-- Posted 6 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $630.40 | -$12.40 |
Silver | $13.57 | -$0.28 |
XAU | 145.00 | -1.70% |
HUI | 350.04 | -1.70% |
GDM | 1108.58 | -1.79% |
JSE Gold | 2945.88 | -3.05% |
USD | 82.77 | +0.30 |
Euro | 132.84 | -0.47 |
Yen | 86.79 | -0.30 |
Oil | $62.19 | -$0.24 |
10-Year | 4.481% | +0.039 |
T-Bond | 114.09375 | -0.375 |
Dow | 12309.25 | -0.18% |
Nasdaq | 2445.86 | -0.27% |
S&P | 1412.90 | -0.13% |
The Metals:
Gold fell a few dollars in Asia and dropped to about $635 in London before it rallied back a bit in late morning New York trade, but it then fell back off heading into the afternoon, dropped an additional $5 to new lows in the last half hour of trade, and closed with a loss of 1.93%. Silver fell near $13.50 in London before it rallied back above $13.80 in late morning New York trade, but it also fell off into the close and ended with a loss of 2.02%.
Euro gold fell to about €475, platinum lost $9 to $1,118, palladium lost $6 to $322, and copper rose a couple cents to about $3.16.
Gold and silver equities fell about 1.5% at the open, rallied back and traded slightly higher by late morning, fell back off into the close, and ended with over 1.5% losses.
The Economy:
There were no major economic reports today, but an ADP Employer Services survey showing better than expected job growth in the private sector did have some talking ahead of Friday’s jobs report. 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 traded on either side of unchanged as crude inventories fell 1.1 million barrels, gasoline inventories fell 1.1 million barrels, and distillates fell 400,000 barrels. Oil initially rose as crude and gasoline inventories were expected to build a bit, but it fell off slightly by the close as warmer than expected weather may be cutting into demand.
The U.S. dollar index rose and treasuries fell on a survey showing a more than expected 158,000 jobs were added to the private sector in November, but gains and losses were limited ahead of the U.S. Labor Department's employment report on Friday.
The Dow, Nasdaq, and S&P fell on fears that Friday’s jobs report may come in strong and reduce any hopes for interest rate cuts by the fed.
Among the big names making news in the market today were Yahoo and Merck.
The Commentary:
“Here is a stunner … the gold open interest fell a whopping 14,403 contracts to 324,353, which is some 50,000 contracts off its high earlier this year and well off its highs of November. It seems The Gold Cartel’s price-capping antics are stopping out spec longs on the breaks. Then, as the specs pitch their longs, the cabal forces and physical markets soak them up, which is why the market keeps rebounding. It would be wonderful if we get another big OI drop tomorrow.
From a technical standpoint, this is extremely bullish. The specs which are running for the hills today will return as buyers $10 and $20 higher, after gold breaks solidly through $650.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 12 at 635.9, 8.4 off the high and 0.4 up from the low.
March Silver closed down 0.23 at 13.795. This was 0.015 up from the low and 0.215 off the high.
The gold market was mostly presented with a higher Dollar and lower oil prices and that seemed to promote more profit taking. However, it is positive that the February gold contract was able at least initially to reject the slide and at times was $7-$8 above the morning lows. As hinted at in the mid day coverage the London players are poised to sell gold on any sign of favorable economic information from the US. Therefore, it is a little surprising that the gold market didn't continue lower in the wake of the rather impressive ADP November jobs prediction of 158,000.
