-- Posted 21 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $628.10 | +$6.90 |
Silver | $13.04 | +$0.34 |
XAU | 137.65 | +3.75% |
HUI | 329.89 | +3.79% |
GDM | 1049.89 | +3.68% |
JSE Gold | 2850.91 | +1.11% |
USD | 85.24 | -0.18 |
Euro | 128.44 | +0.33 |
Yen | 84.84 | +0.17 |
Oil | $60.17 | +$1.37 |
10-Year | 4.578% | -0.017 |
T-Bond | 113.15625 | +0.21875 |
Dow | 12321.59 | +0.04% |
Nasdaq | 2454.84 | +0.09% |
S&P | 1402.81 | +0.16% |
The Metals:
Gold traded about $1 to $3 higher in Asia, rose another couple dollars in London, and climbed to about $628 by late morning in New York before it fell back off to about $625 in early afternoon trade, but it then rallied back in the last ½ hour of trade and ended near its highs with a gain of 1.11%. Silver rose about 20 cents in Asia and held near $12.90 in London before it climbed above $13 in New York and ended with a gain of 2.68%.
Euro gold rose to about €490, platinum rose to new all-time highs at about $1,350 on ETF rumors before it fell back off and ended with a loss of $32 to $1,222, palladium gained $9 to $327, and copper gained about 5 cents to $3.10.
Gold and silver equities rose about 2% at the open, continued higher in afternoon trade, and ended with nearly 4.0% gains.
The Economy:
There were no major economic reports today, some inflationary comments from the fed’s Warsh and a reduced economic growth forecast from the White House did have some talking.
Tomorrow at 8:30AM EST are Initial Jobless Claims for 11/18 expected at 310,000 and at 10AM is the revised reading for November Michigan Sentiment expected at 93.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed over 2% and got back above $60 on supply disruptions in Alaska and the North Sea. Traders were also preparing for tomorrow’s supply reports and for a long Holiday weekend.
The U.S. dollar index remained near unchanged for most of trade on a lack of significant economic data, but it did slip late in the day after the fed’s Fisher said he was “comfortable presently with where we are” in terms of interest rates.
Treasuries fell in early trade on some inflationary comments from the fed’s Warsh, but they then rose in later trade and ended decently higher as the White House reduced their expectations for future economic growth.
The Dow, Nasdaq, and S&P all found slight gains after some mixed trade as higher oil prices battled lower interest rates and decent company news.
Among the big names making news in the market today were Dell, Google, ITV and NTL, Jack in the Box, Deere, and Korean Air and Boeing.
The Commentary:
“With Platinum a feature of the day going through the ceiling so quickly, with a 10% jump, all are asking if this market is taking off. Bearing in mind supply is slow to react to such rising demand, the supplies will be available fairly soon, if the producers are to be believed. What is of constant concern in any market is the way demand can overtake supply very quickly when the market is evenly balanced. The power of that demand and supply balance is being demonstrated in the Platinum market right now. With a near-panic situation prices are dangerously erratic. As we said before the shares are the way to get the best from this market unless one is a short-term Trader. The Traders are being made or broken in that market right now.
In gold the trend influence is strong and gently pushing up prices in the world outside the States. This gives us a good perspective on the gold market, outside the States and helps U.S. professionals see the real shape of the market. It is likely that the funds will give attention not just to the Platinum market but to other precious metals soon.
The Platinum price has not risen for solid reasons, merely speculation, so might well continue erratic both ways so long as the balance of demand / supply remains finely balanced. The small deals can now cause a large price move, so Traders, be careful to balance the risk reward factor.” - Julian D.W. Phillips, www.goldforecaster.com
“European bullion dealers and pundits pounded the table in August and September that the huge physical market selling had to be of Washington Agreement central bank origin. Our GATA camp suggested it probably was The Gold Cartel. Well if Trichet says it was not those W A signatories, then it had to be The Gold Cartel.
Will the Barclays type hypocrites ever admit they were wrong? No, but we know it is a big win for our camp.
