-- Posted 14 August, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $946.75 | -$7.95 | -1.05% |
Silver | $14.67 | -$0.30 | -0.07% |
XAU | 145.88 | -2.09% | -2.05% |
HUI | 357.46 | -2.16% | -2.41% |
GDM | 1078.80 | -1.91% | +2.86% |
JSE Gold | 2420.47 | -23.34 | +0.07% |
USD | 78.81 | +0.40 | -0.20% |
Euro | 141.89 | -0.99 | +0.14% |
Yen | 105.51 | +0.68 | +2.86% |
Oil | $67.51 | -$3.01 | -4.82% |
10-Year | 3.558% | -0.033 | -7.68% |
Bond | 118.78125 | +0.59375 | +3.01% |
Dow | 9321.40 | -0.82% | -0.52% |
Nasdaq | 1985.52 | -1.19% | -0.74% |
S&P | 1004.09 | -0.85% | -0.63% |
The Metals:
Gold rose as much as $4.25 to $958.95 in London and then fell all the way to $942.80 by about noon EST in New York before it rebounded back higher in the last half hour of trade, but it still ended with a loss of 0.83%. Silver rose about 1% to $15.12 in late Asian trade and dropped to as low as $14.59 midday in New York before it also rebounded into the close, but it still ended with a loss of 2.00%.
Euro gold fell to about €667, platinum lost $8.50 to $1253, and copper fell over 7 cents to about $2.83.
Gold and silver equities fell nearly 3% by late morning before they rebounded back higher in late trade, but they still ended with about 2% losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | July | 0.0% | 0.0% | 0.7% |
Core CPI | July | 0.1% | 0.1% | 0.2% |
Capacity Utilization | July | 68.5% | 68.3% | 68.1% |
Industrial Production | July | 0.5% | 0.% | -0.4% |
Michigan Sentiment | Aug | 63.2 | 69.0 | 66.0 |
Toxic Loans Topping 5% May Push 150 Banks to Point of No Return Bloomberg
U.S. Homeowners Cut Asking Prices $27.8 Billion, Led by Nevada Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Empire Manufacturing and TIC flows on Monday, Building Permits, Housing Starts, and PPI on Tuesday, Initial jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday, and Existing Home Sales on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell while the U.S. dollar index and treasuries rose on poor economic data that sent the Dow, Nasdaq, and S&P over 1% lower on risk aversion moves.
Among the big names making news in the market Friday were the banks, Republic and Frontier, J.C. Penney, Blackstone, and Abercrombie.
The Commentary:
“Dear Comrades In Golden Arms,
85 days to go!
Today's incoming emails exceeded the 1200 mark, a great degree of which are asking me what is the motivation behind a countdown of days for the USDX.
There are various answers to this question of which TA is the least important.
The primary reason for this "out on the limb statement" is that the recent China/US financial Summit meeting in Washington which was requested by China, was not significantly pre-planned.
As I understand it there are two things wanted and one thing disapproved of.
The US financial leadership wants, but more so needs, Chinese buying of US Treasury offerings to remain at these levels but more so to increase to offset the wholly unavoidable increase in offering of US Federal Debt.
The Chinese wish to see the USA support the creation of a Super Sovereign Currency as an offset to dependence on the dollar for international settlements and national reserves.
The Chinese rightly feel that the greatest risk to their present dollar position's valuation is quantitative easing. Or simply put, the monetization of one's own debt by the electronic creation of money for funding yourself.
I am informed that Chinese interests want to see both in 2009.
You will note that the QE program was extended until October, particularly the end of October. This is what Bernanke would like to see, hoping the Management of Perspective Economics will succeed. The Chairman as the academic he is really believes it is possible.
As market related, I know MOPE works only when it has the wind at its back such as from 1981 until 2001. After that it loses it strength until it evaporates into reality and the law of economics such as now.
Quantitative easing cannot be curtailed in 2009 or 2010. To curtail QE as the US Federal Deficit explodes would be to release interest rates to the marketplace that could easily take them to late 1979 early 1980s levels due to a currency event.
The USA cannot support a Super Sovereign Currency. To do so would be to disavow the US dollar as the universal reserve currency which the financial leadership of the USA still adheres to, seeing this period as only an aberration in the constant.
The USA, due to market considerations, cannot yield to Asia and China as spokesperson for the BRIC on the two criteria required to remain as purchasers of the US Treasury instruments, which is the only real support the dollar presently has.
I have given you two tools for timing as well as other resources like Martin Armstrong who was at one time nearly unknown in our crowd.
Tools of timing, some I have not shared with you, indicate a major potential turning point that could easily see a break below .7600 or .7200 coming in the final quarter of this year.
