-- Posted 18 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $614.90 | +$0.30 |
Silver | $12.40 | -$0.41 |
XAU | 140.60 | -1.63% |
HUI | 332.34 | -2.07% |
GDM | 1063.77 | -1.98% |
JSE Gold | 2878.21 | +1.07% |
USD | 83.97 | -0.02 |
Euro | 130.87 | +0.13 |
Yen | 84.67 | +0.02 |
Oil | $62.21 | -$1.22 |
10-Year | 4.587% | -0.010 |
T-Bond | 113.71875 | +0.03125 |
Dow | 12441.27 | -0.03% |
Nasdaq | 2435.57 | -0.88% |
S&P | 1422.48 | -0.32% |
The Metals:
Gold traded slightly higher in Asia and London before it dipped a few dollars in morning New York trade to as low as $611.30 at about 11AM EST, but it then rallied into the close and ended with a small gain. Silver also traded slightly higher in Asia and London before it fell in New York, but its drop was much more severe than gold’s. It fell to as low as $12.26 before it rallied a bit off its lows in the last hour of trade, but it still ended with a loss of 3.20%.
Euro gold remained above €470, platinum remained unchanged at $1,100, palladium gained $2 to $320, and copper rose a few cents to about $3.03.
Gold and silver equities steadily fell off for most of trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Current Account | Q3 | -$225.6B | -$225.0B | -$217.1B |
The Current Account came in about as expected at a record high deficit. Tomorrow at 8:30AM EST brings Housing Starts for November expected at 1,550,000, Building Permits expected at 1,535,000, PPI for November expected at 0.5%, and Core PPI expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell despite news of explosions at oil company facilities in Nigeria as OPEC “said that the fundamentals of the world oil market show signs of weakening in 2007 as economic growth slows and supply from non-OPEC countries rises faster than global demand.”
The U.S. dollar index and treasuries remained near unchanged as traders looked ahead to economic data later in the week, but bonds did find small gains by the close and the dollar fell slightly.
The Dow, Nasdaq, and S&P rose in early trade on merger and acquisition news, but the Dow and S&P fell off by the close and ended slightly lower while the Nasdaq closed almost 1% lower.
Among the big names making news in the market today were Express Scripts and Caremark, Harrah’s, Biomet, and Loral.
The Commentary:
“February Gold finished down 1.2 at 617.9, 3.2 off the high and 2.8 up from the low.
March Silver closed down 0.455 at 12.525. This was 0.125 up from the low and 0.535 off the high.
Surprisingly the gold market turned the tables and managed to outperform the silver market by not coming under as much pressure. With the Dollar mostly holding up around its recent highs, it is not surprising that the bear camp in gold was lurking early in the US action. With oil prices also weakening considerably during the session, the overall environment in gold was simply conducive to ongoing selling pressure. Certainly the prospect of year end selling was present and with another new low for the move it is possible that more weak handed longs are feeling the heat, which could be more distinct because of the proximity to the year end. In fact, given the aggressive pressure in the silver market, the gold market probably saw some indirect selling pressure.
