-- Posted 30 November, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $646.60 | +$11.60 |
Silver | $13.91 | +$0.36 |
XAU | 149.28 | +3.60% |
HUI | 355.54 | +3.55% |
GDM | 1136.28 | +3.43% |
JSE Gold | 3049.17 | +2.23% |
USD | 82.93 | -0.57 |
Euro | 132.46 | +0.90 |
Yen | 86.38 | +0.40 |
Oil | $63.13 | +$0.67 |
10-Year | 4.458% | -0.063 |
T-Bond | 114.375 | +0.6875 |
Dow | 12221.93 | -0.04% |
Nasdaq | 2431.77 | -0.02% |
S&P | 1400.63 | +0.08% |
The Metals:
Gold rose a couple dollars in Asia and added a few bucks more in London to about $640 before it added nearly $10 more in New York and then fell back off a bit, but it still ended with a gain of 1.83%. Silver rose about 10 cents in Asia and London and added about 30 cents more in New York before it fell off a bit, but it still ended near its highs with a gain of 2.66%.
Euro gold rose near €490, platinum gained $27 to $1,178, palladium gained $10 to $328, and copper rose a few cents to about $3.18.
Gold and silver equities rose over 2% at the open, continued to rise throughout trade, and ended with about 3.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/25 | 357K | 316K | 323K |
Personal Income | Oct | 0.4% | 0.5% | 0.5% |
Personal Spending | Oct | 0.2% | 0.1% | -0.2% |
Chicago PMI | Nov | 49.9 | 54.5 | 53.5 |
Help-Wanted Index | Oct | 30 | 30 | 29 |
Chicago PMI fell under 50 to the lowest level since April 2003. A reading below 50 indicates economic contraction. Tomorrow at 10AM are Construction Spending for October expected at -0.4% and the ISM Index for November expected at 52.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose above $63 to 2 month highs on supply concerns as cold weather hits many areas of the U.S.
The U.S. dollar index fell and treasuries rose on poor economic data that sent the yield on the 10-year to the lowest level since January. The dollar fell to a 14 year low versus the pound and the euro rose to new 20 month highs.
The Dow, Nasdaq, and S&P fell in morning trade on economic worries and poor retail sales, but they then rebounded in afternoon trade and ended near unchanged as advances by oil companies dragged the indices higher.
Among the big names making news in the market today were Pfizer, GM, Intuit and Digital Insight, Cardinal Health, Delta, TiVo, Gap, Federated, Del Monte, Heinz, and Wal-Mart.
The Commentary:
“February Gold finished up 11.1 at 652.9, 1.6 off the high and 6.4 up from the low.
March Silver closed up 0.355 at 14.115. This was 0.165 up from the low and 0.075 off the high.
The gold market probably shocked a few traders with the magnitude of the early rally. In fact, a large portion of the gold gains came before the Dollar actually broke out to the downside. Certainly the weaker than expected flow of US numbers facilitated the "falling Dollar" bullishness in gold, but it is also possible that more new highs for the move in the energy complex also added to the buying interest in gold. Some traders even suggested that weak numbers and a reversal of sorts in the equity market whipped up addition flight to quality buying in gold.
With another clear cut upside breakout, the silver market continues to rise in sync with the gold market. While gold has typically seen a larger benefit from the sliding US Dollar, the silver market certainly seemed to be fully engaged in the currency derived appreciation. In fact, the silver market wasn't the least bit put off by the evidence of slowing in the US economy and that more than anything highlights the fact that silver is moving higher off financial and currency developments, instead of the classic physical demand focus.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China to steer gold mining toward bigger companies
Billiton backtracks from CEO's comments on gold mine acquisition
NY Fed's market-rigging post goes to Goldman Sachs economist
Peter Hambro's age-old message: Ingot we trust
John Rubino: World suspects manipulation, and bubbles are everywhere
Wits Gold: A long-term option on gold
The Statistics:
As of close of business: 11/29/2006
Gold Warehouse Stocks: | 7,492,008 | -3 |
Silver Warehouse Stocks: | 108213962 | - 218,406 |
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 | 435.50 | 14,001,912 | US$ 8,923m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,975 | US$ 1,884m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.44 | 335,461 | US$ 218m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,708 | US$ 202m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 10.18 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/29/2006 | (Most recent basket) |
