-- Posted 17 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $621.80 | +$0.90 | -1.02% |
Silver | $12.73 | -$0.19 | -2.15% |
XAU | 133.08 | +0.11% | -4.22% |
HUI | 318.64 | +0.41% | -4.14% |
GDM | 1015.37 | +0.08% | -4.21% |
JSE Gold | 2699.71 | -3.83% | -7.51% |
USD | 85.33 | -0.16 | +0.33% |
Euro | 128.24 | +0.31 | -0.18% |
Yen | 84.96 | +0.37 | -0.07% |
Oil | $55.81 | -$0.45 | -6.44% |
10-Year | 4.607% | -0.048 | +0.39% |
Bond | 112.8125 | +0.50 | -0.14% |
Dow | 12342.56 | +0.30% | +1.93% |
Nasdaq | 2445.86 | -0.13% | +2.35% |
S&P | 1401.20 | +0.10% | +1.47% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly lower in Asia and London and dipped to about $615 in early New York trade, but it then started to move higher in choppy trade and accomplished slight gains by the close to end with a gain of 0.14%. Silver dropped about 15 cents in Access trade yesterday, held near $12.75 in Asia, and fell another 5-10 cents in London and early New York trade before it rebounded a bit into the close, but is still ended with a loss of 1.47%.
Euro gold remained at about €485, platinum gained $6 to $1,188 after trading about 4% lower earlier in the session, palladium lost $1 to $317, and copper gained roughly 4 cents to about $3.07 after dropping under $3.00 earlier in the session.
Gold and silver equities fell over 1.5% at the open, rose to find about 1% gains an hour into trading, fell back off to find about 1% losses again, rose back to find slight gains by early afternoon, and remained mostly slightly higher into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Oct | 1486K | 1680K | 1740K |
Building Permits | Oct | 1535K | 1625K | 1638K |
Housing Starts plunged over 14%, more than 3 times estimates, to a 6 year low. New home prices have fallen about 10% compared to one year ago.
All of this week’s economic reports:
Next week’s economic highlights include Leading Economic Indicators on Monday and Initial Jobless Claims and Michigan Sentiment on Wednesday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell to 17 month lows on forecasts for warm winter weather in the US and on doubts over OPEC cuts, but early losses were cut in about half by the close.
The U.S. dollar index fell and treasuries rose on economically disappointing housing data. Rumors also circulated that a troubled hedge fund was unwinding long dollar positions to cover losses.
The Dow, Nasdaq, and S&P fell at the open on concerns over the housing market, but lower oil and lower interest rates helped the Dow and S&P close slightly higher while the Nasdaq remained a bit lower at the close. The Dow closed at a new all-time high.
Among the big names making news in the market Friday were Nymex, Sony, Wiley and Blackwell Publishing, Nike, HP, and Smucker.
The Commentary:
“Ahead of a Thanksgiving weekend trade quieted down, leaving the market ready for a quiet week with little activity expected. But with the London market dominant, perhaps the true expression of the physical gold market will be made. Certainly global influences will reign over U.S. ones.”- Julian D.W. Phillips, www.goldforecaster.com
“December Gold finished up 0.8 at 622.5, 0.4 off the high and 8 up from the low.
December Silver closed down 0.145 at 12.8. This was 0.2 up from the low and 0.08 off the high.
After early selling pressure tied to weak US economic data, lower base metal and energy prices, the gold market staged a recovery to close slightly higher on the day. The slump in Oct housing starts which fell 14.6% raised concerns that US growth is continuing to slow. Base metals have been hit hard lately on ideas of softening demand and rising inventories, but the selling pressure began to ease on Friday as well. Energy market also staged a recovery and with the Dollar falling sharply, the gold market was able to scrape back into positive territory. It must be encouraging to the bulls that gold prices basically rejected another test of the Nov lows.
