-- Posted 9 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $613.00 | +$5.60 |
Silver | $12.48 | +$0.21 |
XAU | 132.14 | -0.55% |
HUI | 312.79 | -0.64% |
GDM | 1004.91 | -0.65% |
JSE Gold | 2773.75 | -0.67% |
USD | 84.75 | +0.14 |
Euro | 130.04 | -0.15 |
Yen | 83.86 | -0.38 |
Oil | $55.64 | -$0.45 |
10-Year | 4.656% | -0.004 |
T-Bond | 112.125 | UNCH |
Dow | 12416.60 | -0.06% |
Nasdaq | 2443.83 | +0.23% |
S&P | 1412.11 | -0.05% |
The Metals:
Gold rose about $5 above $612 in Asia before it fell back near unchanged in London and dropped to as low as $605.60 in morning New York trade, but it then surged higher in afternoon trade and ended near its highs with a gain of 0.92%. Silver rose over 10 cents above $12.40 in Asia before it fell to as low as $12.14 in morning New York trade, but it also jumped higher in afternoon trade and ended near its highs with a gain of 1.71%.
Euro gold rose above €470, platinum gained $9 to $1,127, palladium gained $4 to $330, and copper gained roughly 6 cents to about $2.58.
Gold and silver equities fell over 2% in morning trade before they rebounded to about unchanged by early afternoon, but they then fell back off a bit into the close and ended slightly lower.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the Trade Balance for November expected at -$59.5 billion and at 10AM is the Wholesale Inventories report for November expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell to new 18 month lows under $55 in early trade on continued selling due to warm weather, but losses were pared to less than 1% by the close as traders prepared for tomorrow’s inventory reports.
The U.S. dollar index and treasuries remained near unchanged with no major economic data to act on, but the dollar did find small gains as the yen fell despite expectations of an interest rate hike by the Bank of Japan.
The Dow, Nasdaq, and S&P found gains in early trade as oil continued to fall, but all three indices then fell off heading into the afternoon on worries over earnings reports. Any weakness was short-lived, however, as an afternoon rally left the indices mixed and near unchanged by the close.
Among the big names making news in the market today were Alcoa, Apple, Sprint, Anheuser-Busch, D.R. Horton, LSE and Nasdaq, GE, and Supervalu.
The Commentary:
“Here and there I receive emails suggesting there are other market factors at work on the sell side other than The Gold Cartel. Of course! The point is that The Gold Cartel is a sophisticated trading operation. Think of how simple moving the gold market is compared to their other financial market maneuvers. They know when to push the buttons, etc., … it’s like shooting a rocket into a potential avalanche, which then becomes one. The snow roars down the mountain and The Gold Cartel is there to clean up the debris (buying gold as the funds sell).” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished up 5.6 at 615, 2.3 off the high and 7.8 up from the low.
March Silver closed up 0.235 at 12.595. This was 0.325 up from the low and 0.015 off the high.
The gold market seemed to be fortunate in holding together against periodic bouts of selling. In fact, the gold market mostly managed to weather a slight new high for the move in the Dollar without significant consequence. While the Press is trumpeting short covering buying interest it would seem like gold prices have begun to correlate with the energy market. While some players suggested that the President's speech on Iraq provided the trade with a flight to quality incentive that view wasn't widely embraced. In the end seeing the oil market recoil sharply from its lows and seeing the Dollar unable to hold its early highs probably discouraged some shorts and encouraged some bulls. It is possible that a modestly impressive up tick in the US weekly chain store sales figures mitigated some of the fear of slowing in the US and that in turn gave inflation players some hope.
