-- Posted 26 August, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $944.50 | +$0.60 |
Silver | $14.25 | -$0.04 |
XAU | 145.07 | -1.27% |
HUI | 352.89 | -1.44% |
GDM | 1069.75 | -1.17% |
JSE Gold | 2309.48 | -34.20 |
USD | 7862 | +0.39 |
Euro | 142.50 | -0.48 |
Yen | 106.16 | -0.01 |
Oil | $71.43 | -$0.62 |
10-Year | 3.438% | -0.012 |
T-Bond | 120.8125 | +0.359375 |
Dow | 9543.52 | +0.04% |
Nasdaq | 2024.43 | +0.01% |
S&P | 1028.12 | +0.01% |
The Metals:
Gold rose $6 to $949.90 by late trade in Asia before it fell back off in London to as low as $939.85 by about 10AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.06%. Silver rose over 1% to $14.46 in Asia before it fell to see a nearly 1% loss at $14.16 by about 10AM EST in New York, but it also rallied back higher into the close and ended with a loss of just 0.28%.
Euro gold rose to about €664, platinum lost $7 to $1231, and copper remained at about $2.85.
Gold and silver equities fell over 2% by early afternoon, but they then rebounded a bit into the close and ended with less than 1.5% losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | July | 4.9% | 3.2% | -1.3% |
Durables, Ex Trans. | July | 0.8% | 1.0% | 2.5% |
New Home Sales | July | 433K | 390K | 395K |
‘Cash for Clunkers’ Yielded Almost 700,000 Sales Bloomberg
Mortgage applications rise as refinancing demand jumps Reuters
Homebuilders Buying Land After Three Years of Cutting Inventory Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/22 expected at 565,000, second quarter GDP expected at -1.4%, the Chain Deflator expected at 0.2%, and Core PCE expected at 2.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil remained lower after the Energy Information Administration (EIA) reported that crude inventories rose 200,000 barrels, gasoline inventories fell 1.7 million barrels, distillates rose 800,000 barrels, and capacity utilization rose 0.1% to 84.1%. The build in crude inventories was not as large as the American Petroleum Institute’s overnight report of a 4.3 million barrel build that inspired the early losses, but the more closely watched EIA data was enough to keep a bearish tilt on the energy markets today.
The U.S. dollar index and treasuries rose despite better than expected economic data as a renewed sentiment shift towards risk aversion kept the Dow, Nasdaq, and S&P trading mostly slightly lower on the day, but all three indices were able to end with slight gains.
Among the big names making news in the market today were Ford, Thrifts, Valero, Chrysler and Daimler, Williams-Sonoma, Morgan Stanley, and Boeing.
The Commentary:
“Question of the Day:
Is it intentional or serendipity that the Bernanke reappointment is announced on the same day news of the Federal Reserve losing their fight in a Freedom of Information action to release the details of their financial dealings with the OTC derivative decimated financial industry is released?
If it is intentional to show confidence in central bank management by the Administration, what can be done for the necessary many encores?”- Jim Sinclair, JSMineset.com
“December Gold closed down 0.2 at 945.8. This was 4.6 up from the low and 5 off the high.
December Silver finished down 0.058 at 14.288, 0.132 off the high and 0.083 up from the low.
The gold market mostly waffled around unchanged levels this session with the day's range set early in the day in reaction to somewhat mixed economic readings. While gold peaked for the session following the durable goods data which seemed to disappoint some traders, the market was lifted off of session lows by a larger than expected jump in new home sales. However, gold remained hemmed in a relative tight range as a recovery bounce in the Dollar and a weak oil price limited the appeal of gold as an inflation hedge while the equity market's weak response to the economic news was another limiting factor for gold bulls.
