-- Posted 15 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $622.50 | -$1.50 |
Silver | $12.86 | +$0.05 |
XAU | 138.14 | +0.66% |
HUI | 330.49 | +0.69% |
GDM | 1053.60 | +0.88% |
JSE Gold | 2840.21 | -2.10% |
USD | 85.34 | +0.05 |
Euro | 128.20 | -0.08 |
Yen | 84.70 | -0.39 |
Oil | $58.76 | +$0.48 |
10-Year | 4.615% | +0.047 |
T-Bond | 112.78125 | -0.50 |
Dow | 12251.71 | +0.28% |
Nasdaq | 2442.75 | +0.50% |
S&P | 1396.57 | +0.24% |
The Metals:
Gold fell near $620 in Access trade late yesterday ahead of a rebound back near unchanged in Asia, but it then fell back off in London and dropped to as low as $615.00 in early New York trade before it rallied throughout most of the rest of trade and ended just 0.24% lower. Silver followed a similar pattern and fell to as low as $12.45 in early New York trade before it rallied a bit stronger than gold in late New York trade and ended with a gain of 0.39%.
Euro gold remained at about €485, platinum lost $4 to $1,168, palladium gained $1 to $318, and copper lost a few cents to about $3.09.
Gold and silver equities opened over 1% lower, rallied higher and found over 1% gains by early afternoon, dropped off a bit into the close, and ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
NY Empire State Index | Nov | 26.7 | 14.0 | 22.9 |
“Minutes from the Fed's Oct. 24-25 meeting showed the central bank's governors remain more worried about inflation than the risk the economy would slow too quickly under higher interest rates. Investors seemed to be buying on the notion that the Fed had struck a balance between taming inflation and keeping the economy from falling into recession.”
Tomorrow at 8:30 AM EST brings CPI for October expected at -0.5%, Core CPI expected at 0.2%, and Initial Jobless Claims for 11/11 expected at 308,000. At 9AM are Net Foreign Purchases for September expected at $71.0 billion, at 9:15AM are Capacity Utilization for October expected at 82.0% and Industrial Production expected at 0.3%, and at noon is the Philadelphia Fed survey expected at 5.0.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as crude inventories came in about as expected, but gasoline and distillate inventories fell much more than expected. Crude inventories rose 1.3 million barrels, gasoline inventories fell 3.7 million barrels, and distillate inventories fell 3.6 million barrels.
The U.S. dollar index rose and treasuries fell as the NY Empire State Index came in better than expected and raised expectations for future rate hikes or at least reduced hopes for a possible cut in rates, but any gains in the dollar moderated by the close ahead of tomorrow’s CPI data.
The Dow, Nasdaq, and S&P rose on merger activity and on confidence that the fed has inflation under control. The Dow closed at a new record high.
Among the big names making news in the market today were McDonald’s, Boeing, US Airways and Delta, Tyco, Euronext and NYSE, and Texas Pacific and Clear Channel.
The Commentary:
“Unreal, The Gold Cartel did it again, taking gold down AFTER the PM Fix. The lousy action caused others to bail out and the locals began to press the short side. Gold fell to key support at $619 (the dollar had stopped retreating at that point). Talk about blatant interference in the market! This is beyond ridiculous again.
What newer Café members need to understand, it is not always so much what gold and the other markets do, it is the way it is done … with such consistency. Free markets DO NOT trade like this.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 1.5 at 623.8, 2 off the high and 7.8 up from the low.
December Silver closed up 0.055 at 12.945. This was 0.445 up from the low and 0.025 off the high.
The gold market showed definitive weakness early in the action Wednesday but managed to throw off most of the weakness into the afternoon trade. Apparently the improvement in the US macro economic outlook inspired some would be buyers and even more surprising is the fact that the Dollar seemed to fail in the wake of the improved US view. With oil prices forging gains and the equity market charging repeatedly into new high ground, the environment seems to have shifted back away from the patently deflationary view that was drifting into place after the PPI report early in the week. In fact, seeing the equity market charging consistently higher into the end of the year could bolster physical demand expectations, which were already being given an additional boost during the session Wednesday, in the wake of upbeat World Gold Council Industrial demand growth projections. In short, the gold market seemed to have dodged a patently bearish collection of events, but the trade is still generally concerned with the overall direction of the US Dollar. With the FOMC meeting minutes released late in the session, suggesting that US inflation remains uncomfortably high, it is likely that some gold bulls enticed back into the long side of the market late in the session.
