-- Posted 22 December, 2006 | | Source: SilverSeek.com
Note: US and Canadian markets are closed Monday for Christmas. US markets open back up on Tuesday while Canadian markets will remain closed for Boxing Day.
| Close | Gain/Loss | On Week |
Gold | $619.60 | +$1.50 | +0.81% |
Silver | $12.53 | +$0.18 | -2.19% |
XAU | 138.49 | +0.02% | -2.99% |
HUI | 328.02 | +0.14% | -3.34% |
GDM | 1054.13 | +0.16% | -2.86% |
JSE Gold | 2845.97 | -2.10% | -0.06% |
USD | 83.81 | +0.22 | -0.29% |
Euro | 131.17 | -0.55 | +0.33% |
Yen | 84.07 | -0.41 | -0.69% |
Oil | $62.41 | -$0.25 | -1.61% |
10-Year | 4.624% | +0.075 | +0.59% |
Bond | 112.1875 | -0.84375 | -0.44% |
Dow | 12343.22 | -0.63% | -0.82% |
Nasdaq | 2401.18 | -0.61% | -2.28% |
S&P | 1410.76 | -0.53% | -1.14% |
The Metals:
CoT Reports Released: Gold | Silver
Gold traded in a tight range between $618 and $620 for most of world trade and ended near the top of that range with a slight gain of 0.24%. Silver traded about 5-10 cents higher in Asia and London before it added to its gains in New York and ended near its highs with a gain of 1.46%.
Euro gold rose back above €472, platinum gained $1 to $1,119, palladium lost $1 to $321, and copper fell another couple cents to about $2.86.
Gold and silver equities opened briefly higher before they fell about 1% by 11AM EST, but they then rebounded over the next 3 hours and found slight gains again by the close.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Nov | 1.9% | 1.5% | -8.2% |
Personal Income | Nov | 0.3% | 0.4% | 0.3% |
Personal Spending | Nov | 0.5% | 0.6% | 0.3% |
Michigan Sentiment | Dec | 91.7 | 90.2 | 90.2 |
All of this week’s economic reports:
Next week’s economic highlights include New Home Sales on Wednesday, Initial Jobless Claims, Consumer Confidence, and Existing Home Sales on Thursday, and Chicago PMI and the Help-Wanted index on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on expectations of a mild winter overall that would reduce demand for energy supplies.
The U.S. dollar index rose and treasuries fell on decent economic data as traders squared positions heading into the long holiday weekend.
The Dow, Nasdaq, and S&P fell in light volume as economic data did not make it more likely the fed will cut interest rates anytime soon.
Among the big names making news in the market Friday were Toyota, Walgreen, Ford, ImClone, McAfee, ETrade, and Research in Motion.
The Commentary:
“It is GATA’s contention that the gold price has been suppressed by surreptitious central bank gold hitting the market over the past decade. This gold is physical gold fed to various bullion banks, like Goldman Sachs, by certain central banks. It is an organized scheme, originated by the United States, and most likely, Robert Rubin. The manipulation of the gold price was the lynchpin of his "Strong Dollar Policy."
As a result of this scheme, it has been GATA’s contention that the central banks have less than half the gold they say they have. Instead of 32,000 tonnes of gold sitting in their vaults, they have less than 16,000 tonnes, meaning half the central bank gold is gone. Since there is a 1500 tonne annual deficit (demand over mine and scrap supply), this gold cannot be retrieved without sending the price to the moon. It also means The Gold Cartel must continue to fill this deficit, or the price has to rise sharply to ration demand. This is why gold has risen the past five years. The rise in the price assists in the rationing of the diminishing supply of available central bank gold. The major buyers of gold, such as the Indians, buy on weakness and back off on price strength.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished up 0.7 at 622.3, 1.3 off the high and 1.3 up from the low.
March Silver closed up 0.145 at 12.635. This was 0.105 up from the low and 0.055 off the high.
All things considered the gold market held together rather impressively in the face of scheduled US data that firmed up the Dollar considerably. However, if the gold market was distinctly weakened by the strength of the Dollar, then it is possible that the trade was instead bolstered by the idea that the US economy was potentially poised to remain positively positioned for more growth ahead. Many traders suspect that the threat of terrorism was partially responsible for saving the gold market from the typical Dollar related pressure that normally is seen in the wake of an upside thrust in the Greenback.