The win for GATA is even better than that. The BIS gold derivatives numbers for the first half of the year just came out. I am sure Reg Howe will publish something on this in the weeks ahead. The bottom line is the gold derivatives surged even as the gold producers were reducing their hedges. Once again, if it was not the hedgers putting on derivatives positions, who was it? Same answer … Gold Cartel.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 6.6 at 628.7, 0.3 off the high and 3.9 up from the low.
December Silver closed up 0.345 at 13.085. This was 0.155 up from the low and 0.015 off the high.
While the gold market seemed to get its initial support from the sharp rise in the platinum market, the gold market managed to sustain its strength well after the platinum market suffered massive profit taking. Therefore, it seems as if the gold market indirectly benefited as a result of the platinum action but that the forces that lifted gold prices were in the end perhaps something altogether different. While some players were talking up a renewed risk of inflation that seemed unlikely given that Treasury bonds actually managed a late closing breakout above some consolidation resistance. However, the oil market was higher off of weather delays at Alaskan ports and the energy trade was also playing up the idea that OPEC might be planning to improve its compliance with past production cuts. Therefore it is possible that the expectation of inflation and the expectations of higher oil prices were indeed providing support to gold prices on Tuesday. However, given all the attention garnered by platinum this week, one can't completely discount the potential that the platinum buzz did spill over into the gold market.
While the silver market was initially lifted by the sharp platinum gains and then was lifted by the strength in oil prices, in the end the market seemed to add to the gains late in the day on its own accord. With a return to the vicinity of the highest close since the September 6th high close, the December silver contract looked as if it was preparing to make an upside breakout on the charts. Certainly the gold rally was a major component of the silver rally and certainly the buzz created by the platinum market attracted some buyers to silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
ETF talk boosts platinum but analyst says there's too little metal for one
Home sales plummet in 38 states in 3rd quarter
Hong Kong plans gold depository to compete with U.S., Europe
The Statistics:
As of close of business: 11/20/2006
Gold Warehouse Stocks: | 7,524,058 | - |
Silver Warehouse Stocks: | 107,609,377 | - |
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$ 8,359m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.33 | 2,904,265 | US$ 1,827m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.31 | 331,164 | US$ 208m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,739 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/20/2006 | |
Total Net Assets | $847,963,990 | 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 11/20/2006 | |
Total Net Assets | $1,372,144,129 | 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:
Metallica’s (MRB) defeated legal challenge, Agnico-Eagle’s (AEM) exploration update, Newmont’s (NEM) arbitration in Uzbekistan, Taseko’s (TGB) offer for bcMetals (C.V), Silver dragon’s (SDRG.OB) first silver bar pour, and Excellon’s (EXN.V) financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG+15.61% $5.48 |
2. Entree Gold | EGI +9.29% $1.53 |
3. Mines MGMT | MGN +7.18% $5.97 |
LOSERS
1. Minco Mining | MMK -3.27% $1.48 |
2. Ivanhoe | IVN -3.08% $9.13 |
3. Cardero | CDY -3.07% $1.58 |
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:
Latin American Minerals Inc. Announces Closing of Private Placement - More
- November 21, 2006 | Item | E-mail
Noront Resources Ltd.: Tie Jiang Ying Zi Property, Inner Mongolia, China Referred to as China One Project - More
- November 21, 2006 | Item | E-mail