In looking back at private estimates released during the session Wednesday, it seems like the classical supply and demand components in silver were dealt a bit of a blow. However, in the end it does seem like the trade discounted Gold Fields’ forecasts of rising mine production and sagging fabrication demand. It does seem like the silver market is honed in on the action in the gold market and is therefore less sensitive to its internal fundamentals. On the other hand, exchange stocks of silver are creeping higher and that might not mix well with concerns of rising mine output and leveling demand. However, seeing energy and equity prices rise consistently does seem to have tempered the deflationary concerns that were starting to permeate the silver trade early in the week and some traders hope that will contribute to a bottoming effort.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Silver smashdown imminent
China should 'pick right time' and buy gold, government economist says
The Statistics:
As of close of business: 11/14/2006
Gold Warehouse Stocks: | 7,524,997 | - |
Silver Warehouse Stocks: | 107,631,280 | + 593,372 |
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 | 412.67 | 13,267,795 | US$ 8,317m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.34 | 2,904,457 | US$ 1,808m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.31 | 331,186 | US$ 206m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,760 | US$ 199m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.08 tonnes and the ASX added 0.06 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/14/2006 | |
Total Net Assets | $851,569,701 | 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 11/14/2006 | |
Total Net Assets | $1,345,596,551 | 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:
Quarterly reports released after the bell yesterday from Goldcorp (GG), Apollo Gold (AGT), Vista Gold (VGZ), Ivanhoe (IVN), North American Palladium (PAL), Miramar (MNG), New Gold (NGD), Gammon Lake (GRS), Crystallex (KRY), Endeavour (EDR.TO), and Bema Gold (BGO), Claude’s (CGR) completed private placement, Almaden’s (AAU) closed private placement, Pacific Rim’s (PMU) new gold zone, Great Basin’s (GBN) drill results, Miramar’s (MNG) drill results, Kimber’s (KBX) personnel addition and drilling update, International Royalty’s (ROY) quarterly revenue, ECU’s (ECU.V) additional properties, Silvercorp’s (SVM.TO) donation, Arian Silver’s (ACQ.V) private placement, and Bear Creek’s (BCM.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +12.59% $3.22 |
2. Gold Reserve | GRZ +10.26% $5.05 |
3. Fronteer | FRG +5.53% $8.01 |
LOSERS
1. DRDGOLD | DROOY-1.67% $1.18 |
2. Banro | BAA -1.51% $13.05 |
3. Richmont | RIC -1.06% $2.80 |
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:
ECU Silver Mining Inc.: Acquires Two Additional Properties - "ECU Silver Mining Inc. 'the Company' is pleased to announce the acquisition of two new properties in Mexico. The company considers both acquisitions to be important land claims that will compliment and enhance our current land base in Mexico." More
- November 15, 2006 | Item | E-mail
Crosshair Exploration and Mining Corp.: Further Drilling to Commence at Golden Promise - More
- November 15, 2006 | Item | E-mail
ESO Uranium Corp. Welcomes Kurt Bordian as Chief Financial Officer - More
- November 15, 2006 | Item | E-mail
Claude Resources Inc. completes private placement offering - "Claude Resources Inc. is pleased to announce that it has completed the non-brokered private placement offering previously announced on October 20, 2006. The offering consisted of a total of 3,333,028 shares, issued on a flow-through basis, at a price of Cdn $1.65 per share, for gross proceeds of Cdn $5,499,496.20." More
- November 15, 2006 | Item | E-mail
Gold Canyon Undertakes Private Placement for US$629,250 - More
- November 15, 2006 | Item | E-mail
