-- Posted 18 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $627.30 | -$4.80 |
Silver | $12.60 | -$0.18 |
XAU | 131.20 | -1.89% |
HUI | 310.98 | -2.24% |
GDM | 1004.45 | -1.97% |
JSE Gold | 2766.03 | +1.61% |
USD | 84.89 | -0.06 |
Euro | 129.57 | +0.27 |
Yen | 82.47 | -0.37 |
Oil | $50.48 | -$1.76 |
10-Year | 4.751% | -0.036 |
T-Bond | 110.9375 | +0.375 |
Dow | 12567.93 | -0.07% |
Nasdaq | 2443.21 | -1.46% |
S&P | 1426.37 | -0.30% |
The Metals:
Gold traded mostly slightly higher in Asia and London and rose to over $635 by about 10AM EST in New York, but it then fell for the rest of trade and ended near its lows with a loss of 0.76%. Silver followed a similar pattern and lost 1.41%.
Euro gold fell to about €485, platinum gained $15 to $1,155, palladium lost $2 to $336, and copper fell a few cents to about $2.49.
Gold and silver equities rose over 1% at the open, but they then sold off for the rest of trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Dec | 0.5% | 0.4% | 0.0% |
Core CPI | Dec | 0.2% | 0.2% | 0.0% |
Housing Starts | Dec | 1642K | 1570K | 1572K |
Building Permits | Dec | 1596K | 1505K | 1505K |
Initial Claims | 1/12 | 290K | 315K | 298K |
Philadelphia Fed | Jan | 8.3 | 2.0 | -2.3 |
Bernanke spoke before the senate budget committee and warned of the budgetary strains of America’s aging population and the potential harmful economic impact to future generations “if early and meaningful action is not taken.” Tomorrow at 10AM brings the preliminary reading for January Michigan Sentiment expected at 92.4.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell markedly as crude inventories surprisingly rose a much more than expected 6.8 million barrels, gasoline inventories built 3.5 million barrels, and distillates rose 900,000 barrels.
The U.S. dollar index rose versus the yen as the Bank of Japan did not raise interest rates, but it fell versus the euro and ended slightly lower despite strong economic data that typically would give strength to the index.
Treasuries eventually rose despite stronger than expected economic data as interest rates retreated from 12 week highs.
The Dow, Nasdaq, and S&P fell despite lower oil as strong economic data reduced any hopes for a fed interest rate cut.
Among the big names making news in the market today were Associates Banc, Harley-Davidson, Bank of New York, Merrill Lynch, and Sallie Mae.
The Commentary:
“Once again, for the umpteenth time, I would like to stress that the key to understanding the gold market is to know what GATA knows. It is mostly about physical market buying overpowering the ability of The Gold Cartel to keep the price down. THAT’S IT!!!!
Yes, the price of oil, crises, inflation, the dollar etc., all have their own effect on the gold price, but they are secondary factors. Such short memories …. years ago it was said gold was "joined at the hip" of the dollar … that gold would only move up as the dollar went down. WRONG! After Gold Rush 21 in early August 2005, GATA’s conference in the Yukon, which was attended by Andrey Bykov, a key economic consultant to Russia’s President Putin, gold rallied from $436 to $730+ and the dollar barely budged.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 5.2 at 628.1, 9.1 off the high and 0.7 up from the low.
March Silver closed down 0.205 at 12.685. This was 0.025 up from the low and 0.305 off the high.
Apparently the combination of sharply declining oil prices and periodic strength in the Dollar was too much for the gold market. With the gold market first making some critical levels on the charts before reversing ground and closing weak, the trade seems to have forged a key reversal. While the trade doesn't seem to have abandoned the idea that investment demand will continue to support gold prices, the market does seem to have downgraded the near term benefits from the theme. With the US economic numbers released during the session mostly as expected and in general providing the gold market with support the root of the selling wave certainly seems to have come from the energy complex. Surprisingly the platinum market was able to make some solid gains in the face of the sharp slide in gold and that would seem to suggest that the environment for precious metals hasn't completely soured.
