-- Posted 21 July, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $947.15 | -$1.45 |
Silver | $13.50 | -$0.12 |
XAU | 148.16 | -0.77% |
HUI | 358.04 | -1.26% |
GDM | 1093.11 | -1.33% |
JSE Gold | 2360.21 | -39.37 |
USD | 78.90 | +0.03 |
Euro | 142.14 | -0.20 |
Yen | 106.68 | +0.57 |
Oil | $64.72 | +$0.74 |
10-Year | 3.477% | -0.108 |
T-Bond | 118.328125 | +1.140625 |
Dow | 8915.94 | +0.77% |
Nasdaq | 1916.20 | +0.36% |
S&P | 954.58 | +0.36% |
The Metals:
Gold and silver traded mixed and near unchanged in Asia and London before they rose in early New York trade to see over 0.5% gains at $953.62 and $13.69 by a little after 9AM EST, but they then fell back off for most of the rest of trade and gold ended near its low of $944.14 with a loss of 0.15% while silver ended near its low of $13.445 with a loss of 0.88%.
Euro gold remained at about €668, platinum lost $13 to $1168, and copper fell a couple of cents to about $2.44.
Gold and silver equities traded mostly slightly lower for most of the morning before they fell midday to see over 3% losses by early afternoon, but they then rallied back higher into the close and ended with only about 1% losses.
The Economy:
“Federal Reserve Chairman Ben S. Bernanke said while the economy is showing “tentative signs of stabilization,” the central bank intends to maintain a “highly accommodative” monetary policy for “an extended period.”
“The pace of decline appears to have slowed significantly,” Bernanke said today in semi-annual testimony before the House Financial Services Committee. At the same time, “in light of the substantial economic slack and limited inflation pressures, monetary policy remains focused on fostering economic recovery,” he said.”
Ron Paul with Federal Reserve Chairman on HR1207 and the Definition of Inflation [Video]
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose again as mostly decent earnings reports have raised expectations over the future of demand growth.
The U.S. dollar index found slight gains and treasuries rose rather markedly as Bernanke’s cautious remarks over the state and future of the economy encouraged some cash raising and safe haven buying.
The Dow, Nasdaq, and S&P traded mixed but ended higher as mostly better than expected earnings reports overcame any worries raised by Bernanke’s remarks.
Among the big names making news in the market today were Lockheed, UnitedHealth, UAL, CIT, and Caterpillar.
The Commentary:
“August Gold closed down 1.9 at 946.9. This was 2.6 up from the low and 6.9 off the high.
September Silver finished down 0.147 at 13.478, 0.217 off the high and 0.028 up from the low.
The gold market initially gained some ground early in the session with price support coming from better than expected earnings results that seemed to raise optimism that economic conditions were improving. Inflation based buying in gold was also evident in reaction to the early push higher in oil prices and the Dollar falling to a fresh low for the year. Gold may have also found some support from Fed chairman Bernanke saying a low interest rate policy will continue for an extended period of time. But the gold market began to back track and came under a bit of pressure in response to a decline in equities and a bounce in the Dollar. It seemed as if the gold market was also undermined by Bernanke's outlook for a slow economic recovery and Caterpillar's warning for tough 3rd quarter conditions raising doubts about the potential for growth in the second half of the year. With gold closely following the Dollar, the metal came under some additional pressure as the currency staged a strong recovery bounce from session lows. But with trading in the Dollar turning choppy, losses in gold were limited.
