-- Posted 11 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $629.80 | +$3.00 |
Silver | $13.83 | +$0.08 |
XAU | 144.96 | +0.95% |
HUI | 348.15 | +0.90% |
GDM | 1108.46 | +1.00% |
JSE Gold | 2858.12 | -1.85% |
USD | 83.20 | -0.12 |
Euro | 132.53 | +0.48 |
Yen | 85.59 | -0.29 |
Oil | $61.22 | -$0.81 |
10-Year | 4.520% | -0.032 |
T-Bond | 113.71875 | +0.40625 |
Dow | 12328.48 | +0.17% |
Nasdaq | 2442.86 | +0.23% |
S&P | 1413.04 | +0.23% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it steadily rose in New York and ended near its highs of the session with a gain of 0.48%. Silver followed a very similar pattern and ended with a gain of 0.58%.
Euro gold rose above €475, platinum gained $1 to $1,107, palladium gained $3 to $329, and copper gained a few cents to about $3.11.
Gold and silver equities rose over 1% in the first hour of trade and remained near their highs for most of trade before they fell off slightly in the last hour of trade, but they still ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Oct | 0.8% | 0.6% | 0.7% |
Tomorrow at 8:30AM EST brings the Trade Balance for October expected at -$63.0 billion. At 2PM is the Treasury Budget for November expected at -$73.0 billion and at 2:15 is the FOMC policy statement which is expected to keep interest rates unchanged at 5.25%.
The Markets:
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Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly lower and ended near its lows of the session on warm weather and uncertainty over OPEC’s meeting this Thursday.
The U.S. dollar index fell after former fed chief Greenspan warned a business conference in Tel Aviv to expect "a few years of dollar weakness" and added that it is "imprudent to hold everything in one currency."
Treasuries rose and the Dow, Nasdaq, and S&P traded mostly slightly higher as traders prepared for tomorrow’s fed announcement.
Among the big names making news in the market today were DuPont, Shell, Saber, CSN and Corus, Goldman Sachs, and Phelps Dodge and Freeport.
The Commentary:
“It was decided at GATA’s Board meeting in New Orleans that GATA would go all out next year to do what we could to insist on an independent audit regarding the true status of US gold reserves. How ironic! Since Blanchard’s efforts with the IMF coincide with what GATA intends to do, we decided to get the ball rolling now. What this is all about …
*It has been the undisclosed leasing and swapping of central bank gold that has been used in a surreptitious manner to artificially suppress and manipulate the price.
*In a paper earlier this year the IMF admitted central banks are double counting their gold reserves, in many cases. This means the IMF knows various central banks are overstating their reserves.
*Should it be revealed publicly that the central banks do not have the reserves they claim to have, it would electrify the market.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished up 3.8 at 634.8, 0.4 off the high and 6.7 up from the low.
March Silver closed up 0.13 at 14.025. This was 0.205 up from the low and 0.015 off the high.
The gold market started the session out in vulnerable stance on Monday morning, with the Dollar marginally higher and the oil market weaker. However, while the oil market remained weak throughout most of the session, the Dollar seemed to come under renewed pressure and that seemed to alter the outlook toward the gold market. With the US equity market managing a rather impressive rally, it is possible that the gold market was lifted by hopes of an improvement in physical and or investment demand. In the end, the direction of the Dollar remains the dominating force in the gold market, but with the Dollar still well above the early December lows, the Dollar might have to fall persistently just to promote a tide of gold buying off the currency situation.
Many in the trade expected the gold and silver markets to remain range bound ahead of the upcoming FOMC meeting but apparently the silver market had thoughts of its own. In fact, after starting out somewhat weak, the March silver contract managed to rise above the prior day's close and even back toward the prior session's high! With the US equity market showing periodic fits of strong buying and the copper market also lifted smartly off hope that the Chinese were about to resume buying physical copper, it seems that silver was given a distinct lift. However, it is also clear that a weaker Dollar served to lift gold, which in turn probably lent some support to silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
E-gold gets tough on crime
Bloomberg story finds many establishment advisers favorable to gold
China trip is meant to coordinate dollar devaluation, economist says
Goldman hires Amaranth traders
Oil producers shifting out of dollar
Iran's parliament said to favor switching from dollars to euros
Dollar may rise even as U.S. economy weakens, research firm says
Islamic derivatives: What would Mohammad do?
