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Gold Seeker Closing Report – Gold & Silver Gain Again
By: Chris Mullen, Gold Seeker


-- Posted Wednesday, 15 March 2006 | Digg This ArticleDigg It!

Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:

 

Today’s Economic Data:

 

Report

For

Reading

Expected

Previous

NY Empire State Index

Mar

31.2

19.0

21.0

Export Prices

Feb

0.0%

0.2%

0.7%

Export Prices ex-ag.

Feb

0.1%

-

0.7%

Import Prices

Feb

-0.5%

-0.6%

1.4%

Import Prices ex-oil

Feb

-0.5%

-

0.3%

Net Foreign Purchases

Jan

$66.0B

$64.8B

$53.8B

 

The NY Empire State Index rose to its highest since July 2004 as orders rose and costs declined, indicating a strong economy.

 

January’s Net Foreign Purchases did not cover the trade deficit of $68.5 billion reported last week.  This makes the second month in a row that Net Foreign Purchases did not cover the country’s trade deficit as December’s deficit of $65.1 billion exceeds Net Foreign Purchases of that month which were revised down from $56.6 billion to $53.8 billion.  “Net foreign purchases of U.S. Treasury bonds and notes slowed to a much smaller-than-expected $4.4 billion, Treasury said in its monthly International Capital data. It was the smallest level of Treasury buying since net sales of $3.2 billion in February 2003, a Treasury official said.”

 

The fed’s Beige Book indicated that “the U.S. economy expanded at a ‘moderate’ pace across most parts of the country in January and February, while higher costs of raw materials and energy persisted, the Federal Reserve said.”

 

Tomorrow at 8:30AM EST brings CPI for February expected at 0.1%, Core CPI expected at 0.2%, Building Permits for February expected at 2,113,000, Housing Starts for February expected at 2,030,000, and Initial Jobless Claims for 3/11 expected at 298,000.  At noon is the Philadelphia Fed’s factory index for March expected at 13.0.

 

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Close

Gain/Loss

Gold

$553.10

+$1.50

Silver

$10.31

+$0.10

XAU

132.50

+1.73%

HUI

304.73

+1.37%

GDM

970.98

+1.49%

JSE Gold

2663.01

+2.16%

USD

89.71

-0.31

Euro

120.69

+0.48

Yen

85.29

+0.14

Oil

$62.17

-$0.93

10-Year

4.731%

+0.035

T-Bond

110.65625

-0.46875

Dow

11209.77

+0.52%

Nasdaq

2311.84

+0.69%

S&P

1303.02

+0.43%

 

Gold Warehouse Stocks:

7,527,352

-

Silver Warehouse Stocks:

126,099,581

-

 

Gold and silver remained near unchanged in Asia and London before gaining in morning New York trade to over $555 and $10.35, but they then both fell off a bit into the close and ended with only about half of the day’s morning gains.  Silver made a new 22-year closing high.

 

Euro gold remained near €460, platinum gained $13 to $1,024, palladium gained $10 to $313, and copper remained above $2.25.  Palladium rose to a new 23 month high.

 

Gold and silver equities rose about 2% at the open but slumped to near unchanged midday before rallying into the close to end back up near their highs of the session.

 

More Precious Metals Analysis:

 

“The gold market made an early run and managed the rise in the face of a soft energy market and a weaker equity market. We suspect that the stronger than expected Empire State Manufacturing Index readings helped the market rise early and the market was also lifted by a weaker Dollar. On balance the Press suggested that the majority of the buying interest came off the positive action in South African Mining shares and because of increased consumer buying. Later in the session the precious metals gave back a moderate portion of the gains but the silver market did manage a fresh 22 year high during the session. It should also be noted that a number of critical moving averages were violated on the early rally and that could embolden technical buyers.” - The Hightower Report, Futures Analysis and Forecasting

 

“Not enough drive in the gold price to send it higher, yet and it is still in the $535 - $555 range.   The action is being made today in New York as it has been since the gold price tumbled to the bottom of this range.   India is still waiting for lower prices, not happy with this volatility still.   However, as the wedding season gets underway in earnest one wonders how long it will take an irate Mother to push a cautious father into buying?” - Julian D.W. Phillips of www.goldforecaster.com

 

Oil traded slightly lower ahead of inventory reports that showed crude inventories built 4.8 million barrels, gasoline inventories fell 900,000 barrels, and distillates fell 3.9 million barrels.  The crude build was larger than expected, the gasoline drop was about as expected, and the distillates drop was larger than expected, so it was a mixed report that resulted in oil holding mostly slightly lower for the rest of trade.