Like gold, the silver market was initially supported by better than expected corporate earnings results and perhaps a better reading from the Chicago Fed National Activity Index. But silver couldn't hold the gains and began to back peddle toward overnight lows after Caterpillar's warnings for the 3rd quarter with the metal also seeing spill over pressure on the lower trade in copper. A less optimistic economic outlook given by Fed chairman Bernanke may have been another factor weighing on silver.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
Activity from: 7/20/2009
Gold Warehouse Stocks: | 8,911,826 | -257 |
Silver Warehouse Stocks: | 118,456,731 | -3,891 |
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$ 33,520m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 133.12 | 4,279,917 | US$ 4,058m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,253 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 40.54 | 1,303,480 | 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 7/20/2009 | |
Total Net Assets | $2,175,590,530 | 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 7/20/2009 | |
Total Net Assets | $3,871,793,268 | 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:
Ivanhoe’s (IVN) scheduled negotiations, Freeport’s (FCX) second quarter results and note redemption, Eldorado’s (EGO) short form prospectus, Lihir’s (LIHR) mine sale plan, Kirkland’s (KGI.TO) fourth quarter results, and Impact’s (IPT.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. International Royalty | ROY +4.72% $3.55 |
2. Anglo American | AAUK +2.07% $15.25 |
3. Freeport | FCX +2.05% $58.17 |
LOSERS
1. Endeavour | EXK-5.61% $1.85 |
2. Paramount | PZG-4.90% $1.36 |
3. Vista | VGZ-4.89% $1.75 |
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:
Kinbauri Shareholders Are Advised to Take No Action at This Time Regarding Orvana's Revised Offer - More
- July 21, 2009 | Item | E-mail
Bear Lake Gold Announces Data Inconsistencies that may Compromise Prior Technical Disclosure Related to the Larder Lake Property - More
- July 21, 2009 | Item | E-mail
IMPACT INTERSECTS MORE WIDE ZONES OF SILVER AT NOCHE BUENA - "IMPACT Silver Corp. ("IMPACT") is pleased to announce further assays from its drilling program on the Noche Buena Vein System, located four kilometers southwest of IMPACT's Guadalupe processing plant in the prolific Royal Mines of Zacualpan Silver and Gold District of central Mexico. Previous news releases (November 5, 2008; January 26, April 8 and June 9, 2009) included intersections of 204 g/t silver across 8.5 m and 280 g/t silver across 4.5 m and 280 g/t silver across 4.6 m." More
- July 21, 2009 | Item | E-mail
Norsemont Mining Provides Feasibility Study Update - More
- July 21, 2009 | Item | E-mail
Galahad Metals Announces Private Placement - More
- July 21, 2009 | Item | E-mail
Lithium One Launches Phase 2 Drill Program at its James Bay Lithium Project in Quebec - More
- July 21, 2009 | Item | E-mail
Lake Victoria Continues to Advance Kinyambwiga Gold Project Towards Establishment of a Low Cost High Grade Gold Mine, Tanzania - More
- July 21, 2009 | Item | E-mail
Excel Gold Announces that the Acquisition of the Montauban Mine is Now Completed - More
- July 21, 2009 | Item | E-mail
Oroco Commences Phase Two Drilling at Cerro Prieto - More
- July 21, 2009 | Item | E-mail
Melkior Stakes More Claims in Carscallen Timmins and Continues Exploration in Timmins - More
- July 21, 2009 | Item | E-mail
Geodex Completes 4,900 Metre Drill Program - More
- July 21, 2009 | Item | E-mail
Trilliant Exploration Signs Letter of Intent With Private Equity Fund Preston Ventures, LLC - More
- July 21, 2009 | Item | E-mail
Castle Gold Announces Operation of Remaining New Equipment Fleet at El Castillo Mine Enabling Targeted Expanded Production - More
- July 21, 2009 | Item | E-mail
Glen Eagle Responds to Allegations by Jaguar Financial Corporation - More
- July 21, 2009 | Item | E-mail
Velocity Minerals Ltd. Announces Commencement of Work Program on Cassiar Moly - More
- July 21, 2009 | Item | E-mail
Globex: Deloro Progress Report - More
- July 21, 2009 | Item | E-mail
Galahad Metals Completes Prospecting of I.P. Targets on Montrose Project - More
- July 21, 2009 | Item | E-mail
Drilling Begins at Rare Element's Sundance Gold Venture - More
- July 21, 2009 | Item | E-mail
KWG Resources Inc. - Nomination of a Director - More
- July 21, 2009 | Item | E-mail
Northern Continental Terminates Arrangement With Denison and Accepts Hathor Offer - More
- July 21, 2009 | Item | E-mail
Cardero Receives Initial Mineral Resource Estimate for Pampa El Toro Iron Sands Deposit, SW Peru - More
- July 21, 2009 | Item | E-mail
Solitaire Minerals Corp. Options Three Properties Bordering the Recent Denison Mines "Phoenix" Discovery in the Athabasca Basin, Saskatchewan to Delta Uranium - More
- July 21, 2009 | Item | E-mail
Delta Uranium Acquires Contiguous Claims to Denison Mines Phoenix Discovery in the Wheeler River Area of the Athabasca Basin - More
- July 21, 2009 | Item | E-mail
MPH Ventures Drills 6.5 g/t Au over 8.0 metres on Raney Gold Project, NE Ontario - More
- July 21, 2009 | Item | E-mail
Capella Updates on Nevada Exploration Program - More
- July 21, 2009 | Item | E-mail
