-- Posted 14 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $624.00 | -$0.20 |
Silver | $12.81 | -$0.01 |
XAU | 137.23 | -1.07% |
HUI | 328.21 | -0.96% |
GDM | 1044.40 | -1.13% |
JSE Gold | 2901.20 | +1.68% |
USD | 85.29 | -0.10 |
Euro | 128.28 | +0.26 |
Yen | 85.09 | +0.47 |
Oil | $58.28 | -$0.30 |
10-Year | 4.568% | -0.037 |
T-Bond | 113.28125 | +0.46875 |
Dow | 12218.01 | +0.71% |
Nasdaq | 2430.66 | +1.01% |
S&P | 1393.22 | +0.64% |
The Metals:
Gold remained near unchanged in Asia and London and rose about $5 near $630 in early New York trade before it fell to as low as $619.00 in later morning trade, but it then rallied into the close and ended with a loss of just 0.03%. Silver rose to about $13.00 in early New York trade before it fell to as low as $12.69 in late morning trade, but it also rallied into the close and ended with a loss of just 0.08%.
Euro gold fell to about €485, platinum lost $28 to $1,172, palladium lost $7 to $317, and copper dropped roughly 4 cents to about $3.12.
Gold and silver equities opened about 1% higher before they soon fell off and traded about 1% lower into the close.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Oct | -1.6% | -0.5% | -1.3% |
Core PPI | Oct | -0.9% | 0.1% | 0.6% |
Retail Sales | Oct | -0.2% | -0.4% | -0.8% |
Retail Sales ex-auto | Oct | -0.4% | -0.3% | -1.2% |
Business Inventories | Sep | 0.4% | 0.5% | 0.6% |
Core PPI fell the most since August 1993 and reduced inflation fears which also renewed talk of a possible fed rate cut some time next year. Poor Retail Sales added to the argument as they indicated slowing economic growth. Fed member Poole came out late in the day and noted that inflation expectations are “well controlled” and that “the outlook for the fed funds rate as ‘roughly symmetrical,’ meaning the chances of an interest-rate cut and an increase are about equal.”
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly slightly higher before it ended a bit lower as traders weighed weather reports and possible OPEC cuts.
The U.S. dollar index fell after PPI came out and reduced chances for interest rate hikes by the fed, but it did rebound and ended only moderately lower after the mostly ignored “IBD/TIPP Economic Optimism Index rose 3.3 points to a 22-month high of 55.7.” The reading was better than expected and encouraged buyers of other currencies to take profits.
Treasuries rose on tame PPI and poor Retail Sales data that made it more likely the fed will not raise rates, and may even cut them in the somewhat near future.
The Dow, Nasdaq, and S&P opened higher on reduced inflation fears before they fell off on some mixed retailer reports, but they then rallied higher in late trade after Poole’s comments and ended with decent gains. The Dow ended at a new record high and the S&P ended at a 6 year closing high.
Among the big names making news in the market today were Staples, Target, Vodafone, Wal-Mart, Home Depot, and Ford.
The Commentary:
“The further confirmation of China's intention to diversify from the Chairman of the People's Bank of China is remarkable because it has served notice on the U.S. monetary authorities that the U.S. $ will see a significant diminishing in the $' role as the key global reserve currency. Sterling went through the same process after the second world war as its empire shrank, leading to Capital Controls on the movement of the Pound Sterling. This above all other factors, will at some point in the not so distant future will precipitate a dramatic decline in the U.S.$. This will act as the main fundamental supporting the gold and silver prices.” - Julian D.W. Phillips, www.goldforecaster.com
“General Paulson must have been furious over the surge in gold on Thursday. For the second day in a row gold was assaulted upon the completion of the AM Fix which came in at $628.50. The bad guys are up to their same old tricks … assault the market when they don’t need to compete against the physical pricing period.
Why the blatant efforts to take gold down now that the election is over? Don’t really know yet … something to ponder. However, this takedown should not last too long. What is important in the short term is for $618 to hold. From a technical standpoint the bull move remains intact as long as it does.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 0.5 at 625.3, 5.1 off the high and 5.3 up from the low.
December Silver closed up 0.005 at 12.89. This was 0.14 up from the low and 0.16 off the high.
As suggested in the mid day coverage, the flow of US economic numbers undermined gold and in the process fostered talk of disinflation and recession. With the slow US economic numbers not applying pressure to the Dollar, the gold market might have seen a definitively bearish outcome from the numbers. With the Fed's Poole suggesting that slower US job growth ahead might actually signal a recession, the gold bulls were logically concerned about broad based long liquidation of gold positions that were initially implemented as a hedge against inflation. With aggressive liquidation in the platinum market there could have been some spill over pressure on gold but the bull camp did show some resolve by pushing prices back into positive territory just after mid session but it could be difficult throwing off the weight of the deflationary numbers.
