-- Posted 21 December, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $618.10 | -$2.40 |
Silver | $12.35 | -$0.17 |
XAU | 138.47 | -1.84% |
HUI | 327.55 | -2.17% |
GDM | 1052.44 | -1.83% |
JSE Gold | 2905.86 | +0.01% |
USD | 83.62 | +0.13 |
Euro | 131.72 | -0.01 |
Yen | 84.48 | +0.03 |
Oil | $62.66 | -$1.06 |
10-Year | 4.549% | -0.046 |
T-Bond | 113.03125 | +0.46875 |
Dow | 12421.25 | -0.34% |
Nasdaq | 2415.85 | -0.48% |
S&P | 1418.31 | -0.37% |
The Metals:
Gold rose slightly in Asia and London and traded near unchanged for most of trade in New York, but it then dipped a couple dollars in the last hour of trade and ended near its lows with a loss of 0.39%. Silver followed a similar pattern and ended with a loss of 1.36%.
Euro gold fell under €470, platinum gained $1 to $1,118, palladium gained $1 to $322, and copper dropped roughly seven cents to about $2.88.
Gold and silver equities fell about 1% in the first hour of trade, fell off about 1% further in early afternoon trade, and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q3 | 2.0% | 2.2% | 2.2% |
Chain Deflator | Q3 | 1.9% | 1.8% | 1.8% |
Initial Claims | 12/16 | 315K | 315K | 306K |
Leading Indicators | Nov | 0.1% | 0.1% | 0.1% |
Philadelphia Fed | Dec | -4.3 | 4.0 | 5.1 |
Richmond Fed President Jeffrey Lacker had traders talking today after he said in a speech that “‘many forecasters have been saying core inflation will moderate in the near term, and this certainly would be desirable. But such a moderation is not yet evident, despite the two most recent (Consumer Price Inflation) reports.” Tomorrow at 8:30AM EST brings Durable Goods Orders for November expected at 1.5%, Personal Income for November expected at 0.4%, and Personal Spending expected at 0.6%. At 10AM is the revised reading for December Michigan Sentient expected at 90.2.
The Markets:
Oil fell over a dollar on warm weather forecasts for the Northeast and on the fact that shipping operations in the Gulf of Mexico have returned to normal after having been delayed due to dense fog.
The U.S. dollar index remained near unchanged to slightly despite poor economic data that made it less likely the fed will raise interest rates anytime soon.
Treasuries rose after GDP and the Philadelphia Fed came in poorer than expected and pushed interest rates lower.
The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings in morning trade, but they then fell off following the economically disappointing Philadelphia Fed report and ended with decent losses.
Among the big names making news in the market today were Highland and Delphi, ConAgra, A.G. Edwards, First Data, American Greetings, Raytheon, and General Mills.
The Commentary:
“Analyzing a rigged market in the short term is brutal. In free markets there are normal ebbs and flows in which technical analysis and understanding the fundamentals can be very useful for predictive/trading value. When it comes to gold, the only thing which really counts in the end is how much gold The Gold Cartel is going to throw at the market and how well physical demand holds up to counter their price suppression activities.
That does not mean that The Gold Cartel are the ones always doing the selling. Often it is just their price capping maneuvers and influence which gets the job done.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 2.7 at 621.6, 3.4 off the high and 1 up from the low.
March Silver closed down 0.155 at 12.49. This was 0.03 up from the low and 0.14 off the high.
Without the distinctly favorable shake from the overnight Asian action, the US gold market was left to confront the rather heavy flow of US economic information. In fact, after the Dollar unable to extend the downside tilt seen in the prior session, it was clear that the bear camp gained some confidence. With the US economic reports mostly coming in soft on Thursday and the Dollar managing to firm in the immediate aftermath of the weak reports, it certainly seems like the gold market was confronted with a double negative. With oil prices weak, the numbers weak and the Dollar strong, the year end profit taking crowd has to be emboldened again. The trade continues to point to a series of critical chart levels in the February contract of $620 and $617.8.
