-- Posted 17 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $632.10 | +$7.10 |
Silver | $12.78 | +$0.25 |
XAU | 133.73 | +0.54% |
HUI | 318.12 | +0.56% |
GDM | 1024.65 | +0.51% |
JSE Gold | 2722.15 | -0.24% |
USD | 84.95 | -0.12 |
Euro | 129.30 | +0.08 |
Yen | 82.84 | -0.07 |
Oil | $52.24 | +$1.03 |
10-Year | 4.787% | +0.036 |
T-Bond | 110.5625 | -0.40625 |
Dow | 12577.15 | -0.04% |
Nasdaq | 2479.42 | -0.74% |
S&P | 1430.62 | -0.09% |
The Metals:
Gold fell a little over a dollar in Asia, dropped another few dollars in London, and came into New York nearly 1% lower at $620, but it then rose throughout most of the rest of trade and ended near its highs with a gain of 1.14%. Silver dropped to as low as $12.34 in early New York trade before it also rallied higher throughout most of the rest of trade and ended with a 2.00% gain.
Euro gold rose near €490, platinum gained $3 to $1,140, palladium rose $8 to $338, and copper gained a few cents to about $2.52.
Gold and silver equities rose over 1% in morning trade before they fell back off a bit, but they still ended with over 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Dec | 0.9% | 0.5% | 2.0% |
Core PPI | Dec | 0.2% | 0.1% | 1.3% |
Net Foreign Purchases | Nov | $68.4B | - | $85.3B |
Industrial Production | Dec | 0.4% | 0.1% | -0.1% |
Capacity Utilization | Dec | 81.8% | 81.6% | 81.6% |
The fed’s Beige Book noted moderate growth. Also making news was the National Association of Home Builders/Wells Fargo Housing Market Index that rose to 35 from 33 and raised hopes about the housing sector.
Tomorrow at 8:30AM EST brings CPI for December expected at 0.4%, Core CPI expected at 0.2%. Housing Starts for December expected at 1,570,000, Building Permits expected at 1,505,000, and Initial Jobless claims for 1/12 expected at 315,000. At 10AM are Leading Economic Indicators for December expected at 0.2% and at noon is the Philadelphia Fed report for January expected at 2.0. Bernanke is also scheduled to testify on the economic and budget outlook before the Senate Budget Committee at 10AM tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil started off the day lower in further reaction to yesterday’s news that there would likely be no emergency OPEC meeting to cut production, but prices rose over a dollar by the close on recent cold weather in the U.S. as traders prepared for tomorrow’s inventory reports.
The U.S. dollar index remained near unchanged and ended slightly lower after economic data suggested the fed will remain steady with interest rates and not raise them anytime soon.
Treasuries fell after the Beige Book and the NAHB were released and pushed interest rates higher on economic optimism.
The Dow, Nasdaq, and S&P remained near unchanged and ended slightly lower as oil rose and strong economic data reduced any hopes for a fed interest rate cut.
Among the big names making news in the market today were American Air, Lennar, JPMorgan, McDonald’s, and Mellon.
The Commentary:
“February Gold finished up 7.4 at 633.3, 1.5 off the high and 12.5 up from the low.
March Silver closed up 0.265 at 12.89. This was 0.46 up from the low and 0.1 off the high.
With a big range up extension Wednesday the gold market seemed to come alive. While the bear camp will suggest that the PPI report wasn't that supportive due to the muted excluding food and energy component of the PPI, the headline gain of +0.9% is certainly an inflationary reading. With the market also seeing sharp gains in a host of grain markets, the bull camp might be right in assuming that the "excluding Food and Energy" component of the inflation picture won't be staying muted for long. With the Dollar also showing signs of softening, despite decent US numbers and moderate inflation evidence, it is also possible that some gold bugs were moving to anticipate some coming weakness in the Dollar.
With the Dollar failing to rally in the wake of supportive scheduled data, the gold market strong, equity prices positive and a fleeting rally attempt in the oil market, it certainly seems like the overall environment for the silver is improving. With some parts of the trade and the Press suggesting that food price inflation might be set to impact North America and the overall macro economic outlook in the US lifted by the numbers on Wednesday the bull camp in silver seems to have an edge from a number of fronts. However, some traders were a little concerned that the March silver contract continued to exhibit some problems with a critical chart resistance zone of $12.98 but with the market steadily moving above the 200 day moving average it is somewhat difficult to make the technicals into a negative.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Changing of the guard?
