-- Posted 12 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $627.10 | -$2.70 |
Silver | $13.80 | -$0.03 |
XAU | 143.52 | -0.99% |
HUI | 344.07 | -1.17% |
GDM | 1094.25 | -1.28% |
JSE Gold | 2819.10 | -1.37% |
USD | 82.94 | -0.26 |
Euro | 132.70 | +0.17 |
Yen | 85.55 | -0.04 |
Oil | $61.02 | -$0.20 |
10-Year | 4.491% | -0.029 |
T-Bond | 113.96875 | +0.25 |
Dow | 12315.58 | -0.10% |
Nasdaq | 2431.60 | -0.46% |
S&P | 1411.56 | -0.10% |
The Metals:
Gold rose above $630 in Asia, fell back near unchanged in London, fell off a bit further in New York, and closed near its lows of the session with a loss of 0.43%. Silver traded in a tight 10 cent range on either side of unchanged and closed near the bottom of that range with a loss of 0.22%. In reaction to the fed’s policy announcement, both metals have recouped today’s losses and are trading slightly higher in after hours Access trade at the time of writing.
Euro gold remained near €475, platinum gained $3 to $1,110, palladium lost $4 to $325, and copper lost roughly 4 cents to about $3.07.
Gold and silver equities fell throughout the morning and saw over 2% losses before they rebounded following the fed’s policy decision and closed with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Oct | -$58.9B | -$63.0B | -$64.3B |
Treasury Budget | Nov | -$75.6B | -$73.0B | -$83.1B |
The fed kept rates unchanged at 5.25% as expected. The only change to their statement from the last meeting was the addition of the word “substantial” to their view on the cooling of the housing market. Lacker again dissented and voted for a 0.25% increase in rates.
Tomorrow at 8:30AM EST brings Retail Sales for November expected at 0.2%. Excluding autos, sales are expected at 0.3%. At 10AM are Business Inventories October expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly higher on speculation over OPEC cuts at their meeting on Thursday, but it closed lower on uncertainty about a cut.
The U.S. dollar index fell and treasuries rose on speculation over, and eventually confirmation that the fed will likely not raise interest rates anytime soon.
The Dow, Nasdaq, and S&P rebounded from deep early losses and ended just slightly lower as oil turned lower by the end of the day and the fed announcement brought no surprises.
Among the big names making news in the market today were Nucor, Sabre, Nasdaq and LSE, Goldman Sachs, and Best Buy.
The Commentary:
“Paulson and Bernanke aren’t going to China for the chow mein. The stakes for the dollar poker game are huge. With the US reeling over the Iraq debacle, the last thing our Administration can afford is a collapsing dollar. Seems to me the Chinese have us over a barrel. I wonder what sort of horse trading this important gathering will produce…
While the big picture for gold and silver could not be brighter, we have to be on guard this week due to this trip to China by the US financial powers. It is hard to imagine their letting gold really roar during this trip, knowing how they have been of late, and all these years, when it comes to such strategic events.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 3.1 at 631.7, 3.1 off the high and 0.7 up from the low.
March Silver closed down 0.045 at 13.98. This was 0.04 up from the low and 0.08 off the high.
While the Press continued to carry bullish predictions for gold in 2007, the market wasn't specifically lifted in the wake of the FOMC meeting statement. However, in the hour after the Fed statement was floated the Dollar did slide into negative ground and the stock market seemed to come under added selling pressure. However, weakening oil prices and a favorable US Trade Balance reading just seemed to give the bear camp an edge for most of the session. With the February gold contract falling right down to the 200 day moving average on Tuesday, it would seem like the market is facing a technical decision directly ahead. In the end, the gold market was largely unmoved by a bullish prediction from the Barrick CFO, who predicted that gold prices still had significant upside potential ahead. In retrospect, the gold market seemed to view the Fed statement initially as a negative, probably because the Fed seemed to express concern over the significance of slowing in the US housing sector. However, eventually the Dollar weakened as a result of the Fed and that served to perk up interest in the gold market. Some players suggest that a decline below 82.47 in the March Dollar Index might be needed to energize the gold bulls again.