While the silver market might have scored a moral victory by its action Friday in the face of Dollar strength, the market seems to have remained caught in a consolidation zone. Ongoing weakness in the copper market was probably countervailed somewhat by the much better than expected US durable goods readings. However, one can hardly become that upbeat toward physical demand in silver, with the general rise in silver exchange stocks that took place in December. It is possible that the silver market on Friday saw some support off the flight to quality theme and some traders want to play up the idea that the market more of less managed a pattern of higher lows for the week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ecuador's finance minister suggests defaulting on bonds
Diamond market is next target for derivatives
Even little Slovenia gets roped into the gold price-fixing scheme
China to spend $2 billion to rescue Zimbabwe
Government's power to debase currency is unlimited
Many GATA favorites to speak at Vancouver conference in January
James K. Galbraith: Paulson and Bernanke were clueless in China
The Statistics:
As of close of business: 12/21/2006
Gold Warehouse Stocks: | 7,534,516 | +808 |
Silver Warehouse Stocks: | 110,604,951 | - 600,158 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 452.01 | 14,532,457 | US$ 9,015m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.30 | 2,903,268 | US$ 1,804m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,411 | US$ 210m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.00 | 321,597 | US$ 199m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/21/2006 | |
Total Net Assets | $884,743,410 | Ounces of Gold
in Trust | 1,429,417.361 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.46 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/21/2006 | |
Total Net Assets | $1,513,851,265 | Ounces of Silver
in Trust | 121,144,585.200 |
Shares Outstanding | 12,150,000 | Tonnes of Silver
in Trust | 3,768.02 |
Note: Change in Total Tonnes from yesterday’s data: 279.04 tonnes were added to the trust.
The Stocks:
Kinross Gold’s (KGC) sweetened offer for Bema Gold (BGO), Centerra Gold’s (CG.TO) resumed mine operations, Gold Fields’ (GFI) acquired position in Western Areas, and Sabina’s (SBB.V) closed private placement with Silver Wheaton (SLW) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Aurizon Mines | AZK +2.99% $3.10 |
2. U.S. Energy | USEG +2.80% $5.14 |
3. Entree Gold | EGI +2.72% $1.51 |
LOSERS
1. Exeter | XRA -3.63% $1.86 |
2. Taseko Mines | TGB -2.54% $2.69 |
3. Freeport | FCX -1.84% $53.84 |
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 Odyssey Mining Inc. Releases October 31, 2006 Financial Statements - More
- December 22, 2006 | Item | E-mail
Wallbridge Completes First Tranche Private Placement Financing - More
- December 22, 2006 | Item | E-mail
Klondike Star Not Aware of Any Developments to Account for Stock Volatility - Company Exploration Projects & Financing Remain on Track - More
- December 22, 2006 | Item | E-mail
Big Red Diamond Corporation Files with the TSX-V Final Documentation for Two Private Placements for a Total of $870,000 - More
- December 22, 2006 | Item | E-mail
GBS Gold International Inc.: Shareholder Rights Plan Adopted - More
- December 22, 2006 | Item | E-mail
/ CORRECTION - Sutcliffe Resources Ltd. - More
- December 22, 2006 | Item | E-mail
Purepoint Uranium Group Inc. Appoints Chairman and Additional Board Member - More
- December 22, 2006 | Item | E-mail
Noront Adopts a Shareholder Rights Plan - More
- December 22, 2006 | Item | E-mail
Euro Ressources S.A. Announces Changes in Shareholdings - More
- December 22, 2006 | Item | E-mail
Logan Resources Completes Flow-Through Financing - More
- December 22, 2006 | Item | E-mail
Tagish closes second tranche of previously announced flow-through private placement of units - More
- December 22, 2006 | Item | E-mail
Kinross nudges Bema offer higher on added asset - "Kinross Gold Corp. (K.TO: Quote, Profile , Research) has slightly sweetened its friendly takeover offer for fellow Canadian miner Bema Gold Corp. (BGO.TO: Quote, Profile , Research), the companies said on Friday, to reflect the value of an asset added back into the deal.