Like the gold market, the silver was indirectly and perhaps directly undermined as a result of the slack US economic readings released during the session. While it might be overkill to suggest that the weak numbers Thursday actually hint at recessionary conditions, a sharp afternoon slide in equity prices, a sharp slide in oil prices and a massive washout in copper prices gives off the impression of significant economic slowing. The 200 day moving average in March silver ($12.26) drifted closer to the market Thursday and that could be a critical level for the fund interests.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Three strikes against the dollar
Reg Howe: Gold derivatives -- elephant in the boardroom
The Statistics:
As of close of business: 12/20/2006
Gold Warehouse Stocks: | 7,533,708 | - |
Silver Warehouse Stocks: | 111,205,109 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 452.01 | 14,532,457 | US$ 8,997m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.30 | 2,903,300 | US$ 1,798m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,415 | US$ 210m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.00 | 321,600 | US$ 199m |
Change in Total Tonnes from yesterday’s data: The NYSE added 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 12/20/2006 | |
Total Net Assets | $886,906,937 | Ounces of Gold
in Trust | 1,429,417.361 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.46 |
Change in Total Tonnes from yesterday’s data: 1.23 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 12/20/2006 | |
Total Net Assets | $1,435,402,840 | 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.
Gold & Silver Stock News Update from GoldReview.com:
International Royalty’s (ROY) new royalty, U.S. Gold’s (UXG) drill results, Golden Star’s (GSS) share sale, IAMGOLD’s (IAG) new directors, Great Basin’s (GBN) project update, Shoshone’s (SHSH.PK) new field engineer, General Minerals’ (GNM.TO) future silver company spin-off, and First Majestic’s (FR.V) new silver mine were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude | CGR +2.78% $1.48 |
2. Rubicon | RBY +2.52% $1.22 |
3. Minefinders | MFN +1.40% $7.99 |
LOSERS
1. New Gold | NGD -6.37% $7.35 |
2. Freeport | FCX -6.05% $54.85 |
3. Ivanhoe | IVN -5.80% $9.59 |
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:
Condor Closes $2 Million Financing - More
- December 21, 2006 | Item | E-mail
Strait Gold Reports Results from Regional Exploration Program - More
- December 21, 2006 | Item | E-mail
Wescan completes private placement for gross proceeds of $2,070,750 - More
- December 21, 2006 | Item | E-mail
Mega Uranium Ltd. Releases Results for the Year Ended September 30, 2006 - More
- December 21, 2006 | Item | E-mail
Pershimco Resources Closes Financing with the Mineralfields Group - More
- December 21, 2006 | Item | E-mail
SIRIOS: Closing of a Private Placement With Societe en Commandite CGE Ressources - More
- December 21, 2006 | Item | E-mail
AMEC Awarded Detailed Engineering and Procurement for Ruby Creek - More
- December 21, 2006 | Item | E-mail
Typhoon Exploration Inc.: Closing of a Private Placement of $500,000 - More
- December 21, 2006 | Item | E-mail
Gold Hawk Resources Inc.: 32,500,000 Share Warrants Exercised - More
- December 21, 2006 | Item | E-mail
Jasper Mining Corp completes $50,000.00 non-brokered financing - More
- December 21, 2006 | Item | E-mail
Mountain Lake Announces Private Placement - More
- December 21, 2006 | Item | E-mail
Shoshone Silver Mining Hires Field Engineer - "Shoshone Silver Mining (Pink Sheets:SHSH - News) is pleased to announce the hiring of Alan Gilda as Field Engineer. Mr. Gilda will manage the final phase of rehabilitating Shoshone's Lakeview mill and develop engineering projects for its North Idaho properties." More
- December 21, 2006 | Item | E-mail
