-- Posted 15 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $614.60 | -$11.50 | -1.95% |
Silver | $12.81 | -$0.98 | -6.84% |
XAU | 142.76 | -1.42% | -0.62% |
HUI | 339.35 | -1.45% | -1.65% |
GDM | 1085.21 | -1.33% | -1.12% |
JSE Gold | 2847.76 | -0.42% | -2.21% |
USD* | 84.03 | +0.33 | +0.85% |
Euro* | 130.89 | -0.69 | -0.88% |
Yen* | 84.67 | -0.27 | -1.41% |
Oil | $63.43 | +$0.92 | +2.26% |
10-Year | 4.597% | +0.002 | +0.99% |
Bond | 112.6875 | -0.03125 | -0.55% |
Dow | 12445.52 | +0.23% | +1.12% |
Nasdaq | 2457.20 | +0.14% | +0.81% |
S&P | 1427.09 | +0.11% | +1.22% |
*Different source than normal for today’s currency quotes.
The Metals:
CoT Reports: Gold | Silver
Gold traded near unchanged in Asia and London before it rose a couple dollars above $628 in early New York trade, but it then sold off throughout most of the rest of trade and ended near its lows with a loss of 1.84%. Silver followed a similar pattern but sold off dramatically more in the last hour and a half of trade and ended with a loss of 7.11%.
Euro gold fell to about €470, platinum lost $10 to $1,100, palladium lost $7 to $318, and copper fell roughly 8 cents to about $3.00.
Gold and silver equities opened briefly higher before they sold off and traded over 2% lower by early afternoon, but they then rebounded a bit into the close and ended with less than 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Nov | 0.0% | 0.2% | -0.5% |
Core CPI | Nov | 0.0% | 0.2% | 0.1% |
Net Foreign Purchases | Oct | $82.3B | $69.5B | $70.2B |
Capacity Utilization | Nov | 81.8% | 82.1% | 81.8% |
Industrial Production | Nov | 0.2% | 0.0% | 0.0% |
All of this week’s economic reports:
Next week’s economic highlights include the Current Account on Monday, Housing Starts, Building Permits, and PPI on Tuesday, GDP, Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday, and Durable Goods Orders, Personal Income and Spending, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on supply concerns after a week where OPEC announced more output cuts while inventories in the U.S. fell.
The U.S. dollar index rose despite tame CPI as Net Foreign Purchases came in higher than expected at $82.3 billion and easily covered October’s trade deficit of $58.9 billion.
Treasuries initially gained markedly as CPI came in lower than expected and took pressure off of the fed to raise interest rates, but all gains were erased by the end of trade and bonds ended slightly lower as traders took profits heading into the weekend.
The Dow, Nasdaq, and S&P rose on tame inflation data that renewed hopes the fed may cut interest rates next year. The Dow closed at a new all-time high and the S&P closed at a new 6 year high.
Among the big names making news in the market Friday were Apple, CBS, Ford, and Black & Decker.
The Commentary:
“As most of you know, GATA put out a press release this morning on the Blanchard study, "Gold Market Lending," which can be found in PDF format at Blanchard's Internet site:
http://www.blanchardonline.com/pdfs/Gold_Market_Lending.pdf
It is a superb effort by Neal Ryan and quintessential to GATA’s findings over the years. The gold lending/swap issue is the key to GATA’s gold price manipulation case … in that the central banks have been surreptitiously flooding the market with their gold reserves in order to keep the price artificially low. It is our contention that so much of this gold has hit the market over the last decade that the central banks have less than half the gold they say they do in their vaults. It will be fascinating to see how the IMF responds to Blanchard, if they do at all.
The timing of this coincidental report could not be better from GATA’s standpoint, as we are going to press for a comprehensive audit of US gold reserves next year. Maybe we can really get some "mo" going on this one. One thing I am sure of. When, and if, the investing world learns that the central banks have gone through so much gold, the price will begin to go ballistic … thus we must press on.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 11.8 at 619.1, 14.1 off the high and 0.7 up from the low.
March Silver closed down 0.97 at 12.98. This was 0.02 up from the low and 0.98 off the high.
With a big range down failure the gold market on Friday registered its displeasure with both the fundamental and technical condition. With the US registering what some might call an "all-clear" on the inflation front and the US economic readings mostly slack, the sellers were provided with the majority of the news flow. In fact, even though the gold market wasn't recently being supported by flight to quality or diversification concerns, the market had to be disappointed by the news that the US Treasury saw a moderate jump up in the inflow of foreign capital. In other words, the idea that money was fleeing the US to diversify into other currencies was dealt a blow with the TIPS report. As mentioned in the mid day coverage such stellar gains in the equity market probably also served to knock down the interest in gold. Some traders pointed to extremely critical technical levels of $620.8 and $610.5 as points that could accelerate year end profit taking by the funds, as failing to hold those levels might produce a number of classical sell signals.
