-- Posted Monday, 16 October 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $594.80 | +$5.90 |
Silver | $11.81 | +$0.24 |
XAU | 130.17 | +0.88% |
HUI | 306.06 | +0.89% |
GDM | 978.55 | +0.97% |
JSE Gold | 2768.50 | -0.12% |
USD | 86.98 | -0.16 |
Euro | 125.26 | +0.11 |
Yen | 84.01 | +0.43 |
Oil | $59.94 | +$1.37 |
10-Year | 4.788% | -0.018 |
T-Bond | 110.53125 | +0.1875 |
Dow | 11980.60 | +0.17% |
Nasdaq | 2363.84 | +0.28% |
S&P | 1369.06 | +0.25% |
The Metals:
Gold rose a few dollars in Asia, added a couple dollars more in London, remained higher in morning New York trade, and closed near its highs with a 1.00% gain. Silver remained near unchanged in Asia and added a few cents in London before it gained another 20 cents in morning New York trade and closed near its highs with a gain of 2.07%.
Euro gold rose to about €475, platinum gained $8 to $1,082, palladium gained $9 to $320, and copper gained over 13 cents to roughly $3.53.
Gold and silver equities opened slightly higher before they fell off to find about 1% losses by noontime, but they then rallied into the close and ended nearly 1% higher on the day.
The Economy:
Report | For | Reading | Expected | Previous |
NY Empire State Index | Oct | 22.9 | 12.0 | 13.8 |
Fed members Bernanke, Yellen, and Poole all spoke today, but none gave much, if any, insight into the fed’s future monetary policy. Tomorrow at 8:30AM EST brings PPI for September expected at -0.7% and Core PPI expected at 0.2%. At 9AM are Net Foreign Purchases for August expected at $53.0 billion and at 9:15 are Capacity Utilization for September expected at 82.3% and Industrial Production for September expected at -0.1%.
ADVERTISEMENT
Join the Gold Rush: FREE Gold Traders Kit! FREE mini-sized Gold & Silver Fu
tures Booklet
FREE Electronic Gold OPTIONS Booklet (Don't forget - Electronic Gold launches March 3rd!)
Access to Gold Live Book (Free Real-Time Prices)
Access to Silver Live Book (Free Real-Time Prices)
Plus a special Metals Complex Benefits Sheet
- Click Here -
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as OPEC announced an emergency meeting to be held on Thursday to determine a possible cut in production quotas. Natural gas rose over 15% on cold weather forecasts.
The U.S. dollar index fell as Russia announced plans to increase its Japanese currency reserves. Losses were minimal, however, as most are looking ahead to economic data later in the week.
Treasuries rose slightly despite a strong NY Empire State Index report as traders prepared for PPI data tomorrow.
The Dow, Nasdaq, and S&P accomplished small gains on decent earnings reports. The Dow closed at a new record high.
Among the big names making news in the market today were Schwab, Citadel, UnitedHealth Group, Wachovia, Oshkosh truck and JLG, and Mattel.
The Commentary:
“The physical gold market has been on fire with enormous visible orders coming from Turkey and India. Meanwhile, the specs got themselves very short (relative to the past and recent memory). Back at the ranch The Gold Cartel has only so much central bank gold available to throw at the market on a daily basis. They must come up with 3 to 4 tonnes per day just to keep the price where it is. At some point the cabal forces have to save what ammo they have left and pull back. With the US stock market soaring and all eyes on it, perhaps this was the time they felt comfortable doing so.
As evidence The Gold Cartel is running low and supply (anecdotal as it is), let us go retro to the recent comment made by the Bundesbank's Axel Weber:
“We have been asked to negotiate with other central banks” about potential swap deals involving gold.
I have speculated as to the meaning of that comment and stated whatever the reason it was HIGHLY unusual and meaningful. Central bankers DO NOT let the cat out of the bag like that. To me it clarified to the unsuspecting how The Gold Cartel is operating AND how low their ammo gold stash is, which is why they went to the Germans. This unusual gold surge today may be an indication that assessment might be right on the money.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 5.8 at 598.5, 0.4 off the high and 3.5 up from the low.
December Silver closed up 0.23 at 11.91. This was 0.14 up from the low and 0.04 off the high.
