-- Posted 1 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $645.10 | -$1.50 | +1.13% |
Silver | $13.97 | +$0.06 | +4.25% |
XAU | 147.67 | -1.08% | +4.03% |
HUI | 353.88 | -0.47% | +4.00% |
GDM | 1126.28 | -0.88% | +4.11% |
JSE Gold | 3075.52 | +0.86% | +4.09% |
USD | 82.47 | -0.46 | -1.45% |
Euro | 133.28 | +0.82 | +1.83% |
Yen | 86.74 | +0.36 | +0.52% |
Oil | $63.43 | +$0.30 | +7.07% |
10-Year | 4.425% | -0.033 | -2.70% |
Bond | 114.625 | +0.25 | +1.05% |
Dow | 12194.13 | -0.23% | -0.70% |
Nasdaq | 2413.21 | -0.76% | -1.91% |
S&P | 1396.72 | -0.28% | -0.30% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly higher in Asia, fell a couple dollars in London, rose up near $650 in midmorning New York trade, and then fell off into the close and ended with a loss of 0.23%. Silver dipped near $13.80 before it rose to over $14.00 in late morning New York trade and then fell off a bit into the close, but it still ended with a gain of 0.43%.
Euro gold fell under €485, platinum lost $24 to $1,154, palladium lost $2 to $326, and copper fell a couple cents to about $3.16.
Gold and silver equities remained near unchanged in morning trade before they fell off in early afternoon trade and traded about 1% lower, but a small rally in the last hour of trade did take the indices off their lows by the close.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Nov | 49.5 | 52.0 | 51.2 |
Construction Spending | Oct | -1.0% | -0.4% | -0.8% |
The Institute for Supply Management’s index of national factory activity fell under 50 for the first time in 3 and ˝ years. A reading below 50 indicates shrinkage in the factory sector.
All of this week’s economic reports:
Next week’s economic highlights include Productivity, Factory Orders, and ISM Services on Tuesday, Initial Jobless Claims and Consumer Credit on Thursday, and November’s jobs data and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade on worries over falling demand after poor economic data, but it rallied higher by the close to a new 2 month high on talks over a second OPEC production cut.
The U.S. dollar index fell and treasuries rose as the economically disappointing ISM report pushed the yield on the 10-year to its 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 on economic worries as today’s ISM report indicates economic weakness not just in the housing and auto sectors, but also in the manufacturing sector. Higher oil prices and inflationary comments by the fed’s Moskow late in the day also helped push the major indices lower, but a sharp rally higher in the last hour of trade left the indices with only marginal losses.
Among the big names making news in the market Friday were Toyota, Ford, DaimlerChrysler, Pimco, Boeing, General Motors, and Warner Music.
The Commentary:
“Gold and silver were strong all night and took off when New York opened. Quite honestly, none of what we are seeing here is a surprise. My friend/antagonist Dennis Gartman says that analyzing the gold market the way GATA has done (the manipulation story) is a waste of time. Au contraire, it has been, and is, the way to make a fortune, which is why ANYONE serious about making money in the gold and silver markets should watch GATA’s Gold Rush 21 DVD, which can be purchased for $20 at www.GoldRush21.com. If you want to know why gold is headed for $3,000 to $5,000 per ounce, you owe it to yourself to at least spend 24 minutes and watch the highlight film of our historic conference in Dawson City in the Yukon a year ago August. The speakers, who came from all over the world, were extraordinary. What was presented back then to the attendees is all panning out for the reasons explained.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 2.3 at 650.6, 4.9 off the high and 1.1 up from the low.
March Silver closed up 0.075 at 14.19. This was 0.16 up from the low and 0.06 off the high.
