-- Posted 19 August, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $810.85 | +$10.90 |
Silver | $13.12 | UNCH |
XAU | 142.71 | +2.33% |
HUI | 329.44 | +2.48% |
GDM | 996.91 | +2.52% |
JSE Gold | 1696.68 | +12.32 |
USD | 76.74 | -0.36 |
Euro | 147.85 | +0.82 |
Yen | 91.15 | +0.29 |
Oil | $114.53 | +$1.66 |
10-Year | 3.842% | +0.026 |
T-Bond | 117.578125 | -0.34375 |
Dow | 11348.55 | -1.14% |
Nasdaq | 2384.36 | -1.35% |
S&P | 1266.69 | -0.93% |
The Metals:
Gold and silver fell over 2% in Asia and rebounded back near unchanged in London before they rose to find over 1% gains at $814.90 and $13.337 by about noon EST in New York. Both metals then fell back off a bit in afternoon trade, but gold still ended with a gain of 1.36% while silver ended unchanged on the day.
Euro gold rose to about €549, platinum lost $35.50 to $1352.50, and copper gained over eleven cents to about $3.43.
Gold and silver equities rose over 3% by early afternoon before they fell back off slightly into the close, but they still ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | July | 1.2% | 0.6% | 1.8% |
Core PPI | July | 0.7% | 0.2% | 0.2% |
Building Permits | July | 937K | 959K | 1138K |
Housing Starts | July | 965K | 960K | 1084K |
The fed’s Lacker today called for a Core year/year inflation rate of 1.5% which is even less than the fed’s earlier stated target of 2.0% y/y and far below the y/y core rate of 3.5% reported today. The fed’s Fisher said that the Fed should remain "poised" to hike rates if slowing growth fails to contain inflation pressure and also said that he did not regret dissenting from other fed members at past meetings in calling for higher interest rates than the rest of the members. While both of these comments seem hawkish, there are several who think that raising interest rates will do nothing to help contain inflation and still others who think that listening to fed members is a fairly useless exercise to begin with. Watch what they do instead. There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade as Tropical Storm Fay hit Florida and did not hit operations in the Gulf of Mexico, but prices turned higher in late trade on geopolitical concerns between NATO and Russia as a forecast also surfaced for Fay to possibly turn Northwest and impact operations after all.
The U.S. dollar index had an outside day of a higher high and a lower low which could signal a technical reversal of its recent trend higher. Evidence of high inflation with the fed inept to do anything about it also dragged treasuries lower on the day.
The Dow, Nasdaq, and S&P fell on more financial concerns and inflation worries as PPI came in higher than expected and fed comments were less than soothing.
Among the big names making news in the market today were Home Depot, General Dynamics and Jet Aviation Management, Medtronic, Intel, Lehman Brothers and JPMorgan, and Merck.
The Commentary:
“Dear CIGAs,
Do you read headlines like the following concerning similar serious bank failures in Euroland? According to public figures on losses, the FDIC has $38 billion in capital to work with. There are problems in Euroland, of course, but do you really believe they will catch up to the US in the race to currency worthlessness?
Do you think the Fed has room to raise rates? Such an event would drop the Dow like a rock in a matter of days, killing whatever is left of a down trending US economy.
According to a retired IMF economist, a MAJOR US bank is in trouble. IS this your bank? None of us can know. Does your bank or financial agent have a relationship with this supposed institution that will cause your financial agent injury?
You should understand that all the media tricks being played to influence a bully market populated by the Hedgies has but temporary influence. You must understand that there is NO synthetic short in the dollar position because who on earth is rushing for dollars to pay off debts? It is a failure to meet debt obligations which today means non-functioning OTC derivatives that is the definition of DEFLATION. This is gold positive in a big way.
Are you, as practically as possible, distanced from your financial agent?
If you are not, please, do the necessary.”- Jim Sinclair, JSMineset.com
“December Gold finished up 11.1 at 816.8, 3.2 off the high and 24.8 up from the low.
September Silver closed up 0.005 at 13.105. This was 0.355 up from the low and 0.185 off the high.
The gold market managed an impressive pulse up trade after seeing initial weakness early in the trading session. In fact, the gold market actually managed to return to the vicinity of the August spike low early in the session, but prices seemingly recoiled up and away from that level quickly. However, with the US Dollar failing to rally in the face of hawkish US Fed comments and in the face of patently inflationary US PPI readings, it is possible that the bullish Dollar outlook was called into question. Clearly the gold bulls had some mid morning help in their case as oil prices sprang to life off a North American refinery glitch.
