-- Posted Thursday, 19 October 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $598.80 | +$10.10 |
Silver | $12.04 | +$0.32 |
XAU | 131.52 | +3.55% |
HUI | 308.83 | +3.69% |
GDM | 989.03 | +3.61% |
JSE Gold | 2760.24 | -1.42% |
USD | 86.26 | -0.62 |
Euro | 126.34 | +1.05 |
Yen | 84.67 | +0.62 |
Oil | $58.50 | +$0.85 |
10-Year | 4.786% | +0.022 |
T-Bond | 110.59375 | -0.1875 |
Dow | 12011.73 | +0.16% |
Nasdaq | 2340.94 | +0.16% |
S&P | 1366.96 | +0.07% |
The Metals:
Gold traded mostly slightly higher in Asia and London and dipped a couple dollars down to $586.00 in early New York trade, but it then spiked higher over the next 90 minutes of trade and briefly topped $600 before it dropped backed to about $595 and then rallied into the close and ended back near $600. Silver traded as low as $11.57 in early New York trade before it spiked higher to above $12 and fell back off a few cents, but it also rallied again and made new highs above $12 by the close. Gold ended with a gain of 1.72% while silver ended 2.73% higher.
Euro gold rose near €475, platinum gained $3 to $1,087, palladium gained $7 to $333, and copper gained nearly 5 cents to about $3.53.
Gold and silver equities rose about 2% at the open, fell back off a bit, rallied again in early afternoon trade, and closed with over 3.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/14 | 299K | 310K | 309K |
Leading Indicators | Sep | 0.1% | 0.3% | -0.2% |
Philadelphia Fed | Oct | -0.7 | 6.5 | -0.4 |
There are no major economic reports due out tomorrow.
ADVERTISEMENT
"I'm so sure gold will soar higher, I'll even guarantee it lands at least 257% above where it is right now... plus I'll give you 5 ENTIRELY NEW WAYS to get rich on this trend..."
"And you don't have to pay me a dime for the details..."
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as Saudi Arabia announced they support a cut in output, but no official OPEC decision was announced by the market close.
The U.S. dollar index fell on concerns that the economy is slowing too much as the Philadelphia Fed came in worse than expected and confirmed the slow down reported last month that some thought was an anomaly.
Treasuries fell after Initial Claims came in better than expected and pointed to a strong labor market, but losses were cut in half following the Philadelphia Fed report.
The Dow, Nasdaq, and S&P traded on either side of unchanged in a relatively tight range as mixed earnings reports battled with rising oil prices, but all three indices were able to end slightly higher on the day.
Among the big names making news in the market today were Google, NBC Universal, McDonald’s Honeywell, Citigroup, UPS, Bank of America, Pfizer, Novartis, Lilly, Wyeth, and Coca-Cola.
The Commentary:
“Just as gold was immediately taken down after the US inflation report this morning, the US stock futures markets all popped smartly to the upside after the release of the numbers, despite rates moving slightly higher. We have seen this same orchestrated PPT/Gold Cartel market moving action for some time now. The probability numbers of this happening so often have to be off the charts. Yep, let’s hear it again for free markets in America!
The DOW soared to 12,049 before getting slammed to go down on the day. That was not to last with the PPT lurking. Another Hail Mary close with the DOW leaping 43 to 11,992, thus making another all-time high for the headlines. To add to the headlines, there was the move above 12,000, prolonging the anticipation of a close above 12,000 and more gooing from the CNBC crowd.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished up 9.9 at 602.5, 1.5 off the high and 13.3 up from the low.
December Silver closed up 0.34 at 12.16. This was 0.44 up from the low and 0.01 off the high.
An impressive recovery rally in the gold market seemed to come from a flurry of fresh bullish developments. In addition to a sharp rally in the oil market, the gold market also benefited from a sharp slide in the Dollar and perhaps from ideas that OPEC might be poised to invoke additional production cuts beyond the initially 1 million barrel per day figure. The gold market could have been derailed by the disappointed Philly Fed readings, which showed a decline in almost every sector. One might also suggest that a fresh terrorist threat in the US on Thursday morning might have prompted some fresh flight to quality buying. In the end, seeing a distinct upside run on the charts probably pulled in some speculative buying and it might also have generated some simple stop loss buying by traders that were seeking to press prices in the wake of the soft inflation readings and the initial idea that OPEC would fail to impress the market with their interest in reigning in excess supply. However, with OPEC members hinting at the prospects of an additional 500,000 barrel per day production cut, it is possible that the energy complex will find it difficult to forge another round of new lows. Seeing the potential for a bottom in oil prices is a clearly supportive development for the gold market.