In the initial offer, Bema's stake in South African Petrex Mines was excluded and earmarked instead for a new company created by Bema and Kinross to focus on exploration and development." More
- December 22, 2006 | Item | E-mail
Pebble Creek Mining Ltd. (formerly Broadcast Capital Corp.) Announces Completion of Qualifying Transaction and Private Placement - More
- December 22, 2006 | Item | E-mail
Win-Eldrich Mines Closes Private Placements for $691,000 - More
- December 22, 2006 | Item | E-mail
Altius Resources Inc. Announces Filing of Early Warning Report - More
- December 22, 2006 | Item | E-mail
Update - Supreme Court Decision on Crucitas Concession - More
- December 22, 2006 | Item | E-mail
Uranerz Energy Corporation: Prospectus Registration Statement Filed - More
- December 22, 2006 | Item | E-mail
Pele Mountain Closes Property Acquisition, Increases Uranium Holdings at Elliot Lake - More
- December 22, 2006 | Item | E-mail
Chilean Vizcachitas Owners Comment on GHG Resources Announcement - More
- December 22, 2006 | Item | E-mail
UrAsia Energy changes to year ended December 31 - More
- December 22, 2006 | Item | E-mail
Strateco Intersects 2,1%U308 Over 12,4 Metres on Matoush and Allocates a $12 Million Budget for 2007 - More
- December 22, 2006 | Item | E-mail
DIOS: Private Placement - More
- December 22, 2006 | Item | E-mail
Pele Mountain Announces That Goldcorp Elects to Form 50-50 Joint Venture at Festival Diamond Project - More
- December 22, 2006 | Item | E-mail
USEC names former General Dynamics exec to its board - More
- December 22, 2006 | Item | E-mail
Azimut closes a $1,511,250 private financing - More
- December 22, 2006 | Item | E-mail
Goldcrest Resources Adds to its Land Package in Burkina Faso, West Africa with the Acquisition of the Titao Sud Concession - More
- December 22, 2006 | Item | E-mail
Crew Gold Corporation Announces First Gold Pour from Commissioning of Masara Gold Mine 500 t/d Plant - More
- December 22, 2006 | Item | E-mail
Cameco Reports Labour Agreement at Kumtor Gold Mine - More
- December 22, 2006 | Item | E-mail
Samira Hill Operations Interrupted By A General Workforce Disruption - More
- December 22, 2006 | Item | E-mail
Trophy Resources to Open (Activate) Mining Division - More
- December 22, 2006 | Item | E-mail
Dutton Associates Announces Investment Opinion: Wits Basin Precious Minerals Speculative Buy Rating Maintained In Update Coverage By Dutton Associates - More
- December 22, 2006 | Item | E-mail
Beeston Options Murphy Lake Claims From Candorado - More
- December 22, 2006 | Item | E-mail
Royal Standard Minerals Project Update - More
- December 22, 2006 | Item | E-mail
MDN NORTHERN MINING: Flow-Through Financing of $500,000 - More
- December 22, 2006 | Item | E-mail
Argentex intersects more high sulphide mineralization in ongoing drilling at Pinguino, Argentina - More
- December 22, 2006 | Item | E-mail
Cline Completes Reverse Take-Over of UMC Energy plc Exploration Program in Progress on Morandava Uranium - More
- December 22, 2006 | Item | E-mail
Alhambra Resources Ltd. - Granting of Stock Options - More
- December 22, 2006 | Item | E-mail
Advisory - Attached published articles provide details of the Silverado-Mississippi Green Fuel deal - More
- December 22, 2006 | Item | E-mail
African Copper Plc: Mining Licence Granted for Dukwe Project, Final Permitting Hurdles Cleared - More
- December 22, 2006 | Item | E-mail
Troy Acquires 19.5% Stake in Canadian Listed Comaplex Minerals Corp. - More
- December 22, 2006 | Item | E-mail
Sabina Completes $12,870,000 Private Placement With Silver Wheaton - "SABINA SILVER CORPORATION (TSX VENTURE:SBB.V - News) is pleased to announce that it has completed the non-brokered private placement financing announced on December 15, 2006, whereby Silver Wheaton Corp. ("Silver Wheaton"), a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange, purchased 7,800,000 Units (the "Units") of the Company at a price of C$1.65 per Unit, for gross proceeds of $12,870,000 to the Company." More
- December 22, 2006 | Item | E-mail
Listings Boom for New Mining Companies on the JSE - "The JSE pulled out all stops to encourage new mining companies to list this year, and was rewarded with three new gold listings, three new platinum listings and five diversified mining companies." More
- December 22, 2006 | Item | E-mail
Gold Fields acquires 84.7% of Western Areas - "GOLD mining group Gold Fields said on Friday that it now owned 84.7% of Western Areas. It said that by 12:00 Friday, acceptances of its offer for Western Areas had been received in respect of a total of 70,810,383 offer shares, which constituted 43.8% of the offer shares. " More
- December 22, 2006 | Item | E-mail
Kinross Gold and Bema Gold Sign Arrangement Agreement and Related Documents - "Pursuant to the Arrangement Agreement, Bema and Kinross have agreed that the consideration to be received by Bema shareholders pursuant to the transaction will increase from 0.441 to 0.4447 of a Kinross common share plus Cdn.$0.01 in cash for each Bema common share, and that Bema's indirect interest in Petrex (Proprietary) Ltd. will not be transferred to B2 Gold Corp. ("B2 Gold"), a company to be owned by certain members of Bema's management and Kinross, as previously contemplated under the agreement announced on November 6, 2006." More
- December 22, 2006 | Item | E-mail
Centerra Gold, Kumtor Mine Resumes Operations - "Centerra Gold (TSX:CG - News) announced today that the illegal work stoppage at the Kumtor Mine has ended and normal mine operations are expected to restart on Friday December 22nd. The Company has also reached an agreement with the Trade Union regarding all material terms of a 2-year labour agreement." More
- December 22, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 22 December, 2006 | |