The silver market managed to throw off early weakness and at times prices were as much as 63 cents an ounce off its early lows. Seeing a sharp rebound in copper prices seemed to provide silver with an additional lift, especially since some traders suggested that the bounce in copper might have been the result of physical value hunting buying. Some traders suggested that the bounce in energy prices prompted spec and fund buying of physical commodities like silver, gold and the grains and therefore it is possible that some of the strength in the market toward was attributable to broad based buying interest.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Is gold demand soaring or plunging?
CMRE's October meeting examines the financial crisis
Sharp contraction in money supply points to Wall Street crunch
David Bond: Let's be Hunts
Ted Butler: Lessons of a lifetime
The Statistics:
As of close of business: 8/18/2008
Gold Warehouse Stocks: | 8,274,605 | +194,062 |
Silver Warehouse Stocks: | 138,237,682 | -49,564 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 659.03 | 21,188,547 | US$ 16,866m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.69 | 3,719,544 | US$ 3,021m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,003 | US$ 284m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.17 | 937,978 | US$ 746m |
Note: Change in Total Tonnes from yesterday’s data: The JSE subtracted 0.99 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/18/2008 | |
Total Net Assets | $1,572,902,693 | Ounces of Gold
in Trust | 1,967,280.000 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.19 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/18/2008 | |
Total Net Assets | $2,610,741,743 | Ounces of Silver
in Trust | 200,731,237.600 |
Shares Outstanding | 203,000,000 | Tonnes of Silver
in Trust | 6,243.44 |
Note: Change in Total Tonnes from yesterday’s data: 76.87 tonnes were added to the trust.
The Stocks:
Aurelian’s (ARU.TO) drill results, Fronteer’s (FRG) discovery, Banro’s (BAA) drill results, Anatolia’s (ANO.TO) permit, Angolplat’s (AMSJ.J)worker deaths, Lihir’s (LIHR) fiscal 2008 results, Fortuna’s (FVI.V) drill results, Fresnillo’s (FRES.L) first-half profits, and Starling’s (SRLM.OB) lawsuit were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Timberline | TLR+12.24% $2.20 |
2. US Gold | UXG +7.26% $1.18 |
3. Eldorado | EGO +6.87% $7.47 |
LOSERS
1. Apex | SIL -10.4% $2.93 |
2. Solitario | XPL -5.63% $3.35 |
3. Western Goldfields | WGW -5.49% $1.55 |
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:
Duran Ventures Terminates Option on JD Property in BC to Focus on Aguila and Pasacancha Project in Peru - More
- August 19, 2008 | Item | E-mail
Significant Land Package Optioned Adjacent to U.S. Gold Corp. Project - More
- August 19, 2008 | Item | E-mail
GoldSpring Renews Reclamation Permit for Comstock Lode Property - More
- August 19, 2008 | Item | E-mail
Vena Resources Closes Private Placement - More
- August 19, 2008 | Item | E-mail
Victory Nickel Announces Offer for Independent Nickel - More
- August 19, 2008 | Item | E-mail
Skye Resources Securityholders Approve Business Combination With HudBay Minerals - More
- August 19, 2008 | Item | E-mail
American Uranium Acquires Interest in Nu Star Exploration's Arizona Strip Claims - More
- August 19, 2008 | Item | E-mail
Canadian Royalties Appoints an Interim Chief Financial Officer - More
- August 19, 2008 | Item | E-mail
Independent Nickel Advises Shareholders to Take No Action in Response to Victory Nickel's Unsolicited Takeover Bid - More
- August 19, 2008 | Item | E-mail
Victoria Gold Corp. to Acquire Gateway Gold Corp. - More
- August 19, 2008 | Item | E-mail
Klondike Gold Corp.'s Joint Venture Partner Klondike Star Mineral Corp. Greens Lights Indian River Gold Project - More
- August 19, 2008 | Item | E-mail
Tamerlane Announces Flow-Through Unit Financing - More
- August 19, 2008 | Item | E-mail
Lounor Exploration Inc. - Private placement - More
- August 19, 2008 | Item | E-mail
Phase II drill program recommended for BRL Venture, Guyana - More
- August 19, 2008 | Item | E-mail
New Guinea Gold Announces Mine Development Strategy - More
- August 19, 2008 | Item | E-mail
Aeroquest Served With Statement of Claim - More
- August 19, 2008 | Item | E-mail
James Bay Resources Makes Additions to Management Team and Board of Directors - More
