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Gold Seeker Closing Report: Gold Ends Unchanged While Silver Gains

By: Chris Mullen, Gold-Seeker.com


-- Posted 27 July, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$953.20

UNCH

Silver

$13.98

+$0.09

XAU

148.90

-0.40%

HUI

359.96

-0.33%

GDM

1096.79

-0.23%

JSE Gold

2324.36

-31.30

USD

78.54

-0.21

Euro

142.41

+0.40

Yen

105.05

-0.33

Oil

$68.38

+$0.33

10-Year

3.713%

+0.043

T-Bond

115.515625

+0.578125

Dow

9108.51

+0.17%

Nasdaq

1967.89

+0.10%

S&P

982.18

+0.30%

 
 

 

The Metals:

 

Gold rose in Asia and London to see a gain of $5.60 at $958.80 shortly before 8AM EST before it fell throughout most of the morning in New York and saw a loss of $2.30 at $950.90 by early afternoon, but it then rallied back higher in the last hour of trade and ended unchanged on the day.  Silver climbed to as high as $14.10 before it briefly dropped back to unchanged in early afternoon trade, but it also spiked back higher in late trade and ended with a gain of 0.65%.

 

Euro gold remained at about €670, platinum gained $27 to $1211.50, and copper gained a couple of cents to about $2.54.

 

Gold and silver equities rose about 1% at the open, but they quickly fell back off and traded mostly slightly lower for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

June

384K

352K

346K

 

Tomorrow at 9AM EST brings Consumer Confidence for July expected at 49.0 and the S&P/CS Home Price Index for May expected at -17.9%.

 

The Markets:

 

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

 

Oil rose after an 11% jump in home sales raised hopes for increasing energy demand.

 

The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P ended with slight gains as the better than expected home sales data raised expectations over economic growth.

 

Among the big names making news in the market today were Corning, Agilent Technologies and Varian, Honeywell, Verizon, Aetna, and AIG.

 

The Commentary:

 

Dear CIGAs,

 

Inflation equals money squared.

 

Eventually no speed of creation of money can maintain the economic stabilizing graviton and according to the law of physics we all fall into the Weimar black hyperinflation hole.

 

The wormhole at the "process event horizon" (the fall of Lehman Brother and the pending fall of CIT) is from commodity money to commodity money.

 

The wormhole travels through economic pain and suffering.

 

YOUR SAFE SHIP IS GOLD BULLION for the transitional trip from commodity money through Weimar hyperinflation and back to commodity money.

 

As sure as E=MC squared rules in physics, hyperinflation, the black hole of the Bernanke electric money printing press, is here and now accelerating to the speed of light that even at that speed must fall into the black hole in the distorted (by Bernanke) of the financial space – time continuum.

 

There is no escape from the hyperinflationary result of the infinite quantity of money being created to fill the void of value in the now more than one quadrillion dollars worth of value-less OTC derivatives created from 1991 to 2009.”- Jim Sinclair, JSMineset.com

 

“August Gold closed up 0.4 at 953.5. This was 2.6 up from the low and 4.2 off the high.

 

September Silver finished up 0.115 at 13.99, 0.1 off the high and 0.045 up from the low.

 

The gold market started out on a positive note but it was clear in the morning trade that gold was generally under performing the rest of the metals complex. While some traders suggest that divergence between gold and silver hints at a lack of a conclusive theme in the precious metals markets, other traders suggested that the divergent action between gold and silver was the result of a relatively "longer" COT positioning in gold from the reports that were calculated on July 21st. The Bull camp could counter by suggesting that gold did manage to make a higher high for the move and in the process reached the highest level since the beginning of the month!

