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Gold Seeker Closing Report: Gold and Silver End Roughly 1% Higher Before Fed; Fall Slightly After

By: Chris Mullen, Gold-Seeker.com


-- Posted 12 August, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$949.85

+$4.20

Silver

$14.56

+$0.22

XAU

144.66

+0.79%

HUI

353.39

+0.80%

GDM

1068.05

+0.75%

JSE Gold

2343.77

+21.18

USD

78.89

-0.25

Euro

141.94

+0.43

Yen

104.12

-0.11

Oil

$70.16

+$0.71

10-Year

3.701%

+0.008

T-Bond

116.859375

-0.625

Dow

9361.61

+1.30%

Nasdaq

1998.72

+1.47%

S&P

1005.81

+1.15%

 
 

 

The Metals:

 

Gold fell as much as $5.77 to $939.88 by late trade in Asia, but it then rebounded back near unchanged in London and accelerated its advance in New York before it ultimately ended near its high of $952.05 with a gain of 0.44%.  Silver dropped to $14.11 to see a loss of $0.23 in Asia, but it also rallied back higher in London and New York and ended near its high of $14.605 with a gain of 1.53%.

 

Euro gold remained at about €668, platinum lost $2 to $1236, and copper gained nearly 9 cents to about $2.82.

 

Gold and silver equities steadily rose to see nearly 2% gains ahead of the fed’s announcement before they fell back to just under unchanged shortly after it, but they then rallied back higher into the close and ended with almost 1% gains on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

June

-$27.0B

-$28.7B

-$26.0B

Treasury Budget

July

-$180.7B

-$180.0B

-$102.8B

 

The FOMC announced no change to their target range of 0.00% to 0.25% for the fed funds rate.  They extended their purchases of long term bonds, but plan to gradually slow their purchases and expect to finish with any purchases by the end of October as they had previously announced.  They expect deflation to remain subdued and see economic activity leveling out with financial market conditions improving.  Overall, there was no real change to their statement, as most expected.

 

US Govt Spends More Than It Makes 10th Time Straight  WSJ

Home Price Declines Accelerate in Second Quarter  Bloomberg

U.S. may face second recession: Harvard's Rogoff  Reuters

U.S. mortgage applications drop as loan rates rise  Reuters

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/08 expected at 545,000, Export and Import Prices for July, and Retail Sales for July expected at 0.7%.  Excluding autos, sales are expected at 0.1%.  At 10AM is the Business Inventories report for June expected at -0.9%.

 

The Markets:

 

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

 

Oil rose on renewed economic optimism despite the fact that crude inventories rose a greater than expected 2.5 million barrels.  Gasoline inventories fell 1 million barrels, and refinery utilization dropped 1% to 83.5%.

 

The U.S. dollar index and treasuries fell rather noticeably prior to the fed’s statement before they pared their losses a bit after the statement, but they still ended lower on the day.

 

The Dow, Nasdaq, and S&P rose over 1% before the fed’s statement and added to those gains at times after the statement on cautious optimism over the future of the economy.

 

Among the big names making news in the market today were Nestle, Rio Tinto, UBS, Macy’s, JPMorgan, Citigroup, Sara Lee, and AIG.

 

The Commentary:

 

“December Gold closed up 4.9 at 952.5. This was 8 up from the low and 1.9 off the high.

 

September Silver finished up 0.24 at 14.585, 0.015 off the high and 0.345 up from the low.

 

The gold market was initially waffling around both sides of unchanged but just ahead of mid session the bull camp seemed to gain a measure of control. Clearly gold and other physical commodities were at least partially emboldened by ideas that the US Fed was going to remain on hold. With the markets anticipating the Fed to remain on hold, the trade also began to pressure the Dollar, which in turn gave the gold bulls yet another assist.

 

The silver market also showed initial weakness today, but the market was able to shake off the pressure and forge a somewhat impressive recovery. At least part of the bounce was the result of speculation that the Fed would stay on hold in their afternoon FOMC statement, with the reversal in the Dollar another potential influence. It probably goes without saying that a rally in the equity market and improved macro economic sentiment added into the bulls case.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Gene Arensberg's letter to the CFTC

China makes unexpected grab for Canadian miner

Russia revives gold mining in its challenging Far East

A sample letter to CFTC in support of short-side position limits

You CAN make a difference -- e-mail the CFTC right away

Adrian Douglas: CFTC should bar manipulation by shorts, not just longs

Ted Butler's statement to the CFTC on position limits

 

The Statistics:

