-- Posted 8 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $799.15 | -$0.05 |
Silver | $11.98 | -$0.255 |
XAU | 124.29 | -4.13% |
HUI | 286.54 | -4.85% |
GDM | 855.93 | -4.79% |
JSE Gold | 1637.67 | +2.04 |
USD | 79.47 | +0.53 |
Euro | 141.54 | -0.80 |
Yen | 92.52 | -0.49 |
Oil | $106.34 | +$0.11 |
10-Year | 3.665% | +0.005 |
T-Bond | 120.109375 | +0.171875 |
Dow | 11510.74 | +2.58% |
Nasdaq | 2269.76 | +0.62% |
S&P | 1267.79 | +2.05% |
The Metals:
Gold rose $19 to $818.20 by early trade in New York before it fell to see a $2.45 loss at $796.75 by early afternoon, but it then rallied back higher in the last hour of trade and ended at about unchanged. Silver rose nearly 3.5% to $12.66 in Asia, but it then fell back off for most of the rest of trade and ended near its low of $11.88 with a loss of 2.1%.
Euro gold rose to about €567, platinum lost $14 to $1344, and copper fell slightly to about $3.11.
Gold and silver equities fell for most of trade and ended with over 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | July | $4.6B | $8.5B | $11.0B |
Fannie and Freddie are now under government control in a conservatorship managed by the FHFA. Tomorrow at 10AM is the Pending Home Sales report for July expected at -1.4% and the Wholesale Inventories report for July expected at 0.7%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on worries over Hurricane Ike that is approaching the Gulf of Mexico before dollar strength again took oil lower in late morning action, but it rose to find a slight gain by the close as traders also debated what will come out of OPEC’s meeting tomorrow. Many expect a production cut at some point, but few seem to agree about when that cut may come.
The U.S. dollar index rose on the Fannie and Freddie bailout plan as some argue that it evidences the fact that the US has the power to do such a thing to protect the currency while other countries may not have the ability to solve their own various credit crises in similar ways as other nations simply do not have the “bazooka” that Paulson has been given. On the other hand it points out the fact that things have gotten so bad to require such a large solution and should that fail, what else can be done?
Treasuries rose on mortgage related buying in response to the government’s bailout of Fannie Mae and Freddie Mac
The Dow, Nasdaq, and S&P rose markedly at the open before they sold back off a bit midday, but they then rallied back higher in the last hour of trade and ended with notable gains.
Among the big names making news in the market today were Washington Mutual, Altria, Fannie Mae and Freddie Mac, and Lehman Brothers.
The Commentary:
“December Gold finished down 0.3 at 802.5, 20.5 off the high and 1 up from the low.
December Silver closed down 0.26 at 12.065. This was 0.095 up from the low and 0.555 off the high.
Apparently the gold bulls were not able to extend their initial optimism toward the market in the wake of residual strength in the Dollar, sagging oil prices and ongoing concerns of slowing. Clearly a host of physical commodities remain concerned about the threat of too much slowing, and with the Dollar staying strong in the face of potentially undermining financial sector developments the bull camp had to feel as if they were on the short end of the stick during the trade Monday. It was clear that the gold market was able to outperform the rest of the precious metals markets, but overall the gold bulls can't be that confident given the gold markets failure to hold its early strength.
The silver market pretty much followed the gold market around on Monday, but the silver market action wasn't nearly as impressive as the action in the gold market. In fact, the silver market did show an early bounce like gold but clearly the silver market weakened up considerably more than the gold market in the afternoon action. As suggested in the gold coverage, it appeared as if the silver market was undermined by the lack of sustained macro economic optimism throughout the trading session and it also seemed as if the silver market was to a degree tied even closer to the action in the US stock market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: Thinking like 'Fat Tony'
Michael Kosares: Six situations to monitor for the rest of 2008
Fannie/Freddie credit is good again, but what about U.S. government's?
Bob Moriarty: Manipulation? Or simply deleveraging?
James Turk: Does the buck stop here?
