-- Posted 9 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $788.45 | -$10.70 |
Silver | $11.64 | -$0.34 |
XAU | 112.57 | -9.43% |
HUI | 260.25 | -9.17% |
GDM | 771.25 | -9.89% |
JSE Gold | 1503.59 | -134.08 |
USD | 79.44 | -0.03 |
Euro | 141.05 | -0.36 |
Yen | 93.40 | +1.14 |
Oil | $103.26 | -$3.08 |
10-Year | 3.596% | -0.069 |
T-Bond | 121.046875 | +0.9375 |
Dow | 11230.73 | -2.43% |
Nasdaq | 2209.81 | -2.64% |
S&P | 1224.51 | -3.41% |
The Metals:
Gold rose $5.85 to $805.00 and silver climbed 21 cents to $12.19 in London before both metals fell to as low as $776.25 and $11.49 by midmorning in New York, but both metals bounced about 1.5% from those lows in the last couple of hours of trade and gold ended with a loss of 1.34% while silver closed with a loss of 2.84%. At the time of writing both metals have fallen to new lows in after hours access trade.
Euro gold fell to about €555, platinum lost $91 to $1253, and copper fell a couple of cents to about $3.09.
Gold and silver equities fell throughout the day and ended almost 10% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | July | -3.2% | -1.4% | 5.8% |
Wholesale Inventories | July | 1.4% | 0.7% | 0.9% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the seventh day in a row as Hurricane Ike appears as if it will miss most of the facilities in the Gulf of Mexico, OPEC gave no real indication of cutting production anytime soon, and the EIA said demand is at the lowest level since 2003.
The U.S. dollar index fell and treasuries rose as the Dow, Nasdaq, and S&P fell markedly and ended at their lows of the day with over 2% losses on more financial worries as Lehman Brothers fell more than 40% on concerns that they are having trouble raising any capital.
Among the big names making news in the market today were Lehman Brothers, Reynolds American, Fannie and Freddie, McDonald’s, Google, and Wells Fargo.
The Commentary:
“December Gold finished down 10.5 at 792, 9.5 off the high and 11.5 up from the low.
December Silver closed down 0.35 at 11.715. This was 0.035 up from the low and 0.335 off the high.
About the most positive thing that can be said of the gold market on Tuesday is that the market initially managed to respect that August spike lows. However, it has to be very disappointing to the bull camp to see gold remain weak in the face of a noted weakening of the US Dollar. Certainly gold attempted to bounce in the wake of the softer than expected US economic data and the reversal in the Dollar, but in the end the gold market remained moderately lower on the day. With the fear of slowing dominant in the headlines and oil prices joining a long list of physical commodity markets under pressure on Tuesday, a number of elements were working in the bear camp's favor. While the market wasn't specifically paying attention to physical supply side issues, the gold market was also presented with news of a possible increase in gold production from a Russian mining company.
