-- Posted 16 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $620.90 | -$1.60 |
Silver | $12.92 | +$0.06 |
XAU | 133.10 | -3.65% |
HUI | 317.33 | -3.98% |
GDM | 1014.52 | -3.71% |
JSE Gold | 2807.13 | -1.16% |
USD | 85.49 | +0.15 |
Euro | 127.93 | -0.27 |
Yen | 84.59 | -0.11 |
Oil | $56.26 | -$2.50 |
10-Year | 4.655% | +0.040 |
T-Bond | 112.3125 | -0.46875 |
Dow | 12305.82 | +0.44% |
Nasdaq | 2449.06 | +0.26% |
S&P | 1399.76 | +0.23% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it found about $5 gains in early New York trade, but it then steadily fell off into the close and ended near its lows with a loss of 0.26%. Silver also traded mostly slightly higher in Asia and London before it rose to find about 25 cent gains in early New York trade and then fell back off a bit, but it sill ended with a gain of 0.47%.
Euro gold remained at about €485, platinum gained $14 to $1,182, palladium remained unchanged at $318, and copper fell roughly 6 cents to about $3.03.
Gold and silver equities found slight gains in the first hour of trade, but they then steadily fell off for the rest of trade and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Oct | -0.5% | -0.3% | -0.5% |
Core CPI | Oct | 0.1% | 0.2% | 0.2% |
Initial Claims | 11/11 | 308K | 310K | 310K |
Net Foreign Purchases | Sep | $53.7B | - | $97.1B |
Capacity Utilization | Oct | 82.2% | 82.0% | 82.1% |
Industrial Production | Oct | 0.2% | 0.3% | -0.6% |
Philadelphia Fed | Nov | 5.1 | 5.0 | -0.7 |
Inflation fears eased after the release of the CPI report, but they then rose back up after some hawkish remarks from fed member Moskow, a decent Philadelphia Fed report, and a positive report from the NAHB on homebuilder sentiment.
Tomorrow at 8:30AM EST brings Building Permits for October expected at 1,625,000 and Housing Starts expected at 1,680,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade, but it then fell with other energy prices after Natural Gas Inventories built 5 billion cubic feet instead of an expected drop. Forecasts of mild winter weather, doubts over OPEC cuts, and stockpiles well above levels last year also encouraged selling and resulted in a loss of over 4% on the day to the lowest level this year.
The U.S. dollar index initially fell and treasuries rose after a tame CPI report, but hawkish comments from the fed’s Moskow and a decent Philadelphia Fed report reversed early conditions and resulted in bonds ending lower and the dollar higher by the end of trade.
The Dow, Nasdaq, and S&P rose on a tame inflation report, buyout news, and markedly lower oil prices. The Dow closed at a new record high.
Among the big names making news in the market today were Reader’s Digest and Ripplewood, Dell and Hewlett-Packard, Clear Channel and Bain Capital and Thomas H. Lee, Citigroup and Guangdong, and Sears.
The Commentary:
“My thinking has been that gold would begin to make its move up here. Instead, although gold is still higher now than where I thought it would be at election time a couple of months ago, the fix is clearly in to stop the price advance cold.
What the heck is REALLY going on that we don’t see here? Not sure, of course, but my bet is something BIG is brewing and the Orwellians want gold in tame mode before it hits. Nothing to do but wait and see.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 2.1 at 621.7, 7.3 off the high and 0.6 up from the low.
December Silver closed unchanged at 12.945. This was 0.025 up from the low and 0.225 off the high.
After seeing early gains off of weak inflation data, the gold market was pressured by profit taking as a slightly stronger Philly Fed Business Index and a rise in the Nov NAHB Housing Index suggesting that the housing market may be more resilient than expected gave the Dollar an extra boost. Despite both the Oct CPI and PPI inflation data coming in weaker than expected, comments from Fed members made it clear that inflation remains their primary concern suggesting US rates at best will remain on hold. Despite early gains in Silver and a slightly weak Dollar off the inflation report, Dec gold failed to make a solid push above the $629 area and speculative profit taking was triggered when the Philly Fed and NAHB reports gave the Fed even less incentive to cut rates. With a sharp sell off in energy prices also adding to the negative news flow, it is somewhat surprising that gold didn't see a deeper sell off.
