Gold traded over $3 lower in early Asian trade before it rebounded and traded on either side of unchanged in a tight range in London.It then climbed a few dollars in early New York trade, fell back off near unchanged, again rose a few dollars in late morning trade, and then fell back off into the close and ended just slightly higher on the day.Silver fell roughly 20 cents to about $12.50 in early Asian trade before it moved steadily higher in London and New York and got back up near unchanged on the day, but it then fell back off at the close and ended with a loss of 0.71%.
Euro gold fell slightly under €490, platinum lost $1 to $1,187, palladium lost $3 to $328, and copper rose a couple cents to above $3.33.
Gold and silver equities rose over 1% at the open before they fell back near unchanged by late afternoon, but they then rebounded a bit at the close and ended slightly higher on the day.
The Economy:
Report
For
Reading
Expected
Previous
Consumer Credit
Sep
-$1.2B
$5.5B
$9.1B
Consumer Credit fell the most since 1992 to $2.37 trillion.There are no major economic reports due out tomorrow.
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Oil fell on easing geopolitical worries in Nigeria as most looked ahead to tomorrow’s inventory reports which are expected to show small builds in crude and gasoline stocks.
The U.S. dollar index fell markedly as the yen rose on indications the Bank of Japan may raise interest rates later this year.The dollar was also hurt from comments by San Francisco Fed President Janet Yellen that suggested foreigners may be diversifying away from the dollar.
Treasuries rose after Cleveland Federal Reserve President Sandra Pianalto said she does “not believe inflation will accelerate further.”
The Dow, Nasdaq, and S&P rose on signs of political gridlock after today’s elections.
Among the big names making news in the market today were Emerson Electric, Toll Brothers, EchoStar, Sara Lee, and Revlon.
The Commentary:
“A month ago, with gold a little above $580, it was the MIDAS contention gold would move "irregularly higher" going into the election … my thinking was $620 gold and it has done better than that. The reasoning was based on the notion that a number of the bad guys would want to cover ahead of the election because they know what was done to gold and what is coming in the months ahead as a result of the "ordered" takedown of gold.
The move up to these levels was STEP 1. STEP 2 is for the price of gold, and silver, to explode in the months to come. The first step for gold will be to take out $640. Once that key level is pierced, it will be all she wrote. GONZO!” - From yesterday’s Midas report byBill Murphy of LemetropoleCafe.com
“December Gold finished down 0.2 at 627.7, 3.5 off the high and 1.5 up from the low.
December Silver closed down 0.085 at 12.675. This was 0.055 up from the low and 0.095 off the high.
With the Dollar falling sharply on ideas from the Fed's Yellen that more central bank diversification might be ahead for the Dollar, it is a little surprising that the gold market failed to mount a rally on Tuesday. In fact, with the Dollar falling to the lowest level since September 11th during the session that should have given the gold bulls a lift. However, a sharp rally in the stock market and a steep slide in energy prices from early highs seemed to discourage the buyers in gold. With the sharp upward thrust in equity prices, it is also possible that some flight to quality traders in the gold market decided to exit before the election was totally past and the expectation of election problems were found to be insignificant. While oil prices were sunk by domestic price forecasts from the EIA on Tuesday, it does seem like there is a pattern of rising terrorism uncertainty in the oil market and that could serve to underpin energy prices and in turn keep gold selling interest off weak oil prices to a minimum.
