-- Posted Wednesday, 29 November 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $635.00 | -$1.80 |
Silver | $13.55 | +$0.01 |
XAU | 144.05 | +0.26% |
HUI | 343.36 | -0.15% |
GDM | 1098.62 | +0.23% |
JSE Gold | 2982.59 | -0.46% |
USD | 83.50 | +0.37 |
Euro | 131.56 | -0.34 |
Yen | 85.98 | -0.25 |
Oil | $62.46 | +$1.47 |
10-Year | 4.521% | +0.012 |
T-Bond | 113.6875 | -0.1875 |
Dow | 12226.73 | +0.74% |
Nasdaq | 2432.23 | +0.81% |
S&P | 1399.48 | +0.92% |
The Metals:
Gold rose near $640 in Asia, fell to about $634 in London, traded between $635 and $638 in New York, and ended at the bottom of that range with a loss of 0.28%. Silver rose to about $13.80 in Asia, fell in London, and dropped to about $13.55 in early New York trade before it rebounded a bit, but it then fell back off into the close and ended with a gain of just 0.07%.
Euro gold remained slightly under €485, platinum gained $5 to $1,151, palladium lost $3 to $318, and copper fell slightly to about $3.14.
Gold and silver equities traded between unchanged and about 1% lower for most of trade before they rallied higher in the last hour and a half of trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q3 | 2.2% | 1.8% | 1.6% |
Chain Deflator | Q3 | 1.8% | 1.8% | 1.8% |
New Home Sales | Oct | 1004K | 1050K | 1037K |
The fed’s Beige Book showed moderate economic growth. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/25 expected at 316,000, Personal Income for October expected at 0.5%, and Personal Spending expected at 0.1%. At 10AM are Chicago PMI for November expected at 54.5 and the Help-Wanted Index for October expected at 30.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Crude inventories fell 300,000 barrels, gasoline inventories fell 600,000 barrels, and distillates fell 1.0 Million barrels. Oil rose after the report as many expected builds, rather than draws, in gasoline and distillate inventories.
The U.S. dollar index rose and treasuries fell on better than expected GDP data that quieted talks of a possible future interest rate cut by the fed. The euro fell from 20 month highs.
The Dow, Nasdaq, and S&P rose nearly 1% on the GDP report that came in better than expected and eased concerns that the economy was slowing too sharply.
Among the big names making news in the market today were the CFTC, Ford, Tiffany, Pfizer, GM, Houghton Mifflin and Riverdeep, and Citadel.
The Commentary:
“http://goldxreportxaustralia.wordpress.com/2006/10/26/rba-empty-vault/
This is an important one. Please take the time to hit the link and read this report on the Australian Gold Sector. It states the World Gold Council says the central banks have 30,000 tonnes of gold reserves, but do not take into account how much is out on loan. GATA says more than half of those gold reserves are gone or out on loan in some manner, as in the Reserve Bank of Australia.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“December Gold finished down 1.8 at 635.5, 2.5 off the high and 1 up from the low.
December Silver closed down 0.054 at 13.566. This was 0.016 up from the low and 0.134 off the high.
The gold market managed to throw off what appeared to be an extremely vulnerable early condition. However, the favorable close in the Dollar would seem to hint at ongoing pressure on gold from the currency/flight to quality argument. Surprisingly the sharp rally in the equity market didn't prompt investment flow away from gold and that might have been the result of a rather significant rally in the energy complex. In fact, January crude oil reached the highest level since November 10th and that might have prompted some inflationary buying of gold late in the session. With overall volume of trade the Chicago 100 ounce futures contract reaching a new record on Tuesday of 78,133 contracts, it would certainly seem like the trade remains interested in gold despite the fact that it recently traded $80 an ounce above the October lows!
It initially seemed like the silver market was going to buck the profit taking trend seen in the gold market, but prices ended up fading into the close. With both platinum and copper prices weakening into the close and the US economic data mostly slack, it seems that a number of longs in silver decided to bank profits. In the end, a stellar rally in the stock market wasn't enough to leave silver prices in a positive mode. In fact, despite talk of increased fund buying interest in the morning action, the silver market still slumped back into the close!” - The Hightower Report, Futures Analysis and Forecasting
Allocating Assets Via ETFs
http://www.thestreet.com/_swtile/video/strategysession/10324731.html
GATA Posts:
China seen trying to manipulate copper prices down
Mid-tier gold miners are takeover targets, maybe for Billiton
Barrick won't extend offer for NovaGold past Dec. 6
World starting to sense that too many dollars are floating around
Now India is talking about diversifying forex into gold
Suspicion of manipulation falls on Treasury repo market
Grandich remarks on market manipulation during ROB-TV interview
The Statistics:
As of close of business: 11/28/2006
Gold Warehouse Stocks: | 7,492,011 | - |
Silver Warehouse Stocks: | 108,432,368 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 425.32 | 13,674,549 | US$ 8,708m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,904,007 | US$ 1,848m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.44 | 335,465 | US$ 214m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,711 | US$ 202m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 11/28/2006 | |
Total Net Assets | $869,734,172 | 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 11/28/2006 | |
Total Net Assets | $1,447,332,684 | Ounces of Silver
in Trust | 107,727,155 |
Shares Outstanding | 10,800,000 | Tonnes of Silver
in Trust | 3,350.7 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick’s (ABX) bid for NovaGold (NG), Claude’s (CGR) drill program, Cumberland’s (CLG) senior officer and management appointments, Geocom’s (GOCM.OB) and Kinross Gold’s (KGC) staked claims, Kimber’s (KBX) drill results, Arian Silver’s (AGQ.V) 3rd quarter results, Silver Eagle’s (SEG.TO) plans to speak at the RBC Capital Markets Silver Conference, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +11.36 $5.98 |
2. Mines MGMT | MGN +6.43% $5.96 |
3. Crystallex | KRY +6.18% $3.61 |
LOSERS
1. Eldorado | EGO -4.77% $5.39 |
2. Great Basin | GBN -4.59% $1.87 |
3. Exeter | XRA -4.51% $2.75 |
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:
Purepoint Uranium Group Inc: Third Quarter 2006 Financial Statements - More
- November 29, 2006 | Item | E-mail
Aquila Announces Brokered Private Placement Increased to $25 Million - More
- November 29, 2006 | Item | E-mail
Claude begins Red Lake drill program - "A 10,000 metre (33,000 feet) surface core drill program is expected to begin December 1 and is designed to focus on definition drilling of the main stringer envelope of mineralization intersected in the Treasure Box zone, 2.4 kilometres (1.5 miles) north of the Madsen mine complex. The zone was discovered in 2002 and given the name due to nuggety visible gold present in drill core." More
- November 29, 2006 | Item | E-mail
Resignation of Director - More
- November 29, 2006 | Item | E-mail
Jourdan to Acquire 100% Interest in Nelligan and Maisonneuve Properties - More
- November 29, 2006 | Item | E-mail
Strait Gold Reports Third-Quarter Results - More
- November 29, 2006 | Item | E-mail
Gold Seeker Closing Report – Silver Rises While Gold Dips Again