Perihelion Global Files Mining Claims on 800 Acres Surrounding Patented Gold Mine Acquisition - More
- November 21, 2006 | Item | E-mail
Canarc Drilling Intersects Additional High Grade Visible Gold Mineralization at New Polaris Property, BC - More
- November 21, 2006 | Item | E-mail
Eden Phase 2 drilling results identify thick gold intervals and outline favorable gold-bearing structures - More
- November 21, 2006 | Item | E-mail
Cadiscor Resources Inc. Grants Stock Options to Dresden Capital Inc. - More
- November 21, 2006 | Item | E-mail
Amex Exploration Inc. starts a new drill program at Normetal - More
- November 21, 2006 | Item | E-mail
BacTech/Mintek Biogold Plant Wins Environmental Award - More
- November 21, 2006 | Item | E-mail
Pershimco Resources Inc.: Pilot Production to Start at Cusi, Mexico - More
- November 21, 2006 | Item | E-mail
Southern Star Drilling Intersects 108.3 g/t Au Over 3.8 M and 107.7 g/t Au Over 3.9 M and Extends Bruce Channel Gold Discovery 200 Meters - More
- November 21, 2006 | Item | E-mail
Exall Resources Limited: Step-Out Drilling Intersects 108.3 g/t Au Over 3.8 M and 107.7 g/t Au Over 3.9 M Bruce Channel Discovery Strike Length Extended - More
- November 21, 2006 | Item | E-mail
Altius Acquires New Uranium and Nickel Projects in Labrador, Canada - More
- November 21, 2006 | Item | E-mail
Gold Reach Release Results on Last 4 Holes From Fall Drill Program - More
- November 21, 2006 | Item | E-mail
Verena Intersects 80 Metres @ 1.88 g/t Au Including 7.0 Metres @ 10.35 g/t Au at Volta Grande Project - More
- November 21, 2006 | Item | E-mail
Beartooth Platinum Announces Initial Assay Results From 2006 Drill Program at Stillwater; Expands Known Mineralization - More
- November 21, 2006 | Item | E-mail
Condor Announces $1.5 Million Financing - More
- November 21, 2006 | Item | E-mail
Tinka's surface channel sampling extends dimensions of large silver system at Colquipucro Project in Peru, including 17m averaging 88 g/t silver - More
- November 21, 2006 | Item | E-mail
Hinterland Makes Unprecedented Platinum-Palladium Discovery in Quebec - More
- November 21, 2006 | Item | E-mail
Temex commences drilling at high grade Silver Project - More
- November 21, 2006 | Item | E-mail
El Alacran Gold Mine Corp. and Los Mates Mine Confirm Joint Venture - More
- November 21, 2006 | Item | E-mail
Gold Reach Expands on Significance of High Grade Breccia Intersections, reports zone open to the North and West, Porphyry Zone open to the South - More
- November 21, 2006 | Item | E-mail
Dia Bras Reports Recent Results From its Exploration Program at South Bolivar Cu-Fe-Ag-Au Skarn Body - More
- November 21, 2006 | Item | E-mail
Pacific North West Capital - Phase 9A $1,100,000 Exploration Update - More
- November 21, 2006 | Item | E-mail
Sparton Concludes New Agreement to Sell 41% of Luxi Gold Project for RMB 19,680,000 Million '$C2.81 Million' - More
- November 21, 2006 | Item | E-mail
Ruby Property Update - More
- November 21, 2006 | Item | E-mail
Unico, Inc. Reports Completion of New Building as Part of Reconstruction of the Mill and Processing Facility at the Deer Trail Mine - More
- November 21, 2006 | Item | E-mail
Goldcrest Finalizes Definitive Option Agreement with Phelps Dodge Exploration Corporation on its Gaoua Copper-Gold Permits in SW Burkina Faso - More
- November 21, 2006 | Item | E-mail
Paladin Resources Ltd.: Annual General Meeting-Corporate Presentation - More
- November 21, 2006 | Item | E-mail
Mountain Lake Intercepts 16 meters (52.5 feet) Grading 8 % Zinc at Bobby's Pond - More
- November 21, 2006 | Item | E-mail
Western Goldfields Orders Mining Fleet to Proceed With Mesquite Mine Production - More
- November 21, 2006 | Item | E-mail
NewWest Gold Corporation reports Phase One drilling results from Northumberland - More
- November 21, 2006 | Item | E-mail
US Patent Office Issues Landmark Silver Patents to ABL - More
- November 21, 2006 | Item | E-mail
Prospect Uranium, Inc. Announces Secure Energy, LLC. Joint Venture - More
- November 21, 2006 | Item | E-mail
