-- Posted 25 September, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $876.00 | -$14.00 |
Silver | $13.19 | -$0.16 |
XAU | 141.48 | -2.90% |
HUI | 336.11 | -2.86% |
GDM | 995.07 | -3.04% |
JSE Gold | 1868.30 | -28.41 |
USD | 76.99 | +0.09 |
Euro | 146.27 | +0.15 |
Yen | 93.97 | -0.19 |
Oil | $108.02 | +$2.29 |
10-Year | 3.862% | +0.091 |
T-Bond | 116.765625 | -0.59375 |
Dow | 11022.06 | +1.82% |
Nasdaq | 2186.57 | +1.43% |
S&P | 1209.18 | +1.97% |
The Metals:
Gold rose $6.95 to $896.55 in Asia before it fell to $863.10 by late morning in New York and then rallied $13.10 from that low in the last couple of hours of trade, but it still ended with a loss of 1.57%. Silver held near unchanged in Asia and London before it briefly spiked over 3% higher to $13.775 a little after 10AM EST and then dropped to $13.03 in early afternoon trade, but it also rallied back higher into the close and ended with a loss of just 1.2%.
Euro gold fell to about €599, platinum lost $24 to $1183.50, and copper gained a couple of cents to about $3.14.
Gold and silver equities fell nearly 3% by midmorning before they rallied back near unchanged by early afternoon, but they then fell back off into the close and ended near new session lows with about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Aug | -4.5% | -1.3% | 0.8% |
Initial Claims | 9/20 | 493K | 450K | 461K |
New Home Sales | Aug | 460K | 518K | 520K |
Tomorrow at 8:30AM EST brings second quarter GDP expected at 3.4% and at 10AM is September Michigan Sentiment expected at 70.9.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose despite demand concerns as supplies remain tight and it’s believed that demand may come back if a bailout plan is passed.
The U.S. dollar index rose and treasuries fell while the Dow, Nasdaq, and S&P gained on hopes that the bailout plan will be passed soon and will actually work.
Among the big names making news in the market today were GE, Discover, and the SEC.
The Commentary:
“Dear Friends,
There is no hope for the future as long as we have to listen to what we have experienced in the last two days. If the Fed pays “Hold to Maturity” prices in the bailout they are accepting onto their balance sheet all the lies that existed and still exists on and off the balance sheets of the banking and investment industry.
Fabrication has taken the US financial system over the cliff. The bailout of the near and dear fabricated to a spiritual level sets in cement the generational nature of this breakdown, the coming dollar collapse, and the reign of gold.
To categorize this bailout of OTC derivative manufacturers as an asset purchase is so wrong it strains the limits of criminality.
DO NOT LET YOUR GUARD DOWN.
THE BAILOUT ONLY BUYS YOU A LITTLE MORE TIME TO PROTECT YOURSELVES.
You need to distance yourself from your financial agents by:
- Certificating your gold and silver shares.
- Opting for direct registration book entry at the transfer agent for your gold and silver shares.
- For your retirement plan, certificate the shares in the name of your trustee and the retirement plan. The alternative is direct registration book entry at the transfer agent in the name of the trustee and the retirement account.
- Be sure your account at your bank is a true custodial account which is defined as an account segregated to you, away from the assets of the bank and therefore not on the balance sheet of the financial institution.
I am told where the retirement shares are concerned that Charles Schwab performs this service. Many others likely do as well.
The only way to be sure you really have a true custodial account is to have your attorney review the agreement between you and the institution.”- Jim Sinclair, JSMineset.com
“December Gold closed down 13 at 882. This was 11.8 up from the low and 13 off the high.
December Silver finished down 0.165 at 13.275, 0.535 off the high and 0.095 up from the low.
The gold market clearly was undermined by the bailout progress and to some traders that reaction was surprising. In fact, some traders anticipated the news of a bailout would be inflationary to gold prices, but from the weak action in gold it would seem like a decline in flight to quality concern was really the main focal point driving the gold trade. Clearly gold is exhibiting action that would suggest it is primarily a financial flight to quality instrument, as the hope for a better economic condition ahead didn't seem to register in the price action Thursday. Certainly the much softer than expected US scheduled data flow downplayed the potential for improving physical demand in the wake of the bailout plan.