The gold market staged an impressive upward extension and probably managed the gains off the periodic strength in the energy complex. We suspect that the better than expected New York Fed Manufacturing survey and the strength in the equity market prompted follow through spec buying but we also think that the anticipation of rising geopolitical tensions added to the bullishness. The Dollar was marginally lower during the session and that might have provided some indirect support to prices, but recently the gold market hasn't exactly been tracking Dollar movement closely. The market did see some old oil stories dredged up again, with the Indian Hallmarking rule changes expected to stimulate some demand improvement in that country and the market also circulating talk that there could be new labor concerns for Gold Fields in Peru. In short, the market seems to have had a long list of minor but supportive items and that was mixed in with a slightly additional improvement in the macro economic outlook.
December silver managed an impressive upward adjustment on the charts and in the process took silver prices to the highest high since September 11th. Some in the trade are concerned that the December contract was destined to encounter significant resistance at the $12.00 level. We might note that significant gains in copper prices, and moderate strength in tin and nickel prices contributed to a broad based bullishness in a number of metals markets on Monday. In fact, with the macro economic readings from the US strong and copper prices at times showing gains in excess of 17 cents at times during the session the outside market action on Monday was probably distinctly supportive to silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Counterfeiting, not barter, is thrust of threat against Liberty Dollar
F. William Engdahl: Crisis of the U.S. dollar system
The Statistics:
As of close of business: 10/13/2006
Gold Warehouse Stocks: | 7,759,325 | - 64,770 |
Silver Warehouse Stocks: | 105,785,073 | + 604,273 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 390.26 | 12,547,364 | US$ 7,353m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 80.79 | 2,597,368 | US$ 1,548m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.94 | 319,444 | US$ 190m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,865 | US$ 186m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/13/2006 | |
Total Net Assets | $815,756,511 | Ounces of Gold
in Trust | 1,385,649.968 |
Shares Outstanding | 13,950,000 | Tonnes of Gold
in Trust | 43.10 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 10/13/2006 | |
Total Net Assets | $1,188,560,173 | Ounces of Silver
in Trust | 104,277,935 |
Shares Outstanding | 10,450,000 | Tonnes of Silver
in Trust | 3,243.4 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
DRDGold’s (DROOY) shut mine shaft, Golden Star’s (GSS) CFO resignation, Nevsun’s (NSU) technical report filing date, Randgold’s (GOLD) reinvestment in Mali Gold, Yamana’s (AUY) mine start-up and update, Wildcat Silver’s (WLDVF.PK) Ventana spinoff, UC Resources (UC.V) exploration program, Coeur’s (CDE) start on the tailings facility at San Bartolome, SilverCrest’s (SVL.V) resource increase, Arian Silver’s (AGQ.V) drill results, Minefinders’ (MFN) selected CFO successor, and Silver Dragon’s (SDRG.OB) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro Corp. | BAA+20.35% $11.65 |
2. Northgate | NXG +6.78% $3.15 |
3. Entree Gold | EGI +6.48% $1.15 |
LOSERS
1. Richmont | RIC -5.56% $2.55 |
2. Cardero | CDY -4.40% $1.52 |
3. Apex Silver | SIL -3.89% $14.10 |
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:
CR Structure Results/Second Drill Added at La Fortuna - More
- October 16, 2006 | Item | E-mail
DRDGOLD shuts Philip shaft at Fiji gold mine - "A comprehensive investigation has already commenced to establish the cause of the failure, and relevant authorities are being kept informed of our progress." More
- October 16, 2006 | Item | E-mail
Simberi Mining Corporation Increases Private Placement to $2.75 Million - More
- October 16, 2006 | Item | E-mail
Drake Gold Announces Strategic Review of Potential Naked Short Selling Utilizing a Combination of Tools Including the ADP: NOBO and OBO Lists - More
- October 16, 2006 | Item | E-mail
Dhanoa Minerals Ltd. Announces Paul Roberts as President, and 5-1 Forward Stock Split. - More
- October 16, 2006 | Item | E-mail