The Statistics:
As of close of business: 1/16/2007
Gold Warehouse Stocks: | 7,530,519 | - |
Silver Warehouse Stocks: | 113,315,802 | + 155,672 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 448.76 | 14,428,096 | US$ 9,046m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.49 | 2,780,685 | US$ 1,757m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,768 | US$ 217m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,442 | US$ 204m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/16/2007 | |
Total Net Assets | $892,362,892 | 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 1/16/2007 | |
Total Net Assets | $1,528,930,135 | Ounces of Silver
in Trust | 119,101,742.400 |
Shares Outstanding | 11,950,000 | Tonnes of Silver
in Trust | 3,704.48 |
Note: Change in Total Tonnes from yesterday’s data: 92.98 tonnes were subtracted from the trust.
The Stocks:
Kimber’s (KBX) drill results, Cumberland’s (CLG) resource estimate, Nevsun’s (NSU) update, IAMGOLD’s (IAG) drill results, Fronteer’s (FRG) drill results, Bear Creek’s (BCM.V) new gold properties, Royal Gold’s (RGLD) acquired royalty, Silver Quest’s (SQI.V) drill results, Palmarejo’s (PJO.V) drill results, Aura Silver’s (AUU.V) project review, Silver Wheaton’s (SLW) acquisition of shares in Strategic Nevada Resources (SNS.V), and MAG Silver’s (MAG.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG +6.96% $9.38 |
2. Arizona Star | AZS +4.87% $11.84 |
3. Orezone | OZN +4.51% $1.39 |
LOSERS
1. Crystallex | KRY -3.88% $2.97 |
2. Mines MGMT | MGN -2.80% $5.56 |
3. Gold Reserve | GRZ -2.76% $3.88 |
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:
Geoinformatics Closes First Tranche of Convertible Loan Facility - More
- January 17, 2007 | Item | E-mail
Kimber announces drill results from Monterde & sampling at Pericones project - "Kimber is pleased to report further drill results from 30 holes at Monterde. These results are from reverse circulation ("RC") drilling at Monterde on Carmen (MTR) and Carotare (CTR) as well as core drilling on Carmen (CTC). Additionally, there are two reverse holes on El Orito Norte (EOR) and one on Veta Minitas (LMR)." More
- January 17, 2007 | Item | E-mail
Yankee Hat Announces Winter Drill Program Targeting the North Contact Zone, Fran Property - More
- January 17, 2007 | Item | E-mail
Typhoon Confirms Potential of Gold Zones at Fayolle With True Thicknesses of 7 to 11 Meters - More
- January 17, 2007 | Item | E-mail
Mega Uranium Grants Options to Directors and Officers - More
- January 17, 2007 | Item | E-mail
Acrex Ventures announces 2006 drill program results - More
- January 17, 2007 | Item | E-mail
Silver Quest Resources Ltd.: New Silver Discovery-Corcoran Canyon, NV - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to announce final results from its recently completed diamond drilling program at the Corcoran Canyon Silver project located in central Nevada, 80 km north of Tonopah in Nye County. The total program consisted of three holes comprising 1388 metres and included the discovery of a new silver zone in Hole CCD06-02 which included:" More
- January 17, 2007 | Item | E-mail
Cumberland Completes Cannu Gold Resource Estimate, Plans for New Reserves and Continued Exploration in 2007 at Meadowbank Gold Project - "CUMBERLAND RESOURCES LTD. (TSX:CLG.TO - News)(AMEX:CLG - News) is pleased to report that the 2006 drill program at the Company's 100% owned Meadowbank gold project has been successful in readying gold resources for reserve definition at the Cannu zone, a potentially open pittable high-grade zone of mineralization discovered in 2005." More
- January 17, 2007 | Item | E-mail
Tagish Reports that Hole SC06-107 Confirms the Downward Extension of both the Rainbow Two and Berg Zones - More
- January 17, 2007 | Item | E-mail
Yamiri Gold and Energy Inc. reports positive exploration results from its Famatina Joint Venture project - More
- January 17, 2007 | Item | E-mail
Nevsun Resources Ltd.: Bisha Update - "The Company has recruited the Project and Construction Manager for the Bisha Project, reporting to the General Manager for Eritrea, and has commenced the tendering process for an EPCM (engineering, procurement, construction and management) contractor." More
- January 17, 2007 | Item | E-mail
Caledonia Mining Corporation-Update January 2007 - More
- January 17, 2007 | Item | E-mail
SXR Uranium One hikes Dominion project estimate - More
- January 17, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Drilling resumes on La Fortuna project - More
- January 17, 2007 | Item | E-mail
Threegold Receives Preliminary Report and Signs an Options the Mont-de-l'Aigle Property - More
