-- Posted Thursday, 28 December 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $634.20 | +$6.90 |
Silver | $12.82 | +$0.06 |
XAU | 143.12 | +0.74% |
HUI | 339.86 | +0.79% |
GDM | 1089.12 | +0.82% |
JSE Gold | 2962.78 | +1.45% |
USD | 83.82 | -0.14 |
Euro | 131.61 | +0.32 |
Yen | 84.16 | -0.08 |
Oil | $60.53 | +$0.19 |
10-Year | 4.690% | +0.036 |
T-Bond | 111.53125 | -0.375 |
Dow | 12501.52 | -0.07% |
Nasdaq | 2425.57 | -0.23% |
S&P | 1424.73 | -0.15% |
The Metals:
Gold remained near unchanged in Asia, gained a couple of dollars in London, and rose to about $635 in early New York trade before it fell back off a bit, but it then rallied back into the close and ended near its highs with a gain of 1.10%. Silver followed a similar pattern and rose about 10 cents in late London/early New York trade before it fell back to about unchanged, but it also rallied into the close and ended with a gain of 0.47%.
Euro gold rose above €480, platinum remained unchanged at $1,112, palladium gained $1 to $323, and copper fell a couple of cents to about $2.88.
Gold and silver equities rose over 1% at the open before they fell to find about 0.5% gains by early afternoon, but they then rallied into the close and ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/22 | 317K | 320K | 316K |
Chicago PMI | Dec | 52.4 | 50.2 | 49.9 |
Consumer Confidence | Dec | 109.0 | 102.0 | 105.3 |
Existing Home Sales | Nov | 6.28M | 6.15M | 6.24M |
Existing Home Sales rose 0.6%, but the increase came with the help of lower prices which fell 3.1% when compared to a year ago. Tomorrow at 10AM EST brings the Help-Wanted index for November expected at 30.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after crude inventories fell a much more than expected 8.1 million barrels, but gains were limited as gasoline inventories built a more than expected 3 million barrels and distillates built 500,00 barrels which was about as expected.
The U.S. dollar index fell overnight on further reaction to news that the United Arab Emirates is swapping dollars for euros and on indications that the ECB will continue to raise interest rates next year, but the dollar did pare its losses and end with only marginal losses after U.S. economic data came in better than expected.
Treasuries fell after economic data came in better than expected and pushed interest rates higher, but they did pare their losses a bit after a successful five-year note auction.
The Dow, Nasdaq, and S&P fell as stronger than expected economic data made it less likely the fed will cut interest rates anytime soon, but losses were limited as the strong economic data was encouraging for those worried about a hard landing for the economy.
Among the big names making news in the market today were Goldman Sachs, Toyota and Ford, Essar, Eaton, Apple, and GE.
The Commentary:
“February Gold finished up 6.6 at 636.9, 1.1 off the high and 3.4 up from the low.
March Silver closed up 0.015 at 12.94. This was 0.07 up from the low and 0.05 off the high.
The gold market rallied sharply this morning on a weaker dollar and managed to hold most of those gains through the session today. After some initial weakness, the dollar managed to recover off of some stronger than expected US economic data before settling back to lower on the day. US existing home sales, Consumer Confidence Index and Chicago Purchasing Managers Index all came in better than expected. None of the positive economic news seemed to hurt gold though, and the market seemed to be finding support off of fund buying interest and continued uncertainty in Iran in the wake of UN sanctions that were approved last Saturday.
For the second day in a row the silver market ran right up to the even number $13.00 level but failed to trade above there. Today's strong US economic data appeared to lend little support to the silver market, despite the positive support it might have garner from the physical demand aspect. Home sales climbed 0.6% in November to 6.28 million units (annualized), contrary to expectations for a decline of 0.2%. The US Consumer Confidence Index for December came in at 109 versus 102 expected, while the November number was revised upward to 105.3 from 102.9 previously reported. The Chicago Purchasing Manager's Index came in at 52.4 versus expectations of 50.5 and up from 49.9 in November. Anticipated fund buying has yet to emerge in silver as it has in gold.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Thailand says purchase of N. Korean gold preceded sanctions
How U.S. trade deficit fuels bubbles, rewards rich, and screws poor
Value of euros in circulation exceeds value of dollars
China to use foreign exchange to develop energy and mineral resources
The Statistics:
As of close of business: 12/27/2006
Gold Warehouse Stocks: | 7,534,516 | - |
Silver Warehouse Stocks: | 111,073,757 | -281,151 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 452.01 | 14,532,457 | US$ 9,131m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 90.30 | 2,903,075 | US$ 1,840m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.53 | 338,389 | US$ 215m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.00 | 321,575 | US$ 202m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/27/2006 | |
Total Net Assets | $896,273,140 | Ounces of Gold
in Trust | 1,429,417.361 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.46 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/27/2006 | |
Total Net Assets | $1,557,359,629 | Ounces of Silver
in Trust | 121,144,585.200 |
Shares Outstanding | 12,150,000 | Tonnes of Silver
in Trust | 3,768.02 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Rubicon’s (RBY) adjusted share cost basis and plenty of junior mining stock news were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA+7.24% $1.8338 |
2. Fronteer | FRG +5.48% $9.05 |
3. Minefinders | MFN +4.33% $8.68 |
LOSERS
1. Taseko | TGB-2.61% $2.61 |
2. Crystallex | KRY -2.40% $3.66 |
3. Northgate | NXG-2.27% $3.44 |
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:
Grandview Gold Inc. Announces $1.5 Million Financing - More
- December 28, 2006 | Item | E-mail
Rubicon Minerals Corporation Announces Its Guidance Regarding Computation of the Shareholders' Adjusted Share Cost Base for New Shares Issued - "David W. Adamson, President and CEO of Rubicon Minerals Corporation (TSX:RMX.TO - News)(AMEX:RBY - News), is pleased to announce Rubicon's guidance regarding the computation of shareholders' adjusted cost base for Canadian tax purposes in connection with its Plan of Arrangement (the "Arrangement") which became effective December 8, 2006." More
- December 28, 2006 | Item | E-mail
Ressources Appalaches: $ 869 000 Private Placements - More
- December 28, 2006 | Item | E-mail
Altius Minerals Corporation Reports Quarterly Net Earnings of $24.4 Million for the 2nd Quarter Ended October 31, 2006 - More
- December 28, 2006 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "$0.3125 per share of FCX's Common Stock (NYSE: FCX - News). $13.75 per share of FCX's 5 1/2% Convertible Perpetual Preferred Stock." More
- December 28, 2006 | Item | E-mail
Amerix Announces Drill Results From Nova Brasilia - More
- December 28, 2006 | Item | E-mail
Amex Exploration Inc. - Closing of private placement - More
- December 28, 2006 | Item | E-mail
Metanor Resources Inc. - Second closing of a private placement of a maximum of $2.5 M - More
- December 28, 2006 | Item |
Gold Seeker Closing Report: Gold & Silver Gain for a Fourth Straight Session