Bullish technicals initially drove silver prices higher as a move through the $13 triggered new speculative buying. However, the silver market couldn't hold on to gains in the face of a rising Dollar amid sinking energy and copper prices as the whole complex fell victim to profit taking late in the session. With several commodity markets coming under a liquidation wave on Thursday, the silver market was not spared. While the Fed has made it clear that rate policy will remain on hold despite softer inflation data in Oct, today's gains in the Philly Fed Index and NAHB Housing Index are positives for silver on a forward looking basis.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
U.S. is biggest currency manipulator, Chinese researcher says
The Statistics:
As of close of business: 11/15/2006
Gold Warehouse Stocks: | 7,524,997 | - |
Silver Warehouse Stocks: | 107,631,280 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 415.76 | 13,367,010 | US$ 8,256m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.34 | 2,904,425 | US$ 1,797m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.31 | 331,182 | US$ 205m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,756 | US$ 196m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/15/2006 | |
Total Net Assets | $849,785,424 | 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 11/15/2006 | |
Total Net Assets | $1,328,820,447 | 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) CEO search, Tanzanian Royalty’s (TRE) drill program, Rubicon’s (RBY) drill program, Fronteer’s (FRG) drill results, Nevsun’s (NSU) technical report, U.S. Energy’s (USEG) third quarter results, Avino’s (ASM.V) Tier 1 listing, and Palmarejo (PJO.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG +7.99% $8.65 |
2. Claude Resources | CGR +4.27% $1.22 |
3. Almaden Minerals | AAU +2.39% $2.57 |
LOSERS
1. Silver Wheaton | SLW -7.05% $10.94 |
2. Crystallex | KRY -6.52% $3.01 |
3. Golden Star | GSS -5.73% $2.96 |
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:
Aberdeen Expands Gold Royalty Portfolio - More
- November 16, 2006 | Item | E-mail
North American Gem Inc.: Results of Metallurgical Study, Louise Lake Project - More
- November 16, 2006 | Item | E-mail
Azco Mining Temporarily Moves to Pink Sheets - More
- November 16, 2006 | Item | E-mail
Amarillo Drilling Detects New Mineralization at Mara Rosa Project Includes 25 m of Gold @ 2.1 g/t - More
- November 16, 2006 | Item | E-mail
Merrex Exploration Update - More
- November 16, 2006 | Item | E-mail
Pershimco Names New Vice-President Operations and Appoint IR Firm - More
- November 16, 2006 | Item | E-mail
Gold Canyon Appoints Garry Smith as Vice President of Exploration - More
- November 16, 2006 | Item | E-mail
Kimber announces initiation of CEO search - "Robert Longe, President & CEO, is pleased to report that, in keeping with his desire to retire from active management expressed informally to the directors some time ago, the Board has appointed a CEO Search Committee consisting of Larry Bell, Dennis Bergen, and Stephen Quin, one of management's nominees for election at the forthcoming Annual General Meeting." More
- November 16, 2006 | Item | E-mail
Gold Rock and Soil Anomalies on the Timon Cruz Gold Property, Jujuy - More
- November 16, 2006 | Item | E-mail
ITH Intersects 4.2 Metres of 22.3 g/t Gold on Major Extension of the Vein System on the Terra Project, Alaska - More
- November 16, 2006 | Item | E-mail
Finlay Minerals Ltd. - Step-out Drilling Intersects More Gold-Silver at Atlas East Zone - More
- November 16, 2006 | Item | E-mail
Taranis Resources Inc. Traces Precious and Base Metal Mineralization Over 1,400 m Strike Length at Thor Property, British Columbia - More
- November 16, 2006 | Item | E-mail
Avino Graduates to Tier 1 Listing - "Avino Silver & Gold Mines Ltd. is pleased to announce that the TSX Venture Exchange has elevated the Company's listing from Tier 2 to Tier 1 status. Tier 1 is the TSX Venture Exchange's premier tier and is reserved for the Exchange's most advanced issuers with the most significant financial resources." More