Add this all together and you get a November bull's eye for a loss of confidence in the US dollar internally as well as externally. That will end the misguided belief that MOPE, via its tool SPIN, defeats economic law.
Van Mises, Ricardo and Adam Smith have not been laid to rest by market manipulation. The wind is in the face of business now as a long-term trend. We are returning to basics and moving away from the fancy, complex and fraudulent.
All of this could have been fixed prior to the event of Lehman declaring bankruptcy. Now there are no PRACTICAL SOLUTIONS and NO PRACTICAL EXITS FROM CONSTANT QE.
Pandora's Box is open, only to be closed by markets as the downward spiral goes to its practical end, a return to commodity money.
We, here, will be proven correct in time and in price.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“December Gold closed down 7.8 at 948.7. This was 5 up from the low and 12.1 off the high.
September Silver finished down 0.265 at 14.722, 0.338 off the high and 0.137 up from the low.
In the trade today it was clear that up beat macro economic sentiment was at least partially responsible for the early attempt to rally but it also seemed as if the let down in macro economic sentiment in the wake of the scheduled reports was responsible for the setback in gold prices from the morning highs. As suggested in the mid day coverage today, some of the slide in a host of physical commodity markets seemed to be the result of comments from a noted economist that the US equity markets were way ahead of themselves. It also goes without saying that the gold market was undermined by the recovery in the Dollar.
The silver market initially managed a fresh new high for the move but that new high was short lived. In fact, from the morning highs, nearby silver prices at times during the session were down by as much as 60 cents an ounce. With other metals markets reversing direction it certainly seemed as if some form of broad based macro economic liquidation wave was in place today.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
Activity from: 8/13/2009
Gold Warehouse Stocks: | 9,164,224 | +9,904 |
Silver Warehouse Stocks: | 117,628,167 | +104,855 |
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$ 32,657m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 128.38 | 4,127,647 | US$ 3,911m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.80 | 442,140 | US$ 420m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.85 | 1,377,690 | US$ 1,314m |
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 8/13/2009 | |
Total Net Assets | $2,254,873,110 | 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 8/13/2009 | |
Total Net Assets | $4,274,936,656 | 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:
International Royalty’s (ROY) second quarter results, Aurizon’s (AZK) second quarter results, First Majestic’s (FR.TO) second quarter results, Aura’s (AUU.V) drill results, and SilverCrest’s (SVL.V) project acquisition were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Gammon | GRS +4.40% $6.64 |
2. Aurizon | AZK +2.73% $4.14 |
3. New Gold | NGD+0.92% $3.30 |
LOSERS
1. Northgate | NXG -5.98% $2.20 |
2. Mines MGMT | MGN-5.91% $1.75 |
3. Seabridge | SA -5.19% $28.48 |
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:
Canadian Royalties Announces Second Quarter 2009 Results - More
- August 14, 2009 | Item | E-mail
NI43-101 Filed by Lovitt Resources Inc. - More
- August 14, 2009 | Item | E-mail
Gryphon Gold Announces Financial Results for 1st Quarter Ended June 30, 2009 - More
- August 14, 2009 | Item | E-mail
Firstgold Releases Default Status Report - More
- August 14, 2009 | Item | E-mail
Nomination of Mr. Robert Séguin as President and Chief Executive Officer of C2C Gold Corporation Inc. - More
- August 14, 2009 | Item | E-mail
Imperial Reports 2009 Second Quarter Financial Results - More
- August 14, 2009 | Item | E-mail
Golden Predator Royalty and Development Corp.: Drilling Initiated at Brewery Creek and Angel's Camp - More
- August 14, 2009 | Item | E-mail
TNR Gold Closes $500,000 Flow Through Private Placement - More
- August 14, 2009 | Item | E-mail
Sierra Minerals Earns US$307,163 in Q2 2009 - More
- August 14, 2009 | Item | E-mail
Largo Provides Clarification - More
- August 14, 2009 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) announces second quarter 2009 results - More
- August 14, 2009 | Item | E-mail
Queenston and Newstrike Complete Commodore Purchase and Acquire Adjoining Claims in Kirkland Lake - More
- August 14, 2009 | Item | E-mail
First Majestic Silver Corp.: Second Quarter Financial Results - "For the second consecutive quarter in 2009, the Company generated net income, with $1.0 million earned in the quarter ended June 30, 2009, and a total of $2.0 million earned on a year to date basis. This compares with a net loss after taxes of $0.3 million for the quarter ended June 30, 2008, and a net income after taxes of $0.8 million for the year to date ended June 30, 2008." More
