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-- Posted 8 December, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $769.45 | +$17.40 | Silver | $9.97 | +$0.575 | XAU | 95.28 | +8.79% | HUI | 228.78 | +7.61% | GDM | 695.50 | +7.86% | JSE Gold | 2157.93 | +206.82 | USD | 85.72 | -1.23 | Euro | 129.57 | +2.38 | Yen | 107.64 | -0.12 | Oil | $43.71 | +$2.90 | 10-Year | 2.734% | +0.077 | T-Bond | 134.703125 | +0.09375 | Dow | 8934.18 | +3.46% | Nasdaq | 1571.74 | +4.14% | S&P | 909.70 | +3.84% |
The Metals:  Gold rose to see a gain of $30.20 or 3.99% at $782.25 by about 9AM EST in New York before it fell back off into the close, but it still ended with a gain of 2.31%. Silver climbed to as high as $10.37 by late morning in New York to see a gain of $0.975 or 10.38% before it also fell back off in the last couple of hours of trade, but it still ended with a gain of 6.12%.
Euro gold rose to about €596, platinum gained $52 to $835, and copper gained over 12 cents to about $1.48. Gold and silver equities rose over 9% at the open before they pared their gains a bit midday, but they still ended over 7% higher on the day. The Economy: There were no major economic reports today, but President Elect Obama announced plans to spend the most on infrastructure in about 50 years with hopes of stimulating the economy. Tomorrow at 10AM EST is the Pending Home Sales report for October expected at -3.0%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose over 7% on Obama’s infrastructure plan and on OPEC’s renewed pledge to cut output. The U.S. dollar index plummeted as market participants put cash to work in real assets. Treasuries rose and the Dow, Nasdaq, and S&P added to Friday’s late gains on hopes that the horrendous jobs report will influence the government to deploy another massive stimulus package. Not only were rumors about another package not denied over the weekend, but Obama even announced a huge infrastructure plan to evidence his bias towards throwing more money at a problem that was created by too loose money in the first place. Among the big names making news in the market today were the New York Times, 3M, Dow Chemical, McDonald’s, Tribune, the oilsands stocks, and MetLife. The Commentary:  “Dear CIGAs,
The selling pressure at the Comex gold let up for a bit this morning as US equity markets were all going ga-ga over the proposed infrastructure expenditure program being discussed by the incoming administration next year. After all, what’s another $trillion here or there when you are already talking about bailing out anything that once moved and no longer does. Now we have the states lining up to get their share of the public dole from the feds. I am waiting for the catfish farms… seems like no one wants to eat fried catfish these days. And what about all those US Emu growers and the guys selling Alpacas? Personally I like the Aussie model where they just print money and send it directly to the citizenry. I sent them a request by Fed-Ex this morning! Think about all those plasma TV’s and Ipods you can buy with that kind of money. Heck, with gasoline prices dropping closer to $1.00 gallon again, maybe some folks will spring for a Yamaha 4 wheeler. OPEC would love that. I am thinking that we should get some bumper stickers printed up – you know the ones that say; “I did my civic duty and voted – how about you?”… ours could read, “I did my civic duty and spent what I don’t have, how about you?” By the way, OPEC might be gambling with the markets and deliberately trying to squash all the alternative energy source planning with cheap crude. That is about the only thing that I can come up with to explain the kind of eerie silence coming from them as crude drops lower and lower. Maybe they figure that cheap gasoline prices will dissuade politicians from subsidizing bio-fuels, wind and nuclear power startups which will compete with their product in the long run. Once again we have the same old same ol’ as far as the gold market goes. The equities go up, the dollar goes down. Gold goes up and so does the commodity world. Tomorrow, who knows? One thing is certain – the hedge funds are out of control and the continued liquidation is causing horrific conditions as far as liquidity issues go. There are simply too many air pockets both over and the under the markets. It takes hardly anything in the way of an order size to move them. Sure enough – as we have come to see over and over again – the usual price capping goons showed up at the Comex to knock it down off its best levels of the session. As I write this part of the commentary, gold is down $14 off its session high. The only answer to this is to continue taking delivery of the physical gold and getting it out of the Comex warehouses. We had a decent day of deliveries assigned this morning, along that line, with another 255 occurring. That brings the total deliveries for the month of December to 12,419 or 1.24 million ounces of gold. Warehouse totals remain relatively unchanged for the registered category at around 2.9 million ounces so we are close to 43%. The biggest stopper today, as was the case last Friday is HSBC. Bank of Nova Scotia was a net seller of 105 contracts. I am waiting to see a drop off in that registered category to see if the gold for these deliveries is actually leaving the warehouses.”- Dan Norcini, More at JSMineset.com  “February Gold closed up 17.1 at 769.3. This was 1.3 up from the low and 7.6 off the high.