While the silver market finished moderately lower it seemed to open softer than gold in a move that hinted at an ongoing profit taking mentality. March silver also managed to rise above the prior day's highs in the wake of the US economic numbers but like the gold market, overt weakness in the oil market, weakness in copper and equities just seemed to give the bear camp a measure of fresh confidence. In fact, massive declines in copper and energy prices could easily have fostered a deflationary psychology in the marketplace, if the US economic numbers released during the session weren't mostly upbeat.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Young euro threatens dollar supremacy
The Statistics:
As of close of business: 1/17/2007
Gold Warehouse Stocks: | 7,530,519 | - |
Silver Warehouse Stocks: | 113,315,802 | - |
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 | 451.84 | 14,527,242 | US$ 9,087m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.49 | 2,780,654 | US$ 1,747m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,764 | US$ 215m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,442 | US$ 204m |
Note: Change in Total Tonnes from yesterday’s data: 3.08 tonnes were added to the trust.
COMEX Gold Trust (IAU)
Profile as of 1/17/2007 | |
Total Net Assets | $903,070,190 | 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 1/17/2007 | |
Total Net Assets | $1,494,369,685 | Ounces of Silver
in Trust | 119,101,742.400 |
Shares Outstanding | 11,950,000 | Tonnes of Silver
in Trust | 3,704.48 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Taseko’s (TGB) increased bid for bcMetals, Anatolia’s (ANO.TO) resource estimate, Gold Fields’ (GFI) 95.6% interest in Western Areas, International Royalty’s (ROY) C$40 million financing, Queenstake’s (QEE) drill results, Ivanhoe’s (IVN) exploration discoveries, Yale’s (YLL.V) exploration programs, Palmarejo’s (PJO.V) drill results, Arian Silver’s (AGQ.V) exploration work, Minefinders’ (MFN) mine update, and Orko Silver’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG+7.79% $10.10 |
2. Buenaventura | BVN+1.79% $27.29 |
3. Metallica | MRB +1.03% $3.92 |
LOSERS
1. Gold Reserve | GRZ -7.20% $3.61 |
2. Mines MGMT | MGN -7.19% $5.16 |
3. Hecla Mining | HL -5.70% $6.45 |
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:
Taseko Increases bcMetals Bid to $1.25 - "Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO.TO - News)(AMEX:TGB - News) announces that on January 19, 2007 it will be mailing a Notice of Variation (No 3) to its take-over bid for bcMetals Corporation ("bcMetals") common shares and out-of-the money warrants, which variation reflects an increase in the bid price to $1.25 per bcMetals share. The other terms and conditions to the bid remain the same except for the expiry time which is extended to midnight, January 29th, 2007." More
- January 18, 2007 | Item | E-mail
North American Gem Inc. Acquires the Mosquito Gulch Uranium Property - More
- January 18, 2007 | Item | E-mail
Mansfield Minerals Inc.: Drilling Expands Lindero, NW Argentina - More
- January 18, 2007 | Item | E-mail
Aur Resources Completes the Purchase of an Additional 27% Interest in Its Andacollo Mine Property in Chile - More
- January 18, 2007 | Item | E-mail
Klondike Star Releases Final 2006 Drilling and Lone Star Project Mineralization Still Expanding Without Limits - More
- January 18, 2007 | Item | E-mail
Lakota Defines Multiple Drill Targets on Tembo - More
- January 18, 2007 | Item | E-mail
Oromin Explorations Ltd.: Initial RC Drill Results Confirm and Expand Continuity of Golouma South Gold Mineralization - More
- January 18, 2007 | Item | E-mail
Grenville Adds Silveria and Germania Mines to San Mateo District Land Package - More
- January 18, 2007 | Item | E-mail
