-- Posted 20 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $621.20 | -$0.60 |
Silver | $12.70 | -$0.03 |
XAU | 132.67 | -0.39% |
HUI | 317.85 | -0.25% |
GDM | 1012.66 | -0.27% |
JSE Gold | 2819.70 | +4.44% |
USD | 85.42 | +0.09 |
Euro | 128.11 | -0.13 |
Yen | 84.67 | -0.29 |
Oil | $58.80 | -$0.17 |
10-Year | 4.595% | -0.012 |
T-Bond | 112.9375 | +0.125 |
Dow | 12316.54 | -0.21% |
Nasdaq | 2452.72 | +0.28% |
S&P | 1400.50 | -0.05% |
The Metals:
Gold rose a couple of dollars in Asia and London and furthered its gains in New York to over $626 by midmorning, but it then fell back off into the close and ended near its lows with a minor loss. Silver rose near $13.00 before it also fell off into the close and ended slightly lower.
Euro gold remained at €485, platinum gained $66 or 5.56% to $1,254 on supply concerns, palladium gained $1 to $318, and copper fell a couple cents to about $3.05.
Gold and silver equities rose about 2% at the open, but they then steadily sold off for the rest of trade and ended with small losses.
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The Economy:
Report | For | Reading | Expected | Previous |
Leading Indicators | Oct | 0.2% | 0.2% | 0.4% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on mild weather forecasts and ample supplies when stockpiles are compared to levels last year, but losses were minimal on rumors over further OPEC production cuts.
The U.S. dollar index and treasuries remained very near unchanged as the not closely watched Leading Economic Indicators report came in as expected.
The Dow, Nasdaq, and S&P traded on either side of unchanged and ended mixed as traders digested a decent amount of merger/acquisition news.
Among the big names making news in the market today were Freeport-McMoRan and Phelps Dodge, Lowe’s, Campbell Soup, TD Bank and TD Banknorth, Evraz and Oregon Steel, Blackstone and Zell’s Trust, Nasdaq and LSE, and Bank of America and Charles Schwab.
The Commentary:
“The intensity of the effort by The Gold Cartel to prevent gold from rallying is remarkable. The PM Fix came in at $624.50. From there on in it was downtown. As soon as the cabal traders checked in for work, gold was sent to the cleaners.
The query and posit this week has been that something is really wrong out there in America and that something possibly big is brewing.
Talking it over last evening with a few colleagues at the New Orleans Investment Conference, one thought was that those in control of the markets are petrified of a collapsing housing market. Therefore, they need to keep interest rates from rising, or take them down from present levels. An impediment to that task is a rising gold price because of what that would mean to the average pundit, or to the psychology of those who trade US interest rates.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 0.4 at 622.1, 5.4 off the high and 1.6 up from the low.
December Silver closed down 0.06 at 12.74. This was 0.01 up from the low and 0.26 off the high.
After showing signs of strength early Monday, the gold market managed to add to the early gains but then faded back into weaker territory late in the session. The Dollar however was not a factor in the gold action, but it is likely that weak oil prices were indeed undermining for the bull camp. After a mid morning stock market rally seemed to lift gold prices, the afternoon action in stocks seemed to lose its influence. With the Iranians asking for a weekend meeting with Iraq and Syria to attempt to quell the violence in Iraq, the gold market might have seen some flight to quality buyers liquidate and return to the sidelines. While the platinum market inspired the gold market early in the session the fact that January platinum finished $35 an ounce below its highs of the day was probably discouraging to would be buyers of gold.