The silver market remained in a downward motion on the charts with the market easily forging another new low for the move and the lowest futures price since October of 2006. Clearly slumping physical commodity prices added to the downside tilt but for the market not to garner some support from a weaker Dollar would seem to highlight the bearish psychology in the marketplace. While the copper market managed to reject some of its early weakness, the platinum market started out weak and became even weaker during the trading session and that probably added to the vulnerability of the silver market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
A U.S. government bailout of foreign investors
Nationalization of Fannie, Freddie triggers defaults for derivatives
The Statistics:
As of close of business: 9/8/2008
Gold Warehouse Stocks: | 8,556,555 | -147,398 |
Silver Warehouse Stocks: | 139,149,078 | +596,508 |
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 | 641.93 | 20,638,582 | US$ 16,674m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.66 | 3,718,675 | US$ 2,894m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,922 | US$ 272m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.23 | 843,234 | US$ 681m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.25 tonnes and the JSE subtracted 0.98 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/8/2008 | |
Total Net Assets | $1,524,975,603 | 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 9/8/2008 | |
Total Net Assets | $2,596,792,510 | 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:
Agnico’s (AEM) comments on potential acquisitions, Ivanhoe’s (IVN) talks with Mongolia, NovaGold’s (NG) class action suit and upcoming mine plan, Yamana’s (AUY) view on takeovers, Tanzanian Royalty’s (TRE) drill results, Centerra’s (CG.TO) upcoming meeting with the Kyrgyz government, Golden Star’s (GSS) drill results, Barrick’s (ABX) issued debt securities, Eldorado’s (EGO) repatriation of funds, Keegan’s (KGN) drill results, Polymetal’s (PMTLq.L) output, Sterling Mining’s (SRLM.OB) response to recent press releases, and Hecla’s (HL) priced offering were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northgate | NXG +2.22% $1.38 |
2. Banro | BAA +0.53% $1.90 |
LOSERS
1. Mines MGMT | MGN-24.12% $1.29 |
2. Tanzanian Royalty | TRE -22.55% $2.13 |
3. Great Basin | GBN -18.18% $1.62 |
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:
Crosshair's Plan of Compliance Accepted by AMEX - More
- September 09, 2008 | Item | E-mail
Ivanhoe still in talks over massive Mongolian mine - "Ivanhoe Mines (IVN.TO: Quote, Profile, Research, Stock Buzz) is continuing talks to develop the massive Oyu Tolgoi copper and gold mine as the Mongolian government has indicated mining remained important to the Central Asian nation, the company's executive chairman said on Tuesday." More
- September 09, 2008 | Item | E-mail
Metals Creek Resources Corp. Completes Private Placement - More
- September 09, 2008 | Item | E-mail
Miner Agnico calls for more access to M&A prey - "Agnico-Eagle Mines (AEM.TO: Quote, Profile, Research, Stock Buzz) is in the market for small-scale acquisitions, but the gold producer's chief executive on Tuesday said would-be targets need to make it easier for large players to check them out.
Speaking at the Denver Gold Forum, Agnico CEO Sean Boyd said many small mining companies -- who as a group have been hit hard by the credit crunch and sagging economy -- are not allowing bigger players to get a look at their operations." More
- September 09, 2008 | Item | E-mail
Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against NovaGold Resources Inc. - "The complaint charges NovaGold and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NovaGold is engaged in the business of exploration and development of mineral properties.
The complaint alleges that during the Class Period, defendants made false and misleading statements regarding the costs, progress and viability of NovaGold’s multi-billion dollar Galore Creek project. Specifically, defendants repeatedly touted the results of a feasibility study which estimated the capital costs for the Galore Creek project to be Cdn.$2.2 billion. In fact, developing Galore Creek would cost $5 billion, over twice what defendants represented." More
- September 09, 2008 | Item | E-mail
Yamana Gold not seeking takeovers: CEO - "Yamana Gold (YRI.TO: Quote, Profile, Research, Stock Buzz) is not on the hunt for acquisitions, the company's chief executive said on Tuesday.
