-- Posted 7 August, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $956.80 | -$4.20 | +0.31% |
Silver | $14.68 | +$0.03 | +5.23% |
XAU | 148.94 | -2.48% | +0.22% |
HUI | 366.27 | -1.90% | +1.63% |
GDM | 1101.03 | -2.26% | +0.50% |
JSE Gold | 2418.75 | -47.11 | +4.97% |
USD | 78.97 | +0.97 | +0.83% |
Euro | 141.69 | -1.78 | -0.58% |
Yen | 102.58 | -2.19 | -2.91% |
Oil | $70.93 | -$1.01 | +2.13% |
10-Year | 3.854% | +0.108 | +10.08% |
Bond | 115.3125 | -1.15625 | -3.10% |
Dow | 9370.07 | +1.23% | +2.16% |
Nasdaq | 2000.25 | +1.37% | +1.10% |
S&P | 1010.48 | +1.34% | +2.33% |
The Metals:
Gold traded mostly slightly lower in Asia and London and then rose to see a $3.90 gain at $964.90 as the jobs data was released at 8:30AM EST before it quickly tumbled down to $953 and then rebounded back to see a slight gain again about an hour after the jobs data was released, but it then fell back off into the close and ended with a loss of 0.44%. Silver erased overnight losses and climbed to see a gain of $0.235 at as high as $14.885 by a little after 9AM EST before it also fell back off for most of the rest of trade, but it sill ended with a gain of 0.2%.
New Central Bank Gold Agreement signed; what implications for IMF gold sale? Mineweb
European central banks: Annual gold sales capped at 400 tons earthtimes
Euro gold rose to about €674, platinum gained $5 to $1258, and copper rose a few cents to about $2.78.
Gold and silver equities fell over 2% in the first hour of trade before they rebounded a bit midday, but they then fell back off in late trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | July | -247K | -325K | -443K |
Unemployment Rate | July | 9.4% | 9.6% | 9.5% |
Hourly Earnings | July | 0.2% | 0.1% | 0.0% |
Average Workweek | July | 33.1 | 33.0 | 33.0 |
Consumer Credit | June | -$10.3B | -$5.0B | -$5.4B |
The BLS net birth/death adjustment added 32,000 payrolls to July’s data. Payrolls did not fall as much as expected and the Unemployment Rate finally ticked down slightly for the first time in 15 months instead of an expected increase, but payrolls have still fallen for the past 19 straight months and about 6.7 million jobs have been lost since December of 2007.
All of this week’s other economic reports:
Next week’s economic highlights include Productivity, Unit Labor Costs, and Wholesale Inventories on Tuesday, the Trade Balance, Treasury Budget, and a FOMC Rate Decision on Wednesday, Export and Import Prices, Initial Jobless Claims, Retail Sales, and Business Inventories on Thursday, and CPI, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil opened higher on the better than expected jobs data that raised hopes over rising energy demand, but it soon erased its gains and turned lower after the U.S. dollar index reversed its recent trend of only rising on cash raising/safe haven moves and instead rose today on the improving economic outlook of the US. For a day at least, the dollar has returned to its historical role as a kind of overall indicator for the health of the country. Most of the index’s gains came from the yen, however, as traders sold the yen (instead of also the dollar as had been the case recently) in order to speculate on higher yielding assets.
Treasuries fell markedly and the Dow, Nasdaq, and S&P rose over 1% on the better than expected jobs data that raised hopes over the future health of the economy.
Among the big names making news in the market Friday were AIG, Merck, Magna International, and RBS.
The Commentary:
“My Dear Friends,
According to master statistician, John Williams, of Shadow Statistics, a must have service (www.shawdowstatistics.com):
"Depression-Warped Seasonal Factors Improved Reporting of July Employment and Unemployment, Purchasing Managers Manufacturing."
My take is that throwing dollars at car sales and in time who knows what will modify the downside, but only temporarily. When the “Cash for Clunkers” starving auto dealers are willing to bend the rules a tad and bailed out government influenced lenders (GMAC for all make autos) give you the gift of a car, you keep it until you default on the payments and have to park it under a tarp so the repo man can’t find it. Why wouldn’t you buy a new car?
The rub is that these types of giveaways sap potential demand only result in a harder fall off in demand when the presents from the philanthropic Administration end. In time they must.
The comparisons being pointed at in France and Germany of government cash sponsored car giveaways did not face the depth of fiscal and monetary problems currently being experienced and pending today and therefore are totally irrelevant.
The dollar is toast and will not survive the last quarter of 2009.
The dollar celebration today of 9.4% unemployment versus 9.5% unemployment is based on a skewed statistic and is therefore pure SPIN as a tool of MOPE. As such, it lacks legs in terms of the dollar.