Not to be outdone, the silver market managed a very impressive upward extension over the prior session and almost reached the highest close since January 4th. While the Press suggested that the gains were mostly short covering, other sources suggested that the funds were showing interest in the long side of the market and that certainly diversifies the bull theme a bit.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Hedge fund borrowing examined by U.S. and European regulators
William Pesek: Time for Asia to kick its strong-dollar habit
Butler and Friedman on silver's logic and dreams
Chavez to socialize Venezuela, shuts opposition TV, promises 'permanent revolution'
Thailand won't lift capital controls
Thank Goldman Sachs, not weather, for oil price plunge
The Statistics:
As of close of business: 1/08/2007
Gold Warehouse Stocks: | 7,530,907 | - |
Silver Warehouse Stocks: | 113,776,434 | + 299,304 |
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 | 453.08 | 14,566,908 | US$ 8,878m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.28 | 2,902,689 | US$ 1,783m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.57 | 339,598 | US$ 209m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,463 | US$ 200m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/8/2007 | |
Total Net Assets | $868,005,409 | Ounces of Gold
in Trust | 1,428,943.630 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/8/2007 | |
Total Net Assets | $1,490,563,524 | Ounces of Silver
in Trust | 122,091,233.400 |
Shares Outstanding | 12,250,000 | Tonnes of Silver
in Trust | 3,797.46 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Gold Fields’ (GFI) new head of its South African operations, New Gold’s (NGD) acquired surface rights, Fronteer’s (FRG) drill results, Seabridge’s (SA) new mineral resource estimate, Newmont’s (NEM) trial in Indonesia, Apollo gold’s (AGT) update, Taseko’s (TGB) raised bid for bcMetals, Impact’s (IPT.V) purchased silver concessions, and Pan American’s (PAAS) exploration program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +9.37% $1.75 |
2. New Gold | NGD +6.74% $7.69 |
3. Exeter | XRA +5.92% $1.79 |
LOSERS
1. Crystallex | KRY -8.48% $3.13 |
2. Northern Dynasty | NAK -8.47% $6.92 |
3. Gold Reserve | GRZ -8.41% $3.81 |
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:
Impact Acquires Seven Silver Concessions in Zacatecas - "A geological team has commenced field work on the four Zacatecas Venture properties with Yale Resources in December 2006 and will begin work on the 100% IMPACT properties in early 2007. These programs will include mapping and detailed sampling of the historic workings and old mine dumps as well as prepare for a multi-property drill program planned for first quarter 2007." More
- January 09, 2007 | Item | E-mail
Gen-X Resources Property Agreement Imminent - More
- January 09, 2007 | Item | E-mail
Rimfire Partners With Robert McEwen to Explore Alaskan Properties - More
- January 09, 2007 | Item | E-mail
Vault commences drilling Kirkland North - More
- January 09, 2007 | Item | E-mail
Taseko Raises Bid for bcMetals to $1.15, Drops Key Conditions - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announced today that it is raising its bid for the shares of bcMetals Corporation ("bcMetals") to $1.15 from $1.10 and that Taseko has dropped the litigation opinion condition, as well as the condition regarding the proposed joint venture between bcMetals and Global International Jiangxi Copper Company Limited ("Jiangxi"), from its bid." More
- January 09, 2007 | Item | E-mail
American Creek Intersects Bonanza Grade Gold and Silver at the Electrum Project - More
- January 09, 2007 | Item | E-mail
Newmont's Former Chief Geologist Joins Eaglecrest's Board - More
- January 09, 2007 | Item | E-mail
Patricia Mining Corp. Announces a Winter Exploration Program on its Edwards Gold Property - More
- January 09, 2007 | Item | E-mail
StrataGold announces appointment - More
- January 09, 2007 | Item | E-mail
Ontex Completes $130,000 Private Placement - More
- January 09, 2007 | Item | E-mail
Taranis Resources Inc. Closes Acquisition of Thor Property, Located Near Ferguson, Revelstoke Mining District, B.C. - More
- January 09, 2007 | Item | E-mail
Melkior Resources Inc. & Santoy Resources Ltd./Otish Mountain Uranium Joint Venture Announced - More
- January 09, 2007 | Item | E-mail
Campbell Resources Announces The Closing Of A Financing And The Reimbursement Of Debentures - More
- January 09, 2007 | Item | E-mail
Carlisle Goldfields Limited Announces Closing of Prospectus Offering - More
- January 09, 2007 | Item | E-mail
Santoy Announces Otish Mountain Uranium Joint Venture - More
