-- Posted Wednesday, 8 November 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $616.90 | -$8.80 |
Silver | $12.48 | -$0.12 |
XAU | 136.44 | -1.14% |
HUI | 327.50 | -0.38% |
GDM | 1039.36 | -0.75% |
JSE Gold | 2922.09 | +0.09% |
USD | 85.50 | +0.10 |
Euro | 127.67 | -0.17 |
Yen | 84.92 | -0.10 |
Oil | $59.83 | +$0.90 |
10-Year | 4.633% | -0.026 |
T-Bond | 112.5625 | +0.34375 |
Dow | 12176.54 | +0.16% |
Nasdaq | 2384.94 | +0.38% |
S&P | 1385.72 | +0.21% |
The Metals:
Gold remained near unchanged in Asia, dropped over $5 in mid-London trade, rebounded to near unchanged in morning New York trade, fell off to new lows in afternoon trade, and closed with a loss of 1.41%. Silver fell in mid-London trade before it rallied in morning New York trade and found slight gains at one point, but it also fell off into the close and ended with a loss of 0.95%.
Euro gold fell near €480, platinum lost $25 to $1,162, palladium lost $4 to $324, and copper fell over 10 cents to about $3.22.
Gold and silver equities dropped about 1% at the open before they rallied higher and found slight gains by late morning, but they then fell back off in the next 2 hours of trade and saw about 1% losses ahead of a small rally into the close that took the indices off of their lows.
The Economy:
There were no major economic reports today, but an MBA report showing rising mortgage applications and a record high Consumer Confidence report by ABC/Washington Post did have some talking. Also making news was Chicago Federal Reserve Bank President Michael Moskow who said that “the risk of inflation remaining too high is greater than the risk of growth being too low.” He also restated the possible need for interest rate hikes and said that another shock to the economy from high energy costs remains a risk.
Tomorrow at 8:30AM EST brings Import and Export Prices for October, Initial Jobless Claims for 11/04 expected at 318,000, and the Trade Balance for September expected at -$66.0 billion. At 9:50 is the preliminary reading for November Michigan Sentiment expected at 93.5 and at 10AM are Wholesale Inventories for September expected at 0.6%
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as OPEC again pledged cuts and inventories did not come in as good as expected. Crude inventories built 400,000 barrels, gasoline inventories fell 600,000 barrels, and distillates fell 2.7 million barrels which was a much bigger draw than expected.
The U.S. dollar index found slight gains early on the election results and on some inflationary remarks from the fed’s Moskow, but it soon fell off and closed near unchanged ahead of tomorrow’s trade deficit data.
Treasuries rose on the election results and on a decent three-year note auction as a Democratically controlled House may make the government more fiscally responsible and make it harder to pass legislation to boost the budget.
The Dow, Nasdaq, and S&P fell in early trade, but they then rose in the last two hours of trade and ended with decent gains after it became more clear that Democratic gains in both the House and Senate would result in gridlock in congress and keep away any new laws from impacting business.
Among the big names making news in the market today were James River Coal, DirecTV, Dynegy, Cablevision, Airbus and EADS, McDonald’s, Federated, the NYSE, and Barr Pharmaceuticals.
The Commentary:
“The Mitsui hedging report, which came out today, is of interest in that so many years after GATA tore into the big hedgers for hurting their own product and facilitating the Gold Cartel price manipulation scheme, they are STILL covering those bullion banking influenced shorts …. 4 to 8 years later.
Back in the 1999 to 2002 days, the GATA forces focused on the stupidity of putting on these hedges. We were ignored by the Aussies, given grief by Barrick Gold, and dissed by many in the mainstream gold world for our views, which turned out to be very prescient.
The executives of these companies were supposed to be the brightest in the industry. But, it was the GATA camp that nailed what was going to happen and why. How could GATA get it so right for so many years and most of them get it so wrong? The amount of profit these executives, conned by, or in league with, The Gold Cartel, have cost their shareholders is staggering. And still, so many years later, they still maintain hedges put on at $300 plus or minus prices. Good grief!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 9.4 at 618.3, 8.5 off the high and 0.3 up from the low.
December Silver closed down 0.125 at 12.55. This was 0.03 up from the low and 0.19 off the high.
