-- Posted Tuesday, 12 September 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $587.50 | -$3.10 |
Silver | $11.00 | -$0.08 |
XAU | 129.82 | -0.83% |
HUI | 309.17 | -1.02% |
GDM | 976.78 | -1.01% |
JSE Gold | 2705.92 | -1.52% |
USD | 85.90 | -0.02 |
Euro | 126.88 | -0.09 |
Yen | 84.74 | -0.28 |
Oil | $63.76 | -$1.85 |
10-Year | 4.773% | -0.026 |
T-Bond | 110.3125 | +0.375 |
Dow | 11498.09 | +0.89% |
Nasdaq | 2215.82 | +1.96% |
S&P | 1313.11 | +1.04% |
The Metals:
Gold initially fell close to $584 in Asia before it rose near $600 and remained above $595 in London, but it then steadily fell off in New York and ended near its lows with a 0.52% loss on the day. Silver rose above $11.35 in Asia and London, but it also fell off in New York and ended near its lows with a loss of 0.72%.
Euro gold remained near €465, platinum gained $11 to $1,197, palladium lost $4 to $308, and copper fell slightly to under $3.40.
Gold and silver equities rose about 1% in morning trade, but they then fell off in early afternoon trade and ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | July | -$68.0B | -$65.5B | -$64.8B |
The trade deficit rose to a new record high, but that was spun into good news since a high level of imports indicates that the consumer is still strong and spending money to keep the economy going. Tomorrow at 2PM EST is the Treasury Budget for August expected at -$67.0 billion.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for a seventh straight day as the International Energy Agency cut its forecast for global consumption and the Energy Information Administration also cut its demand forecast.
The U.S. dollar index shrugged off a new record high trade deficit and remained near unchanged as traders waited to see whether the G-7 will strongly influence Japan to let the yen be more flexible.
Treasuries initially fell on the higher than expected trade deficit, but they then rose to find decent gains following a strong 10-year auction.
The Dow, Nasdaq, and S&P rose throughout trade and ended nicely higher on decent earnings and a markedly lower oil price.
Among the big names making news in the market today were Intrawest, Apple, Bristol-Myers, Hewlett-Packard, Televisa and Univision, Goldman Sachs, and Best Buy.
The Commentary:
“The bottom line is Paulson has mobilized enough gold, or influenced the ECB to sell what they had left to sell before September 26, to bury the price right at the moment he wanted it buried. The good news is this new gold supply, which has caused the price avalanche, will be devoured fairly quickly by the Arabs, Indians, Russians, Chinese, Koreans, and Iranians, etc.
Some comments came my way about where are those big buyers? These buyers LOVE what The Gold Cartel is doing. They want to buy LOW, not high. These buyers are not in there for quarterly portfolio performance. They think big picture for the most part. Many know exactly what The Gold Cartel is doing and why. They just say, "Thank you very much."” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold closed down 3 at 594.3. This was 0.8 up from the low and 8.2 off the high.
December Silver finished down 0.1 at 11.14, 0.29 off the high and 0.03 up from the low.
After an initial attempt to bounce the gold market seemed to succumb to renewed selling interest. With the US Trade Balance coming in much hotter than was expected and at a level that might be considered disconcerting to the International community, one would have expected the Dollar to slide and for gold to benefit from flight to quality concerns. However, the gold market not only failed to garner support off the trade deficit surprise, but the gold market also failed to benefit from the rather impressive mid day rally in the equity market. Perhaps the fact that oil prices continued to decline prevented the gold market from playing up the hope for improved physical demand off a better economy because the magnitude of the energy price decline seemed to hint at the prospect for a soft landing in the economy. With physical demand driven metals markets like copper also giving up gains on the day it was clear that something other than currency influences were stepping up to re-kindle selling pressures. Even more surprising is that the gold market almost totally discounted news that South African gold output in July dropped by over 7% when compared to year ago levels. However, the gold market might already have been assuming lower gold production from South Africa.