March Silver finished up 0.545 at 9.975, 0.345 off the high and 0.015 up from the low. The gold market rallied today off of economic optimism, stock market gains, a weaker dollar and a general rally in the commodity markets. Talk of a compromise US automaker bailout on top of an infrastructure investment plan announced by the President-elect on Saturday that would hope to add 2.5 million new jobs to the economy was in sharp contrast to the negative economic news that pounded the markets last week. The dollar weakened on flight to quality liquidation, and crude oil gained on the improving economic news. This news helped gold reverse Friday's losses as it dampened market concerns over disinflation. Like gold, silver benefited from a more optimistic economic outlook today and actually performed better, as it traded through last week's highs. As silver is also an industrial metal, it sometimes has a more direct response to gains in the stock market and to generally improving economic conditions. Ongoing labor problems in Mexico also lent support, as union representatives threatened to go back on strike at the world's largest silver mine, Fresnillo.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Thom Calandra: Horrific gold dump -- Is this guy for real? China sovereign wealth fund exec bets dollar goes lower Oil contango pays most in decade; stockpiling earns 11% Ambrose Evans-Pritchard: Deflation virus moves policy beyond 1930s Bullion coin premiums up to at 25% on eBay Malaysia raises gold dinar proposal again Few seeing usual benefits of rising dollar India cuts interest rates for third time in two months Ten questions on silver with David Morgan Bank of England mulls 'nuclear option' of cash injection Julian Phillips: Central banks seem done selling gold Antal Fekete: Red alert -- gold backwardation The Statistics: As of close of business: 12/05/2008 Gold Warehouse Stocks: | 8,519,803 | -65 | Silver Warehouse Stocks: | 129,607,560 | +532,636 |
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 | 757.89 | 24,366,840 | US$ 18,249m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.00 | 3,761,774 | US$ 2,894m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 369,008 | US$ 285m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.94 | 866,029 | US$ 648m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 12/5/2008 | | Total Net Assets | $1,555,646,491 | Ounces of Gold
in Trust | 2,072,932.322 | Shares Outstanding | 21,050,000 | Tonnes of Gold
in Trust | 64.48 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 12/5/2008 | | Total Net Assets | $2,022,973,874 | Ounces of Silver
in Trust | 213,860,065.800 | Shares Outstanding | 216,650,000 | Tonnes of Silver
in Trust | 6,651.79 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Goldcorp’s (GG) update on Penasquito, Ivanhoe’s (IVN) drill results, Great Basin’s (GBN) acquired mill and update, Fronteer’s (FRG) drill results, and Penoles’ (PENOLES.MX) ended strike were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Ivanhoe | IVN +24.23% $2.41 | 2. Freeport | FCX+19.11%$20.01 | 3. Jaguar | JAG +17.95% $2.30 |
LOSERS 1. Solitario | XPL -1.94% $1.618 | 2. Royal Gold | RGLD-0.89% $36.86 |
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: Adex Announces Filing of Fire Tower Zone NI 43-101 Compliant Technical Report - More
- December 08, 2008 | Item | E-mail
Langmuir Project: Significant Near-Surface Nickel Mineralization Intersected on Discovery Zone - More
- December 08, 2008 | Item | E-mail
Abcourt Mines Inc. Announces Good Drilling Results on Aldermac and Abcourt-Barvue Properties - More
- December 08, 2008 | Item | E-mail
Goldcorp Supports Terrane's Modified Plan at Mt. Milligan - More
- December 08, 2008 | Item | E-mail
Guyana Goldfields Announces Increased Resource at Aurora 3.69 Million Ounces Measured and Indicated and 1.72 Million Ounces Inferred - More
- December 08, 2008 | Item | E-mail
Phase II Drilling at Rainbow Intersects 236 metres of Copper-Gold Mineralization - More
- December 08, 2008 | Item | E-mail
Champion Announces Completion of $1,450,000 Private Placement - More
- December 08, 2008 | Item | E-mail
Laramide Reports Drill Results as 2008 Program Concludes at Westmoreland; Highlights Include Hole WDD08-096 With 10 Metres Grading 0.66% U3O8 - More
- December 08, 2008 | Item | E-mail
Golden Valley Mines Ltd.: New Option/Joint Venture on Abitibi Project - More
- December 08, 2008 | Item | E-mail
Beaufield Resources Inc.: Drilling Starts at Troilus Properties - More
- December 08, 2008 | Item | E-mail
Melkior Resources Inc.: Drilling Starts at Troilus Properties - More
- December 08, 2008 | Item | E-mail
Mantis acquires additional claims at its Cree Lake gold property - More
- December 08, 2008 | Item | E-mail
SL Resources Inc. Reports on 2008 Field Program - More
- December 08, 2008 | Item | E-mail
Lithic Intersects 10.83 Metres of 253.8 Gpt Silver and 4.28% Zinc at Crypto - More
- December 08, 2008 | Item | E-mail
Black Pearl Announces Private Placement - More