Goldcorp looks to future after results disappoint - "Goldcorp Inc.'s quarterly numbers may have disappointed the market, but the gold miner suggests investors should look ahead to a time when when its $8.6 billion purchase of Glamis will reap rewards. Goldcorp's third-quarter results fell short of analyst expectations on lower output, sending its shares down 3 percent early on Wednesday. But by mid-afternoon the stock had recovered, and was unchanged at C$31.66 on the Toronto Stock Exchange and at $27.79 in New York." More
- November 15, 2006 | Item | E-mail
Silvercorp Donates RMB1.25 Million Yuan Towards the Construction of a Youth Center in Luoning County, Henan Province, China - "Silvercorp Metals Inc. is committed to contributing to the growth and prosperity of communities in which it is active. As part of this commitment, Silvercorp's 77.5%-owned subsidiary, Henan Found Mining Co. Ltd. has donated RMB yens 1.25 million (approximately US$159,000)towards the construction of the Henan Found Youth Recreation and Activity Center, in Luoning county of Henan province, China." More
- November 15, 2006 | Item | E-mail
Eagle Plains Increases Financing - More
- November 15, 2006 | Item | E-mail
Amera Resources Corporation: Private Placement Announced - More
- November 15, 2006 | Item | E-mail
Ascendant Copper Corporation Announces Closing of Private Placement for $5.2 Million - More
- November 15, 2006 | Item | E-mail
Drilling Commences at Mato Velho, Brazil - More
- November 15, 2006 | Item | E-mail
International Royalty (IRC) reports 331% increase in Voisey's Bay quarterly revenue - "International Royalty Corporation is pleased to report income before income taxes of $2,108,000 for the third quarter, 2006. This represents the first quarterly operating profit for IRC since the initial public offering in February, 2005. Third quarter gold, nickel and other royalty revenues totaled $8,357,000, including $7,945,000 in Voisey's Bay royalty revenue." More
- November 15, 2006 | Item | E-mail
Ground Geophysics Confirm Conductors at Strathmore's Patterson Lake Property: Drill Program Underway - More
- November 15, 2006 | Item | E-mail
Erdene Provides Third Quarter Project Updates - More
- November 15, 2006 | Item | E-mail
North Atlantic Resources Ltd.: Withdrawal of the Mineral Resource Estimate of the FT Gold Deposit, Republic of Mali - More
- November 15, 2006 | Item | E-mail
Ontex Resources Limited: Third Quarter Interim Financial Statements and MD&A - More
- November 15, 2006 | Item | E-mail
Almaden Minerals Ltd. Announces Closing of Private Placement Financing - "Almaden Minerals Ltd. announces that it has closed a Private Placement of 175,500 Units at a price of $2.75 per Unit. Each Unit will consist of one flow-through common share and one-half of a common share purchase warrant with each whole warrant entitling the holder to purchase for a period of 1 year from the Closing 1 additional non-flow-through common share at a price of $2.85 per share." More
- November 15, 2006 | Item | E-mail
Romarco Minerals Inc.: CEO Speaks at Dubai Mining Congress - More
- November 15, 2006 | Item | E-mail
Pacific Rim Mining Corp.: New Gold Zone Discovered at El Dorado Gold Project - "Exploration drilling at Pacific Rim Mining Corp.'s El Dorado gold project in El Salvador continues to pay off with the discovery of new gold mineralization in and around the core Minita - South Minita area. On the heels of the Los Jobos vein discovery and Deep Minita zone announced in September (see news release # 06-17 dated September 11, 2006) Pacific Rim has discovered a third new gold mineralized zone in the Balsamo vein further highlighting the potential for a district sized epithermal gold system at El Dorado." More
- November 15, 2006 | Item | E-mail
Erdene Provides Third Quarter Project Updates - More
- November 15, 2006 | Item | E-mail
MDN Northern Mining: New Gold Intersections at Viyonza Target-Tanzania - More
- November 15, 2006 | Item | E-mail