Wildcat Silver Proceeds With Ventana Spinoff - "Wildcat Silver Corporation is pleased to announce it has called its Annual & Special General Meeting of Shareholders on November 15, 2006 to seek approval of the previously announced Plan of Arrangement. The Plan proposes for the Company to spin out its interest in its wholly-owned subsidiary, Ventana Gold Corporation, to the Company's shareholders on the basis of one Ventana common share for each Wildcat common share held (at no cost to the shareholder)." More
- October 16, 2006 | Item | E-mail
UC Resources Ltd.: Phase III Exploration Program Commences on 64,000 Hectare Copalquin Project in Durango, Mexico - "UC Resources is pleased to announce that Phase III drilling has commenced on the Company's 100% owned flagship exploration property, Copalquin, which is located in the Northwest corner of Durango, Mexico. The property is a 64,000 hectare land package which encompasses 23 historically productive silver and gold mines within its boundaries." More
- October 16, 2006 | Item | E-mail
GoldSpring, Inc. Announces Successful Hearing in State Court Lawsuit - More
- October 16, 2006 | Item | E-mail
Drilling Resumes on Broulan Reef Project, Red Lake, Ontario - More
- October 16, 2006 | Item | E-mail
Goldcrest Commences 5,000 Metre RAB Drilling Program at its Youanmi Project in Western Australia - More
- October 16, 2006 | Item | E-mail
Northland Resources Closes Private Placement & Conducts Public Offering - More
- October 16, 2006 | Item | E-mail
Pele Mountain Purchases Pardee Uranium Property From CanAlaska Uranium Ltd. - More
- October 16, 2006 | Item | E-mail
Romios Announces Results of Drill Program at its Scossa Property in Nevada - More
- October 16, 2006 | Item | E-mail
Greencastle Reports on Drilling at Coal Canyon, Nevada Oil Development Continues at Primate, Saskatchewan - More
- October 16, 2006 | Item | E-mail
Armistice commences dewatering at McGarry exploration project - More
- October 16, 2006 | Item | E-mail
Parallel Zone on Astral's JJ Main Assays 10.55 g/t Gold Over 2 Metres - More
- October 16, 2006 | Item | E-mail
Unico, Inc. Chairman Files Form 4 on Stock Purchase of 1 Million Shares - More
- October 16, 2006 | Item | E-mail
Teryl Resources Corp. Announces a Progress Report on the Gold Hill Project, Bisbee, Arizona - More
- October 16, 2006 | Item | E-mail
Scorpio Purchases Additional Mill Equipment; Transport and Refurbishment of Mill Inventory in Progress - More
- October 16, 2006 | Item | E-mail
Franc-Or Announces the Appointment of George R. Jones and Daniel F. Hachey as Directors - More
- October 16, 2006 | Item | E-mail
NewWest Gold Corporation reports multiple high grade intercepts at Sandman Project - More
- October 16, 2006 | Item | E-mail
International Wayside Gold Mines Ltd.: $3,000,000 Flow-Through Brokered Private Placement and Minimum $3,500,000 Non-Flow-Through Brokered Private Placement - More
- October 16, 2006 | Item | E-mail
HE-5 Resources, Corp. Announces Cash Dividend - More
- October 16, 2006 | Item | E-mail
GWR Resumes Drilling on Lac La Hache Property - More
- October 16, 2006 | Item | E-mail
Largo Resources Options Macuchi VMS Property in Ecuador to Aur Resources - More
- October 16, 2006 | Item | E-mail
Tara Gold Resources Acquires High Grade Zinc, Silver, Lead Project - More
- October 16, 2006 | Item | E-mail
Jaguar Mining nears completion of Paciencia feasibility study; Reports strong drill results - More
- October 16, 2006 | Item | E-mail
Golden Hope Mines-Warrants Exercised - More
- October 16, 2006 | Item | E-mail
Pearl Asian Mining Shows Initial Test Runs of Gold Ore Samples Using Its Placer Gold Processing Unit - More
- October 16, 2006 | Item | E-mail
Golden Star Resignation of Chief Financial Officer - "A search for a permanent replacement is underway and, until an appointment is made, Mr. Roger Palmer, Vice President Finance and Controller, will act as Chief Financial Officer while Mr. Bruce Higson-Smith will take on the additional responsibility for investor relations." More
- October 16, 2006 | Item | E-mail
Nevsun Resources Ltd.: Bisha Feasibility-Technical Report - "Nevsun Resources Ltd. wishes to advise that the 43-101 compliant Technical Report on the Bisha Feasibility Study will be filed by November 17, 2006. AMEC Americas Limited has been engaged to complete this Technical Report." More
- October 16, 2006 | Item | E-mail