It is not surprising that the silver market fell back from the short covering tilt in a tight correlation with gold. However, seeing copper prices come under such significant reversal action and seeing oil prices continue to decline seems to give off the impression that many traders continue to fear overt slowing of the global economy, despite the fact that oil prices continued to decline. In other words, one gets the sense that the trade wants to remain bearish toward physical commodities until there is definitive reason to think otherwise. One might also argue that a significant decline in US silver imports and a significant 143 million gram increase in US silver exports in the month of July should tighten up the amount of physical silver supply within the US.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
What happened in Vegas should NOT stay in Vegas
Whoever has been selling gold, the powerful are not omnipotent
IMF worries that FX markets might develop, escaping central bank control
Currency intervention reaches unprecedented heights, BIS says
Gold and silver go on sale
The Statistics:
As of close of business: 09/11/2006
Gold Warehouse Stocks: | 8,019,972 | -59,610 |
Silver Warehouse Stocks: | 104,369,239 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 391.94 | 12,601,187 | US$ 7,408m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.17 | 2,513,325 | US$ 1,478m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.87 | 316,964 | US$ 187m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,983 | US$ 186m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 09/11/2006 | |
Total Net Assets | $817,709,313 | Ounces of Gold
in Trust | 1,386,124.118 |
Shares Outstanding | 13,950,000 | Tonnes of Gold
in Trust | 43.11 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 09/11/2006 | |
Total Net Assets | $1,203,177,380 | Ounces of Silver
in Trust | 102,327,450 |
Shares Outstanding | 10,250,000 | Tonnes of Silver
in Trust | 3,182.7 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick’s (ABX) acquisition of 81% of Pioneer Metals so far, an interview with Ian Cockerill of Gold Fields (GFI), Newmont’s (NEM) possible mine royalty in Peru, Aurizon’s (AZK) drill results, and Eldorado’s (EGO) update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +5.04% $2.92 |
2. Orezone | OZN+3.57% $1.45 |
3. Rio Narcea | RNO+3.35% $2.16 |
LOSERS
1. Silver Wheaton | SLW -4.84% $9.44 |
2. Northern Orion | NTO -4.73% $3.83 |
3. Tanzanian Royalty | TRE -4.45% $5.15 |
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:
Michigan Gold Releases New Mineral Reserves Estimates of Their Anita Mine Prospect - More
- September 12, 2006 | Item | E-mail
Noront Announces Receipt and Filing of a Technical Report on the Burnt Hill Tungsten Property, York County, New Brunswick - More
- September 12, 2006 | Item | E-mail
Doublestar's Ruddock Creek property continues to report very high-grade mineralization - More
- September 12, 2006 | Item | E-mail
Patricia Mining Corp. Announces Drill Results - More
- September 12, 2006 | Item | E-mail
American Bonanza Retains Longview Strategies to Provide Investor Relations - More
- September 12, 2006 | Item | E-mail
White Knight Resources Ltd.: Barrick Commences Drilling on the Patty 'Indian Ranch' Project Cortez Trend, Nevada - More
- September 12, 2006 | Item | E-mail
Mining Underway at Fortuna's Caylloma Silver Mine in Peru - More
- September 12, 2006 | Item | E-mail
Barrick gets control of Pioneer, NovaGold bid looms - "Barrick Gold Corp. said on Tuesday it has acquired about 81 percent of Pioneer Metals Corp.'s outstanding shares, pushing a competing bid from NovaGold Resources Inc. out of the picture. However, Barrick's plan to buy NovaGold is uncertain, with the possibility of a preliminary injunction standing in the way." More
- September 12, 2006 | Item | E-mail
Oremex Conducts Geotechnical Review of Tejamen Silver Property - More
- September 12, 2006 | Item | E-mail
Beacon Light silver mine site update - More
- September 12, 2006 | Item | E-mail
International Arimex commits to drill program - More
- September 12, 2006 | Item | E-mail
UC Resources Ltd.: La Yesca Mining District Moves Toward Silver Production - More
- September 12, 2006 | Item | E-mail
King's Bay Gold Signs Agreement With Mainstream Minerals on Bobjo Mine, Red Lake - More
- September 12, 2006 | Item | E-mail
Wildcat Silver Corporation: Ventana Completes Geophysical Survey and Initiates Drilling at La Bodega Property in Colombia - More
- September 12, 2006 | Item | E-mail
Franklin Mining Announces Pulacayo Tailings Program - More
- September 12, 2006 | Item | E-mail
AntOro: Corrections to Press Release About Acquisition of Opinaca Property Quebec - More
- September 12, 2006 | Item | E-mail
Inter-Citic Makes Final JV Payment On Dachang Property Ahead of Schedule - More
- September 12, 2006 | Item | E-mail
BacTech Announces New Board Member - More
- September 12, 2006 | Item | E-mail
Eloro Outlines Polymetallic Zones In James Bay Mine District - More
- September 12, 2006 | Item | E-mail
Gemco Minerals expands to Uranium - More
- September 12, 2006 | Item | E-mail
Aurelian Announces Appointment of Andre Gaumond and Jonathan Rubenstein to the Board of Directors - More
- September 12, 2006 | Item | E-mail