Technically the December silver contract forged an inside day down on the charts and that is partially undermining. However, seeing sharp gains in copper prices and a more upbeat demand dialogue flowing from China in the copper market might be an indirect support to silver in the face of sagging gold prices. However, with the Treasury bond market soaring on renewed US housing market concerns Tuesday morning, the hope of renewed Chinese physical demand for metals from the overnight Trade Tuesday was probably more than offset by concerns of slumping US metals demand. It also seems like soaring equity prices are serving to rob the silver market of some investment interest. Like the gold market, silver prices also failed to benefit Tuesday from the ultra weak US Dollar!” - The Hightower Report,Futures Analysis and Forecasting
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX)
Streettracks Gold Shares
404.03
12,989,976
US$ 8,132m
LSE (London Stock Exchange) AND Euronext Paris
Gold Bullion Securities
89.10
2,864,712
US$ 1,797m
Australian Stock Exchange (ASX)
Gold Bullion Securities
10.12
325,095
US$ 204m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
9.88
317,788
US$ 198m
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.11 tonnes and the LSE added 1.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/06/2006
Total Net Assets
$854,375,375
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 11/06/2006
Total Net Assets
$1,310,133,205
Ounces of Silver in Trust
104,735,443
Shares Outstanding
10,500,000
Tonnes of Silver in Trust
3,257.6
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick’s (ABX) redemption of preferred securities, Fronteer’s (FRG) drill results, Gammon Lake’s (GRS) monthly gold production, Vista Gold’s (VGZ) closed public offering of common shares, Gold Reserve’s (GRZ) debt financing arranger appointment, Seabridge’s (SA) drill results, Golden Star’s (GSS) quarterly results, Stillwater Mining’s (SWC) quarterly results, Cambior’s (CBJ) shareholder approval of the IAMGOLD (IAG) transaction, First Majestic’s (FR.V) closed acquisition of DESMIN, Fortuna’s (FVI.V) concentrate shipment, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Miramar
MNG+11.41% $5.37
2.Minco
MMK +6.76% $1.58
3.Richmont
RIC +4.17% $3.00
LOSERS
1.Fronteer
FRG -5.34% $7.62
2.DRDGOLD
DROOY-4.84% $1.18
3.Claude
CGR -4.44% $1.29
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:
Barrick Announces Full Redemption of 8.5% Series B Preferred Securities - "Barrick Gold Corporation today announced that it will redeem on December 18, 2006 all of the outstanding Placer Dome Inc. 8.5% Series B Preferred Securities "Series B COPrS" due December 31, 2045 for cash at a redemption price of US$1,039.43 per US$1,000 aggregate principal amount. This redemption price is comprised of the outstanding principal amount plus accrued and unpaid interest to December 17, 2006. Barrick intends to use approximately US$80 million to fund the redemption." More - November 07, 2006 | Item | E-mail
Drilling Program Begins on High Plains' Sand Creek JV - More - November 07, 2006 | Item | E-mail
International Star Inc. Announces Appointment of New Director and Repayment of Outstanding Loan Balance - More - November 07, 2006 | Item | E-mail
News Release: Purepoint Uranium Group Inc. - More - November 07, 2006 | Item | E-mail
Explor Resources Inc.: Drill Program to Start Launay Gold Property - More - November 07, 2006 | Item | E-mail
Lincoln Gold Completes Soil Survey on La Bufa Property, Chihuahua, Mexico - More - November 07, 2006 | Item | E-mail
Houston Lake to Raise $1 Million in a Private Placement Financing With Max Capital Markets Ltd. - More - November 07, 2006 | Item | E-mail
Newgold Becomes First Mining Company Granted Exploration Rights to Giant Nevada Property - More - November 07, 2006 | Item | E-mail
Exall Resources Limited and Southern Star Resources Inc. Update - Merger - More - November 07, 2006 | Item | E-mail
Work at Dolly Varden continues to find copper mineralization - More - November 07, 2006 | Item | E-mail
Firestone Ventures Advances Alberta Sun Uranium Project - More - November 07, 2006 | Item | E-mail
Simberi Mining Corporation Grants Stock Options - More - November 07, 2006 | Item | E-mail
IAMGOLD Offer Accepted by Cambior Shareholders - "This transaction is another important step in achieving strategic and effective growth for IAMGOLD. We expect to double production, have further diversified our asset base and acquired the human capital and expertise needed to continue achieving our corporate goals. We thank the Cambior board, management and staff for their support of this winning combination." More - November 07, 2006 | Item | E-mail
St Andrew Closes Acquisition of Holloway-Holt Gold Mining and Exploration Assets From Newmont and Announces Funding Arrangements - More - November 07, 2006 | Item | E-mail