"We're committed to growth, but it is organic growth for this company for the next year to couple of years, at least," CEO Peter Marrone said at the Denver Gold Forum." More
- September 09, 2008 | Item | E-mail
GoldSpring Appoints Robert Reseigh to Board of Directors - More
- September 09, 2008 | Item | E-mail
Tanzanian Royalty Identifies New High Grade Gold Mineralization at Kigosi Project, Fast Tracks Exploration to Access Deep Potential - "Significant high grade gold mineralization has been established in the Igunda Main Shear system (IGM) where two closely spaced (18 metres) reefs (A and B) have produced very encouraging high grade gold intersections with up to 30.58g/t. This high grade gold mineralization appears to be confined to quartz-veined chlorite schist shears that are up to 4.0 metres in width down hole." More
- September 09, 2008 | Item | E-mail
NovaGold sees Galore Creek mine plan this month - "NovaGold Resources (NG.TO: Quote, Profile, Research, Stock Buzz) expects to have a new plan for its Galore Creek copper-gold project out by the end of the month, the company's chief executive said on Tuesday, an event he hopes will give the hard-hit stock a boost." More
- September 09, 2008 | Item | E-mail
Diamond Drilling Commences on Eagle Plains' Bohan Project - More
- September 09, 2008 | Item | E-mail
Centerra CEO says next Kumtor meeting on Sept. 25 - "Canadian miner Centerra Gold's (CG.TO: Quote, Profile, Research, Stock Buzz) chief executive said on Tuesday that the next meeting with the Kyrgyz government regarding a license to develop the Kumtor gold deposit in the Central Asian state is scheduled on Sept. 25." More
- September 09, 2008 | Item | E-mail
Russia's Polymetal sees higher silver, gold output - "The chief executive of Russia's largest silver producer Polymetal (PMTL.MM: Quote, Profile, Research, Stock Buzz) (PMTLq.L: Quote, Profile, Research, Stock Buzz) said on Tuesday he expects the company's silver output will rise to 17.7 million ounces this year, up from 15.9 million ounces in 2007." More
- September 09, 2008 | Item | E-mail
Lydian Intersects 109m at 1.1g/t Gold (Including 34m at 3.1g/t Gold) as the Amulsar Gold Discovery Continues to Grow - More
- September 09, 2008 | Item | E-mail
Pele Mountain Initiates Permitting Process at Eco Ridge Mine - More
- September 09, 2008 | Item | E-mail
Hana Mining Reports Update of Corporate Activities and Exploration at Ghanzi Copper-Silver Project in Botswana - More
- September 09, 2008 | Item | E-mail
Canstar to buy properties in Newfoundland and Labrador - More
- September 09, 2008 | Item | E-mail
Baffinland Forms Exploration Joint Venture With Nunavut Tunngavik Inc. - More
- September 09, 2008 | Item | E-mail
Silver Mines Limited: Resource Estimate for Webbs Silver Project - More
- September 09, 2008 | Item | E-mail
East West Provides Exploration Update on Max Property, Drilling Resumes After Nickel Mineralization Identified-Norton-McFaulds Lake Area - More
- September 09, 2008 | Item | E-mail
Phase I Overburden Stripping and Alluvial Gold Recovery to Commence Prior to July 1, 2009, at Shoreham's Marudi Mountain Gold Project in Guyana - More
- September 09, 2008 | Item | E-mail
Tao Minerals Announces Share Purchase by Company CEO - More
- September 09, 2008 | Item | E-mail
Case Financial Focuses on Plans to Begin Drilling in Gold-Rich Carlin Trend - More
- September 09, 2008 | Item | E-mail
Stellar Resources Signs Farm-In Agreement for Mineral Exploration in Tanzania - More
- September 09, 2008 | Item | E-mail
Blue Note's Caribou Production Exceeds 100% in August - More
- September 09, 2008 | Item | E-mail
Atna Accelerates Briggs Gold Mine Re-Start - More
- September 09, 2008 | Item | E-mail
Trevali Intersects New Silver-Rich Sulphide Body at Magistral Central on its Santander Silver-Lead-Zinc Mine Project in Peru - More
- September 09, 2008 | Item | E-mail
Second Drill Arrives at PC Gold's Pickle Crow Gold Mine Property: Surface Sampling Returns Up to 179 g/t (5.22 oz/T) - More
- September 09, 2008 | Item | E-mail
U3O8 Corp. Receives One-Year Extension on Its Reconnaissance Permits for Uranium Exploration in Guyana - More
