-- Posted 1 September, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $955.30 | +$3.80 |
Silver | $15.01 | +$0.14 |
XAU | 144.52 | -1.71% |
HUI | 350.98 | -1.75% |
GDM | 1065.66 | -2.01% |
JSE Gold | 2269.31 | -74.55 |
USD | 78.74 | +0.59 |
Euro | 142.15 | -1.20 |
Yen | 107.64 | +0.19 |
Oil | $68.05 | -$1.91 |
10-Year | 3.375% | -0.026 |
T-Bond | 121.21875 | +0.28125 |
Dow | 9310.60 | -1.96% |
Nasdaq | 1968.89 | -2.00% |
S&P | 998.04 | -2.21% |
The Metals:
Gold reversed slight gains in Asia and fell to see a $5.17 loss at as low as $946.33 in London before it rose to see a $5.10 gain at $956.60 by about 10AM EST in New York and then fell back off to see slight losses again in late morning trade, but it then climbed back higher in the last hour and a half of trade and ended near its earlier high with a gain of 0.4%. Silver followed a similar rollercoaster ride and ended near its late session high of $15.06 with a gain of 0.94%.
Euro gold rose to about €673, platinum lost $16.50 to $1219, and copper fell slightly to about $2.80.
Gold and silver equities fell nearly 3% by late morning before they rebounded in afternoon trade, but they still ended with about 2% losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Aug | 52.9 | 50.5 | 48.9 |
Construction Spending | July | -0.2% | 0.0% | 0.1% |
Pending Home Sales | July | 3.2% | 1.5% | 3.6% |
Tomorrow at 8:15AM EST brings ADP Employment for August expected at -246,000. At 8:30 is second quarter Productivity expected at 6.1%, at 10AM is the Factory Orders report for July expected at 1.5%, and at 2PM is the release of FOMC minutes from the fed’s August 12th meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on another round of risk aversion that sent the U.S. dollar index and treasuries higher on cash raising and safe haven buying.
The Dow, Nasdaq, and S&P saw early gains after better than expected economic data, but they then reversed midday and fell about 2% by the close on worries over more bank failures.
Among the big names making news in the market today were Chrysler, EBay and Skype, the Airlines, and Vivendi.
The Commentary:
“My Dear Friends,
China tells the Wall Street OTC derivative manufacturers and distributors to go straight to hell.
China has invoked a "Stop Loss" on these fraud ridden instruments.
If you create a specific performance contract that you know under even the slightest pressure cannot perform, you have committed fraud.
My English bull dog Mia, bless her soul, figured out the non-performance characteristics of these financial WMDs.
This will have a MAJOR impact on the sociopath US manufacturers and distributors of OTC derivatives like CDSs that struck the world over with these weapons of mass financial destruction.
This could roll the financial world one more time.
Doing the right thing is never easy. Doing the right thing takes character and courage.
The Chinese are doing exactly the right thing and exactly what the West should have done years ago when long term capital flopped.
Now the rest of the BRIC nations will follow suit.
China’s actions here are another reason why China is headed for the largest economy on the planet.
While the West enriches the creators of this disaster, China herein tells them, to go straight to hell, and that they will not get their money to enrich themselves more. China has invoked a "Stop Loss."
Here is an example of how China will act with regards to the dollar late this fall. You can take that to the bank if you can find a solvent one in the USA, GB or Euroland.
The Wall Street types who are talking heads surmise that China thinks and will act like the Wall Street Weenies. They are so very WRONG.
Screw with China and you will get bitten in the ass by a real dragon. China leads the BRICs.
This will have a MAJOR impact on the sociopath USA manufacturers and distributors of OTC derivatives that struck the world over with these weapons of mass financial destruction, enriching themselves in the process by many trillions.
If China’s banks were the losers on these instruments then the winners, now not getting paid, are the sociopath USA manufacturers and distributors of OTC derivatives. These instruments were not created between Chinese banks, but made and packaged primarily in the good old US of A. Think it out. This is a stop loss for the Chinese.