Marathon Announces New VP Exploration - More - November 07, 2006 | Item | E-mail
American Creek Electrum Project Exploration Update - More - November 07, 2006 | Item | E-mail
Canadian Royalties Inc.: Initial 2006 Exploration Results-Ivakkak Deposit 'Part 1' High-grade Deposit Extended to the West and at Depth - More - November 07, 2006 | Item | E-mail
Duran Options Saskatchewan Uranium Property to Rampart - More - November 07, 2006 | Item | E-mail
East Delta Reports Positive Due Diligence Results for Highly-Prospective Nickel Property - More - November 07, 2006 | Item | E-mail
Soltoro to Begin Diamond Drill Program on El Rayo Silver Property in Mexico - More - November 07, 2006 | Item | E-mail
EXMIN Acquires the La Guitarra High Grade Gold Prospect in the Sierra Madre Gold Belt of Chihuahua, Mexico - More - November 07, 2006 | Item | E-mail
Jean Lafleur and Jean-Yves Laliberte Join Pershimco - More - November 07, 2006 | Item | E-mail
Copper Fox Metals Inc. Announces more Assay Results from its 2006 Drilling Program - More - November 07, 2006 | Item | E-mail
Asian Dragon Group Inc., Continues Strong Growth Announcing Above-Market $1 Million Financing, Appointment of ''Project Luogold'' Independent Qualified Person - More - November 07, 2006 | Item | E-mail
Gold Reach intersects 138 metres of .845% Cu & 23 g/t Ag including 42 metres of 1.24% Cu & 32 g/t Ag & .13 g/t Au. - More - November 07, 2006 | Item | E-mail
New World Resource Corp.: Lipena Magnetic Survey Nears Completion; Second Phase Drilling to Begin Shortly - More - November 07, 2006 | Item | E-mail
Goldcrest Begins RC Drilling Program at Kampti Gold Project, Burkina Faso, West Africa - More - November 07, 2006 | Item | E-mail
Drilling Commences at Colibri Site, Sonora, Mexico - More - November 07, 2006 | Item | E-mail
Western Québec commences drilling at Mine-Ecole property - More - November 07, 2006 | Item | E-mail
Grandview Announces Appointment of Paul Sarjeant to Office of President & CEO - More - November 07, 2006 | Item | E-mail
Michigan Gold Mining Investments Inc. Acquires 70% of the St. Nicholas Copper, Uranium, Gold, Silver Property in Elliot Lake - More - November 07, 2006 | Item | E-mail
NioGold tests Norlartic and Kierens Mines and moves drill rig to Marban Mine - More - November 07, 2006 | Item | E-mail
Merrex Announces Stock Options Grant - More - November 07, 2006 | Item | E-mail
Virginia Mines Inc. : Drilling at Corvet Est, Up to 10.10 g/t Au /5.2 m in West Extension of Marco Zone - More - November 07, 2006 | Item | E-mail
Grande Portage Resources Announces $8,000,000 Brokered Financing - More - November 07, 2006 | Item | E-mail
Wallbridge Mining Reports New Trill Assays; Announces Resource Drilling - More - November 07, 2006 | Item | E-mail
African Platinum - CPR confirms Leeuwkop study - More - November 07, 2006 | Item | E-mail
Cambior Shareholders Approve IAMGOLD's Transaction - "We are pleased with the support of our shareholders. Once the acceptance of the arrangement by the shareholders is approved by the Superior Court of Quebec, which is expected on November 8, the acquisition will be completed. This transaction will create the 10th largest gold producer in the world. Production will have doubled, the project pipeline will extend and diversify, and the new IAMGOLD now possesses the human capital and financial capital required to continue growing. I am proud to have led Cambior to become what it is at the moment, and I firmly believe it will be led to even greater goals and achievements." More - November 07, 2006 | Item | E-mail
Golden Star Reports Third Quarter 2006 Results - "Golden Star Resources Ltd. today announced net income of $3.0 million, or $0.014 per share, for the third quarter of 2006. (All currency in this news release is expressed in U.S. dollars, unless otherwise noted.) The Company will host a live webcast and conference call to discuss its quarterly results on Tuesday, November 7, at 11:00 a.m. ET. To access the webcast and conference call, go to the home page of the Company's website, www.gsr.com." More - November 07, 2006 | Item | E-mail
UraMin and Waseco Identify New Uranium Targets and Expand Uranium Property Holdings - More - November 07, 2006 | Item | E-mail
First Majestic Resource Corp.: Acquisition of DESMIN Closes - "FIRST MAJESTIC RESOURCE CORP. is pleased to announce that further to its news release dated October 5, 2006 the company has now closed the acquisition of DESMIN. As previously announced the company signed an agreement to acquire 100% of the issued and outstanding shares of Desmin S.A. de C. V., a privately held Mexican mining company." More - November 07, 2006 | Item | E-mail
Fronteer Development Group Inc.: New High Grade Discovery in the Yukon Returns 99 Grams Per Tonne Gold and 0.57% U3O8 - "Fronteer is pleased to report the discovery of a large new drill ready, high grade gold-uranium-copper zone in the Wernecke Mountains of north central Yukon. This new target area, called ThunderMountain, is extremely unique in that it has yielded some of the highest grade gold results ever found with uranium in north central Yukon." More - November 07, 2006 | Item | E-mail