General Minerals Corporation Files Preliminary Prospectus on New Silver Company Spin-Off: South American Silver Corp. - "General Minerals Corporation ("GMC" and "Company")(TSX:GNM.TO - News) announces that it is progressing with its plan to form a new silver-focused company that was announced in late August of this year (see GMC PR 06-15, Aug. 24, 2006)." More
- December 21, 2006 | Item | E-mail
Diadem Closes Flow-Through Equity Financing - More
- December 21, 2006 | Item | E-mail
Cameco says uranium mine repairs "challenging" - More
- December 21, 2006 | Item | E-mail
FNX Initiates Access to Levack Footwall From Craig Mine - More
- December 21, 2006 | Item | E-mail
Ray Larson to Join Strathmore's Board of Directors - More
- December 21, 2006 | Item | E-mail
Farallon Completes $80 Million Financing - More
- December 21, 2006 | Item | E-mail
Klondike Star Announces Major Stepout Drilling at Lone Star - More
- December 21, 2006 | Item | E-mail
International Royalty to acquire royalty on Barrick's Pascua gold deposit in Chile - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") is pleased to report that it has entered into binding agreements to acquire a sliding-scale NSR royalty on the world-class Pascua gold project located in Chile. IRC has agreed to pay US$37.4 million in cash at closing for this royalty interest." More
- December 21, 2006 | Item | E-mail
Yukon Resources Announces Second Tranche Private Placement Financing of US$2,975,000 with Dundee Securities Corporation - More
- December 21, 2006 | Item | E-mail
Noront Completes $15 Million Financing - More
- December 21, 2006 | Item | E-mail
HuntMountain Resources is Drilling in Argentina! - More
- December 21, 2006 | Item | E-mail
Novawest Forms Subsidiary - Pro Minerals Inc. - to realize potential of Ontario Properties and Pro Minerals Inc. Arranges Brokered $1.1 million Financing - More
- December 21, 2006 | Item | E-mail
Cameco Provides Update on Remediation of Cigar Lake Project - More
- December 21, 2006 | Item | E-mail
NewWest Gold Corporation Extends Known Mineralization at Southeast Pediment - More
- December 21, 2006 | Item | E-mail
Continuum Closes First Tranche Of Private Placement - More
- December 21, 2006 | Item | E-mail
Annual General Meeting Results - More
- December 21, 2006 | Item | E-mail
Exall Resources Limited and Southern Star Resources Inc.-Completion of Merger to Form Gold Eagle Mines Ltd. and Appointment of CEO and CFO - More
- December 21, 2006 | Item | E-mail
Freewest Acquires Claw Lake Uranium Property in Northwestern Ontario - More
- December 21, 2006 | Item | E-mail
CityView's Sampling at Catabola Successfully Completed - More
- December 21, 2006 | Item | E-mail
Golden Odyssey's GS Project on Nevada's Walker Lane Belt Returns Significant Geochemical Values - More
- December 21, 2006 | Item | E-mail
Galantas Gold Corporation: Total Voting Rights - More
- December 21, 2006 | Item | E-mail
Merrex Gold Stock Options Granted - More
- December 21, 2006 | Item | E-mail
Lincoln Gold Corp.: Kinross to Drill Jenny Hill in January Mineral & Nye Counties, Nevada - More
- December 21, 2006 | Item | E-mail
Largo Resources Begins Scoping Study at Maracas, Brazil - More
- December 21, 2006 | Item | E-mail
Karmin's Aripuana Zinc Project update: Scoping study and US$3.5 million program for 2007 - More
- December 21, 2006 | Item | E-mail
Paladin Resources Ltd.: Valhalla Uranium JV & Bigrlyi JV Projects NI 43-101 Report Prepared - More
- December 21, 2006 | Item | E-mail
Oromin Explorations Ltd.: Exploration Continues to Expand and Confirm Continuity of Sabodala Gold Mineralization - More
- December 21, 2006 | Item | E-mail
Timberline Resources Corporation Completes $2.73 Million Financing - More
- December 21, 2006 | Item | E-mail
Colombia Goldfields outlines a new gold discovery at El Salto, Colombia - More