Total Net Assets | $867,403,559 | 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 11/29/2006 | (Most recent baskets) |
Total Net Assets | $1,469,935,560 | 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:
Ivanhoe’s (IVN) shareholder approval of the partnership with Rio Tinto, Royal Gold’s (RGLD) corporate presentation, Cardero’s (CDY) iron project update, Taseko’s (TGB) updated share purchases of bcMetals, and Arian Silver’s (AGQ.V) completed private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +13.16% $1.29 |
2. Northern Dynasty | NAK +9.02% $8.58 |
3. Vista Gold | VGZ +7.72% $10.18 |
LOSERS
1. Exeter | XRA -3.64% $2.65 |
2. Gold Reserve | GRZ -2.96% $5.25 |
3. Mines MGMT | MGN-2.15% $5.8316 |
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:
Western Goldfields Signs Mandate Letter for up to $105 Million of Project Debt Financing with Investec Bank (UK) Limited - More
- November 30, 2006 | Item | E-mail
Largo Appoints Kurt Menchen to Advisory Board - More
- November 30, 2006 | Item | E-mail
Gabriel Resources Ltd. - News Release - More
- November 30, 2006 | Item | E-mail
Global Gold Reports Positive Test Results From Both Tukhmanuk and Hankavan Properties in Armenia - More
- November 30, 2006 | Item | E-mail
Western Copper Completes Acquisition of Lumina Resources - More
- November 30, 2006 | Item | E-mail
Azimut: Update on Gold Exploration Projects - More
- November 30, 2006 | Item | E-mail
Klondike Star Reports Indian River Test Mining Results - More
- November 30, 2006 | Item | E-mail
Ivanhoe Mines Shareholders Overhwelmingly Approve Strategic Partnership Terms With Rio Tinto to Develop Oyu Tolgoi Mining Complex in Mongolia - "Robert Friedland, founder and Chairman of Ivanhoe Mines (TSX:IVN - News; NYSE:IVN - News; NASDAQ:IVN - News), and John Macken, Ivanhoe's President and CEO, announced that shareholders of Ivanhoe Mines today voted overwhelmingly in favour of approval of provisions of the formation of a strategic partnership with Rio Tinto to develop the Oyu Tolgoi copper-gold project in Mongolia's South Gobi region." More
- November 30, 2006 | Item | E-mail
Altius Elects John Baker Chairman of the Board - More
- November 30, 2006 | Item | E-mail
Highlights of reverse circulation drilling at Tassawini, Guyana - More
- November 30, 2006 | Item | E-mail
Tagish Reports Hole SC06-101 Intersects 8.26 g/t Gold and 54.8 g/t Silver over 1.75 metres - More
- November 30, 2006 | Item | E-mail
Non Brokered Financing Increased - More
- November 30, 2006 | Item | E-mail
YGC Resources reports results from sampling at the Tarn Zone at its Ketza River Property - More
- November 30, 2006 | Item | E-mail
YGC Resources announces non-brokered private placement - More
- November 30, 2006 | Item | E-mail
Tumi Resources Limited - Tumi Consolidates Phoenix Property Position in Mexico and Defines Large Multi-element Geochemical Targets - More
- November 30, 2006 | Item | E-mail
Metanor-Surface Drilling Begins - More
- November 30, 2006 | Item | E-mail
Continental Minerals Corporation and Great China Mining Inc.: Completion of Merger With Great China Targeted for December, 2006 - More
- November 30, 2006 | Item | E-mail
Cabo awarded underground and surface drilling contract with Breakwater Resources Ltd. - More
- November 30, 2006 | Item | E-mail
East Delta Authorizes Subsidiary to Acquire Nickel Property in China - More
- November 30, 2006 | Item | E-mail
Royal Gold to Present at the NASDAQ 18th Investor Program on Wednesday, December 6, 2006 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, announced today that its corporate presentation will be webcast from the NASDAQ 18th Investor Program in London, England. Stanley Dempsey, Executive Chairman, will provide an overview of the Company on December 6, 2006, at 4:30 p.m. London time (9:30 a.m. Mountain time/11:30 a.m. Eastern time)." More
- November 30, 2006 | Item | E-mail
Cardero Resource Corp.: Katanga Iron Project Update - "Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU.TO - News)(AMEX:CDY - News)(FWB: CR5) is pleased to provide an update on its Katanga Iron Project in South-Central Peru, where surficial continuous chip sampling has returned a very positive 57.7% to 65.5% iron over significant intervals. The Company is currently examining the feasibility of exploiting this premium project through the production of a direct-shipping iron concentrate." More
- November 30, 2006 | Item | E-mail
Miranda Gold Corp. and White Bear Sign Letter of Intent on Iron Point - More
- November 30, 2006 | Item | E-mail
Renforth Announces Exploration on the Cosby Property - More
- November 30, 2006 | Item | E-mail
