-- Posted 5 August, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $964.20 | -$2.65 |
Silver | $14.73 | +$0.07 |
XAU | 153.13 | -0.38% |
HUI | 373.22 | -0.32% |
GDM | 1127.20 | -0.49% |
JSE Gold | 2411.30 | -29.44 |
USD | 77.57 | -0.17 |
Euro | 144.23 | +0.27 |
Yen | 105.30 | +0.33 |
Oil | $71.97 | +$0.55 |
10-Year | 3.764% | +0.085 |
T-Bond | 116.09375 | -0.953125 |
Dow | 9280.97 | -0.42% |
Nasdaq | 1993.05 | -0.91% |
S&P | 1002.93 | -0.29% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it dropped almost 1% to as low as $958.70 by about 11AM EST in New York, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.27%. Silver fell almost 1% to $14.54 in Asia before it rallied back higher in London and saw a gain of $0.165 at $14.825 at about 9:30AM EST in New York and then fell back off to about unchanged by late morning, but it then rallied back higher in afternoon trade and ended with a gain of 0.48%.
Euro gold fell to about €668, platinum gained $18 to $1282, and copper rose nearly 2 cents more to about $2.81.
Gold and silver equities fell over 2% in the first hour of trade, but they then rallied back higher for the rest of the day and ended with only slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | July | -371K | -350K | -463K |
ISM Services | July | 46.4 | 48.0 | 47.0 |
Factory Orders | June | 0.4% | -0.8% | 1.1% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/01 expected at 580,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended higher after the Energy Department reported that fuel demand rose 3.1% last week. Crude inventories rose a larger than expected 1.7 million barrels, but that was offset by a 1.0 million barrel drop in distillates.
The U.S. dollar index, treasuries, and the Dow, Nasdaq, and S&P all fell slightly on economic data that was mostly worse than expected, but not quite concerning enough to inspire another huge round of cash raising and/or safe haven buying.
Among the big names making news in the market today were Marsh & McLennan, Goldman Sachs, P&G, Terra, and Coinstar.
The Commentary:
“Dear CIGAs,
Once again, as we have seen in the recent market action of the past few trading sessions, gold found strong buying emerge on a price retracement or dip lower. The buyer(s) that have been making their presence felt are apparently still active and challenging the bullion banks.
One of the things I have noticed is that the open interest levels are rising indicating that this buying is not short covering but rather new longs being established. Even at that, the overall open interest total is still not at the 400,000 level. You might recall that the peak reached in this category was nearly 594,000 back in January 2008. Front month gold topped out at $936 that month followed by a run above the $1,000 level in March that same year when it reached $1,033.39 before dropping all the way down below $700. The present state of the market therefore is quite remarkable given the current price level near $970 and open interest some 200,000 contracts shy of the record.
One of the reasons for the peak in open interest back early last year was the spreader category grew quite large. Currently they are rather small by comparison. Still, even after allowing for the spreaders, open interest readings are at levels that can support a much stronger move higher in gold should momentum funds attract even more followers to their cause.
Technically, resistance lies first at yesterday’s high near $973. A pit session close above this level targets $980 which is the last substantial barrier before a run into the $990’s and possibly $1,000.
Initial support is near today’s session low followed by a bit better support centered around $955 – $953. Below that is $942 – $940.
I am in awe of what copper is doing and still do not quite know what to make of that market except it is obviously running higher on the “improving global economy” theme. It simply will not break lower and there are still a large number of funds trapped on the short side in this market that have the capability to propel it even higher if the squeeze continues.
Crude oil is mirroring the action in the Dollar inversely. Rising crude oil along with natural gas pretty much is the death knell to the deflationists. The only thing saving their bacon right now is that the bonds have not yet broken down of their larger trading range. We will have to see what happens to them if they should fall back down to the 115 level.
The Dollar still looks like it is headed down to near 76.”- Dan Norcini, More at JSMineset.com
“August Gold closed down 3.3 at 964.2. This was 4.4 up from the low and 2.7 off the high.
September Silver finished up 0.065 at 14.76, 0.09 off the high and 0.155 up from the low.