For most of the session the silver market distinctly outperformed the gold market. Even more surprising is the fact the silver market initially bucked a weaker price tide in copper, gold, energies and the equity market. Many in the trade continue to suggest that the critical $14.00 level will serve as a bull bear line in the coming sessions but with the US non farm payroll report looming ahead, the silver trade might find it difficult to downplay the importance of the Dollar.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Journalists' don't bother to question original sources on gold, PPT
James Turk: Another commodity correction is behind us
The Statistics:
As of close of business: 12/05/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 108371505 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 441.68 | 14,200,313 | US$ 9,168m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,782 | US$ 1,833m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.48 | 336,648 | US$ 213m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,687 | US$ 205m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/05/2006 | |
Total Net Assets | $876,631,169 | 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 12/05/2006 | |
Total Net Assets | $1,540,364,323 | Ounces of Silver
in Trust | 109,680,912 |
Shares Outstanding | 11,000,000 | Tonnes of Silver
in Trust | 3,411.5 |
Note: Change in Total Tonnes from yesterday’s data: 1.2 tonnes were subtracted from the trust.
The Stocks:
Aurizon’s (AZK) gold pour, Cardero’s (CDY) drilling, Richmont’s (RIC) technical report, ECU’S (ECU.V) President appointment, and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +3.03% $1.70 |
2. Great Basin | GBN +1.70% $1.79 |
3. Taseko Mines | TGB +1.10% $2.76 |
LOSERS
1. Ivanhoe | IVN -6.44% $10.46 |
2. Seabridge | SA -4.48% $14.06 |
3. Gold Reserve | GRZ -4.37% $5.03 |
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:
Millstream Reaches Target Area at Tamarack Gold Property - More
- December 06, 2006 | Item | E-mail
Merrex Gold Inc. Completes $5.3 Million Brokered Private Placement - More
- December 06, 2006 | Item | E-mail
Latin American Minerals Inc. Closes Final Tranche of Private Placement - More
- December 06, 2006 | Item | E-mail
Canadian Zinc Corporation: First Drilling Results From 2006 Underground Program at Prairie Creek - More
- December 06, 2006 | Item | E-mail
Commander Increases Uranium Holdings - More
- December 06, 2006 | Item | E-mail
AntOro Grants Options Priced at $0.135 and Issue Shares in Settlement of Canada Revenue Agency Re-Assessments - More
- December 06, 2006 | Item | E-mail
Molycor Gold Corp.: Ridgetop Exploration Identifies Four Gold and One Silver Target - More
- December 06, 2006 | Item | E-mail
Aurizon Announces Its First Gold Pour at Casa Berardi - "Aurizon Mines Ltd. (TSX:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce the pouring of its first gold dore bars at its 100% owned Casa Berardi Mine, situated in the Abitibi region of north-western Quebec. Two gold dore bars, weighing a total of 1,105 ounces, were poured from gold recovered in the gravity circuit on December 4, 2006. Future gold pours will contain gold recovered from both the gravity and carbon-in-leach circuits. The approximate gold content of these bars, excluding silver and impurities, is estimated at 776 ounces, with an estimated value of approximately US $492,000." More
- December 06, 2006 | Item | E-mail
UEX Drilling Extends Mineralization at Horseshoe Deposit: HU-22 Intersects 0.39% U3O8 Over 39.0 Metres - More
- December 06, 2006 | Item | E-mail
Maximus and NFX Report Assays From Larder Lake Gold Project, Ontario - More
- December 06, 2006 | Item | E-mail
Osisko Releases Inferred Resource Estimate for Canadian Malartic - More
- December 06, 2006 | Item | E-mail
Abacus Adopts Shareholder Rights Plan - More
- December 06, 2006 | Item | E-mail
Duran Announces Private Placement Financing & OTC Security Listing - More
- December 06, 2006 | Item | E-mail