U.S. poised to grab more financial reins
Treasury will buy billions in Freddie and Fannie bonds
U.S. nationalizes Freddie, Fannie, wiping out shareholders
Al Korelin interviews Ed Steer of Casey Research and GATA
Huge rise in the price of food in Britain
NYTimes: Freddie, Fannie shareholders to be wiped out
U.S. near deal on Fannie, Freddie
The Statistics:
As of close of business: 9/8/2008
Gold Warehouse Stocks: | 8,703,95 | +162,632 |
Silver Warehouse Stocks: | 138,552,570 | +91,117 |
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 | 642.18 | 20,646,733 | US$ 16,684m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.66 | 3,718,717 | US$ 2,979m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,925 | US$ 280m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.21 | 874,772 | US$ 707m |
Note: Change in Total Tonnes from yesterday’s data: The JSE subtracted 0.98 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/5/2008 | |
Total Net Assets | $1,525,216,984 | Ounces of Gold
in Trust | 1,912,364.791 |
Shares Outstanding | 19,400,000 | Tonnes of Gold
in Trust | 59.48 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 9/5/2008 | |
Total Net Assets | $2,668,227,798 | Ounces of Silver
in Trust | 209,781,279.100 |
Shares Outstanding | 212,250,000 | Tonnes of Silver
in Trust | 6,524.93 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Alexco’s (AXU) subcontract, Cardero’s (CDY) metallurgical assessment, Central Sun’s (SMC) operations update, Lihir’s (LIHR) 43-101 report, Seabridge’s (SA) metallurgical test work, Vista’s (VGZ) feasibility study results, Great Panther’s (GPR.TO) underground loader, Endeavour’s (EXK) exploration results, Bear Creek’s (BCM.V) drilling, Orko’s (OK.V) assay results, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Western Goldfields | WGW +4.80% $1.31 |
2. International Royalty | ROY +3.93% $3.17 |
3. Lihir | LIHR +2.79% $16.22 |
LOSERS
1. Banro | BAA -26.23% $1.89 |
2. Hecla | HL -14.24% $5.30 |
3. US Gold | UXG-13.82% $1.06 |
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:
Cangold Reports on Phase I Drilling Program at Plomo - More
- September 08, 2008 | Item | E-mail
Wealth Discovers Outcropping Uranium Mineralization on its Macusani Project, Puno District, Southeast Peru - More
- September 08, 2008 | Item | E-mail
Crosshair Announces Amendment to Plan of Arrangement - More
- September 08, 2008 | Item | E-mail
World Ventures Inc. - Private Placement Financing - More
- September 08, 2008 | Item | E-mail
AXMIN Appoints Alex Dann Chief Financial Officer - More
- September 08, 2008 | Item | E-mail
Asia Now announces resignation of Director - More
- September 08, 2008 | Item | E-mail
Bard Ventures' Drilling Results Increase Grades of Molybdenum at B.C. Property - More
- September 08, 2008 | Item | E-mail
The top 10 gold companies based on production - "Here is a list of the world's top 10 gold companies
based on annual production.: More
- September 08, 2008 | Item | E-mail
Alexco Environmental Services Group Successfully Completes US Government Subcontract for Acidic Pit Lake Treatment - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AXU - News) ("Alexco") is pleased to announce the successful completion by Alexco Resource U.S. Corp. (a wholly owned subsidiary of Alexco) of an emergency pit lake treatment environmental services contract at the Barite Hill gold mine that was abandoned in the 1990s near McCormick, South Carolina." More
- September 08, 2008 | Item | E-mail
Cue Resources Completes Acquisition of Yuty Uranium Project - More
- September 08, 2008 | Item | E-mail
Great Panther Acquires Two New Underground Loaders to Boost Production of the Guanajuato Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to report that it has received the second of two new underground loaders for the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. The loaders, known as Scooptram ST-3.5's, are supplied by Atlas Copco of Sweden and are ideally suited to the Guanajuato mine." More
- September 08, 2008 | Item | E-mail