The gold market spent most of the trading session below the prior session's lows but it should be noted that the gold trade managed to throw off a large portion of the pressure that was initially seen in the wake of slack US economic readings and a noted dive in equity prices. The market was at least indirectly undermined by the slack ISM Non Manufacturing readings and perhaps because of a mid morning recovery bounce in the US Dollar. It would not be surprising to see that some gold longs decided to exit positions in the wake of the noted downside shift in macro economic views, but it is also possible that some gold longs were pushed out of position by news of an up tick in Chinese physical gold production. In the end, a number of physical commodity markets were tripped up by the setback in the US equity market.
The silver market did manage another new high for the move during the trade on Wednesday, but like gold and a host of other physical commodity markets the silver market seemed to be negatively impacted by what seemed to be downshift in the economic outlook. In the end, the silver market seemed to have some attraction to the prior session's closing level. Once again the silver market seemed to out perform the gold market on the upside on a number occasions today.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Hugo Salinas-Price to keynote Silver Summit conference
U.S. Rep. Stearns eviscerates former Treasury Secretary Paulson
Ted Butler: History in the making
The Statistics:
Activity from: 8/04/2009
Gold Warehouse Stocks: | 9,144,580 | -1,768 |
Silver Warehouse Stocks: | 117,817,682 | -409,723 |
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 | 1,072.87 | 34,493,747 | US$ 33,117m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 130.49 | 4,195,374 | US$ 4,035m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,182 | US$ 425m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.86 | 1,377,830 | US$ 1,323m |
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 8/4/2009 | |
Total Net Assets | $2,247,321,946 | Ounces of Gold
in Trust | 2,322,913.831 |
Shares Outstanding | 23,650,000 | Tonnes of Gold
in Trust | 72.25 |
Note: Change in Total Tonnes from yesterday’s data: 0.02 tonnes were removed from the trust.
Silver Trust (SLV)
Profile as of 8/4/2009 | |
Total Net Assets | $3,994,561,053 | Ounces of Silver
in Trust | 283,719,850.300 |
Shares Outstanding | 288,350,000 | Tonnes of Silver
in Trust | 8,824.67 |
Note: Change in Total Tonnes from yesterday’s data: 3.47 tonnes were removed from the trust.
The Miners:
Randgold’s (GOLD) business combination with Moto Goldmines (MGL.TO), Eldorado’s (EGO) consolidated ownership of an iron ore project, ITH’s (THM) drill results, Midway’s (MDW) filed technical report, US Gold’s (UXG) drill results, Fronteer’s (FRG) drill results, Newmont’s (NEM) coming production from its large Boddington mine in Australia, Silver Quest’s (SQI.V) drill permitting, and Silver Standard’s (SSRI) drilling update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA+10.37% $2.34 |
2. Fronteer | FRG +4.70% $4.01 |
3. ITH | THM +4.65% $3.60 |
LOSERS
1. NovaGold | NG -6.31% $4.01 |
2. Northern Dynasty | NAK -3.89% $6.92 |
3. International Royalty | ROY -3.88% $3.47 |
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:
Creston Terminates Plan to Hold Special Meeting of Shareholders - More
- August 05, 2009 | Item | E-mail
Evolving Gold Raises $4.9 Million through Warrant Exercises - More
- August 05, 2009 | Item | E-mail
Avalon Commences Trading on the U.S. OTCQX International Exchange - More
- August 05, 2009 | Item | E-mail
Darnley Bay Resources Engages Consultant for Chinese Market and Awards New Options - More
- August 05, 2009 | Item | E-mail
Triex Minerals Announces New Director - More
- August 05, 2009 | Item | E-mail
North Arrow Announces Start of Drilling at Canoe Lake - More
- August 05, 2009 | Item | E-mail
Zinccorp Resources Inc.: Summary of 2009 Field Work at Michelle Silver/Lead/Zinc Property - More
- August 05, 2009 | Item | E-mail
Eldorado Consolidates Ownership of Vila Nova Iron Ore Project - "Paul N. Wright, President and CEO of Eldorado Gold Corporation ("Eldorado" or the "Company") (TSX:ELD - News)(AMEX:EGO - News) is pleased to report that the Company now controls 100% interest in the Vila Nova Iron Ore Project ("Vila Nova" or the "Project") in Amapa State, Brazil. Eldorado previously owned 75% interest in the project, the balance of 25% being controlled by Mineracao Amapari SA ("Amapari"), a Brazilian private company." More
