MARKET WATCH
| Month |
High |
Low |
Average |
| November |
7.77 |
7.01 |
7.50 |
| October |
7.36 |
6.74 |
7.15 |
| September |
6.92 |
6.13 |
6.40 |
| August |
6.67 |
6.52 |
6.69 |
| July |
6.71 |
5.94 |
6.37 |
| June |
6.17 |
5.63 |
5.85 |
| May |
6.19 |
5.51 |
5.85 |
| April |
8.21 |
5.82 |
7.06 |
| March |
7.94 |
6.71 |
7.29 |
| February |
7.94 |
6.04 |
6.47 |
| January |
6.63 |
6.20 |
6.36 |
ASSOCIATION NEWS
ITA LAUNCHES CHINA BUSINESS INFORMATION CENTER
The Commerce Department's International Trade Administration has recently established the China Business Information Center (China BIC), a comprehensive resource for small and medium-sized businesses that are interested in or are already doing business in China. The China BIC consists of an extensive website and a call center staffed by trade specialists. The China BIC website features country-specific information, key industry information, exporting steps and tips, leads, trade events, do's and don'ts, and other tools you can use to succeed in China. Access the China BIC website via www.export.gov/china or by contacting one of our International Trade Specialists directly at 1-800-USA-TRADE with your specific questions about doing business in China.
NAM SAYS U.S. IS MAKING MORE PRODUCTS THAN EVER BEFORE
"Today's Federal Reserve report that industrial production and the critical manufacturing component both rose a healthy 0.7 percent in October confirm that U.S. manufacturing is on a roll," said John Engler, president of the National Association of Manufacturers.
"After solid growth in the third quarter, the manufacturing sector surged out of the gates in October with the strongest monthly production gain since July," Engler said. "The manufacturing recovery continues to build broad momentum, evidenced by the fact that 16 out of 19 manufacturing sectors increased production last month."
The Federal Reserve reported that manufacturing production reached a record high in October. "That means that we are making more products today domestically than ever before," Engler said. "With monthly gains in 10 out of the past 12 months resulting in a 6 percent rise in production over the past year, it is clear that the manufacturing recovery is strong. Looking forward, I expect that we will begin to see this production growth translate into manufacturing job growth in the months ahead."
On a separate note, the Labor Department reported today that consumer prices rose by a strong 0.6 percent in October after three months of mild growth. "This increase is likely just a one-month spike caused by the 4.2 percent surge in energy costs," Engler said. "The core CPI, which excludes energy and food, rose a more moderate 0.2 percent. Given the decline in oil prices so far this month, I expect we will see a downward correction in the CPI in November."
SENATOR CARPER SEEKS COMMON GROUND IN SENATE TO PASS LEGAL REFORM BILLS
The NAM Legal Issues Policy Committee meeting on Nov. 17 was a reunion of governors, of sorts, as new NAM President - and former Michigan Governor -- John Engler and NAM members welcomed Sen. Tom Carper (D-DE), also a former governor, to the NAM.
Carper told the committee that more cooperation between the parties could have led to passage of class-action reform and asbestos bills in 2004, since both issues enjoy strong support on Capitol Hill.
"We should have been able to pass both bills," Carper said, noting the stated support of 62 senators for the class-action bill and a guess that even more would have come out in support of any leadership agreement on asbestos.
Carper pointed to a lack of trust between Democrats and Republicans as the core problem holding back legal reform. Though he expressed optimism for the future, now that the elections are over, he said the Senate system separates the two parties too much, what with separate lunchrooms tables, separate caucus meetings and even separate farewell parties, as seen for retiring senators this month; the lack of common ground is built into the system.
"The (Senate) system is designed to keep people apart, and in the House it's a lot worse," Carper said. "I just want to get things done" and that means working across party and ideological divides, he said.
Carper has helped to launch a program that allows incoming freshman senators of both parties and their spouses to meet for a long weekend and get to know each other on a personal level before a new congressional session starts.
Such personal meetings among governors in the 1990s allowed Carper - the former two-term governor of Delaware - to become friends with Engler, the former three-term governor of Michigan.
Carper's pragmatic style has made him a key bridge for the Republican leadership to the Democrat side on legal reform. On asbestos, Carper said many disagreements have been discussed in recent months, with key issues like whether to create a trust fund, the dollar amount of the fund and categories of impairment, closer to agreement than ever. He predicted that once leadership can reach a deal, asbestos legislation might be brought straight to the floor for debate.
On class action, Carper said the Senate compromise bill S. 2062 has strong support and should be able to pass the Senate sooner rather than later. He also said he would be willing to work on a medical malpractice bill if it can be done in a bipartisan manner.
