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-- Posted 16 July, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $935.25 | -$4.15 | Silver | $13.21 | UNCH | XAU | 142.22 | +0.78% | HUI | 344.41 | +0.34% | GDM | 1056.62 | +0.05% | JSE Gold | 2330.14 | -62.08 | USD | 79.26 | -0.14 | Euro | 141.45 | +0.35 | Yen | 106.62 | +0.56 | Oil | $62.02 | +$0.48 | 10-Year | 3.557% | -0.039 | T-Bond | 117.21875 | +0.390625 | Dow | 8711.82 | +1.11% | Nasdaq | 1885.03 | +1.19% | S&P | 940.74 | +0.86% |
The Metals:  Gold reversed slight losses in Asia and London and rose to see a slight gain at $939.85 at the open of trade in New York before it fell to see a $6.75 loss at $932.65 by a little after 10AM EST, but it then rallied back higher into the close and ended with a loss of just 0.44%. Silver dropped to as low as $13.139 in early New York trade and then jumped to as high as $13.33 before it also fell back off a bit the last few hours of trade, but it was still able to end unchanged on the day.
Euro gold fell to about €663, platinum gained $10 to $1161, and copper remained at about $2.38. Gold and silver equities traded near unchanged and ended with slight gains. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 7/11 | 522K | 553K | 569K | TIC Flows | May | -$19.8B | $16.5B | $11.5B | Philadelphia Fed | July | -7.5 | -4.8 | -2.2 |
Former U.S. Treasury Secretary Henry Paulson defended his actions of last fall before a House of Representatives Oversight subcommittee this morning. The questioning was mostly great, the coverage was not. (See my further thoughts in the commentary section below.) Tomorrow at 8:30AM EST brings Building Permits for June expected at 524,000 and Housing Starts expected at 530,000. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil ended higher on hopes for rebounding demand that stemmed from a report showing strong economic growth in China. The U.S. dollar index fell after strong earnings from JPMorgan inspired traders to put cash to work. Treasuries rose on the announcement that CIT will not be bailed out. The Dow, Nasdaq, and S&P remained mixed this morning, but they then rose throughout most of the afternoon and ended with about 1% gains on optimism over earnings reports and jobs data. Among the big names making news in the market today were McGraw-Hill, Marriott, Nokia, Harley-Davidson, JPMorgan, CIT, and Biogen. The Commentary: Congress got their chance today to grill Paulson for his actions last fall as Treasury Secretary. His intimidations, threats, interference with the free market, and intentional misperceptions with regards to Ken Lewis, TARP, stimulus, bailouts, Bank of America, Merrill Lynch, Lehman Brothers, etc. were repeatedly brought up and questioned. And grill him they mostly did, as they should have, at least the parts that we were allowed to see… The media’s treatment of this hearing was beyond sickening. CNBC continuously broke from coverage not only to bring useless updates on the current collapse of CIT, or an untimely interview with JPMorgan’s CFO to express how stupidly awesome their last quarter was (when ignoring all the derivative losses they no longer need to report, of course), but CNBC also, and repeatedly, broke in to let Kudlow or some other media shill defend Paulson and admonish Congress for their treatment of Paulson. They even had a former fed governor, McTeer, come on to agree with Kudlow’s defense of the man who oversaw this historic financial debacle. Is any of this any surprise? No, not at all unfortunately. We are more than familiar with CNBC’s ultra biased slant on their reporting of business. But today was a new low, a far more reaching new low when you thought they were already as low as they could get.  “Dear Comrades In Golden Arms,