Around the lows Monday the silver market was almost $2.00 below the December highs and that would certainly serve to level the recently overbought technical condition of the market. While the trade doesn't seem to be poised to abandon the upbeat long term view, the presence of year end liquidation is certainly weighing on psychology. Apparently some Press reports were suggesting that the Funds were dumping positions and that initially sent prices cascading below the critical chart support level of $12.50 basis the March contract. However, the silver market did show the capacity to reject the sub $12.50 trade and that gave some traders hope that the washout in prices was close to running its course.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Iran announces switch from dollars to euros
Lawsuits target 'first strike' coins
James Turk: The gold cartel at work
Kevin Horrigan: A Wall Street Christmas story
Honest accounting would raise U.S. budget deficit by 81%
Two Internet radio interviews for GATA Chairman Murphy
Weak dollar has mixed results for U.S. businesses
Barrick may bid for Freeport, CIBC research note says
The Statistics:
As of close of business: 12/15/2006
Gold Warehouse Stocks: | 7,469,964 | - 21,138 |
Silver Warehouse Stocks: | 110,131,081 | + 133,451 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 448.92 | 14,433,279 | US$ 9,001m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.31 | 2,903,397 | US$ 1,786m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,426 | US$ 208m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,645 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/15/2006 | |
Total Net Assets | $854,534,843 | Ounces of Gold
in Trust | 1,389,719.369 |
Shares Outstanding | 14,000,000 | Tonnes of Gold
in Trust | 43.23 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/15/2006 | |
Total Net Assets | $1,539,826,371 | Ounces of Silver
in Trust | 112,173,316.800 |
Shares Outstanding | 11,250,000 | Tonnes of Silver
in Trust | 3,488.98 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Aurizon’s (AZK) addition to the S&P/TSX Global Gold Index, Northgate’s (NXG) increase in gold resources, Great Panther’s (GPR.TO) drilling, Strategic Nevada’s (SNS.V) new geologist, ECU’s (ECU.V) drill results, Avino’s (ASM.V) drill results, and MAG Silver’s (MAG.V) stock options were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG+7.06% $8.64 |
2. Rubicon | RBY+5.69% $1.30 |
3. Solitario | XPL+1.00% $4.04 |
LOSERS
1. Exeter | XRA -9.44% $1.63 |
2. Orezone | OZN-8.44% $1.41 |
3. Rio Narcea | RNO-8.42% $2.61 |
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:
Stellar grants stock options - More
- December 18, 2006 | Item | E-mail
Mansfield Adds New Project to Portfolio - More
- December 18, 2006 | Item | E-mail
Duran and MacMillan Gold Agree to Property Option Amendments - More
- December 18, 2006 | Item | E-mail
Peru Copper announces new discovery - More
- December 18, 2006 | Item | E-mail
Great Panther Commences Diamond Drilling at Km66 Property - "GREAT PANTHER RESOURCES LIMITED (TSX:GPR.TO - News) is pleased to announce that a 5,000 metre diamond drilling program has commenced at the Company's Km 66 Project in northeastern Durango State, Mexico. The 3,508 hectare property hosts significant silver-lead-zinc-gold mineralization with excellent potential for a large bulk tonnage deposit." More
- December 18, 2006 | Item | E-mail
Oxiana joins forces with Kalimantan in the hunt for Indonesian copper - More
- December 18, 2006 | Item | E-mail
Eagle Plains Completes $3.1M Financing - More
- December 18, 2006 | Item | E-mail
MacDonald Mines: McNugget Expands VMS Zones and Intersects Higher Tenor Mineralization up to 7.46% Zn Over 3.59m - More
- December 18, 2006 | Item | E-mail
Aurizon Added to S&P/TSX Global Gold Index - "Aurizon Mines Ltd. (TSX:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce that its common shares have been added to the S&P/TSX Global Gold Index (formerly the S&P/TSX Capped Gold Index), effective December 18, 2006." More
- December 18, 2006 | Item | E-mail
Lakota Announces TEMBO Aircore Drill Results - More
- December 18, 2006 | Item | E-mail
Olympus' Takeover Target Completes State 1 Exploration on Napai Gold Project, N. Vietnam - More
- December 18, 2006 | Item | E-mail
Pershimco Resources: Drilling to Start in Courville Gold Project During Q1 - More
- December 18, 2006 | Item | E-mail
Gold Hawk Resources Inc.-Issuance of Warrants to Co-Lenders - More
- December 18, 2006 | Item | E-mail
Anaconda Gold Hires General Manager for Pine Cove Gold Mine - More
- December 18, 2006 | Item | E-mail
Logan Resources Announces Flow-Through Financing With MineralFields - More
- December 18, 2006 | Item | E-mail
International KRL Resources Announces Flow-Through Financing - More