Abitex signs option and joint venture agreement with AREVA and SOQUEM for "L" property and commences drill program - More
- September 08, 2008 | Item | E-mail
Guinea says to speed up mines contracts review - "Guinea, the world's top bauxite exporter, will speed up a mining contracts review, the country's finance minister said on Monday, adding that most mining agreements were "not necessarily" in the national interest." More
- September 08, 2008 | Item | E-mail
Capital Gold Commences Deep Drilling Campaign - More
- September 08, 2008 | Item | E-mail
Volta grants option to Predictive Discovery Proprietary Limited on specified Bui Belt licenses in Ghana - More
- September 08, 2008 | Item | E-mail
Evolving Gold Intersects 2.48 Grams/Tonne over 146 Meters at its Rattlesnake Hills Property - More
- September 08, 2008 | Item | E-mail
Alturas Minerals Hires Global Vista S.A. for Investor Relations Services - More
- September 08, 2008 | Item | E-mail
Jinshan to Receive US$19.1 Million Un-Hedged Debt Facility From the Industrial and Commercial Bank of China - More
- September 08, 2008 | Item | E-mail
Colossus Minerals Inc. Appoints Patrick F.N. Anderson to the Board of Directors - More
- September 08, 2008 | Item | E-mail
Potential Plant Capacity Increases at Mana - More
- September 08, 2008 | Item | E-mail
Northern Shield Provides Updates on Exploration at Max and Wabassi Properties - Drilling Resumes at Max after Nickel Mineralization Identified - More
- September 08, 2008 | Item | E-mail
Minera Andes announces a mineral resource estimate of 922 million tonnes of 0.55% copper at Los Azules - More
- September 08, 2008 | Item | E-mail
Key details of Ecuador's mining bill draft - "Ecuador's leftist government plans to tighten control of the country's mining sector with a new law that will set hefty royalties and tougher environmental checks." More
- September 08, 2008 | Item | E-mail
Unico, Inc. Announces an Additional $300,000 in Financing From Moore Investment Holdings, LLC - More
- September 08, 2008 | Item | E-mail
Osisko Announces Updated Resource Estimate for Canadian Malartic - More
- September 08, 2008 | Item | E-mail
Mantis reports high-grade gold assays up to 47.8 gpt from its Cree Lake property. - More
- September 08, 2008 | Item | E-mail
Skybridge Intersects High-Grade Mineralization at Blue Caribou; Company to Test "Feeder Zone" Concept - More
- September 08, 2008 | Item | E-mail
African Gold Group, Inc. Private Placement of Up to 2 Million Units - More
- September 08, 2008 | Item | E-mail
Jinchuan Board Approves Tiomin Kenya Purchase - More
- September 08, 2008 | Item | E-mail
Red Metal Announces Name Change, Increase in Authorized Capital Stock and Addition to Management Team - More
- September 08, 2008 | Item | E-mail
New Guinea Gold: Further Drilling Expands Central Oxide Zone at Sinivit - More
- September 08, 2008 | Item | E-mail
Field Program Yields Highest Single Reading at Ruhuhu Thus Far - More
- September 08, 2008 | Item | E-mail
Pacific Coast Nickel Corp. Updates Burwash Activity - More
- September 08, 2008 | Item | E-mail
Ivernia Inc. Appoints Ann Candelario as Director Investor Relations and Corporate Communications - More
- September 08, 2008 | Item | E-mail
Alamos Gold Inc. Announces Delineation of New Gold Zone at Cerro Pelon - More
- September 08, 2008 | Item | E-mail
Sherwood & Capstone Announce Combination to Create Intermediate Copper Producer - More
- September 08, 2008 | Item | E-mail
Premier Red Lake drilling returns high grade gold - More
- September 08, 2008 | Item | E-mail
Visible pitchblende veins containing 1.19% to 7.92 % U(3)O(8) found at the West Target property - More
- September 08, 2008 | Item | E-mail
Capstone & Sherwood Announce Combination to Create Intermediate Copper Producer - More
- September 08, 2008 | Item | E-mail
Freegold Extends High-Grade Mineralization at Rob with 2.4 m of 62 g/t Gold in First Step-Out Hole - More
- September 08, 2008 | Item | E-mail
Capital Gold Commences Deep Drilling Campaign - More
