-- Posted Friday, 10 November 2006 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $628.20 | -$6.20 | +0.16% |
Silver | $13.01 | +$0.05 | +3.67% |
XAU | 138.95 | -2.40% | -0.29% |
HUI | 332.39 | -2.54% | +1.57% |
GDM | 1059.99 | -2.23% | +0.88% |
JSE Gold | 2919.05 | +1.78% | +0.40% |
USD | 85.05 | -0.13 | -0.77% |
Euro | 128.47 | +0.14 | +1.01% |
Yen | 85.02 | +0.21 | +0.34% |
Oil | $59.65 | -$1.51 | +0.86% |
10-Year | 4.589% | -0.047 | -2.67% |
Bond | 112.96875 | +0.40625 | +1.20% |
Dow | 12108.43 | +0.04% | +1.02% |
Nasdaq | 2389.72 | +0.58% | +2.53% |
S&P | 1380.90 | +0.19% | +1.22% |
The Metals:
Gold remained near unchanged in Asia before it rose slightly in early London trade, but it then steadily fell off throughout most of the rest of trade in London and New York before it rebounded slightly in the last minutes of trade and closed with a loss of 0.98%. Silver followed a similar pattern, but it was able to rebound a bit stronger at the end of trade and it closed with a gain of 0.39%.
Euro gold fell to about €490, platinum gained $8 to $1,210, palladium lost $7 to $327, and copper fell nearly 15 cents to about $3.16.
Gold and silver equities steadily sold off throughout trade and ended with about 2.5% losses.
The Economy:
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Monday, PPI, Retail Sales, and Business Inventories on Tuesday, the NY Empire State Index and FOMC minutes on Wednesday, CPI, Initial Jobless Claims, Net Foreign Purchases, Capacity Utilization, Industrial Production, and the Philadelphia Fed survey on Thursday, and Building Permits, Housing Starts, and Michigan Sentiment on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the International Energy Agency trimmed its demand growth outlook.
The U.S. dollar index continued to fall on news that China plans to diversify its currency reserves.
Treasuries rose on the outlook for slower economic growth.
The Dow, Nasdaq, and S&P remained near unchanged with little news to act on, but all three indices were able to rally in the last minutes of trade and ended with slight gains.
Among the big names making news in the market Friday were Clear Channel, Intel, AIG, Disney, and Ford.
The Commentary:
“Two items of interest:
*A veteran gold producer executive returned from a gold conference in Dubai, attending by numerous wealthy Arabs. He says they are aggressively gold bullish, with a new mindset these days.
*Our Comex floor source says he is shocked by today’s gain. He expected gold to be down $5 to $10 today after yesterday’s mauling. He also said he knows numerous big time traders who are SHORT and remain that way. This move up caught many pros by surprise. It was the funds who were aggressive buyers today.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 6.7 at 630.1, 5.7 off the high and 3.6 up from the low.
December Silver closed up 0.065 at 13.115. This was 0.235 up from the low and 0.025 off the high.
Gold spent most of the day trading inside yesterday's wide range, as end of week profit taking appeared to come in following the rally to its highest level since September 7th. Reports that China intends to diversify its $1 trillion Dollar reserves sparked a strong rally yesterday, but comments from China's central bank chief that gold would be a "separate thing" under the diversification plan seemed to give traders some pause. The trade did not appear surprised by the profit taking today, especially given that the market had rallied over $70 since early October. Trade analysts estimate that China holds 1.5% of its reserves in gold and that it could climb to 5% under a diversification plan, which could amount to and increase from $12 billion to $50 billion.
Apparently the bout of profit taking in the gold market failed to hold silver back today, as it is at its highest level since early September for the second day in a row. Silver closed higher despite lower gold prices and weaker crude oil prices and may have found support instead from a weaker stock market and US Dollar. However, a 40-point bounce off the lows for the Dollar may have put metals traders on the defensive at some point during the day. The China diversification story serves to keep the investment interest in silver and other precious metals strong, even though there has been no mention of China buying silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China will power gold upward for years, Gartman says
China says it long has had a dollar diversification plan. Do you?
The Statistics:
As of close of business: 11/09/2006
Gold Warehouse Stocks: | 7,525,639 | - |
Silver Warehouse Stocks: | 107,388,456 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 409.59 | 13,168,578 | US$ 8,286m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 89.10 | 2,864,617 | US$ 1,802m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.25 | 329,384 | US$ 207m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,777 | US$ 198m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/09/2006 | |
Total Net Assets | $866,908,577 | 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 11/09/2006 | |
Total Net Assets | $1,318,981,583 | 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:
Kimber’s (KBX) committee report, Cumberland’s (CLG) quarterly results, Metallica’s (MRB) quarterly results, Aurizon’s (AZK) dill results, Newmont’s (NEM) trial in Indonesia, Gold Fields’ (GFI) mining licenses, IAMGOLD’s (IAG) quarterly results, NovaGold’s (NG) comments on Barrick’s (ABX) waived minimum tender condition, Taseko’s (TGB) re-evaluation, and Barrick’s (ABX) extended offer for Pioneer (PSM.TO) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Northern Dynasty | NAK +5.47% $7.14 |
2. Solitario | XPL +3.40% $3.65 |
3. NovaGold | NG +2.71% $16.28 |
LOSERS
1. Rio Narcea | RNO -12.88% $2.57 |
2. Hecla Mining | HL -6.34% $6.20 |
3. Northern Orion | NTO -5.88% $4.32 |
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:
Duncan Park Holdings Corporation Acquires Additional Claims at Rock Creek-South Silver Cloud Exploration Project, Lander and Eureka Counties, Nevada - More
- November 10, 2006 | Item | E-mail
St Andrew Announces Commissioning of Gold Mill at Nixon Fork Gold Mine, Alaska - More
- November 10, 2006 | Item | E-mail
Kimber Board Receives Independent Committee Report - "The Board of Directors of Kimber Resources Inc. is pleased to advise that it has received the report and recommendations of the Independent Committee. The report concluded that no corporate action is required, beyond a number of specific internal steps that were recommended to be undertaken by the Board of Directors." More
- November 10, 2006 | Item | E-mail
Bellhaven Copper and Gold Inc. Officially Appoints Julio Benedetti as CEO and President - More
- November 10, 2006 | Item | E-mail
Gold Seeker Weekly Wrap-Up – Gold Rises Slightly & Silver Gains Nearly 4% on the Week