Despite the outside pressure thrown off by the gold market and as a result of the weak US numbers, the silver market managed to hold together relatively well on Tuesday. Both gold and silver seemed to battle small spec liquidation interest in the wake of recessionary talk from the US Fed's Poole. The fact that the copper market managed to throw off significant weakness early in the session Tuesday, was perhaps a plus for silver, but the copper gains were largely forged as a result of labor issues at a large underground copper mine and not because of some improvement in the macro economic outlook.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Health care costs likely to rise 10%
Ted Butler: Silver has a lot of catching up to do
The Statistics:
As of close of business: 11/13/2006
Gold Warehouse Stocks: | 7,524,997 | - |
Silver Warehouse Stocks: | 107,037,908 | +81 |
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$ 8,209m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.34 | 2,904,490 | US$ 1,808m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.25 | 329,370 | US$ 205m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,763 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/13/2006 | |
Total Net Assets | $852,125,176 | 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 11/13/2006 | |
Total Net Assets | $1,346,662,353 | 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:
Crystallex’s (KRY) tax investigation in Venezuela, NovaGold’s (NG) update on Galore Creek, Minco’s (MMK) mining license, Nevsun’s (NSU) third quarter highlights, Newmont’s (NEM) agreement with Computer Sciences Corporation (CSC) and gold price outlook, DRDGOLD’S (DROOY) resumed shaft, third quarter results from Crystallex (KRY), Endeavour (EDR.TO), Bema Gold (BGO), Northern Orion (NTO), Fronteer (FRG), Glencairn (GLE), and Queenstake (QEE), Sabina’s (SBB.V) expanded mineral resource, and First Majestic’s (FR.V) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree Gold | EGI +6.04% $1.58 |
2. Minco Mining | MMK +3.12% $1.65 |
3. Exeter | XRA +2.93% $2.46 |
LOSERS
1. Claude Resources | CGR -6.40% $1.17 |
2. Fronteer | FRG -6.18% $7.59 |
3. Miramar Mining | MNG -5.34% $4.79 |
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:
Crystallex Reports Third Quarter 2006 Results - "The Company recorded a net loss for the first nine months and third quarter of 2006 of $24.1 million, (($0.11) per share) and $8.8 million, (($0.04) per share) respectively, as compared with net losses of $26.6 million, (($0.14) per share) and $10.3 million (($0.05) per share) for the comparable periods in 2005. The losses in the first nine months and third quarter of 2006 are principally attributable to the aggregate of mine operations costs, corporate general and administrative costs and interest expense." More
- November 14, 2006 | Item | E-mail
Endeavour Releases Third Quarter Report for 2006 and Restates Second Quarter Financial Statements - "For the nine months ended September 30, 2006, silver production from the Guanacevi Mines Project jumped 48% to 983,366 oz and gold production increased 20% to 2062 oz (1,091,621 oz Ag equivalents at 52.5 Ag: 1 Au ratio) compared to the same period in 2005. The sharp rise in metal output can be attributed to increases in plant throughput (up 11% to 83,591 tonnes), ore grades (silver up 23% to 455 gpt and gold up 3% to 0.94 gpt), and metal recoveries (silver up 8% to 79.9% and gold up 3% to 81.2%)." More
- November 14, 2006 | Item | E-mail
Gabriel Resources Ltd. - Third Quarter Report - More
- November 14, 2006 | Item | E-mail
Bema Gold Corporation: 2006 Third Quarter Results - "Bema reported net earnings for the quarter, under Canadian GAAP, of $0.2 million ($0.00 per share) compared with a loss of $24.9 million in the same period last year (negative $0.06 per share). If net earnings under Canadian GAAP were adjusted to exclude certain non-cash items consisting of unrealized non-hedge derivative gains or losses, stock-based compensation expense and future income taxes, the adjusted earnings for the third quarter of 2006 would be a loss of $2.4 million (negative $0.01 per share) compared with an adjusted loss of $12.3 million in the same period last year (negative $0.03 per share)." More
- November 14, 2006 | Item | E-mail
Dynamite Resources Samples 3.48 g/t Au Over 17.23 m at Mike Lake - More
- November 14, 2006 | Item | E-mail
Western Goldfields Announces Third-Quarter Results - More
- November 14, 2006 | Item | E-mail
