-- Posted 5 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $642.80 | -$2.40 |
Silver | $13.85 | -$0.20 |
XAU | 147.51 | -1.25% |
HUI | 356.11 | -1.14% |
GDM | 1128.82 | -1.27% |
JSE Gold | 3038.66 | -1.21% |
USD | 82.47 | -0.05 |
Euro | 133.21 | UNCH |
Yen | 87.09 | +0.44 |
Oil | $62.43 | -$0.01 |
10-Year | 4.442% | +0.009 |
T-Bond | 114.34375 | -0.25 |
Dow | 12331.60 | +0.39% |
Nasdaq | 2452.38 | +0.16% |
S&P | 1414.76 | +0.40% |
The Metals:
Gold fell near $640 in Asia, rose back near $645 in London, and then rose a few dollars in early New York before it again fell off nearly $10 between 10AM EST and 11AM to as low as $639.10, but it then rebounded a bit into the close and ended with a loss of just 0.37%. Silver saw over 10 cent gains in early New York trade before it also got clobbered just after 10AM EST and dropped to as low as $13.80 before it a rebounded a bit into the close, but it then fell off again in the last hour of trade and ended with a loss of 1.42%.
Euro gold fell to about €483, platinum lost $31 to $1,127, palladium lost $1 to $328, and copper rose about 7 cents to $3.22.
Gold and silver equities opened briefly higher before they fell off with the metals and traded a little over 1% lower for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Productivity | Q3 | 0.2% | 0.5% | 0.0% |
Factory Orders | Oct | -4.7% | -4.0% | 1.7% |
ISM Services | Nov | 58.9 | 55.5 | 57.1 |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/02 expected at 325,000 and at 3PM is Consumer Credit for October expected at $4.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil opened higher, fell in late morning trade, rebounded in early afternoon trade, and ended near unchanged as traders debated weather reports and possible OPEC actions. Traders were also positioning themselves ahead of tomorrow’s inventory reports which are suspected to show slight builds in crude and gasoline inventories and a slight drop in distillates.
The U.S. dollar index opened lower and treasuries opened higher on Productivity data that came in lower than expected and eased inflation fears, but the dollar then rose and treasuries fell off a bit after ISM Services data came in better than expected and raised hopes for a soft landing, rather than a hard landing, for the economy. While treasuries remained near their lows into the close, the dollar erased mid-session gains and ended slightly lower on the day.
The Dow, Nasdaq, and S&P rose on easing inflation worries and on falling concerns about a hard landing for the economy.
Among the big names making news in the market today were Euronext and NYSE, HSBC, Reckson and Icahn, Toll Brothers, and AutoZone.
The Commentary:
“I realize you must find it tedious to read the same ranting gripe from me about how the crooks in The Gold Cartel do their thing every day, right on cue. However, THAT is what this gold market has been about so often … so many days, including this one. The early gold trading in the US was extremely quiet. Gold then drifted up 90 cents due to firm physical buying in the cash market. The PM Fix came in at $646. However, the minute the pricing was over the day, The Gold Cartel attacked to punish the price, quickly taking it down more than $5, close to $640.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 3 at 647.9, 6.3 off the high and 3.9 up from the low.
March Silver closed down 0.22 at 14.025. This was 0.02 up from the low and 0.345 off the high.
The gold market was buffeted by a conflicting flow of scheduled US economic numbers on Tuesday. While the majority of the numbers seemed to depict economic weakness and should have pressured the Dollar, it seems like a few select readings stepped up to provide support to an oversold Dollar, which in turn undermined the gold market. Surprisingly the gold market held together relatively better than the silver market and that might have surprised some in the trade. However, unless the outlook for inflation is revived, after the soft Unit Labor Cost reading dampened inflation prospects, the gold bulls will be looking primarily toward the direction of the Dollar for support. In other words, the 82.27 to 82.18 level in the December Dollar Index might be the critical pivot zone for the gold trade in the coming sessions as that is the recent low range in the Dollar.