The gold market started out weak, attempted to recover into positive ground into mid session and then fell off in the afternoon action. Surprisingly a rally in oil prices was of little benefit to gold prices and that might have been the result of the Dollar mostly avoiding ongoing weakness. According to various Press reports, the Democratic sweep of the House prompted some long liquidation in gold, and it is possible that talk of a possible Democratic edge in the Senate, added yet another push down in gold prices.
While the silver market fought a strong battle to remain positive on the session Wednesday, the significant weakness in the gold, platinum and copper markets was apparently too much for the silver trade. With the US equity market weak and the gold market weak, the silver market wasn't getting support from either of the flight to quality or physical demand themes. In fact, it is a little surprising that the sharp rally in grain prices failed to provide any inflationary psychology for the metals markets, but with the trade fearful of slowing, the whole idea of inflation is a tough sell.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Treasury joins Fed in repo-like manipulation of money supply and markets
The Statistics:
As of close of business: 11/07/2006
Gold Warehouse Stocks: | 7,525,703 | +64 |
Silver Warehouse Stocks: | 106,818,120 | + 324,157 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 404.03 | 12,989,976 | US$ 8,128m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 89.10 | 2,864,680 | US$ 1,764m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.12 | 325,092 | US$ 200m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,784 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/07/2006 | |
Total Net Assets | $854,229,478 | 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 11/07/2006 | |
Total Net Assets | $1,321,636,157 | 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:
Rubicon’s (RBY) drill program, Royal Gold’s (RGLD) dividend, New Gold’s (NGD) drill results, Anatolia’s (ANO.TO) project update, IAMGOLD’s (IAG) completed combination with Cambior (CBJ), Barrick’s (ABX) extended offer for NovaGold (NG), Pan American’s (PAAS) redemption of outstanding debentures, Silvercorp’s (SVM.TO) mining permit, and Silver Standard’s (SSRI) Board of Director appointment and third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN+4.49% $1.86 |
2. IAMGOLD | IAG +3.71% $9.23 |
3. Cambior | CBJ +3.49% $3.86 |
LOSERS
1. Vista Gold | VGZ-5.45% $7.80 |
2. Miramar | MNG-5.40% $5.08 |
3. Seabridge | SA -3.57% $12.95 |
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:
Exeter Resource Corporation Lists on the American Stock Exchange Trading Symbol "XRA" - More
- November 08, 2006 | Item | E-mail
Pan American Silver Announces: Redemption of Outstanding Debentures - "Pursuant to the Redemption Notice the Debentures will be redeemed as of December 12, 2006 and each holder will be entitled to a redemption amount equal to US $1,019.27 for each US $1,000 principal amount of Debentures, being equal to the aggregate of (i) US $1,000 and (ii) all accrued and unpaid interest up to but excluding the Redemption Date (collectively, the "Total Redemption Price")." More
- November 08, 2006 | Item | E-mail
Barrick extends NovaGold bid after 22.5 pct accept - "Barrick, the world's biggest gold producer, requires 50.1 percent to gain control of NovaGold, which has rejected the offer as too low. Barrick has already extended its offer four times since launching the takeover bid in July. The latest extension is to Nov. 21. "I am embarrassed on their behalf that after nearly four months, they have managed to get 20 percent of the short-term arbitrage funds to tender only," said NovaGold Chief Executive Rick Van Nieuwenhuyse." More
- November 08, 2006 | Item | E-mail
Tagish Reports that Diamond Drilling Continues to Outline High Grade Zones - More
- November 08, 2006 | Item | E-mail
Drake Gold Announces Jackpot Placer Project Update - More
- November 08, 2006 | Item | E-mail
North American Palladium Third Quarter 2006 Financial Results and Conference Call - "North American Palladium Ltd. plans to release its third quarter financial results after market on Tuesday, November 14, 2006. A conference call to discuss the results will be held on Friday, November 17, 2006 at 8:30 a.m. ET, presided by Mr. James Excell, President & CEO and Ian MacNeily, VP Finance & CFO." More
- November 08, 2006 | Item | E-mail
ESO Uranium Corp. Welcomes Anthony Harvey As Chairman And Director - More
- November 08, 2006 | Item | E-mail
Rusoro Mining commences trading on TSXV - More