- August 19, 2008 | Item | E-mail
Inspiration Intersects 0.319% Ni Over 13.96m or 45.80ft and 0.259% Ni Over 21.93m or 71.95ft (True Width) - More
- August 19, 2008 | Item | E-mail
Marathon PGM to Trigger Bird River Joint Venture With $400,000 Payment to Gossan - More
- August 19, 2008 | Item | E-mail
Assay Results Confirm the Continuation of Near Surface Mineralization at Slam Exploration's Nash Creek Deposit - More
- August 19, 2008 | Item | E-mail
Nord Resources Proceeding With Construction at Johnson Camp Mine to Facilitate New Copper Mining - More
- August 19, 2008 | Item | E-mail
Tiger Resources Limited Announces High Grade Intersections Over Wide Drill Intercepts From Resource Drilling at the Kileba Copper Deposit - More
- August 19, 2008 | Item | E-mail
Northern Superior Announces Board Appointments and the Release of Financial and Operating Results - More
- August 19, 2008 | Item | E-mail
Aurelian Update on FDN Infill and Other Drill Results from Condor Project - "Aurelian Resources Inc. (TSX:ARU - News) today announced additional drill results from the Fruta Del Norte ("FDN") gold-silver deposit discovered in its Condor Project in southeastern Ecuador. The majority of the results are from infill holes in the central high grade part of the system (9583300N to 9583700N). These new data come from exploration activity that was completed prior to the April 2008 suspension of activities but on which QA/QC, verification and review have just been completed. Aurelian also reported on other drilling on the Condor project to the east and the west of FDN." More
- August 19, 2008 | Item | E-mail
Pelangio Advised by Detour Gold of Filing of Technical Report - More
- August 19, 2008 | Item | E-mail
Fronteer Discovers New High-Grade Gold Zone at Long Canyon, Nevada - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(FRG - News) is pleased to announce the discovery of a new zone of high-grade gold mineralization at its Long Canyon Project in Nevada." More
- August 19, 2008 | Item | E-mail
Detour Gold Files Technical Report for Mineral Resource Update at Detour Lake and Provides Cut-Off Grades Sensitivities, Preliminary Mining Schedule - More
- August 19, 2008 | Item | E-mail
Treasury Metals Commences Trading on the Toronto Stock Exchange (TSX: TML) - More
- August 19, 2008 | Item | E-mail
Fortuna Announces Drill Results From Soledad and Silvia Veins at the Caylloma Mine, Peru - "Fortuna Silver Mines Inc. (CDNX:FVI.V - News)(BVL: FVI) is pleased to announce the results from drilling of the Soledad and Silvia veins located in the northeastern portion of the Caylloma District, Arequipa, Peru. The Soledad and Silvia veins are located in proximity to and are sub-parallel to the San Cristobal and Santa Cata veins which were extensively mined for high grade silver ores from the 16th to 20th centuries." More
- August 19, 2008 | Item | E-mail
Baffinland Announces Letter of Intent With Riva for the Sale of Additional Future Iron Ore Production - More
- August 19, 2008 | Item | E-mail
Khan Resources Extends Offer for Western Prospector - More
- August 19, 2008 | Item | E-mail
Monroe Minerals Second Quarter 2008 Results and Highlights - More
- August 19, 2008 | Item | E-mail
Mindoro Reports Further Excellent Drill Results From Agata Nickel Laterite Project - More
- August 19, 2008 | Item | E-mail
Piedmont Reports Exploration Progress At Willow Creek Gold Project, Nevada - More
- August 19, 2008 | Item | E-mail
Zazu Hits High Grade Zinc Intercepts at Start of Summer Program - More
- August 19, 2008 | Item | E-mail
Marathon's Growth Continues, Ore Fault Property Acquisition Completed - More
- August 19, 2008 | Item | E-mail
General Moly Enters into Land Lease with Eureka County and Initiates Construction on Employee Housing Annex - More
- August 19, 2008 | Item | E-mail
Metals Creek Resources Corp. Commences Drilling on the Tillex Copper Deposit, 45 Km East of the Kidd Creek Metalurgical Site - More
- August 19, 2008 | Item | E-mail
General Metals Management Discusses Results Identified in Interim Report and Continues on the Path to Near Term Production - More
- August 19, 2008 | Item | E-mail
Yorbeau Obtains Great Results From First Drill Targets at Lake Gamble - More
- August 19, 2008 | Item | E-mail
Energy Fuels Announces Six-Fold Increase in Compliant Uranium Resources With New NI 43-101 Technical Reports - More