Respectfully,”- Jim Sinclair, JSMineset.com
“December Gold closed down 3.4 at 959.5. This was 4 up from the low and 8.5 off the high.
September Silver finished up 0.023 at 14.668, 0.222 off the high and 0.108 up from the low.
Given the somewhat tight correlation between the equity markets and the gold market since the middle of July, the bull camp in gold really had to be disappointed with the action today. Clearly the gold market had either factored in something of a favorable number with the rally off the early July lows, but it is also possible that strength in the Dollar was the force behind the disappointing gold price performance. Perhaps some players think that the latest developments from the central bank sales area discouraged the buyers on Friday, but there didn't seem to be pent up hopes for an end to the sales agreement in the market ahead of today's news.
The silver market mostly forged an inside day of trade on Friday, but the bull camp probably didn't get the type of reaction that might have been expected off the type of data that was released. In general silver prices underperformed the industrial metals and at times it seemed as if sloppy action in the gold market and a higher Dollar tempered the optimism that was seen on the economic front.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
King Report: Fed didn't monetize that much debt
New European gold sales agreement cuts quota, includes IMF
Fed surreptitiously buys half of last week's 7-year bond auction
The Statistics:
Activity from: 8/06/2009
Gold Warehouse Stocks: | 9,144,256 | -289 |
Silver Warehouse Stocks: | 117,908,476 | +130,798 |
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$ 33,237m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 130.68 | 4,201,448 | US$ 0m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,173 | US$ 0m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.85 | 1,377,800 | US$ 1,328m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 0m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/6/2009 | |
Total Net Assets | $2,269,219,069 | Ounces of Gold
in Trust | 2,362,200.319 |
Shares Outstanding | 24,050,000 | Tonnes of Gold
in Trust | 73.47 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/6/2009 | |
Total Net Assets | $4,161,844,032 | Ounces of Silver
in Trust | 283,719,850.300 |
Shares Outstanding | 288,350,000 | Tonnes of Silver
in Trust | 8,824.67 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Claude’s (CGR) second quarter results, Richmont’s (RIC) filed technical report, Allied Nevada’s (ANV) second quarter results, Freeport’s (FCX) lawsuit, SNS Silver’s (SNS.V) private placement, and Klondike’s (KS.V) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Richmont | RIC +5.04% $3.19 |
2. IAMGOLD | IAG+3.58% $11.86 |
3. Taseko | TGB+3.38% $2.45 |
LOSERS
1. Banro | BAA-9.02% $2.22 |
2. ITH | THM-6.57% $3.27 |
3. Ivanhoe | IVN -4.68% $7.53 |
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:
SNS Silver Announces Private Placement - "SNS Silver Corporation ("SNS" or the "Company") (TSX-V:SNS - News) announces a non-brokered private placement of up to 10,000,000 units at a price of $0.10 per Unit, for gross proceeds of up to $1,000,000. Each unit will consist of one common share and one non-transferable warrant. Each warrant will be exercisable to acquire one additional share for a period of 24 months from closing at an exercise price of $0.20." More
- August 07, 2009 | Item | E-mail
Goldbrook-Jilin Jien Nickel Cash Offer For Canadian Royalties Bodes Well For Apella's Goldbrook Holdings - More
- August 07, 2009 | Item | E-mail
Oroco Announces Management Changes - More
- August 07, 2009 | Item | E-mail
Skyline Gold Announces Private Placement - More
- August 07, 2009 | Item | E-mail
Mega Silver Advances Gold Projects in Red Lake, On., Silver Projects in Keno Hill, Yt., and the Blue Caribou Copper Project in Nunavut - More
- August 07, 2009 | Item | E-mail
Boxxer announces private placement - More
- August 07, 2009 | Item | E-mail
New Island Not Proceeding With the Nugget Pond Acquisition - More
- August 07, 2009 | Item | E-mail
Claude Resources Reports Second Quarter Results - "Claude Resources Inc. ("Claude" or the "Company") today announced second quarter production results of 7,735 ounces of gold, a 33 percent decrease from the 11,531 produced during the same period in 2008. For the quarter ended June 30, 2009, the Company recorded a net loss of $3.9 million, or $0.04 per share. This compares to a net loss of $0.8 million, or $0.01 per share for the comparable period in 2008." More