With the gold market coming under aggressive selling pressure the silver market just wasn't able to track its own course. With the Dollar higher, US economic numbers soft and US copper prices forging a new low for the move, the silver market was presented with a number of negative outside market developments. Some players expressed concern that a decline below the early November high of $13.35 in the March contract might spark pre-mature year-end or month end selling.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MineWeb covers Blanchard report on need to disclose central bank gold lending
Don't resent coin melting ban; it's a great victory for gold and silver
The Statistics:
As of close of business: 12/14/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 109,997,630 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 448.92 | 14,433,279 | US$ 9,054m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.31 | 2,903,493 | US$ 1,788m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,438 | US$ 209m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,655 | US$ 199m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/14/2006 | |
Total Net Assets | $870,665,129 | Ounces of Gold
in Trust | 1,389,719.369 |
Shares Outstanding | 14,000,000 | Tonnes of Gold
in Trust | 43.23 |
Note: Change in Total Tonnes from yesterday’s data: 0.78 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 12/14/2006 | |
Total Net Assets | $1,544,334,458 | Ounces of Silver
in Trust | 112,173,317 |
Shares Outstanding | 11,250,000 | Tonnes of Silver
in Trust | 3,489.0 |
Note: Change in Total Tonnes from yesterday’s data: 46.5 tonnes were added to the trust.
The Stocks:
Royal Gold’s (RGLD) inclusion in the S&P/TSX Global Gold Index, Aquiline’s (AQI.TO) drilling, Exeter’s (XRA) permit in Argentina, Newmont’s (NEM) sold mine stake, Avino’s (ASM.V) drill results, and Silver Wheaton’s (SLW) acquisition through private placement of a 14% interest in Sabina Silver (SBB.V) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Rubicon | RBY +13.99% $1.23 |
2. Rio Narcea | RNO +7.95% $2.85 |
3. Orezone | OZN +6.94% $1.54 |
LOSERS
1. Exeter | XRA -23.4% $1.80 |
2. Minco Mining | MMK-6.49% $1.44 |
3. NovaGold | NG -4.80% $15.85 |
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:
Golden Valley Mines Ltd.: Flow-Through Private Placement Financings Increased to $1,550,000 - More
- December 15, 2006 | Item | E-mail
Exall Distribution of Exall Energy Shares - More
- December 15, 2006 | Item | E-mail
Continental Minerals Corporation: Merger With Great China Completed - More
- December 15, 2006 | Item | E-mail
Baltic Resources Inc. Closing Private Placement With MineralFields - More
- December 15, 2006 | Item | E-mail
Farallon Prospectus Finalized - More
- December 15, 2006 | Item | E-mail
Sulliden reports half yearly results - More
- December 15, 2006 | Item | E-mail
Conquest Closes Financing With the MineralFields Group - More
- December 15, 2006 | Item | E-mail
Mesa Uranium Profiled on BTV - More
- December 15, 2006 | Item | E-mail
Avino Announces Results of First Six Drill Holes at Avino Mine, Durango, Mexico - "Avino Silver and Gold Mines Ltd. ("Avino") (TSX VENTURE:ASM.V - News)(OTC BB:ASGMF.OB - News)(FWB: GV6)(Berlin:GV6.BE - News) is pleased to announce results of the first 6 diamond core drill holes exploring the Avino silver copper deposit at its wholly owned property 60 km northeast of Durango, Mexico." More
- December 15, 2006 | Item | E-mail
Aurus Announces First Gold Shipment for the New Year - More
- December 15, 2006 | Item | E-mail
Royal Gold Included in the S&P/TSX Global Gold Index - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the world's leading precious metals royalty company, today announced that the Company has been added to the S&P/TSX Global Gold Index, effective Monday, December 18, 2006. Based in Canada, this new index will track key gold mining companies worldwide. The index, formerly called the S&P/TSX Capped Gold Index, was recently expanded and renamed to reflect a broader coverage due to the inclusion of foreign-listed stocks." More
- December 15, 2006 | Item | E-mail
Yukon Gold Expands Current Resource With Drill Results From Its Zinc and Copper Deposit - More
- December 15, 2006 | Item | E-mail
