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Gold Seeker Closing Report: Gold and Silver Rise While Stocks Fall

By: Chris Mullen, Gold-Seeker.com


-- 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


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

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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 22 December, 2008 | |


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