While the silver market attempted to hold in positive ground into mid session and in the process discounted the weakness in gold and copper prices, the market dipped into negative ground in the wake of the Fed outcome. With the Copper market extending its early weakness and the Fed seemingly concerned about the threat of slowing, it is not surprising that the silver attempts to rise above $14.00 ran into difficulty. However, the recovery in the stock market in the wake of the Fed meeting was somewhat short lived and that might have been a limiting development for silver prices. It should be noted that the Dollar did manage to weaken slightly after the Fed statement was absorbed and that could end up supporting gold and in turn supporting silver prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Having the U.S. government as a subsidiary is good business
Dow Jones interviews Blanchard's Ryan on gold's prospects
Heroic Afghans safeguarded their country's golden heritage
Mortgage delinquencies threatening U.S. borrowers and banks
Ted Butler: The record speaks for itself
The Statistics:
As of close of business: 12/11/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 110,579,783 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 441.52 | 14,195,233 | US$ 8,896m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.31 | 2,903,589 | US$ 1,829m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,449 | US$ 213m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,666 | US$ 199m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/11/2006 | |
Total Net Assets | $859,786,239 | 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 12/11/2006 | |
Total Net Assets | $1,518,271,855 | Ounces of Silver
in Trust | 110,677,935 |
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:
Northern Dynasty’s (NAK) shareholder rights plan, Taseko’s (TGB) increase in mineral reserves, Eldorado’s (EGO) 2007 production guidance, MAG Silver’s (MAG.V) drill results, Silver Dragon’s (SDRG.OB) resource identification, Aura Silver’s (AUU.V) exploration work, Great Panther’s (GPR.TO) drill results, and Bear Creek’s (BCM.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. International Royalty | ROY +3.42% $5.14 |
2. Solitario Resources | XPL +2.75% $4.11 |
3. Claude Resources | CGR +2.07% $1.48 |
LOSERS
1. Minco Mining | MMK -7.72% $1.58 |
2. Tanzanian Royalty | TRE -5.85% $5.96 |
3. Mines MGMT | MGN -4.68% $5.29 |
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:
StrataGold announces grant of stock options - More
- December 12, 2006 | Item | E-mail
Affinor Resources Inc.: Nomination of Daniel Barrette - More
- December 12, 2006 | Item | E-mail
Canarc Resource Corp.: Deepest Drill Hole of 2006 Drilling Program at New Polaris Intersects 7.1 gpt Gold Over 10.2 m Length; - More
- December 12, 2006 | Item | E-mail
Condor Resources Inc.: Drilling Commences on the Escudo Porphyry Copper Target - More
- December 12, 2006 | Item | E-mail
Beartooth Issues Retraction of Disclosure of Gross Metal Values - More
- December 12, 2006 | Item | E-mail
MAG Silver and Penoles Intersect More High Grade at Juanicipio - "MAG Silver Corp. (TSX VENTURE:MAG.V - News) and Industrias Penoles S.A. de C.V. announce drilling results of 6 completed holes from the 18,000 metre definition drill program currently underway on the Valdecanas Silver/Gold vein discovery within the Juanicipio joint venture, Fresnillo District, Zacatecas State, Mexico. " More
- December 12, 2006 | Item | E-mail
Aldershot Resources Ltd.: George Creek Project Update - More
- December 12, 2006 | Item | E-mail
Yorbeau Resources Inc.: Gold Bearing Zones at Augmitto Extend at Depth - More
- December 12, 2006 | Item | E-mail
Canstar Enters Financing Agreement With Canaccord Capital. Will Commence Drilling of Shrimp, Tahoe and Sunday Lake Properties in Early January, 2007 - More
- December 12, 2006 | Item | E-mail
Blue Pearl Mining to Enter S&P/TSX Composite Index - More
- December 12, 2006 | Item | E-mail
Network Exploration Files NI 43-101 Report On the Caldera Property - More
- December 12, 2006 | Item | E-mail
Golden China Announces 5 to 1 Stock Consolidation and Stock Symbol Change - More
