-- Posted 29 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $635.00 | -$1.80 |
Silver | $13.55 | +$0.01 |
XAU | 144.05 | +0.26% |
HUI | 343.36 | -0.15% |
GDM | 1098.62 | +0.23% |
JSE Gold | 2982.59 | -0.46% |
USD | 83.50 | +0.37 |
Euro | 131.56 | -0.34 |
Yen | 85.98 | -0.25 |
Oil | $62.46 | +$1.47 |
10-Year | 4.521% | +0.012 |
T-Bond | 113.6875 | -0.1875 |
Dow | 12226.73 | +0.74% |
Nasdaq | 2432.23 | +0.81% |
S&P | 1399.48 | +0.92% |
The Metals:
Gold rose near $640 in Asia, fell to about $634 in London, traded between $635 and $638 in New York, and ended at the bottom of that range with a loss of 0.28%. Silver rose to about $13.80 in Asia, fell in London, and dropped to about $13.55 in early New York trade before it rebounded a bit, but it then fell back off into the close and ended with a gain of just 0.07%.
Euro gold remained slightly under €485, platinum gained $5 to $1,151, palladium lost $3 to $318, and copper fell slightly to about $3.14.
Gold and silver equities traded between unchanged and about 1% lower for most of trade before they rallied higher in the last hour and a half of trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q3 | 2.2% | 1.8% | 1.6% |
Chain Deflator | Q3 | 1.8% | 1.8% | 1.8% |
New Home Sales | Oct | 1004K | 1050K | 1037K |
The fed’s Beige Book showed moderate economic growth. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/25 expected at 316,000, Personal Income for October expected at 0.5%, and Personal Spending expected at 0.1%. At 10AM are Chicago PMI for November expected at 54.5 and the Help-Wanted Index for October expected at 30.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Crude inventories fell 300,000 barrels, gasoline inventories fell 600,000 barrels, and distillates fell 1.0 Million barrels. Oil rose after the report as many expected builds, rather than draws, in gasoline and distillate inventories.
The U.S. dollar index rose and treasuries fell on better than expected GDP data that quieted talks of a possible future interest rate cut by the fed. The euro fell from 20 month highs.
The Dow, Nasdaq, and S&P rose nearly 1% on the GDP report that came in better than expected and eased concerns that the economy was slowing too sharply.
Among the big names making news in the market today were the CFTC, Ford, Tiffany, Pfizer, GM, Houghton Mifflin and Riverdeep, and Citadel.
The Commentary:
“http://goldxreportxaustralia.wordpress.com/2006/10/26/rba-empty-vault/
This is an important one. Please take the time to hit the link and read this report on the Australian Gold Sector. It states the World Gold Council says the central banks have 30,000 tonnes of gold reserves, but do not take into account how much is out on loan. GATA says more than half of those gold reserves are gone or out on loan in some manner, as in the Reserve Bank of Australia.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 1.8 at 635.5, 2.5 off the high and 1 up from the low.
December Silver closed down 0.054 at 13.566. This was 0.016 up from the low and 0.134 off the high.
The gold market managed to throw off what appeared to be an extremely vulnerable early condition. However, the favorable close in the Dollar would seem to hint at ongoing pressure on gold from the currency/flight to quality argument. Surprisingly the sharp rally in the equity market didn't prompt investment flow away from gold and that might have been the result of a rather significant rally in the energy complex. In fact, January crude oil reached the highest level since November 10th and that might have prompted some inflationary buying of gold late in the session. With overall volume of trade the Chicago 100 ounce futures contract reaching a new record on Tuesday of 78,133 contracts, it would certainly seem like the trade remains interested in gold despite the fact that it recently traded $80 an ounce above the October lows!