Yale Re-Starts Multiple Field Programs in Mexico - "Yale Resources Ltd. (TSX VENTURE:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to report that exploration programs on the Urique Project and Zacatecas Venture have re-started after the Christmas break. Yale has the right to earn a 75% interest in the Urique Project from EXMIN Resources Inc. (TSX VENTURE:EXM.V - News) and the right to earn an 80% interest in the four properties that make up the Zacatecas Venture from IMPACT Silver Corp. (TSX VENTURE:IPT.V - News)." More
- January 18, 2007 | Item | E-mail
Royal Gold Announces Fiscal 2007 Second Quarter Conference Call - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; Toronto: RGL - News), the leading precious metals royalty company, will report its second quarter fiscal 2007 results before the market opens for trading on Thursday, February 1, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- January 18, 2007 | Item | E-mail
Western Copper Confirms Significant New Mineralized Zone at Carmacks - More
- January 18, 2007 | Item | E-mail
Rocmec Updates Progress at its Rocmec 1 'Russian Kid' Gold Property - More
- January 18, 2007 | Item | E-mail
Tinka Resources Limited - New Area At Colquipucro Extends Mineralization - More
- January 18, 2007 | Item | E-mail
United Bolero Development Corp. retains Renmark Financial Communications Inc. - More
- January 18, 2007 | Item | E-mail
Freewest Drilling East Zone Extensions at Clarence Stream, New Brunswick - More
- January 18, 2007 | Item | E-mail
Caledonia Appoints Additional Independent Director - More
- January 18, 2007 | Item | E-mail
EXMIN And Hochschild Focus on Moris District: Resource Expansion at the Moris Mine and Exploration of Three Large Scale Targets in 2007 - More
- January 18, 2007 | Item | E-mail
Goldcorp to Release Year End Results on March 8, 2007 - "A conference call will be held Thursday, March 8th at 2:00 p.m. (ET) to discuss these results. Participants may join the call by dialing toll free 1-888-789-0156 or (416) 695-9753 for calls from outside Canada and the US." More
- January 18, 2007 | Item | E-mail
Anatolia Minerals Development Limited: Copler Oxide M&I Gold Up 33%; Inferred at 1.3 MM ozs - "Anatolia Minerals Development Limited (TSX:ANO.TO - News)("Anatolia") has received an updated mine plan and estimate of direct-leachable ("oxide") gold resources for its Copler gold deposit. The study by Independent Mining Consultants (IMC), of Tucson, Arizona, estimates Proven and Probable in-pit oxide reserves at 18.1 million tonnes of mill-feed at 2.61 (gpt) gold, plus 34.2 million tonnes heap-leach at 1.16 gpt gold, aggregating 2.8 million ozs. gold (65 % Proven)." More
- January 18, 2007 | Item | E-mail
Uramin Opens TSX Trading on Thursday, January 18, 2007 - More
- January 18, 2007 | Item | E-mail
Gold Fields Secures 95.6% of Western Areas - "Gold Fields Limited (Gold Fields) (NYSE: GFI;JSE: GFI;DIFX: GFI) is pleased to announce that it has received acceptances for a total of 88.5 million Western Areas shares which, combined with the 66.1 million shares already owned by Gold Fields, represents an interest of 95.6% in Western Areas." More
- January 18, 2007 | Item | E-mail
Pacific Comox Resources Ltd.: Hole 53 Mineralization Includes 20 Feet 5.3% Copper & 0.54% or 10.8 Lbs/Ton Molybdenum - More
- January 18, 2007 | Item | E-mail
Drilling underway at Copper Mountain project - More
- January 18, 2007 | Item | E-mail
Globex-Queenston Report New Results From Wood-Pandora - More
- January 18, 2007 | Item | E-mail
Carcross/Tagish First Nation and Tagish Lake Gold Corp. Conclude a Memorandum of Understanding - More
- January 18, 2007 | Item | E-mail
Pershimco Completes Preliminary Review of the Courville Gold Project - More
- January 18, 2007 | Item | E-mail
Drilling Confirms Broad Zones of Gold Mineralization at Bear Lodge, Wyoming - More
- January 18, 2007 | Item | E-mail
Sierra Intersects 32 Metres Grading 3.42 gm/t Gold at Cerro Colorado Mine, Mexico - More
