-- Posted 9 January, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $853.70 | -$0.20 | -2.71% |
Silver | $11.27 | +$0.17 | -1.87% |
XAU | 114.53 | -2.45% | -7.21% |
HUI | 277.47 | -2.33% | -7.26% |
GDM | 855.15 | -1.81% | -6.85% |
JSE Gold | 2235.80 | -39.62 | -1.86% |
USD | 82.71 | +1.14 | +1.04% |
Euro | 134.34 | -2.68 | -3.20% |
Yen | 110.70 | +0.95 | +1.76% |
Oil | $40.83 | -$0.87 | -11.66% |
10-Year | 2.407% | -0.038 | -0.37% |
Bond | 133.140625 | +0.125 | -1.72% |
Dow | 8599.18 | -1.64% | -4.82% |
Nasdaq | 1571.59 | -2.81% | -3.71% |
S&P | 890.35 | -2.13% | -4.45% |
The Metals:
Gold and silver traded mostly slightly higher in Asia and London before they fell as much as $9.90 to $844.00 and $0.14 to $10.96 by about 10AM EST in New York and then shot upward to new session highs of $868.50 and $11.60 to see gains of 1.7% and 4.5% by a little after noon EST, but they then fell back off into the close and gold ended with a negligible loss while silver ended with a gain of 1.53%.
Euro gold rose to about €635, platinum gained $5 to $989, and copper rose over 8 cents to about $1.55.
Gold and silver equities fell roughly 4% in the first hour of trade before they rose to flirt with slight gains midday, but they then fell back off in the last couple of hours of trade and ended about 2% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Dec | -524K | -525K | -584K |
Unemployment Rate | Dec | 7.2% | 7.0% | 6.8% |
Average Workweek | Dec | 33.3 | 3.5 | 33.5 |
Hourly Earnings | Dec | 0.3% | 0.2% | 0.4% |
Wholesale Inventories | Nov | -0.6% | -0.7% | -1.2% |
2008’s job losses of 2,589,000 mark the largest amount since 1945 and today’s reported Unemployment Rate was the highest since 1993. The BLS net birth/death adjustment added 72,000 payrolls to November’s data.
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Tuesday, Import and Export Prices, Retails Sales, and Business Inventories on Wednesday, PPI, Initial Jobless Claims, and the Philadelphia Fed survey on Thursday, and CPI, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The U.S. dollar index curiously rose while oil fell, treasuries rose, and the Dow, Nasdaq, and S&P fell as one would expect after the dismal jobs report.
Among the big names making news in the market Friday were Morgan Stanley and Citigroup, Circuit City, KB Home, Chevron, and Best Buy.
The Commentary:
“Short Sellers, Legal, Illegal and Pool Managed Seek Legal Protection From Market Risks of Their Actions
Dear CIGAs,
1. Will regulators support their despicable request?
2. Longs must disclose their positions above defined levels of ownership.
3. Will shorts be permitted to DESTROY from behind regulator-protected secrecy that is practically risk free?
4. Regulators in USA, Australia & GB to reveal shortly if they support the equity carnage and may well have and continue to engineered it.
5. If regulators protect the secret activities of the hedge funds from law demanding transparency, as longs must provide, then regulators are behind the degree of the CARNAGE from financials to industrials.
Fight, or be a damn lazy, worthless, coward!
1. Email every Bloomberg, Reuters, Financial Times, Herald Tribune, Chinese publication, Russian publication, CNN, CNBC, Aljazera and all news wire reporters (their email addresses are at the bottom of every article written).
2. Email every gold and silver writer because as a group they would take your money and moan daily without taking any action at all.
3. Email every company your are invested in of whatever kind telling management to get off their worthless asses, and get into the fight.
4. Call your elected representatives.
5. Email the regulators by going to their respective web sites and use the “contact us” buttons.
6. Scream holy murder, rape, theft and pillage.
“Let’s hire Greg Hunter as our Lobbyist for Fair Play”
Monty says and only says:
Dear Jim;
From THE WE DO THINGS AND DON’T WANT YOU TO REALIZE IT FILE;
Today’s Financial Times had an article entitled “Fund Heads Voice Short Selling Fears”
The first paragraph said, “Three associations representing fund managers in Australia, The UK and the US have joined forces to warn that their industry would be damaged if market regulators publish detailed information on short selling trading positions.”
What else is there to say? Evidently, the old song refrain…”let the sun shine… let the sun shine in,” is not a favorite of fund industry.
Respectfully yours,
Monty Guild
www.GuildInvestment.com”- Jim Sinclair, JSMineset.com
“February Gold closed up 0.5 at 855. This was 9.5 up from the low and 12 off the high.
March Silver finished up 0.223 at 11.32, 0.3 off the high and 0.31 up from the low.
The gold market initially managed to hold well above the prior session's lows on Friday and that suggests somewhat negative US macro economic information wasn't a major negative to prices. In fact, despite the evidence of more slowing, a generally higher US Dollar and weaker oil prices the gold market performed somewhat impressively. Clearly lingering Middle East uncertainty and comments from the US President Elect that Iran was a threat to US national security probably provided the gold market with some of the buying that initially help to lift prices off their morning lows. Given the comments from the Fed's Lacker during the session the gold trade could have downgraded flight to quality concerns as the Fed member hinted at some form of recovery in 2009. In fact, the Fed's Lacker also suggested that deflation wasn't a major risk at the current time.