Cadiscor Resources Options its Montbray Gold Property to Agnico-Eagle Mines - More
- November 30, 2006 | Item | E-mail
Freegold Completes Bulk Sampling of High-Grade Veins at Golden Summit - More
- November 30, 2006 | Item | E-mail
Arian Silver Corporation: Non-Brokered Private Placement Completed - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ) is pleased to announce that it has closed its recently announced non-brokered private placement (the "Offering") by raising Cdn$ 3,515,000 in connection with the placement of 14,060,000 units of the Company (each, a "Unit") at Cdn$0.25 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant on the terms announced on 15 November 2006." More
- November 30, 2006 | Item | E-mail
Aurus Corp. Announces That Major Revenues Shall Generate Immediate Dividends for Shareholders - More
- November 30, 2006 | Item | E-mail
Moly Mines Limited: Annual General Meeting Results - More
- November 30, 2006 | Item | E-mail
Golden Odyssey Mining Expands Morningstar Mineralization With Follow-Up Drilling - More
- November 30, 2006 | Item | E-mail
Skyharbour Resources Ltd.: 3 Rainy River Properties West & Southwest of Rainy River Resources Gold Discovery Acquired in NW Ontario - More
- November 30, 2006 | Item | E-mail
Pearl Asian Mining Industries Provides an Update on its Canadian Mining Properties and Reports on its Plans and Programs - More
- November 30, 2006 | Item | E-mail
Manicouagan completes validation drill hole on Brabant Lake Zinc deposit; Intersects 6.43% zinc over 5.46 M and 17.64% zinc over 6.16 M - More
- November 30, 2006 | Item | E-mail
Retransmission: Tornado Gold to Proceed with Jack Creek Gold - More
- November 30, 2006 | Item | E-mail
Aurelio Resource Corporation Appoints Allan J. Marter To The Board Of Directors - More
- November 30, 2006 | Item | E-mail
Millstream Lists on Frankfurt Exchange - More
- November 30, 2006 | Item | E-mail
Gold Hawk Resources Inc. Releases 3Q-2006 Results and Update on Coricancha Mine 'Formerly Tamboraque Mine' - More
- November 30, 2006 | Item | E-mail
Unico, Inc. Announces Modified Agreement With Behre Dolbear for Expanded Geological Services at the Deer Trail Mine - More
- November 30, 2006 | Item | E-mail
Reno Gold Corp. Announces New President and Appointments to the Board - More
- November 30, 2006 | Item | E-mail
Argentex commences additional drilling at Pinguino property, Argentina - More
- November 30, 2006 | Item | E-mail
Financial and Operating Results for Third Quarter ending September 30, 2006 - More
- November 30, 2006 | Item | E-mail
Southwestern Resources Corp.: Latest Drilling Encounters High Grade Gold and Expands Boka 1 South, Boka Gold Project, Yunnan - More
- November 30, 2006 | Item | E-mail
Melkior Resources Inc.: Brokered Private Placement to Raise up to $750,000 - More
- November 30, 2006 | Item | E-mail
North American Palladium Announces Change to the Executive Management Team - More
- November 30, 2006 | Item | E-mail
Alexis-Xstrata Copper Canada to Test Horne West Zone, Rouyn-Noranda, Quebec - More
- November 30, 2006 | Item | E-mail
Wits Basin Signs Merger Memorandum of Understanding Discussion Agreement - More
- November 30, 2006 | Item | E-mail
Trigon Expands Uranium Team - More
- November 30, 2006 | Item | E-mail
Probe Mines Retains Karen Willoughby for Investor Relations Services - More
- November 30, 2006 | Item | E-mail
Cigma Metals Corporation: Large Zinc Deposit in Kazakhstan - More
- November 30, 2006 | Item | E-mail
OTCPicks.com Announces Initiation of Profile Coverage for UREX Energy Corporation - More
- November 30, 2006 | Item | E-mail
Medoro Resources Announces 2006 Third Quarter Results - More
- November 30, 2006 | Item | E-mail
BHP uranium comments 'out of line' - More
- November 30, 2006 | Item | E-mail
CANADIAN MINING PERSPECTIVES: VIEWPOINT - Cameco teams up for Russian uranium hunt - More
- November 30, 2006 | Item | E-mail
Taseko Updates Share Purchases of bcMetals Corp. - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announces that on November 29th it purchased 1,300 bcMetals shares through the TSX Venture Exchange at a price of $1.02 per share bringing its total holdings in bcMetals to 960,100 shares (2.52%) at an average price $1.00. As disclosed in Taseko's November 23, 2006 take-over bid circular in connection with its conditional offer for all the shares and out of the money warrants of bcMetals, Taseko may make purchases of bcMetals shares from time to time during the currency of the bid, to a maximum of 5% of bcMetals' outstanding shares." More
- November 30, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 30 November, 2006 | |