Northern Orion Reports Third Quarter 2006 Results - "The Company completed an update to the feasibility study (FSU) for the development of its Agua Rica project which indicates that Agua Rica is technically feasible and economically viable and can be developed as a long life copper-gold-molybdenum mine with a low cost of copper production and significant by-product credits. The FSU indicates an IRR of 20% based on 100% equity, a payback of initial capital investment within 2.9 years and an NPV (8%) of $1.9 billion." More
- November 14, 2006 | Item | E-mail
Golden Harker to Drill Harker TWP. Gold Property - More
- November 14, 2006 | Item | E-mail
Reunion Gold Corporation Announces its Financial Results for the Second Quarter Ended September 30, 2006 - More
- November 14, 2006 | Item | E-mail
NovaGold Provides Update on New Galore Creek Project Advisors - "Two major international banks have notified NovaGold of their desire to be appointed as financial advisor for the Galore Creek project. Both are widely respected for their expertise in arranging and structuring large-scale mining finance, and NovaGold expects to announce its selection of a financial advisor shortly. The new financial advisor will support the Company in its accelerating discussions with prospective joint venture parties, and assist NovaGold as it arranges project financing during the first half of 2007." More
- November 14, 2006 | Item | E-mail
Gold World Management Inspects Xiqingangping Exploration Progress - More
- November 14, 2006 | Item | E-mail
Sabina Expands 2006 Hackett River Indicated Resource to 205 Million Oz Silver, 4.3 Billion Lbs Zinc; Initiates Preliminary Economic Assessment - "Systematic infill and stepout drilling by Sabina in 2006 has expanded the potentially bulk-minable mineral resource inventory at Hackett River. Indicated contained in-situ metals now include 205 million ounces silver and 4.3 billion pounds zinc, along with 305 million pounds copper, 644 million pounds lead, 433 thousand ounces gold as potential byproduct metals, all at above a 5.0 oz/t silver-equivalent grade cutoff (Table 1)." More
- November 14, 2006 | Item | E-mail
Farallon Announces New Resource Estimate & Drill Results - More
- November 14, 2006 | Item | E-mail
Uranium Power Corp. Completes Five-Hole Core Drilling at Green River South - More
- November 14, 2006 | Item | E-mail
Goldbelt releases positive initial drill results from Mandiasso and Diosso projects - More
- November 14, 2006 | Item | E-mail
Caledonia Mining 3rd Quarter Results 2006 - More
- November 14, 2006 | Item | E-mail
Aurora Reports Third Quarter Results - More
- November 14, 2006 | Item | E-mail
Minco Acquires a Mining Licence for the Gold Bull Mountain Gold Property - "Minco Mining & Metals Corporation is pleased to report that its wholly-owned subsidiary, Minco Mining (China) Co., Ltd. ("Minco China") has acquired a mining license on the Jinniushan Gold Mine (Gold Bull Mountain), covering 0.18 km2, and an exploration permit (16.68 km2), covering the strike extension of the Jinniushan Gold Mine." More
- November 14, 2006 | Item | E-mail
Goldcliff Resource Corporation: Plug Project Returns-0.23 Per Cent Copper-at New Discovery - More
- November 14, 2006 | Item | E-mail
Fronteer Reports Third Quarter Results - More
- November 14, 2006 | Item | E-mail
Fronteer Reports Third Quarter Results - "The Company's net loss before discontinued operations for the three months ended September 30, 2006 was $0.6 million or $0.01 per share compared to a net loss of $1.8 million or $0.04 per share for the three months ended September 30, 2005. The Company's net income before discontinued operations for the nine months ended September 30, 2006 was $7.6 million or $0.14 per share ($0.13 diluted), compared to a net loss of $3.3 million or $0.08 per share for the nine months ended September 30, 2005." More
- November 14, 2006 | Item | E-mail
Hawk Completes Airborne Survey on Grand Calumet Uranium Project - More
- November 14, 2006 | Item | E-mail
Richview Resources Inc. Grants Stock Options - More
- November 14, 2006 | Item | E-mail
Triumph Gold Announces Gold and Silver Resource for Project in Southeastern Oregon - More
- November 14, 2006 | Item | E-mail
Urasia Energy on schedule with South Inkai and Kharassan construction - More
- November 14, 2006 | Item | E-mail