The silver market probably performed better than most traders would have expected on Friday especially given the US numbers, the slide in equities and the rise in the US Dollar. With copper prices showing positive action one might even suggest that the industrial metals trade was relieved with the Non Farm payroll readings coming in near expectations. While the copper market was a positive outside influence for silver and the Fed's Lacker seemed to be up beat toward the economy in statements made during the trade Friday, one didn't come away from the developments Friday with an ultra positive macro economic feeling and that probably served to limit the strength in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
HoweStreet.com interviews GATA Chairman Murphy
Bank of England seen preparing to print money
Merrill Lynch says rich want gold bars, not gold paper
Financial Lifeline Radio reviews GATA's work, gold's prospects
The Statistics:
As of close of business: 1/08/2009
Gold Warehouse Stocks: | 8,551,699 | +8,730 |
Silver Warehouse Stocks: | 127,421,611 | -44,070 |
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 | 787.60 | 25,322,281 | US$ 21,668m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 0.00 | 4 | US$ 0m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 375,606 | US$ 317m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.93 | 865,705 | US$ 740m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.28 tonnes and LSE data is assumed to be in error today.
COMEX Gold Trust (IAU)
Profile as of 1/8/2009 | |
Total Net Assets | $1,853,412,954 | 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 1/8/2009 | |
Total Net Assets | $2,394,329,196 | Ounces of Silver
in Trust | 220,091,250.200 |
Shares Outstanding | 223,050,000 | Tonnes of Silver
in Trust | 6,845.60 |
Note: Change in Total Tonnes from yesterday’s data: 55.24 tonnes were added to the trust.
The Stocks:
New Gold’s (NGD) reduced debt position was the only big story in the gold and silver mining industry making headlines Friday.
WINNERS
1. Vista Gold | VGZ +10.13% $1.63 |
2. ITH | THM+9.78% $1.7016 |
3. US Gold | UXG +8.44% $1.03 |
LOSERS
1. Allied Nevada | ANV -15.52% $3.92 |
2. Anglo American | AAUK -10.07% $11.25 |
3. NovaGold | NG -9.45% $1.82 |
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:
Murgor announces grant of stock options - More
- January 09, 2009 | Item | E-mail
Bolivian miners protest firings but strike symbolic - "Bolivian miners belonging to the largest mining workers' federation joined in marches and other protests against job losses on Friday, but the promised 24-hour strike had no impact on production, a union leader said.
"It's not that there's a strike halting production, this is just a day of protest to demand that the government take an active role to avoid lay-offs and sanction insensitive business executives," Guido Mitma, the head of the Bolivian Federation of Mining Unions, told Reuters via telephone." More
- January 09, 2009 | Item | E-mail
Denison Mines Corp. Satisfies Bank Production Covenant - More
- January 09, 2009 | Item | E-mail
Ecometals Grants Stock Options - More
- January 09, 2009 | Item | E-mail
Sprott molybdenum fund folds up on falling prices - More
- January 09, 2009 | Item | E-mail
Kootenay Drilling Expands Mineralization at Promontorio; Large Stepout Encounters Mineralization to a Depth of 650 Meters - More
- January 09, 2009 | Item | E-mail
HudBay to Suspend Operations at Its Chisel North Mine and Snow Lake Concentrator - More
- January 09, 2009 | Item | E-mail
HudBay suspends Chisel North, Snow Lake operations - More
- January 09, 2009 | Item | E-mail
RBC, BMO downgrade Goldcorp - "At least two brokerages downgraded miner Goldcorp Inc (GG.N)(G.TO) and two more cut their price targets on the stock, after the company gave 2009 production outlook below analyst expectations." More
- January 09, 2009 | Item | E-mail
American Creek Reports Change To Board Of Directors - More
- January 09, 2009 | Item | E-mail
HudBay Discovers New Gold Zone at Lalor - More
- January 09, 2009 | Item | E-mail
Freewest and Rockport Intersect 8.24 g/t Gold Over 5.00 Metres in Deeper Drilling of East Zone at Clarence Stream, New Brunswick - More
- January 09, 2009 | Item | E-mail
Augen Gold Announces Appointment of Special Committee to Consider Shareholders Meeting Requisition - More
- January 09, 2009 | Item | E-mail
African Eagle limits ops to Tanzania nickel project - More
- January 09, 2009 | Item | E-mail
Pele Mountain Advances Eco Ridge Mine Project - More
- January 09, 2009 | Item | E-mail
Congo raises interest rates, seeks IMF help - "Congo, hit by a currency slide and falling demand for its minerals in a global downturn, will seek an emergency loan from the International Monetary Fund to halt a rapidly worsening financial crisis, the government said.
In a statement released late on Thursday, the mineral-rich but cash-strapped Democratic Republic of Congo said it had raised key interest rates to 40 percent from 28 percent to halt a slide in its Congolese franc currency." More
- January 09, 2009 | Item | E-mail
New Gold Reduces Debt Position by C$50 Million - "New Gold Inc. ("New Gold") (TSX and AMEX - NGD) today announced that it has agreements with certain note holders that will reduce its debt position by $50 million through the buy back of a portion of its Senior Secured Notes with a face value totalling $50 million for consideration of $30 million." More
- January 09, 2009 | Item | E-mail
Anglo American cut to underperform by Merrill Lynch - "Anglo American was cut to underperform from buy at Merrill Lynch, with the broker saying the metal group's earnings are under significant pressure. Anglo's dividends are at risk, though the risk of equity financing is low." More
- January 09, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 January, 2009 | |
