-- Posted 19 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $621.20 | +$6.30 |
Silver | $12.59 | +$0.19 |
XAU | 144.10 | +2.49% |
HUI | 343.08 | +3.23% |
GDM | 1094.96 | +2.93% |
JSE Gold | 2866.91 | -0.39% |
USD | 83.45 | -0.54 |
Euro | 132.06 | +1.19 |
Yen | 84.77 | +0.10 |
Oil | $63.15 | +$0.94 |
10-Year | 4.599% | +0.012 |
T-Bond | 112.6875 | -0.03125 |
Dow | 12471.32 | +0.24% |
Nasdaq | 2429.55 | -0.25% |
S&P | 1425.55 | +0.22% |
The Metals:
Gold rose about a dollar is Asia and London before it dipped to unchanged in early New York trade, but it soon rebounded, rose for the rest of trade, and ended near its highs with a gain of 1.02%. Silver rose about 20 cents in Asia before it fell back off in London and traded about 10 cents lower near $12.30 in early New York trade, but it also rebounded higher for the rest of trade and ended near its highs with a gain of 1.53%.
Euro gold rose above €470, platinum gained $17 to $1,117, palladium gained $3 to $323, and copper fell a couple cents to about $3.01.
Gold and silver equities steadily rose throughout trade and ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Nov | 1588K | 1550K | 1488K |
Building Permits | Nov | 1506K | 1535K | 1553K |
PPI | Nov | 2.0% | 0.5% | -1.6% |
Core PPI | Nov | 1.3% | 0.2% | -0.9% |
PPI unexpectedly gained the most in over 30 years, but the report was somewhat ignored as most look towards CPI and Core PCE as better inflation indicators. There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded lower in morning trade, but it rose nearly a dollar by the close as traders prepared for tomorrow’s inventory reports which may come in lower than expected due to dense fog that has caused the Houston Ship Channel to remain closed and keep incoming oil tankers from entering the port.
The U.S. dollar index fell markedly despite inflation worries as strong German business sentiment lifted the euro on the assumption that the ECB will continue to raise interest rates while the U.S. fed does not.
Treasuries fell on inflation worries from high PPI and a fresh warning from the fed’s Fisher that lifted interest rates, but moves were not large with last week’s tame CPI report still on trader’s minds.
The Dow, Nasdaq, and S&P fell in early trade on inflation fears, but all three indices rose in the last 2 hours of trade and ended mixed and near unchanged as traders dismissed the PPI report and concentrated on earnings and merger and acquisition news.
Among the big names making news in the market today were LSE and Nasdaq, Morgan Stanley and Discover, Circuit City, and Delta and US Airways.
The Commentary:
“February Gold finished up 7.5 at 625.4, 0.3 off the high and 7.1 up from the low.
March Silver closed up 0.185 at 12.71. This was 0.26 up from the low and 0.14 off the high.
The gold market was simply saved by the PPI and to a certain degree by the sharp failure in the Dollar in the wake of the PPI. From some fundamental arguments, the Dollar should have been lifted by the sharp rise in the PPI report and therefore seeing a distinct failure in the Dollar could indicate that something has changed with respect to the recent trend in the Dollar. With oil prices re-gathering themselves in the afternoon action from early weakness, the inflation question somewhat brought back to life and the Dollar forged the largest single day decline since December 1st, the bull camp in gold had to be cheered up significantly. In fact, the gold market even saw a private brokerage firm upgrade, of a gold stock on Tuesday and that probably also added into the short covering attitude that settled into the gold trade on Tuesday. However, given the flow of fundamental news on Tuesday it is possible that that new or fresh speculative buying joined in with the technically orientated short covering that is to be expected after a 12 day $40 an ounce slide in prices.