Surprising the silver market gave ground in the second half of the session and in a sense outperformed the gold market on the downside effort. Even more surprising is the fact that the silver market managed the declines in the face of predictions that Chinese silver consumption was set to grow and that a US silver producer Coeur d'Alene was potentially interested in expanding into China wasn't enough to save the market from a profit taking setback. While some of the economic readings might have been undermining for silver and physical demand driven commodities, the favorable action in the stock market should have mitigated the negative influence from the numbers. In fact, it almost seems like the lower inflation reading from the Unit Labor Costs report dampened the fear of rate hikes and that in turn bolstered economic expectations. However, in the end the precious metals markets weren't impressed with the indications being thrown off by a higher equity market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China seeks direct talks with OPEC
Two big Asian central banks learn to live with dollar's fall
British banks probed over adequacy of collateral from hedge funds
Ted Butler: What happens at $100 silver?
Britain's official inflation numbers are all lies too
The Statistics:
As of close of business: 12/04/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 108,371,505 | + 601,100 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 441.68 | 14,200,313 | US$ 9,170m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,814 | US$ 1,865m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.48 | 336,652 | US$ 216m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,690 | US$ 205m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/04/2006 | |
Total Net Assets | $880,599,049 | Ounces of Gold
in Trust | 1,364,906.469 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/04/2006 | |
Total Net Assets | $1,540,942,017 | Ounces of Silver
in Trust | 109,721,369 |
Shares Outstanding | 11,000,000 | Tonnes of Silver
in Trust | 3,412.7 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
NovaGold’s (NG) continued recommendation to reject Barrick’s (ABX) hostile bid, Rio Narcea’s (RNO) exploration program, Freeport’s (FCX) possible environmental study, Eldorado’s (EGO) gold pour, Gammon Lake’s (GRS) mine production, Arian Silver’s (AGQ.V) drilling, Silver Dragon’s (SDRG.OB) engagement letter, and Bear Creek’s (BCM.V) resource update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +16.58% $11.18 |
2. Entree Gold | EGI +10.9% $1.73 |
3. Northern Dynasty | NAK +7.60% $9.06 |
LOSERS
1. DRDGOLD | DROOY 11.93% $0.96 |
2. Crystallex | KRY -5.94% $3.80 |
3. Minco Mining | MMK -4.00% $1.68 |
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:
Network Exploration Receives TSX Venture Exchange Approval for Caldera Property Acquisition - More
- December 05, 2006 | Item | E-mail
Temex signs Bruce Durham - More
- December 05, 2006 | Item | E-mail
Rio Narcea Approves Aggressive Exploration Program for its Nickel and Gold Properties - "The $8.1 million exploration program, to be completed during 2007, will comprise a total of 37,500m of drilling, including 18,000m of exploration drilling and 4,000m of infill drilling in and around the Tasiast gold mine in Mauritania, 10,500m of exploration drilling around the Aguablanca nickel mine in Spain, and 5,000m on identified nickel anomalies within the Ossa Morena region." More
- December 05, 2006 | Item | E-mail
Clarification of Supreme Court Decision on Crucitas Concession - More
- December 05, 2006 | Item | E-mail
C2C Inc.: Private Placement - More
- December 05, 2006 | Item | E-mail
Oriental Minerals to Raise Up to $6.4 Million - More
- December 05, 2006 | Item | E-mail
Former Safe Environment Engineering, Canada, Inc. President Announces Civil Action Brought Against Golden Arch Resources, Limited - More
- December 05, 2006 | Item | E-mail
NY City comptroller wants Freeport environmental study - "New York City Comptroller William Thompson, who oversees the city's pension funds, on Tuesday called for a review of Freeport-McMoRan Copper & Gold Inc.'s (FCX.N: Quote, Profile , Research) environmental policies and practices in Indonesia. New Orleans-based Freeport-McMoRan, one of the world's largest gold and copper producers, derives most of its income from its Grasberg mine on Indonesia's West Papua island, the world's largest copper and gold mine by reserves." More
