-- Posted 12 December, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $819.15 | -$7.60 | +8.92% |
Silver | $10.20 | -$0.23 | +8.57% |
XAU | 108.24 | +2.63% | +23.59% |
HUI | 261.30 | +3.49% | +22.90% |
GDM | 793.44 | +3.66% | +23.05% |
JSE Gold | 2355.62 | -12.95 | +20.73% |
USD | 83.56 | -0.20 | -3.90% |
Euro | 133.73 | +0.27 | +4.99% |
Yen | 109.72 | +0.41 | +1.92% |
Oil | $46.28 | -$1.70 | +13.40% |
10-Year | 2.589% | -0.059 | -2.56% |
Bond | 135.9375 | +0.328125 | +0.97% |
Dow | 8629.68 | +0.75% | -0.07% |
Nasdaq | 1540.72 | +2.18% | +2.08% |
S&P | 879.73 | +0.70% | +0.42% |
The Metals:
Gold fell as much as $19.40 to $807.35 in Asia before it rallied back higher in London and morning New York trade to see a $1.90 gain at $828.65 by about 11AM EST, but it then fell back off slightly into the close and ended with a loss of 0.92%. Silver saw a 44 cent loss at $9.99 at about 8:30AM EST before it rallied to as high as $10.355 by late morning in New York, but it also fell back off into the close and ended with a loss of 2.2%.
Euro gold fell to about €614, platinum lost $16.50 to $813.50, and copper fell over 8 cents to about $1.41.
Gold and silver equities opened up about 2% lower before they rebounded to see over 4% gains by about and hour and a half into trade and then fell back off a bit by early afternoon, but they still ended with roughly 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Nov | -2.2% | -2.0% | -2.8% |
Core PPI | Nov | 0.1% | 0.1% | 0.4% |
Retail Sales | Nov | -1.8% | -2.0% | -2.9% |
Retail Sales ex-auto | Nov | -1.6% | -1.8% | -2.4% |
Business Inventories | Oct | -0.6% | -0.2% | -0.4% |
Michigan Sentiment | Dec | 59.1 | 55.0 | 55.3 |
The Senate rejected the auto bailout plan late last night, but it now seems likely that the White House and Treasury will use TARP funds to prevent an automaker collapse for the time being.
All of this week’s other economic reports:
Next week’s economic highlights include the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, and Industrial Production on Monday, CPI, Building Permits, Housing Starts, and the FOMC policy announcement on Tuesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as much as 7% in early trade on worries over the demise of the auto bailout plan before it cut its losses on renewed hopes that something will be arranged, but it still ended with an over 3% loss on the day.
The U.S. dollar index ended slightly lower and treasuries closed with a small gain while the Dow, Nasdaq, and S&P eventually found marginal gains on hopes that something will be worked out to save the automakers.
Among the big names making news in the market Friday were the automakers and Alcatel-Lucent.
The Commentary:
“Dear Friends,
Once again another week passes and once again foreign Central Banks unload US Agency debt. This week they dropped another $17 billion worth, bringing the total of agency debt that they have unloaded since the credit crisis began in July of this year to an almost unfathomable $138 billion.
Were it not for the fact that they were buying US Treasuries in its place apparently, the bottom would have fallen out of the Dollar even sooner, repatriation from abroad notwithstanding. Look at the chart of the Treasury holdings and ask yourself if it the least bit difficult to see why we have a bubble forming in the Treasury market.
Click here to view this week’s Custodial Holdings charts with commentary from Trader Dan Norcini” – Dan Norcini, More at JSMineset.com
“February Gold closed down 6.1 at 820.5. This was 3 up from the low and 7.4 off the high.
March Silver finished down 0.195 at 10.23, 0.01 off the high and 0.01 up from the low.
The gold market managed to throw off a fairly negative bias early in the trading session but it seemed as if the bounce in gold was largely the result of a recovery bounce in the US equity markets. With the Dollar remaining weak for a large portion of the trading session there certainly wasn't the typical currency market pressure that was persistently present in the July through mid November time frame. While the US economic readings released on Friday morning were discouraging, the market seemed to suggest that the readings were as bad as some players feared and that seemed to be another reason for shorts to cover positions.
For the stock market to have to climbed back into positive ground in the wake of the initial hard down action Friday morning, clearly seemed to temper the pressure on silver and other physical commodity markets. In fact, a distinct recovery bounce in the corn market this morning and a recovery attempt in the crude oil market also seemed to drawn down the pressure hanging over silver prices. However, in the end the US retail sales figures were discouraging and even in the face of an indirect US auto sector bailout effort the ills of the US economy remain in place.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Swiss may have to print money to stave off deflation
The Statistics:
As of close of business: 12/11/2008
Gold Warehouse Stocks: | 8,538,906 | +9,403 |
Silver Warehouse Stocks: | 126,826,996 | -701,900 |
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 | 762.17 | 24,504,597 | US$ 20,281m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 117.00 | 3,761,607 | US$ 3,081m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 368,991 | US$ 303m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.93 | 865,972 | US$ 716m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.28 tonnes to make for a new record high holding.