Tagish closes third and final tranche of previously announced non-flow-through and flow-through private placement of units - More
- September 12, 2006 | Item | E-mail
Merrex Gold Receives Initial Drill Results from Voisey's Bay Joint Venture - More
- September 12, 2006 | Item | E-mail
Tonogold Resources, Inc. Acquires Key Patented Mining Claim With Highest Potential at Tonopah Divide - More
- September 12, 2006 | Item | E-mail
Western Troy Capital Resources Inc.: Press Release - More
- September 12, 2006 | Item | E-mail
Keegan Discovers 5 Meters of 17.2 g/t Gold and 50 m of 1.0 g/t Gold in New Trenches at the Esaase Property - More
- September 12, 2006 | Item | E-mail
Garibaldi Resources Corp.: Private Placement Financing - More
- September 12, 2006 | Item | E-mail
North American Palladium Announces Drill Results from Shebandowan Nickel/Copper Project - More
- September 12, 2006 | Item | E-mail
Raven Gold Corp. Receives NI 43-101 Technical Report for Las Minitas - More
- September 12, 2006 | Item | E-mail
Tanqueray Resources Ltd. - Exploration update - Drilling commences at Baker Lake, Nunavut Territories - More
- September 12, 2006 | Item | E-mail
Argentex announces additional 2006 drill results, updates progress at Pinguino, Argentina - More
- September 12, 2006 | Item | E-mail
Sirios Resources Inc.: Work Progressing on the Gold Properties of the Opinaca-Eleonore Area - More
- September 12, 2006 | Item | E-mail
East Asia Minerals reinforces its gold and copper-gold project focus; drills new Khok Adar copper oxide discovery - More
- September 12, 2006 | Item | E-mail
Everton Cuts 4 Channel Samples Returning up to 12.01 g/t au Over 4.6 Meters on the Manuel Showing, Wildcat 5 Property, in the Opinaca Region, James Bay, Quebec - More
- September 12, 2006 | Item | E-mail
Luiri Gold Limited Retains First Canadian Capital Corp for Strategic Marketing - More
- September 12, 2006 | Item | E-mail
Jinshan Receives Key Mining Permit for CSH '217' Gold Mine Stage Set for Commercial Production in Early 2007 - More
- September 12, 2006 | Item | E-mail
Miranda Gold Corp.: Drilling to Commence on Miranda's BPV and CONO Properties - More
- September 12, 2006 | Item | E-mail
United States Geological Survey Notes Areas in C.A.R. Contain Over $1 Billion in Gold Reserves; Tamija Secures Additional Governmental License - More
- September 12, 2006 | Item | E-mail
Stellar Pacific Ventures Resumes Drilling on Vassan - More
- September 12, 2006 | Item | E-mail
AfriOre Reports Wide, Well-Mineralized Drill Intersections for the Akanani Platinum Project - More
- September 12, 2006 | Item | E-mail
Troy Doubles Net Profit to Record $16 Million - More
- September 12, 2006 | Item | E-mail
Ian Cockerill: CEO, Gold Fields - "Another wonderful story is Ian Cockerill’s Gold Fields Limited. How long ago was it, Dave, not even two years ago, in fact that they were looking at staring down a barrel, it seemed, with hedge funds wanting to acquire them? Now everything is calm and happy between Gold Fields Limited and Harmony. But in the past week, Gold Fields has been on an absolute tear." More
- September 12, 2006 | Item | E-mail
CGW Acquires Additional Claims at Dolly Varden Extending Mineralization to 6,000 Feet - More
- September 12, 2006 | Item | E-mail
Peru lawmakers revive plans to charge mine royalty - "Under Toledo, Peru begin charging a 1 percent to 3 percent royalty on mining sales at the start of 2005, but companies such as U.S.-based Newmont Mining are protected from the levy until up to 2018, when so-called tax stability contracts expire. Lawmakers say that is a loophole that cannot be tolerated in a country where half the population lives on $1 a day or less and at time when mining companies generate record profits due to strong demand for Peru's minerals from industrializing China." More
- September 12, 2006 | Item | E-mail
Aurizon Receives Positive Gold Results from its Kipawa Property - "Gold results at Kipawa have exceeded all expectations," said Martin Demers, Principal Exploration Geologist. "The initial exploration program performed on a grid spacing of 0.5 square kilometres, has successfully outlined four continuous gold dispersion trains, along a 30 kilometre trend, all containing heavy minerals concentrate assays between 1.1 to 7.2 gold grams per tonne." More
- September 12, 2006 | Item | E-mail
Barrick Acquires 81% of Pioneer - "Barrick Gold Corporation announced that as of 6:00 p.m. (Vancouver time) on September 11, 2006, approximately 52 million common shares of Pioneer Metals Corporation had been validly deposited to Barrick's offer to acquire all of the outstanding shares of Pioneer (and not withdrawn)." More
- September 12, 2006 | Item | E-mail
Eldorado Update - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, is pleased to provide an update on activities at the Company's Kisladag Mine in Turkey, the Tanjianshan Project in China and recent Board and senior management appointments." More
- September 12, 2006 | Item | E-mail
Glass Earth Announces Issue of Prospectus for NZ$10 Million Financing and Secondary Listing on New Zealand Stock Exchange - More
- September 12, 2006 | Item | E-mail
Intrepid Reports More Gold Results at Julieta, Argentina - More
- September 12, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Tuesday, 12 September 2006 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Fall Again