- January 09, 2007 | Item | E-mail
Revised: G&S Minerals, Inc. Announces up to $6.2 Million Financing Slated for Expansion and Acquisition - More
- January 09, 2007 | Item | E-mail
Kennecott Receives Preliminary Approval of Mine Permit from Michigan Department of Environmental Quality - More
- January 09, 2007 | Item | E-mail
UrAsia Energy announces increase in licence area at Kharassan of 15% - More
- January 09, 2007 | Item | E-mail
Spruce Ridge Resources Announces Discovery of New Zone of Uranium Mineralization - More
- January 09, 2007 | Item | E-mail
Goodlace to Head Up Gold Fields Operations in South Africa - "Gold Fields Limited (Gold Fields) (NYSE, JSE, DIFX: GFI) today announced that Mr. Terence Goodlace will replace the late Mr. Brendan Walker as head of its South African operations, with immediate effect. Mr. Walker was tragically killed in a car accident on 30 December 2006." More
- January 09, 2007 | Item | E-mail
BrazMin Intersects High-Grade Gold in Phase I Drilling and expands landholdings at Agua Branca - More
- January 09, 2007 | Item | E-mail
American Creek intersects bonanza grade gold and silver at the Electrum Project - More
- January 09, 2007 | Item | E-mail
Amarillo Welcomes New Chairman, Reports on Changes to the Board - More
- January 09, 2007 | Item | E-mail
Anaconda Shareholders Approve Transaction With Colorado Minerals-Conditional Listing Approval Received From Toronto Stock Exchange - More
- January 09, 2007 | Item | E-mail
HE-5 Resources, Corp. Finalizes Phase I of Drilling Program at Overman Property - More
- January 09, 2007 | Item | E-mail
Pediment Acquires High Potential Project in the Mulatos-La India Gold Silver Camp - More
- January 09, 2007 | Item | E-mail
Robex - Very first trench on Wili-Wili intercepts 13 m width at 2.29 g/t Au and two 4-metre deep pit values at 1.96 and 3.58 g/t Au - More
- January 09, 2007 | Item | E-mail
Victoria Resource Corporation: Drilling Intersects High Grade Gold at Cove McCoy, Nevada - More
- January 09, 2007 | Item | E-mail
Candorado Operating Company Retains AXINO as Investor Relations Consultant in Europe - More
- January 09, 2007 | Item | E-mail
Pipestone Project Update - Western Warrior Resources - More
- January 09, 2007 | Item | E-mail
Rochester Commences Milling Operations at Its Mina Real Mine - More
- January 09, 2007 | Item | E-mail
Tara Minerals Corp. Initiates Private Placement Financing - More
- January 09, 2007 | Item | E-mail
GBS Gold International Inc.: Operations and Resource Update - More
- January 09, 2007 | Item | E-mail
Can-Cal Resources Ltd.-Announced That E.R.S. Ltd. Has Concluded Preliminary Testing - More
- January 09, 2007 | Item | E-mail
Company Makes EUR 400,000 Option Payment - More
- January 09, 2007 | Item | E-mail
Searchlight Minerals Corp. exercises option to acquire 100% of Clarkdale Slag Project - More
- January 09, 2007 | Item | E-mail
$1.09 million private placement completed - More
- January 09, 2007 | Item | E-mail
Serengeti Drills Major Copper-Gold Intercept on Kwanika Property 111 Metres of 0.69% Copper and 0.54 G/T Gold - More
- January 09, 2007 | Item | E-mail
Franklin Clarifies Pulacayo Project's Status - More
- January 09, 2007 | Item | E-mail
Beaufield Resources-2006 Exploration Summary - More
- January 09, 2007 | Item | E-mail
Alhambra Resources Ltd. - Drilling Results Expands Uzboy Gold Deposit - More
- January 09, 2007 | Item | E-mail
AuEx Ventures, Inc.: New Gold Mineralization Discovered at West Pequop - More
- January 09, 2007 | Item | E-mail
Scorpio's Updated Resource Estimate on Nuestra Senora Silver-Zinc Project Adds Significant Tonnage to Previous Estimate - More
- January 09, 2007 | Item | E-mail
Alexis-Xstrata Intersects 8.1% Zinc Over 2.6 Metres-Discovers Two New Massive Sulphide Targets in Rouyn-Noranda, Quebec - More
- January 09, 2007 | Item | E-mail
Aurogin Sells First Gold From El Sastre Project - More
- January 09, 2007 | Item | E-mail
Asian Dragon Group Inc., Completes Successful Initial Quarter Trial Production Operation For Project Luogold - More
- January 09, 2007 | Item | E-mail
Houston Lake Mining Plans Delineation Drilling Program on the West Cedartree Gold Project - More
- January 09, 2007 | Item | E-mail
Northwater Resources, Inc. Announces Rio Mayo Project - More
- January 09, 2007 | Item | E-mail
Northwater Completes U.S. $82,000 Private Placement - More
- January 09, 2007 | Item | E-mail
Rocmec Closes Flow-Through Financing - More
- January 09, 2007 | Item | E-mail
Ecstall Mining Corporation Board of Directors unanimously recommends shareholders reject Mantle Resources hostile takeover bid - More
- January 09, 2007 | Item | E-mail