 

The silver market outperformed the gold market at times on Monday and with the copper and platinum markets also higher on the day that prompted some players to suggest that silver was getting some type of macro economic or industrial demand type lift. In fact, the copper market was seeing talk that expectations of even stronger Chinese demand for copper ahead was driving prices in that market higher, and therefore it is possible that some buying in silver on Monday morning was indeed industrially motivated.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

 

Brad Zigler: More on gold manipulation

Gene Arensberg: Gold running into a Comex wall

Ted Butler: Silver is about to split from gold

Clive Maund: Trader positions worsen for gold, not silver

Copper's continuing rise prompts talk of market manipulation

Financial Tube interviews GATA's Douglas on commodities, gold, silver

James Turk: The summer doldrums are ending

New York senator urges ban on 'high-frequency' trades

Market manipulation and insider trading with the exchange's OK

 

The Statistics:

Activity from: 7/24/2009

Gold Warehouse Stocks:

9,136,729

-804

Silver Warehouse Stocks:

117,948,006

-72,040

 

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

1,086.61

34,935,439

US$ 33,231m

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

Gold Bullion Securities

132.49

4,259,526

US$ 4,065m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.73

440,225

US$ 421m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.54

1,303,420

US$ 1m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.3 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 7/24/2009

 

Total Net Assets

$2,213,437,746

Ounces of Gold
in Trust

2,323,676.559

Shares Outstanding

23,650,000

Tonnes of Gold
in Trust

72.27

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

 

Silver Trust (SLV)

Profile as of 7/24/2009

 

Total Net Assets

$3,882,857,743

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:

 

Rubicon’s (RBY) updates, Anatolia’s (ANO.TO) update and outlook, Centerra’s (CG.TO) reinstated operating licenses, Timberline’s (TLR) completed JV formation, IAMGOLD’s (IAG) exploration update, Randgold’s (GOLD) commitment with Moto Goldmines, Paramount’s (PZG) update on its business combination with Klondex, Imperial’s (III.TO) combination with Selkirk, and Coeur’s (CDE) general manager appointment were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Banro

BAA +7.89% $2.05

2.  Mines MGMT

MGN+6.25% $1.70

3.  Minefinders

MFN +3.87% $8.86

 

LOSERS

1.  Rubicon

RBY -8.05% $2.74

2.  Tanzanian Royalty

TRE -5.67% $3.16

3.  DRDGOLD

DROOY -4.41% $7.58

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:

First Narrows Provides Update on Corporate Matters - More
- July 27, 2009 | Item | E-mail


Duncastle Closes Flow-Through Private Placement - More
- July 27, 2009 | Item | E-mail


Valterra Closes Flow-Through Private Placement - More
- July 27, 2009 | Item | E-mail


Luna Gold names Dr. J. David Lowell and Geoff Loudon as advisors to the Company - More
- July 27, 2009 | Item | E-mail


Bravo Venture Group Inc.: Drilling Underway at Homestake Ridge - More
- July 27, 2009 | Item | E-mail


MBMI Amends Convertible Debenture Financing Terms - More
- July 27, 2009 | Item | E-mail


Apella Resources Inc.: Lac Dore North Drilling Intersects Magnetite Mineralization at Depth - More
- July 27, 2009 | Item | E-mail


Strongbow Starts Exploration at Snowbird Nickel Project - More
- July 27, 2009 | Item | E-mail


Katanga Announces Signing of Finalised Joint Venture Agreement - More
- July 27, 2009 | Item | E-mail


NWT Uranium Corp. Completes Transaction to Terminate Option Agreements on North Rae & Daniel Lake Through Receipt of 1.8M Shares of Azimut Exploration Inc. - More
- July 27, 2009 | Item | E-mail


TNR Gold Corp. Commences Work on Canadian Lithium & Rare Metal Properties - More
- July 27, 2009 | Item | E-mail


Northern Freegold Reports Initial One Million Ounce Gold Resource at Nucleus Zone at Freegold Mountain Project, Yukon - More
- July 27, 2009 | Item | E-mail


Glen Eagle Resources Inc.: Definitive Option Agreement With Amseco - More
- July 27, 2009 | Item | E-mail


Puma Exploration Inc.: 2.4% Copper Over a 31-Metre Thickness at Turgeon, New Brunswick - More
- July 27, 2009 | Item | E-mail


El Nino Ventures Amends Terms of Non-Brokered Private Placement - More
- July 27, 2009 | Item | E-mail


Pele Mountain Signs Agreement With the City of Elliot Lake for Surface Rights at Eco Ridge Mine Project - More
- July 27, 2009 | Item | E-mail


