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-- Posted Tuesday, 7 March 2006 | Digg This Article
Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com: Today’s Economic Data: Report | For | Reading | Expected | Previous | Productivity – Rev. | Q4 | -0.5% | -0.1% | -0.6% | Consumer Credit | Jan | $3.94 | $5.0B | $3.3B |
Productivity fell more than expected while labor costs increased 3.3%, so that raised some inflation fears. There are no major economic reports tomorrow.
| Close | Gain/Loss | Gold | $552.70 | -$2.50 | Silver | $10.08 | +$0.10 | XAU | 129.48 | -2.33% | HUI | 296.80 | -3.17% | GDM | 952.04 | -2.35% | JSE Gold | 2539.26 | -4.70% | USD | 90.74 | +0.84 | Euro | 118.76 | -1.39 | Yen | 84.78 | -0.28 | Oil | $61.58 | -$0.83 | 10-Year | 4.736% | -0.002 | T-Bond | 110.75 | UNCH | Dow | 10980.69 | +0.20% | Nasdaq | 2268.38 | -0.77% | S&P | 1275.88 | -0.19% |
Gold Warehouse Stocks: | 7,517,222 | - | Silver Warehouse Stocks: | 128,480,040 | - |
Note: I neglected to update yesterday’s warehouse data and therefore reported incorrect numbers. Today’s data is current as of the 3-6-06 close. Gold traded mostly slightly higher in Asia before it turned mostly slightly lower in London and then dropped to under $550 briefly in New York, but it did rebound into the close to end well off its lows. Silver remained mixed and near unchanged in Asia and London before traded mostly slightly higher in New York and ended near its highs of the session in continued choppy trade. Euro gold remained near €465, platinum lost $3 to $1,031, palladium lost $7 to $287, and copper fell under $2.20. Gold and silver equities fell over 3% in the first couple hours of trade before rebounding a bit, but they still ended noticeably lower. More Precious Metals Analysis: “The precious metals markets remain under pressure with the Dollar and hawkish interest rate dialogue providing some of the early pressure. Ongoing weakness in the energy complex seemed to contribute to liquidation in gold but it was clear from the action Tuesday that the silver market was being viewed in a more positive light than gold. In fact, with the headlines carrying predictions of ETF silver fund trade by the end of the month on London, it was clear that silver was being lifted by renewed speculative interest. With a number of central banks threatening or actually raising interest rates during the session we got the sense that some of the inflationary support for metals was being discounted.” - The Hightower Report, Futures Analysis and Forecasting "The funds have ruled the roost in the Gold market, which became the pale shadow of Silver of late. They ran the price up, hoping the market would follow, but it didn't so now they run it down. Off stage acceptance of the $500 + levels has been building, so the falls will stop where physical demand wants it to." - Julian D.W. Phillips of www.goldforecaster.com Peter Spina of www.goldforecaster.com comments in this MarketWatch report that “Overall, the inability to break to record highs in gold "prompted this vicious sell-off this week," Spina said. Gold futures reached a 25-year of almost $580 in early February.” The U.S. dollar index rose to new 9 week highs on the outlook for further interest rate hikes by the fed. Oil fell again today as no fireworks came from the IAEA meeting and the outlook for the OPEC meeting tomorrow continues to be to maintain current production levels. Some are even looking for hints of a possible production increase later in the year. Today’s action also comes ahead of inventory reports tomorrow that are expected to see a build in crude inventories and a drop in gasoline and distillate inventories. Treasuries started off lower and then turned higher by afternoon trade before falling back off to end the session unchanged as traders digested recent market action and the future of interest rates. The Dow traded mixed as the Nasdaq and S&P traded lower on further worries about higher interest rates. Among the big names making news in the market today were Krispy Kreme, Kroger, Albertson’s, and Public Storage and Shurgard. THE LOONIE WATCHER’S COMMENTARY FOR MARCH 07, 2006 Today’s close found the $USD back at the top of its trading range, and the Loonie at the bottom of its range. THE LOONIE Commercials are on strike. They can’t get their head around the international financial scene. The Loonie should now stay in this trading range until "the event occurs". THE $USD Buying continues in the $USD. The locals found the stops for the longs today, pushing the $USD back to its trading range highs. Commercials are waiting for a resolve on the US Debt Ceiling. The $USD again finished with a strong close, leaving the shorts scratching their heads. The subscribers to THE LOONIE WATCH (copyright 2006) have already received the necessary instructions to capitalize on the new information! SUMMARY More selling of Crude Oil put further buying pressure on the $USD. The US has a serious problem with its debt limit, and there is political resistance against voting to raise the Debt limit again. Http://english.pravda.ru/world/20/91/368/16741_dollar.html It’s amazing to watch this movie, with the US on the verge of default, and the $USD going higher at the same time. Somebody has to be wrong here! The Loonie is still a happy camper, but stuck in a trading range. The $USD will stay at the top of its trading range until further "solid" information surfaces. Wayne N. Krautkramer onlypill@cox.net GATA Posts: Dodging debt limit, Treasury borrows $15 billion from currency-rigging fund Mexican Congress' book on remonetizing silver cites GATA's endorsement London silver-tracking fund will be just paper with no metal behind it Gold may reach $2,000 by 2010, U.S. Gold's McEwen says Eric Fry: Let the hoarding begin Gold & Silver Stock News Update from GoldReview.com: Coeur d'Alene’s 4th quarter results, Glencairn’s resumed operations at Limon, Crystallex’s permit approval for an aggregate quarry, Miramar’s hearing report recommending that the Doris North Project should proceed, Great Panther’s new management, and Silver Standard’s high grade trench results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Buenaventura | BVN +1.23% $24.66 | 2. US Energy | USEG +1.08% $5.61 | 3. Cambior | CBJ +0.66% $3.04 |
LOSERS 1. IMA Exploration | IMR -10% $2.88 | 2. Hecla Mining | HL -8.26% $5.00 | 3. Agnico-Eagle | AEM -6.95% $25.32 |
All of today's gold and silver stock news: QGX to conduct airborne geophysical survey at Golden Hills - More
- March 07, 2006 | Item | E-mail
Sirios Resources Inc.: Ground Work to Commence on Aquilon Extension Property - More
- March 07, 2006 | Item | E-mail
Tonogold Resources, Inc. Hires Stevens Exploration for Alaskan Operations Management - More
- March 07, 2006 | Item | E-mail
UC Resources Announces a Non-Brokered Private Placement - More
- March 07, 2006 | Item | E-mail
Canarc Identifies Several New Gold Prospect Areas on the Benzdorp Property, Suriname - More
- March 07, 2006 | Item | E-mail
Sur American Gold Corporation: Multiple Strong Gold Mineralized Zones Encountered in Initial Drilling at Batoto Gold Project - More
- March 07, 2006 | Item | E-mail
Tinka stakes the Colquipucro silver project in Peru - More
- March 07, 2006 | Item | E-mail
Freewest Drilling Extends Gold Zone F-17 With Two More Down Plunge Intersections at the Windfall Property, NW Quebec - More
- March 07, 2006 | Item | E-mail
Odyssey Resources Limited Intersects 73 Meters of Copper-Silver Mineralization in Morocco - More
- March 07, 2006 | Item | E-mail
Erie Creek geophysical results - More
- March 07, 2006 | Item | E-mail
Glencairn Resumes Operations at Limon Mine - "Glencairn Gold Corporation is pleased to announce that operations have resumed at its Limon Mine in Nicaragua after a three-week shutdown due to a blockade on the road between the mine and the mill site. The blockade was set up by a group of former employees who were terminated in December 2005 when the Company reduced its workforce by 85 people, or approximately 18%, as part of an overall cost-reduction program at the mine." More
- March 07, 2006 | Item | E-mail
Spider, KWG and Freewest Discover Chrome-Platinum and Palladium Near McFauld's Lake Area, Northern Ontario - More
- March 07, 2006 | Item | E-mail
Continuum Closes $3,080,000 Private Placement - More
- March 07, 2006 | Item | E-mail
Romios Completes Verification Sampling Program on 1980's Core From NW Zone-Confirms Validity of Historic Drill Hole Database - More
- March 07, 2006 | Item | E-mail
Sage Expands Kerrs Gold System and Intercepts High-grade Gold Mineralization - More
- March 07, 2006 | Item | E-mail
ValGold shareholders approve option to acquire Honnold Corp's suite of gold and platinum - More
- March 07, 2006 | Item | E-mail
Maxam Gold Corp. Featured in Investor's Business Daily - More