Equitable Mining Corp. (EQUITABLE) announces NOBO Report Results and verified large Short position - More
- November 21, 2006 | Item | E-mail
Medusa Mining Limited First Day of Dealings on AIM - More
- November 21, 2006 | Item | E-mail
Globex Options Rousseau Gold Project - More
- November 21, 2006 | Item | E-mail
Dewatering and Underground Work to Start at Fabie Bay - More
- November 21, 2006 | Item | E-mail
Silver Dragon Resources Inc. Pours First Silver Bar at the Erbahuo Silver Mine, China - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce that Sanhe-Sino-Top Resources & Technologies Co., Ltd. ("Sino-Top") has poured the first silver dore bar of approximately 4.2 kilogram (135 ounces) at the Erbahuo Silver Mine at the Erbahuo Silver Project, China. This major milestone is part of the ongoing developments and improvements being made at the mine. The bar contains 99.95% Silver. The Company has a 60% ownership interest in Sino-Top." More
- November 21, 2006 | Item | E-mail
Excellon Reports Record Financial Results for 2006 - "Excellon Resources Inc. (TSX VENTURE:EXN - News) is pleased to report record operating cash flow of $3,985,000 for the year ended July 31, 2006. Excellon's cash flow since then has continued to grow, and the Company now has over $13 million cash on hand. Other results from the year ended July 31, 2006 include:" More
- November 21, 2006 | Item | E-mail
Uranium Energy Corp Increases Historically-Drill Proven Uranium Resources with Addition to South Texas Portfolio - More
- November 21, 2006 | Item | E-mail
UEX Reports High-Grade Intercepts at Shea Creek's Kianna Deposit: SHE-115-10 Intersects 12.36% U(3)O(8) Over 12.2 metres - More
- November 21, 2006 | Item | E-mail
Landmark Minerals Inc.: Carrol's Hat Property Optioned to Ucore Uranium - More
- November 21, 2006 | Item | E-mail
Forum Finds 1% Uranium and Priority Drill Target at Newly Discovered Hobo Zone - More
- November 21, 2006 | Item | E-mail
Crescent Adds Technical Advisor for Oviedo Uranium Property Paraguay - More
- November 21, 2006 | Item | E-mail
Metallica Resources Wins Another Legal Challenge at Cerro San Pedro Project, Mexico - "Metallica Resources Inc. (TSX:MR.TO - News)(AMEX:MRB - News) has learned that a Court in Mexico has denied another legal challenge brought by a group of absentee ejido members who oppose the Cerro San Pedro (CSP) gold-silver project. The legal action sought to suspend an explosives operating permit granted to Metallica's wholly-owned Mexican subsidiary, Minera San Xavier, S.A. de C.V. (MSX) by SEDENA (Secretaria de Defensa National)." More
- November 21, 2006 | Item | E-mail
Agnico-Eagle discovers new gold zones at Pinos Altos, Kittila, Lapa and Laronde/Bousquet - "Agnico-Eagle Mines Limited is pleased to provide an update on its 2006 exploration activities. Encouraging results have been received from several of the development properties in Finland, Mexico and Quebec, including results from outside of the currently contemplated mining areas." More
- November 21, 2006 | Item | E-mail
Uzbeks seeking ways to disregard int'l arbitration - "Uzbekistan is seeking legal ways to disregard decisions made by international courts of arbitration after declaring a gold venture half-owned by Newmont Mining Corp. bankrupt earlier this year. Foreign mining companies have run into problems in the resource-rich Central Asian state over the past year, especially after the West strongly criticised Tashkent for using force to quash an uprising in May 2005." More
- November 21, 2006 | Item | E-mail
Taseko's C$1.05 per Share Offer for bcMetals Corp. Set to Launch November 23, 2006 - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announced today that further to its November 2, 2006 news release, it will launch a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation ("bcMetals") (TSX VENTURE:C.V - News) on November 23, 2006." More
- November 21, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2006
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 21 November, 2006 | |