While the recovery move in silver was somewhat impressive on Tuesday, relative to the massive slide in the two prior sessions, it is possible that a large portion of the bounce was simple short covering. However, seeing distinctly positive leadership from the gold market and seeing a definitive slide in the Dollar probably resulted in some fresh buying in silver. As mentioned in the mid day coverage, the copper market didn't seem to benefit from the new found optimism toward the precious metals and that would suggest that a large portion of the silver price gains Tuesday were the result of financial or currency related developments.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 12/18/2006
Gold Warehouse Stocks: | 7,469,663 | -301 |
Silver Warehouse Stocks: | 111,199,002 | + 1,067,921 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 448.92 | 14,433,279 | US$ 8,860m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.30 | 2,903,364 | US$ 1,808m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,423 | US$ 211m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,641 | US$ 195m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/18/2006 | |
Total Net Assets | $853,117,029 | 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 12/18/2006 | |
Total Net Assets | $1,454,511,369 | 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:
Rio Narcea’s (RNO) exercised warrants in Chariot Resources Limited, Fronteer’s (FRG) drill results, Centerra Gold’s (CG.TO) illegal work stoppage at the Kumtor mine, IAMGOLD’s (IAG) sale of its interests in Omai Bauxite Mining Inc. and Omai Services Inc., Wildcat’s (CNQ: WILD) stock options, and Coeur’s (CDE) San Bartolome silver mine update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +19.63% $1.95 |
2. Taseko | TGB+12.35% $2.82 |
3. Northgate | NXG +9.68% $3.40 |
LOSERS
1. Rubicon | RBY -3.85% $1.25 |
2. Northern Dynasty | NAK -3.08% $8.18 |
3. Rio Narcea | RNO -1.92% $2.56 |
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:
Full Metal Transfers 100% Interest in Two Nunavut Properties to Mountain Capital Inc. - More
- December 19, 2006 | Item | E-mail
Drake Gold Signs Joint Venture With North Star Strategic Minerals Inc. - More
- December 19, 2006 | Item | E-mail
Wildcat Silver Press Release - "Wildcat Silver Corporation (CNQ: WILD) ("Wildcat" or the "Company") announces the granting of 1,270,000 stock options to directors, officers, employees and consultants of the Company at an exercise price of $1.58 per share for a period of 5 years expiring on December 18, 2011." More
- December 19, 2006 | Item | E-mail
Uracan announces closing of its previously announced financing of $650,000 - More
- December 19, 2006 | Item | E-mail
Gossan Returns Alto-Gardnar Property - More
- December 19, 2006 | Item | E-mail
New Geological Model of Interest at Gossan's Bird River Property - More
- December 19, 2006 | Item | E-mail
New Guinea Gold Corporation: Exploration Drilling Commences at Sinivit Project - More
- December 19, 2006 | Item | E-mail
South-Malartic's Natora property in Mexico: Piedra Rodante Zone now traceable over 1 km - Grab samples return up to 6.2 g/t Au and 349 g/t Ag - More
- December 19, 2006 | Item | E-mail
Skyline Announces Re-Assay Results - More
- December 19, 2006 | Item | E-mail
Minera Pilacones S.A. Gets Ready Operations in "Shahuindo" Gold and Silver Deposits - More
- December 19, 2006 | Item | E-mail
Rio Narcea Exercises Warrants in Chariot Resources Limited - "Rio Narcea Gold Mines Ltd. ("Rio Narcea" or "the Company")(TSX:RNG.TO - News)(AMEX:RNO - News) today announced that it has exercised the 13,430,000 warrants of Chariot Resources Limited (TSX:CHD.TO - News) which the Company acquired in October, 2006. As a result, Rio Narcea now owns a total of 51,550,500 common shares of Chariot, which is equivalent to 16.9% of the shares outstanding once all the warrants are exercised. The cost to Rio Narcea to exercise these warrants was C$4.7 million." More
- December 19, 2006 | Item | E-mail
Absolut Announces Results of Bulk Sampling at Chaparra - More
- December 19, 2006 | Item | E-mail
Cameco Reports Illegal Work Stoppage at Kumtor Gold Mine - More
- December 19, 2006 | Item | E-mail
Century Limestone program summary - More
- December 19, 2006 | Item | E-mail
Fronteer Identifies Three Additional Uranium-Copper-Gold-Silver Target Areas on its Yukon Project - "Fronteer Development Group Inc. ("Fronteer") (TSX:FRG.TO - News)(AMEX:FRG - News) is pleased to announce encouraging new uranium-copper-gold-silver results from three additional Olympic Dam-style prospects in the Wernecke Mountains, Yukon. These prospects - Hail, Hail West, and Pagisteel, along with two previously announced prospects called Fireweed and Thunder Mountain, will be the focus of a 10,000 metre follow up drill program in the summer of 2007." More
- December 19, 2006 | Item | E-mail
Coeur Offers Update on San Bartolome Silver Project in Bolivia - "The San Bartolome silver mine is being developed by Empresa Minera Manquiri S.A., a wholly owned subsidiary of Coeur d'Alene Mines. The mine is located near the town of Potosi, Bolivia. The project has silver mineral reserves of 152 million ounces. The mine is expected to produce approximately 9 million ounces of silver in its first full year of operation and between 6 and 8 million ounces per year thereafter." More
- December 19, 2006 | Item | E-mail
Colombia Goldfields increases ownership of RNC (Colombia) to 90 percent and Marmato legal concessions to 75% - More