Ur-Energy's Lost Creek Permitting Advances - More
- July 27, 2009 | Item | E-mail


Premier signs Memorandum of Understanding with Ginoogaming First Nation - More
- July 27, 2009 | Item | E-mail


Bonanza Goldfields announce plan to file Notice of Intent with the BLM - More
- July 27, 2009 | Item | E-mail


CBR Gold Provides Update on Australian Assets - More
- July 27, 2009 | Item | E-mail


Quadra Mining Ltd.-Conference Call: Second Quarter 2009 Financial Results - More
- July 27, 2009 | Item | E-mail


Noront Resources provides corporate update - More
- July 27, 2009 | Item | E-mail


Azimut issues common shares to NWT Uranium - Option agreements in respect of the North Rae and Daniel Lake Properties terminated - More
- July 27, 2009 | Item | E-mail


Dana Resources Acquires Oro Chicama Gold Project in Northern Peru - More
- July 27, 2009 | Item | E-mail


American Creek announces commencement of Treaty Creek exploration program - More
- July 27, 2009 | Item | E-mail


Amseco Exploration Ltd. Announces an Option Agreement With Glen Eagle Resources Inc. - More
- July 27, 2009 | Item | E-mail


Taseko Announces Gibraltar Production Update - More
- July 27, 2009 | Item | E-mail


MAX options Crowsnest Gold Property; drilling planned for fall at Crowsnest and Howell gold projects in Southeastern B.C. - More
- July 27, 2009 | Item | E-mail


ROCA Options Precious Metals Project in Mexico - More
- July 27, 2009 | Item | E-mail


Skygold Begins Drilling at Spanish Mountain - More
- July 27, 2009 | Item | E-mail


Qiao Xing Universal Telephone, Inc. Presents Overview of the Recent Developments in the Resource Industry - More
- July 27, 2009 | Item | E-mail


Selkirk Metals Corp.: Merger With Imperial Metals Corporation - More
- July 27, 2009 | Item | E-mail


Probe Mines Provides Update on McFaulds Lake Drilling, Massive Chromite Horizon Identified - More
- July 27, 2009 | Item | E-mail


Deep drilling at Kiena Mine - More
- July 27, 2009 | Item | E-mail


Uranium One to Host Q2 2009 Results Conference Call - More
- July 27, 2009 | Item | E-mail


Tournigan Files Technical Report - More
- July 27, 2009 | Item | E-mail


Bannerman Announces Board Changes - More
- July 27, 2009 | Item | E-mail


Bannerman Announces Extension of Etango PFS Following Recent Favourable Results - More
- July 27, 2009 | Item | E-mail


Molycor Gold Corp.: New Gold Zone Identified at Windpass and Beaverdell Silver Property Returned - More
- July 27, 2009 | Item | E-mail


Trimax Updates Corporate Information - More
- July 27, 2009 | Item | E-mail


Blackrock Resources Enters into Letter of Agreement for Joint Venture in Gold Hill Mining District, Colorado - More
- July 27, 2009 | Item | E-mail


Almo Capital Corp. - Drilling has recommenced on Moore Property, Kamloops Mining Div., B.C. - More
- July 27, 2009 | Item | E-mail


American Creek announces closing of first tranche of private placement - More
- July 27, 2009 | Item | E-mail


Rare Element completes $1.8 million private placement grants options - More
- July 27, 2009 | Item | E-mail


Bear Lake Gold Provides Update About Larder Lake Property Operations and Investigation - More
- July 27, 2009 | Item | E-mail


Rocmec Mining Inc. Completes Fourth and Final Tranche of a Brokered Private Placement - More
- July 27, 2009 | Item | E-mail


Zincore Announces CFO Change - More
- July 27, 2009 | Item | E-mail


Rubicon Provides Updates, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to provide an update on its drilling and shaft sinking activities at its 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. Five drill rigs are currently in operation on the project, three on surface and two from underground on the 122-metre level as part of the ongoing 80,000-metre drill program. Prior to this program, the company had drilled approximately 65,000 metres on the high-grade F2 Zone since its discovery in March, 2008 (see numerous releases since March 12, 2008 and www.rubiconminerals.com for further details)." More
- July 27, 2009 | Item | E-mail


