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Gold Seeker Closing Report: Gold Climbs Back Over $850 and Silver Ends Slightly Higher

By: Chris Mullen, Gold-Seeker.com


-- Posted 8 January, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$853.90

+$13.75

Silver

$11.10

+$0.005

XAU

117.41

+5.50%

HUI

284.09

+5.23%

GDM

870.87

+5.85%

JSE Gold

2154.30

+23.47

USD

81.57

-0.68

Euro

137.24

+0.72

Yen

109.75

+1.75

Oil

$41.70

-$0.93

10-Year

2.445%

-0.049

T-Bond

133.015625

+0.328125

Dow

8742.46

-0.31%

Nasdaq

1617.01

+1.12%

S&P

909.73

+0.34%

 
 

 

The Metals:

 

Gold and silver traded slightly higher in Asia before they dropped slightly in London to as low as $837.16 and $10.79 by a little before 8AM EST, but they then rocketed higher in early New York trade and saw gains of 2.86% and 2.03% at as high as $864.15 and $11.32 before a slight pull back into the close that left gold with a gain of 1.64% and silver with a gain of 0.05%.

 

Euro gold rose to about €624, platinum gained $10.50 to $984.00, and copper fell a few cents to about $1.47.

 

Gold and silver equities rose about 4% at the open, remained near their highs into the close, and ended with over 5% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

1/03

467K

545K

491K

Consumer Credit

Nov

-$7.9B

$0.0B

-$2.8B

 

President-elect Obama also spoke today expressing his belief that more massive government spending is needed to pull the US out of recession.

 

Tomorrow at 8:30AM EST brings December’s jobs data.  Nonfarm Payrolls are expected at -500,000, the Unemployment Rate is expected at 7.0%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.5.  At 10AM is the Wholesale Inventories report for November expected at -0.9%.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell with the U.S. dollar index while treasuries rose slightly on more economic worries.

 

The Dow, Nasdaq, and S&P fell for most of the day on poor retail sales reports, but hopes that Obama’s stimulus plan will save the economy seemed to encourage some buying near the end of the day and the major indices ended with mixed on the day.

 

Among the big names making news in the market today were Walgreen, Sears, Costco, Wal-Mart, Gap, Macy’s, and TD Ameritrade.

 

The Commentary:

 

Dear CIGAs,

 

Due to time constraints associated with trading I have to keep things short today – gold rebounded off of support near yesterday’s lows further reinforcing the area near $837 - $840 as an initial support level. The bounce put gold back above the 20 day moving average which is helpful but it will need to recapture the 10 day moving average which comes in exactly at today’s session high to put the bulls back in charge. Right now there is no clear advantage to either the bull or bear side.  As long as the market can hold above the $828 - $830 level you have to favor the bulls however. Judging from the sharp ramp up in open interest even as the market has fallen, the shorts are digging in their heels and attempting to hold the line just below $866 or so. Some of this selling is no doubt associated with commodity index fund rebalancing so until we get the COT data it is going to be mostly guesstimates as to who is doing what in regards to selling. I do feel quite confident however that the bullion banks are capping gold on the rallies into the highs. For now let’s say that gold continues to consolidate.

 

Crude oil backed off further from the $50 level while palladium could not hold the $200 level. Copper gave up all the gains that it managed to ridiculously acquire as the ninny index funds went diving into the red metal to add copper longs to their holdings. They are now all under water. Nice move guys. They are now hoping that the $1 trillion economic stimulus plan being put forth contains lots of new electrical wiring components. Who knows – maybe they will get lucky and look like geniuses.

 

I want to repeat from yesterday – until the index funds complete this rebalancing act attempting to get an accurate read on these markets is a fool’s errand. This is all about money flows – pure and simple – nothing else matters right now.” - Dan Norcini, More at JSMineset.com

 

“February Gold closed up 12.8 at 854.5. This was 12 up from the low and 10.5 off the high.

 

March Silver finished down 0.008 at 11.097, 0.018 off the high and 0.097 up from the low.

 

The gold market forged an early rally in the wake of the scheduled US data flow but then seemed to sag back off the highs for the rest of the trading session. Clearly, weakness in energy and equity prices seemed to weigh on gold prices today but the bull camp in gold had to be happy with the overall results. With equity prices weaker, the Dollar weaker and gold higher one got the sense that flight to quality buying ahead of the monthly non Farm payroll report was driving sentiment. Perhaps some brokerage firm up grades of gold shares inspired part of the buying but in the end the bull camp could certainly point to the prospect of economic uncertainty, geopolitical uncertainty and even the potential for currency related support.