The silver market also managed an impressive upward thrust on the charts and with the rise above the $12.00 level and above a few other key technical levels, we suspect that a few buyers on Thursday were covering short positions. As in the gold market the silver market was certainly lifted by the strength in oil prices and was perhaps helped to the gains in directly as a result of the sharp slide in the US Dollar. With copper and platinum prices hardly managed much in the way of gains on Thursday it was somewhat clear that the bullishness toward the metals was coming from the financial sector and not necessarily from the physical or industrial demand quadrant.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 10/18/2006
Gold Warehouse Stocks: | 7,695,184 | - 32,051 |
Silver Warehouse Stocks: | 105,451,277 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 390.26 | 12,547,364 | US$ 7,451m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 80.78 | 2,597,281 | US$ 1,557m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.98 | 320,733 | US$ 192m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.89 | 317,854 | US$ 188m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 10/18/2006 | |
Total Net Assets | $815,850,275 | 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 10/18/2006 | |
Total Net Assets | $1,214,285,314 | Ounces of Silver
in Trust | 103,280,281 |
Shares Outstanding | 10,350,000 | Tonnes of Silver
in Trust | 3,212.4 |
Note: Change in Total Tonnes from yesterday’s data: 31 tonnes were subtracted from the trust.
The Stocks:
Golden Star’s (GSS) debt facility, Orezone’s (OZN) Preliminary Assessment report, Entree’s (EGI) comments on Rio Tinto’s (RTP) investment in Ivanhoe (IVN), Agnico-Eagle’s (AEM) mine tour invitation, Kimber’s (KBX) drill results, Apogee’s (APE.V) drill results, Revett’s (RVM.TO) status update, and IMA’s (IMR) agreement with Aquiline (AQI.TO) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree Gold | EGI +13.48% $1.60 |
2. Rio Narcea | RNO +7.95% $2.58 |
3. Great Basin | GBN +7.64% $1.69 |
LOSERS
1. New Gold | NGD -0.51% $7.85 |
2. Nevsun | NSU -0.37% $2.67 |
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:
Tassawini, Guyana preliminary metallurgical results - More
- October 19, 2006 | Item | E-mail
Diamond drilling program commences on the Seneca property - More
- October 19, 2006 | Item | E-mail
Notice DPM 2006 Third Quarter Financial Results - More
- October 19, 2006 | Item | E-mail
Canarc Closes Two Private Financings Totaling CA$4 Million - More
- October 19, 2006 | Item | E-mail
Tonogold Resources, Inc. Forms New Land Division - More
- October 19, 2006 | Item | E-mail
Pershimco Files its Annual Financial Statements for 2006 and Amends its First Quarterly Financial Report - More
- October 19, 2006 | Item | E-mail
Carmax Cuts 8.078% Cu Plus .065% MO and 6.954% Cu Plus .099 Mo. - More
- October 19, 2006 | Item | E-mail
Quinsam Capital Corporation closes acquisition of Churn property - More
- October 19, 2006 | Item | E-mail
Sur American Gold Engages Paradox Public Relations Inc. as IR Consultants - More
- October 19, 2006 | Item | E-mail
Revised Time & Dial-In: Newmont Announces Third Quarter Earnings Call - "Newmont Mining Corporation announced that it will report Third Quarter 2006 results on November 2, 2006. A conference call will be held that day at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) to discuss the quarter's results. The conference call will be carried on the Company's web site." More
- October 19, 2006 | Item | E-mail
Verena Closes the Acquisition of the Volta Grande Gold Deposit, and Completes an Initial 5,215 Metres of Diamond Drilling - More
- October 19, 2006 | Item | E-mail
Fury Creates Advisory Board; Appoints Mr. Michael Williams - More
- October 19, 2006 | Item | E-mail
Tribute's Over-Limit Sample Returns 35.5% Zinc - More
- October 19, 2006 | Item | E-mail
Kinbauri Gold Corp.: Drilling at Corcoesto to Enhance Open-Pit Mine Potential - More
- October 19, 2006 | Item | E-mail
Klondike Star Expands Lone Star Zone - More
- October 19, 2006 | Item | E-mail
Nortec announces the completion of Helicopter-borne TDEM Geophysical Surveys, on the Koillismaa - Naranka Nickel-Copper-PGE Project, Northeastern Finland - More
