-- Posted Monday, 14 August 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $628.50 | -$4.80 |
Silver | $12.07 | +$0.20 |
XAU | 139.71 | -1.79% |
HUI | 325.01 | -1.80% |
GDM | 1033.93 | -1.73% |
JSE Gold | 2861.69 | -3.52% |
USD | 85.61 | +0.13 |
Euro | 127.16 | -0.05 |
Yen | 85.70 | -0.22 |
Oil | $73.53 | -$0.82 |
10-Year | 5.001% | +0.034 |
T-Bond | 107.96875 | -0.3125 |
Dow | 11097.87 | +0.09% |
Nasdaq | 2069.04 | +0.55% |
S&P | 1268.21 | +0.12% |
The Metals:
Gold dropped about $5 in Asia and fell even further in London before it rebounded in New York to get back near unchanged by early afternoon trade, but it then sold back off in the last 40 minutes of trade and ended 0.76% lower on the day. Silver fell about 15 cents in Asia and remained near $11.70 in London, but it then rallied throughout most of trade in New York and ended 1.68% higher on the day.
Euro gold fell under €495, platinum lost $19 to $1,218, palladium lost $3 to $312, and copper gained nearly 8 cents to over $3.50.
Gold and silver equities fell about 1% in early trade before rallying to find slight gains in early afternoon trade, but they then fell back off throughout afternoon trade and ended nearly 2% lower on the day.
The Economy:
There were no major economic reports today, but a report from the Labor Department showing increased labor costs did raise some inflation worries ahead of PPI and CPI data due out over the next 2 days. A survey issued by the Philadelphia Federal Reserve Bank also noted increased inflation expectations. Tomorrow at 8:30AM EST brings PPI for July expected at 0.4%, Core PPI expected at 0.2%, and the NY Empire State Index for August expected at 14.8. At 9AM is the Net Foreign Purchase report for June.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on easing geopolitical worries and on news that BP will maintain half of its production at Prudhoe Bay, but it cut about half of its early significant losses by the close of trade to end about 1% lower.
The U.S. dollar index traded on either side of unchanged and ended slightly higher ahead of PPI and CPI data due out over the next 2 days.
Treasuries fell on easing geopolitical worries, but losses were minor ahead of this week’s inflation data.
The Dow, Nasdaq, and S&P rose about 1% in morning trade on easing geopolitical concerns, but they then steadily fell off throughout afternoon trade and ended just slightly higher as oil came back from its lows and cut about half of its early significant losses.
Among the big names making news in the market today were Xstrata and Falconbridge, Dillard’s, PepsiCo, HealthSouth, and US LEC and Paetec Communications.
The Commentary:
“I have been writing this column and taking on The Gold Cartel for nearly 8 years. During that time I thought I saw everything these cretins could do to hurt gold and do so in a manner than any nincompoop could see. I say that from the perspective of a person who was a limit position commodities trader at one time (copper) and a veteran commodity trader of size in many markets (pork bellies, cattle, feeder cattle and soybeans). I don’t know too much about anything in my life, except this. I know what I am talking about when it comes to the gold market being managed and so does everyone else who has a brain the size of a grapefruit!
During this time, I thought I had seen it all, but the last 6 trading days of gold bashing by The Gold Cartel dwarfs all of it combined when it comes to blatant suppression of the price of gold. Just when you think it cannot get worse, or more obvious, IT DOES!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 5.1 at 639.3. This was 5.1 up from the low and 4.2 off the high.
September Silver finished up 0.275 at 12.16, 0.08 off the high and 0.34 up from the low.
While the gold market certainly violated a series of critical chart support levels and was recently documented to be holding a moderately large spec and fund long position, the market seemed to hold up rather impressively, especially when one considers all the bearish developments that unfolded over the weekend. In addition to the Dollar recently regaining strength, the gold market also saw oil prices drained of some speculative fervor and of all things a cease fire in the Middle East that actually held together. On the other hand, the gold market did see part of the early aggressive selling pressure reversed and saw extremely supportive silver price action in the face of gold declines.