- November 16, 2006 | Item | E-mail
U.S. Energy Corp. Announces Third Quarter Results - "For the three and nine month periods, the Company reported a net loss of $2,933,700 and $10,279,700 or losses of $.16 and $.56 per share, respectively. This is compared with a net gain for the comparable periods in 2005 of $1,040,500 and $13,344,500 or $0.06 and $0.85 per share respectively." More
- November 16, 2006 | Item | E-mail
Doublestar Resources Ltd. - Ruddock Creek joint venture continues to generate encouraging results - New zone discovered - More
- November 16, 2006 | Item | E-mail
Bayswater Discovers Twelve Uranium Targets in South Thelon Basin - More
- November 16, 2006 | Item | E-mail
La Mancha Advances White Foil Mine - More
- November 16, 2006 | Item | E-mail
CMQ Resumes Previously Announced Private Placement - More
- November 16, 2006 | Item | E-mail
Tanzanian Royalty to Begin Major Drill Program at Kigosi - "The area of interest comprises two artisanal mining sites that are parallel to each other and are separated by a 2.5 kilometre wide swath of mbuga (overburden). The Luhwaika workings are the largest in the area with sporadic artisanal activity spread over a distance of approximately 1,200 metres." More
- November 16, 2006 | Item | E-mail
Plexmar: Final Contract Signed For Acquisition of Escondida Project - More
- November 16, 2006 | Item | E-mail
Globex: Assays From New Boucher Gold Zone - More
- November 16, 2006 | Item | E-mail
Vior Signs Agreement on Fecteau Property - More
- November 16, 2006 | Item | E-mail
Rubicon Announces Partner-Funded, Phase II Drill Program on the Golden Promise Property - "All eight holes collared to test the Jaclyn Main Zone during the August 2006 program intersected visible gold. In addition, the program was successful in identifying a new hanging wall zone intersected in three of the holes. The hanging wall zone returned high grade values up to 93.71 g/t gold over 1.40 metres including 327.97 g/t gold over 0.40 metres from GP06-52 and 10.37 g/t gold over 1.75 metres including 30.92 g/t gold over 0.3 metres from GP06-61." More
- November 16, 2006 | Item | E-mail
Metanor Resources Inc.: Second Closing of a Private Placement of a Maximum of $2.5 M - More
- November 16, 2006 | Item | E-mail
Landore Resources Limited - Placing Raises (pnds stlg)705,000 - More
- November 16, 2006 | Item | E-mail
Completion of Capital Cost Estimate for Perama Hill, Greece - More
- November 16, 2006 | Item | E-mail
Fronteer's Aurora Intersects 0.42% U308 Over 3 Metres at the Rainbow Project in Coastal Labrador - "Fronteer Development Group Inc. reports that Aurora Energy Resources Inc., in which Fronteer holds a 47.25% interest, has announced that near surface uranium mineralization has been intersected in nine holes on the Rainbow project, which is located approximately three kilometres southwest of Aurora's Michelin deposit." More
- November 16, 2006 | Item | E-mail
Energy Metals Corporation and High Plains Uranium, Inc. Sign Definitive Agreement for Business Combination and Sign Joint Venture Option Agreements - More
- November 16, 2006 | Item | E-mail
Aurora Intersects 0.42% U308 Over 3 Metres at the Rainbow Deposit in Coastal Labrador - More
- November 16, 2006 | Item | E-mail
Nevsun Resources Ltd.: Bisha Technical Report Filed - "A summary description of the feasibility study as well as the full Technical Report is also available on the Nevsun website at www.nevsun.com/bisha.html. The summary highlights a very robust Bisha Project with after tax returns ranging from 26% to 62%, depending on whether one applies conservative base case metal prices or more recent metal prices for gold, copper, zinc and silver." More
- November 16, 2006 | Item | E-mail
New Jersey Mining Company Signs Agreement on Copper-Silver Deposit - More
- November 16, 2006 | Item | E-mail
Prospero Acquires Water-and-Energy Platform, Mechanically Induced Cavitation ('MIC'), From Cavitation Concepts Corp. for Prospero Shares Valued at $8,000,000 - More
- November 16, 2006 | Item | E-mail
