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Gold, Silver Shares Up on Inflation Fears
Gold, Silver Shares Climb
As Investors Seek Safe Haven
From Equities Vulnerable to Inflation
By The Associated Press
Wednesday, November 16, 2005
http://biz.yahoo.com/ap/051116/apfn_gold_mover.html?.v=1
NEW YORK -- Shares of gold stocks got a significant boost in
afternoon trading Wednesday, as investors sought a safe haven from
equities vulnerable to inflation.
A number of gold mining companies saw shares rise rally in afternoon
trading on the New York Stock Exchange. Gold Fields Ltd. led the pack
up $1.39, or 10.3 percent, to $14.87, on nearly four times its
average daily volume. Agnico-Eagle Mines Ltd. rose 89 cents, or 6.4
percent, to $14.72, and Glamis Gold Ltd. jumped $1.07, or 4.9 percent
to $22.88.
"Gold stocks typically follow gold prices rapidly, and when there's
mounting concern about inflation, it tends to drive speculative
interest in gold," BMO Nesbitt Burns analyst Geoff Stanley said in an
interview. "We are also in a seasonally strong trading pattern on
gold. In the lead up to the holiday season, you tend to see increased
demand, through the fourth quarter, and the first quarter you may see
weakness."
The inflation jitters may have hit investors yesterday after Federal
Reserve nominee Ben Bernanke vowed in a Senate confirmation hearing
that battling inflation would be his top priority.
Gold dealers in London fixed a recommended price of $477.80 bid per
troy ounce in late trading, up from $467.90 on Tuesday. On the New
York Mercantile Exchange, gold jumped 7.5 percent to $475.45 a troy
ounce Wednesday afternoon.
The bullion price for silver Wednesday on the London market was
$7.950 a troy ounce, compared with $7.770 Tuesday. In New York,
silver was up $2.76, to $8.002.
"We started to see overnight buying in Tokyo, and that followed
through to London and New York," RBC Capital Markets analyst Stephen
Walker said. "We've seen a lot of options. My understanding is that
there may be jewelers bulking up for the holiday season."
The stock activity also comes on the heels of published reports
suggesting both the South African and Russian central banks may
increase their gold holdings.
Other companies seeing shares rise on the Big Board included Harmony
Gold Mining Co Ltd., rising 76 cents, or 6.5 percent, to $12.40;
Kinross Gold Corp., up 37 cents, or 5.5 percent, to $7.11, and
Newmont Mining Corp., up $2.70, or 6.3 percent, to $45.78.
Barrick Gold Corp. shares jumped 96 cents, or 3.7 percent, to $26.22,
and Buenaventura Compania de Minas SA, rose $1.03, or 3.8 percent, to
$27.90, also on the NSYE.
Among silver mining companies, Coeur d'Alene Mines Corp. was up 33
cents, or 8.3 percent, at $4.20 on the Big Board; Silver Wheaton
Corp. was up 34 cents, or 7.5 percent, at $4.90 on the American Stock
Exchange; and Helca Mining Co. was up 13 cents, or 4.3 percent, at
$3.18 on the NYSE.
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
Subscription sites:
http://www.lemetropolecafe.com/
http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
P.O. Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
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