-- Posted Monday, 6 November 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $625.30 | -$1.90 |
Silver | $12.69 | +$0.14 |
XAU | 137.67 | -1.21% |
HUI | 326.90 | -0.11% |
GDM | 1043.01 | -0.74% |
JSE Gold | 2945.95 | +1.33% |
USD | 85.74 | +0.03 |
Euro | 127.23 | +0.05 |
Yen | 84.58 | -0.15 |
Oil | $60.02 | +$0.88 |
10-Year | 4.709% | -0.006 |
T-Bond | 111.71875 | +0.09375 |
Dow | 12105.55 | +1.00% |
Nasdaq | 2365.95 | +1.51% |
S&P | 1379.78 | +1.13% |
The Metals:
Gold fell a few dollars in Asia and London before it rebounded in New York and traded briefly higher in late morning and early afternoon trade, but it then fell back off a bit into the close and ended with a loss of 0.30%. Silver fell about 10 cents in Asia and London before it rebounded throughout trade in New York and ended near its highs with a gain of 1.12%.
Euro gold remained above €490, platinum lost $12 to $1,188, palladium gained $1 to $331, and copper fell a couple cents to about $3.31.
Gold and silver equities rose over 1% in the first couple hours of trade, but they then steadily fell off for the rest of trade and ended roughly 1% lower.
The Economy:
There were no major economic reports today. Tomorrow at 3PM is Consumer Credit for September expected at $5.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on violence in Nigeria and on a call for further cuts to OPEC production.
The U.S. dollar index rose and treasuries fell after the fed’s Moskow said that his “assessment is that the risk of inflation remaining too high is greater than the risk of growth being too low” and “it would be incumbent on the Federal Reserve to adjust policy to affirm our commitment to price stability,” but any gains in the dollar were minimal by the close of trade and bonds actually rallied back and ended slightly higher on the day.
The Dow, Nasdaq, and S&P rose throughout trade and ended about 1% higher on merger news.
Among the big names making news in the market today were Kinross Gold and Bema Gold, XM Satellite, GM, Four Seasons, Abbot and Niaspan, and KKR, Goldman Sachs, and Kion forklift.
The Commentary:
“With only a few days to go before the critically important US elections, one has to wonder what has happened to the PPT and The Gold Cartel. Gold went up 8 days in a row in NY and the US stock market has been stuttering, failing to make new highs. Had they "run out of gas" or was the US economic news so bad, it was too much for them?
…
The smaller golds remain comatose. Unreal. Gold rallies every day for nearly two weeks and so few among the investing public care. There is near zero interest in the smaller gold companies. Investors can't wait to sell or go short. It is so weird. One day in the near future the light bulb will go off and then look out.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 1.3 at 627.9, 2 off the high and 3.4 up from the low.
December Silver closed up 0.125 at 12.76. This was 0.23 up from the low and 0.04 off the high.
Throughout most of the session Monday the gold market underperformed the silver market on the upside and at times generally seemed to be interested in falling back to a lower support level on the charts. While some in the trade suggested that gold was benefiting from the uncertainty off the coming US election, most outside market action seemed to suggest that the election or the expectation of the election outcome was shaping up to be a negative for gold prices. It is possible that the sharp rally in the equity market diverted some would-be buyers away from the gold market but with the energy market rally gathering strength later on in the session and gold prices not getting a lift from that action, it was clear that gold had lost some of its bullish capacity from last week. In fact, despite talk in the Press of ongoing fund buying interest in gold, gold prices didn't really see much in the way of appreciation on Monday and that would suggest that other selling interests were stepping up to offset new fund buying activity.