The gold market chopped around both sides of unchanged on Friday and that might have been a little disappointing to the bull camp, especially when one considers the magnitude of the slide in the Dollar. However, in addition to the sharp Dollar slide, it would seem like the slowing pendulum in the US might have shifted a little too far toward recession and that probably discouraged some bulls. In fact, after the recent stellar gains in the gold market, it was logical to expect some mild week ending profit taking. The market might have been supported by news Friday of a 27% decline in October Peruvian gold production, but the trade was so focused on the currency action and the slowing in the US economy that the story wasn't really given that much attention. While a serious deterioration in the US economy might eventually serve to lift gold off a fresh flight to quality argument, the near term ramifications of the slowing seems to be a bit negative for now.
On the positive side of the equation, the silver market did manage another new high for the move and then generally finished positively on the charts. However, with the gold market choppy to weak, we suspect that some would-be buyers of silver will be put off from the recent bull pattern. It is also possible that sagging platinum and copper prices held back silver during the action on Friday, as silver dialogue and the charts have generally been pretty upbeat. In fact, it is surprising that the silver market didn't get a little more Press play with the headlines trumpeting the decline in Mexican silver production. Perhaps the positive action on Friday was the result of the Mexican silver story, because silver certainly managed to outperform gold again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold ETFs nearly ready to go in India
GATA makes its case at New York museum's gold exhibition
Everything is golden on TV tonight
Peter Brimelow: Harry Schultz sees $1,500 gold
British banks told to plan for 40% crash in housing prices
The paranoids were right -- there WAS a conspiracy against gold
The Statistics:
As of close of business: 11/30/2006
Gold Warehouse Stocks: | 7,492,011 | +3 |
Silver Warehouse Stocks: | 107,770,405 | - 443,557 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 441.68 | 14,200,313 | US$ 9,180m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,943 | US$ 1,875m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.48 | 336,667 | US$ 218m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,704 | US$ 202m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 6.18 tonnes and the ASX added 0.04 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/30/2006 | |
Total Net Assets | $882,958,954 | 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 11/30/2006 | |
Total Net Assets | $1,500,428,092 | Ounces of Silver
in Trust | 109,721,369 |
Shares Outstanding | 11,000,000 | Tonnes of Silver
in Trust | 3,412.7 |
Note: Change in Total Tonnes from yesterday’s data: 62 tonnes were added to the trust.
The Stocks:
Barrick’s (ABX) completed South Deep Mine sale, Goldcorp’s (GG) Penasquito Project update, Rubicon’s (RBY) court order, and Exeter’s (XRA) stock options were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Rubicon | RBY +9.78% $1.01 |
2. Exeter | XRA+4.53% $2.77 |
3. Eldorado | EGO+4.29% $5.84 |
LOSERS
1. Great Basin | GBN -5.65% $1.84 |
2. Mines MGMT | MGN -4.29% $5.58 |
3. Nevsun | NSU -3.98% $2.41 |
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:
Anaconda Gold to Buy Remaining Interest in Damoti Lake Gold Project - More
- December 01, 2006 | Item | E-mail
Freewest Resumes Diamond Drilling at Clarence Stream, New Brunswick - More
- December 01, 2006 | Item | E-mail
Moss Lake NI 43-101 Report on the Moss Lake Gold Deposit filed on SEDAR - More
- December 01, 2006 | Item | E-mail
Richview Resources Inc. Receives Conditional Approval to List on the Toronto Stock Exchange - More
- December 01, 2006 | Item | E-mail
Western Copper Appoints Paul West-Sells as Senior Metallurgist - More
- December 01, 2006 | Item | E-mail
Noront Intersects More Hi-Grade at Windfall Lake - More
- December 01, 2006 | Item | E-mail
Western Troy's President Moderates Molybdenum Forum at San Francisco Hard Asset Investment Conference - More
- December 01, 2006 | Item | E-mail