This is really going to anger China, the BRICs and our Saudi/Kuwaiti Bankers I have repeatedly told you that the problems that landed us in this mess have not been addressed. The reason is simple. The company going broke is the loser on the OTC derivative and therefore requires a cash injection in order to pay the winner on the OTC derivative. The winners are those banks reporting huge gains from their trading activities. The entire plot is right in front of your eyes but you do not see it. The main aggrieved party is of course the US citizen picking up the bill via long term IOUs called government bonds, but there is another powerful and aggrieved party as well - China. CIT is going to light a Roman Candle in the hands of China and BRICs China leads. Think about the US this week assuring the powerful Middle Eastern nations financially friendly to the USA that all was well and improving. I am sure China and BRICs are not going to simply jump up and down screaming bloody murder. There is something I cannot yet define that is coming down the track at the dollar. My eyes and ears are open everywhere.”- Jim Sinclair, JSMineset.com “Dear CIGAs, Yesterday it was the CPI numbers that shot the deflationists in the butt and resulted in a rip roaring rally in the Euro and the commodity currencies. Today it was the Philadelphia Fed Manufacturing Index which promptly returned the favor and kneed the inflationists in the groin sending the bond market up a full point at one time during the session and knocking the stuffing out of the commodity currencies allowing the Yen to take back just about all of its losses from the previous day. The YO-YO is alive and well. Once again the hedgies and their algorithms are alive and well with their thoroughly analyzed, strategic approach to the market based on their excruciating detailed studies of long term macroeconomics (long term with them is 30 minutes) on full display as they reversed just about everything they had done the previous day. What more can one say? The Casino is alive and well! The Dollar was stable going into today’s early New York session but as soon as the Philly Fed numbers hit the screen, up it went as did the Yen which literally SOARED higher as all the risk takers of yesterday became little chipmunks today and ran for the comfort of their burrows. Even knowing what these idiots are going to do does not take away the feeling of wonder and awe that grown-up, otherwise intelligent human beings could act in such a schizophrenic and irrational manner and do it day after day after day. I know I have said it in jest but I am beginning to wonder if we are seeing the long term effects of overexposure to computer video games and how they damage the human brain. All these hedgies need is a two-sided coin and they could play the part of Harvey Dent, alias Two-Face, in the next Batman movie. Back to gold however – the resistance zone from yesterday that appeared near $940 is still intact and until gold can manage a closing breach above that level, it will not be able to garner sufficient buying from these momentum based funds to drive it up and through $950 which would give it a chance at breaking out of the range trade that currently defines it. Any sign of “safe haven” buying in the US Dollar emboldens the bullion banks and some of the predatory quant funds to come in and sell the metal. Support lies initially back down near the $920 level. Some rolling of positions out of August and into December gold are already occurring. Additionally, gold still needs help from the crude oil market to help propel it through the offers that sit above the market. News out of China that its stimulus was apparently working and generating growth helped bring in some buyers to crude that offset some of the selling initially associated with the Philly Fed numbers. Incidentally, that same Chinese news buoyed the copper market today and kept it rather insulated against the other outside market influences. Considering the weakness in gold the mining shares have held up relatively well thus far into the session.”- Dan Norcini, More at JSMineset.com  “August Gold closed down 4 at 935.4. This was 2.8 up from the low and 4.6 off the high.
