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-- Posted 28 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $636.80 | -$2.90 | Silver | $13.54 | +$0.09 | XAU | 143.68 | +0.90% | HUI | 343.88 | +0.97% | GDM | 1096.08 | +0.86% | JSE Gold | 2996.40 | +1.20% | USD | 83.13 | -0.38 | Euro | 131.90 | +0.53 | Yen | 86.23 | +0.04 | Oil | $60.99 | +$0.67 | 10-Year | 4.509% | -0.029 | T-Bond | 113.875 | +0.28125 | Dow | 12136.45 | +0.12% | Nasdaq | 2412.61 | +0.28% | S&P | 1386.72 | +0.35% |
The Metals:  Gold fell a couple of dollars in Asia and London, rallied back above $640 in midmorning New York trade, plunged over $8 to the low $630s just after 10AM EST, rallied back up near $640 by early afternoon, fell back off a bit into the close, and ended with a loss of 0.45%. Silver traded in a range of about $13.40 to $13.55 for most of trade in Asia, London, and New York before it rallied higher in afternoon New York trade and ended near the top of that range with a gain of 0.67%.
Euro gold fell under €485, platinum gained $4 to $1,146, palladium lost $3 to $321, and copper fell a few cents to about $3.15. Gold and silver equities opened slightly higher before they soon fell off to find minor losses, but they then steadily rallied higher in the last 3 hours of trade and ended with near 1% gains. The Economy: Report | For | Reading | Expected | Previous | Durable Orders | Oct | -8.3% | -5.0% | 8.7% | Consumer Confidence | Nov | 102.9 | 106.0 | 105.4 | Existing Home Sales | Oct | 6.24M | 6.14M | 6.21M |
Existing Home Sales unexpectedly rose slightly, but they did so thanks to the median selling price falling 3.5% from October 2005, the biggest year-over-year decline on record. In addition, inventories of homes for sale increased 1.9% to 3,850,000 despite the increased sales. Bernanke spoke to the National Italian American Foundation in New York and noted below trend economic growth while stating that “a failure of inflation to moderate as expected would be especially troublesome.” Greenspan also spoke and reiterated his belief that the worst of the housing adjustment is over. Tomorrow at 8:30AM EST brings 3rd quarter GDP expected at 1.8% and the Chain Deflator also expected at 1.8%. At 10AM are New Home Sales for October expected at 1,050,000 and at 2PM is the release of the fed’s Beige Book. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose over 1% ahead of tomorrow’s inventory data on forecasts for cold weather on its way to the Eastern U.S. The U.S. dollar index fell on mostly disappointing economic data and the euro rose to new 20 month highs. Treasuries rose on economically disappointing Durable Goods data that sent the yield on to 10-year under 4.5% to 10 month lows. Gains in bonds moderated a bit after Existing Home Sales came in better than expected and Bernanke did not hint toward a future interest rate cut as some had hoped for, but treasuries still ended with decent gains. The Dow, Nasdaq, and S&P traded in a tight range near unchanged as mildly positive Existing Home Sales data offset economically disappointing Durable Goods and Consumer Confidence reports. Among the big names making news in the market today were NYSE and NASD, Vornado, Boeing, and EMI. The Commentary:  “As MIDAS stated in New Orleans and in this commentary the past couple of weeks, I have never been more silver bullish. Not because I’m smart but because of the input we have received from our sources:
*Hochschild Mining Management told attendees at a London conference the Chinese are buying silver. They were supposed to be, or used to be, the sellers. *The Arabs are quietly and steadily moving silver from London to Dubai. If the Chinese and Arabs are buying up this tiny market, how can the price stay down for long? So far, it has not since we received both inputs. Being short silver is a death wish in my book.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com  “December Gold finished down 3.3 at 637.3, 4 off the high and 4.8 up from the low.