- August 07, 2009 | Item | E-mail
Mega Uranium Ltd.: No Objection Received From the Foreign Investment Review Board for JAURD/ITOCHU Investment in the Lake Maitland Uranium Mine Development - More
- August 07, 2009 | Item | E-mail
La Mancha Posts Record Quarterly Net Earnings as Gold Production Rises 47% - More
- August 07, 2009 | Item | E-mail
Yorbeau Continues Drilling With Two Rigs - More
- August 07, 2009 | Item | E-mail
Capella Receives Funds From Exercise of Warrants - More
- August 07, 2009 | Item | E-mail
Kinbauri Provides Update on Strategic Alternatives - More
- August 07, 2009 | Item | E-mail
Palladon Ventures Ltd.-Filing of Annual Financial Statements - More
- August 07, 2009 | Item | E-mail
Jourdan Resources inc. Hires Focus Relations Inc. - More
- August 07, 2009 | Item | E-mail
Delta Uranium Extends Incinerator Road Uranium Mineralization at Deer Lake, Newfoundland - More
- August 07, 2009 | Item | E-mail
Inspiration Mining Corporation: Election of New Directors - More
- August 07, 2009 | Item | E-mail
Terraco Signs Agreement to Option Bonanza Property - More
- August 07, 2009 | Item | E-mail
Klondike Silver Completes Underground Drilling in Wonderful Mine - "Klondike Silver Corp. (the "Company") (TSX-V:KS - News) is pleased to announce results of underground diamond drilling from the Fall of 2008 through Spring 2009 from the Wonderful Mine, near Sandon, British Columbia. Underground exploration and development, including a raise and two diamond drill stations, has been undertaken in the lowermost workings, Levels 3 and 4, located half a kilometre from Klondike Silver's 100-tonne-per-day flotation mill in the Sandon townsite." More
- August 07, 2009 | Item | E-mail
Drilling at Alexandria's Siscoe East Property Intersects 43.67 g/t Au over 1.9 m - More
- August 07, 2009 | Item | E-mail
Calibre Grants Stock Options - More
- August 07, 2009 | Item | E-mail
Severstal intends to close its final cash offer for High River Gold at 11:59 p.m (Toronto time) on August 10, 2009 - More
- August 07, 2009 | Item | E-mail
Atna Announces Changes to Board of Directors - More
- August 07, 2009 | Item | E-mail
International KRL announces appointment of Director - More
- August 07, 2009 | Item | E-mail
Farallon to Announce Second Quarter Results on August 12, 2009 - More
- August 07, 2009 | Item | E-mail
Alexis Confirms 156% Increased Reserves at Lac Herbin Gold Mine - More
- August 07, 2009 | Item | E-mail
Denison Announces NI 43-101 Resource Estimates for Its EZ1 and EZ2 Deposits - More
- August 07, 2009 | Item | E-mail
Moneta completes final tranche of $1.83 million private placement - More
- August 07, 2009 | Item | E-mail
Jilin Jien and Goldbrook Conference Call Advisory - More
- August 07, 2009 | Item | E-mail
Jilin Jien and Goldbrook Announce Intention to Make All-Cash Bid for Canadian Royalties - More
- August 07, 2009 | Item | E-mail
Colorado Goldfields Updates Shareholders on 2009 Drilling Program, Shareholder Conference Call, Acquisitions, and CFO Compensation - More
- August 07, 2009 | Item | E-mail
Vantex Resources/Galloway: 36 Meters at 1.042 g/t Au - More
- August 07, 2009 | Item | E-mail
Thompson Creek Metals Company Inc. - 2009 Second Quarter Financial Results Webcast Notification - August 7, 2009 - More
- August 07, 2009 | Item | E-mail
Richmont Mines Defines Reserves at its Francoeur Gold Project and Plans Production at an Annual Rate of 35,000 Ounces Starting in 2011 - "Richmont Mines Inc. (TSX:RIC - News)(NYSE AMEX: RIC) ("Richmont"), a gold exploration, development and production company with operations in Canada, is pleased to announce that it has filed on SEDAR a NI 43-101 compliant technical report on the Francoeur Gold Project, located 25 km west of Rouyn-Noranda, Quebec." More
- August 07, 2009 | Item | E-mail
Allied Nevada Reports Second Quarter 2009 Financial Results - "The Company reported a net loss of $6.9 million ($0.12 per share) and $14.5 million ($0.25 per share) for the second quarter and first half of 2009, respectively, compared with a net loss of $9.9 million ($0.18 per share) and $16.7 million ($0.34 per share) for the same periods in 2008." More
- August 07, 2009 | Item | E-mail
Tribe files lawsuit against Freeport in Indonesia - "Lawyers claiming to represent an Indonesian tribe have filed a lawsuit against U.S. mining company Freeport, demanding $30 billion in damages for unspecified environmental and human rights violations, court officials and a media report said Friday." More
- August 07, 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 7 August, 2009 | |