Activity from: 8/11/2009

Gold Warehouse Stocks:

9,154,384

-97

Silver Warehouse Stocks:

117,798,909

-66,073

 

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

1,065.49

34,256,690

US$ 32,290m

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

Gold Bullion Securities

128.39

4,127,739

US$ 3,922m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.80

442,149

US$ 421m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.85

1,377,740

US$ 1,302m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 3.06 tonnes and the LSE subtracted 0.87 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 8/11/2009

 

Total Net Assets

$2,233,898,616

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 8/11/2009

 

Total Net Assets

$4,072,188,238

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:

 

Great Basin’s (GBG) quarterly results, Fronteer’s (FRG) drill results, First Majestic’s (FR.TO) private placement, Silver Standard’s (SSRI) priced public offering, and Fortuna’s (FVI.V) quarterly results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Golden Star

GSS+10.34% $2.56

2.  Ivanhoe

IVN +8.00% $8.37

3.  Jaguar

JAG +5.90% $8.26

 

LOSERS

1.  Richmont

RIC -3.25% $2.98

2.  Silver Standard

SSRI -2.35% $17.84

3.  Pan American

PAAS -2.24% $18.80

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:

Ressources Minieres Pro-Or Inc.: Private Placement of $500,000 - More
- August 12, 2009 | Item | E-mail


Network amends private placement - More
- August 12, 2009 | Item | E-mail


Trueclaim Exploration Inc. Closes $1.29 Million Financing - More
- August 12, 2009 | Item | E-mail


Avion Gold: Continued Strong Performance From Segala Q2 Production of 11,000 Ounces at Expected Cost Less Than US$ 550/oz(i) - More
- August 12, 2009 | Item | E-mail


Ur-Energy Identifies New Exploration Targets With Potential for Additional 24-28 Million Pounds U3O8 in the Lost Creek Area - More
- August 12, 2009 | Item | E-mail


Illegal strike at Pilanesberg Platinum Mine - More
- August 12, 2009 | Item | E-mail


Nemaska Exploration Signs an Option to Purchase the Lac Levac and Lac des Montagnes Properties From Golden Goose Resources - More
- August 12, 2009 | Item | E-mail


Cancor Mines Inc. Completes Independent NI 43-101 Report for North Tirek Gold Project in Hoggar, Algeria - More
- August 12, 2009 | Item | E-mail


Nova Uranium Proposes Corporate Name Change and New Acquisition Mandate - More
- August 12, 2009 | Item | E-mail


Golden Goose signs option to sell its Lac Levac nickel property - More
- August 12, 2009 | Item | E-mail


Pediment Gold Reports Positive Bench Sample Results From La Colorada, Mexico - More
- August 12, 2009 | Item | E-mail


Fortune Minerals announces substantial completion of Golden Giant Mine dismantling and demolition - More
- August 12, 2009 | Item | E-mail


Novus Gold Discovers Gold-Copper Zone Outlined in Its Dominican Republic Property - More
- August 12, 2009 | Item | E-mail


Golden Predator Acquires Mineral Hill Alkalic Gold Property, Crook County, Wyoming - More
- August 12, 2009 | Item | E-mail


Treasury Metals Confirms High-Grade Gold Within 3 Kilometre Alteration Corridor, Northeast of the Thunder Lake Gold Deposit - More
- August 12, 2009 | Item | E-mail


Typhoon Shareholders Approve Resolutions at the 2009 Annual Meeting - More
- August 12, 2009 | Item | E-mail


Eagle Hill Enters Into $30 Million Financing Arrangement With IBK Capital Corporation - More
- August 12, 2009 | Item | E-mail


Grenville Reviews Arbitration Decision and Welcomes New Neighbours - More
- August 12, 2009 | Item | E-mail


Lake Victoria Mining Company Completes Share Exchange Agreement; Kilimanjaro Mining Company Becomes a Wholly Owned Subsidiary - More
- August 12, 2009 | Item | E-mail


Powertech Resubmits Dewey-Burdock NRC License Application - More
- August 12, 2009 | Item | E-mail


CBR Gold Corp.: US$5.35 Million Budget and 2009 Program for Niblack Joint Venture - More
- August 12, 2009 | Item | E-mail


Mirasol reports the start of 1,600 metre drill program at Nico silver-gold project - More
- August 12, 2009 | Item | E-mail


Red Dragon Resources Corp. Provides Corporate Update - More
- August 12, 2009 | Item | E-mail


Sutter Gold Mining Closes $4.25 Million Loan Financing - More
- August 12, 2009 | Item | E-mail