 

After a two sided early trade Thursday the silver market eventually managed to claw back into positive ground and seemed to manage the recovery in the face of slack US economic readings, weak equities and lower energy pricing. Perhaps the strength in gold prices and the slide in the Dollar prompted the fresh buying wave in silver because the fear of slowing in the economy was still present and the weakness in copper prices could have easily kept silver prices under wraps.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

China tries settling trade with yuan instead of dollar

From Australian TV, a devastating parody of central banking

China is losing its taste for U.S. debt

Still nobody in Britain perceives purpose of those gold sales

 

The Statistics:

As of close of business: 1/07/2009

Gold Warehouse Stocks:

8,542,969

-1,001

Silver Warehouse Stocks:

127,465,681

+ 696,284

 

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

787.88

25,331,021

US$ 21,484m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

116.08

3,732,064

US$ 3,188m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.51

375,606

US$ 316m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

26.93

865,715

US$ 734m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 1/7/2009

 

Total Net Assets

$1,825,647,745

Ounces of Gold
in Trust

2,170,719.643

Shares Outstanding

22,050,000

Tonnes of Gold
in Trust

67.52

Note: No change in Total Tonnes from yesterday’s data.

 

Silver Trust (SLV)

Profile as of 1/7/2009

 

Total Net Assets

$2,490,747,984

Ounces of Silver
in Trust

218,315,291.000

Shares Outstanding

221,250,000

Tonnes of Silver
in Trust

6,790.36

Note: No change in Total Tonnes from yesterday’s data.

 

The Stocks:

 

Midway’s (MDW) granted options, IAMGOLD’s (IAG) VP of operations appointment in Africa, Goldcorp’s (GG) fourth quarter gold production, NovaGold’s (NG) share disposition of Alexco (AXU), MAG’s (MVG) drill results, Metalline’s (MMG) shareholder letter, and Silvercorp’s (SVM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour

EXK +20% $1.32

2.  New Gold

NGD +18.84% $1.64

3.  Vista Gold

VGZ+15.64% $1.48

 

LOSERS

1.  Taseko

TGB -5.61% $1.01

2.  Ivanhoe

IVN -3.55% $3.26

3.  Tanzanian Royalty

TRE -2.71% $3.59

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:

Wallbridge Mining Company to Continue Exploration at Pele Mountain's Sudbury Nickel Project - More
- January 08, 2009 | Item | E-mail


Midway Gold Corp.: Options Granted - "Midway Gold Corp. (the "Midway") (CDNX:MDW.V - News)(AMEX:MDW - News) reports that pursuant to Midway's shareholder approved combined incentive and non-qualified stock option plan, the board of directors of Midway has granted incentive and non-qualified stock options on a total of 1,415,000 shares of Midway's common stock exercisable for up to five years at a price of $0.56 per share being the closing price of Midway's common shares on the day prior to grant. Some of the options are subject to vesting provisions and all of the options granted are subject to any applicable regulatory hold periods." More
- January 08, 2009 | Item | E-mail


Latin American Minerals: Mechanical Trenching Reports 7 gpt Gold over 8.5 Metres at Paso Yobai, Paraguay - More
- January 08, 2009 | Item | E-mail


Great Western Minerals Enters Agreement to Acquire Heavy Rare Earth Element Enriched Property in New Brunswick - More
- January 08, 2009 | Item | E-mail


US mine deaths fall to 51, the lowest on record - "The number of miners killed on the job in the United States fell to 51 in 2008, the fewest number of deaths in nearly a century, according to data released by federal regulators Thursday.

The U.S. Mine Safety and Health Administration reported that 29 of the deaths occurred in coal mines, down from 34 in 2007; and 22 were in copper, stone and other types of mines, down from 33 in 2007." More
- January 08, 2009 | Item | E-mail


Houston Lake Mining Closes a $755,200 Private Placement - More
- January 08, 2009 | Item | E-mail


Celtic Minerals Ltd. announces private placement - More
- January 08, 2009 | Item | E-mail


HudBay Notified of Request for OSC Hearing and Review - More
- January 08, 2009 | Item | E-mail


War Eagle Announces Appointment of Jeff W. Lantz as President and Chief Executive Officer - More
- January 08, 2009 | Item | E-mail


Terra Ventures Completes 4,000-Metre Diamond Drilling Program at Lac Kachiwiss Uranium Property, Sept-Iles, Quebec - More
- January 08, 2009 | Item | E-mail


Inspiration Intersects 0.674% Ni Over 24.44m or 80.18ft Containing 1.091% Ni Over 7.98m or 26.18ft (True Width) - More
- January 08, 2009 | Item | E-mail


Oromin Explorations Ltd.: Argentina Santa Rosa Licence Transaction Execution and Exploration Work Program Approval - More
- January 08, 2009 | Item | E-mail


Gold Hawk gets permit as works to reopen Peru mine - More
- January 08, 2009 | Item | E-mail


