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-- Posted 16 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $777.80 | -$5.45 | Silver | $10.475 | -$0.575 | XAU | 121.91 | +2.14% | HUI | 281.36 | +1.61% | GDM | 845.24 | +2.03% | JSE Gold | 1594.80 | -48.86 | USD | 79.16 | +0.62 | Euro | 141.50 | -1.01 | Yen | 94.16 | -1.22 | Oil | $91.15 | -$4.56 | 10-Year | 3.491% | +0.008 | T-Bond | 121.921875 | +0.625 | Dow | 11059.02 | +1.30% | Nasdaq | 2207.90 | +1.28% | S&P | 1213.60 | +1.75% |
The Metals:  Gold rose to $6.55 to $789.80 and silver climbed $0.13 to $11.18 by midday in London, but both metals erased those gains at the New York open, remained near their lows for the rest of the day, and closed with losses of 0.7% and 5.2%. At the time of writing there has been little reaction to the fed’s decision in after hours access trade.
Euro gold fell to about €550, platinum lost $112.50 to $1059, and copper dropped another 5 cents to about $3.13. Gold and silver equities fell over 4% at the open before they rallied back to about unchanged by the fed decision and then fell back off a bit immediately following the decision, but they then rallied back higher in late trade and ended with about 2% gains. The Economy: Report | For | Reading | Expected | Previous | CPI | Aug | -0.1% | -0.1% | 0.8% | Core CPI | Aug | 0.2% | 0.2% | 0.3% | Net Foreign Purchases | July | $6.1B | $55.0B | $53.4B |
The FOMC voted unanimously to leave the fed funds rate unchanged at 2.0% despite recent expectations for a cut of at least 25 basis points. They noted that the inflation outlook remains highly uncertain, that economic growth appears to have slowed recently, and that strains on financial markets have increased significantly. Tomorrow at 8:30AM EST brings Building Permits for August expected at 925,000 and Housing Starts expected at 950,000. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell again on worries over slowing demand despite expectations for large inventory draws tomorrow as well as new concerns over Iran’s nuclear development. The U.S. dollar index rose after the fed surprised many and did not cut rates. There were even reports of loud booing on the floor of the NYSE after the announcement, but all seemed back to normal by the close. Treasuries ended well off their early highs as the Dow, Nasdaq, and S&P eventually rose and ended with over 1% gains on hopes over a deal for AIG. Among the big names making news in the market today were Best Buy, AIG, Goldman Sachs, Kroger, and Dell. The Commentary: “December Gold closed down 6.5 at 780.5. This was 2.5 up from the low and 13.5 off the high. December Silver finished down 0.618 at 10.517, 0.523 off the high and 0.007 up from the low. The gold market fell into the initial US scheduled number flow and then managed a recovery into the FOMC decision window. However, in the wake of the FOMC decision to leave rates unchanged, the Dollar bounced and the gold trade saw a slight rekindling of US slowing fears. While the Fed might have been trying to present an image of calm by their decision, the stock market was certainly discouraged by the lack of movement and that in conjunction with the fears of too much slowing served to push gold downward in the wake of the FOMC time frame. The silver market mostly fell throughout the trading session Tuesday. In fact after the initial sharp slide in the silver market, the December contract attempted to waffle within a 17 cent range before falling right back to the day's consolidation support zone of $10.50 right after the Fed left rates unchanged. In the end overt weakness in the platinum and copper markets seemed to provide lingering spillover pressure but it is also possible that lingering weakness in the US equity market will keep up the pressure on silver prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