Anatolia Targets Copler Sulfides - More
- December 06, 2006 | Item | E-mail
Cardero Commences Drilling on the Huachi Copper-Gold Porphyry Substantially Increases Bulk Tonnage Potential - "Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU.TO - News)(AMEX:CDY - News)(FWB: CR5) is pleased to announce that drilling has commenced on its Huachi Copper - Gold Porphyry System, San Juan Province, NW Argentina. Recent detailed geological mapping and geochemical sampling has substantially increased the size of the copper - gold system to approximately 2 kilometres in diameter. Two target areas have been delineated for their bulk tonnage porphyry copper - gold potential while a third target area is prospective for high-grade epithermal-style gold mineralization (Canyon Stock, Oro Rico Stock and Sentazon)." More
- December 06, 2006 | Item | E-mail
Four shot in clash at Ghana mining town - "Four people were shot and wounded at a gold mining town in southwest Ghana when soldiers moved to evict illegal miners from legal concessions, a local community activist and hospital officials said on Wednesday. The incident took place on Tuesday afternoon at Prestea, where a Ghanaian subsidiary of U.S.-headquartered Golden Star Resources Ltd. (GSS.A: Quote, Profile , Research) has a gold mining operation." More
- December 06, 2006 | Item | E-mail
Richmond Minerals Inc. Exploration Update - More
- December 06, 2006 | Item | E-mail
Soho Receives $967,500 from Exercise of Warrants - More
- December 06, 2006 | Item | E-mail
Merrex Exploration Update - More
- December 06, 2006 | Item | E-mail
Mega Commences Drilling in the Mount Kakoulima Copper-Nickel-PGM Project, Guinea - More
- December 06, 2006 | Item | E-mail
Brazauro Announces Gold Resource Estimate at Tocantinzinho - More
- December 06, 2006 | Item | E-mail
AXMIN Inc.: An 82% Increase in Mineral Resources and New Discoveries at Kofi Project, Mali - More
- December 06, 2006 | Item | E-mail
HE-5 Resources, Corp. Commences Drilling Program at Overman Property - More
- December 06, 2006 | Item | E-mail
ECU Silver Appoints Stephen J. Altmann as President - "The Board of Directors of ECU Silver Mining Inc. (TSX VENTURE:ECU.V - News) is pleased to announce that Mr. Stephen J. Altmann has been appointed President of ECU. He will assume his duties effective January 8th, 2007. Mr. Michel Roy, who is currently the President and Chief Executive Officer, will continue as Chairman of the Board and Chief Executive Officer." More
- December 06, 2006 | Item | E-mail
Intrepid 2006 Annual General Meeting Results - More
- December 06, 2006 | Item | E-mail
UCR Identifies New Zone of Mineralisation at East Target - More
- December 06, 2006 | Item | E-mail
Phoenix Matachewan Mines Inc.: Agnico-Eagle Begins Drilling Swanson Project - More
- December 06, 2006 | Item | E-mail
Vior Begins Winter Drilling Progam at Douay - More
- December 06, 2006 | Item | E-mail
Queenston Announces NI 43-101 Resource Drill Program at Upper Beaver Combined with a Financing of up to $3 Million - More
- December 06, 2006 | Item | E-mail
GenX Resource Corp. Announces Vice President of Exploration - More
- December 06, 2006 | Item | E-mail
American Creek options three gold properties near Kamloops, BC - More
- December 06, 2006 | Item | E-mail
Wits Basin Announces Investor Conference Call Hosted by Its Management Team - More
- December 06, 2006 | Item | E-mail
Labrador Exploration Update - More
- December 06, 2006 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Key Equipment Installed as Part of the Reconstruction of the Mill and Processing Facility at the Deer Trail Mine - More
- December 06, 2006 | Item | E-mail
Paramount Gold Commissions Independent Technical Report to Establish First Gold/Silver Resource at its San Miguel project, Mexico - More
- December 06, 2006 | Item | E-mail
Keegan Identifies Major Mineralized Structures at Esaase Gold Project - More
- December 06, 2006 | Item | E-mail
Konigsberg Completes Detailed Structural and Stratigraphic Mapping on Yoquivo - More