With the clear cut divergence between gold and silver on Monday, the precious metals trade seemingly made a distinction between the gold market and the silver and copper markets. In other words the trade continues to be interested in the silver market despite sagging geopolitical anxiety. In fact, with the silver market at times on Monday managing to rise 50 cents off its lows of the day it was clear that the market wasn't nearly as defeated as the gold market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
NovaGold sues Barrick over misuse of confidential information in bid for Pioneer
NovaGold board opposes Barrick offer, solicits other merger deals
Don't let Barrick acquire NovaGold before closing gold short, GATA Says
What the Fed calls communication is really just manipulation
Brazil's central bank intervenes in currency market to support U.S. dollar
The Statistics:
As of close of business: 08/11/2006
Gold Warehouse Stocks: | 8,178,502 | -20,490 |
Silver Warehouse Stocks: | 103,067,328 | +981,126 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 388.98 | 12,506,073 | US$ 8,059m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.20 | 2,514,131 | US$ 1,575m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.71 | 312,265 | US$ 196m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.13 | 357,800 | US$ 230m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 08/11/2006 | |
Total Net Assets | $872,006,890 | Ounces of Gold
in Trust | 1,376,657.490 |
Shares Outstanding | 13,850,000 | Tonnes of Gold
in Trust | 42.82 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 08/11/2006 | |
Total Net Assets | $1,176,711,903 | Ounces of Silver
in Trust | 95,911,124 |
Shares Outstanding | 9,600,000 | Tonnes of Silver
in Trust | 2,983.2 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Second quarter 2006 results from Bema Gold (BGO), Cumberland (CLG), Queenstake (QEE), Miramar (MNG), and Silver Standard Resources (SSRI), Newmont’s (NEM) operations in Ghana, Taseko’s (TGB) drilling at Gibraltar, and plenty of news about Barrick’s (ABX) bid for NovaGold (NG) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG+2.05% $3.49 |
2. NovaGold | NG +1.51% $16.86 |
3. Great Basin | GBN +0.63% $1.61 |
LOSERS
1. Orezone Resources | OZN -7.74% $1.43 |
2. Nevsun Resources | NSU -5.98% $2.83 |
3. Crystallex | KRY -5.66% $2.50 |
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:
Bema Gold Corporation: 2006 Second Quarter Results - "Cash flow from operations, before changes in non-cash working capital, improved to $10.7 million during the period compared to use of cash of $4.5 million in the second quarter of 2005. The Company also reported significantly improved mine operating earnings of $7.2 million in the quarter compared to a mine operating loss of $5.7 million in the same period last year. The improved results in 2006 were mainly due to the recommencement of operations at the Refugio Mine and to higher spot gold prices." More
- August 14, 2006 | Item | E-mail
Silver Dragon Resources Inc. Completes U.S. Closing of Equity Purchase in Sanhe Sino-Top Resources and Technologies, Ltd. - More
- August 14, 2006 | Item | E-mail
Semafo Presents a Net Income of $1,569,000 for the Second Quarter 2006 - More
- August 14, 2006 | Item | E-mail
Homeland Precious Metals Corp.'s Subsidiary Signs Letter of Intent - More
- August 14, 2006 | Item | E-mail
Acquisition of Adastra Minerals by First Quantum Minerals - More
- August 14, 2006 | Item | E-mail
Great West Gold, Inc. -- Corporate Update - More
- August 14, 2006 | Item | E-mail
Ascendant Copper Corporation Reviews Progress and Files 2nd Quarter Financial Statements - More
- August 14, 2006 | Item | E-mail
Pan American Gold Corporation Announces Departure of Director and Chief Financial Officer - More
- August 14, 2006 | Item | E-mail