It initially seemed like the silver market was going to buck the profit taking trend seen in the gold market, but prices ended up fading into the close. With both platinum and copper prices weakening into the close and the US economic data mostly slack, it seems that a number of longs in silver decided to bank profits. In the end, a stellar rally in the stock market wasn't enough to leave silver prices in a positive mode. In fact, despite talk of increased fund buying interest in the morning action, the silver market still slumped back into the close!” - The Hightower Report, Futures Analysis and Forecasting
Allocating Assets Via ETFs
http://www.thestreet.com/_swtile/video/strategysession/10324731.html
GATA Posts:
China seen trying to manipulate copper prices down
Mid-tier gold miners are takeover targets, maybe for Billiton
Barrick won't extend offer for NovaGold past Dec. 6
World starting to sense that too many dollars are floating around
Now India is talking about diversifying forex into gold
Suspicion of manipulation falls on Treasury repo market
Grandich remarks on market manipulation during ROB-TV interview
The Statistics:
As of close of business: 11/28/2006
Gold Warehouse Stocks: | 7,492,011 | - |
Silver Warehouse Stocks: | 108,432,368 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 425.32 | 13,674,549 | US$ 8,708m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,904,007 | US$ 1,848m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.44 | 335,465 | US$ 214m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,711 | US$ 202m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/28/2006 | |
Total Net Assets | $869,734,172 | 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 11/28/2006 | |
Total Net Assets | $1,447,332,684 | 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:
Barrick’s (ABX) bid for NovaGold (NG), Claude’s (CGR) drill program, Cumberland’s (CLG) senior officer and management appointments, Geocom’s (GOCM.OB) and Kinross Gold’s (KGC) staked claims, Kimber’s (KBX) drill results, Arian Silver’s (AGQ.V) 3rd quarter results, Silver Eagle’s (SEG.TO) plans to speak at the RBC Capital Markets Silver Conference, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +11.36 $5.98 |
2. Mines MGMT | MGN +6.43% $5.96 |
3. Crystallex | KRY +6.18% $3.61 |
LOSERS
1. Eldorado | EGO -4.77% $5.39 |
2. Great Basin | GBN -4.59% $1.87 |
3. Exeter | XRA -4.51% $2.75 |
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:
Purepoint Uranium Group Inc: Third Quarter 2006 Financial Statements - More
- November 29, 2006 | Item | E-mail
Aquila Announces Brokered Private Placement Increased to $25 Million - More
- November 29, 2006 | Item | E-mail
Claude begins Red Lake drill program - "A 10,000 metre (33,000 feet) surface core drill program is expected to begin December 1 and is designed to focus on definition drilling of the main stringer envelope of mineralization intersected in the Treasure Box zone, 2.4 kilometres (1.5 miles) north of the Madsen mine complex. The zone was discovered in 2002 and given the name due to nuggety visible gold present in drill core." More
- November 29, 2006 | Item | E-mail
Resignation of Director - More
- November 29, 2006 | Item | E-mail
Jourdan to Acquire 100% Interest in Nelligan and Maisonneuve Properties - More
- November 29, 2006 | Item | E-mail
Strait Gold Reports Third-Quarter Results - More
- November 29, 2006 | Item | E-mail
StrataGold and Newmont commence drilling on Barama JV, Guyana - More
- November 29, 2006 | Item | E-mail
Barrick's Inadequate Hostile Bid for NovaGold to Expire December 6 - "Over the last four months, NovaGold's shareholders have consistently rejected Barrick's wholly inadequate takeover bid, which is at a discount to the Company's recent trading prices and pre-bid share price highs," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "A majority of our shareholders have agreed that the Company's world-class assets and production growth profile are worth more than US$16. With the hostile Barrick bid soon to be behind us, we can now focus all of our efforts on delivering shareholder value by executing our long-term strategic plan, and on our objective to continue our tradition of delivering superior returns to shareholders." More
- November 29, 2006 | Item | E-mail
Upper Similkameen Indian Band and Goldcliff Resource Corporation Sign Memorandum of Understanding Agreement - More
- November 29, 2006 | Item | E-mail
Starfire continues drilling Langmuir Nickel project, Timmins Ontario - More
- November 29, 2006 | Item | E-mail
Cumberland Announces Senior Officer and Management Appointments - "CUMBERLAND RESOURCES LTD. (TSX:CLG.TO - News)(AMEX:CLG - News) (the "Company") is pleased to announce the following appointments to its growing team of development and operations specialists preparing the Meadowbank Gold project for construction and production. Cumberland is preparing to commence construction of Canada's and Nunavut's next large-scale, long-life gold operation at Meadowbank, host to Canada's largest undeveloped pure gold reserves." More
- November 29, 2006 | Item | E-mail
Soltoro Releases Q3 Results - More
- November 29, 2006 | Item | E-mail
Fieldex completes $1.68 million private placement with PowerOne Capital Markets - More
- November 29, 2006 | Item | E-mail
UrAsia grants stock options - More
- November 29, 2006 | Item | E-mail
Crew Gold Corporation Announces Crew Minerals ASA Listing Application Update - More
- November 29, 2006 | Item | E-mail
Barrick won't extend NovaGold bid past Dec. 6 - "Barrick Gold Corp. (ABX.TO: Quote, Profile, Research) said on Wednesday it will not extend the latest Dec. 6 deadline in its $1.7 billion bid to buy NovaGold Resources (NG.TO: Quote, Profile, Research), easing off an increasingly hostile takeover fight.