- November 08, 2006 | Item | E-mail
Yorbeau Continues its Exploration Work on the Mineralized Corridor Extension of the Former Augmitto Deposit - More
- November 08, 2006 | Item | E-mail
Royal Standard Minerals Announces Goldwedge Progress Update - More
- November 08, 2006 | Item | E-mail
Landmark Options 70% Interest in Peter Snout Property to Ucore Uranium - More
- November 08, 2006 | Item | E-mail
Antoro Resources Inc. Announces the Acquisition of the Carmen Lake "Uranerz" Project Next to Strateco's Matoush Project - More
- November 08, 2006 | Item | E-mail
Drill Permits granted for Gold Junction and Poker Flats Projects, Nevada - More
- November 08, 2006 | Item | E-mail
Mediterranean announces further drill results at Tac - More
- November 08, 2006 | Item | E-mail
Golden Tag Resources Ltd.: New Diamond Drill Program McCuaig Property, Red Lake, Ontario - More
- November 08, 2006 | Item | E-mail
Golden China Strengthens Relationship with Beyinhar Partner, Forming Chinese-Foreign Cooperative Joint Venture - More
- November 08, 2006 | Item | E-mail
SearchGold Starts Drilling on Belleterre Project in Quebec, Canada - More
- November 08, 2006 | Item | E-mail
Paramount Gold Extends Zone 500 Meters with Polymetallic Intersects - More
- November 08, 2006 | Item | E-mail
Imperial Terminates Bid to Acquire bcMetals - More
- November 08, 2006 | Item | E-mail
Tara Gold Drills 7.07% Zinc, 2.38% Lead, 36 g/t Silver With 0.36 g/t Gold Across 13.5 Meters and 1,235 g/t Silver Across 0.40 Meters at San Miguel - More
- November 08, 2006 | Item | E-mail
Partners Agree on Development Agreement for Moto Gold Project - More
- November 08, 2006 | Item | E-mail
West Excelsior Enterprises Inc. Hires Mining Consultant - More
- November 08, 2006 | Item | E-mail
Amseco Announces the Listing of its Shares on the TSX Venture Exchange - More
- November 08, 2006 | Item | E-mail
Dikulushi Resources Increased by 31% - More
- November 08, 2006 | Item | E-mail
Bema Gold Corporation: Notice of 2006 Third Quarter Results Conference Call/Webcast Rescheduled - "Bema Gold Corporation has rescheduled its 2006 third quarter results to November 14, 2006, after the North American markets close. Clive Johnson, President, Chief Executive Officer, and Chairman of Bema will host a conference call and webcast to discuss the results on Tuesday November 14, 2006 at 2:00 pm PST / 5:00 pm EST." More
- November 08, 2006 | Item | E-mail
IAMGOLD Completes Combination With Cambior - "This is a significant step for IAMGOLD. We have now achieved our objective of becoming a million ounce producer by year end 2008," commented William Pugliese, Chairman of the Board of IAMGOLD, "and while achieving this objective, we have brought together a dedicated and highly skilled team of professionals who will develop our existing projects and allow us to pursue exciting new growth opportunities." More
- November 08, 2006 | Item | E-mail
Cambior's Acquisition by IAMGOLD is Completed - "Cambior Inc. is pleased to announce that the Superior Court of Quebec has authorized its combination with IAMGOLD at 9:30 today. This decision follows the transaction's approval by the Cambior shareholders present or represented at yesterday's Special General Meeting of Shareholders. 99.7% of the votes cast at the meeting were in favor of the transaction." More
- November 08, 2006 | Item | E-mail
Canyon Resources Corporation Schedules Release of 3rd Quarter Results and Conference Call - "Canyon Resources Corporation, a Colorado-based mining company, today announced that the Company will release financial results for its fiscal 2006 third quarter, ended September 30, 2006, on Monday, November 13, 2006, after market close. Senior management will hold an earnings call on Wednesday, November 15, at 1:00 p.m. (EST)." More
- November 08, 2006 | Item | E-mail
NovaGold Shareholders Overwhelmingly Reject Hostile Takeover Bid - "After almost four months, four extensions and one token increase in the offer price, Barrick has persuaded the holders of only 19% of NovaGold shares on a fully diluted basis to tender to its undervalued and inadequate bid," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "Management and the Board remain focused on building shareholder value. Our shareholders recognize that Barrick's bid does not represent full value for the Company's current strategic assets and growth potential." More
- November 08, 2006 | Item | E-mail
