-- Posted Wednesday, 6 December 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $630.40 | -$12.40 |
Silver | $13.57 | -$0.28 |
XAU | 145.00 | -1.70% |
HUI | 350.04 | -1.70% |
GDM | 1108.58 | -1.79% |
JSE Gold | 2945.88 | -3.05% |
USD | 82.77 | +0.30 |
Euro | 132.84 | -0.47 |
Yen | 86.79 | -0.30 |
Oil | $62.19 | -$0.24 |
10-Year | 4.481% | +0.039 |
T-Bond | 114.09375 | -0.375 |
Dow | 12309.25 | -0.18% |
Nasdaq | 2445.86 | -0.27% |
S&P | 1412.90 | -0.13% |
The Metals:
Gold fell a few dollars in Asia and dropped to about $635 in London before it rallied back a bit in late morning New York trade, but it then fell back off heading into the afternoon, dropped an additional $5 to new lows in the last half hour of trade, and closed with a loss of 1.93%. Silver fell near $13.50 in London before it rallied back above $13.80 in late morning New York trade, but it also fell off into the close and ended with a loss of 2.02%.
Euro gold fell to about €475, platinum lost $9 to $1,118, palladium lost $6 to $322, and copper rose a couple cents to about $3.16.
Gold and silver equities fell about 1.5% at the open, rallied back and traded slightly higher by late morning, fell back off into the close, and ended with over 1.5% losses.
The Economy:
There were no major economic reports today, but an ADP Employer Services survey showing better than expected job growth in the private sector did have some talking ahead of Friday’s jobs report. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/02 expected at 325,000 and at 3PM is Consumer Credit for October expected at $4.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged as crude inventories fell 1.1 million barrels, gasoline inventories fell 1.1 million barrels, and distillates fell 400,000 barrels. Oil initially rose as crude and gasoline inventories were expected to build a bit, but it fell off slightly by the close as warmer than expected weather may be cutting into demand.
The U.S. dollar index rose and treasuries fell on a survey showing a more than expected 158,000 jobs were added to the private sector in November, but gains and losses were limited ahead of the U.S. Labor Department's employment report on Friday.
The Dow, Nasdaq, and S&P fell on fears that Friday’s jobs report may come in strong and reduce any hopes for interest rate cuts by the fed.
Among the big names making news in the market today were Yahoo and Merck.
The Commentary:
“Here is a stunner … the gold open interest fell a whopping 14,403 contracts to 324,353, which is some 50,000 contracts off its high earlier this year and well off its highs of November. It seems The Gold Cartel’s price-capping antics are stopping out spec longs on the breaks. Then, as the specs pitch their longs, the cabal forces and physical markets soak them up, which is why the market keeps rebounding. It would be wonderful if we get another big OI drop tomorrow.
From a technical standpoint, this is extremely bullish. The specs which are running for the hills today will return as buyers $10 and $20 higher, after gold breaks solidly through $650.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 12 at 635.9, 8.4 off the high and 0.4 up from the low.
March Silver closed down 0.23 at 13.795. This was 0.015 up from the low and 0.215 off the high.
The gold market was mostly presented with a higher Dollar and lower oil prices and that seemed to promote more profit taking. However, it is positive that the February gold contract was able at least initially to reject the slide and at times was $7-$8 above the morning lows. As hinted at in the mid day coverage the London players are poised to sell gold on any sign of favorable economic information from the US. Therefore, it is a little surprising that the gold market didn't continue lower in the wake of the rather impressive ADP November jobs prediction of 158,000.
