-- Posted 22 December, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $846.35 | +$10.40 | Silver | $10.84 | +$0.02 | XAU | 109.83 | -2.59% | HUI | 268.40 | -1.09% | GDM | 823.03 | -0.97% | JSE Gold | 2130.83 | +83.21 | USD | 81.13 | +0.01 | Euro | 139.45 | +0.28 | Yen | 110.95 | -1.00 | Oil | $39.91 | -$2.45 | 10-Year | 2.141% | +0.010 | T-Bond | 140.6875 | -0.109375 | Dow | 8519.69 | -0.69% | Nasdaq | 1532.35 | -2.04% | S&P | 871.63 | -1.83% |
The Metals: Gold rose $12.15 to $848.10 in early Asian trade, dropped back to $839.15 in London a little before 6AM EST, and then rose to a new session high of $851.22 in midmorning New York trade before it fell back off slightly into the close, but it still ended with a gain of 1.24%. Silver climbed to $11.06 in Asia before it fell back off in London and New York and dropped to as low as $10.71 by about noon EST, but it then rallied back higher in the last hour and a half of trade and ended gain of 0.18%. Euro gold rose to about €607, platinum gained $3.50 to $848, and copper rose slightly to about $1.33. Gold and silver equities rose over 4% at the open, but they then fell back off for most of the rest of trade and ended about 2% lower on the day. The Economy: There were no major economic reports today. Tomorrow at 8:30AM EST brings third quarter GDP expected at -0.5% and the Chain Deflator expected at 4.2%. At 10AM are New Home Sales for November expected at 420,000, Existing Home Sales expected at 4,930,000, and Michigan Sentiment for December expected at 58.6. The Markets:
Charts Courtesy of http://finance.yahoo.com/ Oil rose in early trade on speculation over more OPEC production cuts, but it fell back off almost 6% by the close on more demand worries as “oil consumption in China fell by 3.2 percent in November from a year ago, according to Reuters calculations, while crude imports into the world's No. 2 energy consumer dropped to the lowest level this year.” The U.S. dollar index ended barely higher as the yen weakened after “the Bank of Japan followed last week's interest rate cut with a warning that the health of Japan's economy has deteriorated and is likely to get worse.” Treasuries rose midday as “the high yield of 0.922 percent on Monday's auction of $38-billion of two-year Treasury notes was an historic low,” but they ended slightly lower as few buyers exist to find such a yield attractive enough to buy. The Dow, Nasdaq, and S&P fell on continued economic worries spurred by more disappointing company reports. Among the big names making news in the market today were Toyota, Walgreen, and Munich RE and AIG. The Commentary: “Dear Friends, Today’s comments will be brief as we are in full holiday mode trading and that generally means that most action must be treated with a bit of skepticism since so many large players are out and liquidity tends to shrink resulting in exaggerated moves. Gold found buying support overnight which continued into today’s session as the dollar gave up its gain from last Friday. Many markets were mixed today with neither bulls or bears able to gain much of an edge and trading resolving into a grab bag for locals who absolutely LOVE this time of year. They jerk the markets around in whatever direction the paper flow provides and seek to push prices into stops to allow for some quick profits. Failing that, they play a range trade and basically scalp the market. Gotta do something to pay the bills… Technically gold looks like it might have found a short term trading range before Christmas that it feels content to bounce around in. Unless we get some sort of geopolitical event or wild move in the Forex arena, the probabilities favor more of this chop. Next week should probably see the same sort of thing as well. I prefer to see the technical price action in the first full week of trading after the New Year begins to get a better feel of where the market wants to go. By then you have a full complement of players back and more volume to work with. Resistance at the top of the range is near $850; support is near the bottom of the range at $830.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Gold doesn't pay interest? Neither do money market funds Where did the bailout money go? Banks keep it secret AP finds $1.6 billion went to execs of bailed-out banks Antal Fekete: Forward thinking on backwardation James Saft: How will the Fed dismount its tiger? Liam Halligan: Fed's foolhardiness is more worrisome than deflation John Embry: U.S. calls tune as gold, silver plunge Ing, Browne see gold devaluing dollar and easing debt Elizabeth MacDonald: Auto bailout saves Wall Street too Join GATA at the Vancouver conference Jan. 25-26 Thom Calandra: The only good money left is precious The Statistics: As of close of business: 12/22/2008 Gold Warehouse Stocks: | 8,540,002 | - | Silver Warehouse Stocks: | 126,845,345 | +339,900 |