CONGRESSIONAL TAXWRITERS INTRODUCE BILLS TO MAKE TECHNICAL CORRECTIONS TO RECENT TAX BILLS
House Ways and Means Committee Chairman Bill Thomas (R-CA) 11/19 introduced the Tax Technical Correction Act of 2004 (H.R. 5395). Senate Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Max Baucus (D-MT) introduced a companion bill (S. 3019) on the same day. Both bills include technical corrections to the American Jobs Creation Act of 2004, the Working Families Tax Relief Act of 2004, and other previously-enacted tax legislation. Even though Congress is expected to come back briefly in early December, there is little chance law makers will take up these bills this year. Rather, Grassley and Thomas are expected to reintroduce these bills early in 2005.
According to a Finance Committee press release, Grassley and Baucus introduced the legislation to provide guidance on "time-sensitive technical corrections" on repatriation and deferred compensation. In anticipation of next year, the Finance Committee has requested comments on the proposed legislation.
FREEGOLD VENTURES OPTIONS DUKE COPPER GOLD PROPERTY DRILLING TO COMMENCE IMMEDIATELY
Freegold Ventures Limited. ("Freegold", the "Company") is pleased to announce it has entered into an agreement with Southern Rio Resources Inc. ("Southern Rio") pursuant to an agreement which Freegold may earn a 51% interest in Southern Rio's Duke Copper-Gold Project near Merritt, British Columbia.
Previous drilling was not assayed for gold or silver assays but limited sampling of surface mineralization by Southern Rio has returned gold values ranging from 0.21 g/t to 0.48 g/t, and silver values ranging from 1.7 g/t to 20.6 g/t. Sampling was carried out by Lindsay Bottomer, P.Geo. Harry Barr, Chairman of Freegold stated" The Duke Property is an excellent early stage drill target". The Project is located 35 kilometres from the Highland Valley Mine, one of the largest copper producers in North America, and approximately 30 kilometres west of Merritt in southern BC. In 1963, a 12-hole program by Hurley River Mines returned a number of significant intersections, including 0.63 per cent Cu over 57.9 metres, 0.55 per cent Cu over 51.8 metres, and 0.61 per cent Cu over 33.5 metres.
Southern Rio will be field manager of the initial exploration program. Recent forestry developments in the area have greatly improved road access to the property, and facilitates year-round exploration. Drilling at the Duke property will commence immediately.
Under the Agreement Freegold may earn a 51% interest by spending $750,000 on exploration by October 1, 2007, making a cash payment of $10,000 and issuing 100,000 common shares of Freegold to Southern Rio. The initial $100,000 exploration expenditure by December 31, 2004 is a firm commitment. Freegold has the right to earn an additional 19% interest (70% total) by making further exploration expenditures of $1.0 million ($1.75 million total) by October 1, 2010, and making additional cash payments totaling $150,000 to Southern Rio. This agreement is subject to regulatory approval.
EL NINO MANAGEMENT FOCUSED ON ACQUIRING SILVER AND MOLYBDENUM, URANIUM EXPLORATION PROJECTS
El Nino Ventures Inc. (the "Company") is currently negotiating to acquire from several different parties, a diversified mineral exploration portfolio that initially would consist of silver and molybdenum projects and/or uranium exploration projects.
The Company is currently focused on acquiring projects that meet management's criteria in North and South America.
HOW SILVER WAS MEANT TO BE
The London-based Argentium Silver Co. today announced the launch of a new sterling silver that keeps its shine indefinitely without the need for polishing. Argentium(TM) Sterling Silver is the first highly tarnish-resistant sterling available in all the traditional forms needed for wide scale manufacture. This new silver is set to replace up to 50% of the total worldwide silver market (*30 billion dollars) share from traditional sterling silver and be worth a total of 15 billion dollars as early as the year 2010.
---> Read Complete Story
PRESIDENT SELECTS SENATE AGRICULTURE AIDE FOR CFTC SEAT
President Bush announced his intention late last month to nominate Michael Dunn to complete a five-year term on the Commodity Futures Trading Commission set to expire in June 2006.
Dunn currently works for the Senate Agriculture Committee, the panel that has oversight of the commission.
A Democrat, Dunn previously served as commissioner and director of the Office of Policy and analysis at the Farm Credit Administration, according to the White House. Before that, he served as undersecretary for marketing and regulatory programs at the Agriculture Department.
About SUA
The Silver Users Association is a non-profit organization that was established in 1947 to represent the interests of companies that make, sell and distribute products and services in which silver is an essential component.
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