September Silver finished up 0.027 at 13.235, 0.09 off the high and 0.1 up from the low. A big range up extension early in the week now seems to have left the gold market somewhat overbought and perhaps in need of a fresh set of influences. With the overall macro economic outlook seemingly dented by the Philly Fed readings, the US equity market giving off mixed signals and the NAHB housing index readings showing a second straight monthly decline, it wasn't surprising to see gold prices waffle around both sides of unchanged with an emphasis on the downside. While the Dollar showed some minor gains, the action in the currency markers wasn't definitive enough to result in a major reaction in gold prices. The silver market showed some brief moments of positive trade on Thursday and in general outperformed the gold market. However, the outside or industrial commodity market action was somewhat bearish for silver with copper, grains and oil prices weak. One could also suggest that a lack of direction in equity prices after some early favorable fundamental nears served to rekindle slowing fears in many markets like silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts: John Rubino: A sudden worldwide currency revaluation is imminent The Statistics: Activity from: 7/14/2009 Gold Warehouse Stocks: | 8,892,202 | - | Silver Warehouse Stocks: | 118,558,004 | +361,036 |
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 | 1,094.54 | 35,190,659 | US$ 33,002m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 133.32 | 4,286,357 | US$ 4,015m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,277 | US$ 414m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 40.55 | 1,303,550 | US$ 1m | NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 7/15/2009 | | Total Net Assets | $2,154,142,774 | Ounces of Gold
in Trust | 2,294,206.965 | Shares Outstanding | 23,350,000 | Tonnes of Gold
in Trust | 71.36 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 7/15/2009 | | Total Net Assets | $3,739,572,070 | Ounces of Silver
in Trust | 281,863,452.300 | Shares Outstanding | 286,350,000 | Tonnes of Silver
in Trust | 8,766.93 |
Note: No change in Total Tonnes from yesterday’s data. The Miners: Eldorado’s (EGO) disposition, Ivanhoe’s (IVN) development in Mongolia, Minco Gold’s (MHG) late filing, Apollo’s (AGT) completed financing, AngloGold’s (AU) agreement with Randgold (GOLD), Fronteer’s (FRG) permitting, Randgold’s (GOLD) proposed business combination with Moto Goldmines (MGL.TO), Minco Silver’s (MSV.TO) re-filed Financial Statements, Fresnillo’s silver output, Fortuna’s (FVI.V) upgraded reserves, and Coeur’s (CDE) sold mine interest were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Banro | BAA+17.03% $2.13 | 2. Freeport | FCX+5.72% $53.82 | 3. ITH | THM +4.64% $2.93 |
LOSERS 1. Ivanhoe | IVN-14.03% $7.72 | 2. Entree | EGI-11.51% $1.23 | 3. Nevsun | NSU -6.13% $1.53 |
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: Matamec Releases NI 43-101 Technical Report on its Zeus Rare Earth Elements-Yttrium-Zirconium Property Containing the Kipawa Deposit - More
- July 16, 2009 | Item | E-mail
Bullion Monarch Mining Names Barrick as Additional Defendant in Pending Litigation against Newmont - More
- July 16, 2009 | Item | E-mail
Minera Andes announces second quarter 2009 San Jose mine production - More
- July 16, 2009 | Item | E-mail
Gold Assays from Bulk Sampling Program at LKA's Golden Wonder Mine Continue to Yield Encouraging Results - More
- July 16, 2009 | Item | E-mail
Starfire Minerals Inc. settles claims - More
- July 16, 2009 | Item | E-mail
High River Gold Provides Q2/2009 Update on Operations and Financial Status - More
- July 16, 2009 | Item | E-mail
Oromin Explorations Ltd.: Drilling Commences at Santa Rosa, Argentina - More
- July 16, 2009 | Item | E-mail
Minco Silver Announces a Re-Filing of its Audited Financial Statements Year Ended Dec 31, 2008 - "Minco Silver Corporation (TSX:MSV - News) (the "Company" or "Minco Silver") announces that it has re-filed its Audited Financial Statements year ended December 31, 2008 with a double-dated auditors' report and amended and restated Unaudited Financial Statements and accompanying Management Discussion and Analysis for the quarter ended March 31, 2009 in connection with the Company's intention to qualify a short form prospectus under NI 44-101." More
- July 16, 2009 | Item | E-mail
Castle Gold Provides Update on Strategic Alternative Review Process - More
- July 16, 2009 | Item | E-mail
Northern Continental Receives Superior Proposal from Hathor Exploration - More
- July 16, 2009 | Item | E-mail
Seafield Announces Completion of Second Tranche of Private Placement - More
- July 16, 2009 | Item | E-mail
Evolving Gold Goes Beyond the Press Release to Discuss Definition Drilling at Rattlesnake Hills-67.1 Meters at 10.8gpt Gold - More
- July 16, 2009 | Item | E-mail