Fortuna Ships First Concentrates from Caylloma Silver Mine, Peru - "Fortuna Silver Mines Inc.; Mr. Jorge Ganoza, President of the Company, is pleased to announce that Fortuna has made its first shipment of silver-lead and zinc concentrates from the Company's 100% owned Caylloma Ag-Zn-Pb mine in Peru." More - November 07, 2006 | Item | E-mail
GammonLake Produces 15,295 Gold Equivalent Ounces in October - "Gammon Lake Resources Inc. is pleased to announce a 63% increase in monthly production for October. Combined production from GammonLake's Ocampo Gold-Silver Mine in Chihuahua, Mexico and El Cubo Mine in Guanajuato, Mexico amounted to 9,789 ounces of gold and 277,960 ounces of silver in the month of October, representing the highest monthly production GammonLake has realized to date." More - November 07, 2006 | Item | E-mail
Vista Gold Corp. Announces Closing of Public Offering of Common Shares - "Vista Gold Corp. announced today the closing of its public offering of 3,668,100 of its common shares at a price to the public of US$8.50 per share, resulting in net proceeds to the Company of approximately US$29.6 million after payment of agents' fees but excluding estimated offering expenses. The Company also issued, as additional consideration to the agents, compensation warrants entitling the agents to purchase an aggregate of 183,405 common shares of the Company at a price of US$8.50 per share for a period of two years following the closing date." More - November 07, 2006 | Item | E-mail
PacificBay Outlines Matoush, Quebec Uranium Exploration Plans - More - November 07, 2006 | Item | E-mail
Drilling to Commence on Canyon Resources' Wyoming Uranium Joint Venture - More - November 07, 2006 | Item | E-mail
Apogee Intersects 42m @ 405g/t Silver at Paca - "Apogee Minerals Ltd. has again intersected broad zones of high-grade silver, zinc and lead mineralization at the Paca Open Pit target. Drilling continues to expand the potential resource area, with significant alteration and visually encouraging mineralization recently intersected on the western flank of the Paca Dome. The zone remains open to the west and north." More - November 07, 2006 | Item | E-mail
Stillwater Mining Reports Third Quarter Profit - "STILLWATER MINING COMPANY today reported third-quarter 2006 net earnings of $6.9 million, or $0.07 per fully diluted share, on revenues of $180.8 million, benefiting from continuing growth in the Company's precious metal recycling business, strong realized prices on platinum-group metal (PGM) sales and good performance from its mining operations. Earnings for the quarter increased sharply over the third quarter of 2005, when the Company reported a net loss of $9.1 million, or $0.10 per share, on revenues of $119.7 million." More - November 07, 2006 | Item | E-mail
Gold Reserve Appoints Mandated Lead Arrangers for the Brisas Project Debt Financing - "Gold Reserve Inc. has appointed Corporacion Andina de Fomento (CAF), Export Development Canada (EDC), UniCredit Group (HVB) and WestLB AG (WestLB) of Germany as Mandated Lead Arrangers (MLA's) to arrange up to US $425 million of project debt for the Brisas gold/copper project located in southeast Venezuela." More - November 07, 2006 | Item | E-mail
Latest Seabridge Drill Results Expand New Mitchell Gold-Copper Deposit - "Seabridge Gold announced today that assay results from seven additional holes drilled at Mitchell have expanded the known size of the gold-copper porphyry system and confirmed the continuity of grades that are consistent with successful gold-copper mines now in operation. The Mitchell deposit is located at the Company's 100% owned Kerr-Sulphurets project in British Columbia. Further drill results are expected in the next several weeks." More - November 07, 2006 | Item | E-mail
Rampart Ventures Signs Letter Agreement With Duran Ventures Inc. to Acquire 70% Interest in Miller Creek Property, Athabasca Basin North - More - November 07, 2006 | Item | E-mail
Purepoint Uranium Group Inc: Northern Prospector Magazine Ranks Purepoint's Turnor Lake as the Best Uranium Bet in the Basin - More - November 07, 2006 | Item | E-mail
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Gold Seeker Closing Report – Gold & Silver End Mixed Again
“A month ago, with gold a little above $580, it was the MIDAS contention gold would move "irregularly higher" going into the election … my thinking was $620 gold and it has done better than that. The reasoning was based on the notion that a number of the bad guys would want to cover ahead of the election because they know what was done to gold and what is coming in the months ahead as a result of the "ordered" takedown of gold.