- October 19, 2006 | Item | E-mail
Nortec announces the completion of Helicopter-borne TDEM Geophysical Surveys, on the Koillismaa - Naranka Nickel-Copper-PGE Project, Northeastern Finland - More
- October 19, 2006 | Item | E-mail
Cameco Provides Dates for Q3 Results and Conference Call - More
- October 19, 2006 | Item | E-mail
Palladon: Great Basin Gold Exploration Update - More
- October 19, 2006 | Item | E-mail
Virgin Metals continues to intersect high grade molybdenum, copper and tungsten mineralization - More
- October 19, 2006 | Item | E-mail
Premier Gold Mines Limited Announces Launch of Website - More
- October 19, 2006 | Item | E-mail
Scorpio's Hoag Zone Drilling intersects 5.2 metres grading 195.94 g/t Silver, 5.32% Zinc, 2.00% Copper, 8.52% Lead and 0.27 g/t Gold - More
- October 19, 2006 | Item | E-mail
Martin Zone potential firming up - More
- October 19, 2006 | Item | E-mail
REPEAT: HE-5 Resources, Corp. Acquires Claims in Matagami Mining Camp - More
- October 19, 2006 | Item | E-mail
Golden Odyssey Mining Inc.: Camp Zone Drill Results Confirm Large Mineral System at Palmetto Project, Nevada - More
- October 19, 2006 | Item | E-mail
Investor and Media Invitation - Murgor Resources Inc. - Annual Meeting of Shareholders, Friday October 20th - More
- October 19, 2006 | Item | E-mail
Big Bar encounters economically interesting by-product metals at its Yuma King copper exploration project - More
- October 19, 2006 | Item | E-mail
Amerix Precious Metals Reports on Drilling at Carumbe Target; Announces 18,000-hectare Expansion of Its Exploration Concessions - More
- October 19, 2006 | Item | E-mail
Majescor's Surface Sampling of the Besakoa Polymetallic Prospect in Madagascar Returns Grades of Up to 17.5 g/t Gold, 47 g/t Silver, 30% Copper and 3% Zinc - More
- October 19, 2006 | Item | E-mail
Alturas Geophysical Survey Expands Gold Potential at Huilacollo Gold Project, Peru - More
- October 19, 2006 | Item | E-mail
Unico, Inc. Announces Interim Summary Report on Analysis of Diamond Core Samples From Drilling Program at Deer Trail Mine - More
- October 19, 2006 | Item | E-mail
Franklin Mining Announces That Mining Project Has Estimated Mineral Reserves of About 2.2 Billion Dollars - More
- October 19, 2006 | Item | E-mail
Trade Winds Ventures Plans to Release 43-101 Resource Estimate in Late October on Block A Detour Lake, Ontario - More
- October 19, 2006 | Item | E-mail
Tara Gold Trenching Assays Up to 1,300 Grams Silver and Extends Silver/Gold Zone to 1,400 Meters at the San Miguel Project, Mexico - More
- October 19, 2006 | Item | E-mail
Romarco Underway in Mexico - More
- October 19, 2006 | Item | E-mail
Osisko Intersects 115 m Averaging 1.21 g/t Au at Canadian Malartic - More
- October 19, 2006 | Item | E-mail
Enterayon Expands Lodestone Platinum Claims - More
- October 19, 2006 | Item | E-mail
Wits Basin Announces Receipt of New Order Mineral Permits for the FSC Project, South Africa - More
- October 19, 2006 | Item | E-mail
Paramount Gold's Trenching Assays up to 1,300 g/t Silver and Extends Silver/Gold zone to 1,400 meters at the San Miguel project, Mexico - More
- October 19, 2006 | Item | E-mail
Globex and Queenston Expand Wood-Pandora JV Property - More
- October 19, 2006 | Item | E-mail
Gold Resource Corporation Signs Drill Contract - More
- October 19, 2006 | Item | E-mail
Apogee Intersects High Grade Silver-Zinc at La Solucion Mine - "Assay results received and visual observations of the mineralized structure indicate that a zone of silver-zinc-lead+/-anomalous gold mineralization measuring approximately 100-125m along strike, 125-150m down dip/plunge and averaging 4.3m in True Thickness has been identified; the zone is still open in all directions (Table 1; Figure 2). Upon completion of the current drill program in approximately 3-4 weeks a NI43-101 Mineral Resource will be calculated." More
- October 19, 2006 | Item | E-mail
Revett Minerals' Updates Status on Rock Creek Copper/Silver Project - "Revett Minerals Inc. announced on Friday, October 13th, 2006, that the U.S. Fish & Wildlife Service re-issued a favorable biological opinion for its Rock Creek project (see our release dated October 13, 2006). This decision is a major milestone in the continued progress towards the development of this world class deposit." More