Barrick, the world's biggest gold producer, had extended its offer six times. Last week it said that about 14 percent of NovaGold's shares had been deposited to its bid, down from 22.5 percent before it waived its minimum tender condition." More
- November 29, 2006 | Item | E-mail
Richmond Minerals Inc. Proposes Flow-Through Financing - More
- November 29, 2006 | Item | E-mail
Mesa Uranium Corp.: Commences Drilling at North Alice and Texwood - More
- November 29, 2006 | Item | E-mail
Crew Gold Corporation Announces Crew Minerals ASA Private Placement - More
- November 29, 2006 | Item | E-mail
UNOR Closes Flow-Through Financing - More
- November 29, 2006 | Item | E-mail
Strait Gold Grants Stock Options - More
- November 29, 2006 | Item | E-mail
Romios Announces First Closing of Private Placement - More
- November 29, 2006 | Item | E-mail
Aurus Commences Procedures to Mine Tailings - More
- November 29, 2006 | Item | E-mail
Robex - Update in the 2006-2007 exploration programs in Mali - More
- November 29, 2006 | Item | E-mail
Jinshan to Drill Dadiangou Gold Project in January, 2007 - More
- November 29, 2006 | Item | E-mail
Vior Signs Agreement with Investor Relations Firm - More
- November 29, 2006 | Item | E-mail
Alturas Reports up to 84.0 Metres @ 1.24 grams/tonne Gold and 11.3 grams/tonne Silver From First Five Drill Holes at Huilacollo Gold Project, Peru - More
- November 29, 2006 | Item | E-mail
Grandview Completes Option Agreement for Rocky Ridge, Manitoba Property - More
- November 29, 2006 | Item | E-mail
Everton Begins Exploration Program at La Mireya Dominican Republic - More
- November 29, 2006 | Item | E-mail
Castillian Appoints David Gower, P.GEO. as President and C.E.O. - More
- November 29, 2006 | Item | E-mail
Golden River Resources Announces High Grade Surface Results - More
- November 29, 2006 | Item | E-mail
Strathmore Announces NI 43-101 Compliant Resource Estimate of 24,400,000 lbs U3O8 at its Dieter Lake Quebec Property - More
- November 29, 2006 | Item | E-mail
Azimut and Northwestern delineate a 3.3-km-long uranium zone with grades up to 0.59% U3O8 on the North Rae property, Ungava Bay region - More
- November 29, 2006 | Item | E-mail
CanAlaska to Undertake Uranium Exploration with Fond du Lac First Nation - More
- November 29, 2006 | Item | E-mail
Triex Minerals Corporation: Exploration Continues for Basement-Hosted Uranium East of the Athabasca Basin - More
- November 29, 2006 | Item | E-mail
RETRANSMISSION: Yukon Resources Announces Private Placement Financing of US$2,650,000 with Dundee Securities Corporation - More
- November 29, 2006 | Item | E-mail
Northwestern and Azimut outline 2.0-mile long highly prospective uranium mineralized zone at North Rae uranium project in Quebec, Canada - More
- November 29, 2006 | Item | E-mail
Geocom Resources Inc. and Kinross Gold Corporation Stake Large Claim Blocks in Region Ten, Chile - "Geocom and its joint venture partner Kinross Gold Corporation have completed staking a total of 318 claims, known as pedimentos in Chile, in six separate blocks in Region Ten, Chile. The total number of hectares acquired is 91,700 (226,591 acres), which is equivalent to 354.1 square miles. All of the ground that was targeted as a function of the initial reconnaissance program was successfully acquired." More
- November 29, 2006 | Item | E-mail
Arian Silver Corporation Announces Third Quarter 2006 Results - "In the nine month period to September 30, 2006, the Company lost $2.7 million after expensing the fair value of options granted of $0.9 million and before the extraordinary write off of goodwill arising on the acquisition of ASCL of $13.6 million. There was no income other than from interest from short term cash deposits of $56,000 and the Company continued to incur administrative costs in its Mexican operations and in respect of corporate overheads, which included costs incurred in connection with the admission to the AIM and TSXV stock exchanges." More
- November 29, 2006 | Item | E-mail
Silver Eagle Mines' CEO to Speak at RBC Silver Conference - "Silver Eagle Mines Inc. ("Silver Eagle")(TSX:SEG - News) is pleased to announce that Mr. Terry Byberg, President, and Chief Executive Officer of Silver Eagle Mines Inc., will be presenting at the RBC Capital Markets Silver Conference being held at the Intercontinental The Barclay Hotel in New York City on December 5, 2006, at 11:30 A.M. Eastern time. At this time Mr. Byberg will provide an update on the Company's plans and activities at its Miguel Auza project." More
- November 29, 2006 | Item | E-mail
Kimber intercepts 26 metres of 18.16 g/t gold equivalent at Monterde - "The results from LMR-47 are some of the best encountered to date at Monterde. The Veta Minitas structure is located about 200 metres west of the Carmen footwall and already has a small resource defined. The high concentration of silver (5.7 kilograms over four metres) with 25.3 g/t gold is substantial and will require follow-up drilling. The attitude and true thickness of this mineralization are unknown, but this structure appears to be more steeply dipping than the majority identified thus far." More
- November 29, 2006 | Item | E-mail
Barrick's Offer to Acquire NovaGold Will Expire on December 6 and Will Not be Extended - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX.TO - News)(London:BGD.L - News) announced today that Wednesday, December 6, 2006 will be the final expiry date for its US$16.00 cash offer to acquire the common shares of NovaGold Resources Inc. There will be no further extensions of Barrick's offer." More
- November 29, 2006 | Item | E-mail
Apogee Intersects 4m of 212.5 g/t Silver, 26% Zinc at La Solucion Mine - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has intersected additional significant, very high grade silver-zinc-lead mineralization on the Hampaturi Vein South Extension, adjacent to the company's mining activities at the southwestern end of Apogee's 100% owned La Solucion Mine." More
- November 29, 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 29 November, 2006 | |