- September 08, 2008 | Item | E-mail
Rimfire and Inmet Commence Drilling at Grizzly - More
- September 08, 2008 | Item | E-mail
Fission Energy Corp. Promotes Ross McElroy to President and Chief Operating Officer - More
- September 08, 2008 | Item | E-mail
Tianjian Institute Organizes Douglas Lake Property Visits - More
- September 08, 2008 | Item | E-mail
Silverstar Mining Enters Into Letter of Intent - More
- September 08, 2008 | Item | E-mail
Canadian Mining Appoints SJ Geophysics Ltd. - More
- September 08, 2008 | Item | E-mail
Ventura Reports Extension of Inmaculada's Angela Vein to > 800-Meter Strike Length, Including Drill Intercept of 2.2 Meters at 16 gpt Gold and 447 gpt Silver - More
- September 08, 2008 | Item | E-mail
Pacific North West Capital Corp. & SOQUEM Thunder Target Update - More
- September 08, 2008 | Item | E-mail
Ecuador plans 3-8 pct mining royalty on sales-bill - "Ecuador plans to charge mining companies a 3 to 8 percent sliding-scale royalty based on sales and will negotiate terms of new extraction contracts, according to a draft of the mining bill obtained by Reuters on Monday." More
- September 08, 2008 | Item | E-mail
Luna Gold intercepts 20.00 m of 9.04 g/t Au including 6.00 m of 27.72 g/t Au at the Cachoeira gold project, Brazil - More
- September 08, 2008 | Item | E-mail
Uranium Energy Corp Completes Successful Hydrologic Tests and Files Production Area Authorization Application at the Goliad ISR Project - More
- September 08, 2008 | Item | E-mail
Victoria's Drill Hole NW-11 Intersects Multiple High-Grade Zones of Gold Within Wide Mineralized Intervals in the Helen Zone at Cove-McCoy - More
- September 08, 2008 | Item | E-mail
Khan Resources Announces Submission of Reserve to Mongolian Government - More
- September 08, 2008 | Item | E-mail
Northland Resources Inc.: New Drill Results from the Pellivuoma Iron Project, Sweden; New Iron Targets Identified - More
- September 08, 2008 | Item | E-mail
Pelangio Exploration Inc. Announces Closing of Arrangement - More
- September 08, 2008 | Item | E-mail
PDX Announces Closing of Arrangement - More
- September 08, 2008 | Item | E-mail
Colorado Goldfields, Inc. Announces Drilling Program Shows Progress - More
- September 08, 2008 | Item | E-mail
U.S. Antimony Announces Record Zeolite Sales - More
- September 08, 2008 | Item | E-mail
Geovic Mining Corp.: Progress Update on East Mada Drilling Program - More
- September 08, 2008 | Item | E-mail
Mirabela Announces More Excellent Deep Drilling Results - More
- September 08, 2008 | Item | E-mail
Goldcorp Declares Ninth Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(GG - News) is pleased to declare its ninth monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Thursday, September 18, 2008 will be entitled to receive payment of this dividend on Friday, September 26, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- September 08, 2008 | Item | E-mail
Endeavour Silver Discovers Four New Zones of High Grade Silver-Gold Mineralization at Guanajuato Mines Project in Guanajuato State, Mexico - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(EXK - News)(DBFrankfurt:EJD) announces that exploration drilling on its Bolanitos properties at the Guanajuato Mines project in Guanajuato State, Mexico has encountered four new zones of high grade silver-gold mineralization." More
- September 08, 2008 | Item | E-mail
Bear Creek announces drilling start up on Piedra Sagrada Gold Targets, Peru - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to present its Piedra Sagrada Gold (Copper) Project located in Apurimac Department, Peru. Following significant efforts to consolidate Bear Creek's land position in a large, untested epithermal gold/porphyry copper district, Phase I drilling will commence in early September." More
- September 08, 2008 | Item | E-mail