Dumont concludes interim financing for Alberta polymetallic black shale projects with second tranche closing - More
- July 16, 2009 | Item | E-mail
KWG to acquire Ring of Fire royalties - More
- July 16, 2009 | Item | E-mail
Unico, Inc. Announces the Shipment of 21 Tons of Concentrate From the Deer Trail Mine to Royal Mines And Minerals Corp. for Processing of Gold and Silver - More
- July 16, 2009 | Item | E-mail
Chalice Diamond Corp.: Mapping and Sampling of Gold Zones Underway on Claims Optioned to Strike Minerals Inc. - More
- July 16, 2009 | Item | E-mail
Eloro Appoints Hockey Hall of Fame's Denis Potvin to the Board of Directors - More
- July 16, 2009 | Item | E-mail
Opawica Announces Additional Resource Estimates at the Atikwa Lake Copper-Gold Property and the Dingman Gold Property, Ontario - More
- July 16, 2009 | Item | E-mail
Timmins Gold Corp.: Production Testing Underway - More
- July 16, 2009 | Item | E-mail
Soho Acquires Jocuixtita Silver Project, Sinaloa State, Mexico - More
- July 16, 2009 | Item | E-mail
Wits Gold outlines uranium-gold resources in the Beisa North project - More
- July 16, 2009 | Item | E-mail
Orex Signs Letter of Intent to Purchase 100% of Core Claims in Coneto Silver-Gold Mining Camp in Durango Mexico - More
- July 16, 2009 | Item | E-mail
Petaquilla Provides Update on the Commissioning of the Molejon Gold Plant - More
- July 16, 2009 | Item | E-mail
Metanor Resources Inc.: Barry NI 43-101 Report in Process - More
- July 16, 2009 | Item | E-mail
Ventana Announces Additional La Mascota Drill Results - More
- July 16, 2009 | Item | E-mail
Solex Completes Previously Announced Transaction with Eldorado Gold - More
- July 16, 2009 | Item | E-mail
JNR Intersects Uranium/Thorium Mineralization at Way Lake - More
- July 16, 2009 | Item | E-mail
EurOmax announces sale of Chinese Bulagou property for US $15 million - More
- July 16, 2009 | Item | E-mail
Alexis Confirms Profitability of Lac Pelletier Gold Project and Potential for Commercial Production by Mid 2010 - More
- July 16, 2009 | Item | E-mail
Romios Announces Closing of Private Placement - More
- July 16, 2009 | Item | E-mail
Uranium Star Completes Trenching Program; Targets 200 Million Tonne Vanadium Deposit on Green Giant Project - More
- July 16, 2009 | Item | E-mail
Copper Fox Announces Executive Changes and the Appointment of a Director - More
- July 16, 2009 | Item | E-mail
Dana Resources Completes Acquisition of Additional Gold Project - More
- July 16, 2009 | Item | E-mail
Thundermin and Cornerstone Extend Option on the Little Deer Copper Deposit, Springdale Area, Newfoundland - More
- July 16, 2009 | Item | E-mail
Bandera Announces First Instance Ruling in Connection With Its Mexican Properties - More
- July 16, 2009 | Item | E-mail
General Metals Raises Over $200,000 via Private Placement - More
- July 16, 2009 | Item | E-mail
Intrepid Mines Limited: Tujuh Bukit Project, Indonesia - More
- July 16, 2009 | Item | E-mail
Ivernia Closes Chapter at Esperance - More
- July 16, 2009 | Item | E-mail
Eldorado Disposes of Non-Core Asset - "Eldorado Gold Corporation (TSX:ELD - News)(AMEX:EGO - News) ("Eldorado" or "Company") is pleased to announce the closing of its disposal to Solex Resources Corp. ("Solex") of its interest in the Macusani East Uranium project, the sole asset of Minera Frontera Pacifico S.A. ("MFP"), which was obtained through its acquisition of Frontier Pacific Mining Corporation ("Frontier") in 2008. Pursuant to the disposition, Eldorado received 11,820,487 common shares (the "Solex Shares") of Solex." More
- July 16, 2009 | Item | E-mail
Ivanhoe Mines Notes Mongolian Parliament's Approval Today of Resolution on Oyu Tolgoi Project - "Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News) has noted the bi-partisan vote that has just occurred today in Mongolia's State Great Khural (national Parliament) in which members present voted 63.3% in favour of a resolution that authorizes the Government of Mongolia to conclude a long-term, definitive Investment Agreement with Ivanhoe Mines and Rio Tinto for the development and operation of the Oyu Tolgoi copper-gold mining complex in southern Mongolia." More
- July 16, 2009 | Item | E-mail