Global Gold ETF Holdings [WGC Sponsored ETF’s] | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 775.33 | 24,927,686 | US$ 20,829m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.46 | 3,744,284 | US$ 3,161m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 368,950 | US$ 312m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.93 | 865,895 | US$ 723m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 12/19/2008 | | Total Net Assets | $1,795,217,938 | Ounces of Gold in Trust | 2,146,778.536 | Shares Outstanding | 21,800,000 | Tonnes of Gold in Trust | 66.77 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 12/19/2008 | | Total Net Assets | $2,306,193,568 | Ounces of Silver in Trust | 217,412,903.800 | Shares Outstanding | 220,250,000 | Tonnes of Silver in Trust | 6,762.30 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Fronteer’s (FRG) intention to acquire Aurora Energy Resources, Seabridge’s (SA) drill results, Northgate’s (NXG) market activity comments, and Scorpio’s (SPM.TO) update and forecast were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Vista Gold | VGZ +35% $1.35 | 2. NovaGold | NG +18.75% $1.52 | 3. Aurizon | AZK+15.61% $3.11 |
LOSERS 1. Fronteer | FRG-31.54% $1.78 | 2. Apex Silver | SIL -14.07% $1.16 | 3. Freeport | FCX -8.62% $21.32 |
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: Exploration Orbite V.S.P.A. Inc.: Private Placement of a Maximum of $200,000 - More - December 22, 2008 | Item | E-mail
Avalon Ventures Ltd.: Summer Drilling Program Produces Best Results to Date From Lake Zone REE Deposit, Thor Lake, NWT - More - December 22, 2008 | Item | E-mail
First Quantum raises Equinox Minerals stake - More - December 22, 2008 | Item | E-mail
Aurora Acknowledges Fronteer Press Release - "Fronteer has not yet made any formal offer and no action is required by Aurora shareholders at this time. Aurora recommends that its shareholders defer making any decision with respect to the offer until the Aurora Board of Directors formally communicates to shareholders its position on any such offer. Aurora's Board of Directors will advise Aurora shareholders of its position on any such offer by news release and directors' circular, as required by applicable securities law." More - December 22, 2008 | Item | E-mail
Conquest Receives Summons Under Ontario Occupational Health & Safety Act - More - December 22, 2008 | Item | E-mail
Osisko Intersects 117 Metres Averaging 1.85 g/t Au at South Barnat - More - December 22, 2008 | Item | E-mail
Ventana Announces Additional La Bodega Drill Results - More - December 22, 2008 | Item | E-mail
Scorpio Mining Provides November-December Update and January 2009 Forecast - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to provide an operational update for November-December 2008 and its January 2009 forecast for the 100% owned Nuestra Senora mine, Sinaloa State, Mexico." More - December 22, 2008 | Item | E-mail
GoldQuest Reports Drill Results From New Gold Zone at Las Animas - More - December 22, 2008 | Item | E-mail
Azteca Updates Drilling at Two Mile Project and New Director Elected at AGM - More - December 22, 2008 | Item | E-mail
Metanor Resources Inc.: Closing of Private Placements - More - December 22, 2008 | Item | E-mail
Premier closes Geraldton acquisition - More - December 22, 2008 | Item | E-mail
Frontera Copper amends mining agreement with contractor - More - December 22, 2008 | Item | E-mail
Beeston Delays Exploration on Ruth Lake Property - More - December 22, 2008 | Item | E-mail
Mr. Pierre Lebel Resigns From Jinshan's Board of Directors - More - December 22, 2008 | Item | E-mail