- August 14, 2009 | Item | E-mail
Nautilus Maintains Strong Cash Position With $233 Million at End Q2 2009 - More
- August 14, 2009 | Item | E-mail
Vior Inc.: $150,000 Debenture From Fonds Regional de Solidarite Nord-du-Quebec - More
- August 14, 2009 | Item | E-mail
Benton announces flow through financing - More
- August 14, 2009 | Item | E-mail
Golden Harp resources grants stock options - More
- August 14, 2009 | Item | E-mail
Macarthur to Reacquire 30% Interest of Lake Giles Via a Share Issue - More
- August 14, 2009 | Item | E-mail
Douglas Lake Minerals Announces An Agreement With Midex Gold Corp. On the Magembe Diamond Property - More
- August 14, 2009 | Item | E-mail
Atna Resources Reports Second Quarter 2009 Results - More
- August 14, 2009 | Item | E-mail
TVI Pacific second quarter: strong cash flow from low-cost production - More
- August 14, 2009 | Item | E-mail
Champion Minerals Appoints Douglas H. Bache as Executive Advisor - More
- August 14, 2009 | Item | E-mail
Alexis Minerals Announces Second Quarter 2009 Results - More
- August 14, 2009 | Item | E-mail
Uranerz Reports Independent NI 43-101 Uranium Resources on South Doughstick Property of Arkose Mining Venture - More
- August 14, 2009 | Item | E-mail
New Dawn Mining Corp. reports pre-tax operating income and positive operating cash flow for the quarter ended June 30, 2009 - More
- August 14, 2009 | Item | E-mail
American Creek announces appointment of new Director - More
- August 14, 2009 | Item | E-mail
General Metals Provides Guidance on 10-K Filing - More
- August 14, 2009 | Item | E-mail
CanAlaska welcomes Chinese geological team to Poplar Uranium Project - More
- August 14, 2009 | Item | E-mail
Trueclaim Completes Assignment of Option to Acquire Up to a 100% Interest in the Scadding Gold Property - More
- August 14, 2009 | Item | E-mail
Aurelio Strengthens Board of Directors - More
- August 14, 2009 | Item | E-mail
FNX Earns $12.5 Million in Second Quarter - More
- August 14, 2009 | Item | E-mail
African Copper Plc Today Filed Its Half Year Consolidated Financial Statements and Management Discussion and Analysis - More
- August 14, 2009 | Item | E-mail
International Royalty Corporation reports 2009 second quarter results - "Net loss for the second quarter of 2009 was $7.9 million compared to net earnings of $927,000 for the second quarter of 2008. This loss was primarily due to the expensing of $6.7 million of costs related to the McWatters transaction on April 9, 2009. The Company also had a net foreign currency loss of $1.4 million in the second quarter of 2009, compared to $117,000 in the second quarter of 2008." More
- August 14, 2009 | Item | E-mail
Aura Silver Drills Silver Rich Discovery Hole - 12.1 Meters of 533 g/t Including 1.3 Meters of 2.5 Kilograms/t Silver Equivalent at Shallow Depth - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; "Aura Silver" or the "Company") is pleased to report results of recently received assays from the first three drill holes of a 1,500 meter program at Oaxaca, Mexic/. The first phase is focused on the Higo Blanco silicified limestone-volcanic complex. This complex is a sizeable geologic structure with a gold (Au)- silver (Ag)- antimony (Sb) anomaly coincident with the entire structure." More
- August 14, 2009 | Item | E-mail
SilverCrest to Acquire 100% of the Santa Elena Project - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) advises that it has elected to exercise its option and complete the acquisition of the Santa Elena gold and silver project in Mexico (the "Santa Elena Project") by making a final payment of US$2.1 million to the vendors of the project, in the following manner:" More
- August 14, 2009 | Item | E-mail
Aurizon reports record revenues and cash flow in second quarter 2009 - "Earnings of $13.6 million, or $0.08 per share, were achieved in the second quarter of 2009, compared to earnings of $5.6 million, or $0.04 per share, in the same period of 2008. Results were positively impacted by non-cash derivative gains of $9.7 million on an after tax basis. After adjusting for this item, earnings for the quarter were $3.9 million, or $0.02 per share, compared to adjusted earnings in the second quarter of 2008 of $1.1 million or $0.01 per share." More
- August 14, 2009 | Item | E-mail
Silvercorp Announces Declaration of Quarterly Dividend-CAD$0.02 - "Silvercorp will pay its FY2010 first quarter dividend of CAD$0.02 per share on October 21, 2009, to shareholders of record at the close of business on September 30, 2009. The declaration and amount of any future dividends will remain at the discretion of the Board of Directors and may be adjusted in the future based on fluctuations in metal prices and the Company's cash flows. The dividends are considered eligible dividends for Canadian tax purposes." More
- August 14, 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 14 August, 2009 | |