Apparently the $13.00 level was significant resistance to December silver as the December contract made a fleeting attempt to rise above that level and failed rather distinctly on Monday. With the platinum market initially sparking a sharply higher opening and the gold market also contributing to the bullishness, it seemed like silver was poised for a big day up. However, in retrospect the chart action in silver was disappointing to the bull camp and the outlet toward the US and world economy deteriorated slightly with the Monday news flow. Even the copper market failed during the trade Monday despite news of a massive merger and that seems to suggest that even the industrial metals outlook is suspect. In short, both the financial market themes and the industrial/physical market themes look bearish in silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Derivatives market grows by a quarter in just six months
Freeport-McMoRan pays 33% premium to acquire Phelps Dodge
Growth in demand will prevent crash in mineral prices, World Bank says
GATA's reception in New Orleans draws conference notables
New York museum shows glory of gold, if not central banking
Gartman flees argument with Veneroso on gold price suppression
The Statistics:
As of close of business: 11/17/2006
Gold Warehouse Stocks: | 7,524,058 | -907 |
Silver Warehouse Stocks: | 107,609,377 | -626,527 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 415.76 | 13,367,010 | US$ 8,292m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.33 | 2,904,297 | US$ 1,808m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.31 | 331,168 | US$ 206m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,742 | US$ 197m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/17/2006 | |
Total Net Assets | $848,401,485 | 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 11/17/2006 | |
Total Net Assets | $1,354,140,448 | Ounces of Silver
in Trust | 106,231,357 |
Shares Outstanding | 10,650,000 | Tonnes of Silver
in Trust | 3,304.2 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport-McMoRan’s (FCX) buyout of Phelps Dodge (PD), Geocom’s (GOCM.OB) and Kinross Gold’s (KGC) completed recon program, Fronteer’s (FRG) drill results, Cumberland’s (CLG) federal approval, Minco’s (MMK) Normal Course Issuer Bid, Richmont’s (RIC) gold pour, Yamana’s (AUY) operations update, Valencia’s (VVI.V) drill results, Coeur’s (CDE) exploration agreement, and Silver Standard’s (SSRI) and Esperanza’s (EPZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +5.11% $2.47 |
2. Minco Mining | MMK +4.79% $1.53 |
3. Arizona Star | AZS +3.67% $12.16 |
LOSERS
1. Freeport | FCX -3.08% $55.63 |
2. Metallica | MRB -3.07% $4.11 |
3. Lihir Gold | LIHR-2.64% $21.06 |
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:
Valencia Confirms High Grade Silver Mineralization at Rancheria Project - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) is pleased to report initial results for the 2006 exploration program on the Rancheria Silver Project in the Yukon Territory and British Columbia include intersections of high grade silver mineralization. These intersections were contained within the Hall Zone on the Blue Heaven property." More
- November 20, 2006 | Item | E-mail
Itronics Increases Third Quarter 2006 Sales by 22 Percent, Nine Months Sales Increased 34 Percent - More
- November 20, 2006 | Item | E-mail
Sheffield Updates 97.5 Metres (320 Ft) of 1.08% Copper with 7.1 G/T Silver - More
- November 20, 2006 | Item | E-mail
Dia Bras Receives more than CDN $10.2 Million from the Exercice of Warrants - More
- November 20, 2006 | Item | E-mail
Altius Increases Cash Position With Reduced Stake in Aurora - More
- November 20, 2006 | Item | E-mail
Minera Andes joint venture arranges in-house financing on San Jose project - More
- November 20, 2006 | Item | E-mail
Globex Mining Enterprises Inc.: Milling Contract for Russian Kid Gold Ore - More
- November 20, 2006 | Item | E-mail
New trenching completed at Jutamos Copper prospect - More
- November 20, 2006 | Item | E-mail
UNOR Announces Financing - More
- November 20, 2006 | Item | E-mail