Silver Eagle Reports Diamond Drill Intersections in Excess of 3,300 gpt Silver in Step-Out Holes as Vein Drilling Continues - More
- August 14, 2006 | Item | E-mail
MineralFields 2004 Flow-Through Limited Partnership and MineralFields/EnergyFields Multi Series Fund Inc.: Rollover of Assets Completed - More
- August 14, 2006 | Item | E-mail
Uranium One announces that its Aflease Gold subsidiary has reported Interim Results to June 30, 2006 - More
- August 14, 2006 | Item | E-mail
Caledonia Mining 2nd Quarter Interim Results 2006 - More
- August 14, 2006 | Item | E-mail
Thistle Mining Inc. - Results for the second quarter ended June 30, 2006 - More
- August 14, 2006 | Item | E-mail
Minco Silver Appoints New CFO - More
- August 14, 2006 | Item | E-mail
MGM Mineral Resources Provides Corporate Update - More
- August 14, 2006 | Item | E-mail
Globex Arranges Private Placement - More
- August 14, 2006 | Item | E-mail
Golden Hope Mines Arranges Further Financing - More
- August 14, 2006 | Item | E-mail
Drilling Underway At Coles Creek - More
- August 14, 2006 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) Announces Second Quarter 2006 Results, Period ended June 30, 2006 - More
- August 14, 2006 | Item | E-mail
Moss Lake retains Watts, Griffiths and McOuat for technical report - More
- August 14, 2006 | Item | E-mail
Enterayon Completes Acquisition of Platinum/Palladium Property - More
- August 14, 2006 | Item | E-mail
Brookmount Explorations Provides Operations Update - More
- August 14, 2006 | Item | E-mail
Phoenix Matachewan Optimistic about Results of Exploration at 90 sq km Nevada Gold-Silver Project - More
- August 14, 2006 | Item | E-mail
NovaGold urges investors to spurn Barrick bid - "NovaGold Resources Inc. urged investors on Monday to reject a hostile $1.28-billion offer from Barrick Gold Corp., saying the bid "significantly undervalues" the company's projects and its growth potential. NovaGold said Barrick's $14.50-per-share cash offer wasn't in the best interest of the company's shareholders and failed to reflect the value of NovaGold's 70-percent ownership of the Donlin Creek project, which it described as one of the world's biggest gold deposits." More
- August 14, 2006 | Item | E-mail
Former Senior Geologist of Barrick Gold Joins Reese Corp. as VP Exploration, South America - More
- August 14, 2006 | Item | E-mail
Scorpio's Definition Drilling from 8th Level of Nuestra Senora Silver Deposit Extends Mineralization - More
- August 14, 2006 | Item | E-mail
Orvana Reports Continuing Strong Results For Revenues And Net Income For The Third Quarter Ended June 30, 2006 - More
- August 14, 2006 | Item | E-mail
Full Metal and Andover Commence Drilling at Kamishak - More
- August 14, 2006 | Item | E-mail
CORRECTION FROM SOURCE: Marifil Non-Brokered Private Placement - More
- August 14, 2006 | Item | E-mail
MetalCORP; BIG LAKE Drilling Expands High Grade VMS Discovery With Latest Hole Yielding 7.7% Copper, 2.2% Zinc, 123.8 g/t Silver & 3.9 g/t Gold over 2.6 met - More
- August 14, 2006 | Item | E-mail
Don't Let Barrick Acquire NovaGold before Closing Gold Short, GATA Says - "Barrick Gold Corp.'s attempt to acquire NovaGold Resources Inc. at a huge discount to the value of the latter company's metal in the ground is the next battlefield in the struggle to liberate the price of gold, the Gold Anti-Trust Action Committee says." More
- August 14, 2006 | Item | E-mail
Liberty Star Defines Drill Target at Rock SW Breccia Pipe - More
- August 14, 2006 | Item | E-mail
Former Senior Geologist of Barrick Gold Joins Reese Corp. as VP Exploration, South America - More
- August 14, 2006 | Item | E-mail
Aquila Resources Announces Results from Optioned Property - More
- August 14, 2006 | Item | E-mail
NovaGold Rejects Barrick Takeover Bid - "NovaGold Resources Inc. said Monday it is recommending that shareholders reject the $1.5 billion unsolicited takeover offer from Barrick Gold Corp. because it "significantly undervalues" NovaGold's mineral projects and growth potential." More