COMEX Gold Trust (IAU)
Profile as of 12/11/2008 | |
Total Net Assets | $1,721,951,927 | Ounces of Gold
in Trust | 2,087,702.264 |
Shares Outstanding | 21,200,000 | Tonnes of Gold
in Trust | 64.93 |
Note: Change in Total Tonnes from yesterday’s data: 0.45 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 12/11/2008 | |
Total Net Assets | $2,221,694,128 | 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) CEO change, Anglo American’s (AAUK) delayed expansion project, Freeport’s (FCX) job cuts, and Revett’s (RVM.TO) WARN notice were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Banro | BAA +37.5% $1.10 |
2. New Gold | NGD +17.54% $1.34 |
3. Gammon Gold | GRS +15.57% $3.86 |
LOSERS
1. Exeter | XRA-7.25% $1.317 |
2. Solitario | XPL -7.02% $1.59 |
3. Freeport | FCX-2.41% $22.28 |
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:
Atikwa Announces Corporate Changes - More
- December 12, 2008 | Item | E-mail
Alberta Star Completes Non-Brokered Private Placement - More
- December 12, 2008 | Item | E-mail
Evolving Gold Reports Results from North Carlin Drill Program - More
- December 12, 2008 | Item | E-mail
Stratagold announces Phase II exploration results from the BRL Venture, Guyana - More
- December 12, 2008 | Item | E-mail
Luna Gold renegotiates earn-in terms for the Cachoeira project - More
- December 12, 2008 | Item | E-mail
Jasper Mining Corporation - Significant high grade results from diamond drill program on Isintok property - More
- December 12, 2008 | Item | E-mail
Sacre-Coeur Discovers Porphyry-Type Au, Cu, Mo Mineralization at Million Mountain New Zone 3 - More
- December 12, 2008 | Item | E-mail
Altius Minerals Corporation (TSX: ALS) Reports Second Quarter Net Loss of $2 Million - More
- December 12, 2008 | Item | E-mail
Merrex Executes Final Documentation with IAMGOLD - More
- December 12, 2008 | Item | E-mail
Cogitore Resources Inc. Files Estrades Project Feasibility Study - More
- December 12, 2008 | Item | E-mail
Matamec to Extend Warrant Term at a New Price - More
- December 12, 2008 | Item | E-mail
Anooraq Advises of Ongoing Discussions Relating to the Empowerment Transaction with Anglo Platinum - More
- December 12, 2008 | Item | E-mail
Silver Bear Resources Inc. - More
- December 12, 2008 | Item | E-mail
Revett Minerals Inc. Issues WARN Notice to Employees at Troy Mine - "Revett Minerals Inc. (Toronto:RVM.TO - News) ("Revett" or the "Company") announced today that it has given employees at its 69% indirectly owned Troy Mine, located in northwest Montana, 60 day notice under the Worker Adjustment and Retraining Notification (WARN) Act that operations may be placed on care and maintenance if metal prices remain at currently depressed levels. Currently, the Company plans to continue operations until early February 2009, and continue thereafter as long as operations remain profitable. The notice was given to approximately 180 employees of which 160-170 would be impacted by a transition from production to care and maintenance." More
- December 12, 2008 | Item | E-mail
Avion Plans to Start Production at Segala in February 2009 @ 66,000 Ounces in Year 1 Rising to 95,550 Ounces in Year 3 - More
- December 12, 2008 | Item | E-mail
Klondex Initiates High-Grade Gold Resource Update to Include Two Years of Exploration Data - More
- December 12, 2008 | Item | E-mail
Powertech Acquires Additional Lands in South Dakota and Wyoming - More
- December 12, 2008 | Item | E-mail
Bayswater Sells Select Claims in South Dakota and Wyoming - More
- December 12, 2008 | Item | E-mail
Best performing mining stocks around the globe - "The world's top 100 mining stocks may have surrendered a combined USD 1.7 trillion in market value this year, from peak prices, but the strong recovery during recent weeks has seen a bounce of no less than 52% from "the bottom of the trough". While the combined value of the top 100 mining stocks has increased from a low of USD 495bn to USD 756bn, individual stock performance has varied widely." More
- December 12, 2008 | Item | E-mail
Romios Announces Proposed Flow-Through Offering of Up to $2,100,000 and Working Capital Offering of Up to $520,000 - More
- December 12, 2008 | Item | E-mail
Centenario Copper Announces China Sur Drill Results: Oxide Zone Copper Grades Similar to Nearby China Deposit - More
- December 12, 2008 | Item | E-mail
Frontera Copper Announces Effect of Share Acquisition by Invecture Group on Shareholder Rights Plan - More
- December 12, 2008 | Item | E-mail
Solex Reports Complete Drill Results at the Puncopata Prospect, Including 8 Metres of 0.216% U3O8 in Hole PUN08-22, Macusani East Uranium Project, Peru - More
- December 12, 2008 | Item | E-mail
Goldcorp CEO to Retire; Board Names Successor - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today announced that Kevin McArthur will retire as the Company's President and Chief Executive Officer, effective December 31, 2008. McArthur will serve through 2009 as Advisor to the CEO and remain as a director on Goldcorp's board. The board of directors has appointed Charles "Chuck" Jeannes, Goldcorp's Executive Vice President, Corporate Development as President and Chief Executive Officer." More
- December 12, 2008 | Item | E-mail
Anglo American may delay Bronces expansion due crisis-paper - "Anglo American Chile's Los Bronces copper division expansion project could be delayed by several months due to the global financial crisis, the firm's chief executive was on Friday quoted as saying." More
- December 12, 2008 | Item | E-mail
Indonesia Freeport to cut 75 jobs, won't hit production - "PT Freeport Indonesia, a unit of Freeport McMoran Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz), said on Friday it will cut 75 jobs in its Jakarta office to reduce costs at a time of falling copper prices.
Freeport has 12,000 employees in Indonesia, most of whom are employed at the giant Grasberg copper mine in Papua. It said its mining operations and production target would not be affected by the cuts." More
- December 12, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 December, 2008 | |