- August 19, 2008 | Item | E-mail
Banro intersects 29.00 metres grading 5.59 g/t Au, 7.70 metres grading 18.58 g/t Au and 13.50 metres grading 9.14 g/t Au in Pre-Feasibility Drilling - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce further results from the Company's pre-feasibility, infill core drilling program at its wholly-owned Namoya project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC")." More
- August 19, 2008 | Item | E-mail
Skygold Announces Further Drilling Results for Spanish Mountain - More
- August 19, 2008 | Item | E-mail
AuEx Ventures, Inc.: Long Canyon Drilling Returns 75 Feet at 0.226 opt Gold in New Zone - More
- August 19, 2008 | Item | E-mail
Vantex Resources Ltd.: Diamond Drilling Results on the Guillet Property - More
- August 19, 2008 | Item | E-mail
Augen Gold Corp. - Check Assays Show 11.5% Increase In Grades Reported From Former Drill Program - More
- August 19, 2008 | Item | E-mail
Anatolia receives Copler forestry permit - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO - News) announces the Company has been notified that the forestry permit for its Copler Gold Mine has been approved by the General Directorate of Forestry, a division of the Turkish Ministry of Environment and Forestry ("MoEF"). The permit grants the lease of forestry lands for use in the mining operation through the life of the project. This is the final major pre-construction permit needed for Copler." More
- August 19, 2008 | Item | E-mail
Colorado Goldfields Commences Drilling at Mogul Mine - More
- August 19, 2008 | Item | E-mail
Angloplat say mines running after two workers die - "South Africa's miners union said on Tuesday that two workers died at Anglo Platinum's (AMSJ.J: Quote, Profile, Research, Stock Buzz) mines, but the world's top platinum producer said it had not shut its operations after the incidents.
South Africa, the world's top source of platinum and a major gold producer, has an appalling underground safety record. The government has routinely shut down operations temporarily after deaths so that companies can probe mine safety or make repairs." More
- August 19, 2008 | Item | E-mail
Shituru Project Update - IBX appoints Director of Operations - More
- August 19, 2008 | Item | E-mail
HuntMountain Releases Additional High-Grade Gold-Silver Intercepts at La Josefina - More
- August 19, 2008 | Item | E-mail
LGL's (Lihir Gold) First Half Year Fiscal 2008 Financial Results - "Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(Other OTC:LIHRF.PK - News) ("LGL") is pleased to announce the release of its Financial Results for the six month period ended June 30, 2008. Documents relating to these results, including the Financial Results, Management Discussion and Analysis and an overview presentation will be available on SEDAR shortly at (http://www.sedar.com) and on the Company's website: www.LGLgold.com. Also, a recording of the Company's discussion of these results is available on LGL's website." More
- August 19, 2008 | Item | E-mail
Galway Resources releases new resource estimates for the Victorio project - More
- August 19, 2008 | Item | E-mail
Miner Fresnillo H1 profit jumps, costs may fall - "London-listed Mexican miner Fresnillo Ltd (FRES.L: Quote, Profile, Research, Stock Buzz), the world's biggest primary silver producer, posted 56 percent higher first-half profits on strong metals prices and said costs may fall in the second half.
Fresnillo, a unit of Mexico's Penoles (PENOLES.MX: Quote, Profile, Research, Stock Buzz), said on Tuesday first-half attributable net profit rose to $141 million and said it was on track to meet full-year production targets." More
- August 19, 2008 | Item | E-mail
Canadian Arrow Mines Upgrades Kenbridge Nickel Resource Estimate - 87% Increase in Nickel Contained in Measured and Indicated Classes - More
- August 19, 2008 | Item | E-mail
Sunshine Announces Lawsuit Against Sterling Mining Company - "After nearly 5 months of failure to pay rent for the office located at 1176 Big Creek Road, Kellogg, ID, a lawsuit was filed in the State of Idaho District Court by Liesche & Reagan on behalf of their client Sunshine Property Group, LLC, Series Two, A Delaware Series LLC against Sterling Mining Company (a publicly-traded company trading as "SRLM") for not paying rent." More
- August 19, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 August, 2008 | |
