-- Posted 10 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $611.90 | -$1.10 |
Silver | $12.34 | -$0.14 |
XAU | 130.61 | -1.16% |
HUI | 309.28 | -1.12% |
GDM | 994.35 | -1.05% |
JSE Gold | 2730.98 | -1.54% |
USD | 85.10 | +0.35 |
Euro | 129.40 | -0.64 |
Yen | 83.61 | -0.25 |
Oil | $54.02 | -$1.62 |
10-Year | 4.682% | +0.026 |
T-Bond | 111.8125 | -0.3125 |
Dow | 12442.16 | +0.21% |
Nasdaq | 2459.33 | +0.63% |
S&P | 1414.85 | +0.19% |
The Metals:
Gold traded about a dollar lower near $612 in Asia before it dropped another few dollars in early London trade and then rebounded back near unchanged by the open in New York. After that it fell back off to about $606 by a little after 10AM EST, but it then rallied higher into the close and ended with a loss of just 0.18%. Silver followed a similar pattern and dropped near $12.15 in midmorning New York trade before it rebounded into the close, but it still ended with a loss of 1.12%.
Euro gold remained above €470, platinum gained $18 to $1,145, palladium lost $4 to $326, and copper rose over 9 cents to about $2.67.
Gold and silver equities fell roughly 1.5% in morning trade before they rebounded a bit in afternoon trade, but they still ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Nov | -$58.2B | -$59.5B | -$58.8B |
Wholesale Inventories | Nov | 1.3% | 0.5% | 0.4% |
Also making news today was Chicago fed president Moskow who talked about inflation and indicated that he was “very comfortable” with interest rates at their current level. This encouraged some on Wall Street as Moskow has in the past expressed a desire to hike interest rates. Tomorrow at 8:30 AM EST brings Initial Jobless Claims for 1/05 expected at 320,000 and at 2PM is the Treasury Budget for December expected at $24.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell to new 19 month lows as Russia and Belarus resolved their dispute and inventory data was mostly bearish. Oil inventories fell a hefty 5 million barrels, but gasoline inventories built a greater than expected 3.8 million barrels and distillates built a large 5.4 million barrels.
The U.S. dollar index rose to a 7 week high and treasuries fell on better than expected economic data. Many in the currency markets were also looking ahead to tomorrow’s European Central Bank meeting which is expected to signal a rate hike in February.
The Dow, Nasdaq, and S&P fell in early trade as interest rates moved higher, but lower oil and tame remarks from Chicago fed president Moskow encouraged buying later in the day and sent all three indices modestly higher by the close.
Among the big names making news in the market today were Genentech, the NYSE, Onex and Kodak, US Airways and Delta, and Alcoa.
The Commentary:
“As of the moment, both gold and silver have put in double bottoms … gold around $605 and silver around $12.15. Having traded commodities since 1976, I have seen this sort of pattern more than a few times, to say the least. Gold and silver are pummeled lower in a killer move down, a move which causes many long specs in futures and share investors to panic out. Right after this dramatic move lower, rallies fail, causing more specs and funds to panic out of the market. However, we then note that certain support points hold, signifying levels at which buyers will take everything the sellers will give them. Locals pressing the short side, who have also been around the block more than a few times, see what is occurring and cover shorts.
Once the day is over, traders see what transpired and then begin to look for entry points on the long side. Action, such as we saw late today, is indicative of exhaustion selling coming to an end … which veteran traders have seen many times before. Does this always work with gold and silver rallying a fair amount and continuing the bull market move? No, but it does more often than not, especially in the sort of trading environment we have now.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 1.6 at 613.4, 0.4 off the high and 6.4 up from the low.
March Silver closed down 0.15 at 12.445. This was 0.17 up from the low and 0.105 off the high.
After seeing periodic and moderate weakness throughout a large portion of the trade, the gold market seemed to gather itself in the afternoon action. While the gold market didn't fully manage to recover into positive ground, it made a good effort at recovering and that seemed to mitigate some of the bearishness that was present at the start of the session. However, strength in the Dollar remained an issue into the close and that has some bulls concerned about the coming direction of gold prices. In a positive story the Press was suggesting that Indian physical demand for gold was on the rise and that might have played into the mid day bounce. Other factors that might have helped lift gold prices were upbeat comments from the US Fed regarding the US economy and the ongoing threat of inflation. However, with oil prices mostly remaining weak, the gold market had difficulty fully rekindling the flight to quality or inflation theme.