Geocom Resources Inc. and Kinross Gold Corporation Complete South Chile Recon Program - Phase I - "After an initial ground-based program indicated significant mineral potential in the area, Geocom and its partner Kinross Gold Corporation elected to accelerate the program to a multi-team helicopter-supported evaluation. By utilizing a regional approach, the geologic teams were able to visit and sample areas of alteration and mineralization that had originally been scheduled for a 2007 program in addition to areas planned for the 2006 season. The accelerated reconnaissance program identified several high priority anomalous areas that Kinross and Geocom management have elected to stake." More
- November 20, 2006 | Item | E-mail
$1,000,000 Private Placement Closes - More
- November 20, 2006 | Item | E-mail
Tagish arranges C$500,000 private placement with, and amends proposed secured debt feasibility finance facility from, Macquarie Bank Ltd. - More
- November 20, 2006 | Item | E-mail
Kinbauri Gold Announces $1M Private Placement - More
- November 20, 2006 | Item | E-mail
Dia Bras Receives more than CDN $10.2 Million from the Exercice of Warrants - More
- November 20, 2006 | Item | E-mail
Alexco Announces New High Grade Discovery at Keno Hill: Silver King East - More
- November 20, 2006 | Item | E-mail
Mexivada Begins Work Program on Congo Coloured Diamonds Project - More
- November 20, 2006 | Item | E-mail
Axmin Discovers Potentially Major High Grade Lump Iron Ore District at Bambari-Bakala Permits, Central African Republic - More
- November 20, 2006 | Item | E-mail
Metanor Resources Inc. Signs a New Agreement to Acquire Halo Resources Ltd.'s 50% Interest in the Bachelor Lake Property, Quebec - More
- November 20, 2006 | Item | E-mail
Puma Exploration Inc.: Discovery of Gold Structure on Nicholas-Denys Property - More
- November 20, 2006 | Item | E-mail
First Metals Achieves Major Milestone-Key Permit Received - More
- November 20, 2006 | Item | E-mail
Rocmec Signs a Milling Contract with Richmont Mines - More
- November 20, 2006 | Item | E-mail
Airborne geophysical survey generates targets on the Empire Project - More
- November 20, 2006 | Item | E-mail
Keegan Discovers 85m of 2.07 g/t Gold at Esaase Core Drilling Program - More
- November 20, 2006 | Item | E-mail
Mirasol Finalizes Exploration Agreement with Coeur d'Alene Mines for Sascha and Joaquin Gold-Silver Projects - More
- November 20, 2006 | Item | E-mail
Konigsberg Corporation Information Now Available Through Standard & Poor's Market Access Program - More
- November 20, 2006 | Item | E-mail
First Drill Results Returned from Pony Creek, Carlin Trend, Nevada - More
- November 20, 2006 | Item | E-mail
Midlands Minerals Announces Work Program for Sian and Kwahu Praso-Ghana - More
- November 20, 2006 | Item | E-mail
Golden China-Michelago Take Home Top Honours at CHINA MINING 2006 - More
- November 20, 2006 | Item | E-mail
Golconda Resources Ltd.: Deep Drilling to Start at Ralston Valley Gold Prospect -Nevada - More
- November 20, 2006 | Item | E-mail
SIRIOS/PONTAX: Release of a Geophysical Map, Diamond Drilling Planned - More
- November 20, 2006 | Item | E-mail
Little Squaw Reports Successful Chandalar, Alaska Drill Program - More
- November 20, 2006 | Item | E-mail
Murgor conducts NI 43-101 resource estimates on its new deposits under option in the Flin Flon Belt - More
- November 20, 2006 | Item | E-mail
U.S. Antimony Announces Third Quarter 2006 Results - More
- November 20, 2006 | Item | E-mail
Lake Shore Gold Increases the Indicated Mineral Resource to 3.27 Million Tonnes at 12.29 Grams Gold Per Tonne, Uncut, at Timmins West - More
- November 20, 2006 | Item | E-mail
Kinsevere Project Stage I Construction Photographs - More
- November 20, 2006 | Item | E-mail
Aquila Drills 19.9 Meters 7.70% Copper and 201.4 G/T Silver Plus 33.3 Meters 3.69% Copper and 1.8% Zinc at the Pinwheel Zone - More
- November 20, 2006 | Item | E-mail
Mandalay Commences Drilling at La Quebrada - More
- November 20, 2006 | Item | E-mail
Drilling Activity at Continental Precious Minerals Properties in Sweden - More
- November 20, 2006 | Item | E-mail
Denison Mines shareholders vote 99.9% for merger with International Uranium - More
- November 20, 2006 | Item | E-mail
Fronteer Intersects 11 Grams per Tonne Gold Over 15 Metres and Continues to Expand Its Kirazli Deposit, Northwestern Turkey - "Fronteer Development Group Inc ("Fronteer") (TSX:FRG.TO - News) (AMEX:FRG - News) is pleased to announce that Teck Cominco Limited's Turkish subsidiary (TCAM), as operator, has reported several new significant gold intersections at Fronteer's 100% owned Kirazli Project. These new gold intersections continue to expand the northern, western and southeastern limits of the 2005 resource area (estimated at 244,000 Indicated ounces and 563,000 Inferred ounces as reported in January 2006)." More
