-- Posted 18 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $893.30 | +$46.50 |
Silver | $12.64 | +$1.07 |
XAU | 132.18 | -0.11% |
HUI | 313.90 | -0.14% |
GDM | 943.72 | +0.25% |
JSE Gold | 1852.07 | +98.88 |
USD | 78.00 | -0.20 |
Euro | 143.40 | +0.10 |
Yen | 94.74 | -0.89 |
Oil | $97.88 | +$0.72 |
10-Year | 3.437% | +0.027 |
T-Bond | 121.8125 | -0.125 |
Dow | 11019.69 | +3.86% |
Nasdaq | 2199.10 | +4.78% |
S&P | 1206.40 | +4.32% |
The Metals:
Gold rose to $892.97 in early Asian trade before it fell back near unchanged at $852 by the open in London, but it then chopped its way higher in London and New York, exploded to a new high of $916.90 in the last hour of trade, and closed with a gain of 5.49%. Silver traded between $12.54 and $11.69 in Asia and rose to a new high of $13.01 in London before it fell back off in morning New York trade, but it too surged back higher in the last hour of trade and closed with a gain of 9.25%.
Note: Both metals have sold off markedly in after hours access trade at the time of writing, presumably on rumors that a possible solution to this financial crises may be announced soon as “Treasury Secretary Henry Paulson has been shopping around a proposal to congressional lawmakers that would create an entity to deal with the bad debt, similar to what was done in the savings and loan crisis, a congressional aide said on Thursday.”
Euro gold rose to about €619, platinum gained $32 to $1119.50, and copper gained a couple of cents to about $3.09.
Gold and silver equities rose over 5% at the open before they pulled back to see only about 2% gains by midmorning and then climbed back near their opening highs in early afternoon trade, but they then fell back off in late trade and ended at about unchanged on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 9/13 | 455K | 440K | 445K |
Leading Indicators | Aug | -0.5% | -0.2% | -0.7% |
Philadelphia Fed | Sep | 3.8 | -10.0 | -12.7 |
Also making economic news today was that the fed “almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the aftermath of the 1929 Wall Street crash.” There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly rose to over $100 in early trade before it fell back to about $97, but it still ended with a slight gain as the U.S. dollar index fell again.
The Dow, Nasdaq, and S&P rose at the open on hopes of easing financial concerns before they fell back off to see notable losses again midday, but they then rose back substantially higher in late trade “following a report that the federal government is considering creation of a repository for banks' bad debt.” Talks over bans on short selling across the globe also had traders buying/covering stocks and selling bonds to reverse earlier gains in the treasury market.
Among the big names making news in the market today were Citigroup and WaMu, FedEx, Morgan Stanley and Wachovia, and ConAgra.
The Commentary:
“December Gold closed up 46.5 at 897. This was 35 up from the low and 24 off the high.
December Silver finished up 1.025 at 12.7, 0.21 off the high and 0.37 up from the low.
Gold traded sharply higher extending Tuesday's gain apparently supported by intensified investor shifts into hard assets sparked by the global credit crisis and in reaction to a massive coordinated liquidity add by a number of G-7 central banks. Early Dollar weakness and apparent fear that today's G-7 liquidity add will fall short in stopping the global credit risk may have added to gold market's gains.
Silver traded sharply higher supported by spillover buying interest from the higher Gold price action and the weaker dollar as investors seek a safe haven in hard assets from the current global financial market turmoil. Silver may also have benefited from a report of last night's massive coordinated central bank liquidity add. Safe haven flows to the silver despite a generally weaker CRB trade today may suggest the silver rally is in part due to on going fears about the fallout from the credit crisis.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
SEC adopts rules against 'naked' short-selling
Taiwan's government ready to prop up stock market
Fed can buy all bad mortgages, banking chairman says
Dan Norcini: Huge outflow of foreign capital from U.S. in July
Uncle Sam taps piggy bank, borrows to aid market
Flight to quality may break more money funds
Centennial group analyzes gold's performance in crisis
Ambrose Evans-Pritchard: Market votes no confidence in Fed
Goldman Sachs may have to merge or divest assets -- starting with U.S. Government
SEC bans naked shorting for all securities
The Statistics:
As of close of business: 9/17/2008
Gold Warehouse Stocks: | 8,592,388 | - |
Silver Warehouse Stocks: | 137,232,857 | - |
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 | 650.81 | 20,924,143 | US$ 17,007m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.90 | 3,726,164 | US$ 3,331m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,887 | US$ 312m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.23 | 843,150 | US$ 685m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 36.46 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/17/2008 | |