Cardero Resource Corp.: Pampa de Pongo Iron Deposit Metallurgical Assessment Continues to Return Highly Positive Results - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(CDY - News)(Frankfurt:CR5.F - News) is pleased to provide an update on the Pampa de Pongo Iron Deposit metallurgical assessment, currently in progress at the Natural Resources Research Institute (NRRI), Minnesota. Bench-scale mini-pot pellets returned a preliminary grade of 65.1% iron. Pilot-scale pelletizing and fired-pellet production has also been completed and, as planned, 98 kg (216 lbs) of pellets were produced with three full pot-grate tests." More
- September 08, 2008 | Item | E-mail
Central Sun Operations Update: Orosi Mill Project Advancing Well and Recovery Improves at Limon Mine - "Central Sun Mining Inc. ("Central Sun" or the "Company") (Toronto:CSM.TO - News)(Toronto:CSM-WT.TO - News)(SMC - News) is pleased to provide the following update on its Orosi Mine Mill project and the Limon Mine. The Company continues to make steady progress that will position Central Sun as an emerging gold producer with expected annual production at a rate of 125,000 ounces per year once the Orosi Mine returns to production." More
- September 08, 2008 | Item | E-mail
Lihir Gold Limited Files Mt. Rawdon NI 43-101 Technical Report - "Lihir Gold Limited (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(LIHR - News) ("LGL") is pleased to announce the filing of its Mt. Rawdon Mine Technical Report, completed to NI 43-101 standards, which will be available on SEDAR shortly at (http://www.sedar.com) and on the Company's website: www.LGLgold.com. This report was prepared under the supervision of Mr. Morgan Hart, BappSc Geology, MAusIMM, Executive General Manager Australia and Africa, an appropriately qualified person according to NI 43-101." More
- September 08, 2008 | Item | E-mail
Positive Metal Recoveries Predicted for Seabridge Gold's KSM Project - "Metallurgical test work for Seabridge Gold's (Toronto:SEA.TO - News)(SA - News) 100% owned KSM Project predicts gold recoveries averaging 77.4% and copper recoveries averaging 84.8% at a concentrate grade of 25% copper. The results of the test work will be incorporated into the Preliminary Assessment scheduled for completion later this year. The testing focused on the Mitchell zone, which at this early planning stage accounts for more than 85% of the KSM gold resource." More
- September 08, 2008 | Item | E-mail
Orko Silver Hits 26 Metre Intercept on Martha Vein - "Of particular note in this release for the Martha Vein is hole BP08-217, which yielded a true thickness of 5.52 metres grading gold 0.446 g/t and silver 306.0 g/t for a silver-equivalent of 332.7 g/t, plus lead 2.70 % and zinc 1.65 %." More
- September 08, 2008 | Item | E-mail
Scorpio's Drilling of the North West Main Zone Intersects 13,671 g/t Silver, 8.18% Zinc, 0.37% Copper, 25.69% Lead and 4.75 g/t Gold over 0.6 metres within 18 m - "As our geological team increases its understanding of the controls of the various ore bodies and their relationship to feeder zones, our success ratio of defining high-grade shoots has increased. The detailed drilling into the NW Zone has now allowed enough data for immediate mine planning and supporting development to prepare for extraction later this fall. This high-grade material will be blended into the existing surface stockpile to increase the grade of mill throughput, allowing for greater tonnages of concentrates to be produced. The Company is clearly excited with the long-term potential of this area and work also continues on the definition of the Jewel Box area in the down plunge sector from this zone." More
- September 08, 2008 | Item | E-mail
Vista Announces Paredones Amarillos Feasibility Study Results and Provides Update on Permitting Status for the Project - "Vista Gold Corp. ("Vista" or the "Company") (Amex: VGZ; TSX) is pleased to announce the results of the feasibility study ("Study") on the Company's wholly-owned Paredones Amarillos gold project located in Baja California Sur ("BCS"), Mexico. The Study was prepared by SRK Consulting of Lakewood, Colorado ("SRK")." More
- September 08, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 September, 2008 | |