Mysterious index futures buying cushioned market on Monday Jason Hommel: Silver shortage feedback Gene Arensberg: Banks covering gold shorts, not silver yet Gold trader, employee charged in wife's murder Listen to Las Vegas conference debate on gold price manipulation Jonathan Weil: Lehman fails but market cops are eating doughnuts In emirates, people are buying gold 'as if it's free' Central banks open up spigots in bid to ease fears J.S. Kim: The law of supply and demand is dead for gold and silver Fed urging Morgan, Goldman to lend AIG $70 billion The Statistics: As of close of business: 9/15/2008 Gold Warehouse Stocks: | 8,592,581 | - | Silver Warehouse Stocks: | 138,094,548 | -603,049 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 614.35 | 19,752,109 | US$ 15,304m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.65 | 3,718,386 | US$ 2,893m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,894 | US$ 272m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.23 | 843,169 | US$ 653m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 9/15/2008 | | Total Net Assets | $1,501,184,245 | Ounces of Gold
in Trust | 1,917,292.993 | Shares Outstanding | 19,450,000 | Tonnes of Gold
in Trust | 59.63 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 9/15/2008 | | Total Net Assets | $2,241,367,459 | Ounces of Silver
in Trust | 206,816,739.100 | Shares Outstanding | 209,250,000 | Tonnes of Silver
in Trust | 6,432.72 |
Note: Change in Total Tonnes from yesterday’s data: 92.21 tonnes were removed from the trust. The Stocks: Tanzanian Royalty’s (TRE) fee advance, Paramount’s (PZG) assay results, Timberline’s (TLR) shareholder update, Midway’s (MDW) lapsed term sheet over the proposed business combination with Golden Predator, Kinross Gold’s (KGC) ownership of 90.7% of Aurelian’s (ARU.TO) shares and extended offer, Gold Eagle’s approved business combination with Goldcorp (GG), U.S. Silver’s (USA.V) silver production, and Endeavour’s (EXK) shareholder comments were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Timberline | TLR +21.94% $1.195 | 2. Gammon Gold | GRS +9.84% $8.48 | 3. Ivanhoe | IVN +9.45% $8.69 |
LOSERS 1. Apex Silver | SIL -27.27% $1.20 | 2. US Energy | USEG-14.61% $1.87 | 3. Alexco | AXU -14.51% $1.65 |
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: Tamerlane closes flow-through unit financing - More
- September 16, 2008 | Item | E-mail
Lake Victoria Mining Company, Inc.: Kalamela Project Identifies Gold Target & Plans Exploration Follow-Up, Tanzania - More
- September 16, 2008 | Item | E-mail
Aurelian Update on Kinross Offer - Kinross Now Owns 90.7% of Aurelian Shares; Offer Extended to September 29, 2008 - "Aurelian Resources Inc. (TSX:ARU - News) today announced that per Kinross Gold Corporation's (TSX:K, NYSE:KGC) press release issued earlier this morning Kinross has taken up and paid for an additional 15,165,279 common shares of Aurelian under its offer to acquire the Aurelian common shares. As a result of this acquisition, Kinross now beneficially owns a total of 138,689,460 common shares of Aurelian, or 90.7% of the issued and outstanding common shares of Aurelian (on a fully diluted basis), and 89.7% of the Aurelian shares excluding the 15 million shares acquired by Kinross prior to the offer." More
- September 16, 2008 | Item | E-mail
Continent Resources Inc. Appoints Directors and Officers - More
- September 16, 2008 | Item | E-mail
Gee Ten Ventures Options OX Claim Group From East West - More
- September 16, 2008 | Item | E-mail
Maximus and NFX Announce Completion of Business Combination, Name Change to Bear Lake Gold Ltd. (TSX-V: BLG) and Anticipated Share Consolidation - More
- September 16, 2008 | Item | E-mail
Shoshone Silver Announces Sale of Uranium Claims to Bayswater - More
- September 16, 2008 | Item | E-mail
Tanzanian Royalty Chairman to Provide Interest Free Advance - "Tanzanian Royalty Exploration Corporation (TRE - News) Chairman and CEO, James E. Sinclair, has agreed to make available to the Corporation an interest free advance of $500,000 as an interim financing measure between quarterly tranches." More
- September 16, 2008 | Item | E-mail