Although silver prices closed lower Friday, the market was able to cut losses as platinum staged a sharp rally after falling sharply earlier in the session which took some of the selling pressure off the silver market. As an industrial metal, copper was hit hard by the weakness in the housing sector which also triggered spill over profit taking in the silver market. The silver market was over due for some profit taking after seeing a sharp price rally from the Oct lows. With the Dec contract holding above the 12.50, the chart pattern in silver market remains positive.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
New Congress seen likely to favor dollar devaluation
Dollar will remain primary reserve currency, Fed official tells bankers
GATA chairman reaches national radio audience in Canada on Saturday
Choking on hedge book, Newcrest stalls payment by 2 years
Resource Investor: Court finds Barrick doesn't own Chilean mine property
John Crudele: How you may have kinda saved $392.10
China doesn't seem to be moving out of the dollar yet
The Statistics:
As of close of business: 11/16/2006
Gold Warehouse Stocks: | 7,524,965 | -32 |
Silver Warehouse Stocks: | 108,235,904 | + 604,624 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 415.76 | 13,367,010 | US$ 8,349m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.34 | 2,904,393 | US$ 1,807m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.31 | 331,179 | US$ 206m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,753 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/16/2006 | |
Total Net Assets | $847,181,961 | 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 11/16/2006 | |
Total Net Assets | $1,374,343,232 | Ounces of Silver
in Trust | 106,231,357 |
Shares Outstanding | 10,650,000 | Tonnes of Silver
in Trust | 3,304.2 |
Note: Change in Total Tonnes from yesterday’s data: 46.6 tonnes were added to the trust.
The Stocks:
A free, new stock report on SilverCrest Mines by Peter Zihlmann posted at: http://www.goldreview.com/news/ZihlmannInvest/1163787161.php, Barrick’s (ABX) accusations about NovaGold (NG), Tanzanian Royalty’s (TRE) seventh tranche of their private placement, IAMGOLD’s (IAG) warrant conversion details and third quarter production results for Cambior, NovaGold’s (NG) comments on an Alaskan lawsuit, Vista Gold’s (VGZ) shareholder approved Nevada deal, Palmarejo’s (PJO.V) drill results, and Aquiline’s (AQI.TO) assumed operations at Navidad were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Metallica | MRB +7.34% $4.24 |
2. Fronteer | FRG +4.16% $9.01 |
3. Richmont | RIC+3.90% $2.8468 |
LOSERS
1. Entree Gold | EGI -8.11% $1.36 |
2. Minco Mining | MMK -7.55% $1.47 |
3. Arizona Star | AZS -4.40% $11.73 |
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:
Breakwater reports closure of road into Myra Falls operation - More
- November 17, 2006 | Item | E-mail
Sulliden comments on Algamarca press release - More
- November 17, 2006 | Item | E-mail
Barrick Says NovaGold Fails to Respond with Facts - "There are important questions relating to NovaGold's assets and their valuation that NovaGold needs to address for the benefit of its shareholders. These include concerns relating to the Donlin Creek litigation, the Galore Creek permitting and construction timetable, the new Rock Creek litigation, project financing and shareholder dilution, the resignation of Rothschild, independent valuations of NovaGold's assets and the effect of the expiry of Barrick's offer on NovaGold's share price." More
- November 17, 2006 | Item | E-mail
Proposed Re-Organisation Plan for New Guinea Gold Property Assets - More
- November 17, 2006 | Item | E-mail
Gold Hawk Resources Inc.-Debt Facility for the Coricancha Mine, Formerly the Tamboraque Mine, Increased by $US 5,000,000, Plans Start-Up of the Coricancha Mine - More
- November 17, 2006 | Item | E-mail
Adanac Molybdenum Corporation: Incentive Stock Options - More
- November 17, 2006 | Item | E-mail
Global Gold Increases Production at Tukhmanuk Mine in Armenia and Exceeds Drilling Targets - More
- November 17, 2006 | Item | E-mail
Pacific Comox Resources Ltd.: Exercises Option to Accelerate Acquisition of Ryan Lake Claims and Mill - More
- November 17, 2006 | Item | E-mail
Stellar closes a $282,800 Private placement - More
- November 17, 2006 | Item | E-mail
Richmond Minerals Inc. Exploration Update - More
- November 17, 2006 | Item | E-mail
Chapleau Raises $1,748,332 Through Exercise of Warrants - More
- November 17, 2006 | Item | E-mail
Tanzanian Royalty Chairman Completes Seventh Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation confirms that the seventh tranche of the private placement (the "Placement") by James E. Sinclair, the Company's Chairman and CEO, announced on November 2, 2006 closed on November 16, 2006. The seventh tranche consists of 54,058 common shares of the Corporation having a purchase price of $6.937 per share for proceeds totaling $375,000." More