- August 14, 2006 | Item | E-mail
Cumberland Reports Second Quarter 2006 Financial Results and Summary of Activities - "The Meadowbank project is host to Canada's largest pure gold open pit reserves with gold reserves estimated at 2.9 million ounces(1) and the 2006 exploration program is focused on increasing gold resources and reserves. Cumberland is advancing the Meadowbank project towards open pit production of 330,000 ounces of gold per year over an 8.1 year mine life with an estimated total cash cost of US$201 per ounce based on a bankable feasibility study and subsequent bank due diligence(2) completed in December 2005." More
- August 14, 2006 | Item | E-mail
Risks and rewards as Newmont goes for Ghana gold - "Ahafo mine is run by Newmont Mining Corp., the world's No. 2 gold producer by output. It is the company's first major venture in Africa, a source of hope for people like Arthur in the deprived Brong Ahafo area, but also a cause for concern for some environmentalists and social activists. Newmont is spending $1 billion on two mines in Ghana in the single biggest mining investment in Africa's second biggest gold producer after South Africa." More
- August 14, 2006 | Item | E-mail
Update on Drilling Program at Taseko's Gibraltar Mine Further Drilling Planned in 2006 - "Taseko Mines Limited announces that the results from this year's diamond drilling program at the Gibraltar Mine are confirming continuity, location, and grade of the deposit beyond the boundaries of the currently defined mineral resources and adjacent to existing proven and probable reserves." More
- August 14, 2006 | Item | E-mail
NovaGold Commences Litigation Against Barrick for Misuse of Confidential Information in Pioneer Metals Bid - "NovaGold Resources Inc. today announced that it has filed a lawsuit in the Supreme Court of British Columbia against Barrick Gold Corporation. The lawsuit claims, among other things, that in making a competing bid for Pioneer Metals Corporation, Barrick misused confidential information belonging to NovaGold. The lawsuit seeks a court order that any shares of Pioneer purchased by Barrick under its bid are held under a constructive trust for the benefit of NovaGold. More
- August 14, 2006 | Item | E-mail
NovaGold Board Recommends Shareholders Reject Hostile Barrick Bid - "After careful consideration, including consultation with its financial and legal advisors, NovaGold's Board concluded that the Barrick Offer significantly undervalues NovaGold and is not in the best interests of its shareholders." More
- August 14, 2006 | Item | E-mail
Queenstake Generates Positive Cash Flow in Second Quarter - "Queenstake Resources Ltd. generated net income of $731,000 from gold sales of 51,216 ounces in the second quarter of 2006, compared to a net loss of $5.6 million in the second quarter of 2005. Queenstake had record revenues of $32.2 million for the second quarter." More
- August 14, 2006 | Item | E-mail
Miramar Mining Reports Earnings for Second Quarter 2006 - "Miramar Mining Corporation today announced its financial results for the second quarter ended June 30, 2006. For the period, Miramar reported consolidated net earnings of $1.9 million or $0.01 per share compared to a net loss of $0.5 million of $0.00 per share for the same period in 2005." More
- August 14, 2006 | Item | E-mail
Silver Standard Reports Second Quarter 2006 Results - "Silver Standard Resources Inc. today announced second quarter net earnings of $16.5 million ($0.28 per share) compared with a net loss of $1.0 million ($0.02 per share) for the second quarter of 2005." More
- August 14, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 14 August 2006 | Digg This Article
Gold Seeker Closing Report – Gold Drops While Silver Surges Higher