- October 19, 2006 | Item | E-mail
Golden Star Announces Debt Facility - "The first debt facility is provided by Ecobank Ghana Limited and Cal Bank Limited, both being banks that are active in Ghana. The documentation for this facility has been executed and the funds are available immediately for a term of 27 months at an interest rate of US Prime plus one percentage point. Front end fees total one percent of the facility amount." More
- October 19, 2006 | Item | E-mail
Orezone Resources Inc.: Essakane Preliminary Assessment Report - "Orezone Resources Inc. and partner Gold Fields Limited are pleased to report that an NI 43-101 compliant Preliminary Assessment report has been completed on the Essakane Gold Deposit in Burkina Faso, West Africa. The report prepared by RSG Global from Perth Australia, will be filed on SEDAR in the next 45 days." More
- October 19, 2006 | Item | E-mail
Aquiline to Operate Navidad Project; Appeal Date Set - "Aquiline Resources Inc. announces that it has reached agreement with IMA Exploration Inc. to give effect to the July 14, 2006 judgment of the Supreme Court of British Columbia (Vancouver Registry Action No. S041353) pursuant to which Aquiline was awarded ownership of the Navidad Project in Chubut Province, Argentina." More
- October 19, 2006 | Item | E-mail
Gammon Lake to Release Third Quarter Results November 14, 2006 - "Gammon Lake Resources Inc. is pleased to announce that the Company's Third Quarter 2006 financial results will be released after market close on Tuesday, November 14, 2006. A conference call will be held on Wednesday, November 15, 2006 at 11:00 Atlantic Standard Time (10:00 am Eastern Standard Time) to discuss the quarterly results." More
- October 19, 2006 | Item | E-mail
IMA and Aquiline Agree on Terms for the Transfer of Navidad Pending the Appeals Process - "We are pleased to report that this agreement has been reached as it brings stability to IMA by complying with the order of Madam Justice Koenigsberg, while allowing IMA to concentrate on the appeal of that decision and to protect its position and while allowing the Project to resume the process of development that has been temporarily halted due to the uncertainties that were created by the decision on July 14, 2006. We would like to reassure our shareholders that we continue to fight to regain our ownership of Navidad. This will be the Company's sole focus." More
- October 19, 2006 | Item | E-mail
Entree Welcomes US$1.5 Billion Investment by Rio Tinto in Ivanhoe Mines-"A Major Vote of Confidence in Oyu Tolgoi and Mongolia" - "The development of Oyu Tolgoi will have a profound impact on Entree. The extension to the rich Hugo Dummett ore body has been drilled to the inferred resource status over a strike distance of 625 meters north onto Entree's ground and drilling results suggest the further extension of the deposit to at least 1,300 meters north of the property boundary (see Entree's News Release of February 1, 2006). The initial inferred resource is estimated to contain approximately 6.6 billion pounds of copper and over 3.2 million ounces of gold and defines some of the richest mineralization intersected to date at Oyu Tolgoi." More
- October 19, 2006 | Item | E-mail
Agnico-Eagle - Quebec mine tour invitation - "Agnico-Eagle Mines Limited would like to invite our Institutional Investors, Analysts, Equity Sales and Trading, and Investment Bankers for a tour of our projects in Quebec (LaRonde, Lapa and Goldex) on November 28 and 29, 2006." More
- October 19, 2006 | Item | E-mail
Kimber announces further drill results - "Drilling concentrated further on testing the northern and northeastern limits of the deposit. One notable intercept was on MTR-407 which returned four metres of 16.58 g/t gold equivalent. This was a step out from MTR-373 (reported August 8, 2006) and infill to MTR-422 which is also reported in this news release." More
- October 19, 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 Thursday, 19 October 2006 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Gain Nearly 2% & 3%