First Majestic Resource Corp.: CDN$14.4 Million Private Placement - "First Majestic Resource Corp. is pleased to announce a non-brokered private placement offering of CDN$14,400,000 consisting of 4,000,000 units ("Units") of the Company at a price of CDN$3.60 per Unit (the "Offering"). Each Unit will consist of one common share (a "Unit Share") and one-half of one common share purchase warrant (a "Warrant"), with a full Warrant entitling the holder to purchase one additional common share of the Company ("Warrant Shares") at an exercise price of CDN$4.25 per Warrant Share for a period of two years after the closing of the Offering." More
- November 14, 2006 | Item | E-mail
Mesa Uranium Corp.: Acquisition of State Lease in Lisbon Valley Utah - More
- November 14, 2006 | Item | E-mail
Nevsun Resources Ltd.: Third Quarter Highlights - "The most significant recent accomplishment has been the successful completion of the Bisha Deposit feasibility study by AMEC Americas Ltd. A summary of the feasibility study is included in the Q3 MD&A and a 43-101 compliant report on Bisha will be filed on SEDAR by November 17, 2006. The social and environmental impact assessment (SEIA) for the project continues under the direction of AMEC." More
- November 14, 2006 | Item | E-mail
Wits Basin Reports on the Progress at Vianey Mine - More
- November 14, 2006 | Item | E-mail
Production Plant Design Commences at La Millonaria Site - More
- November 14, 2006 | Item | E-mail
Aurora Energy Resources Inc. Announces the Appointment of John R. Goode, P.ENG. as Consulting Metallurgist - More
- November 14, 2006 | Item | E-mail
The Bralorne Mining Company Changes in Shell Company Status - More
- November 14, 2006 | Item | E-mail
UCR Traces Potential On-Strike Extension of East Target Over 2,000 Foot Strike Length - More
- November 14, 2006 | Item | E-mail
Vantex Announces High Grade Channel Sampling Results From the St Pierre Project, Kuujjuak Area - More
- November 14, 2006 | Item | E-mail
Venezuela says no extra tax bills for Crystallex - "Venezuela said last month it was launching a tax investigation into the firm whose stock price swings sharply on news of the twists and turns of its Venezuelan project. "It is meeting its tax obligations ... the books are up to date," Seniat chief Jose Vielma told reporters." More
- November 14, 2006 | Item | E-mail
Millstream VMS Potter Property Exploration Plan - More
- November 14, 2006 | Item | E-mail
Pershimco Annouces an Issue of Shares for Debt - More
- November 14, 2006 | Item | E-mail
Golden Odyssey Acquires Golden Shirene Project on the Walker Lane Belt, Nevada - More
- November 14, 2006 | Item | E-mail
Amera Reports Complete Phase I Drill Results from Cocha - More
- November 14, 2006 | Item | E-mail
MGM Mineral Resources Confirms Office in Segovia and Operation Tactics - More
- November 14, 2006 | Item | E-mail
War Eagle Mining Company Grants Option on George's Lake Gold Property - More
- November 14, 2006 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) announces third quarter 2006 results - More
- November 14, 2006 | Item | E-mail
Moto Goldmines Announces Significant Increase in Indicated Resources - More
- November 14, 2006 | Item | E-mail
Antares confirms NW extension of high grade core and adds third drill at Haquira copper project, Peru - More
- November 14, 2006 | Item | E-mail
Silver Shield Resources Inc. Acquires Additional Silver/Cobalt Properties - More
- November 14, 2006 | Item | E-mail
Unico, Inc. Announces One-Year Extension of Lease and Option to Purchase for Bromide Basin Mine - More
- November 14, 2006 | Item | E-mail
Anglo Canadian Uranium Corp. Grants Uranium District Acquisition - More
- November 14, 2006 | Item | E-mail
First Metals Inc. Strengthens Management and Board - More
- November 14, 2006 | Item | E-mail
Canadian Zinc Reports Third Quarter Results - More
- November 14, 2006 | Item | E-mail
Keegan Trenches 35 Meters of 3.05 g/t Gold at Esaase Property, Ghana - More
- November 14, 2006 | Item | E-mail
Tara Gold Initiates La Millonaria Production Plant Design - More
- November 14, 2006 | Item | E-mail
Battle Mountain Announces Third Quarter Results: 34 Percent Increase in Revenues and the Company's First Operating Profit - More
- November 14, 2006 | Item | E-mail
Fortune Minerals Achieves Environmental Assessment Milestone Toward Mount Klappan Development - More
- November 14, 2006 | Item | E-mail
Beaufield Resources Inc.: High Grade Molybdenum-Gold Showing Discovered on Opinaca Property - More
- November 14, 2006 | Item | E-mail
Beaufield Resources Inc.: High Grade Molybdenum-Gold Showing Discovered on Opinaca Property - More
- November 14, 2006 | Item | E-mail
Trigon Expands Uranium Exploration Position in Utah's Henry Mountains - More