- December 06, 2006 | Item | E-mail
EXMIN Acquires District Scale Project in the Guanajuato Region of Central, Mexico - More
- December 06, 2006 | Item | E-mail
Galantas Reports Component Commissioning at Omagh Gold Project - More
- December 06, 2006 | Item | E-mail
Gold Hawk Resources Inc.: Accelerated Warrant Expiry Date Reminder - More
- December 06, 2006 | Item | E-mail
Scorpio's Continued Drilling of the Sept 9 Zone Reports 6.15 metres grading 384.09 g/t Silver, 4.31% Zinc, 3.57% Lead, 0.42% Copper and 0.10 g/t Gold - More
- December 06, 2006 | Item | E-mail
New Gold Anomalies Discovered with Potential for Significant Gold Mineralization - More
- December 06, 2006 | Item | E-mail
Michelago Shareholders Approve Business Combination with Golden China - More
- December 06, 2006 | Item | E-mail
Fortune Minerals reports NICO drill results - More
- December 06, 2006 | Item | E-mail
HE-5 Resources, Corp. Announces Commencement of Drilling at Overman Property - More
- December 06, 2006 | Item | E-mail
HE-5 Resources, Corp. Announces Commencement of Drilling at Overman Property - More
- December 06, 2006 | Item | E-mail
Key Gold Acquires Interests in Uranium Properties in Argentina and Raises Private Equity - More
- December 06, 2006 | Item | E-mail
Canada's Aur agrees to boost stake in Andacollo mine - More
- December 06, 2006 | Item | E-mail
Technical Study Commissioned to Establish Initial Gold/Silver Resource at San Miguel Project, Mexico - More
- December 06, 2006 | Item | E-mail
Paramount Gold Commissions Independent Technical Report to Establish First Gold/Silver Resource at its San Miguel project, Mexico - More
- December 06, 2006 | Item | E-mail
African Platinum PLC - Agreement with Bakwena - More
- December 06, 2006 | Item | E-mail
Anvil Mining Limited - New Appointment - More
- December 06, 2006 | Item | E-mail
Photo Release -- Promising Results At Trend's Diabase Peninsula Uranium Property - More
- December 06, 2006 | Item | E-mail
Crosshair Exploration & Mining Corp.: New Corporate Appointments - More
- December 06, 2006 | Item | E-mail
Anglo Canadian Uranium Corp.: Colorado Uranium/Vanadium Claims Acquired - More
- December 06, 2006 | Item | E-mail
Uranium Energy Corp Doubles its Uranium Exploration and Development Database - More
- December 06, 2006 | Item | E-mail
Silver Spruce Resources & Universal Uranium Announce Central Mineral Belt Results and Start of Drill Program - More
- December 06, 2006 | Item | E-mail
Promising Results Continue From Nuinsco's Diabase Peninsula Uranium Property - More
- December 06, 2006 | Item | E-mail
Trigon Completes Geophysical Programs at Marysvale and Selects Drill Targets for Resource Expansion - More
- December 06, 2006 | Item | E-mail
Cameco's Grandey Sees Acquisitions, Tight Supply - More
- December 06, 2006 | Item | E-mail
Richmont Mines Inc.: Island Gold Project Technical Report Filed on SEDAR - "Richmont Mines Inc. (TSX:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (TSX VENTURE:PAT.V - News) are pleased to confirm that a compliant R 43-101 technical report, prepared by the independent consultant GENIVAR, has been filed on SEDAR on November 30, 2006 in conformity with Richmont Mines' undertaking towards l'Autorite des Marche Financiers (AMF) taken in May 2006." More
- December 06, 2006 | Item | E-mail
Aquiline Releases New Navidad Results Including 72 Meters of 565 g/t Silver - "Aquiline Resources Inc. (TSX:AQI - News) is pleased to report on the results of 42 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. The holes were completed by the previous operator IMA Exploration Inc. between May and July of this year and were all drilled within the defined resource areas of Calcite Hill and Navidad Hill. All 42 holes were mineralized and were consistent with previous results from these zones, confirming Navidad's status as one of the largest undeveloped silver deposits in the world." More
- December 06, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 6 December, 2006 | |