PAN AFRICAN MINING CORP. Reports Successful Conclusion to Madagascar's National Election; President Marc Ravalomanana Re-Elected - More
- January 09, 2007 | Item | E-mail
SmallCap Sentinel: Uranium for the SmallCap Investor - More
- January 09, 2007 | Item | E-mail
Crosshair Exploration and Mining Corp.: Reconnaissance Drilling at Moran Heights Cuts Significant U3O8 -Broad Zones Intersected at Area 51 - More
- January 09, 2007 | Item | E-mail
Forum Uranium Corp.: Further Uranium Intersected From Shallow Drilling on Key Lake Road Project - More
- January 09, 2007 | Item | E-mail
Western Uranium Corporation announces positive results from the MEGATEM airborne geophysical survey in the Thelon Basin, Canada - More
- January 09, 2007 | Item | E-mail
Uranium Energy Corp Acquires Significant Uranium Exploration Database Covering Territory in New Mexico and Colorado - More
- January 09, 2007 | Item | E-mail
UraniumCore Acquires 1500 More Acres of Land in Gila County, Arizona - More
- January 09, 2007 | Item | E-mail
Trigon Expands Portfolio of Uranium Properties - More
- January 09, 2007 | Item | E-mail
International Arimex commences drill program - More
- January 09, 2007 | Item | E-mail
Correction from Source: High Plains Announces Drilling Results on Converse-Sand Creek Project - More
- January 09, 2007 | Item | E-mail
New Gold to Acquire New Afton Surface Rights - "New Gold Inc. (TSX:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that a Letter of Intent ("LOI") has been signed with Teck Cominco Limited ("Teck"), to acquire surface rights to more than 4000 acres of land, encompassing its New Afton Copper-Gold Project, located near Kamloops, British Columbia, Canada." More
- January 09, 2007 | Item | E-mail
Fronteer Continues to Expand Agi Dagi Gold Project, NW Turkey - "Fronteer Development Group Inc. ("Fronteer") (TSX:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that Teck Cominco's Turkish subsidiary ("TCAM"), who has the property under option, continues to intersect significant new gold mineralization at Fronteer's 100% owned Agi Dagi project in northwestern Turkey. Currently, five drill rigs are operating at Agi Dagi, focussed on expanding the 2006 resource areas, as well as testing additional targets for new discoveries. In total, 16,357 metres of drilling was completed at Agi Dagi in 2006." More
- January 09, 2007 | Item | E-mail
New Mineral Resource Estimate Completed for Seabridge Gold's Courageous Lake Project - "A new, independent mineral resource model for Seabridge Gold's 100% owned Courageous Lake project in Canada's Northwest Territories has significantly increased total ounces of gold and potentially enhanced the project's potential economics. The new model, prepared by Resource Modeling Inc. ("RMI") of Tucson, Arizona, incorporates all exploration activities at the project since the last resource model was completed in December 2004. Global gold resources are now estimated as follows:" More
- January 09, 2007 | Item | E-mail
Newmont denies prosecutor's pollution charges - "Newmont Mining Corp. (NEM.N: Quote, Profile , Research) has denied prosecutor's charges in a high profile pollution trial in Indonesia, saying expert witnesses and facts show it did not break environmental laws, lawyers for the U.S. miner said on Tuesday." More
- January 09, 2007 | Item | E-mail
Apollo Gold Updates Progress on the Montana Tunnels Mine Joint Venture - "As previously announced, on August 1, 2006, Apollo entered into a joint venture (the "JV Agreement") with Elkhorn Tunnels, LLC ("Elkhorn"), an affiliate of Calim Private Equity LLC ("Calim"), in respect of the Company's Montana Tunnels Mine. The JV Agreement calls for Elkhorn to earn up to a 50% interest in the Mine by contributing $13 million over a five-month period, with monies being contributed on a weekly basis. As of December 31, 2006 Elkhorn had contributed $9.27 million and as of January 4, 2007 this contribution had risen to a total of $11.0 million." More
- January 09, 2007 | Item | E-mail
Pan American Silver Plans Record Exploration Program in 2007 - "Pan American Silver Corp. (NASDAQ:PAAS - News) (TSX:PAA.TO - News) has approved a record exploration program for 2007 following outstanding results from its 2006 exploration drilling programs. During 2007, Pan American plans to conduct over 100,000 metres of diamond drilling at its existing properties, with efforts focused primarily on the La Colorada, Morococha and Huaron mines where results from 2006 indicated exceptional potential, as well as a more aggressive generative exploration program." More
- January 09, 2007 | 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 2007
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 9 January, 2007 | |