I was correct 10 years ago when people denigrated me. I am correct on the price of gold as people still denigrate me.
I will have the last word with all these jealous fools.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“December Gold closed up 3 at 956.5. This was 7 up from the low and 1.5 off the high.
December Silver finished up 0.137 at 15.06, 0.02 off the high and 0.35 up from the low.
The gold market at least initially managed to stand up rather impressively to the reversal tide that hit a number of commodity markets in the wake of the sudden reversal in equity prices. However, as opposed to recent instances of equity market weakness this time the gold market was presented with a somewhat definitive bounce in the US Dollar and that could have sparked currency related selling in gold. Given the magnitude of the slide in the equity markets, there seemed to be a distinct deterioration in the macro economic outlook and that in the past has undermined investment demand expectations for gold. Some players might suggest that gold was simply behaving like a physical commodity market in the face of a downgraded view toward the global economy.
The silver market initially managed a new high for the move on Tuesday morning, before a broad based sentiment shift appeared to knock the wind out of the bull's sails. Clearly the reversal in the equity markets and the recovery in the Dollar combined to apply some pressure to silver but a number of traders said the deterioration of economic sentiment was more acute because of the looming US Non Farm payroll report at the end of the week. In the end, the bull camp in silver has to be discouraged because the US economic data flow on the day was fairly up beat and yet sentiment toward the recovery was giving off signs of more slowing ahead!”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Turning point for gold as central banks become buyers
China's derivative default stance rattles banks
Ron Paul: Fed's autonomy is coming to an end
Germany's MMNews interviews GATA Chairman Murphy
The Statistics:
Activity from: 8/31/2009
Gold Warehouse Stocks: | 9,173,144 | +1,780 |
Silver Warehouse Stocks: | 117,939,370 | +1,565,635 |
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$ 32,607m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 127.81 | 4,109,119 | US$ 3,928m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.80 | 442,055 | US$ 424m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 43.82 | 1,408,810 | US$ 1,346m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.85 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/31/2009 | |
Total Net Assets | $2,247,345,016 | 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 8/31/2009 | |
Total Net Assets | $4,084,948,812 | Ounces of Silver
in Trust | 281,064,151.900 |
Shares Outstanding | 285,650,000 | Tonnes of Silver
in Trust | 8,742.07 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Freeport’s (FCX) preferred stock redemption, Exeter’s (XRA) drill results, Aurizon’s (AZK) drill results, Minco Silver’s (MSV.TO) court decision, and Endeavour’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +6.39% $3.33 |
2. Solitario | XPL +1.28% $1.57 |
3. Mines MGMT | MGN+1.11% $1.81 |
LOSERS
1. Entree | EGI -6.42% $2.04 |
2. Jaguar | JAG -6.21% $9.21 |
3. DRDGOLD | DROOY-5.70% $6.62 |
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:
Fancamp Announces Closing of First Tranche of Financing - More
- September 01, 2009 | Item | E-mail
SilverCrest Announces Extension of Terms of Warrants - More
- September 01, 2009 | Item | E-mail
Augen Gold Announces Settlement of Debt - More
- September 01, 2009 | Item | E-mail
Pacific Iron Ore Corporation Announces the Initial Exploration Results of St. Anthony's Exploration Program - More
- September 01, 2009 | Item | E-mail
Christopher James Gold Signs LOI With Fortune River Resources on Zebra Gold Project in Nevada - More
- September 01, 2009 | Item | E-mail
St. Elias Mines Ltd.: Tesoro Gold Project, Peru-Bulk Sample Batches Return Average Grade of 0.92 oz/t Gold - More
- September 01, 2009 | Item | E-mail