Soltoro Ltd.: Sampling Program From El Rayo Mexican Silver Project Returns Significant Silver Grades and 17.6 Meters of 2.8 Grams Per Ton Gold - More
- December 15, 2006 | Item | E-mail
Paragon Minerals Corporation to Begin Trading on the TSX Venture Exchange - More
- December 15, 2006 | Item | E-mail
Verena Intersects 50.50 Metres @ 1.20 G/T and Significant Parallel Zones at Volta Grande Gold Property - More
- December 15, 2006 | Item | E-mail
Aurelian Intersects 260.45 Metres at 6.59 g/t Gold and 248.60 Metres at 3.09 g/t of Gold in Drilling at FDN - More
- December 15, 2006 | Item | E-mail
Duran Completes Private Placement Financing - More
- December 15, 2006 | Item | E-mail
Nico Civelli Appointed VP Finance - Europe - More
- December 15, 2006 | Item | E-mail
Orvana Reports Record Production, Cash Provided by Operating Activities and Earnings for Fiscal 2006 - More
- December 15, 2006 | Item | E-mail
Sparton Clarifies December 14, 2006 News Release According to NI 43-101 Reporting Requirements - More
- December 15, 2006 | Item | E-mail
Golden China Trades Shares Start Trading on the TSX under Symbol "GCX" - More
- December 15, 2006 | Item | E-mail
Recent Assay Results Confirm High-Grade Silver-Lead-Zinc At Vianey - More
- December 15, 2006 | Item | E-mail
Trigon Uranium Corp. to Spin Off Diamond Assets - More
- December 15, 2006 | Item | E-mail
Globex Mining Enterprises Inc.: Gold-Silver Dore Bar Produced From Russian Kid Mine Ore - More
- December 15, 2006 | Item | E-mail
Anvil Mining Limited - Consolidation of CDIs - More
- December 15, 2006 | Item | E-mail
Strathmore Grants Stock Options - More
- December 15, 2006 | Item | E-mail
Yamana Declares Quarterly Dividend - "Yamana Gold Inc. (Yamana) (TSX:YRI.TO - News)(AMEX:AUY - News)(AIM: YAU) is pleased to declare its fourth quarter dividend of US$0.01 per share. Shareholders of record at the close of business on Friday, December 29, 2006 will be entitled to receive payment of this dividend on Tuesday, January 16, 2007." More
- December 15, 2006 | Item | E-mail
Aquiline Resumes Drilling at Calcatreu Gold Project - "Aquiline Resources Inc. (TSX:AQI - News) is pleased to announce that a minimum 4,000 meter drill program commenced December 6, 2006 at its wholly owned Calcatreu Gold property in Rio Negro Province, Argentina. The objective of the program is to expand the existing resource base beyond the million ounce threshold and the Company plans an updated 43-101 compliant resource calculation in the Spring following the conclusion of the current drill campaign." More
- December 15, 2006 | Item | E-mail
Exeter Reports on Studies and Permitting at La Cabeza, Argentina - "Exeter Resource Corporation (TSX VENTURE:XRC.V - News)(AMEX:XRA - News)(FWB: EXB) reports that exploration continues on its La Cabeza gold-silver property, in Mendoza Province, Argentina, while the provincial government prepares a new environmental plan." More
- December 15, 2006 | Item | E-mail
Silver Wheaton to Acquire 14% Interest in Sabina Silver and Right of First Refusal Over Silver Stream Sales - "Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that it has agreed to acquire, by way of private placement, 7,800,000 units of Sabina Silver Corporation ("Sabina") (TSX VENTURE:SBB.V - News) at a price of C$1.65 per unit for a total purchase price of C$12,870,000." More
- December 15, 2006 | Item | E-mail
Sabina Announces $12,870,000 Private Placement With Silver Wheaton - "SABINA SILVER CORPORATION (TSX VENTURE:SBB.V - News) ("Sabina") is pleased to announce a non-brokered private placement financing whereby Silver Wheaton Corp. ("Silver Wheaton"), a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange, has agreed to purchase up to 7,800,000 Units (the "Units") of the Company at a price of C$1.65 per Unit, for gross proceeds of up to $12,870,000." More
- December 15, 2006 | Item | E-mail
Newmont sells mine stake to Trakindo-sources - "Newmont Mining (NEM.N: Quote, Profile , Research) and other foreign owners are selling a combined 3 percent stake in a big copper and gold mine in Indonesia to local firm PT Trakindo Utama for about $100 million, two sources told Reuters on Friday." More
- December 15, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2006
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 15 December, 2006 | |