Anatolia provides second quarter update and outlook - "The Company continued to advance its principal objective of building the Copler Gold Mine. Local community expectations remained high, with substantial emphasis given to managing social and community programs to ensure appropriate benefits flow to local constituents." More
- July 27, 2009 | Item | E-mail


Irrevocable Commitment with Moto Goldmines - "Randgold Resources Limited notes the announcement made by Moto Goldmines Limited ("Moto" or the "Company") (TSX: MGL) (AIM: MOE) earlier today and is pleased that the Board of Moto has determined that the Proposed Randgold Transaction constitutes a "Superior Proposal" as defined under the arrangement agreement between Red Back Mining Inc. ("Red Back") and Moto, entered into on 1 June 2009, as amended effective 26 June 2009 (the "Red Back Agreement")." More
- July 27, 2009 | Item | E-mail


Centerra Gold Operating Licenses Reinstated at the Boroo Mine - "Centerra Gold Inc. (TSX:CG - News) announces today that the Chairman of the Minerals Resources Authority of Mongolia has issued a decree reinstating the Boroo Mine's main operating licenses. The decree annuls the earlier suspension order received by the Company on June 12, 2009. The Company expects that the Boroo mine will resume full mining and milling operations in the next few days. The Company is continuing its discussions with Mongolian regulatory authorities regarding the circumstances of the suspension." More
- July 27, 2009 | Item | E-mail


Paramount Gold and Silver Corp. Provides Update on Business Combination - "Paramount and Klondex have signed a binding letter agreement (the "Letter Agreement") to combine the two companies under a plan of arrangement, in a transaction valued at approximately C$80 million (the "Transaction"). Pursuant to the Letter Agreement, each Klondex share will be exchanged for 1.45 Paramount shares, implying a purchase price of C$2.32 per Klondex share and representing a premium of 33.3% using closing share prices on the TSX on July 17, 2009." More
- July 27, 2009 | Item | E-mail


Coeur Announces Promotion of Stuart O'Brien to General Manager of San Bartolomé Mine - "Mr. O’Brien was most recently General Manager at the Cerro Bayo Mine in Chile prior to being named interim Technical Services Manager at San Bartolomé in March of this year. Prior to joining Coeur in 2008, he worked for Minera Hecla (Venezuela); Crew Development Corporation (Greenland); and Gulf-International Minerals (Tajikistan) as well as several mines in Australia. Stuart received his Bachelor degree in Mining Engineering from the University of New South Wales. He and his wife make their home in Potosi, Bolivia." More
- July 27, 2009 | Item | E-mail


Timberline Completes Formation of Joint Venture Operating Company for Its Butte Highlands Gold Project - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") announced today that it and Ron Guill have formed a joint venture operating company, Butte Highlands JV, LLC ("BHJV"), for the further exploration, development, and mining of its Butte Highlands Gold Project just south of Butte, Montana. Timberline also announced that it has finalized the Operating Agreement for the joint venture with Highland Mining, LLC ("Highland"), an affiliate of Small Mine Development, LLC ("SMD"), which is controlled by Mr. Guill, a Timberline Director." More
- July 27, 2009 | Item | E-mail


Imperial and Selkirk Announce Combination - "Imperial Metals Corporation (TSX:III - News) and Selkirk Metals Corp. (TSX:SLK - News) are pleased to announce they have agreed to combine by way of a Plan of Arrangement, subject to shareholder and regulatory approval." More
- July 27, 2009 | Item | E-mail


IAMGOLD Provides Second Quarter Exploration Update - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to provide a second quarter update on exploration activities. Exploration expenditures totalling $54.2 million are planned for 2009 of which $34 million is for greenfield exploration initiatives. Activities and new projects focus on the Company's key areas, namely West Africa, the Guiana Shield, Brazil and the northern Andean regions of South America, and Quebec. Additionally, the Company continues to search aggressively for advanced exploration joint venture or acquisition opportunities that will provide the foundation for future growth." More
- July 27, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

 

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© 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 27 July, 2009 | |


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