006 | Item | E-mail
Taseko Re-Evaluating bcMetals Situation - "On November 7, 2006 Imperial reported that it had filed an application with the BCSC to issue a permanent order to cease trade any securities that may be issued under bcMetals' shareholder rights plan dated October 19, 2006. In the same press release, Imperial stated that the BCSC will hear Imperial's application on Friday, November 10, 2006 together with the application filed by bcMetals in connection with the take-up of bcMetals shares by Imperial. In light of uncertainties resulting from this situation as it relates to the conditions cited in Taseko's November 2nd press release, Taseko is re-evaluating its options." More
- November 10, 2006 | Item | E-mail
IAMGOLD Third Quarter Financial Results - "Net earnings for the third quarter of 2006 were $13.4 million or $0.08 per share compared to $4.2 million or $0.03 per share for the third quarter of 2005. Net earnings for year-to-date 2006 were $63.1 million or $0.38 per share compared to $14.3 million or $0.10 per share for the same period in 2005. The increase in earnings is mainly a result of higher gold prices, and both increased production and cost containment success at the Sadiola and Yatela mines in Mali." More
- November 10, 2006 | Item | E-mail
Barrick Extends Bid for Pioneer - "Barrick Gold Corporation announces that it has extended its offer to acquire all of the outstanding common shares of Pioneer Metals Corporation for Cdn$1.00 cash per share to 6:00 p.m. (Vancouver time) on November 30, 2006. To date, Barrick has acquired approximately 59.1 million shares of Pioneer." More
- November 10, 2006 | Item | E-mail
Three year sentence asked for Indonesia Newmont boss - "Prosecutors asked on Friday for a three-year jail sentence for the president director of an Indonesian unit of U.S.-based Newmont Mining Corp., on trial over pollution charges in a controversial case." More
- November 10, 2006 | Item | E-mail
South African Government Approves All Gold Fields' Mining Licenses - "Gold Fields Limited is pleased to announce that the South African Department of Minerals and Energy has formally approved the conversion of the company's old-order mining licenses into new order licenses. This applies to all three of the Company's operating mines in South Africa: the Driefontein, Kloof and Beatrix gold mines." More
- November 10, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 November, 2006 | |