- December 05, 2006 | Item | E-mail
Exall Energy to Acquire Kingsmere Exploration Ltd. - More
- December 05, 2006 | Item | E-mail
Blue Pearl Mining Appoints Kevin Loughrey as President and CEO - More
- December 05, 2006 | Item | E-mail
EXMIN-Penoles Completes Drill Program at the Maguarichic Project - More
- December 05, 2006 | Item | E-mail
Southern Star Resources Inc. and Exall Resources Limited Update-Merger - More
- December 05, 2006 | Item | E-mail
Shareholders Approve Exall-Southern Star Merger - More
- December 05, 2006 | Item | E-mail
Lakota Announces Gold Zone Over 200 Metres on Simba - More
- December 05, 2006 | Item | E-mail
Plexmar Resources Inc.: Corporate Update - More
- December 05, 2006 | Item | E-mail
SIRIOS : Closing of 1,000,000 C$ Private Placement - More
- December 05, 2006 | Item | E-mail
Spruce Ridge Resources Ltd. announces completion of $4,500,000 private placement financing & announces further proposed private placement financing - More
- December 05, 2006 | Item | E-mail
Eldorado Announces First Gold Pour at the Tanjianshan Mine - "The first dore bar weighs 13.6 kilograms and contains approximately 84% gold. Commissioning which had been interrupted by a small fire in the plant resumed in early November. Production at TJS is progressing with 182,000 tonnes of ore stockpiled. Tanjianshan is expected to reach commercial production in the 1st Quarter 2007." More
- December 05, 2006 | Item | E-mail
Tagish Awards Underground Work Contract - More
- December 05, 2006 | Item | E-mail
Plexmar Resources Inc.: President's Message - More
- December 05, 2006 | Item | E-mail
MacDonald Mines Exploration Ltd. Announces Private Placement of Flow-Through Units With the Mineralfields Group - More
- December 05, 2006 | Item | E-mail
VenCan Gold Corporation Announces Private Placement of Flow-Through Units With the MineralFields Group - More
- December 05, 2006 | Item | E-mail
Fronteer's Aurora Extends the Depth of Jacques Lake Uranium Deposit to 235 Metres - More
- December 05, 2006 | Item | E-mail
Antares announces positive results from Haquira East Zone including 57.20 m with 1.20% copper - More
- December 05, 2006 | Item | E-mail
Alturas Identifies Large Epithermal Drill Targets at Banos del Indio Gold Project, Peru - More
- December 05, 2006 | Item | E-mail
MDN Northern Mining Confirms the Interest in the Simba Project-Tanzania - More
- December 05, 2006 | Item | E-mail
Aurora Extends the Depth of Jacques Lake Uranium Deposit to 235 Metres - More
- December 05, 2006 | Item | E-mail
African Gold Group, Inc. Infill Diamond Drill Program Underway at Kobada, Mali - More
- December 05, 2006 | Item | E-mail
Denison to Acquire OmegaCorp Limited - More
- December 05, 2006 | Item | E-mail
Arian Silver Corporation: Drilling Starts at Calicanto as Further Encouraging Results are Released From Underground Sampling - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)("PLUS": AGQ)(Frankfurt: I3A - News) announced today further encouraging results from underground sampling of the Calicanto vein system. Two diamond drill-rigs will be moved to the property immediately and drilling activity is expected to take place over the next 6 weeks at Calicanto, Zacatecas, Mexico." More
- December 05, 2006 | Item | E-mail
High River Gold Finalizes Debt Financing for the Berezitovy Project - More
- December 05, 2006 | Item | E-mail
Pearl Asian Mining Industries Issues an Update Report on Its Gold Production - More
- December 05, 2006 | Item | E-mail
Alberta Star Appoints SGS Lakefield for Metallurgical Processing and Testing of Eldorado Silver & Uranium Tailings - More
- December 05, 2006 | Item | E-mail
Olympus' Takeover Target Finalizes Agreement for Bau Gold Project - More
- December 05, 2006 | Item | E-mail
Nevada Star Receives Notice of Mine Construction and Production at Milford Copper Property - More
- December 05, 2006 | Item | E-mail
Expanded Ocelot Gold Project Drilling Program Planned for Spring - More
- December 05, 2006 | Item | E-mail
New CEO Provides Mid-Term Corporate Objectives For the Next Six Months - More
- December 05, 2006 | Item | E-mail
Vantex Starts a New Drilling Program on Lake Expanse - More
- December 05, 2006 | Item | E-mail
Arianne Resources Inc.: Summary of the 2006 Drilling Campaign at James Bay - More
- December 05, 2006 | Item | E-mail
Aurelian Resources-Exploration Update - More
- December 05, 2006 | Item | E-mail
Surface Sampling Program Underway at Konigsberg's Yoquivo Au-Ag Project - More