The Statistics:
As of close of business: 12/08/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 110,579,783 | +1,314,011 |
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 | 441.52 | 14,195,233 | US$ 9,047m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.31 | 2,903,622 | US$ 1,831m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,453 | US$ 213m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,669 | US$ 202m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/08/2006 | |
Total Net Assets | $854,491,196 | 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 12/08/2006 | |
Total Net Assets | $1,531,616,061 | Ounces of Silver
in Trust | 110,677,928 |
Shares Outstanding | 11,100,000 | Tonnes of Silver
in Trust | 3,442.5 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Northgate’s (NXG) addition to the S&P/TSX Composite Index, DRDGOLD’s (DROOY) CEO appointment, U.S. Gold’s (UXG) Amex listing, Exeter’s (XRA) drill results, Freeport McMoRan’s (FCX) proposed buyout of Phelps Dodge (PD), Oremex’s (ORM.V) claim sale, Fury’s (FUR.V) drill results, and Silver Standard’s (SSRI) gold resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MMK+8.37% $1.7122 |
2. U.S. Energy | USEG +3.91% $5.58 |
3. Hecla | HL +3.51% $7.38 |
LOSERS
1. Cardero | CDY-5.06% $1.50 |
2. Entree | EGI -4.40% $1.52 |
3. Fronteer | FRG-4.36% $8.34 |
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:
Ditem Explorations: Closing of $ 1,750,000 Brokered Private Placement - More
- December 11, 2006 | Item | E-mail
Big Red Diamond Corporation Announces That it is Seeking to Raise Two Private Placements for a Total of $870,000 - More
- December 11, 2006 | Item | E-mail
Update on the Elder and Abcourt-Barvue Projects - More
- December 11, 2006 | Item | E-mail
Starfire announces winter drill program for its cross-structure uranium property - More
- December 11, 2006 | Item | E-mail
Amera Closes Financing - More
- December 11, 2006 | Item | E-mail
NORTHGATE MINERALS TO ENTER THE S&P/TSX COMPOSITE INDEX - "Northgate Minerals Corporation (TSX:NGX.TO - News)(AMEX:NXG - News) is pleased to announce that Northgate will be added to the S&P/TSX Composite Index of the Toronto Stock Exchange (TSX) when trading opens on December 18, 2006. At the same time, Northgate will also be added to the new S&P/TSX Global Gold Index which will include approximately 30 of the world's leading gold companies." More
- December 11, 2006 | Item | E-mail
Goldcorp Declares Twelfth Monthly Dividend Payment for 2006 - "GOLDCORP INC. (TSX:G.TO - News)(NYSE:GG - News) is pleased to declare its twelfth monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, December 22, 2006 will be entitled to receive payment of this dividend on Friday, December 29, 2006." More
- December 11, 2006 | Item | E-mail
Oremex Completes Sale Of Mezquital Claims To Canasil - "Oremex Resources Inc. (TSX-V: ORM - News; the "Company"), Minera Montana S. de R.L. de C.V. ("Minera Montana"), Canasil Resources Inc. ("Canasil") and its wholly owned subsidiary Minera Canasil S.A. de C.V. ("Minera Canasil") are pleased to announce completion of the transfer of claim titles for 100% interest in the Mezquital claims from Minera Montana to Minera Canasil." More
- December 11, 2006 | Item | E-mail
Inter-Citic Receives Results From 10 New Drill Holes at Dachang Gold Project - More
- December 11, 2006 | Item | E-mail
Mr. Mark S. Tessier P.Eng Joins Aurora as General Manager, Mining Projects - More
- December 11, 2006 | Item | E-mail
Skyline Announces Assay Results - More
- December 11, 2006 | Item | E-mail
Radisson Announces the Closing of a Private Placement of $200,000 with the MineralFields Group - More
- December 11, 2006 | Item | E-mail
ESO Uranium completes $6.9 M brokered financing - More
- December 11, 2006 | Item | E-mail
GoldQuest Intercepts 9.68 Meters Grading 6.90 g/t Au, Confirms Gold-Rich Massive Sulphides on Las Animas Project - More
- December 11, 2006 | Item | E-mail
Anooraq Announces Update on Mineral Rights and JSE Listing - More
- December 11, 2006 | Item | E-mail
Alma Resources Appoints Jag Bal as President and Director - More
- December 11, 2006 | Item | E-mail
Norsemont Mining Appoints Joseph Keane as Director - More
- December 11, 2006 | Item | E-mail
Mediterranean announces new drill results at Tac - More
- December 11, 2006 | Item | E-mail
Millstream to Commence Drilling the VMS-Potter Property in Timmins, Ontario - More
- December 11, 2006 | Item | E-mail
Gold World's Xiqinggangping Property Shows Its Value - More
- December 11, 2006 | Item | E-mail