- August 05, 2009 | Item | E-mail
B2Gold Corp. Announces Exercise of Over-Allotment Option - More
- August 05, 2009 | Item | E-mail
Randgold Resources and Moto Goldmines Enter Into Business Combination - "Randgold Resources Limited (LSE:RRS - News) (NASDAQ:GOLD - News) ("Randgold") and Moto Goldmines Limited ("Moto" or the "Company") (TSX:MGL - News) (AIM: MOE) today announced that the offer from Randgold, which was announced on 27 July 2009, has been accepted by Moto and that they have entered into an arrangement agreement (the "Arrangement Agreement") providing for the exchange of each outstanding common share of Moto for the equivalent of C$4.84 per share (as at 4 August 2009) on the basis of each Moto common share being exchanged for 0.07061 of a Randgold ordinary share or American Depositary Share ("ADS") of Randgold (the "Randgold Transaction")." More
- August 05, 2009 | Item | E-mail
First Nickel Discovers a New Platinum and Palladium Zone on Raglan Hills Joint Venture Property - More
- August 05, 2009 | Item | E-mail
Pacific North West Capital and First Nickel Announce New PGM Zone on Raglan Hills Joint Venture Property - More
- August 05, 2009 | Item | E-mail
Moly Mines Market Update - More
- August 05, 2009 | Item | E-mail
Final Drill Permits Received for New Dimension's Reese River Silver Project, Nevada - More
- August 05, 2009 | Item | E-mail
Crowflight Provides Bucko Mine Update - More
- August 05, 2009 | Item | E-mail
Excel Gold Initiates its Strategical Development Program for the Exploration of Montauban Mining Camp - More
- August 05, 2009 | Item | E-mail
Fission Commences Drilling at Waterbury Lake - More
- August 05, 2009 | Item | E-mail
Kola Mining Updates Progress on Russian Feasibility Study at Souker - More
- August 05, 2009 | Item | E-mail
Apoquindo Minerals Inc. Announces Bruce Turner, Ex President of Escondida Mine as New President and CEO - More
- August 05, 2009 | Item | E-mail
Alix Acquires Prospective Gold Claims Adjacent to Sumitomo's "Pogo" Mine in Alaska - More
- August 05, 2009 | Item | E-mail
Romios Announces Closing of Private Placement - More
- August 05, 2009 | Item | E-mail
Midlands Minerals Announces Scoping Study on Sian Gold-Ghana - More
- August 05, 2009 | Item | E-mail
Pele Mountain Initiates Long-Term Research Study to Minimize Environmental Impact at Eco Ridge - More
- August 05, 2009 | Item | E-mail
Rio Alto Mining Limited: La Arena Surface Rights and Project Update - More
- August 05, 2009 | Item | E-mail
Kivalliq Commences Drilling at Lac Cinquante Uranium Project - More
- August 05, 2009 | Item | E-mail
Merc Announces Drilling Update at Damoti Lake Gold Project - More
- August 05, 2009 | Item | E-mail
Mill City Appoints New Director and Grants Stock Options - More
- August 05, 2009 | Item | E-mail
Golden Harp Resources appoints John Kerr to the Board - More
- August 05, 2009 | Item | E-mail
Teryl Resources Receives Additional Significant Gold Assays on the Gil Joint Venture Property, Alaska - More
- August 05, 2009 | Item | E-mail
U3O8 Corp. Plans a 6,000 Metre Drill Program to Test the Potential Size of the Kurupung Uranium District in Guyana - More
- August 05, 2009 | Item | E-mail
Sparrowtech Resources, Converge Global and Uranium Hunter Announce Results of Additional Independent Sample Testing on Eagle Nest - More
- August 05, 2009 | Item | E-mail
Kent Acquires New Zealand Gold Property with an Historic 643,000 ounce Gold Resource - More
- August 05, 2009 | Item | E-mail
SIRIOS/DIOS: Discovery of a Significant Lithium Occurrence on the PONTAX Property - More
- August 05, 2009 | Item | E-mail
La Mancha Confirms the High Prospectivity of Its 100%-Owned Bondoukou Property - More
- August 05, 2009 | Item | E-mail
Eloro Options Summit-Gaber Property to Shield Gold - More
- August 05, 2009 | Item | E-mail
Red Back Mining Inc.: Moto Transaction Update - More
- August 05, 2009 | Item | E-mail
Fortune Minerals provides NICO Road initiative update - More
- August 05, 2009 | Item | E-mail
Sulliden Exploration Inc.: Analyst Coverage Initiated on Shahuindo Gold Project - More
- August 05, 2009 | Item | E-mail