- December 05, 2006 | Item | E-mail
Alhambra Resources Ltd. - Trenching Discovers New Gold Zone at Shirotnaia - More
- December 05, 2006 | Item | E-mail
Puma Reaches Deep Target on Nicholas-Denys Property - More
- December 05, 2006 | Item | E-mail
George A. Flach, B.Sc., P. Geo Appointed Vice-President Exploration - More
- December 05, 2006 | Item | E-mail
Romarco Appoints Thomas Kilbey as Senior Geologist - More
- December 05, 2006 | Item | E-mail
Miranda Gold Corp.: Significant Carlin-Style Gold Mineralization Intersected at Red Hill - More
- December 05, 2006 | Item | E-mail
Atlas Mining Company Begins Exploration Drilling Job at Sunshine Mine - More
- December 05, 2006 | Item | E-mail
Asian Dragon Group Inc., Executes Formal Agreement for Development of the Shizhaigou Gold Mine, the Second Key Acquisition in Asian Dragon's Project Luogold - More
- December 05, 2006 | Item | E-mail
Consolidated Gold Win Ventures Inc.: Dolly Varden Cores Reveal Extensive Visual Mineralization - More
- December 05, 2006 | Item | E-mail
QGX's airborne electromagnetic survey detects anomalies at Golden Hills, Mongolia - More
- December 05, 2006 | Item | E-mail
NovaGold Recommends Shareholders Continue to Reject Barrick's Hostile Bid - "The Barrick bid is ending as it began more than four months ago-hostile and inadequate," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "By announcing its hostile bid in July, Barrick chose to break off the good faith discussions that were underway to resolve Barrick's inability to meet the contract terms at Donlin Creek. Prior to that time, NovaGold had repeatedly lodged its concerns at joint venture meetings that Barrick/Placer was behind schedule and in jeopardy of losing its ability to earn any additional interest in the Donlin Creek project. NovaGold tried to resolve things on a win-win basis, but Barrick firmly shut that door. While NovaGold will continue to work with Barrick at Donlin Creek to benefit both companies, clearly our main responsibility is to protect the best interests of our shareholders." More
- December 05, 2006 | Item | E-mail
Gammon Lake Continues to Increase Mine Production, Producing 23,769 Gold Equivalent Ounces in November - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce a continued and significant increase in monthly production during November 2006. Combined production from Gammon Lake's Ocampo Gold-Silver Mine in Chihuahua, Mexico and El Cubo Mine in Guanajuato, Mexico amounted to 14,142 ounces of gold and 464,186 ounces of silver during the month of November 2006." More
- December 05, 2006 | Item | E-mail
Silver Dragon Resources Inc. Signs Engagement Letter With Union Securities Ltd. for Private Placement and Prospectus Offering - "The proposed prospectus offering of units is to be comprised of common shares and common share purchase warrants on a commercially reasonable basis outside the United States, pursuant to general terms and conditions and subject to all necessary regulatory approvals. The offering is expected to be made before the end of the first quarter of 2007 in the Provinces of Ontario, Alberta, British Columbia and other provinces in Canada as mutually agreed." More
- December 05, 2006 | Item | E-mail
Corani Silver Deposit Resource Update, Measured & Indicated Up 8.3 Percent, Deposit Still Open - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce the results of its recently updated resource estimate for the Corani silver base metal deposit, the third resource estimate in the past year. The resource estimate is based on drilling and assay results received by the Company up to November 29, 2006 and include the results from 327 drill holes and 25 surface trenches. Highlights of this release include:" More
- December 05, 2006 | Item | E-mail
Kirkland Lake Gold Inc.: Second Quarter Results; Six Month Update of Reserves and Resources on New Discoveries - "During the quarter, operations processed 39,462 tons of ore grading 0.348 ounces of gold per ton ("opt") for a total production of 13,344 ounces of gold versus a forecast of 16,500 ounces. Operating revenue for the quarter based on ounces produced was $9,398,000 and operating costs were $8,354,000. In the quarter, the Company spent $1,163,000 on exploration which was expensed and is included in the loss of $1,753,621 for the quarter ($0.03 per share)." More
- December 05, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 December, 2006 | |