- December 12, 2006 | Item | E-mail
Freegold Drilling Continues to Expand Almaden Gold Mineralization - More
- December 12, 2006 | Item | E-mail
East Delta Continues Production Readiness Upgrade At Huaqiao Gold Property - More
- December 12, 2006 | Item | E-mail
Pacific North West Capital Corp. - Non-Brokered Private Placement - More
- December 12, 2006 | Item | E-mail
Wildcat Exploration Ltd. Encounters High Grade Gold Mineralization Assaying 109 g/t Au on its Jeep Property, Manitoba - More
- December 12, 2006 | Item | E-mail
Barrick CFO sees a lot more upside to gold price - "Barrick Gold Corp.'s (ABX.TO: Quote, Profile , Research) chief financial officer said on Tuesday that the fundamentals for the price of gold remain strong. "I think we've got a lot more upside on the gold price, certainly can see the highs that we had earlier this year being taken out," said Jamie Sokalsky in an interview." More
- December 12, 2006 | Item | E-mail
Typhoon Continues the 20,000 Meters Drill Program at Fayolle and Aiguebelle-Goldfields - More
- December 12, 2006 | Item | E-mail
Ditem Announces Closing of $ 1,200,000 Private Placement with Sprott Asset Management - More
- December 12, 2006 | Item | E-mail
Romarco Reports Results at Buckskin-National Gold Project - More
- December 12, 2006 | Item | E-mail
Miranda Gold Corp.'s Coal Canyon, BPV-CONO, and Horse Mountain Joint Venture Updates - More
- December 12, 2006 | Item | E-mail
Tribute Announces Garnet Lake, Arrow Zone Update - More
- December 12, 2006 | Item | E-mail
Cadiscor Resources Announces Excellent Drill Results on the Discovery Property and Addition of a Third Drill - More
- December 12, 2006 | Item | E-mail
GBS Gold International Inc.: Northern Territory Train Derailment - More
- December 12, 2006 | Item | E-mail
Pershimco Resources Inc.: 6,350 Tons Open Pit Bulk Sample Grades 248 g/t Silver at La Bamba - More
- December 12, 2006 | Item | E-mail
Tiomin Delays the Construction of the Kwale Mineral Sands Project, Kenya - More
- December 12, 2006 | Item | E-mail
Galantas Reports Drilling Results on Omagh Gold Project - More
- December 12, 2006 | Item | E-mail
Beartooth Intersects Rhodium With Platinum Group Metals 'PGM' at Stillwater Property - More
- December 12, 2006 | Item | E-mail
Luiri Gold Limited: Drilling and Geochemistry Programme at the Luiri Hills Project, Zambia - More
- December 12, 2006 | Item | E-mail
Mediterranean set to acquire 100% ownership of Tac and Corak upon conclusion of Option Agreement - More
- December 12, 2006 | Item | E-mail
Tombstone Western Resources, Inc. Announces Name Change to Dutch Gold Resources, Inc. - More
- December 12, 2006 | Item | E-mail
ATW Signs Option Agreement with Marifil to Earn 70% Interest in Amarillo Property - More
- December 12, 2006 | Item | E-mail
Alhambra Resources Ltd. - 2007 Exploration Program and Production Target - More
- December 12, 2006 | Item | E-mail
Corriente Resources Inc.: Drilling Continues to Extend Copper Mineralization at Panantza - More
- December 12, 2006 | Item | E-mail
Inter-Citic Issues Options - More
- December 12, 2006 | Item | E-mail
Hinterland Closes $150,000 Private Placement for Lockout Gold Project in Quebec - More
- December 12, 2006 | Item | E-mail
Farallon to Increase Equity Financing - More
- December 12, 2006 | Item | E-mail
Dia Bras Reports 248 g/t Silver From Bulk Sample at La Bamba Open Pit, Cusi Silver Project, Chihuahua, Mexico - More
- December 12, 2006 | Item | E-mail
Forsys Resolves TECO Registration and Acquires Remaining 10% of TECO - More
- December 12, 2006 | Item | E-mail
Moly Mines Limited Appoints David Constable as a Non-Executive Director - More
- December 12, 2006 | Item | E-mail
Drake Gold to Create New Public Company for Petroleum Projects - More
- December 12, 2006 | Item | E-mail
ATW & Marifil Sign Option Agreement for Amarillo Copper-Gold-Silver Property, Argentina - More
- December 12, 2006 | Item | E-mail
Sutcliffe Resources Updates Market on Financing - More
- December 12, 2006 | Item | E-mail
Asian Dragon Group Inc. Continues to Expand Its Presence in China's Gold Mining Industry by Signing a New Agreement for Project Luogold - More
- December 12, 2006 | Item | E-mail