- September 09, 2008 | Item | E-mail
Golden Harp Resources completes 1,556-metre drill program to test gold-bearing green carbonates at MC Zone - More
- September 09, 2008 | Item | E-mail
Network signs letter of intent for gold-silver property in Peru - More
- September 09, 2008 | Item | E-mail
More High-Grade from New Discovery at Selwyn Project - More
- September 09, 2008 | Item | E-mail
Vault Technology, Inc. Announces Expansion Into Audiovisual System Integration and Technology Solutions - More
- September 09, 2008 | Item | E-mail
Seafield Provides Exploration Update: Drilling Begins at Fire Project, James Bay Lowlands, Ontario - More
- September 09, 2008 | Item | E-mail
Threegold Resources Inc.: Final Results for 2007 Drilling Program and Exploration Update on the Lemieux Dome Project - More
- September 09, 2008 | Item | E-mail
Luiri Gold Drilling Results in Zambia-Excellent Gold Grades From Drilling at the Matala Deposit on the Luiri Hill Project - More
- September 09, 2008 | Item | E-mail
Logan announces initial resource estimate and preliminary economic assessment for its Brynnor Iron Deposit, Redford Property, Vancouver Island, B.C. - More
- September 09, 2008 | Item | E-mail
General Moly Announces Co-Lead Project Finance Arrangers and Provides an Update to the Mt. Hope Feasibility Study - More
- September 09, 2008 | Item | E-mail
General Metals Update: Drill Results Include 185 Feet of Surface Oxide Mineralization Averaging 0.026 opt Au Equivalent - More
- September 09, 2008 | Item | E-mail
Copper Mountain Receives Conditional Approval For Listing of Shares on the TSX - More
- September 09, 2008 | Item | E-mail
Murgor's new NI 43-101 resource estimate increases the Wim copper-gold deposit by 130% - More
- September 09, 2008 | Item | E-mail
HoneyBadger Exploration Inc. retains Renmark Financial Communications Inc. - More
- September 09, 2008 | Item | E-mail
Uranium Star Corporation retains Renmark Financial Communications Inc. - More
- September 09, 2008 | Item | E-mail
MacDonald Mines Exploration Ltd. retains Renmark Financial Communications Inc. - More
- September 09, 2008 | Item | E-mail
Wallbridge Mining Vends Kirkland Lake Gold Properties to Tanqueray - More
- September 09, 2008 | Item | E-mail
VenCan Gold Corp. retains Renmark Financial Communications Inc. - More
- September 09, 2008 | Item | E-mail
HuntMountain's Sierra Madre Exploration Returns High-Grade Silver, Base Metals Results - More
- September 09, 2008 | Item | E-mail
S.Africa cos eye alternative to big coal suppliers - "South African manufacturing companies are seeking alternative means of powering their factories in the face of persistent problems with supplies from the country's main coal producers, a conference heard on Tuesday." More
- September 09, 2008 | Item | E-mail
Canstar Resources Acquires Two Base Metal Properties in Newfoundland; Mary March Update - More
- September 09, 2008 | Item | E-mail
New High Grade Gold Discovery for Rainy River - More
- September 09, 2008 | Item | E-mail
Canadian Arrow Mines Receives Award from Treaty No. 3 First Nation - More
- September 09, 2008 | Item | E-mail
Norway fund ejects Rio Tinto on ethical grounds - "Norway's sovereign wealth fund has sold its entire $850 million stake in mining group Rio Tinto, blaming it for environmental damage in Indonesia, the government said on Tuesday." More
- September 09, 2008 | Item | E-mail
Mexoro Minerals Retains Haywood Securities Inc. to Sponsor Listing in Canada - More
- September 09, 2008 | Item | E-mail
Mirabela signs 5 year off-take agreement with Norilsk Nickel - More
- September 09, 2008 | Item | E-mail
Mirabela Announces Nickel and Copper Hedging Completed - More
- September 09, 2008 | Item | E-mail
Canasia and Kinross Gold Enter Into Mineral Agreement - More
- September 09, 2008 | Item | E-mail