Cartier Reports High Grade Gold Results on Rambull: 27.72 g/t Au over 0.30 m - More
- August 12, 2009 | Item | E-mail


Vantex Resources Ltd./Galloway : New Gold Showings - More
- August 12, 2009 | Item | E-mail


Gold Wheaton Reports Financial Results for Second Quarter 2009 - More
- August 12, 2009 | Item | E-mail


Excel Gold Mining Inc. Releases Additional Information Regarding Financing With the MineralFields Group - More
- August 12, 2009 | Item | E-mail


China Shen Zhou Mining & Resources, Inc. Announces Second Quarter Financial Results - More
- August 12, 2009 | Item | E-mail


Dynacor reports net earnings of $0.6M for Q2 2009 - More
- August 12, 2009 | Item | E-mail


PHI GROUP Signs Agreement With VCS Mining to Engage in Haitian Mining Opportunities - More
- August 12, 2009 | Item | E-mail


Cameco Reports Second Quarter Earnings - More
- August 12, 2009 | Item | E-mail


New Dawn's Turk Mine in Zimbabwe Increases July 2009 Gold Output to 1,016 ounces or 31.6 kg's - More
- August 12, 2009 | Item | E-mail


AuEx Ventures, Inc.: Strong 2009 Drill Results Continue for Long Canyon Gold Deposit - More
- August 12, 2009 | Item | E-mail


Mariano to Join Ucore Advisory Board - More
- August 12, 2009 | Item | E-mail


Geophysical Survey Extends Tower Zone Anomaly 600 Metres Further to the South and to the North and East, on 100% VMS Ventures Ground - More
- August 12, 2009 | Item | E-mail


Candente Resource Corp.-Financial Results For Quarter Ended June 30, 2009 and Canariaco Project Update - More
- August 12, 2009 | Item | E-mail


Alix and Cloudbreak Acquire More Land in Yukon's White Gold District - More
- August 12, 2009 | Item | E-mail


Carpathian Receives a Robust Preliminary Economic Assessment Study for its RDM Gold Project, Brazil - More
- August 12, 2009 | Item | E-mail


Cameco Profit Beats Estimates on Higher Uranium Sales - More
- August 12, 2009 | Item | E-mail


First Majestic Silver Corp.: Non-Brokered Private Placement and Debt Settlement - "First Majestic Silver Corp. (the "Company")(TSX:FR - News)(PINK SHEETS:FRMSF - News)(Frankfurt:FMV - News)(WKN: A0LHKJ) is pleased to announce a proposed non-brokered private placement offering consisting of up to 4,000,000 units ("Units") of the Company to be issued at a price of CDN$2.30 per Unit (the "Offering") for gross proceeds of up to $9,200,000." More
- August 12, 2009 | Item | E-mail


Silver Standard announces pricing of public offering of common shares - "Silver Standard Resources Inc. (TSX:SSO - News; NASDAQ:SSRI - News) has priced its previously announced public offering of common shares (the "Offering"). Pursuant to the Offering, the company will issue 2,725,288 common shares at a price of US$17.00 per share, for aggregate gross proceeds of approximately US$46 million." More
- August 12, 2009 | Item | E-mail


Fortuna Reports Net Income of US$ 1.2 Million and Cash From Operations of US$ 5.7 Million in Q2 of 2009 - "The Company is pleased to announce that record sales of US$ 12.9m in Q2 2009 have resulted in net income of US$ 1.2m and operating cash flow (before changes in non-cash working capital items) of US$ 5.7 million for the quarter. Cost per silver ounce produced, net of by-product credits, was negative US$ 2.98 in the quarter. The Company remains debt free with US$ 31.2m in cash." More
- August 12, 2009 | Item | E-mail


Great Basin Reports Progress in Quarter Ended June 30, 2009 - "The Company incurred a loss of CDN 4 cent per share, which is similar to the loss incurred for the March 2009 quarter. Gross revenue of CDN$28.2 million, before toll milling charges of CDN$6.3 million, was realized from the sale of 26,517 gold equivalent ("Au eqv") ounces (Mar '09 - 18,189 Au eqv ounces) from trial mining at Hollister during the quarter." More
- August 12, 2009 | Item | E-mail


Fronteer Development Group Inc.: Emerging Zone Returns More Wide Intervals of Gold at Long Canyon Project - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that drilling has intersected wide intervals of mineralization from an emerging gold zone at its 51%-owned and operated Long Canyon gold deposit in northeastern Nevada." More
- August 12, 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 12 August, 2009 | |


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