Total Net Assets | $1,622,899,586 | 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 9/17/2008 | |
Total Net Assets | $2,261,415,658 | Ounces of Silver
in Trust | 210,028,194.100 |
Shares Outstanding | 212,500,000 | Tonnes of Silver
in Trust | 6,532.61 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Andover’s (AOX.V) plans to acquire SNS Silver (SNS.V), Pacific Rim’s (PMU) cutbacks, Keegan’s (KGN) drill results, MAG Silver’s (MVG) assay results, Alexco’s (AXU) drill results, and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX+27.17% $1.17 |
2. NovaGold | NG +21.93% $6.45 |
3. New Gold | NGD+18.62% $4.65 |
LOSERS
1. Tanzanian Royalty | TRE -17.13% $3.00 |
2. Exeter | XRA -16.07% $1.88 |
3. Western Goldfields | WGW -15.38% $1.32 |
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:
Tri-Valley Subsidiary Readies Two Big Gold Projects for Next Stage Exploration - More
- September 18, 2008 | Item | E-mail
Klondex Grants Incentive Options - More
- September 18, 2008 | Item | E-mail
Nyah Resources Discovers New Step-Out Zones and Provides Exploration Update on the Agnew Lake Uranium Properties - More
- September 18, 2008 | Item | E-mail
Copper Mountain Commences Trading on the TSX Exchange - More
- September 18, 2008 | Item | E-mail
GoldSpring to Hold Investor Day on October 11th at Its Comstock Property - More
- September 18, 2008 | Item | E-mail
Sherwood Sets Shareholder Meeting Date for Capstone Combination - More
- September 18, 2008 | Item | E-mail
Lund Gold Ltd. and Noront Resources Ltd.: Drilling Planned on Lund Property, Ontario - More
- September 18, 2008 | Item | E-mail
Infinito Awards Project Financing Mandate to BNP Paribas - More
- September 18, 2008 | Item | E-mail
Houston Lake Mining Continues to Define More Gold Mineralization at West Cedartree - More
- September 18, 2008 | Item | E-mail
Pacific Rim Mining Announces Head Office Cutbacks - "Pacific Rim Mining Corp. (Toronto:PMU.TO - News)(PMU - News) ("Pacific Rim" or "the Company") has made additional cuts to its overhead by significantly reducing staffing levels in the Vancouver office including Peter Neilans, COO and April Hashimoto, CFO. These cuts are a response to difficult market conditions and ongoing delays in obtaining environmental and mining permits for the El Dorado project." More
- September 18, 2008 | Item | E-mail
GoldSpring Comments on Trading Activity - More
- September 18, 2008 | Item | E-mail
Murgor announces metallurgical results at the Hudvam and Wim deposits in Manitoba - More
- September 18, 2008 | Item | E-mail
Soltoro Resource Drilling Program Intercepts 90 Metres of 150 gpt Silver at El Rayo Silver-Gold-Lead Property in Jalisco State, Mexico - More
- September 18, 2008 | Item | E-mail
Unico, Inc. Issues September 2008 Newsletter Reviewing Recent Activity at the Deer Trail Mine - More
- September 18, 2008 | Item | E-mail
Denison Mines Corp. Announces New Discoveries at Mutanga Project, Zambia - More
- September 18, 2008 | Item | E-mail
Tara Gold Resources Projects Update - More
- September 18, 2008 | Item | E-mail
Adanac-Website Update and Reconstruction - More
- September 18, 2008 | Item | E-mail
Osisko Intersects 258 Metres Averaging 2.13 g/t Gold at Barnat - More
- September 18, 2008 | Item | E-mail
UPINOR 2008 Radiometry Extends Main Uranium Zone and Outlines Several New Ones - More
- September 18, 2008 | Item | E-mail
Senior Mining Industry Consultant Joins Uranium 308 Corp. - More
- September 18, 2008 | Item | E-mail
Red Metal Increases Land Holdings Near Farellon - More
- September 18, 2008 | Item | E-mail
Adex Reports Final Phase 1 Results for North Zone at Mount Pleasant - More
- September 18, 2008 | Item | E-mail
Wealth Discovers Outcropping Copper-Gold Porphyry and Uranium Systems on Its 100% Owned Pampa Coria Property, Northwest Argentina - More
- September 18, 2008 | Item | E-mail
Freegold Ships First Gold Concentrates from Golden Summit and Continues to Expand Western Mineralized Zones - More
- September 18, 2008 | Item | E-mail
Argentex Mining appoints Patrick Downey to Board of Directors - More
- September 18, 2008 | Item | E-mail
Near Surface Uranium Mineralization Discovered Close To Uracan's Double S Resource, Quebec - More
- September 18, 2008 | Item | E-mail
Golden Harp Resources appoints Mr. Alec Peck as Chief Financial Officer - More
- September 18, 2008 | Item | E-mail
Alexis Announces Official Opening of Lac Herbin Mine: Higher Than Expected Production Grades, Second Gold Milling Campaign In Progress, S3 Zone Extended - More
- September 18, 2008 | Item | E-mail
GBS Gold International Inc.: Parent Company Update - More
- September 18, 2008 | Item | E-mail
Metanor Drills 6.12 g/t Au Over 37.8m (36.1 m True Width) 80m South of the Open Pit at Barry - More
- September 18, 2008 | Item | E-mail
Khan Resources Announces Construction of Power Line and Sedimentation Pond at Dornod Uranium Project - More