James Bay Resources Provides Operations Update at Its 'Ring of Fire' Property - More
- September 16, 2008 | Item | E-mail
East West Options Ox Copper-Nickel Property to Gee-Ten Ventures Inc., Norton-McFaulds Lake Area - More
- September 16, 2008 | Item | E-mail
Velocity Minerals Ltd. Announces Commencement of Work Program on Cassiar Moly - More
- September 16, 2008 | Item | E-mail
Inspiration Intersects 0.311% Ni Over 97.61m or 320.24ft Containing 1.106% Ni Over 3.88m or 12.73ft (True Width) - More
- September 16, 2008 | Item | E-mail
Colorado Goldfields Inc. Announces Lee R. Rice as President and CEO - More
- September 16, 2008 | Item | E-mail
Nayarit Gold Intercepts 19.26 g/t Gold Equivalent or 6.26 g/t Gold and 649.70 g/t Silver Over 16.64 Metres - More
- September 16, 2008 | Item | E-mail
Avion Resources Announces New Mining Strategy With Aim to Restart Production in Q1 2009 at the Segala and Tabakoto Gold Projects, Mali - More
- September 16, 2008 | Item | E-mail
Temex partners with Gee-Ten in Noront-McFaulds Lake area - More
- September 16, 2008 | Item | E-mail
Rusoro Mining-Annual General Meeting Results - More
- September 16, 2008 | Item | E-mail
Forsys Corporate Quarterly Update - More
- September 16, 2008 | Item | E-mail
Duluth Metals Appoints Dean M. Peterson, Ph.D. as Senior Vice President, Exploration - More
- September 16, 2008 | Item | E-mail
Metals Creek Resources Corp. Announces High Grade Gold Assays and the Entering Into of an Option Agreement in the Tilt Cove Area - More
- September 16, 2008 | Item | E-mail
Happy Creek drills 42.0 metres grading 0.865% copper at Rateria Property, Highland Valley, B.C. - More
- September 16, 2008 | Item | E-mail
Abitex Resources Inc. announces acquisition of Central Uranium Corporation - More
- September 16, 2008 | Item | E-mail
Cypress & Skyharbour Provide Update on their Bruce Channel / Red Lake Drill Program - More
- September 16, 2008 | Item | E-mail
SRK Consulting completes preliminary reconnaissance of portions of Atomic's Mbinga project area in Tanzania - More
- September 16, 2008 | Item | E-mail
Lions Gate Metals Announces NCIB Intention - More
- September 16, 2008 | Item | E-mail
Northern Shield Provides Encouraging Update on Eastbank - More
- September 16, 2008 | Item | E-mail
Pelangio Exploration Inc. Enters Option Agreement to Acquire Properties in Manitouwadge, Ontario - More
- September 16, 2008 | Item | E-mail
Freegold Continues to Extend High-Grade Mineralization at Rob with 4.5 m of 18 g/t Gold in Step-Out Holes - More
- September 16, 2008 | Item | E-mail
Oromin Explorations Ltd.: Ongoing Drilling Continues to Expand Mineralization at Established Deposits - More
- September 16, 2008 | Item | E-mail
Mosquito Announces Another Excellent Intersection at CUMO, Hole 37 Intersects 2135 Feet Grading 1.21% Copper Equivalent/0.107% Molybdenite Equivalent - More
- September 16, 2008 | Item | E-mail
Monroe Minerals Agrees to Enter Option Agreement With Ucore for Newfoundland Lost Pond Uranium and REE Projects - More
- September 16, 2008 | Item | E-mail
Loreto Resources Corporation Announces the Closing of a $1,350,000 Private Placement - More
- September 16, 2008 | Item | E-mail
Uranium Hunter Hires US Investor Relations Counsel - More
- September 16, 2008 | Item | E-mail
Romios Gold's Metallurgical Test Holes at Galore Creek Area Newmont Lake Property Intersects 23.80 g/t Gold, 59.0 g/t Silver and 0.03% Copper - More
- September 16, 2008 | Item | E-mail
B2Gold Corp. Announces Agreement With AngloGold Ashanti For Further Exploration Drilling at Quebradona - More
- September 16, 2008 | Item | E-mail
Kinbauri Intersects More High Grade Gold At El Valle in NW Spain - More
- September 16, 2008 | Item | E-mail
El Capitan Precious Metals, Inc. Provides Status Update of Gold & Minerals Merger - More
- September 16, 2008 | Item | E-mail
Southwestern Signs Letter of Intent and Private Placement With Hochschild Mining - More
- September 16, 2008 | Item | E-mail