 

The U.S. dollar index fell as an economically strong NY Empire State Index report was not able to overcome structural economic worries raised by the Net Foreign Purchases report.

 

Treasuries fell on the economically strong NY Empire State Index report, pushing the yield on the 10-year back near 20-month highs set on Monday.

 

The Dow, Nasdaq, and S&P remained near unchanged for most of trade but rose following the release of the fed’s Beige Book that indicated “moderate” economic growth.  “Moderate” growth does not put pressure on the fed to continue to raise interest rates and that may have encouraged investors.  The Dow and S&P rose to new 4 and ¾ year highs.

 

Among the big names making news in the market today were Delphi and the UAW, DuPont, Dubai Ports World, H&R Block, Refco, KKR and GMAC, Lehman Brothers, Sears, Echostar, and Sony.

 

GATA Posts:

 

James Turk: U.S. government debt is economic suicide

 

Gold & Silver Stock News Update from GoldReview.com:

 

AngloGold’s slightly lower gold output, Bema Gold’s letter of intent with Rolling Rock Resources over the Monument Bay Property, Harmony Gold’s and DRDGOLD’s battle with Mittal over steel prices, Gammon Lake’s exercised warrants of Mexgold, Eldorado Gold’s conference call notification, and Barrick Gold’s completed acquisition of Placer Dome were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.      Nevsun Resources

NSU +8.66% $2.51

2.      Cardero Resources

CDY +7.86% $3.02

3.  Silver Standard

SSRI +5.97% $18.83

 

LOSERS

1.       Cambior

CBJ -2.95% $2.96

2.       Gold Reserve

GRZ -2.88% $4.72

3.  Rio Narcea

RNO -2.69% $1.81

 

All of today's gold and silver stock news:

Barrick completes $10.4 bln Placer Dome takeover - "Toronto-based Barrick, which had been gathering the rest of Placer shares after obtaining a 94 percent stake in early February, is now the world's biggest gold producer, ahead of U.S.-based Newmont Mining Corp." More
- March 15, 2006 | Item | E-mail


Barrick Completes Acquisition of Placer Dome - "Barrick Gold Corporation announces that it has acquired all of the remaining common shares of Placer Dome Inc. pursuant to its statutory right of compulsory acquisition." More
- March 15, 2006 | Item | E-mail


Corriente Awards Engineering and Procurement Work to SNC-Lavalin for Mirador Copper Mine - More
- March 15, 2006 | Item | E-mail


Rolling Rock Resources Corporation Monument Bay Property - "Under the terms of the letter of intent with Bema, the Company will purchase Bema's 70% interest in the Project in consideration for the issuance of 8,000,000 common shares in the capital of the Company upon closing, representing approximately 33.7% of then issued and outstanding Shares. The Company will issue to Bema a further 4,000,000 Shares upon completion of a feasibility study and 3,000,000 upon the commencement of commercial production. The Company will also grant a 1.5% net smelter return royalty to Bema. In the event that commercial production commences on the Project, Bema will be issued a total of 15,000,000 Shares." More
- March 15, 2006 | Item | E-mail


D'Arianne Intersects More Than 11 Grams of Gold on Opinaca - More
- March 15, 2006 | Item | E-mail


Pinnacle Mines Ltd.: MineFill Services Completes Resource Calculation and 3-D Model of Silver Coin - More
- March 15, 2006 | Item | E-mail


Alamos Gold Inc.: Additional Drill Results Extend Escondida Hanging Wall Zone, Mulatos Deposit, Mexico - More
- March 15, 2006 | Item | E-mail


Woodruff Capital Management Selects Met-Chem to Undertake Scoping Study on Estrades and Extends Drilling Program - More
- March 15, 2006 | Item | E-mail


Petaquilla Welcomes Tom Byrne as Manager of Corporate Communications - More
- March 15, 2006 | Item | E-mail


Rainy River Project: Additional High Grade Gold Intersection in Core of #17 Zone; 11.57 g/t Au Over 15 Metres - More
- March 15, 2006 | Item | E-mail


MDN Northern Mining: Drill Targets Confirmed in Eritrea - More
- March 15, 2006 | Item | E-mail


Novicourt Inc. Announces Falconbridge Limiteds Intention to make a Cash Offer by way of a Takeover Bid for all Shares of Novicourt not Already Owned - More
- March 15, 2006 | Item | E-mail


Au Martinique Silver Inc. Expands El Salvador Gold-Silver Land Holdings As A Result of 2005 Exploration Results - More
- March 15, 2006 | Item | E-mail