- January 18, 2007 | Item | E-mail
Western Goldfields Announces Pricing of C$70 Million Public Offering of Common Shares - More
- January 18, 2007 | Item | E-mail
Cogitore Resources Inc. Announces 2007 Exploration Program on Estrades Property - More
- January 18, 2007 | Item | E-mail
Lero Gold Corp.: Confirmation of Grade and Continuity of Karchiga VHMS Deposit - More
- January 18, 2007 | Item | E-mail
Encouraging Gold Results in First Phase of Diamond Drilling at Saganaga Gold Project - More
- January 18, 2007 | Item | E-mail
Golden Odyssey Identifies Significant New Zone at Morningstar Property, Walker Lane, Nevada - More
- January 18, 2007 | Item | E-mail
Inter-Citic Warrant Exercise Nets C$1.08 Million - More
- January 18, 2007 | Item | E-mail
Pulacayo Project Set to Begin; Cerro Rico Studies Are Complete - More
- January 18, 2007 | Item | E-mail
Murgor starts 20,000 meter drilling program at its Flin Flon belt options in Manitoba and Saskatchewan - More
- January 18, 2007 | Item | E-mail
Pearl Asian Mining Industries Announces the Arrival of its Inductively Coupled Plasma Spectrophotometer (ICP) Analytical Equipment - More
- January 18, 2007 | Item | E-mail
Retransmission: Rare Earth Metals Corp. Announces Change of Name to VMS Ventures Inc. - More
- January 18, 2007 | Item | E-mail
Shoreham Closes $500,000 Private Placement - More
- January 18, 2007 | Item | E-mail
Amera Signs Letter of Intent for Laguna Gold Project, Peru - More
- January 18, 2007 | Item | E-mail
Geophysical Surveys Completed on Gunman Zinc Project, Nevada - More
- January 18, 2007 | Item | E-mail
Unico, Inc. Announces First Round of $1 Million Private Placement Financing - More
- January 18, 2007 | Item | E-mail
MetalCORP; DRILLING Commences with 2 DRILL RIGS on the BIG LAKE Cu-Zn-Ag-Au Project near Hemlo, Ontario - More
- January 18, 2007 | Item | E-mail
Madison Minerals Inc.: Additional Drill Results From Mt. Kare - More
- January 18, 2007 | Item | E-mail
Buffalo Gold Reports More Results From Mt. Kare - More
- January 18, 2007 | Item | E-mail
Alpha Gold Makes New Discovery - Carlin-style Gold System Intercepted in 3 Holes - More
- January 18, 2007 | Item | E-mail
San Gold Develops Additional High Grade at Rice Lake - More
- January 18, 2007 | Item | E-mail
EXMIN Resources Inc.-Moris Mine Update: Due Diligence Program Confirms Grades and Potential to Expand Historical Resources; Process Improvements Identified, Ni - More
- January 18, 2007 | Item | E-mail
AXMIN Drilling Identifies New Gold Zones at Kofi, Mali - More
- January 18, 2007 | Item | E-mail
Piedmont Mining Company Announces Dutch Flat Drilling Results - More
- January 18, 2007 | Item | E-mail
AuEx Ventures, Inc.: Long Canyon Mineralization Extended/JV Agreement Signed - More
- January 18, 2007 | Item | E-mail
Sunridge Gold Commences 2007 Exploration, Drilling and Development Programs at Asmara Project, Eritrea - More
- January 18, 2007 | Item | E-mail
Tao Minerals Inc. Completes Golondrina Road Construction - More
- January 18, 2007 | Item | E-mail
Atlas Mining Company's Exploration Partner Signs Exploration Agreement - More
- January 18, 2007 | Item | E-mail
NewWest Gold Corporation Extends Mineralization at Long Canyon With Phase Two Program - More
- January 18, 2007 | Item | E-mail
Jaguar Mining Announces First Gold Pour at Turmalina - More
- January 18, 2007 | Item | E-mail
Lateegra Defines Several Gold Targets on the El Condor Project, Southeastern Ecuador - More
- January 18, 2007 | Item | E-mail
GenX Resource Corp. Reports Extensive Uranium, Copper, and Gold Mineralization on the McLaren Lake Property - More
- January 18, 2007 | Item | E-mail
Forum Uranium and Global Uranium Commence Drilling at Orchid Lake - More
- January 18, 2007 | Item | E-mail
Uranium Energy Corp Expands Goliad Technical Team With the Appointment of Larry Minter - More
- January 18, 2007 | Item | E-mail