Marathon Announces Appointment of George D. Faught as Director - More
- November 16, 2006 | Item | E-mail
Andina Commences US$10 Million Exploration Program at Volcan Gold Project - More
- November 16, 2006 | Item | E-mail
Alexco Announces Additional Keno Hill Drill Results: Bellekeno Mine Area - More
- November 16, 2006 | Item | E-mail
Rocmec Cuts 12.1 g/t Over 4.2 Metres at its Rocmec 1 'Russian Kid' Gold Property - More
- November 16, 2006 | Item | E-mail
African Gold Group, Inc.: Mobilizing to Commence Most Aggressive Drill Campaign in Corporate History at Kobada, Mali - More
- November 16, 2006 | Item | E-mail
Pearl Asian Mining Industries Reports that it has Entered into a Cooperation Agreement with China's Biggest Gold Refining/Smelting Company - More
- November 16, 2006 | Item | E-mail
UrAsia Energy increases inferred mineral resource base at South Inkai by 69% - More
- November 16, 2006 | Item | E-mail
Alberta Star Drilling Intersects 42.0 gr/ton Silver Over 9.90 Meters and a New High Grade Poly-Metallic Discovery at Contact Lake - More
- November 16, 2006 | Item | E-mail
Bellhaven Copper and Gold Inc. Signs Letter of Intent with Toronto Group for USD $4.0 Million Joint Venture - More
- November 16, 2006 | Item | E-mail
Beaufield Warrants Exercised - More
- November 16, 2006 | Item | E-mail
Palmarejo Announces New Drill Results at the Guadalupe Project - "The results from holes TGDH91D and TGDH096D continue to support the model of drilling deep holes at Guadalupe. The bulk of the drilling to date has focused on the high level, silver-rich part of the structure corresponding to the top third of the Palmarejo deposit profile. Further deep drilling is planned to test the potential for high gold values at lower elevations on the fault. This drilling will concentrate initially on extending the high-grade clavo identified in holes TGDH055D, TGDH091D and TGDH096D." More
- November 16, 2006 | Item | E-mail
Caldera Resources Inc.: New Diamond Property Acquisitions - More
- November 16, 2006 | Item | E-mail
Grenville Gold Corporation Appoints A. Paul Gill President and CEO - More
- November 16, 2006 | Item | E-mail
Western Warrior announces second $1.0 million convertible note offering to be subscribed by Chairman - More
- November 16, 2006 | Item | E-mail
Full Metal and Triex Announce Results from Drilling and Reconnaissance Exploration, Boulder Creek Uranium Project, Alaska - More
- November 16, 2006 | Item | E-mail
Waseco Updates Uranium Program - More
- November 16, 2006 | Item | E-mail
Uranium Energy Corp Initiates ISL Mine Permitting at Its Goliad Project in South Texas - More
- November 16, 2006 | Item | E-mail
Argentex signs drill contract to further test high-grade zinc, silver-gold targets at Pinguino, Argentina - More
- November 16, 2006 | Item | E-mail
Battle Mountain Royalty Update -- Drilling At Sega Intersects Strong Mineralization - More
- November 16, 2006 | Item | E-mail
Sur American Gold Receives Environmental Compliance Certificate for Batoto Gold Project - More
- November 16, 2006 | Item | E-mail
Miranda Gold Corp.: Drilling Expands Gold System at Miranda's Redlich Project - More
- November 16, 2006 | Item | E-mail
Tara Gold Acquires High Grade Zinc, Lead Silver Property in Mexico - More
- November 16, 2006 | Item | E-mail
Starfield Resources provides development and exploration update - More
- November 16, 2006 | Item | E-mail
El Capitan Adds Experienced Mining Executive to the Board - More
- November 16, 2006 | Item | E-mail
Troy Resources NL: Purchase of Andorinhas Project in Brazil - More
- November 16, 2006 | Item | E-mail
St Andrew Reprices Subscription Receipts Offering - More
- November 16, 2006 | Item | E-mail
Competition body gives all-clear to Gold Fields' South Deep acquisition - "South Africa's Competition Commission agreed to Gold Fields' plan to acquire sole control over the South Deep gold mine and recommended that the Competition Tribunal unconditionally approve the transaction, it said on Thursday." More
- November 16, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 November, 2006 | |