Magnus International Resources Inc.: Huidong Exploration Update - More
- December 12, 2006 | Item | E-mail
Silver Dragon Identifies 178,000 Tonnes of Ag-Cu-Sn Deposits From Initial Exploration Work at Laopandao, China - "Laopandao is one of the nine properties of Sanhe Sino-Top Resources and Technologies Ltd. ("Sino-Top"), a Chinese company which holds the exclusive exploration and mining rights to nine properties including a silver mine located in the Erbahuo Silver District in Inner Mongolia, China. Silver Dragon has a 60% ownership interest in Sino-Top." More
- December 12, 2006 | Item | E-mail
Hathor Exercises Option to Acquire Interest in Russell Lake Uranium Property - More
- December 12, 2006 | Item | E-mail
Trigon Exploration Canada Ltd. completes offering of $1.2 million flow-through - More
- December 12, 2006 | Item | E-mail
Dejour's Common Shares List on the OTC Bulletin Board - More
- December 12, 2006 | Item | E-mail
Aura Silver Delineates Prospective Conductive Zones on Greyhound Property; Grants Stock Options - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News) announces that it has received preliminary results of the airborne magnetic and MegaTEM(TM)survey completed by Fugro Airborne Surveys Ltd. over the Company's Greyhound Property in the central Churchill region of Nunavut. The Property is being explored in joint venture with Intrepid Mines Limited ("Intrepid"). Intrepid is currently earning a 50% interest in the property." More
- December 12, 2006 | Item | E-mail
Uranium Stock Uranerz: On Fire, With More Upside Expected - More
- December 12, 2006 | Item | E-mail
Great Panther Defines Another New Silver-Gold Zone at Guanajuato - "GREAT PANTHER RESOURCES LIMITED (TSX:GPR.TO - News) is pleased to announce that surface diamond drilling has provided further definition of a new zone of silver-gold mineralization at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. This phase of the 2006 drill program comprised 1,011 metres in seven holes and was focused on an unexplored area along strike from the southeasternmost mine workings at the Garapata / Promontorio shafts." More
- December 12, 2006 | Item | E-mail
Northern Dynasty Adopts Shareholder Rights Plan - "Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (TSX VENTURE:NDM.V - News)(AMEX:NAK - News) announced today that its Board of Directors has approved the adoption of a Shareholder Rights Plan Agreement (the "Rights Plan"). The Rights Plan is being adopted to ensure the fair treatment of all Northern Dynasty shareholders in connection with any take-over bid for the outstanding common shares of Northern Dynasty." More
- December 12, 2006 | Item | E-mail
Taseko Adds 74 Million Tons to Gibraltar's Mineral Reserves - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announces an increase in the mineral reserves at its 100% owned Gibraltar copper-molybdenum mine. The Gibraltar mine is located near the City of Williams Lake in south-central British Columbia." More
- December 12, 2006 | Item | E-mail
Bear Creek Announces Additional Positive Drill Results From Santa Ana Silver Project, Peru - "Bear Creek Mining (TSX Venture: BCM - News) is pleased to announce results from the second phase of drilling at its 100%-owned Santa Ana silver project located 200 kilometers south of the company's Corani silver-base metal discovery in southeastern Peru. Phase 1 and 2 drilling now totals 4,311 meters in thirty-seven drill holes. Highlights of this press release include:" More
- December 12, 2006 | Item | E-mail
Eldorado Provides 2007 Production Guidance - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD.TO - News)(AMEX:EGO - News), is pleased to provide the Company's 2007 production guidance. We expect to produce 310,000 to 330,000 ounces of gold at a cash cost of US$220 to $230 per ounce." More
- December 12, 2006 | Item | E-mail
Russian agency checks Peter Hambro gold licences - "Peter Hambro will meet the outspoken deputy head of Russia's environment agency on Thursday to answer claims his mining firm, Russia's third-largest gold producer, is not meeting licence obligations." More
- December 12, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 December, 2006 | |