- January 17, 2007 | Item | E-mail
New Jersey Mining Company Increases Silver Resources - More
- January 17, 2007 | Item | E-mail
Wasserman Morris & Co. Initiates Coverage and Issues Research Report for Gold Resource Corporation - More
- January 17, 2007 | Item | E-mail
Acquisition of Newfoundland copper project - Revised version - More
- January 17, 2007 | Item | E-mail
Alberta Star Continues to Expand Its New Poly-Metallic IOCG Copper, Gold, Silver, Cobalt Discovery at the K2 Target Area at Contact Lake, NT - More
- January 17, 2007 | Item | E-mail
Azimut's partner Everton begins winter 2007 exploration program at Opinaca, James Bay region, Quebec - More
- January 17, 2007 | Item | E-mail
Etruscan drills 982 grams per tonne gold over 2 meters at the Finkolo property, Mali South - More
- January 17, 2007 | Item | E-mail
Drilling Activity at Continental Precious Minerals Properties in Sweden - More
- January 17, 2007 | Item | E-mail
African Gold Group, Inc.: KB06-10 Intersects 62.0 meters of 1.71 g/t Au, Including 21.0 meters of 3.57 g/t Au at Kobada, Mali - More
- January 17, 2007 | Item | E-mail
Vantex Starts Exploration in Opinaca - More
- January 17, 2007 | Item | E-mail
Russell Industries Announces Joint Venture - More
- January 17, 2007 | Item | E-mail
Uracan's 2006 exploration results identifies kilometric sized uranium anomalies in Quebec - More
- January 17, 2007 | Item | E-mail
Douglas Lake Minerals Acquires Four Uranium Properties in Tanzania - More
- January 17, 2007 | Item | E-mail
Celtic Minerals Ltd. - Acquisition of Newfoundland copper project - More
- January 17, 2007 | Item | E-mail
SLAM Exploration Drills Massive Sulphides - More
- January 17, 2007 | Item | E-mail
Grenville Acquires Pacococha & Milotingo Mines in Peru - More
- January 17, 2007 | Item | E-mail
SearchGold Updates on Mandiana Drilling Campaign - More
- January 17, 2007 | Item | E-mail
Keegan Defines Trenched Gold Zone Over 2 Kilometers at Esaase - More
- January 17, 2007 | Item | E-mail
Tribute Commences Winter Drill Program - More
- January 17, 2007 | Item | E-mail
Carpathian Gold Inc. retains AMEC to complete a mineral resource estimate on the Colnic & Rovina Porphyry Deposits - More
- January 17, 2007 | Item | E-mail
Golden Eagle Receives Environmental Permits to Expand C Zone Pilot Gold Operations - More
- January 17, 2007 | Item | E-mail
Cash Minerals Announces Additional Polymetallic Assay Results From the Lumina Property, Wernecke District, Yukon - More
- January 17, 2007 | Item | E-mail
Everton Announces Winter 2007 Exploration Program & New Claim Concessions-Opinaca Gold Discovery Region, James Bay, Quebec - More
- January 17, 2007 | Item | E-mail
Maxy Gold reports first drilling results from the Midu "MZ" discovery and trenching defines new gold zones - More
- January 17, 2007 | Item | E-mail
Beaufield Acquires 100% of Opinaca Property - More
- January 17, 2007 | Item | E-mail
Imperial Raises Bid for bcMetals - "Imperial Metals Corporation (TSX:III.TO - News) today announced that its wholly owned subsidiary, CAT-Gold Corporation, will increase its all-cash offer to acquire the outstanding common shares of bcMetals Corporation to $1.165 per share." More
- January 17, 2007 | Item | E-mail
CZM Acquires "Steep" Gold-Silver Property in Northern British Columbia - More
- January 17, 2007 | Item | E-mail
Colombia Goldfields' underground sampling confirms wide zones of disseminated mineralization at Marmato - More
- January 17, 2007 | Item | E-mail
Vena Resources Raises $3.4 Million in Warrant Subscriptions - More
- January 17, 2007 | Item | E-mail
El Capitan Announces an Increase of Tonnage from Approximately 48 Million to over 141 Million Tons - More
- January 17, 2007 | Item | E-mail
Asian Dragon Group Inc., Announces Over 11 Million Ounces Potential Gold in Expansion of Mega Project Luogold - More
- January 17, 2007 | Item | E-mail
Petaquilla Minerals Ltd.: Molejon Gold Project Update - More
- January 17, 2007 | Item | E-mail
Dominion Project - Uranium One Reports Updated Resource Estimate, Additional Uranium Tailings Resources and Extensive New Prospecting Rights - More
- January 17, 2007 | Item | E-mail
UEX Announces 2007 Raven-Horseshoe Drilling Program Begins - More
- January 17, 2007 | Item | E-mail
Tournigan Shows More High-Grade Uranium Mineralization at Jahodna - More
- January 17, 2007 | Item | E-mail
Pacific Bay Commences Geophysics Program on Uranium Claims, Otish Mountains, Quebec - More
- January 17, 2007 | Item | E-mail
Golden Patriot, Corp. - Crews Initiate Down Hole Radiometric Survey - More
- January 17, 2007 | Item | E-mail