Abacus Files Preliminary Economic Assessment Report on SEDAR; Discussions with Strategic Partners Begin - More
- August 05, 2009 | Item | E-mail
Continental Nickel Provides a Corporate Update Regarding Shares of the Company Held by IMX Resources Limited - More
- August 05, 2009 | Item | E-mail
General Metals Announces Appointment of Henry S. Brock to the Company's Advisory Board - More
- August 05, 2009 | Item | E-mail
CanAlaska drills 140 ppm uranium and elevated nickel in first holes at Black Lake - More
- August 05, 2009 | Item | E-mail
Harvest Gold Releases Rosebud Mine Historic Drill Intercepts and Reports Progress on Rosebud JV Partner Search - More
- August 05, 2009 | Item | E-mail
Avalon Rare Metals Joins OTCQX - More
- August 05, 2009 | Item | E-mail
Gabriel Resources Ltd: Second Quarter 2009 Report - More
- August 05, 2009 | Item | E-mail
Silver Quest Resources Ltd.: Drill Permitting on Capoose-Silver Trend Project - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to report on exploration activities on the Capoose-Silver Trend project and the Davidson project, both located approximately 185 kilometres west-southwest of Prince George, British Columbia." More
- August 05, 2009 | Item | E-mail
International Tower Hill Delineates Major New Zone of Gold Mineralization at Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce new results from the Company's 2009 summer drilling program which reveal the presence of a second major zone of mineralization. Named the "Sunshine Zone", the new zone is characterized by virtually continuous mineralization from the surface to depths in excess of 250 metres in a zone 100-150 metres wide and over 500 metres long (Figure 1). The Sunshine Zone is open to the north and could develop into a major resource expansion for the Livengood deposit." More
- August 05, 2009 | Item | E-mail
Midway Files NI 43-101 Technical Report for Gold Resource at Golden Eagle - "Midway Gold Corp. ("Midway") (TSX-V:MDW - News)(AMEX:MDW - News) announces the filing of an NI43-101 Technical Report on SEDAR to support the Golden Eagle resource announcement dated June 25 2009. The Indicated resource is 31.4 million tons grading 0.055 ounce per ton (opt) gold, containing 1.744 million ounces of gold using a 0.020 opt gold cut-off. There is an additional Inferred resource of 5.1 million tons grading 0.038 opt gold, containing 192,000 ounces of gold." More
- August 05, 2009 | Item | E-mail
US Gold: Impressive Results Continue at El Gallo in Three Areas - "Core drilling has outlined a new mineral zone 650 ft (200 m) north of the Main Zone where all of the previous core drilling has been completed. The best results from the initial three holes included: 7.1 ounces of silver per ton (opt) (242.1 grams per tonne (gpt)) over 21.3 ft (feet) (6.5 meters (m)) and 27.6 opt silver (946.2 gpt) over 3.4 ft (1.1 m)." More
- August 05, 2009 | Item | E-mail
Fronteer Development Group Inc.: High-Grade Gold Intersected in Footwall Zone of Sandman Gold Deposit - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that Newmont USA Limited ("Newmont"), a subsidiary of Newmont Mining Corporation, has provided the results from a further 10 holes recently drilled as part of their 2009 US$5M development program at the Sandman gold project in Nevada." More
- August 05, 2009 | Item | E-mail
Silver Standard Resources Inc.: Snowfield and Brucejack Drilling Update - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) is pleased to report initial results from the diamond drilling program underway at its wholly-owned Snowfield gold-copper project in northern British Columbia. The 2009 program includes in-fill and step-out drilling at the Snowfield Zone and drill testing of previously identified zones and prospecting for additional target areas to the south. The property is located 40 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek." More
- August 05, 2009 | Item | E-mail
Newmont Says Boddington Mine to Begin Production This Month - “This is going to be Australia’s largest gold mine,” Philip Stephenson, Newmont’s chief of executive operations in the Asia Pacific, told delegates today at the Diggers and Dealers conference in Kalgoorlie, Western Australia. “It’s a big project, we’re talking $2.8 billion to $2.9 billion.” More
- August 05, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 August, 2009 | |