- March 07, 2006 | Item | E-mail
Palmarejo Silver and Gold Corporation: Further Impressive Drill Results from La Patria Prospect Palmarejo/Trogan Mexico - More
- March 07, 2006 | Item | E-mail
Moto Goldmines Reports Further Significant Results Extend Chauffeur and Durba Mineralisation - More
- March 07, 2006 | Item | E-mail
Moto Goldmines Limited Negotiating to Increase Interest in Moto Gold Project - More
- March 07, 2006 | Item | E-mail
Norsemont Continues to Expand Extent of Copper Mineralization at Constancia - More
- March 07, 2006 | Item | E-mail
Pearl Asian Mining Industries ''Operation Gold Finger'' April, 2005 Reports: XYZ Gold Project Showed an Estimated Ore Reserve of over 2.4 Million Metric Tons - More
- March 07, 2006 | Item | E-mail
LionOre Mining Reports Unaudited Fourth Quarter and Annual 2005 Highlights - More
- March 07, 2006 | Item | E-mail
Golden Peaks announces placement of major financing - More
- March 07, 2006 | Item | E-mail
Great Panther Appoints New Management at Guanajuato & Topia Silver Mines - "GREAT PANTHER RESOURCES LIMITED is pleased to announce the appointment of Ing. J. Jesus Rico Aguilera as General Manager of the Guanajuato Mine in Guanajuato, Mexico and of Ing. Javier Melchor Ramirez Vargas as the new General Manager of the Topia Mine in Durango, Mexico." More
- March 07, 2006 | Item | E-mail
Breakwater reports mineral reserves and resources - More
- March 07, 2006 | Item | E-mail
Battle Mountain Appoints New Vice President Finance and Chief Financial Officer - More
- March 07, 2006 | Item | E-mail
AfriOre reports further drilling results and commissions Pre-feasibility Study on Akanani Platinum Project, South Africa - More
- March 07, 2006 | Item | E-mail
Crystallex Announces Approval of Permit to Impact Natural Resources for an Aggregate Quarry for the Las Cristinas Project, Bolivar State, Venezuela - "Crystallex International Corporation reported today that the Ministry of the Environment and Natural Resources in Venezuela has notified Crystallex of the Ministry's approval of the "Permit to Impact Natural Resources" for a quarry on the Albino property to provide aggregate for the adjacent Las Cristinas project, and of the initiation of the normal administrative process by the Ministry." More
- March 07, 2006 | Item | E-mail
Coeur Reports Record Results for Fourth Quarter 2005; Forecasts 30% Increase in Silver Production in 2006; Provides Update on Two Development Projects - "Coeur d'Alene Mines Corporation, the world's largest primary silver producer and a growing gold producer, today reported record quarterly net income of $9.9 million, or $0.04 per diluted share, for the fourth quarter of 2005, compared to net income of $8.3 million, or $0.03 per diluted share, for the year-ago period. Results for the year-ago quarter included a tax benefit of $5.8 million." More
- March 07, 2006 | Item | E-mail
Miramar Announces that the Nunavut Impact Review Board Makes Positive Recommendation on Doris North Project - "Miramar Mining Corporation is pleased to announce today that the Nunavut Impact Review Board has issued its final hearing report recommending to the Minister of Indian and Northern Affairs Canada that the Doris North Project should proceed. The NIRB report completes the environmental impact assessment conducted by the NIRB under Part 5 of Article 12 of the Nunavut Land Claims Agreement." More
- March 07, 2006 | Item | E-mail
Silver Standard Reports High Grade Gold-Silver Assays from San Luis Joint Venture in Peru - "Silver Standard is pleased to update shareholders with recently reported high grade trench results from its San Luis Joint Venture partner, Esperanza Silver Corp. The San Luis property is located in the Ancash district of northern Peru and covers a newly discovered high-grade epithermal vein system." More
- March 07, 2006 | Item | E-mail
Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Do you have questions, comments, or suggestions about this report? Email Chris Mullen at cm@goldseek.com - Written by Chris Mullen Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1. The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news. For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster. All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/. © Gold Seeker 2006 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Tuesday, 7 March 2006 | Digg This Article
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