Fortune River and Christopher James Option Zebra Low-Sulfidation Project Near Midas - More
- September 01, 2009 | Item | E-mail
Kent Acquires 100% of Ivanhoe Creek Property - More
- September 01, 2009 | Item | E-mail
Jaxon closes unit private placement - More
- September 01, 2009 | Item | E-mail
Anaconda Mining Announces Fourth Quarter and Year End Financial Results - More
- September 01, 2009 | Item | E-mail
Gryphon Gold Reports Treasury Increase from Exercise of Warrants - More
- September 01, 2009 | Item | E-mail
Lincoln Mining Corporation Corporate Update - More
- September 01, 2009 | Item | E-mail
Typhoon Plans a Complete Geoscientific Synthesis on the Fayolle Property and Closes a Private Placement - More
- September 01, 2009 | Item | E-mail
TVI Pacific announces addition to senior management leadership team - More
- September 01, 2009 | Item | E-mail
Portal Director Resigns - More
- September 01, 2009 | Item | E-mail
Osisko Mining Corporation: Construction Activities at Canadian Malartic Are Progressing as Planned - More
- September 01, 2009 | Item | E-mail
Southern Silver Signs Earn-in Agreement with Freeport-McMoRan Exploration Corporation for Dragoon Property, Arizona - More
- September 01, 2009 | Item | E-mail
Equinox Extinguishes Phelps Dodge Mining (Zambia) Right to 1% Lumwana Royalty - More
- September 01, 2009 | Item | E-mail
Duran Announces 100% Double Jack Lock-up Agreement - More
- September 01, 2009 | Item | E-mail
Maya Announces New Gold Discoveries at its Amizmiz Project in Morocco - More
- September 01, 2009 | Item | E-mail
Opawica Announces SEDAR Filing of Two NI 43-101 Reports for the Dingman Property and Atikwa Lake Property, Ontario - More
- September 01, 2009 | Item | E-mail
Coventry Resources Commences Diamond Drilling at Pele Mountain's Ardeen Gold Project - More
- September 01, 2009 | Item | E-mail
Yellowcake Mining Signs LOI for Option Agreement with AuEx for the Trinity Silver Project - More
- September 01, 2009 | Item | E-mail
Highland Appoints New President - More
- September 01, 2009 | Item | E-mail
Colombia Goldfields Ltd. Announces TSX Review Extended - More
- September 01, 2009 | Item | E-mail
Pacific North West Capital Corp. Acquires Option on Destiny Gold Project, Quebec - More
- September 01, 2009 | Item | E-mail
Prize Mining Announces New Management and Board Members - More
- September 01, 2009 | Item | E-mail
Duran Increases Management Depth - More
- September 01, 2009 | Item | E-mail
Capstone Reports Additional High Grade Copper-Gold Results at Minto North - More
- September 01, 2009 | Item | E-mail
Baffinland Signs Facility for Environmental Bonding - More
- September 01, 2009 | Item | E-mail
Minera Andes provides status update on its Los Azules Copper Project option agreement with Xstrata - More
- September 01, 2009 | Item | E-mail
PONTAX: Drilling and Channel Sampling Planned on the Lithium Occurrence - More
- September 01, 2009 | Item | E-mail
Romarco intercepts 32 meters of 4 g/t at Snake - Haile continues to expand - More
- September 01, 2009 | Item | E-mail
Eléonore South JV Project Drill Program in progress - More
- September 01, 2009 | Item | E-mail
Azimut: Drill Program underway at Eleonore South JV - More
- September 01, 2009 | Item | E-mail
Tombstone Exploration Corporation Renews Bureau of Land Management Mining Claims - More
- September 01, 2009 | Item | E-mail
Arianne Grabs 30.2 g/t Au on its Opinaca Gold Project in James Bay, Quebec - More
- September 01, 2009 | Item | E-mail
Goldrich Announces Successful Startup of Gold Production at Chandalar, Alaska - More
- September 01, 2009 | Item | E-mail
Rockgate Capital Corp.: Diamond Drilling Confirming High Grade Mineralization at North Zone, Falea U-Ag-Cu Project, Mali-West Africa - More
- September 01, 2009 | Item | E-mail
Champion Minerals Executes Definitive Option and Joint Venture Agreement for Fermont Iron Properties, Quebec - More
- September 01, 2009 | Item | E-mail
Mustang Advances its Maskwa Nickel Project - More
- September 01, 2009 | Item | E-mail
Kaminak's Partner Proposes Drill Program on Cry Lake (Nizi Creek) Gold-Silver Project, British Columbia - More