December Silver closed up 0.13 at 13.62. This was 0.19 up from the low and 0.04 off the high. The bull camp would suggest that the recovery bounce in the gold market was impressive but with the Dollar down sharply and the US economic numbers creating a significant amount of uncertainty, it is surprising that the gold market wasn't able to forge gains similar to the silver and platinum markets. However, aggressive fund liquidation early in the session seemed to diffuse bullish sentiment and with the Fed seemingly banging the rate hike drum with their comments, it is not surprising that a number of would-be buyers were pushed to the sidelines. With a number of IMF and EU officials suggesting that the Euro could rise to 1.40 or 1.50 with a significant problem resulting, one would think that the path to even lower Dollar values has been cleared. While some US numbers were better than expected on Tuesday, it would seem like the macro economic and interest rate differentials are set to keep pressure on the Dollar, which in turn should temper some of the liquidation pressure in gold. The silver market once again outperformed the gold market. In fact, the silver market even managed the impressive gains Tuesday in the face of a sharp slide in copper prices. In other words, the silver market seemed to be able to play down the slowing of the US numbers and at the same time was also able to disassociate itself from the weakness in the gold market. In short, the silver market is marching to its own drummer but from a fundamental perspective, it is difficult to determine what theme the bulls are attempting to embrace.” - The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Ambrose Evans-Pritchard: Currency controls for Europe not so far-fetched Former money manager Armstrong stays in jail for contempt Ford mortgages nearly all U.S. assets to borrow $18 billion The Statistics: As of close of business: 11/27/2006 Gold Warehouse Stocks: | 7,492,011 | - 32,055 | Silver Warehouse Stocks: | 108,432,368 | - |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 425.32 | 13,674,549 | US$ 8,732m | LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.33 | 2,904,040 | US$ 1,855m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.44 | 335,468 | US$ 214m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,718 | US$ 203m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.85 tonnes. COMEX Gold Trust (IAU) Profile as of 11/27/2006 | | Total Net Assets | $874,112,846 | 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 11/27/2006 | | Total Net Assets | $1,452,200,299 | Ounces of Silver
in Trust | 107,727,155 | Shares Outstanding | 10,800,000 | Tonnes of Silver
in Trust | 3,350.7 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Rubicon’s (RBY) Plan of Arrangement, Great Basin’s (GBN) prospecting right, Exeter’s (XRA) drill results, Gold Fields’ (GFI) expansion projects, First Majestic’s (FR.V) private placement, and ECU Silver’s (ECU.V) quarterly results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Great Basin | GBN +3.16% $1.96 | 2. Gold Fields | GFI +3.12% $18.15 | 3. Gammon Lake | GRS +2.81% $14.29 |
LOSERS 1. Nevsun | NSU -3.13% $2.48 | 2. New Gold | NGD -2.78% $8.38 | 3. Entree Gold | EGI -2.65% $1.47 |
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: Richview Resources Inc. Announces $4 Million Private Placement - More
- November 28, 2006 | Item | E-mail
Yukon Resources Announces Private Placement Financing of US$2,650,000 with Dundee Securities Corporation - More
- November 28, 2006 | Item | E-mail
Bellhaven Grants 100,000 Incentive Stock Options - More
- November 28, 2006 | Item | E-mail
Ditem Increases $1.5 Million Brokered Private Placement to $1,750,000 - More
- November 28, 2006 | Item | E-mail
Win-Eldrich Mines Announces $381,000 Private Placement - More
- November 28, 2006 | Item | E-mail
Iberian Minerals Corp.: Additional Licences Acquired - More
- November 28, 2006 | Item | E-mail
Tonogold Retains AGORACOM Investor Relations - More
- November 28, 2006 | Item | E-mail
Phoenix Matachewan Mines Inc.: Agnico-Eagle Completes Option of Swanson Project, Exploration Continues at Bottle Creek, NV Gold Project - More
- November 28, 2006 | Item | E-mail
Gold Canyon Files Independent Technical Report - More
- November 28, 2006 | Item | E-mail
First Majestic Silver Corp.: Cdn$15.9 Million Private Placement Closes - "First Majestic Silver Corp. (the "Company") (TSX VENTURE:FR.V - News)(PINK SHEETS: FRMSF)(FWB: FMV)(WKN: A0LHKJ) is pleased to announce that the private placement (the "Offering") previously announced on November 14, 2006 was oversubscribed and has now closed. A total of 4,429,250 Units were subscribed for representing gross proceeds to the Company of CDN$15,945,300. Each Unit consists of one common share of the Company and one half of one-non-transferable common share purchase warrant (the "Warrant")." More
- November 28, 2006 | Item | E-mail
Klondike Star Launches Major Indian River Drilling Program - More
- November 28, 2006 | Item | E-mail
YSV Ventures Inc.: Press Release - More
- November 28, 2006 | Item | E-mail
Soltoro Acquires 6,200 Hectares and Airborne Survey at El Rayo Silver Property - More
- November 28, 2006 | Item | E-mail
Wineco Production Provides Update Hiko-Bell Mining and Oil Negotiations - More
- November 28, 2006 | Item | E-mail
Olympus Drilling Once Again Doubles Strike Length at High Grade Phuoc Son Property - More
- November 28, 2006 | Item | E-mail
Calypso Subsidiary Completes Branch Registration in Argentina and Continues With Property Acqusitions - More
- November 28, 2006 | Item | E-mail
Affinor: Filing of Year End Financial Statements - More
- November 28, 2006 | Item | E-mail