Flag Resources Exploration At Campsite Zone and Cobalt Hill, Mackelcan Township, Wanapitei Anomaly, Sudbury, Ontario - More
- November 15, 2006 | Item | E-mail
SIRIOS/PONTAX : First Rock Channelling Returns 821 g/t Silver Over 4.36 Meters - More
- November 15, 2006 | Item | E-mail
Normabec Extends its Land Holding in the Real de Catorce Silver Mining District - More
- November 15, 2006 | Item | E-mail
Philex Gold Announces Appointment of New Director - More
- November 15, 2006 | Item | E-mail
Goldex Resources Commences Drill Program at El Pato Project in Guatemala - More
- November 15, 2006 | Item | E-mail
RSM Establishes Advisory Board - More
- November 15, 2006 | Item | E-mail
Third 2006 Drill Program Completed - 2006 Work Summary - More
- November 15, 2006 | Item | E-mail
SearchGold: Drill Targets for Gold Defined over a 1.9 Km Strike Length on Bakoudou, Gabon - More
- November 15, 2006 | Item | E-mail
Crew Gold Announces Financial Results for the Quarter Ended September 30, 2006 - More
- November 15, 2006 | Item | E-mail
Crew Gold Announces Private Placement Prospectus - More
- November 15, 2006 | Item | E-mail
Crew Gold Announces Issuance of New Shares Subscribed For in Private Placement - More
- November 15, 2006 | Item | E-mail
Scorpio's Continued Drilling of Hoag Zone Reports 8.9 metres grading 236.22 g/t Silver, 4.09 % Zinc, 6.42 % Lead, 0.86 % Copper and 0.08 g/t Gold - More
- November 15, 2006 | Item | E-mail
Jetcom's Yellowcake Acquires Uranium Properties - More
- November 15, 2006 | Item | E-mail
Capital Gold Reports Construction Progress at El Chanate Gold Mining Project In Mexico - More
- November 15, 2006 | Item | E-mail
Michigan Gold's Deadmoose Lake Property Adjacent to Golden Chalice's Shillington Project; GCR'S Drilling Results and Geology - More
- November 15, 2006 | Item | E-mail
Franklin Mining Announces Results of Mineral Samples Testing to Be Completed in About 2 Weeks - More
- November 15, 2006 | Item | E-mail
Jaguar Mining Reports Q3 2006 Earnings of US$0.05 Per Fully Diluted Share on Record Production and Sales - More
- November 15, 2006 | Item | E-mail
Jaguar Mining Commissions Turmalina Mine and Processing Facilities - More
- November 15, 2006 | Item | E-mail
Scandinavian Minerals Announces Positive Drill Results from Kevitsa, Finland Nickel-Copper-PGE Property - More
- November 15, 2006 | Item | E-mail
Adanac Adds Further Expertise to the Board - More
- November 15, 2006 | Item | E-mail
European Goldfields says has no takeover approach - More
- November 15, 2006 | Item | E-mail
African Platinum - 1Moz pa potential at Leeuwkop - More
- November 15, 2006 | Item | E-mail
Aquila Drills 20.7 Meters of 6.79% Copper and 287.6 g/t Silver Near Surface at the Pinwheel Zone and 31.2 Meters of 9.62% Zinc and 4.1 g/t Gold - More
- November 15, 2006 | Item | E-mail
Oromonte Resources Inc. Settles with former Chief Executive Officer - More
- November 15, 2006 | Item | E-mail
Dhanoa Minerals Ltd. Cancels 4,600,000 Shares - More
- November 15, 2006 | Item | E-mail
High River Gold Reports Third Quarter 2006 Results - More
- November 15, 2006 | Item | E-mail
Gryphon's Second Quarter Fiscal 2007 Financial Results - More
- November 15, 2006 | Item | E-mail
Colombia Goldfields Receives 43-101 Technical Report on the Marmato and Caramanta Projects - More
- November 15, 2006 | Item | E-mail
Monster Copper Corporation: New Uranium Mineralized Zones Discovered on Aillik East Property, Labrador - More
- November 15, 2006 | Item | E-mail
Cash Minerals Confirms Positive Feasibility Study on Division Mountain Coal Project by Norwest Corporation - More
- November 15, 2006 | Item | E-mail
Golden Patriot Exercises Option to Acquire Lucky Boy Uranium Prospect - More
- November 15, 2006 | Item | E-mail
CanAlaska Uranium reports West McArthur Project Summer Drill Results - More
- November 15, 2006 | Item | E-mail
Uranium Resources, Inc. Reports Third Quarter Results - More
- November 15, 2006 | Item | E-mail