- December 19, 2006 | Item | E-mail
Copper Fox Metals Inc. releases more assay results from its 2006 drill season at the Schaft Creek mineral deposit - More
- December 19, 2006 | Item | E-mail
Pediment Exploration Ltd.: Trenching Completed at Daniel Gold Anomalies Continue to Expand - More
- December 19, 2006 | Item | E-mail
Lakota Announces Gold Over 650 Metres on Tembo - More
- December 19, 2006 | Item | E-mail
Update on the Red Rock exploration project - More
- December 19, 2006 | Item | E-mail
Glass Earth Announces a Number of Important Developments - More
- December 19, 2006 | Item | E-mail
Columbia makes a final payment of US$500,000 and completes its purchase of the La Jojoba Gold Property in Sonora, Mexico - More
- December 19, 2006 | Item | E-mail
Ascendant Copper Corporation Responds to NGO Allegations Regarding Its Junin Project - More
- December 19, 2006 | Item | E-mail
Verena Private Placement - More
- December 19, 2006 | Item | E-mail
Franconia Minerals Corporation: Drilling Continues to Extend Copper-Nickel-PGM Mineralization at Birch Lake, Minnesota - More
- December 19, 2006 | Item | E-mail
Drill Program Completed on Saganaga Gold Property and Adjacent Ground Optioned - More
- December 19, 2006 | Item | E-mail
Birim Drilling Provides Several More Intercepts to the Chert Ridge Gold Zones - More
- December 19, 2006 | Item | E-mail
Sparton Locates Major Source of High Uranium Coal Ash for its Non-Conventional Uranium Program in China - More
- December 19, 2006 | Item | E-mail
Robex - Drilling at Mininko confirms mineralization of the tonalite - More
- December 19, 2006 | Item | E-mail
La Mancha intersects additional high grade intersections at Frog's Leg: - More
- December 19, 2006 | Item | E-mail
Sulliden Exploration names new president and CEO - More
- December 19, 2006 | Item | E-mail
Quinsam Capital Corporation creates Advisory Board - More
- December 19, 2006 | Item | E-mail
Goldstake McGarry Diamond Program Up-date - More
- December 19, 2006 | Item | E-mail
Sulliden announces management changes and appointments - More
- December 19, 2006 | Item | E-mail
UraniumCore to Acquire Mineral Claims in Saguache and Boulder County, Colorado - More
- December 19, 2006 | Item | E-mail
The O.T. Mining Corporation Plans Aggressive 2007 Drill Program on Its Porphyry Copper-Molybdenum Zone - More
- December 19, 2006 | Item | E-mail
Keegan Continues to Receive Excellent Drill Results at Esaase Gold Project - More
- December 19, 2006 | Item | E-mail
Liberty Star - XState Resources Ltd. - Elle Uranium Joint Venture is Funded and Officially Starts Dec. 15, 2006 - More
- December 19, 2006 | Item | E-mail
Virginia Mines Inc.: Coulon Project, Discovery of New Lenses 43 and 44-Confirmation of Lens 9-25 at Depth with 8.96% Zn, 1.76% Cu and 50.20 g/t Ag Over 16.14 m - More
- December 19, 2006 | Item | E-mail
Melkior Completes $900,000 Brokered Private Placement - More
- December 19, 2006 | Item | E-mail
Key Gold Abandons Plan for Reverse Stock Split and Confirms Change to Its Name - More
- December 19, 2006 | Item | E-mail
Marifil & Maximus Sign Earn-In Agreement for Las Aguilas Copper-Nickel-PGM Property, Argentina - More
- December 19, 2006 | Item | E-mail
Wits Basin Announces Acquisition of First 25 Percent of Vianey Silver-Lead-Zinc Mine - More
- December 19, 2006 | Item | E-mail
El Capitan Reports on Metallurgical Research Obtaining Metal in Hand - More
- December 19, 2006 | Item | E-mail
Jourdan Discovers New Gold Zone in Belleterre Camp - More
- December 19, 2006 | Item | E-mail
Starfield Resources achieves positive recoveries from the hydrometallurgical test processing of Ferguson Lake massive sulphides - More
- December 19, 2006 | Item | E-mail
Denison to raise C$100 mln in share offering - More
- December 19, 2006 | Item | E-mail
Asian Dragon Group Inc., Closes US$2,000,000 Financing, Another Key Step in Project Luogold - More
- December 19, 2006 | Item | E-mail
Centerra Reports Illegal Work Stoppage at the Kumtor Mine - "Centerra Gold (TSX:CG - News) announced today that the mine department and some support services personnel have begun an illegal work stoppage at the Kumtor mine site. Milling operations are continuing utilizing ore stockpiles. This illegal action relates to the negotiations on the renewal of the current labour contract, which expires on December 31 of this year." More
- December 19, 2006 | Item | E-mail
Silver Spruce Resources Announces the Discovery of a New Mineralized Zone - More
- December 19, 2006 | Item | E-mail
Universal Uranium signs option agreement with UraniumCore on properties in Colorado - More
- December 19, 2006 | Item | E-mail
Mega Enters Into an Agreement to Earn 70% of Aura Energy's Properties in the Gunbarrel Basin of Western Australia - More
- December 19, 2006 | Item | E-mail
IAMGOLD Enters Into an Agreement to Sell Interests in Bauxite Assets for $46 Million - "IAMGOLD Corporation ("IAMGOLD") (TSX:IMG.TO - News)(NYSE:IAG - News)(Australia:IGD.AX - News)(Boston:IAMGOLD - News) is pleased to announce that it has entered into an agreement with Bosai Minerals Group Co., Ltd. ("Bosai Minerals") for the sale of its interests in Omai Bauxite Mining Inc. and Omai Services Inc. (together known as the "Bauxite Assets") for a transaction value of approximately $46 million, including the assumption of $18 million third-party debt." More
- December 19, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 December, 2006 | |