- September 18, 2008 | Item | E-mail
Nevada Copper-Intersects 773 Feet (236 Meters) of 1.03% Copper in the Open Pittable North Deposit - More
- September 18, 2008 | Item | E-mail
Alexis Announces Official Opening of Lac Herbin Mine: - More
- September 18, 2008 | Item | E-mail
General Metals Target Triples: 400 Ft. Step Out Expands Surface Oxide Gold Mineralization to More Than 3,000 Ft. Strike Length, 50 Ft. Intercept Ave. - More
- September 18, 2008 | Item | E-mail
Dia Bras Reports 8.4 Metres of 4.97% Cu and 25.45% Zn From the Titanic 2 Zone, Bolivar Project - More
- September 18, 2008 | Item | E-mail
Fortune Minerals announces new management appointments - More
- September 18, 2008 | Item | E-mail
Colorado Goldfields, Inc. Announces Milestone - More
- September 18, 2008 | Item | E-mail
Continental Nickel Continues to Intersect High Grade Nickel-Copper Sulphides at the Nachingwea Project, Tanzania, Including 7.46% Nickel and 2.04% Copper - More
- September 18, 2008 | Item | E-mail
Dios Exploration Inc./UPINOR 2008 Radiometry Extends Main Uranium Zone and Outlines Several New Ones - More
- September 18, 2008 | Item | E-mail
AXMIN Inc.: Komahun Project, Sierra Leone Resource Update Significant Increase in Grade and Ounces - More
- September 18, 2008 | Item | E-mail
Paladin Energy Ltd: Acquisition of Shares in Deep Yellow Ltd - More
- September 18, 2008 | Item | E-mail
Uranium Star's Madagascar Massive Sulphide Property is Ready For Drilling - More
- September 18, 2008 | Item | E-mail
Lake Shore Gold Announces Commencement of Fall Drill Program at Ti-pa-haa-kaa-ning Gold Project - More
- September 18, 2008 | Item | E-mail
Northern Superior Resources Commences Fall Drill Program at Ti-pa-haa-kaa-ning Gold Project - More
- September 18, 2008 | Item | E-mail
Thunder Mountain Gold Provides an Update on Exploration Activities at Their South Mountain Property - More
- September 18, 2008 | Item | E-mail
Magnetic Survey Identifies Three New Uzboy Exploration Targets - More
- September 18, 2008 | Item | E-mail
Sherwood Reports Thick Intervals of Near Surface Copper-Gold Mineralization at Minto Mine - More
- September 18, 2008 | Item | E-mail
Independent Nickel Adjourns Special Meeting of Shareholders to October 8, 2008; Reiterates Recommendation to Accept Victory Nickel Offer - More
- September 18, 2008 | Item | E-mail
Cameco Updates Production Estimate for McArthur River/Key Lake - More
- September 18, 2008 | Item | E-mail
MAG Silver Expands Silver/Lead/Zinc Mineralization at Cinco de Mayo - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") is pleased to announce assay results from an ongoing drill program on MAG's 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. Results from this announcement combined with earlier drilling (Holes 22 through 39: see press releases dated May 12, 2008 and July 8, 2008) demonstrate that the Jose Manto has a strike length of at least 1,800 metres and remains open along strike and to the southwest." More
- September 18, 2008 | Item | E-mail
Alexco Announces Additional 2008 Drill Results at Keno Hill: Further Silver Mineralization Encountered at Lucky Queen - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AXU - News) ("Alexco") is pleased to announce further results from its 2008 core drilling program at the Keno Hill Project, Yukon. Exploration drilling continues to intersect native silver mineralization at Lucky Queen, one of several mineralized properties within the Keno Hill silver district targeted for exploration by Alexco in 2008." More
- September 18, 2008 | Item | E-mail
Andover Ventures to Acquire SNS Silver - "SNS Silver Corp. ("SNS") (CDNX:SNS.V - News) announces a letter of intent (the "LOI") between Andover Ventures Inc. ("Andover") (CDNX:AOX.V - News) and SNS in which Andover has agreed to acquire (the "Acquisition") all of the issued and outstanding common shares of SNS in exchange for common shares of Andover on a "two for one" basis. SNS' board of directors have unanimously approved the transaction set forth in the LOI." More
- September 18, 2008 | Item | E-mail
Aquiline Drilling at Navidad Expands New Valle Esperanza Discovery; Hole NV08-802 Returns 20 Metres @ 870 g/t Ag - "Aquiline Resources Inc. ("Aquiline" or "the Company") (TSX:AQI - News) is pleased to report on the results of 72 new diamond drill holes (NV08-731 to NV08-802) within the Navidad Project in Chubut Province, Argentina (see maps attached). Total drilling on the project amounts to 802 holes over 154,482 metres." More
- September 18, 2008 | Item | E-mail
Keegan Continues to Receive Excellent Results From Drilling South of Esaase Gold Resource - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(KGN - News) is pleased to announce additional 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 23 m @ 4.2 g/t Au, 26 m @ 2.51 g/t Au, and 26 m @ 1.49 g/t Au." More
- September 18, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 18 September, 2008 | |