- December 08, 2008 | Item | E-mail
C2C Becomes a Gold Producer Through the Acquisition of 50% of the Paraiso Mine in Ecuador - More
- December 08, 2008 | Item | E-mail
Luna Gold intercepts 21.45 m of 5.87 g/t Au including 7.95 m of 14.96 g/t Au at the Cachoeira gold project, Brazil - More
- December 08, 2008 | Item | E-mail
Clifton Star Provides Assay Results and Drilling Strategy Update - More
- December 08, 2008 | Item | E-mail
Buffalo Gold Ltd.: News Release - More
- December 08, 2008 | Item | E-mail
Rocmec Provides Commissioning Update of its Underground Mill at Rocmec 1 - More
- December 08, 2008 | Item | E-mail
Ressources Appalaches: Appointment of an Engineering Team for the Dufferin Mine - More
- December 08, 2008 | Item | E-mail
Temex and Nuinsco report uranium exploration results diamond drilling underway - More
- December 08, 2008 | Item | E-mail
Mexivada Receives Signed MOU from Gbense Chiefdom for Diamond Mining at Kono, Sierra Leone - More
- December 08, 2008 | Item | E-mail
Exploration Licenses Renewed at Inter-Citic's Dachang Gold Project - More
- December 08, 2008 | Item | E-mail
Pacific Gold Corp. Prepares for Gold Production - More
- December 08, 2008 | Item | E-mail
Nuinsco and Temex Report Uranium Exploration Results, Diamond Drilling Underway - More
- December 08, 2008 | Item | E-mail
Golden Phoenix Names Thomas Klein to Its Board of Directors - More
- December 08, 2008 | Item | E-mail
Azteca Gold Corp. Completes 8,784 FT Diamond Drill Core Hole at Two Mile Project - More
- December 08, 2008 | Item | E-mail
FNX and Gold Wheaton Renegotiate Terms of $50 Million Deferred Payment - More
- December 08, 2008 | Item | E-mail
Wallbridge Mining and Lonmin Approve $1.5 million for 2009 Sudbury Camp Joint Venture Exploration Program - More
- December 08, 2008 | Item | E-mail
European Goldfields Limited - Martyn Konig appointed as non-executive director - More
- December 08, 2008 | Item | E-mail
VMS Completes Property Purchase Agreement for the Acquisition of Reed Lake Claims With W. Bruce Dunlop Ltd. - More
- December 08, 2008 | Item | E-mail
Serabi Mining - Update on Strategic Review - More
- December 08, 2008 | Item | E-mail
Noront Closes Financing - More
- December 08, 2008 | Item | E-mail
Anvil Mining Places Dikulushi Mine on Care and Maintenance - More
- December 08, 2008 | Item | E-mail
Change of Management for Golden Dawn Minerals Inc - More
- December 08, 2008 | Item | E-mail
Grande Portage Resources Ltd. Announces Non-Brokered Private Placement - More
- December 08, 2008 | Item | E-mail
Goldcorp Provides Positive Penasquito Project Update - "Penasquito is a 100% owned development project that will be Mexico's largest open pit mine. The project consists of two open pits - Penasco and Chile Colorado. The project is on track, with the feasibility study envisaging a heap leach operation (which started in 2008), followed by a 50,000 tonne per day milling operation in 2009, ramping up to 130,000 tonnes per day in 2010." More
- December 08, 2008 | Item | E-mail
Ivanhoe Mines Makes Another High-Grade Discovery of Gold and Copper at the Oyu Tolgoi Project in Mongolia - "John Macken, President and CEO of Ivanhoe Mines Ltd. (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News), and Doug Kirwin, Executive Vice-President, Exploration, today announced additional details of the exploration drilling at the company's Oyu Tolgoi Project in Mongolia that has discovered a new zone of high-grade gold and copper mineralization, which has characteristics of the earlier high-grade discoveries at the Hugo Dummett and Southwest Oyu deposits." More
- December 08, 2008 | Item | E-mail
Great Basin Gold Acquires Mill, Updates Operations and Finances - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (TSX: GBG; AMEX: GBN; JSE: GBG) announces that it has signed an agreement with Metallic Ventures Gold Inc (TSX:MVG - News), whereby the Company will purchase the Esmeralda processing plant ("Mill") in Nevada, inclusive of the Esmeralda mine and infrastructure for US$2 million." More
- December 08, 2008 | Item | E-mail
Fronteer Development Group Inc.: Shallow Drilling Demonstrates High-Grade Nature of Mineralization at Sandman Gold Project - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(NYSE-A: FRG) is pleased to announce that drilling by Newmont Mining Corp. ("Newmont") continues to delineate near-surface, high-grade, oxide gold mineralization at the Sandman gold project in Nevada." More
- December 08, 2008 | Item | E-mail
Mexico union threatens to resume strike at Penoles - "Mexico's mining union said on Monday workers would go back on strike at Fresnillo, the world's largest silver mine, if an arrested union official is not immediately released.
"If our colleague Carlos Pavon is not freed today, section 62 (Fresnillo) will go back on strike," union official Sergio Beltran told a news conference." More
- December 08, 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 8 December, 2008 | |
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