RD-08-53 Intersects 53.09 Metres of 3.08% Copper; Second Mineralized Zone Confirmed at VMS Discovery Zone Near Snow Lake, Manitoba - More
- September 16, 2008 | Item | E-mail
FNX Reports Initial Resources from Middle Portion of the Levack Footwall Deposit - More
- September 16, 2008 | Item | E-mail
Aurelio Announces Entering into Non-Binding Term Sheet with Private Equity Fund - More
- September 16, 2008 | Item | E-mail
Gold Eagle shareholders overwhelmingly approve business combination with Goldcorp and Gold Eagle extends election date - "Gold Eagle announces that at a special meeting held on September 15, 2008, over 96% of the Gold Eagle shareholders present in person or by proxy at the meeting voted in favour of a special resolution approving the acquisition of Gold Eagle by Goldcorp Inc. ("Goldcorp"), pursuant to a plan of arrangement (the "Plan") under the Business Corporations Act (Ontario)." More
- September 16, 2008 | Item | E-mail
U.S. Silver Reports August Silver Production Up 38% Over 2nd Quarter 2008 - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to announce that August silver production was 191,400 ounces, which is 38% higher than the average monthly production in the 2nd quarter of 2008 and 105 % higher than the average monthly production in 2007. This is an annualized rate of approximately 2.29 million ounces." More
- September 16, 2008 | Item | E-mail
Endeavour Silver Corp. Chairman and CEO Comments to Shareholders: Fundamentals Remain Strong, Market Correction Appears Excessive - "Endeavour's fundamentals remain very strong," stated Mr. Cooke, "And the sharp market sell-off of gold, silver and precious metal mining stocks in recent weeks appears to be somewhat excessive. Silver and silver shares in particular seem to have fallen disproportionately compared to other commodities." More
- September 16, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Reports 10.3 g/t Gold Across 10.3 meters at Clavo 66 (incl. 25.2 g/t Gold over 3.1 meters) - "Paramount Gold and Silver Corp. (PZG - News)(Toronto:PZG.TO - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces very high grade assay results from hole LU-21 in Clavo 66. A recent press release, dated September 2, 2008, announced the discovery of a new high-grade gold-bearing zone, Clavo 66, in the southern portion of its San Miguel Project." More
- September 16, 2008 | Item | E-mail
Kinross Now Owns 90.7% of Aurelian Shares - "Kinross Gold Corporation (Toronto:K.TO - News)(KGC - News) announced today that it has taken up and paid for an additional 15,165,279 common shares of Aurelian Resources Inc. (Toronto:ARU.TO - News) following the extension of Kinross' previously announced offer to acquire all of the issued and outstanding common shares of Aurelian, dated July 28, 2008, since the initial expiry date of September 3, 2008, and including shares subsequently deposited pursuant to notices of guaranteed delivery during the initial bid period." More
- September 16, 2008 | Item | E-mail
Timberline Provides Corporate Update to Shareholders - "The Company's top priority remains its planned acquisition of Small Mine Development (``SMD''), one of the largest underground mine development and production contractors in the United States. Since receiving shareholder approval for the acquisition on August 22, already challenging market conditions have deteriorated significantly. The Company continues to pursue several financing options while protecting shareholder interests." More
- September 16, 2008 | Item | E-mail
Midway and Golden Predator Term Sheet Lapses - "Midway Gold Corp. (CDNX:MDW.V - News)(MDW - News) ("Midway") advises that the proposed business combination with Golden Predator Mines, Inc., previously announced on July 17, 2008 will not be proceeding. The term sheet dated July 16, 2008 as amended on August 15, 2008 was allowed to lapse on September 15, 2008." More
- September 16, 2008 | Item | E-mail
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-- Posted 16 September, 2008 | |
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