Fresnillo’s quarterly silver output hits record - "The world’s largest primary silver producer, Fresnillo, on Thursday reported record quarterly output, with production increasing by 6,7% to 9,6-million ounces." More
- July 16, 2009 | Item | E-mail
Minco Gold Advises of Late Filing - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) advises that it is unable to file its annual report on Form 20-F for the year ended December 31, 2008 within the prescribed time limits as set out in Form 12b-25 (Notification of Late Filing) because the Form 20-F is still the process of review by the independent auditors. The Company is working diligently with the auditors and expected to be the position to file the Form 20-F no later than July 24, 2009." More
- July 16, 2009 | Item | E-mail
Apollo Gold Completes C$13,000,000 Bought Deal Private Placement Financing - "Apollo Gold Corporation (“Apollo”) (NYSE AMEX: AGT) (TSX: APG - News) has completed the private placement of common shares and flow-through shares for the purposes of the Income Tax Act (Canada) announced on June 26, 2009, by selling 13,889,390 flow-through shares at C$0.54 per share and 12,221,640 common shares at C$0.45 per share for aggregate gross proceeds of C$13,000,008.60." More
- July 16, 2009 | Item | E-mail
Fortuna Upgrades Reserves to 20.3 Million Ounces of Silver at the Caylloma Mine - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; BVLAC:FVI) is pleased to announce the release of an updated NI 43-101 compliant mineral resource and reserve estimate for the Caylloma Mine located in southern Peru. Caylloma is currently in production at a rate of 1,200 tpd and is forecast to produce 1.6 million ounces of pure silver in 2009. For the first half of 2009, Caylloma has produced 853,162 ounces of silver or 53.3% of annual forecast production. Silver production accounted for 48% of revenues in the first quarter of 2009 and Fortuna projects that silver revenues will remain at a similar percentage of total revenues for the remainder of the year." More
- July 16, 2009 | Item | E-mail
AngloGold Ashanti Signs Agreements With Randgold Resources Limited in Relation to Its Proposed Acquisition of Moto Goldmines Limited - "AngloGold Ashanti Limited ("AngloGold Ashanti" or "the Company") is pleased to announce that it has entered into a series of agreements with Randgold Resources Limited ("Randgold Resources"), which, upon the closing of Randgold Resources' proposed acquisition of 100% of the issued share capital and outstanding options and warrants of Moto Goldmines Limited ("Moto"), will result in AngloGold Ashanti acquiring an indirect 50% interest in Moto for approximately US$244 million in cash." More
- July 16, 2009 | Item | E-mail
Coeur Sells Broken Hill Interest for US$55 Million in Cash - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that it has agreed to sell back to Perilya Limited (“Perilya”) its 100% interest in the silver contained at the Broken Hill mine in Australia for US$55.0 million in cash. Coeur originally purchased this interest from Perilya in September 2005 for $36.9 million. Closing of this transaction is expected to take place on July 31st." More
- July 16, 2009 | Item | E-mail
Randgold Resources Proposes business combination with Moto Goldmines - "Randgold Resources Limited today announced that it has approached the Board of Directors of Moto Goldmines Limited ("Moto") (TSX: MGL) (AIM: MOE) and proposed to enter into an arrangement agreement providing for the exchange of each outstanding common share of Moto for the equivalent of CUSD5.00 per share (as at 15 July 2009) (the "Proposed Randgold Transaction")." More
- July 16, 2009 | Item | E-mail
Fronteer Initiates Permitting for Underground Access at Northumberland Gold Deposit - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that permitting is underway for a 280-metre decline to access the deeper extension of its 100% owned Northumberland gold deposit in Nevada. The company is committed to advancing the Northumberland project towards feasibility and the development of an underground decline is a necessary step in gathering data to achieve this goal." More
- July 16, 2009 | Item | E-mail - Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2009 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 16 July, 2009 | |
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