Silver also saw a choppy trade around unchanged levels for most of the session with the market being confined to a relatively narrow range on a lack of market direction form either gold or equities. Despite a stronger Dollar, silver weakness was limited by generally good economic news giving more support to the economic recovery theme. But with energy prices weaker and copper generally steady to firmer, mixed outside market influences kept silver in a holding pattern.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gene Arensberg: Gold, silver consolidating, waiting for a sign
CFTC 'considering' fresh limits on positions
Antal Fekete: More dress rehearsal for the last contango
Ambrose Evans-Pritchard: The troubling side of Ben Bernanke
Gold Standard Institute's Australia conference to hear Fekete
The Statistics:
Activity from: 8/25/2009
Gold Warehouse Stocks: | 9,153,033 | - |
Silver Warehouse Stocks: | 116,385,159 | -27,995 |
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 Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,061.83 | 34,138,942 | US$ 32,439m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 127.82 | 4,109,395 | US$ 3,886m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.80 | 442,083 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.72 | 1,373,590 | US$ 1,306m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 4.58 tonnes and the JSE subtracted 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/25/2009 | |
Total Net Assets | $2,230,484,824 | Ounces of Gold
in Trust | 2,362,200.320 |
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 8/25/2009 | |
Total Net Assets | $4,001,896,128 | 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:
US Gold’s (UXG) metallurgical results, ITH’s (THM) closed private placement and Shareholders Rights Plan, Lihir’s (LIHR) financial results for the three and six month periods ended June 30, 2009, Eldorado’s (EGO) business combination with Sino Gold (SGX:ASX), and U.S. Silver’s (USA.V) second quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +6.27% $1.88 |
2. Entree | EGI +5.26% $2.20 |
3. Lihir | LIHR+5.14% $22.71 |
LOSERS
1. Eldorado | EGO-5.90% $10.37 |
2. Banro | BAA -4.43% $1.94 |
3. Mines MGMT | MGN -4.32% $1.75 |
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:
Duncastle Gold Notifies Warrant Holders to Purchase Common Shares - More
- August 26, 2009 | Item | E-mail
Cameco to raise C$500 mln in debt - More
- August 26, 2009 | Item | E-mail
Excel Gold Mining Inc. Announces Prepares for a Surface Diamond Drilling Program at Montauban - More
- August 26, 2009 | Item | E-mail
Erdene Comments on Mongolian Parliament's Amendments to Mining Laws - More
- August 26, 2009 | Item | E-mail
Alder Work Programme on Canadian Creek Property - More
- August 26, 2009 | Item | E-mail
HoneyBadger Exploration Finalizes Agreement With Entree Gold on Nevada Copper Property - More
- August 26, 2009 | Item | E-mail
Eaglecrest Update: New High Grade Surface Gold Discovered at San Simon - More
- August 26, 2009 | Item | E-mail
Lincoln Mining Advances Pine Grove Gold Property, Nevada - More
- August 26, 2009 | Item | E-mail
SEMAFO Receives Mining Permit for Boulon Jounga Zone, Niger - More
- August 26, 2009 | Item | E-mail
Latin American Minerals Update: Lithium Americas Corp. Announces Private Placement - More
- August 26, 2009 | Item | E-mail
Duncastle Extends Historic Yankee-Dundee Project Mineralization; Hits 2.8 Metres Grading 5.2g/t Au, 122.3g/t Ag, 4.5% Pb and 13.8% Zn - More
- August 26, 2009 | Item | E-mail
Golden Predator Announces $7,000,000 Unit Private Placement - More
- August 26, 2009 | Item | E-mail
Titan Uranium Inc. to Acquire 100% Interest in Sheep Mountain Property - More
- August 26, 2009 | Item | E-mail
Denarii Resources Appoints Glenn Soler to the Board of Directors - More
- August 26, 2009 | Item | E-mail
Fortress Intercepts 26.5 Metres Grading 9.24 g/t Gold at the Elena Prospect; 129.4 Metres Grading 1.04 g/t Gold and 75.5 Metres Grading 1.31 g/t Gold - More
- August 26, 2009 | Item | E-mail
Eagle Plains/Windstorm Commence Fieldwork on Kalum Gold Property - More
- August 26, 2009 | Item | E-mail
Focus Announces Update on Nueva California and Completion of NI 43-101 Technical Report - More
- August 26, 2009 | Item | E-mail
Letter From the CEO-Hana Mining Ltd. - More
- August 26, 2009 | Item | E-mail
Fancamp Exploration Announces Financing - More
- August 26, 2009 | Item | E-mail
Melkior Options 12 Claims in Bristol, West Timmins, to Big Red Diamond Corporation - More
- August 26, 2009 | Item | E-mail
Uracan discovers higher grade uranium mineralization at Grandroy and Turgeon zones at its 100% owned North Shore Property in Quebec - More