Like the gold market, the silver market managed to reject part of the early selling but in the end didn't fully get out from under the selling wave. However, the March contract did manage to close above the 200 day moving average and that was a relief to the bull camp, as the 200 day moving average can be something that the funds take quite seriously. However, even if the silver market managed to hold some key technical areas on the charts, it is still under pressure from the strength in the Dollar and ongoing weakness in oil prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Nadler refuses debate on manipulation but releases Fort Knox photos
The Statistics:
As of close of business: 1/09/2007
Gold Warehouse Stocks: | 7,530,811 | -96 |
Silver Warehouse Stocks: | 113,785,148 | + 8,714 |
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$ 8,879m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.50 | 2,780,901 | US$ 1,700m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.57 | 339,594 | US$ 208m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,460 | US$ 200m |
Note: Change in Total Tonnes from yesterday’s data: The LSE reduced by 3.78 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/9/2007 | |
Total Net Assets | $875,997,981 | 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 1/9/2007 | |
Total Net Assets | $1,508,856,790 | 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:
Golden Star’s (GSS) update, Exeter’s (XRA) drilling, Miramar’s (MNG) 2006 highlights, ECU’s (ECU.V) Board appointment, Arian Silver’s (AGQ.V) new mining claim, and Strategic Nevada Resources’ (SNS.V) private placements were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gammon Lake | GRS +3.51% $15.06 |
2. Rio Narcea | RNO +3.49% $2.37 |
3. Almaden | AAU +3.12% $2.2995 |
LOSERS
1. Lihir Gold | LIHR -4.02% $21.70 |
2. Apex Silver | SIL -3.99% $13.23 |
3. Great Basin | GBN -3.93% $1.71 |
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:
Latin American Minerals Inc. Announces Launch of New Website; Stock Option Grant - More
- January 10, 2007 | Item | E-mail
Positive Feasibility Study for New Liberty Gold Project - More
- January 10, 2007 | Item | E-mail
Aurora Intersects 2.19% U3O8 Over 3.62 Metres at Inda Deposit, Coastal Labrador - More
- January 10, 2007 | Item | E-mail
Tagish and Macquarie Bank Ltd. amend terms for $500,000 private placement and $1,500,000 secured debt feasibility finance facility - More
- January 10, 2007 | Item | E-mail
Geoinformatics Acquires Ontario Nickel-Copper-Platinum-Palladium Exploration Portfolio from Kennecott - More
- January 10, 2007 | Item | E-mail
La Quinta-Commences Work on Multiple Gold-Silver Targets in Mexico - More
- January 10, 2007 | Item | E-mail
Mirasol Resources Ltd. Announces Listing on the Frankfurt Exchange - More
- January 10, 2007 | Item | E-mail
Alberta Star Featured on Global National TV-Currents Featuring "The Global Renaissance of Uranium Exploration" - More
- January 10, 2007 | Item | E-mail
ECU Silver Appoints Metallurgical Expert to Board - "Dan Kappes, President of Kappes, Cassiday and Associates ("KCA"), is a Registered Professional Mining and Metallurgical Engineer with over 30 years of industry experience in the evaluation and design of mineral recovery projects. Mr. Kappes has been involved in the majority of KCA's projects that have resulted in the development of producing mines in Mexico and globally. Mr. Kappes will be a valuable addition to the Board of Directors as ECU continues the advancement and development of its Velardena Project in Durango, Mexico." More
- January 10, 2007 | Item | E-mail
AngloGold Ashanti Fourth Quarter and Year-End 2006 Earnings Call Details - "AngloGold Ashanti's (NYSE:AU - News) fourth quarter and year-end 2006 earnings conference call will take place on Tuesday, February 13, at 9:00am EST." More
- January 10, 2007 | Item | E-mail
Goldcrest Resources' Youanmi Geochemical Aircore Drilling Program Discovers New Gold, Nickel and Vanadium Prospects - More
- January 10, 2007 | Item | E-mail
Quinto Mining Acquires Uranium Property - More
- January 10, 2007 | Item | E-mail
Mega Obtains Native Title Approval to Conduct Exploration in the Vicinity of Rio Tinto Ltd's Kintyre Uranium Resource in Western Australia - More
- January 10, 2007 | Item | E-mail
Callinan Mines Limited: Airborne Survey Reveals New Drill Targets at Fox River - More
- January 10, 2007 | Item | E-mail
Atna Announces Preliminary Results from Jarbidge - More
- January 10, 2007 | Item | E-mail
Unico, Inc. Announces Purchase of Thickener Tank for the Mill and Processing Facility at the Deer Trail Mine - More
- January 10, 2007 | Item | E-mail
CityView's Sampling Progress Report on Longonjo/Catabola - More