For most of the session the silver market distinctly outperformed the gold market. Even more surprising is the fact the silver market initially bucked a weaker price tide in copper, gold, energies and the equity market. Many in the trade continue to suggest that the critical $14.00 level will serve as a bull bear line in the coming sessions but with the US non farm payroll report looming ahead, the silver trade might find it difficult to downplay the importance of the Dollar.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Journalists' don't bother to question original sources on gold, PPT
James Turk: Another commodity correction is behind us
The Statistics:
As of close of business: 12/05/2006
Gold Warehouse Stocks: | 7,491,102 | - |
Silver Warehouse Stocks: | 108371505 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 441.68 | 14,200,313 | US$ 9,168m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.32 | 2,903,782 | US$ 1,833m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.48 | 336,648 | US$ 213m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 9.88 | 317,687 | US$ 205m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/05/2006 | |
Total Net Assets | $876,631,169 | Ounces of Gold
in Trust | 1,364,906.469 |
Shares Outstanding | 13,750,000 | Tonnes of Gold
in Trust | 42.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/05/2006 | |
Total Net Assets | $1,540,364,323 | Ounces of Silver
in Trust | 109,680,912 |
Shares Outstanding | 11,000,000 | Tonnes of Silver
in Trust | 3,411.5 |
Note: Change in Total Tonnes from yesterday’s data: 1.2 tonnes were subtracted from the trust.
The Stocks:
Aurizon’s (AZK) gold pour, Cardero’s (CDY) drilling, Richmont’s (RIC) technical report, ECU’S (ECU.V) President appointment, and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +3.03% $1.70 |
2. Great Basin | GBN +1.70% $1.79 |
3. Taseko Mines | TGB +1.10% $2.76 |
LOSERS
1. Ivanhoe | IVN -6.44% $10.46 |
2. Seabridge | SA -4.48% $14.06 |
3. Gold Reserve | GRZ -4.37% $5.03 |
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:
Millstream Reaches Target Area at Tamarack Gold Property - More
- December 06, 2006 | Item | E-mail
Merrex Gold Inc. Completes $5.3 Million Brokered Private Placement - More
- December 06, 2006 | Item | E-mail
Latin American Minerals Inc. Closes Final Tranche of Private Placement - More
- December 06, 2006 | Item | E-mail
Canadian Zinc Corporation: First Drilling Results From 2006 Underground Program at Prairie Creek - More
- December 06, 2006 | Item | E-mail
Commander Increases Uranium Holdings - More
- December 06, 2006 | Item | E-mail
AntOro Grants Options Priced at $0.135 and Issue Shares in Settlement of Canada Revenue Agency Re-Assessments - More
- December 06, 2006 | Item | E-mail
Molycor Gold Corp.: Ridgetop Exploration Identifies Four Gold and One Silver Target - More
- December 06, 2006 | Item | E-mail
Aurizon Announces Its First Gold Pour at Casa Berardi - "Aurizon Mines Ltd. (TSX:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce the pouring of its first gold dore bars at its 100% owned Casa Berardi Mine, situated in the Abitibi region of north-western Quebec. Two gold dore bars, weighing a total of 1,105 ounces, were poured from gold recovered in the gravity circuit on December 4, 2006. Future gold pours will contain gold recovered from both the gravity and carbon-in-leach circuits. The approximate gold content of these bars, excluding silver and impurities, is estimated at 776 ounces, with an estimated value of approximately US $492,000." More
- December 06, 2006 | Item | E-mail
UEX Drilling Extends Mineralization at Horseshoe Deposit: HU-22 Intersects 0.39% U3O8 Over 39.0 Metres - More
- December 06, 2006 | Item | E-mail
Maximus and NFX Report Assays From Larder Lake Gold Project, Ontario - More
- December 06, 2006 | Item | E-mail
Osisko Releases Inferred Resource Estimate for Canadian Malartic - More
- December 06, 2006 | Item | E-mail
Abacus Adopts Shareholder Rights Plan - More
- December 06, 2006 | Item | E-mail
Duran Announces Private Placement Financing & OTC Security Listing - More
- December 06, 2006 | Item | E-mail
Anatolia Targets Copler Sulfides - More
- December 06, 2006 | Item | E-mail
Gold Seeker Closing Report – Gold & Silver Fall About 2%