Rubicon Announces McCuaig Joint Venture Winter Drill Program and Provides Update on Other Red Lake Exploration - "David W Adamson, President and CEO of Rubicon Minerals Corp. is pleased to announce that the McCuaig Joint Venture (60% Rubicon Minerals Corp., 40% Golden Tag Resources), has approved a $200,000 drill program on the McCuaig JV property, strategically located on the Red Lake Mine Trend which is host to more than 25 million ounces past gold production and current reserves." More
- November 08, 2006 | Item | E-mail
Royal Gold Raises Dividend 18% to $0.26 Per Share - "ROYAL GOLD, INC. today announced that its Board of Directors increased the Company's annual dividend from $0.22 to $0.26, payable on a quarterly basis of $0.065 per share of common stock. The newly declared dividend is 18% higher than the dividend paid in calendar year 2006. Royal Gold has steadily increased its annual dividend since it first issued a $0.05 annual payment for calendar year 2000." More
- November 08, 2006 | Item | E-mail
UREX Energy Corp. Upgraded to $3.00 per Share - More
- November 08, 2006 | Item | E-mail
Paladin Resources Ltd. Releases 30 September 2006 Quarterly Report - More
- November 08, 2006 | Item | E-mail
Tournigan Extends Known Mineralization at Jahodna - More
- November 08, 2006 | Item | E-mail
Bayswater Discovers Large Potential Uranium Source in Labrador - More
- November 08, 2006 | Item | E-mail
Silvercorp Acquires the Third Mining Permit, The NZ Gold-Silver Mine, Henan Province, China - "Silvercorp Metals Inc. is pleased to announce that its 77.5% owned subsidiary company, Henan Found Mining Co. Ltd ("Henan Found"), has agreed to acquire a 100% interest in the NZ Gold-Silver project, through acquisition of a private Chinese company by paying the private owner approximately US$1,080,000. The first payment of US$380,000 has been made. The sole asset of the private company is a gold mining permit covering the NZ Gold-Silver project - an area of 3 kilometers (km) long by 0.8 km wide or 2.4 square km in size, approximately 135 km southeast of the Ying Silver Project. The agreement is subject to final approvals by relevant Chinese government agencies." More
- November 08, 2006 | Item | E-mail
Barrick Extends US$16 Best and Final Offer to Acquire NovaGold - "Barrick is pleased with the significant increase in the number of shares tendered to our bid to date," said Greg Wilkins, President and Chief Executive Officer of Barrick. "We are anticipating that tenders to the bid will continue to increase during this extension as more NovaGold shareholders choose the cash in the bank our offer provides, rather than the significant project risk and financial dilution associated with remaining as a NovaGold shareholder." More
- November 08, 2006 | Item | E-mail
New Gold Inc.: New Afton Cu-Au Project - "We are very excited by the results of this program as they demonstrate the potential to discover and outline additional resources at the New Afton Cu-Au Project. The mineralization remains open at depth. Currently, we are testing for further extensions of mineralization at considerably greater depths using a high capacity diamond drill at surface." More
- November 08, 2006 | Item | E-mail
Anatolia Updates Development and Exploration Activities - "Permitting, staffing, engineering and design proceed at Anatolia's Copler Project. Following a C$61.5 million financing, the anticipated equity component of the financing package is in place and the debt component has received credit approval. Ongoing financing-related activities are aimed at completing the loan documentation and clearing the conditions precedent to drawdown." More
- November 08, 2006 | Item | E-mail
Silver Standard Announces the Appointment of Peter Tomsett to the Board of Directors - "Silver Standard Resources is pleased to announce the appointment of Peter Tomsett on November 7, 2006 to its board of directors. Mr. Tomsett has over 25 years of experience in the mining industry, 20 years of which he served with Placer Dome Inc. Most recently, he served as President and Chief Executive Officer of Placer Dome Inc. until its acquisition by Barrick Gold Corporation in January 2006." More
- November 08, 2006 | Item | E-mail
Silver Standard Reports Third Quarter 2006 Results - "Silver Standard Resources Inc. today announced third quarter net earnings of $2.7 million ($0.04 per share) compared with net earnings of $21,000 ($0.00 per share) for the third quarter of 2005. In the nine months ended September 30, 2006, net earnings were $18.1 million ($0.31 per share), compared to a net loss of $2.0 million ($0.04 per share) for the comparable period in 2005." More
- November 08, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 8 November 2006 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Fall About 1%