Golden Star Intersects 10 Meters of 26.5 G/T at New Anomalies on Hwini-Butre Group of Properties - "Golden Star Resources Ltd. (AMEX:GSS - News) (TSX:GSC - News) (GSE:GSR) (“Golden Star”) is pleased to announce results from its recent drilling program on the Hwini-Butre group of properties located on the southeastern flank of the Ashanti belt in Ghana, West Africa. The Hwini-Butre group of properties consists of an amalgamation of several concessions including and surrounding the Hwini-Butre property; adjacent to the east are the Manso and Pacific properties and to the north the Benso property. All are located within hauling distance of the Wassa Mine." More
- September 09, 2008 | Item | E-mail
Barrick Announces Sale of $1.25 Billion in Debt Securities - "Barrick Gold Corporation (ABX - News)(Toronto:ABX.TO - News) announced today that Barrick Gold Corporation and its wholly owned subsidiaries, Barrick North America Finance LLC and Barrick Gold Financeco LLC, have entered into an underwriting agreement to issue $1.25 billion in debt securities comprised of: $500 million of 6.80% notes due 2018 and $250 million of 7.50% notes due 2038 of Barrick North America Finance LLC; and $500 million of 6.125% notes due 2013 of Barrick Gold Financeco LLC." More
- September 09, 2008 | Item | E-mail
Eldorado Announces Successful Repatriation of Funds From China - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(EGO - News), is pleased to announce that the Board of Qinghai Dachaidan Mining Limited ("QDML"), the joint venture that owns the Tanjianshan gold mine, has declared a US$3.0 million dividend. This dividend has been paid and Eldorado has received its 90% share of funds through its Barbados subsidiary. The QDML Board has also authorized payment of US$8.0 million of inter-company debt to Eldorado. These funds have also been received by the Company." More
- September 09, 2008 | Item | E-mail
Keegan Reports Excellent Results From Drilling to South of Esaase Gold Resource - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(KGN - News) is pleased to announce results from step out drilling up to 900 meters south of the boundary of the existing 43-101 resource at the Esaase property. Highlights include 69 m @ 1.83 g/t Au, 28 m @ 1.99 g/t Au, and 14 m @ 3.05 g/t Au. Keegan has just begun testing the extensions of the south extension of the A-1 zone down dip and the intercepts reported are still at relatively shallow depths, a mere 70-130 meters below the surface." More
- September 09, 2008 | Item | E-mail
Sterling Mining Company Responds to Misleading Press Releases - "Sterling believes SPMI may continue to disseminate false and misleading information to advance its private agenda regarding the Sunshine Mine. Public investors are urged to rely only on information authorized for dissemination by Sterling." More
- September 09, 2008 | Item | E-mail
Hecla Announces Pricing of Offering - "Hecla Mining Company (NYSE:HL - News) ("Hecla") today announced that it has set the price for its public offering of 31 million shares of common stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 4 million shares of common stock to cover over-allotments, if any. The shares are being offered to the public at $5 per share. The offering is expected to settle and close on September 12, 2008, subject to customary closing conditions." More
- September 09, 2008 | Item | E-mail
Highland CEO says makes sense to include Dvoinoye - "The chief executive of Russia's gold producer Highland Gold Mining Ltd (HGM.L: Quote, Profile, Research, Stock Buzz) said on Monday that it makes sense for stakeholder Millhouse LLC's Dvoinoye assets to be included in Highland's portfolio." More
- September 09, 2008 | Item | E-mail
Crystallex says encouraged with Las Cristinas talk - "The president of Crystallex International (KRY.TO: Quote, Profile, Research, Stock Buzz) said on Monday the Toronto-based company was encouraged with its recent discussions with the Venezuelan government on its Las Cristinas gold project." More
- September 09, 2008 | Item | E-mail
Freewest Resources Canada Inc. Enters Into Agreement With Bay Street Connect for Investor-Relation Services and Grants Stock Options - More
- September 09, 2008 | Item | E-mail
Bekem Metals, Inc. Announces Selection of Nickel Processing Technology - More
- September 09, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2008
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 9 September, 2008 | |