- December 18, 2006 | Item | E-mail
UEX Announces $25.0 Million Budget for 2007 - More
- December 18, 2006 | Item | E-mail
Khan Resources Announces the Appointment of a New Chief Financial Officer 'CFO' - More
- December 18, 2006 | Item | E-mail
Los Verdes Molybdenum Resource Estimated to be 28.5 Million Pounds - More
- December 18, 2006 | Item | E-mail
Titan and Dejour Close Athabasca Uranium Asset Combination - More
- December 18, 2006 | Item | E-mail
Pele Mountain to Increase Uranium Holdings at Elliot Lake; Consolidated Project Area Contains Over 26 Million Pounds U3O8 - More
- December 18, 2006 | Item | E-mail
Kinbauri Announces More Positive Results From Picotos Vein Systems at Corcoesto - More
- December 18, 2006 | Item | E-mail
Pearl Asian Mining Industries, Inc. Reports on Quantity of Gold Produced, Status of Mine Site, and ''Gift of Hope and Healing'' by the Medical Mission Volunteer - More
- December 18, 2006 | Item | E-mail
Strategic Nevada Resources Welcomes Brian White as Staff Geologist for the Crescent Mine - "Mr. White's achievements are too long to list in this press release. Here are a sampling of Brian White's accomplishment's, during his illustrious thirty year career. As well as a quote from Mr. White on what he perceives the potential future of The Crescent Mine may be. We are very pleased that he has joined our team and look forward to working with him!" More
- December 18, 2006 | Item | E-mail
Denison Announces 2007 Athabasca Winter Exploration Programs With JNR Resources - More
- December 18, 2006 | Item | E-mail
Azco Mining Updates Shareholders on Summit Silver-Gold Project and Status of Financial Reporting - More
- December 18, 2006 | Item | E-mail
Unico, Inc. Announces Preliminary Work on Clyde and Crown Point Mineral Claims - More
- December 18, 2006 | Item | E-mail
Scorpio's 2006 Year End Review - More
- December 18, 2006 | Item | E-mail
Cusac Starts Gold Production at Table Mountain - More
- December 18, 2006 | Item | E-mail
Surface Sampling at Southwestern's Pacapausa Property in Peru Continues to Define High Grade Silver Zones - More
- December 18, 2006 | Item | E-mail
Harbour Financial continuing as Investor Relations - More
- December 18, 2006 | Item | E-mail
Universal Uranium Closes on $2 Million Flow-Through Financing - More
- December 18, 2006 | Item | E-mail
Cash Minerals Intersects 2.51 Metres of 0.29% U3O8 At Lumina 'Jack Flash Showing' and Obtains Up to 1.82% U3O8 From Surface Samples - More
- December 18, 2006 | Item | E-mail
JNR Announces 2007 Winter Exploration Programs - More
- December 18, 2006 | Item | E-mail
Trigon Uranium Corp. Appoints David Redekop as Chief Financial Officer - More
- December 18, 2006 | Item | E-mail
Powertech to Acquire Wyoming Data Base - More
- December 18, 2006 | Item | E-mail
International Gold Resources Completes Financing - More
- December 18, 2006 | Item | E-mail
Mediterranean Resources Ltd. - Grant of stock options - More
- December 18, 2006 | Item | E-mail
NORTHGATE ANNOUNCES MAJOR INCREASE IN GOLD RESOURCES AT YOUNG-DAVIDSON - "Northgate Minerals Corporation (TSX:NGX.TO - News)(AMEX:NXG - News) is pleased to report the results of a new mineral resource estimate at its Young-Davidson property near Matachewan, Ontario. The estimate combines the results to date for the 2006 drill program with the historic drilling data." More
- December 18, 2006 | Item | E-mail
ECU Silver Mining Inc. Announces Wide Mineralized Corridor at the Santa Juana Mine - "Mr. Michel Roy, Chairman and CEO of ECU Silver Mining Inc. (TSX VENTURE:ECU - News) is pleased to announce the Company has discovered that the two separate stockwork zones, on level 17.5 and level 15 respectively, at the Santa Juana mine have been identified as one continuous stockwork zone (the "Mineralized Corridor" or "MC")." More
- December 18, 2006 | Item | E-mail
Avino Announces Results of 2006 Drilling on Minto Property - "Avino Silver and Gold Mines Ltd. (TSX VENTURE:ASM.V - News)(OTC BB:ASGMF.OB - News)(Berlin:GV6.BE - News)(FWB: GV6)is pleased to announce results of the 2006 drilling program at its Minto Property in Bridge River Gold Mining area approximately 100 km north of Vancouver, B.C." More
- December 18, 2006 | Item | E-mail
MAG Silver Corp.: Incentive Stock Options Granted - "MAG Silver Corp. (TSX VENTURE:MAG.V - News) announced that on December 15, 2006 the Board of Directors granted incentive stock options to purchase 540,000 common shares of the Company at a price of $5.36 per share to directors, officers, and employees of the Company. The grant of these stock options is in accordance with the Company's stock option plan. The options granted will expire December 14, 2011." More
- December 18, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 18 December, 2006 | |