Xemplar Energy Corp. 'Benchmark' Research Coverage Being Initiated By Investrend Research - More
- November 28, 2006 | Item | E-mail
Metanor Resources Inc.: New Members on its Board of Directors and Agreement with Renmark as Investor Relations Firm - More
- November 28, 2006 | Item | E-mail
Cooper Minerals, Inc. `Benchmark' Research Coverage Being Initiated By Investrend Research - More
- November 28, 2006 | Item | E-mail
E-Energy Ventures Inc. 'Benchmark' Research Coverage Being Initiated By Investrend Research - More
- November 28, 2006 | Item | E-mail
Beijing QTC Announces a VoIP Telephone Agreement With Beijing Oriental Jiachuang International, Inc., Forwarding to the 3GenisIP Integrated Access System - More
- November 28, 2006 | Item | E-mail
Rusoro Mining to Acquire Mena Resources & 100% of Venezuela Projects - More
- November 28, 2006 | Item | E-mail
Greencastle Reports Third Quarter Profit and Provides Update - More
- November 28, 2006 | Item | E-mail
Tamija Gold & Diamond Exploration Inc. Signs Joint Venture Arrangement With The Central African Republic - More
- November 28, 2006 | Item | E-mail
Douglas Lake Minerals' Samples 9.56 g/t Au Over 3.0 Meters At Morogoro - More
- November 28, 2006 | Item | E-mail
Canstar Announces Drilling Plans for Shrimp, Tahoe and Sunday Lake Properties in Northwestern Ontario - More
- November 28, 2006 | Item | E-mail
Continental Minerals Ltd. and Great China Mining Inc.: New Copper-Gold Discovery at Xietongmen - More
- November 28, 2006 | Item | E-mail
Garibaldi Targets Key Areas of Alteration in Mexico's Sierra Madre-Acquires Four Concession Applications Totalling 245,000 Hectares - More
- November 28, 2006 | Item | E-mail
Campbell Resources Announces Rights Offering Fully Subscribed - More
- November 28, 2006 | Item | E-mail
Osisko Closes Private Placement - More
- November 28, 2006 | Item | E-mail
Probe Mines Confirms Base Metal-Bearing Horizons in First Phase Drilling Program on Greenlaw Project, Chapleau, Ontario - More
- November 28, 2006 | Item | E-mail
Centurion Gold Receives Prospecting Rights for Platinum Project K and R/ DIAMANT and Final Competent Persons Report - More
- November 28, 2006 | Item | E-mail
Asian Dragon Group Inc., Reports on Mining and Exploration Operations at the Jinjishan Gold Mine - More
- November 28, 2006 | Item | E-mail
Update on Globex's Fabie Bay Project - More
- November 28, 2006 | Item | E-mail
SIG Specialists, Inc. Selected as Lead Market Maker by Energy Metals Corporation - More
- November 28, 2006 | Item | E-mail
Pacific Bay Adds 75 Key Uranium Claims to Matoush Block, Otish Mountains, Quebec - More
- November 28, 2006 | Item | E-mail
Uranerz Energy Corporation: Cochrane River, Athabasca Basin Area Update; New Uranerz Personnel - More
- November 28, 2006 | Item | E-mail
Pele Mountain Advances Elliot Lake Uranium Project, Commissions NI 43-101 Technical Report - More
- November 28, 2006 | Item | E-mail
Energy Metals to List on NYSE Arca - More
- November 28, 2006 | Item | E-mail
Rubicon Minerals Corporation Provides Summary of Plan of Arrangement Status - "David W. Adamson, President and CEO of Rubicon Minerals Corporation (TSX:RMX.TO - News) (AMEX:RBY - News) ("Rubicon") is pleased to provide the following summary of the status of its Plan of Arrangement ("Plan") in order to address enquiries by investors who have requested an explanation of the relatively complex technical disclosure that has been issued to date." More
- November 28, 2006 | Item | E-mail
Great Basin Gold Announces the Granting of Final Prospecting Right for its Burnstone Gold Project in South Africa - "The whole of the planned mining area of the Burnstone Gold Project, as set out in the Burnstone Feasibility Study, has now been so converted. Under the feasibility study which was completed and published in May 2006, the Burnstone Gold Project has an expected mine life of 14 years, producing an average of 214,000 oz/annum. An exploration programme is currently underway with the objective of increasing the mineral reserve by some 30% which, in turn, could see the Burnstone Mine achieving a higher rate of production over an extended mine life." More
- November 28, 2006 | Item | E-mail
ECU Silver Mining Inc.-News Release - "ECU Silver Mining Inc. (TSX VENTURE:ECU - News; the "Company") is pleased to announce that financial results for the quarter ended September 30th 2006 and corresponding Management Discussion & Analysis have been filed and are available on Sedar (sedar.com)." More
- November 28, 2006 | Item | E-mail
Exeter Intersects High-Grade Gold to Extend Central Vein Zone at La Cabeza - "Preliminary assay results from drill hole LCD-163, sited to test the Labio East Vein at a depth of 100 metres, include 1.3 metres (4.3 ft.) grading 67.5 grams per tonne ("g/t") gold (2.0 oz. gold/ton), including 0.5 metres (1.65 ft.) at a grade of 173.5 g/t gold (5.0 oz. gold/ton) and 1945 g/t silver (56.4 oz. silver/ton). A second drill hole, LCD-165, intersected the vein at the same depth, 55 metres along strike, and is interpreted to define the edge of the ore grade zone." More
- November 28, 2006 | Item | E-mail
Gold Fields to Invest US$175 Million on Expansion Projects at Tarkwa - "These expansion projects will maintain the total ore tonnage treated at approximately 21.6Mtpa, comprising 9.6Mtpa of heap leach and 12.0Mtpa milled ore. It will enable gold production to be maintained at a level in excess of 700,000 ounces per annum till 2021, minimise the sub-optimal processing of ore by improving the overall recovery and decrease the processing unit operating cost through economies of scale." More
- November 28, 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 28 November, 2006 | |
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