Finkolo's high grade mineralization extends over 1.7 kilometers - More
- March 15, 2006 | Item | E-mail


Harmony battles S.Africa's Mittal over steel prices - "South Africa's Harmony Gold and DRDGOLD on Wednesday reignited a battle, launched more than two years ago, to persuade competition authorities to curb what they call Mittal SA's excessive pricing of flat steel products. Harmony, the world's fifth largest gold producer, and its smaller rival DRDGOLD accused Mittal at the Competition Tribunal of contravening competition law and abusing its market dominance by over-charging for steel products." More
- March 15, 2006 | Item | E-mail


Franklin Mining, COMIBOL and Local Cooperatives Continue Work on Their JV Agreement for Attempting to Increase Cerro Rico Productivity - More
- March 15, 2006 | Item | E-mail


Moydow Mines Announces Proposed Private Placement of up to US $2,000,000 - More
- March 15, 2006 | Item | E-mail


Galantas Gold Corporation Makes Pre-Admission Announcement on London's AIM Exchange - More
- March 15, 2006 | Item | E-mail


Great Western Minerals Group Ltd.: New President Appointed - More
- March 15, 2006 | Item | E-mail


Palmarejo Reports New Encouraging Drill Results from Guadalupe Project - More
- March 15, 2006 | Item | E-mail


Azimut: Airborne Geophysical Survey Begins at Opinaca, James Bay, Quebec - More
- March 15, 2006 | Item | E-mail


Olympus Successfully Exports First Gold Dore - More
- March 15, 2006 | Item | E-mail


Apogee Trading on the Frankfurt Stock Exchange - More
- March 15, 2006 | Item | E-mail


Western Warrior Signs Drill Contract to Probe Eppler Lake Project West of Churchill - More
- March 15, 2006 | Item | E-mail


Mirasol Announces Brokered Private Placement - More
- March 15, 2006 | Item | E-mail


Golden Eagle Evaluates Production Potential on Two Gold Anomalies on its Precambrian Claims in Eastern Bolivia - More
- March 15, 2006 | Item | E-mail


Everton Begins Airborne Geophysical Survey on Opinaca and Wildcat Projects, in James Bay, Quebec - More
- March 15, 2006 | Item | E-mail


Temex reports drill results from Whitney Property, Timmins gold camp - Multiple gold-bearing zones intersected on Hugh Pam Zone - More
- March 15, 2006 | Item | E-mail


Big Red Diamond Acquires Property Close to Lakeshore Gold's Bristol Mine - More
- March 15, 2006 | Item | E-mail


Alexis Receives $3.5 Million In Quebec Exploration Rebates - More
- March 15, 2006 | Item | E-mail


HuntMountain Resources Acquires Prospective Gold Properties in Argentina - More
- March 15, 2006 | Item | E-mail


Exeter Resource Corporation: New High-Grade Gold Intersections Extend Recent Discoveries-Two Gold Zones Likely Linked - More
- March 15, 2006 | Item | E-mail


Eldorado Gold Announces 2005 Financial Results Release Date and Conference Call - "Eldorado Gold Corporation will release its 2005 Financial Results before markets open on Thursday, March 23, 2006. Following the release, Paul Wright, President and Chief Executive Officer, of the Company will host a conference call at 8:00 AM PST (11:00 AM EST) on March 23, 2006." More
- March 15, 2006 | Item | E-mail


Gammon Lake Resources Inc. Exercises 2,950,000 Warrants of Mexgold Resources Inc. - "Gammon Lake Resources is the controlling shareholder of Mexgold. Prior to the exercise of the Mexgold warrants, Mexgold had 48,673,901 shares issued and outstanding, of which Gammon Lake owned 10,900,000 common shares and 2,950,000 warrants. At that time Gammon Lake owned 22.4% of the issued and outstanding shares of Mexgold on a non-diluted basis. As part of the exercise of the Mexgold warrants by all of the Mexgold warrant holders, Gammon Lake exercised the 2,950,000 Mexgold warrants it held for total proceeds of $7,375,000." More
- March 15, 2006 | Item | E-mail


AngloGold sees slightly lower gold output this year - "South African gold miner AngloGold Ashanti Ltd expects gold production to decline marginally to 5.9 million-6.1 million troy ounces in 2006, the company said Wednesday." More
- March 15, 2006 | Item | E-mail


 

Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

 

Do you have questions, comments, or suggestions about this report?  Email Chris Mullen at cm@goldseek.com

         

- Written by Chris Mullen

 

 

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

 

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

 

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

 

© Gold Seeker 2006

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 Wednesday, 15 March 2006 | Digg This Article




 



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