First Metals Files Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act - More
- January 08, 2009 | Item | E-mail


Victoria Gold Appoints John McConnell as Executive Vice President - More
- January 08, 2009 | Item | E-mail


Orex Closes Flow-Through Private Placement for its Phase 2 Exploration Program at Goldboro - More
- January 08, 2009 | Item | E-mail


Fortune Minerals updates Mount Klappan coal project feasibility study with lower Canadian dollar - More
- January 08, 2009 | Item | E-mail


Record Gold Production of 195 500 ounces for 2008, 84% Higher than 2007 - More
- January 08, 2009 | Item | E-mail


Uruguay Mineral Exploration 2009 Second Quarter Earnings Conference Call 13:00 UK time, Thursday, January 15, 2009 - More
- January 08, 2009 | Item | E-mail


Mirasol Exploration Update for the Claudia Project and Start of Second Phase Reconnaissance Drilling - More
- January 08, 2009 | Item | E-mail


Metals Creek Resources Corp. announces additional high grade copper assays on its Tillex Property and the acquisition of additional Betts Cove Property claims - More
- January 08, 2009 | Item | E-mail


Shoreham Resources Ltd.: Annual General Meeting Held December 31, 2008 - More
- January 08, 2009 | Item | E-mail


Shoreham Resources Ltd. Moves Offices to Langley, B.C., January 1, 2009 - More
- January 08, 2009 | Item | E-mail


Rockcliff to Drill Jackfish Nickel Property at Snow Lake Project - More
- January 08, 2009 | Item | E-mail


Midlands Minerals Arranges Financing of up to $500,000 - More
- January 08, 2009 | Item | E-mail


Armistice Resources Corp. reports first in-fill drilling results - More
- January 08, 2009 | Item | E-mail


Paladin Energy Ltd Files NI 43-101 Technical Report on Kayelekera Uranium Project - More
- January 08, 2009 | Item | E-mail


High Desert Gold Corporation Announces Results of Its Substantial Issuer Bid - More
- January 08, 2009 | Item | E-mail


IAMGOLD Expands Presence in West Africa and Announces Appointment of Senior Vice President, African Operations - "IAMGOLD Corporation ("IAMGOLD") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the appointment of Brian Chandler as Senior Vice President, African Operations. Brian will lead the expansion of IAMGOLD's presence on the African continent, in the role of Managing Director, IAMGOLD Africa." More
- January 08, 2009 | Item | E-mail


MAG Silver Reports Discovery of New High Grade Encino Vein at Juanicipio - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") has been advised by the operator of the Juanicipio Joint Venture that a new high grade vein appears to have been discovered as a result of detailed drilling in the vicinity of the Valdecanas Vein." More
- January 08, 2009 | Item | E-mail


President's Letter to Metalline Mining Company Shareholders - "The objective of this letter is to provide an update to our shareholders regarding the activity and progress during 2008 at Metalline's Sierra Mojada Project, Coahuila, Mexico. As previously announced the mining method has changed from an underground to an open pit method." More
- January 08, 2009 | Item | E-mail


Goldcorp Achieves Record Quarterly Gold Production; Forecasts Five Year Gold Production Growth of 50% - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today announced record fourth quarter gold production of 692,000 ounces. Gold production for the 2008 year exceeded 2.3 million ounces, meeting previously issued guidance." More
- January 08, 2009 | Item | E-mail


Silvercorp Metals Inc.: Drilling Intersects High-Grade Silver Mineralization in V2 and V6 Veins at the GC Silver-Lead-Zinc Project in Guangdong Province - "Silvercorp Metals Inc. (Toronto:SVM.TO - News) ("Silvercorp" or the "Company") is pleased to provide exploration results from its 95% owned GC silver-zinc-lead (Ag-Zn-Pb) project in Guangdong Province, Southern China. A total of 15 new mineralized veins have been discovered on the property and a Phase II 3,000-meter drill program to follow up on the success of the initial exploration program is planned for March 2009." More
- January 08, 2009 | Item | E-mail


NovaGold Completes Disposition of Alexco Shareholding - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco" or the "Company") reports it has been advised that NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) ("NovaGold") has reduced its shareholding in Alexco from approximately 16% to less than 2%. This reduction was accomplished by way of private sale transactions, with the shares acquired by multiple unrelated purchasers." More
- January 08, 2009 | Item | E-mail


Goldcorp plans for 50 pct output jump over 5 yrs - "Goldcorp Inc (G.TO) (GG.N) said on Thursday that it has matched its 2008 gold production forecast and plans for a 50-percent jump in output over the next five years.

The company, which has operations in Canada and throughout Latin America, anticipates 2009 production of about 2.3 million ounces of gold at a cost of $365 to $400 per ounce." More
- January 08, 2009 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© 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 January, 2009 | |


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