- September 01, 2009 | Item | E-mail
Strongbow Discovers New Nickel-Copper Sulphide Mineralization at Snowbird Nickel Project - More
- September 01, 2009 | Item | E-mail
American Creek announces $850,000 investment - More
- September 01, 2009 | Item | E-mail
Back the Plan to Maximize Value for All Shareholders - More
- September 01, 2009 | Item | E-mail
Paladin Energy Ltd: Heinrich Uranium Project, Namibia - More
- September 01, 2009 | Item | E-mail
Skygold Intersects Additional High-Grade Gold at Thunder Ridge - More
- September 01, 2009 | Item | E-mail
Robert A. Levich CPG, PG, EurGeol, FSEG, FGSA Joins Sunergy Advisory Board and Becomes Chief of Operations in Ghana - More
- September 01, 2009 | Item | E-mail
General Metals Amends Annual and Special Meeting Preliminary 14a and Reschedules for Later in September 2009 in Reno, NV - More
- September 01, 2009 | Item | E-mail
Uranium Energy Corp. Receives Both Initial Draft Disposal Well Permits for the Goliad ISR Project in South Texas - More
- September 01, 2009 | Item | E-mail
AuEx Ventures, Inc.: Trinity Silver Exploration Property Optioned - More
- September 01, 2009 | Item | E-mail
Bankruptcy Court Recommends Parent Plan in ASARCO LLC Reorganization - More
- September 01, 2009 | Item | E-mail
Gold Hawk Files Second Quarter 2009 Financial Results - More
- September 01, 2009 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Announces Redemption of Its 5 1/2% Convertible Perpetual Preferred Stock - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that it has called for redemption on September 21, 2009 its 5½% Convertible Perpetual Preferred Stock (Preferred Stock). Under the terms of the Preferred Stock, FCX may call the Preferred Stock for redemption if the closing price of FCX’s common stock exceeds 130 percent of the $46.45 per share conversion price for a period of 20 days out of 30 trading days. Under the terms of the redemption, FCX will pay $1,000 per share for any shares that are not converted into FCX common stock prior to the redemption date. There are currently 831,554 shares of the Preferred Stock outstanding, equivalent to approximately $832 million in redemption value." More
- September 01, 2009 | Item | E-mail
Exeter Reports on 50 New Drill Holes at Cerro Moro - "Results have now been received from 50 diamond drill holes from the Escondida West, Central and East sectors, with the results of an additional 45 drill holes from these sectors awaited. 33 of the drill holes have returned significant results, with 9 holes returning the bonanza (multi-ounce) gold and silver grades that characterize Escondida. The highlights are shown in the following table." More
- September 01, 2009 | Item | E-mail
Minco Silver Announces Court Decision on the Amount to Cure the Sunshine Mine Lease - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV - News) announces that the United States Bankruptcy Court, District of Idaho ("the Court") has ruled that the amount to cure the Sunshine Mine Lease is US$1,162,420.10 and the administrative costs are US$147,229.99 to SNS Silver Corp. for care and maintenance of the mine from the period between February to June 2009." More
- September 01, 2009 | Item | E-mail
Endeavour Silver Drills New High Grade Silver-Gold Discovery on Recently Acquired Porvenir Cuatro Property in Guanacevi District, Durango, Mexico - "Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces that the first drilling program on the recently acquired Porvenir Cuatro property in Guanacevi District, Durango, Mexico has discovered a new zone of high grade, silver-gold mineralization." More
- September 01, 2009 | Item | E-mail
Aurizon Intersects 18.9 Grams of Gold Per Tonne Over 4.0 Metres From the 810 Level Exploration Drift at Casa Berardi - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to report the results of recent exploration drilling along the newly completed exploration drift, on the 810 metre level, at its Casa Berardi Mine, in north-western Quebec." More
- September 01, 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 1 September, 2009 | |