Western Copper Corporation-Carmacks Copper Project: No. 1 Zone Drilling Results and No. 13 Zone Exploration - More
- December 11, 2006 | Item | E-mail
Ubequity Joins Canadian Golden Dragon - More
- December 11, 2006 | Item | E-mail
Southwestern Announces Increase of 215% in Measured and Indicated Resources at Boka 1 in China - More
- December 11, 2006 | Item | E-mail
Paramount Gold Strengthens Management Team With 2 Appointments -- COO and Independent Director - More
- December 11, 2006 | Item | E-mail
Centurion Gold Finalises Sale of Glencairn Mining Company Pty Ltd - More
- December 11, 2006 | Item | E-mail
Petaquilla Minerals Ltd. Announces Results of Special Meeting of Shareholders - More
- December 11, 2006 | Item | E-mail
Wildcat Silver Sets Record Date for Ventana Spinoff - More
- December 11, 2006 | Item | E-mail
Commander Banks $1,250,000 From Warrant Exercise - More
- December 11, 2006 | Item | E-mail
Radon and TEM Results Vector in on Drill Targets for Ur-Energy Inc. Screech Property, NT - More
- December 11, 2006 | Item | E-mail
Tournigan Technical Update - More
- December 11, 2006 | Item | E-mail
East Asia Minerals to drill significant uranium targets at Ooshiin Govi - More
- December 11, 2006 | Item | E-mail
Bayswater Grants Stock Options - More
- December 11, 2006 | Item | E-mail
John Sayers Appointed CEO of DRDGOLD - "John Sayers has been named as the new Chief Executive Officer of South African gold miner DRDGOLD (DRD) [Nasdaq:DROOY; LSE:DRD; JSE:DRD] with effect from January 1 2007. Sixty year old Sayers is currently the company’s Chief Financial Officer, and he succeeds outgoing CEO Mark Wellesley-Wood, who has been appointed Chairman of DRDGOLD SA by Khumo Bathong Holdings, on behalf of Khumo Gold." More
- December 11, 2006 | Item | E-mail
American Stock Exchange Lists Units of U.S. Gold Corporation - "The American Stock Exchange(R) (Amex(R)) today listed the units of U.S. Gold Corporation under the ticker symbol UXG. Located in Lakewood, Colorado, U.S. Gold Corporation engages in the exploration, development, production and sale of gold and silver, and other precious metals primarily in the United States. U.S. Gold was founded as Silver State Mining Corporation in 1979 and changed its name to U.S. Gold Corporation in 1988." More
- December 11, 2006 | Item | E-mail
Fury Explorations Ltd.: Drilling at Taylor Intercepts High Grade Zone; 233 Feet Averaging 135.6 g/t Ag and 0.21 g/t Au - "Fury Explorations Ltd. (the "Company") (TSX VENTURE:FUR.V - News) announces results from the first two drill holes on the Taylor silver project near Ely, Nevada. The two holes are part of a planned 80 hole program that was designed to: a) bring the historic resource to a level that is compatible with the requirements of NI 43-101, and; b) test the geological attributes of the feeder zone on the east side of the deposit." More
- December 11, 2006 | Item | E-mail
Exeter Drilling Extends Gold Mineralization in Luna Zone at La Cabeza - "The new, lateral extensions (the "Luna Extensions") to the known Luna Zone are located under sand cover, immediately to the south of the previously defined Luna Zone. Overall, mineralization in the Luna Extensions now covers a strike length exceeding 600 metres, and extends to a vertical depth greater than 130 metres from surface in some drill holes." More
- December 11, 2006 | Item | E-mail
Hedge fund to fight Phelps deal: paper - "Hedge fund SAC Capital is planning to fight the proposed buyout of mining giant Phelps Dodge Corp. (NYSE:PD - News) by Freeport McMoRan Copper & Gold Inc. (NYSE:FCX - News) and seek a higher price, the New York Post reported on its Web site on Monday." More
- December 11, 2006 | Item | E-mail
Silver Standard Resources Inc.: Significant Gold Resource Outlined at Snowfield Project - "Silver Standard Resources Inc. (TSX:SSO.TO - News)(NASDAQ:SSRI - News) is pleased to report a significant increase in its exposure to gold as a result of diamond drilling at the Snowfield gold project in northern British Columbia. The property is located 40 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek." More
- December 11, 2006 | Item | E-mail
SAC Capital to vote down Phelps deal, price too low - "Hedge fund SAC Capital has disclosed it has a more than 5 percent stake in mining giant Phelps Dodge Corp. (PD.N: Quote, Profile , Research) and wants to block Freeport McMoRan Copper & Gold Inc.'s (FCX.N: Quote, Profile , Research) proposal to buy the company, saying the price is too low, a regulatory filing said." More
- December 11, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 December, 2006 | |