- August 26, 2009 | Item | E-mail
Drilling Commences at New Dimension's Reese River Silver Project, Nevada - More
- August 26, 2009 | Item | E-mail
Animas Resources Signs Contract for Santa Gertrudis Drilling Program - More
- August 26, 2009 | Item | E-mail
Gitennes completes private placement - More
- August 26, 2009 | Item | E-mail
Big Red Diamond Signs a Letter of Intent for a 50% Purchase and Joint Venture Agreement for the Bristol Property With Melkior Resources - More
- August 26, 2009 | Item | E-mail
Serengeti Intersects 0.78% Copper Equivalent Over 150 Meters in South Zone at Kwanika - More
- August 26, 2009 | Item | E-mail
Creston and Tenajon Announce Closing of Business Combination - More
- August 26, 2009 | Item | E-mail
Dana Resources Technical Update on Collota 1.17 Million Ounce Gold Deposit - More
- August 26, 2009 | Item | E-mail
Probe Mines Intersects High-Grade Chromite in the New Black Creek Chromite Discovery in the McFauld's Lake Area, Ontario; Significant Core Intervals - More
- August 26, 2009 | Item | E-mail
West Timmins Mining to Acquire 75% Stake in Red Pine Exploration's Gold Property in Timmins - More
- August 26, 2009 | Item | E-mail
GGL Diamond Corp.: Annual Meeting Elects Four Directors, Directors Appoint and Welcome New Director Wayne Spilsbury and Approve Name Change to GGL Resources Cor - More
- August 26, 2009 | Item | E-mail
Wesdome Gold Mines Ltd. - Eagle River 811 zone opens up at depth - More
- August 26, 2009 | Item | E-mail
Marathon Converting Waste to Ore - More
- August 26, 2009 | Item | E-mail
North American Tungsten Corporation Ltd. Releases Its Third Quarter Financial Statements for the Period Ended June 30, 2009 - More
- August 26, 2009 | Item | E-mail
Minera IRL Limited: New Acquisition, Bethania - More
- August 26, 2009 | Item | E-mail
U.S. Silver Reports Second Quarter 2009 Results - “We are pleased with the improved results in the first half of 2009 compared to the first half of 2008. We worked the entire first half of the year with no lost time injuries. Our Q2 production results were slightly less favorable then Q1, primarily due to lower head grades in May and early June, yet we averaged more than 200,000 ounces of silver per month during the first half of this year. In July we resumed exploration drilling with one drill underground and resumed the rehabilitation of the Galena shaft. We also continued development work underground necessary to create additional production stopes in the future.” More
- August 26, 2009 | Item | E-mail
US Gold Corporation: El Gallo Initial Metallurgical Results - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce that preliminary metallurgical testing on El Gallo silver mineralization has returned excellent recoveries, averaging more than 90%. Silver recoveries from lower grade samples averaged 96%." More
- August 26, 2009 | Item | E-mail
International Tower Hill Closes AngloGold Ashanti Top Up Private Placement and Implements Shareholders Rights Plan - "International Tower Hill Mines Ltd. ("ITH" or "the Company") (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce the closing of the "top-up" private placement to AngloGold Ashanti (U.S.A.) Exploration Inc., an indirect subsidiary of AngloGold Ashanti Limited ("AngloGold"), effective August 25, 2009. As a consequence of the placement, AngloGold now holds 7,665,578 common shares, or approximately 13.2907% of the currently outstanding common shares. The Company has also implemented a Shareholders Rights Plan, effective immediately." More
- August 26, 2009 | Item | E-mail
LGL'S (Lihir Gold) Underlying Profit Up 130 Percent - "Record underlying profit(i) of US$154.9 million, up 130% from $67.4 million in the prior corresponding period. Mine EBITDA increased by 141% to $330.4 million, from $136.8 million in the six months to June 30, 2008. A one-off charge of $409.1 million, after-tax, associated with the write down of the Ballarat assets, reduced net profit after tax to a loss of $300.9 million, compared with a profit of $36.5 million in the six months to June 30, 2008." More
- August 26, 2009 | Item | E-mail
Eldorado and Sino Gold Announce Business Combination - "Eldorado Gold Corporation ("Eldorado") (TSX:ELD - News)(AMEX:EGO - News) and Sino Gold Mining Limited ("Sino Gold") (ASX:SGX - News) (SEHK:1862 - News) are pleased to announce that they have signed a Scheme Implementation Deed under which Eldorado proposes to acquire all of the issued and outstanding shares in Sino Gold that it does not currently own via a Scheme of Arrangement ("Scheme") under Australian law." More
- August 26, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 August, 2009 | |