- November 17, 2006 | Item | E-mail
Romios Announces Proposed Financing of up to $2,000,000 - More
- November 17, 2006 | Item | E-mail
Diadem Flow-Through Equity Financing of Over $1.6 Million With MineralFields and Other Investors - More
- November 17, 2006 | Item | E-mail
Fortune Minerals completes $4.5 million in financings - More
- November 17, 2006 | Item | E-mail
Wildcat Exploration Ltd. Completes $2.75 Million Private Placement - More
- November 17, 2006 | Item | E-mail
Reno Gold Corp. to Terminate Letters of Intent With Western Recon & Mineral Exploration Inc. - More
- November 17, 2006 | Item | E-mail
SIRIOS: Adoption of a Shareholder Rights Plan - More
- November 17, 2006 | Item | E-mail
Oriental Minerals Commences Deep Drill Hole at Sangdong in South Korea - More
- November 17, 2006 | Item | E-mail
IAMGOLD Provides Details of Cambior Warrant Conversion - " As part of the acquisition, all outstanding warrants exercisable for Cambior shares (the "Cambior Warrants") are exchangeable for warrants of the Company ("IAMGOLD Warrants") on a one-for-one basis. Each IAMGOLD Warrant is exercisable, upon payment of $3.75CDN, for 0.42 of a common share of the Company; however, no fractional shares will be issued and any resulting fractional share shall be rounded up or down to the nearest whole number. Effectively, every 2.38 IAMGOLD Warrants is exercisable for one IAMGOLD share at a price of $8.93CDN." More
- November 17, 2006 | Item | E-mail
Palmarejo Announces Progress Results from the La Patria-La Virginia-Maclovia Project - "La Patria is located along the greater than4 kilometre Todos Santos to Maclovia mineralized corridor, 6.5 kilometres south-southeast of the Palmarejo project. Recent diamond core and reverse circulation ('RC') drilling has been undertaken at the La Virginia and Maclovia prospects on a 1.2 kilometre segment of the trend." More
- November 17, 2006 | Item | E-mail
Cogitore provides update on the Scott Lake Project - More
- November 17, 2006 | Item | E-mail
Stillwater Mining Company (NYSE: SWC) Invests $2 million into Pacific North West Capital Corp. - More
- November 17, 2006 | Item | E-mail
Uranium One Announces Inaugural Sales Contract for Dominion - More
- November 17, 2006 | Item | E-mail
Private Placement of up to $1,500,000 - More
- November 17, 2006 | Item | E-mail
Radius Acquires Option on Ecuadorian Gold Project - More
- November 17, 2006 | Item | E-mail
Westchester Resources and Guyana Goldfields Complete Option Agreement on Peters Mine Property - More
- November 17, 2006 | Item | E-mail
HE-5 Resources, Corp. Awards Contract to Local Mining Company to Process Ore - More
- November 17, 2006 | Item | E-mail
Golden Hope Mines Announces up to $4.2 Million Financing - More
- November 17, 2006 | Item | E-mail
NovaGold Comments on Lawsuit in Alaska Concerning Rock Creek Project - "The U.S. Army Corps of Engineers has informed NovaGold Resources Inc. that a lawsuit has been filed by the Bering Straits Citizens for Responsible Resource Development and others challenging the Corps' issuance of a permit for NovaGold's Rock Creek mine near Nome, Alaska. Neither NovaGold nor its subsidiary, Alaska Gold Company, are named as defendants. The lawsuit seeks to suspend the permit issued by the Corps related to the construction and operation of Rock Creek mine, and is based on allegations that the Corps issued the permits in violation of the governing legislation." More
- November 17, 2006 | Item | E-mail
Aquiline Assumes Operations at Navidad - "Aquiline Resources Inc. announces that it has completed its due diligence investigations relating to the previously announced Interim Project Development Agreement dated October 18, 2006, with IMA Exploration Inc. and the transfer of the Project has now been completed. Aquiline now has full operating responsibility of the Navidad Project." More
- November 17, 2006 | Item | E-mail
Third Quarter 2006 Production Results for Cambior - "Total gold production from these assets in the third quarter of 2006 totalled 125,000 ounces with mine operating costs of $340 per ounce, compared to production of 158,300 ounces with costs of $314 per ounce during the corresponding period in 2005. For the first nine months of 2006, production reached 378,000 ounces of gold with mine operating costs of $332 per ounce, compared to 496,800 ounces at $284 per ounce, a year earlier. The decrease in production for both the current quarter and the year-to-date, is partially attributable to the end of operations at the Omai mine in September 2005." More
- November 17, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 November, 2006 | |