Arian Silver Corporation:Private Placement To Raise Up To CDN$ 3,515,000 - "Arian Silver Corporation announces that is proposes to raise up to Cdn$ 3,515,000 by way of a non-brokered private placement of up to 14,060,000 units of the Company at Cdn$0.25 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant." More
- November 15, 2006 | Item | E-mail
Great Basin Updates Results From Underground Program & Surface Exploration at the Hollister Property - "Intersections with excellent gold and silver grades continue to be made in the Clementine and Gwenivere vein systems. Hecla Mining Company is earning a 50% interest in the Hollister Development Block ("HDB") Project, a portion of the Hollister property, by funding and operating a two-stage exploration and development program designed to take the HDB Project through feasibility and potentially to commercial production. Scheduled completion of the feasibility study is in the second quarter of 2007." More
- November 15, 2006 | Item | E-mail
Gold Reserve Announces Conference Call to Discuss 2006 Third Quarter Results - "Gold Reserve Inc. will hold a conference call to discuss 2006 third quarter results on Monday, November 20, 2006, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time)." More
- November 15, 2006 | Item | E-mail
More positive drill results from Corani silver deposit, new mineralized outcrops extend target west of Minas Corani - "Bear Creek Mining is pleased to announce results for twenty-four additional drill holes from the Corani project. This brings the total holes drilled following the recently updated resource estimation (see news release 23 August 2006) on this major silver discovery to 146; and the total drilling on the project to 59,797 meters in 361 drill holes." More
- November 15, 2006 | Item | E-mail
Miramar Continues to Define the Significant New BN Zone at Boston - "Miramar Mining Corporation today announced additional results from the 2006 drilling program at its Hope Bay Project in Nunavut. Drilling at Boston continued to focus on the recently identified BN zone, located 400m north of the current resource base. To date 13 holes have been completed on the BN target with 9 holes reported (3 holes previously reported). Assays for the four remaining holes completed prior to winter shutdown are pending." More
- November 15, 2006 | Item | E-mail
Kimber announces key addition to personnel & updates on drilling - "Kimber Resources Inc. The Company is pleased to announce a key appointment for its Mexican operations. Ing. Manuel Flores has been appointed to the position of Assistant General Manager, Mexico. Ing. Flores is an engineer with more than 25 years of experience in the Mexican mining sector. He brings with him a wealth of experience in: mining, processing, project management and planning, and cost control. Ing. Flores will supervise the operations of Kimber's subsidiaries in Mexico and will be an important link for Kimber with the Mexican mining community." More
- November 15, 2006 | Item | E-mail
Goldcorp Inc.: $59.5 Million of Earnings in the Third Quarter and $342.3 Million for the Nine Months Ended September 30, 2006 - "For the nine months ended September 30, 2006, net earnings increased 86% to $342.3 million ($0.90 per share) compared with $184.0 million ($0.60 per share) in 2005. Adjusted for certain non-cash items, net earnings amounted to $323.5 million ($0.85 per share). Operating cash flows increased 63% to $535.8 million ($1.41 per share), compared with $328.9 million ($1.08 per share) in 2005. Gold production totalled 1,105,400 ounces in 2006 compared with 840,100 ounces in 2005. Gold sales increased to 1,108,500 ounces at a total cash cost of minus $35 per ounce, compared with 761,600 ounces, excluding gold sales of 275,700 in gold bullion inventory, at a total cash cost of $49 per ounce in 2005." More
- November 15, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 November, 2006 | |