Mountain Lake Commences Follow-up Drilling on Cornerstone Option, Central Newfoundland - More
- July 21, 2009 | Item | E-mail
Augusta Announces Mine Truck Fleet Purchase and Finance Strategy - More
- July 21, 2009 | Item | E-mail
Orvana Raises Cash Offer for Kinbauri to C$0.75 Per Share - More
- July 21, 2009 | Item | E-mail
Lake Shore Gold Discovers Substantial New High-Grade Extension at Bell Creek, Intercepts 12.63 gpt Over 11.65 Metres - More
- July 21, 2009 | Item | E-mail
JNR Provides Exploration Update on Topsails Uranium Project, Newfoundland - More
- July 21, 2009 | Item | E-mail
Piedmont Mining Granted Interest In Oil Well - More
- July 21, 2009 | Item | E-mail
Rockcliff Commences Summer Exploration Program at its Snow Lake Project, Manitoba - More
- July 21, 2009 | Item | E-mail
Bayswater Begins Exploration at Boiteau Lake in Central Mineral Belt, Labrador - More
- July 21, 2009 | Item | E-mail
Crescent Resources Signs Letter Agreement to Acquire Rattlesnake Hills Gold Properties, Wyoming and Announces Financing - More
- July 21, 2009 | Item | E-mail
Eagle Hill Enters Into Option Agreement for Acquisition of Noront Resources' Windfall Lake Property, Quebec - More
- July 21, 2009 | Item | E-mail
Colorado Goldfields Receives One Year Extension on Pride of the West Mill Note Repayment - More
- July 21, 2009 | Item | E-mail
Noront Resources announces Windfall Lake acquisition option agreement - More
- July 21, 2009 | Item | E-mail
Copper Fox Announces a Grant of Incentive Options to Elmer Stewart - More
- July 21, 2009 | Item | E-mail
Solex Resources Corp. Announces Further Extension to Non-Brokered Private Placement Closing - More
- July 21, 2009 | Item | E-mail
Great Western Minerals Group and Toyota Tsusho Corporation Sign Letter of Intent to Cooperate on Exploration Projects - More
- July 21, 2009 | Item | E-mail
Drilling commences on uranium zone at Fond du Lac Project - More
- July 21, 2009 | Item | E-mail
Denison Decides Not to Match Hathor's Competing Proposal to Acquire Northern Continental Resources Inc. - More
- July 21, 2009 | Item | E-mail
Midex Gold Acquires 100% of the Magembe Diamond Project Located Next to De Beers World-Renown Williamson Diamond Mine - More
- July 21, 2009 | Item | E-mail
Explor Intersects 4.48 g/t Au Over 0.3 m - More
- July 21, 2009 | Item | E-mail
Ivanhoe Mines Schedules Negotiations With Government of Mongolia to Settle an Investment Agreement for the Oyu Tolgoi Project - "Ivanhoe Mines President John Macken said today that the company has accepted an invitation from the Government of Mongolia to resume negotiations on July 27 aimed at concluding an Investment Agreement for the Oyu Tolgoi copper-gold development project." More
- July 21, 2009 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2009 Results - "Net income attributable to common stock for second-quarter 2009 was $588 million, $1.38 per share, compared with $947 million, $2.25 per share, for second-quarter 2008. Net income attributable to common stock for the first six months of 2009 was $631 million, $1.54 per share, compared with $2.1 billion, $4.89 per share, for the first six months of 2008." More
- July 21, 2009 | Item | E-mail
Eldorado Files Final Short Form Prospectus to Qualify Shares Issued in Consideration of the Acquisition of Gold Fields Stake in Sino Gold - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we") (TSX:ELD - News)(AMEX:EGO - News) is pleased to announce that Eldorado has filed a final short form prospectus dated July 20, 2009 (the "Prospectus") in British Columbia and Ontario in connection with the share purchase and sale agreement dated June 3, 2009, as amended July 10, 2009 (the "Share Purchase Agreement"), with Gold Fields Australasia (BVI) Limited ("Gold Fields") to acquire 57.9 million shares of Sino Gold Mining Limited ("Sino Gold") (representing approximately 19.9% of the issued and outstanding shares of Sino Gold) (the "Gold Fields Transaction"). A receipt for the Prospectus has been issued." More
- July 21, 2009 | Item | E-mail
LGL (Lihir Gold Limited) Announces Plans for Sale of Ballarat Mine - "Lihir Gold Ltd (TSX:LGG - News)(ASX:LGL - News)(NASDAQ:LIHR - News) ("LGL") announces that it is to initiate the sale of the Ballarat gold mine in Victoria after completing a review of the project over recent months." More
- July 21, 2009 | Item | E-mail
Kirkland Lake Gold Inc.: Fourth Quarter Net Income of $2.3 Million and Year End Results, Fiscal 2009 - "A strong fourth quarter saw gold production increase 102% to 20,411 ounces compared to the previous quarter (Q3/09: 10,081) and a 45% increase compared to Q4/08 (14,089 ounces), due to increased production from the South Mine Complex (SMC)." More
- July 21, 2009 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2009 Results - "Net income attributable to common stock for second-quarter 2009 was $588 million, $1.38 per share, compared with $947 million, $2.25 per share, for second-quarter 2008. Net income attributable to common stock for the first six months of 2009 was $631 million, $1.54 per share, compared with $2.1 billion, $4.89 per share, for the first six months of 2008." More
- July 21, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 July, 2009 | |