The silver market initially showed strength in the wake of optimism off the talk of a passage of the bailout plan. However, before mid session the silver market was back into negative ground and seemingly tracking closely with the weakness in the gold market. Some silver bulls were obviously disappointed that a big initial run up in equity prices, strength in copper prices and a rise in crude oil prices failed to provide silver with spillover buying support.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: Paulson facilitates insider trading
Bailout can't hide it; the country is busted
Asia fears panic selling of U.S. debt, Chinese adviser says
CFTC relents and probes silver market
Try filling up with Nymex gasoline futures
China stops its banks from lending to U.S. banks
Treasuries lose appeal for Asian, European investors
Goldman shares got suspicious boost just before Buffett bid
Gold bugs see vindication in Wall Street mess
The Statistics:
As of close of business: 9/24/2008
Gold Warehouse Stocks: | 8,589,093 | -52,841 |
Silver Warehouse Stocks: | 136,107,260 | +118,827 |
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 | 724.94 | 23,307,547 | US$ 20,878m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.28 | 3,706,377 | US$ 3,241m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.86 | 348,860 | US$ 305m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.22 | 843,086 | US$ 755m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 9/24/2008 | |
Total Net Assets | $1,813,581,437 | Ounces of Gold
in Trust | 2,040,488.414 |
Shares Outstanding | 20,700,000 | Tonnes of Gold
in Trust | 63.47 |
Note: Change in Total Tonnes from yesterday’s data: 0.62 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 9/24/2008 | |
Total Net Assets | $2,936,197,225 | Ounces of Silver
in Trust | 220,996,241.300 |
Shares Outstanding | 223,600,000 | Tonnes of Silver
in Trust | 6,873.75 |
Note: Change in Total Tonnes from yesterday’s data: 115.25 tonnes were added to the trust.
The Stocks:
Kimber’s (KBX) private placement, US Gold’s (UXG) drill results, Goldcorp’s (GG) closed transaction with Gold Eagle, and Fortuna’s (FVI.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +51.04% $1.45 |
2. ITH | THM+11.24% $1.98 |
3. Cardero | CDY +6.02% $1.76 |
LOSERS
1. Apex Silver | SIL -19.75% $2.56 |
2. Banro | BAA -12.5% $2.80 |
3. Timberline | TLR-10.71% $1.25 |
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:
GoldQuest Reports High Grade Gold Samples From El Toro Project - More
- September 25, 2008 | Item | E-mail
Bandolac Mining Company, Limited Announces the Acquisition of 22 Mining Claims - More
- September 25, 2008 | Item | E-mail
Ivernia Names Robert B. Wickham Executive Vice President Finance and Corporate Development - More
- September 25, 2008 | Item | E-mail
Belvedere granted environmental permit to mine Särkiniemi East nickel ore-body - More
- September 25, 2008 | Item | E-mail
Thompson Creek announces normal course issuer bid - More
- September 25, 2008 | Item | E-mail
Kimber completes C$5 million private placement at C$1.25/unit - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) has closed its previously announced private placement. The placement consisted of a total of four million units at a price of C$1.25 per unit for gross proceeds of C$5 million. Each unit consisted of one common share plus one-half non-transferable common share purchase warrant. Each full share purchase warrant entitles the holder to purchase one common share at C$1.80 for a two-year period commencing September 24, 2008." More
- September 25, 2008 | Item | E-mail
DPM Exploration Defines Chelopech Style Cu-Au-Ag Mineralization and Expands the Mineralized Footprint of the Deposit by 1,000 Metres at the Chelopech Mine - More
- September 25, 2008 | Item | E-mail
GoldSpring, Inc. to Discuss Latest Resource Estimate and Future Opportunities During Radio Interview - More
- September 25, 2008 | Item | E-mail
CZM Continues to Intersect Gold-Silver in Drilling at Tag Project in Northern BC - More
- September 25, 2008 | Item | E-mail
Minera Andes announces excellent metallurgical testing results for Los Azules - More
- September 25, 2008 | Item | E-mail
Robex - Resignation - More
- September 25, 2008 | Item | E-mail
Victory Nickel Extends Offer for Independent Nickel Shares to October 6th - More
- September 25, 2008 | Item | E-mail
Clifton Star Resources Inc. Will Be Proceeding With an Alternate Financing With the MineralFields Group - More
- September 25, 2008 | Item | E-mail
La Mancha Announces the Resignation of a Director - More
- September 25, 2008 | Item | E-mail
Supreme Resources Ltd.: More Visible Gold Encountered at Ample-Goldmax - More
- September 25, 2008 | Item | E-mail