Globex Acquires Royalty and Share Interest in Tennessee Zinc Mines Production Anticipated in the Fourth Quarter of 2007 - More
- January 17, 2007 | Item | E-mail
Amerix Announces up to 6.7 g/t Au in Tailings at Vila Porto Rico - More
- January 17, 2007 | Item | E-mail
Timberline Resources Corporation Announces Year-End Results, Recaps 2006 Accomplishments, Looks Ahead to 2007 - More
- January 17, 2007 | Item | E-mail
Palmarejo Announces Progress Results From the La Patria-La Virginia-Maclovia Project - "The La Patria structure is a 1.7 kilometre section of the 4 kilometre long Todos Santos to Maclovia mineralized corridor located 6.5 kilometres south-southeast of the Palmarejo project and 4 kilometres southwest of the Guadalupe project in the Company's highly prospective Trogan tenements some 265 kilometres southwest of Chihuahua in the Chinipas/Temoris district. The Trogan tenements are held by the Company's subsidiary, Planet Gold SA de CV." More
- January 17, 2007 | Item | E-mail
IAMGOLD Announces Results From the Westwood-Mooshla Exploration Project - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(TSX:IMG.TO - News)(NYSE:IAG - News)(Australia:IGD.AX - News)(Boston:IAMGOLD - News) is pleased to announce results of 10 holes from its Westwood-Mooshla underground exploration program. These results include an intersection of 8.0 metres averaging 34.9 grams per tonne (g/t) gold and a one meter intersection averaging 160.6 g/t gold." More
- January 17, 2007 | Item | E-mail
Fronteer Discovers New Copper-Gold Porphyry in Turkey Intersecting 1.03 Grams Per Tonne Gold and 1.03% Copper Over 105.4 Metres - "Fronteer Development Group (Fronteer) (TSX:FRG - News; AMEX:FRG - News) is pleased to announce that the first hole ever drilled in the new Central Zone, on its 100% owned Halilaga Project in northwestern Turkey, has intersected a wide interval of porphyry copper-gold mineralization. Mineralization occurs over the full length of this 298.2 metre long drill hole and is interpreted to continue to further depth. This exciting new copper-gold discovery solidifies the importance and enormous resource potential of this rapidly evolving mining district." More
- January 17, 2007 | Item | E-mail
Aura Silver Examines Mineral Potential of the Taviche Silver-Gold Property in Mexico - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") announced today that the Company has completed its review of historic data on the Taviche Property located about 10 kilometres south of the city of Ocotlan in the central Taviche District of Mexico. This District hosts a large number of gold and silver deposits that have been worked intermittently since Spanish colonial times in the late 1500s. From the late 1800s to the early 1900s, over 60 small mines operated." More
- January 17, 2007 | Item | E-mail
Silver Wheaton to Acquire 13% Interest in Strategic Nevada Resources - "Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that it has agreed to acquire, by way of private placement, 3,300,000 units of Strategic Nevada Resources Corp. ("Strategic Nevada") (TSX VENTURE:SNS.V - News) at a price of C$0.75 per unit for a total purchase price of C$2,475,000." More
- January 17, 2007 | Item | E-mail
Bear Creek announces the acquisition of two new gold properties in Peru; Santa Ana project update - "Bear Creek Mining Corporation (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce the acquisition of two new gold projects, both located along the prolific Pierina-Alto Chicama-Yanacocha gold belt in northern Peru. Neither property has ever been drill-tested. Drill targets are already defined on both properties and further detailed exploration is planned which is expected to identify additional targets." More
- January 17, 2007 | Item | E-mail
Royal Gold Acquires Royalty on Barrick Gold Corporation's Pascua Lama Gold Project - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; Toronto: RGL - News) today announced that it has entered into a definitive and binding agreement to purchase a net smelter return ("NSR") sliding-scale royalty for $20.5 million on the Pascua Lama project. Pascua Lama is owned by Barrick Gold Corporation ("Barrick") and is located on the border between Argentina and Chile." More
- January 17, 2007 | Item | E-mail
MAG Silver & Penoles Report High Grade Silver/Gold Intersections at Valdecanas - "MAG Silver Corp. (TSX VENTURE:MAG.V - News) and Industrias Penoles S.A. de C.V. announce assay results from HOLES MF and KD. These two holes were included in press releases dated December 12, 2006 (MF) and December 20, 2006 (KD), at which time assays were reported as pending." More
- January 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 January, 2007 | |
