-- Posted Thursday, 30 November 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $646.60 | +$11.60 |
Silver | $13.91 | +$0.36 |
XAU | 149.28 | +3.60% |
HUI | 355.54 | +3.55% |
GDM | 1136.28 | +3.43% |
JSE Gold | 3049.17 | +2.23% |
USD | 82.93 | -0.57 |
Euro | 132.46 | +0.90 |
Yen | 86.38 | +0.40 |
Oil | $63.13 | +$0.67 |
10-Year | 4.458% | -0.063 |
T-Bond | 114.375 | +0.6875 |
Dow | 12221.93 | -0.04% |
Nasdaq | 2431.77 | -0.02% |
S&P | 1400.63 | +0.08% |
The Metals:
Gold rose a couple dollars in Asia and added a few bucks more in London to about $640 before it added nearly $10 more in New York and then fell back off a bit, but it still ended with a gain of 1.83%. Silver rose about 10 cents in Asia and London and added about 30 cents more in New York before it fell off a bit, but it still ended near its highs with a gain of 2.66%.
Euro gold rose near €490, platinum gained $27 to $1,178, palladium gained $10 to $328, and copper rose a few cents to about $3.18.
Gold and silver equities rose over 2% at the open, continued to rise throughout trade, and ended with about 3.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/25 | 357K | 316K | 323K |
Personal Income | Oct | 0.4% | 0.5% | 0.5% |
Personal Spending | Oct | 0.2% | 0.1% | -0.2% |
Chicago PMI | Nov | 49.9 | 54.5 | 53.5 |
Help-Wanted Index | Oct | 30 | 30 | 29 |
Chicago PMI fell under 50 to the lowest level since April 2003. A reading below 50 indicates economic contraction. Tomorrow at 10AM are Construction Spending for October expected at -0.4% and the ISM Index for November expected at 52.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose above $63 to 2 month highs on supply concerns as cold weather hits many areas of the U.S.
The U.S. dollar index fell and treasuries rose on poor economic data that sent the yield on the 10-year to the lowest level since January. The dollar fell to a 14 year low versus the pound and the euro rose to new 20 month highs.
The Dow, Nasdaq, and S&P fell in morning trade on economic worries and poor retail sales, but they then rebounded in afternoon trade and ended near unchanged as advances by oil companies dragged the indices higher.
Among the big names making news in the market today were Pfizer, GM, Intuit and Digital Insight, Cardinal Health, Delta, TiVo, Gap, Federated, Del Monte, Heinz, and Wal-Mart.
The Commentary:
“February Gold finished up 11.1 at 652.9, 1.6 off the high and 6.4 up from the low.
March Silver closed up 0.355 at 14.115. This was 0.165 up from the low and 0.075 off the high.
The gold market probably shocked a few traders with the magnitude of the early rally. In fact, a large portion of the gold gains came before the Dollar actually broke out to the downside. Certainly the weaker than expected flow of US numbers facilitated the "falling Dollar" bullishness in gold, but it is also possible that more new highs for the move in the energy complex also added to the buying interest in gold. Some traders even suggested that weak numbers and a reversal of sorts in the equity market whipped up addition flight to quality buying in gold.
With another clear cut upside breakout, the silver market continues to rise in sync with the gold market. While gold has typically seen a larger benefit from the sliding US Dollar, the silver market certainly seemed to be fully engaged in the currency derived appreciation. In fact, the silver market wasn't the least bit put off by the evidence of slowing in the US economy and that more than anything highlights the fact that silver is moving higher off financial and currency developments, instead of the classic physical demand focus.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China to steer gold mining toward bigger companies
Billiton backtracks from CEO's comments on gold mine acquisition
NY Fed's market-rigging post goes to Goldman Sachs economist
Peter Hambro's age-old message: Ingot we trust
John Rubino: World suspects manipulation, and bubbles are everywhere
Wits Gold: A long-term option on gold
The Statistics:
As of close of business: 11/29/2006
Gold Warehouse Stocks: | 7,492,008 | -3 |
Silver Warehouse Stocks: | 108213962 | - 218,406 |
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 | 435.50 | 14,001,912 | US$ 8,923m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,975 | US$ 1,884m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.44 | 335,461 | US$ 218m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,708 | US$ 202m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 10.18 tonnes.
COMEX Gold Trust (IAU)
Profile as of 11/29/2006 | (Most recent basket) |
Total Net Assets | $867,403,559 | 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 11/29/2006 | (Most recent baskets) |
Total Net Assets | $1,469,935,560 | 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:
Ivanhoe’s (IVN) shareholder approval of the partnership with Rio Tinto, Royal Gold’s (RGLD) corporate presentation, Cardero’s (CDY) iron project update, Taseko’s (TGB) updated share purchases of bcMetals, and Arian Silver’s (AGQ.V) completed private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +13.16% $1.29 |
2. Northern Dynasty | NAK +9.02% $8.58 |
3. Vista Gold | VGZ +7.72% $10.18 |
LOSERS
1. Exeter | XRA -3.64% $2.65 |
2. Gold Reserve | GRZ -2.96% $5.25 |
3. Mines MGMT | MGN-2.15% $5.8316 |
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:
Western Goldfields Signs Mandate Letter for up to $105 Million of Project Debt Financing with Investec Bank (UK) Limited - More
- November 30, 2006 | Item | E-mail
Largo Appoints Kurt Menchen to Advisory Board - More
- November 30, 2006 | Item | E-mail
Gabriel Resources Ltd. - News Release - More
- November 30, 2006 | Item | E-mail
Global Gold Reports Positive Test Results From Both Tukhmanuk and Hankavan Properties in Armenia - More
- November 30, 2006 | Item | E-mail
Western Copper Completes Acquisition of Lumina Resources - More
- November 30, 2006 | Item | E-mail
Azimut: Update on Gold Exploration Projects - More
- November 30, 2006 | Item | E-mail
Gold Seeker Closing Report – Gold & Silver Gain Roughly 2%