CanAlaska Commences Winter Drilling Programs - More
- January 18, 2007 | Item | E-mail
Yahoo! Finance - Ivanhoe finds copper, gold and uranium systems at Australia project - More
- January 18, 2007 | Item | E-mail
International Royalty to raise CAD$40 million in bought deal financing - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") is pleased to announce that it has entered into an agreement with a syndicate of Canadian underwriters that have agreed to purchase, on a bought deal basis, 7,408,000 units of the Company ("Units") at a price of CAD$5.40 per Unit for aggregate proceeds of approximately CAD$40 million. Each Unit will be comprised of one common share and one half of one common share purchase warrant." More
- January 18, 2007 | Item | E-mail
Palmarejo Announces Progress and New Drill Results From the Guadalupe Project - "Palmarejo Silver and Gold Corporation (TSX VENTURE:PJO - News) is pleased to announce results from the diamond drill program at the Guadalupe Project in the Temoris District, Chihuahua, Mexico. The project is held by the Company's 100% owned subsidiary, Planet Gold SA de CV." More
- January 18, 2007 | Item | E-mail
Arian Silver Corporation:Exploration Begins At The San José Property - "Arian Silver Corporation ("Arian" or the "Company")(TSX VENTURE:AGQ - News; AIM:AGQ) (FWB:I3A) ("PLUS":AGQ) is pleased to announce it has started detailed exploration work on its recently acquired San Jose Property (the "Property"). Arian has, through an exclusive option agreement (see press release dated December 13, 2006), 100% of this former producing silver mine (which was in operation until 2001), as well as approximately 4,300 hectares (ha) surrounding it." More
- January 18, 2007 | Item | E-mail
Minefinders Corporation Ltd.: Dolores Gold and Silver Mine on Schedule and on Budget - "Minefinders Corporation Ltd. (the "Company") (TSX:MFL.TO - News)(AMEX:MFN - News) reports that its 18,000 tonne per day Dolores open pit mine, in Chihuahua Mexico, is on schedule and on budget to produce gold and silver in the third quarter of 2007." More
- January 18, 2007 | Item | E-mail
Orko Silver Hits Highest Grade Gold Intersection at La Preciosa - "Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that it has received further assay results from the Phase-IV diamond drilling in the "Zona Sur", "El Orito", "Mina La Preciosa" and "Cerro El Venado" sectors on La Preciosa Project in Durango, Mexico." More
- January 18, 2007 | Item | E-mail
High Grade Mineralization Increases at the Mahala Deposit; New Mineralized Zone Identified for Follow Up - "Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) reported that based on analysis of underground and surface drilling results over the past four months, the Mahala deposit at the Smith Mine at the Jerritt Canyon operations continues to expand to the north and northwest. Results from underground drilling included intercepts of 40 feet of 0.82 ounce of gold per ton (opt) or 12.2 meters of 28 grams per tonne(gpt) in the Mahala Dike Trend in Zone 4 and 25 feet of 0.72 opt (7.6 meters of 25 gpt) in the Mahala extension in Zone 8. These mineralized zones are above the water table and in close proximity to the development drift at the Smith Mine." More
- January 18, 2007 | Item | E-mail
Copper, Gold and Uranium Systems Discovered at Ivanhoe's Cloncurry Project in Northwest Queensland, Australia - "Robert Friedland, Chairman of Ivanhoe Mines (TSX:IVN - News; NYSE:IVN - News; NASDAQ:IVN - News), and Douglas Kirwin, Ivanhoe's Executive Vice-President, Exploration, announced today that exploration activities at the company's Cloncurry Project in the Mt. Isa District of northwestern Queensland, Australia, have discovered a series of related IOCG (Iron Oxide Copper Gold) systems, some of which have associated uranium." More
- January 18, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 18 January, 2007 | |