The silver market seemed to be saddled with the weakness in gold and platinum during the session Monday. In fact, one gets the sense that silver prices were poised to rally aggressively off rising equity and energy prices but persistent weakness in gold scared away some would-be silver buyers. Countervailing the positive tilt in silver prices on Monday, was news that Coeur D'Alene reporting rising silver production at 4 of 5 mines and that the company remains on track to sequentially boost its silver production above the 3.3 million ounce pace.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China planning shift from Treasury to mortgage and corporate debt
The CPI must have replaced Picassos with Elvises on velvet
Shift to Democrats in Congress would transform policy debates
The trillion-dollar high of China's central bank
China needs more derivatives, govt. financial official says
Euro hasn't gained as reserve currency for three years
One more proof there's too much 'money' sloshing around
The Statistics:
As of close of business: 11/03/2006
Gold Warehouse Stocks: | 7,525,772 | - |
Silver Warehouse Stocks: | 106,507,820 | + 603,715 |
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 | 402.92 | 12,954,202 | US$ 8,064m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.01 | 2,829,743 | US$ 1,765m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.12 | 325,099 | US$ 203m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,791 | US$ 197m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/03/2006 | |
Total Net Assets | $855,905,391 | Ounces of Gold
in Trust | 1,365,342.180 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.47 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 11/03/2006 | |
Total Net Assets | $1,321,708,421 | Ounces of Silver
in Trust | 104,735,443 |
Shares Outstanding | 10,500,000 | Tonnes of Silver
in Trust | 3,257.6 |
Note: Change in Total Tonnes from yesterday’s data: 1.3 tonnes were subtracted from the trust.
The Stocks:
Kinross Gold’s (KGC) acquisition of Bema Gold (BGO), Minco’s (MMK) exploration update, Golden Star’s (GSS) joint venture with Newmont (NEM), Orezone’s (OZN) drill results, Banro’s (BAA) drill results, Eldorado’s (EGO) quarterly results, Goldcorp’s (GG) dividend, Fury’s (FUR.V) Board of Director appointment, Excellon’s (EXN.V) appointed President, and Coeur’s (CDE) quarterly results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Arizona Star | AZS +11.44% $12.08 |
2. Bema Gold | BGO +8.16% $5.17 |
3. Richmont | RIC +5.49% $2.88 |
LOSERS
1. Kinross Gold | KGC -9.43% $12.01 |
2. Mines MGMT | MGN -4.10% $5.61 |
3. Banro | BAA -4.00% $13.91 |
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:
Minco Discovered a Major Gold Zone on the Yangshan Gold Belt, Gansu, China - "Minco has completed a reconnaissance program over several major semi-regional geochemical anomalies discovered last year. Field work in this program has included sketch mapping, sampling along traverse lines over selected anomalous areas, and infill sampling along selected anomalous drainage. Significant gold, silver, antimony, lead and zinc mineralization has been discovered in all the three sub-project areas, including the following most significant mineral occurrences:" More
- November 06, 2006 | Item | E-mail
Adanac Moly Corp.: Up to $24,000,000 in Proposed Financings - More
- November 06, 2006 | Item | E-mail
Opawica Explorations Inc.: News Release - More
- November 06, 2006 | Item | E-mail
Noront Acquires Property Interest in Hungary - More
- November 06, 2006 | Item | E-mail
Consolidated Global Minerals Ltd.: Additional Stope Development Assays - More
- November 06, 2006 | Item | E-mail
U.S. Energy Corp. Reports Affirmation of Ruling on Mt. Emmons Patent Claims Litigation by Federal Appeals Court - More
- November 06, 2006 | Item | E-mail
UREX Energy Corp. Receives Strong Upgrade by Respected Research Firm - More
- November 06, 2006 | Item | E-mail
Gold Hawk Resources Inc.-Receives Permission to Restart the Tamboraque Mill - More
- November 06, 2006 | Item | E-mail
Goldbelt receives $2.9 million from Resolute on exercise of warrants - More
- November 06, 2006 | Item | E-mail
Stratagold announces Newmont warrant exercise - More
- November 06, 2006 | Item | E-mail
Prom Resources, Inc. Has Sent Gold Samples to Umicore for Assay - More
- November 06, 2006 | Item | E-mail
Tribute Announces Garnet Lake, Arrow Zone Update - More
- November 06, 2006 | Item | E-mail
Tinka�´s channel sampling confirms presence of large silver system at Colquipucro project in Peru, including 25m averaging 171 g/t silver - More
- November 06, 2006 | Item | E-mail
Gold Seeker Closing Report – Gold & Silver End Mixed