Randgold Resources announces Reinvestment in Mali Gold - "Randgold Resources believes the best way for the industry to create value for all stakeholders, including its host countries, is through discovery and development. It was our discovery of the Morila deposit that created a mine that since 2000 has produced more than four million ounces of gold, generated total cash profits of more than US$900 million and contributed FCFA334 billion (US$636 million) to the Malian economy. While Morila is now entering the last stage of its life, it still has a number of profitable years ahead of it, and we are still exploring with some success around the fringes of the deposit and beyond." More
- October 16, 2006 | Item | E-mail
Coeur Begins Work on Tailings Facility at San Bartolome Silver Mine - "The tailings facility is the longest lead-time item at San Bartolome, and moving forward now is consistent with the construction schedule for the overall project, which we are aiming to complete near the end of 2007." More
- October 16, 2006 | Item | E-mail
SilverCrest Announces Significant Increase in Resources With Addition of Santa Elena, Mexico - "SilverCrest Mines Inc. is pleased to announce it has completed its resource estimation for the 100% owned Santa Elena Project in northern Mexico. Indicated Resources are estimated at 2.46 million tonnes grading 55.7 gpt (1.62 oz/t) silver and 2.16 gpt (0.063 oz/t) gold. Inferred Resources are estimated at 3.51 million tonnes grading 78.3 gpt (2.28 oz/t) silver and 1.42 gpt (0.041 oz/t) gold. The Indicated Resource contains 4.4 million ounces of silver and 171,000 ounces of gold and the Inferred Resource contains 8.83 million ounces of silver and 159,000 ounces of gold based on a 60 gpt silver equivalent cut-off grade. These resources are a result of a phase I drilling and sampling program and are more than double the Company's preliminary target of 15 million ounces silver equivalent. It is expected that the planned phase II drilling and sampling program will add to the total resource and improve the confidence level of the current resource numbers." More
- October 16, 2006 | Item | E-mail
Arian Silver Corporation: Additional High-Grade Epithermal Silver Veins Located on San Celso Property, Zacatecas, Mexico - "Arian Silver Corporation is pleased to announce that underground sampling, surveying and geological mapping of the Las Cristinitas mine workings have been completed on its San Celso property, Zacatecas State, Mexico, with promising results, including greater than 1000 g/t silver over 4.65 metres (m)." More
- October 16, 2006 | Item | E-mail
Minefinders Selects Successor to Retiring CFO - "Mr. Smith is a Chartered Accountant with extensive experience with mining companies. He spent five years as a member of the mining group at KPMG LLP, where he managed the annual audits of a number of gold producers and developed expertise in Canadian, U.S., and international accounting and reporting practices. Most recently, Mr. Smith served as Risk Manager for a major Canadian gold producer where he oversaw the design and implementation of Sarbanes-Oxley compliance programs. Mr. Smith is a graduate with distinction from the University of Victoria with a degree in International Business." More
- October 16, 2006 | Item | E-mail
Silver Dragon Announces High-Grade Silver Assay Results, 1,417 Grams/45.56 Ounces per Tonne Silver From the First Newly Discovered Ag-Cu Ore Body at Laopandao - "Laopandao is one of the nine properties of which Sanhe Sino-Top Resources and Technologies Ltd., a Chinese company, holds the exclusive exploration and mining rights, including a mine located in the Erbahuo Silver District in Inner Mongolia, China. Silver Dragon has been officially recognized by the Chinese Ministry Of Commerce and has received the MOC's Cerificate Of Approval for the transfer of a 60% equity interest in Sino-Top." More
- October 16, 2006 | Item | E-mail
Yamana Initiates Start-Up at its Chapada Mine and Provides Production Update on Other Mines - "YAMANA GOLD INC. is pleased to provide an update on the start-up of its Chapada copper-gold mine and a production update for its Sao Francisco and Jacobina mines, its two other principal gold mines in Brazil. Yamana operates six mines in Latin America, five of which are in Brazil including the Chapada, Sao Francisco and Jacobina mines." More
- October 16, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© 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 Monday, 16 October 2006 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Rise 1% & 2%