- December 21, 2006 | Item | E-mail
CanAlaska Partners with Black Lake First Nation in Uranium Exploration - More
- December 21, 2006 | Item | E-mail
Golden Hope Mines-Approval to Convert Debt/Options Granted - More
- December 21, 2006 | Item | E-mail
Probe Mines Limited Completes $200,000 Non-Brokered Private Placement - More
- December 21, 2006 | Item | E-mail
Golden Phoenix Expands Top Management Team; Names Dennis Gauger Chief Financial Officer - More
- December 21, 2006 | Item | E-mail
U.S. Gold: Tonkin Exploration Update 20 of 26 Holes Return Encouraging Results - "US GOLD CORPORATION (TSX:UXG.TO - News)(TSX:UXG.TO - News) is pleased to announce continuing exploration results at its Tonkin project located in Nevada's Cortez Trend, 10 miles to the south of Barrick's rich Cortez Hills gold deposit. Drilling commenced in June and has been focused in areas near previously defined mineralized material containing 1.4 million ounces of gold. The current $30 million exploration program was launched in June 2006, building on an experienced team of Nevada-based professionals with prior big-company and entrepreneurial experience." More
- December 21, 2006 | Item | E-mail
First Majestic Silver Corp.: Acquisition of La Encantada Silver Mine - "FIRST MAJESTIC SILVER CORP. (TSX VENTURE:FR.V - News)(Other OTC:FRMSF.PK - News)(FWB: FMV) (WKN: A0LHKJ) (the "Company") is pleased to announce that further to its news release dated October 4, 2006 the Company has now signed a Letter Agreement to acquire 100% of the issued and outstanding shares of Minera La Encantada S.A. de C. V. ("La Encantada"), a Mexican mining company owned by Minas Penoles SA de CV and Industrias Penoles SA de CV (collectively "Penoles")." More
- December 21, 2006 | Item | E-mail
Golden Star Announces Sales of Shares of EURO Ressources S.A. for Proceeds of Approximately $30 Million - "Golden Star Resources Ltd. (AMEX:GSS - News; TSX:GSC - News) today announced that over the last three weeks it has sold approximately eighteen million common shares of EURO Ressources S.A. ("EURO") in a series of public and private transactions, resulting in the reduction of Golden Star's ownership interest in EURO to approximately three million EURO shares or approximately 6% of its outstanding equity. Net proceeds of the divestment totaled approximately $30 million." More
- December 21, 2006 | Item | E-mail
IAMGOLD Announces the Appointment of Two New Directors - "IAMGOLD Corporation (TSX:IMG.TO - News)(NYSE:IAG - News)(Australia:IGD.AX - News)(Boston:IAMGOLD - News)("IAMGOLD" or "the Company") is pleased to announce the appointment of Guy Dufresne and Jean-Andre Elie to the IAMGOLD Board of Directors, effective November 9, 2006. These appointments resulted from the successful completion of the business combination of IAMGOLD and Cambior. Mr. Dufresne and Mr. Elie bring valuable experience and knowledge of the newly acquired assets to the Board." More
- December 21, 2006 | Item | E-mail
Great Basin Gold Exploration & Development Programs Progressing as Planned - "Great Basin Gold Ltd. (TSX:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) ("Great Basin" or the "Company") announces an update on the progress of programs at the Hollister Development Block (HDB) Project at its Hollister gold-silver property on the Carlin Trend in Nevada, USA and the Burnstone Project in the Witwatersrand Basin in South Africa." More
- December 21, 2006 | Item | E-mail
Lightning strikes cut power at big PNG gold mine - "Production at the Porgera gold mine in Papua New Guinea will likely suffer after a lightning strike disrupted power supplies, part-owner Emperor Mines Ltd. (EMP.AX: Quote, Profile , Research) said on Thursday." More
- December 21, 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 21 December, 2006 | |