- January 10, 2007 | Item | E-mail
Mediterranean announces final drill results at Tac and reports additional significant intercepts - More
- January 10, 2007 | Item | E-mail
Firstgold Corp. Appoints Bob Heimler to Its Board of Directors - More
- January 10, 2007 | Item | E-mail
Running Fox New Technology Confirmed by Independent Lab Results - More
- January 10, 2007 | Item | E-mail
American Creek to commence drilling on Austruck-Bonanza claim group near Kamloops, British Columbia. - More
- January 10, 2007 | Item | E-mail
Continental's 2006 Objectives at Xietongmen Project Successfully Achieved - More
- January 10, 2007 | Item | E-mail
Erdene Gold Inc.: Additional Applications for Erdene's High Brightness Sparta Primary Kaolin to be Evaluated by Huber - More
- January 10, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc. Half Year Results Conference Call - More
- January 10, 2007 | Item | E-mail
Northern Peru Receives Positive Prefeasibility Study on Galeno Copper Deposit and Proceeds to Bankable Feasibility Study - More
- January 10, 2007 | Item | E-mail
Sierra Gold Corporation Confirms Gem Quality Diamonds On Pampana North Property - More
- January 10, 2007 | Item | E-mail
Cash Minerals Announces New Discovery at Vic Property, Wernecke District, Yukon-Assays of 0.22% U3O8 and 2.62 g/t Gold - More
- January 10, 2007 | Item | E-mail
Golconda Resources Ltd.: Drilling Continues in Nevada on Ralston Valley Gold Property - More
- January 10, 2007 | Item | E-mail
Anvil to Move to 95% Interest in Kinsevere-Nambulwa Copper-Cobalt Joint Venture - More
- January 10, 2007 | Item | E-mail
Drill Mobilized to Titan's Athabasca Properties - More
- January 10, 2007 | Item | E-mail
JNR Announces 2007 Exploration Program Underway at Way Lake - More
- January 10, 2007 | Item | E-mail
Cash Minerals Announces New Discovery at Vic Property, Wernecke District, Yukon-Assays of 0.22% U3O8 and 2.62 g/t Gold - More
- January 10, 2007 | Item | E-mail
Powertech Acquires More Property at Aladdin - More
- January 10, 2007 | Item | E-mail
Arian Silver Corporation:Tenfold Increase In Mining Claim Area At Tepal Property Phase 1 Exploration To Commence Immediately - "Arian Silver Corporation ("Arian" or the "Company")(TSX VENTURE:AGQ - News; AIM:AGQ) (FWB:I3A) ("PLUS":AGQ)announces that it has acquired a new mining claim covering approximately 12,500 hectares (ha). The new mining claim, called Tepal #2 ("Tepal #2" or the "Tepal #2 Property"), surrounds the five Tepal mining claims that Arian already has under option ("Tepal" or the "Tepal Property"). The acquisition of this new claim has increased Arian's land position in the Tepal district to approximately 14,900 ha." More
- January 10, 2007 | Item | E-mail
Strategic Nevada Resources Arranges Private Placements - "Strategic Nevada Resources Corp. ("Strategic Nevada" or the "Company") (TSX VENTURE:SNS - News) is pleased to announce that it has arranged a brokered private placement on a commercially reasonable efforts basis of up to 7,000,000 units (the "Units"), and a non-brokered private placement of up to 1,340,000 Units, at a price of $0.75 per Unit (the "Offering"), to raise total gross proceeds of up to $6,255,000." More
- January 10, 2007 | Item | E-mail
Golden Star Reports Progress in Commissioning of Bogoso Sulfide Expansion Project - "We are generally pleased with the construction and commissioning of the Bogoso Sulfide Expansion Project. The BIOX(R) Module 1 is in partial operation, has been loaded with sulfide concentrate and the inoculation process continues. Of note, the bacteria have responded very well to the sulfide concentrate feed with good activity levels.
Typical commissioning problems for plants of this size and complexity have arisen but we are encouraged by the speed and efficiency of our personnel, the consultants and contractors on site to resolve them." More
- January 10, 2007 | Item | E-mail
Exeter Drills Caspiche Epithermal Gold Property, Chile - "Exeter Resource Corporation (TSX VENTURE:XRC.V - News)(AMEX:XRA - News)(FWB: EXB) (the "Company") reports that drilling will commence this week on the Caspiche epithermal gold property in Chile. On a separate program in southern Chile, Exeter is prospecting the Magallanes and Cochrane properties." More
- January 10, 2007 | Item | E-mail
Miramar Reports on 2006 Successes at Hope Bay, Nunavut - "Miramar Mining Corporation (TSX:MAE.TO - News)(AMEX:MNG - News) today announced highlights of the 2006 exploration and work program at its 100% controlled Hope Bay Gold project in Nunavut. 2006 ranks among the most successful years in the Company's history and includes the following milestones:" More
- January 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 January, 2007 | |