Sampling from Douglas Lake's Mbwemkuru project confirms gold and platinum content - More - December 22, 2008 | Item | E-mail
Logan Resources closes private placement - More - December 22, 2008 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project Construction & Permitting Update - More - December 22, 2008 | Item | E-mail
Shoreham Farms Out Black Banana Gold Project in Guyana - More - December 22, 2008 | Item | E-mail
MMX Wins Private Bidding Process for CSN Port Services - More - December 22, 2008 | Item | E-mail
PolyMet Receives Draft EIS From Department of Natural Resources - More - December 22, 2008 | Item | E-mail
Iberian Starts Up Copper Concentrate Production at Minas De Aguas Tenidas - More - December 22, 2008 | Item | E-mail
Quest Uranium Announces Final Closing of $800,000 Private Placement - More - December 22, 2008 | Item | E-mail
Ivernia Announces Resignation of Patrick Scott as Chief Operating Officer - More - December 22, 2008 | Item | E-mail
MetalCORP and Kennecott (a Rio Tinto company) Sign Agreement on the GUP Project Located 300km West of Thunder Bay, Ontario, CANADA - More - December 22, 2008 | Item | E-mail
Synatom Agrees to Make Additional Strategic Investment in Powertech - More - December 22, 2008 | Item | E-mail
Frontera Copper Provides Update on Operations - More - December 22, 2008 | Item | E-mail
Further High-Grade Gold Intercepts From Treasury Metals' Goliath Project - More - December 22, 2008 | Item | E-mail
Wallbridge Announces New Channel Sample Results from Their Frost Lake Property - More - December 22, 2008 | Item | E-mail
Amarc Arranges $500,000 Financing - More - December 22, 2008 | Item | E-mail
Quaterra Announces Second Closing of Non-Brokered Private Placement - More - December 22, 2008 | Item | E-mail
New Asia Gold Corp Agrees to Acquire Additional Gold Leases With Proven Gold Reserves - More - December 22, 2008 | Item | E-mail
Nuinsco Announces Changes to Board of Directors - More - December 22, 2008 | Item | E-mail
Grande Portage Resources Ltd. Completes Non-Brokered Private Placement - More - December 22, 2008 | Item | E-mail
Diamond Fields International Ltd. - Press Release - More - December 22, 2008 | Item | E-mail
Ruby Red Resources grants options - More - December 22, 2008 | Item | E-mail
Half of Canada's mining companies could go bankrupt after dismal year: analyst - "Few Canadian resource industries fared well in what turned out to be a dismal year for commodities, but base metal miners were hit particularly hard as credit markets tightened, global demand slumped and prices for everything from zinc and copper to iron ore and aluminum plummeted." More - December 22, 2008 | Item | E-mail
Seabridge Gold Reports Final 2008 Drill Results From Mitchell Zone - "Results have been received from the final 13 holes drilled this summer on the Mitchell zone at the KSM project including two exploration holes to intersect the northern plunge of a higher grade zone, three in-fill holes to upgrade inferred resources to the indicated category and eight geotechnical holes designed to test the slope stability of the north and south walls in the proposed Mitchell pit (see attached plan map for drill hole locations). All 13 drill holes successfully met their objectives. Results from two more holes drilled this year at the Sulphurets zone have yet to be released." More - December 22, 2008 | Item | E-mail
Northgate Minerals Comments on Recent Market Activity - "Northgate Minerals Corporation (TSX: NGX, NYSE ALTERNEXT US/AMEX: NXG) today commented on the large trading volume of the Company's shares and subsequent share price decline, which took place during market trading hours on Friday, December 19, 2008, on both the Toronto Stock Exchange and the NYSE Alternext." More - December 22, 2008 | Item | E-mail
Fronteer Announces Intention to Acquire Aurora Energy Resources Inc. - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(NYSE-A: FRG) announced today that it intends to make an offer to acquire all of the outstanding common shares ("Common Shares") of Aurora Energy Resources Inc. ("Aurora") that it does not already own (the "Offer")." More - December 22, 2008 | Item | E-mail
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-- Posted 22 December, 2008 | |
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