- November 14, 2006 | Item | E-mail
Mercator Reports Financial Results for Third Quarter, 2006 - More
- November 14, 2006 | Item | E-mail
Birim Goldfields Inc.: Drilling to Continue at the Chert Ridge Prospect 2,600 Meters of Reverse Circulation Drilling Planned - More
- November 14, 2006 | Item | E-mail
Carpathian Gold intersects: 482 m at 0.47 g Au/t, 0.33 % Cu (1.1 g/t Au eq.) at Rovina Porphyry & 111 m at 0.93 g Au/t, 0.03% Cu (1.0 g/t Au eq.) at Colnic - More
- November 14, 2006 | Item | E-mail
AuEx Ventures, Inc.: Long Canyon Drilling Resumes - More
- November 14, 2006 | Item | E-mail
Odyssey Appoints New Director and Advisor to Its Board - More
- November 14, 2006 | Item | E-mail
Corriente Resources Inc.: Resources at Mirador Norte Provide Significant Addition to the Adjacent Mirador Project - More
- November 14, 2006 | Item | E-mail
Gold Resource Corporation Commences Drilling at El Aguila Project; Announces Positive Geochemical Survey Results - More
- November 14, 2006 | Item | E-mail
Trend's Diabase Peninsula Ranks Second in Race for Next Uranium Super Deposit - More
- November 14, 2006 | Item | E-mail
NewWest Gold Corporation announces initiation of phase two drilling at Long Canyon - More
- November 14, 2006 | Item | E-mail
Anvil Appoints New Director - More
- November 14, 2006 | Item | E-mail
Andover Finds 25.37 OPT Gold and 177 OPT Silver at KUY Property, Alaska - More
- November 14, 2006 | Item | E-mail
Anchorage Increases Shareholdings to 19.32% of Western Prospector; New Director Appointed - More
- November 14, 2006 | Item | E-mail
Uranium Energy Corp Acquires Two Uranium Properties in New Mexico; Initiates Permitting To Start Drilling Shortly - More
- November 14, 2006 | Item | E-mail
Uranium One Announces Financial Results for Q3 2006 - More
- November 14, 2006 | Item | E-mail
Anglo Canadian Uranium Corp.: Grants Uranium District Acquisition - More
- November 14, 2006 | Item | E-mail
Paladin Resources Ltd.: Langer Heinrich Uranium Project, Namibia - More
- November 14, 2006 | Item | E-mail
CSC Signs $180 Million IT Services Agreement With Newmont Mining Corporation - "Under the agreement, CSC will manage IT operations for all of Newmont's global shared services operations and regional gold mining facilities, including locations in Denver, Nevada, Ghana, Peru and Australia. The contract includes responsibility for Newmont's enterprise-wide infrastructure, which includes help desk, desktop, network and telecommunications, and security services, as well as server support and applications maintenance." More
- November 14, 2006 | Item | E-mail
Glencairn Gold Reports Third Quarter Results - "Consolidated net loss for the third quarter of 2006 was $3.2 million or $0.01 per share compared with a net loss of $1.0 million, or $0.01 per share, in the third quarter of 2005. This loss was primarily related to the Libertad Mine." More
- November 14, 2006 | Item | E-mail
Queenstake's Third Quarter Results - "Queenstake Resources Ltd. reported a net loss of $8.1 million for the third quarter of 2006. Cash and cash equivalents at the end of the quarter totaled $5.5 million." More
- November 14, 2006 | Item | E-mail
S.Africa DRDGOLD says mining resumes at Fiji shaft - "South Africa's DRDGOLD said on Tuesday that mining has resumed at a shaft of its Vatukoula gold mine in Fiji after an accident. Operations resumed earlier than expected at the Philip shaft -- which accounts for half of output at the mine -- following an accident on Oct. 14, a statement said." More
- November 14, 2006 | Item | E-mail
Newmont CEO bullish on gold price, Ghana prospects - "The head of the world's second-biggest gold producer, Newmont Mining Corp., said on Tuesday gold prices could go even higher due to concerns about the U.S. economy and pressure on the dollar. "Gold has a lot of headroom to grow, and we have a way to go in the current gold cycle," Newmont Chairman and Chief Executive Officer Wayne Murdy told reporters in Johannesburg." More
- November 14, 2006 | Item | E-mail
Goldcorp Provides Update on Glamis Share Exchange - "GOLDCORP INC. today announced that, pursuant to its previously announced acquisition of Glamis Gold Ltd. which was effective on November 4, 2006, each Glamis share has been exchanged for 1.69 shares of Goldcorp and Cdn.$0.0001 in cash. The procedures for former registered and non-registered Glamis shareholders to receive certificates representing their Goldcorp shares are described below." More
- November 14, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 November, 2006 | |