- November 20, 2006 | Item | E-mail
Denison Mines shareholders okay IUC takeover - More
- November 20, 2006 | Item | E-mail
Strathmore Purchases Land for a Potential Mill Site in Ambrosia Lake, New Mexico, for its Roca Honda Uranium Project - More
- November 20, 2006 | Item | E-mail
ASLB Issues Tentative Licensing Schedule for USEC's American Centrifuge - More
- November 20, 2006 | Item | E-mail
Uranium Energy Corp Expands its ISL Uranium Development Team with Appointment of Michael O'Leary - More
- November 20, 2006 | Item | E-mail
Trigon Receives De Beers Board Approval for Weiland Agreement, Commences Airborne Survey - More
- November 20, 2006 | Item | E-mail
Cumberland Receives Federal Approval for Development of Meadowbank Gold Project - "CUMBERLAND RESOURCES LTD. (TSX:CLG.TO - News)(AMEX:CLG - News) ("Cumberland" or the "Company") is pleased to announce that today the Federal Minister of Indian Affairs and Northern Development ("Federal Minister") has accepted the Nunavut Impact Review Board's ("NIRB's") recommendation that development of Cumberland's Meadowbank gold project should proceed. The Company has a 100% interest in the Meadowbank gold project located 70 kilometres north of the hamlet of Baker Lake, Nunavut." More
- November 20, 2006 | Item | E-mail
Minco Mining Announces Normal Course Issuer Bid - "Minco Mining & Metals Corporation (TSX:MMM.TO - News)(AMEX:MMK - News) (the "Company") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the Company's Notice of Intention to Make a Normal Course Issuer Bid. Under the terms of the Normal Course Issuer Bid, the Company may acquire up to 2,107,210 common shares of the Company (the "Shares") between November 22, 2006 and November 21, 2007. The Company has not acquired any of its shares in the last 12 months." More
- November 20, 2006 | Item | E-mail
Freeport-McMoRan agrees to buy Phelps for $25.9 billion - "Freeport-McMoRan Copper & Gold Inc. (FCX.N: Quote, Profile, Research) said it agreed to buy much larger Phelps Dodge Corp. (PD.N: Quote, Profile, Research) for $25.9 billion in cash and stock to create the world's largest publicly traded copper company. The agreement is the latest multi-billion dollar takeover deal in the global mining industry, which has been consolidating as companies scramble to add reserves and try to capitalize on record high metal prices." More
- November 20, 2006 | Item | E-mail
Richmont Mines Inc.: First Gold Pour at the Island Gold Project - "Richmont Mines Inc. (TSX:RIC - News; AMEX:RIC - News) and Patricia Mining Corp. (TSX VENTURE:PAT - News) are pleased to announce the first gold pour at the Island Gold project. As part of its advanced underground exploration program, the CIP mill began operations last September in order to process a surface stockpile of approximately 30,000 tonnes of mineralized material from underground development and test mining." More
- November 20, 2006 | Item | E-mail
Coeur Signs Exploration Agreement on Properties in Argentina - "Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) said today that is has signed an exploration agreement with Mirasol Resources Ltd., under which Coeur has obtained exclusive rights for up to four years to conduct exploration and evaluation work on two highly prospective silver and gold properties near Coeur's existing Martha mine operations in the Santa Cruz province of Argentina." More
- November 20, 2006 | Item | E-mail
Yamana Releases Update on Milestones at Chapada and Other Operations - "The start-up of operations at the Chapada copper-gold mine is continuing in the ordinary course. The following substantive milestones have been achieved at the Chapada mine as the Company advances toward commercial production, expected in early 2007." More
- November 20, 2006 | Item | E-mail
Silver Standard Resources Inc. and Esperanza Silver Corporation: Further Bonanza-Grade Holes at San Luis - "Esperanza Silver Corporation (TSX VENTURE:EPZ.V - News) and Silver Standard Resources Inc. (TSX:SSO.TO - News)(NASDAQ:SSRI - News) are pleased to announce results of six additional drill holes on the Ayelen vein at their gold and silver San Luis joint venture in central Peru. Results have now been received for 10 holes (see news release of October 31 for prior results)." More
- November 20, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 November, 2006 | |