Barrick Says No Discussions With NovaGold - "In response to reports that there may be discussions between Barrick and NovaGold regarding a "friendly" acquisition transaction, Barrick confirms that no such discussions have taken place and that Barrick has no intention of engaging in any such discussions with NovaGold. Any suggestions to the contrary are false and misleading." More
- December 01, 2006 | Item | E-mail
International KRL Resources Corp. Shareholders Vote in Favour of a Distribution of Shares of Golden Harp Resources Inc. - More
- December 01, 2006 | Item | E-mail
Inmet Mining presentation at Scotia Capital Precious Metals & Base Metals Conference 2006 - More
- December 01, 2006 | Item | E-mail
Golden Peaks Resources Ltd. - La Fortuna Project Update - More
- December 01, 2006 | Item | E-mail
Barrick's Final Take Up of Pioneer Shares - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX.TO - News)(London:BGD.L - News) announces that it has taken up and accepted for payment all of the common shares of Pioneer Metals Corporation that were validly deposited to its offer and not withdrawn as of 6:00 p.m. (Vancouver time) on November 30, 2006. Together with the common shares previously taken up and accepted for payment, Barrick now owns approximately 59.2 million shares of Pioneer. The offer has now expired." More
- December 01, 2006 | Item | E-mail
Augusta Announces Final 2006 Drill Program Results at Rosemont-Commences Trading on AMEX - More
- December 01, 2006 | Item | E-mail
SearchGold Starts its Drilling Campaign and Resumes its Soil Geochemical Surveys on its Bakoudou-Magnima Gold Project in Gabon - More
- December 01, 2006 | Item | E-mail
Definitive Agreement Signed to Acquire the Lluvia De Oro Gold Property - More
- December 01, 2006 | Item | E-mail
Sheffield Continues to Increase Moonlight Copper Grades - More
- December 01, 2006 | Item | E-mail
Nuinsco Begins Uranium Exploration, Schedules Drilling at Prairie Lake - More
- December 01, 2006 | Item | E-mail
Lero Gold Corporation: Acquisition of the Karchiga Copper-Gold Project North East Kazakhstan - More
- December 01, 2006 | Item | E-mail
Philex Gold Announces Appointment of New Director and Officers - More
- December 01, 2006 | Item | E-mail
Kansai Mining Corporation - $2,500,000 private placement announced - More
- December 01, 2006 | Item | E-mail
Barrick Completes Sale of South Deep Mine for $1.525 Billion - "Barrick Gold Corporation (TSX:ABX.TO - News)(NYSE:ABX - News)(London:BGD.L - News) announced today that it has completed the sale to Gold Fields Limited (NYSE:GFI - News)(JSE: GFI) of its indirectly held 50 per cent interest in the South Deep asset and its rights under the joint venture agreement with Western Areas Limited in the Republic of South Africa." More
- December 01, 2006 | Item | E-mail
Goldcorp Provides Penasquito Project Update in Advance of Analyst Tour - "Since the updated feasibility study was completed in July 2006, Goldcorp has drilled 150 core holes representing nearly 80,000 meters, which includes condemnation drilling and over 50 exploration holes around the Penasco and Chile Colorado pits. Results of this latest activity have identified significant intersections that continue to support the potential for resource expansion in 2007." More
- December 01, 2006 | Item | E-mail
Rubicon Minerals Corporation Announces Receipt of Final Court Order and Advance Tax Ruling in Connection With Plan of Arrangement - "David W. Adamson, President and CEO of Rubicon Minerals Corporation ("Rubicon") (TSX:RMX.TO - News) (AMEX:RBY - News) is pleased to announce that Rubicon has now received the Final Order from the Supreme Court of British Columba approving Rubicon's Proposed Plan of Arrangement. Rubicon has also now received the advance tax ruling from Canada Revenue Agency with respect to certain tax aspects of the Arrangement." More
- December 01, 2006 | Item | E-mail
Exeter Grants Incentive Stock Options - "Exeter Resource Corporation (TSX VENTURE:XRC - News; AMEX:XRA - News; FWB:EXB) (the "Company") is pleased to announce that it has granted incentive stock options to directors, officers, employees and consultants to purchase 875,000 common shares of the Company. The options have a term of five years and are exercisable at a price of $3.02 per share. The options were granted under and are subject to the terms and conditions of the Company's January 21, 2004 Stock Option Plan, as amended." More
- December 01, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 December, 2006 | |