Sienna Gold Inc. - Igor geological update - More
- September 25, 2008 | Item | E-mail
Eagle Plains/Waterloo Execute Option Agreement for Ice River Rare Earth Project - More
- September 25, 2008 | Item | E-mail
Castle Resources Provides San Ramon Update - More
- September 25, 2008 | Item | E-mail
Glass Earth Gold Corporate Announcements - More
- September 25, 2008 | Item | E-mail
Tanzania projects - Exploration update - More
- September 25, 2008 | Item | E-mail
Luna Gold intercepts 15.00 m of 4.45 g/t Au and 31.00 m of 2.27 g/t Au at Aurizona - More
- September 25, 2008 | Item | E-mail
Effective Friday September 26, 2008 Continent Resources New Trading Symbol: CTT - More
- September 25, 2008 | Item | E-mail
Bellhaven Acquires New Properties in Colombia - More
- September 25, 2008 | Item | E-mail
Glass Earth Gold Reports High-level Epithermal System Indicated by Broad Mineralized Intersection in First Diamond Drill Hole at Muirs Reef Gold Prospect, NZ - More
- September 25, 2008 | Item | E-mail
Purepoint Uranium Group Inc.: Radon Lake Exploration Update - More
- September 25, 2008 | Item | E-mail
Argentex hits longest interval of high-grade base-metal mineralization at Pinguino; intersects 12.49 meters of 119.7 g/t silver and 13.44% lead-zinc - More
- September 25, 2008 | Item | E-mail
Romarco Expands Drilling at Haile - More
- September 25, 2008 | Item | E-mail
Copper Reef to Drill 36 Holes at Gold Rock - More
- September 25, 2008 | Item | E-mail
Yorbeau Reports Encouraging Results From the Rouyn Property - 8.1 g/t Gold Over 7.0 Metres - More
- September 25, 2008 | Item | E-mail
Mengold Signs $5.8 Million Option and JV Agreement With Solomon Resources on the Goldcreek Property - More
- September 25, 2008 | Item | E-mail
Quest Uranium Returns up to 25.4% U3O8 on James Bay Area Uranium Option Properties, Quebec - More
- September 25, 2008 | Item | E-mail
Stratabound Announces Latest Copper-Cobalt-Gold Intersections in Captain Drilling - More
- September 25, 2008 | Item | E-mail
Victory Nickel Extends Offer to Acquire Common Shares of Independent Nickel - More
- September 25, 2008 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) today declares the following quarterly cash dividends payable on November 1, 2008 to holders of record as of October 15, 2008: $0.50 per share of FCX’s Common Stock (NYSE: FCX - News). $1.6875 per share of FCX’s 6¾% Mandatory Convertible Preferred Stock (NYSE: FCXprM - News). $13.75 per share of FCX’s 5½% Convertible Perpetual Preferred Stock." More
- September 25, 2008 | Item | E-mail
US Gold's Drilling in the Magistral District Returns 23.7 Opt Silver Over 5.9 ft., Within 9.2 Opt Silver Over 31.0 ft. - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) announces that drilling within the Magistral District, Sinaloa State, Mexico, continues to expand the mineralization and intersect richer silver grades at the Palmarito Project. Drilling has successfully extended the Main Zone by 310.0 feet (ft.) (95.0 meters) to the northeast and 105.0 ft. (32.0 meters) vertically. The furthest hole drilled to the northeast returned 23.7 ounces per ton (opt) silver over 5.9 ft., (814.0 gpt (grams per tonne) silver over 1.8 m), within an intercept of 9.2 opt silver over 31.0 ft. (313.8 gpt silver over 9.5 m). The zone remains open and shows good potential for expansion." More
- September 25, 2008 | Item | E-mail
Fortuna's San Jose In-Fill Drilling Returns 29.1m @ 6.8 g/t Au 933 g/t Ag - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; BVL:FVI) is pleased to announce the initial results from the in-fill drilling program in the Trinidad Zone of the San Jose silver-gold deposit located in Oaxaca, Mexico. Assay results have been received for 22 drill holes located in the Trinidad Zone." More
- September 25, 2008 | Item | E-mail
Goldcorp Announces Closing of Gold Eagle Transaction - "Under the Plan of Arrangement, shareholders of Gold Eagle were entitled to receive at their election and subject to proration either C$13.60 in cash; 0.292 of a common share of Goldcorp and $0.0001 in cash; or any combination thereof, for each Gold Eagle common share held. Gold Eagle shareholders elected to receive a cash amount greater than the maximum available according to the terms of the Plan. As a result, shareholders will receive approximately 52.7% of the cash amount that they elected or were deemed to have elected. In aggregate, C$725.8 million in cash and 15.6 million common shares of Goldcorp will be paid and issued to Gold Eagle shareholders. The common shares of Gold Eagle will be de-listed from the Toronto Stock Exchange effective at the close of markets on Tuesday, September 30, 2008." More
- September 25, 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 25 September, 2008 | |
