-- Posted 2 September, 2009 | | Source: SilverSeek.com
Please Note: There will be no Gold Seeker Reports this Thursday and Friday. US Markets are closed on Monday in observance of Labor Day. The Gold Seeker Report will return on Tuesday, September 8th.
| Close | Gain/Loss |
Gold | $976.60 | +$21.30 |
Silver | $15.29 | +$0.28 |
XAU | 156.87 | +8.55% |
HUI | 383.66 | +9.31% |
GDM | 1169.42 | +9.74% |
JSE Gold | 2380.83 | +111.52 |
USD | 78.39 | -0.35 |
Euro | 142.65 | +0.47 |
Yen | 108.49 | +0.82 |
Oil | $68.05 | UNCH |
10-Year | 3.295% | -0.080 |
T-Bond | 122.34375 | +1.125 |
Dow | 9280.67 | -0.32% |
Nasdaq | 1967.07 | -0.09% |
S&P | 994.75 | -0.33% |
The Metals:
Gold and silver traded mostly slightly lower in Asia and London, but both metals then climbed steadily higher throughout trade in New York and gold ended near its high of $979.35 with a gain of 2.23% while silver ended near its high of $15.46 with a gain of 1.87%.
Euro gold rose to about €684, platinum gained $3 to $1222, and copper rose slightly to about $2.81.
Gold and silver equities climbed markedly higher for most of trade and ended with about 9% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Aug | -298K | -250K | 360K |
Productivity | Q2 | 6.6% | 6.4% | 6.4% |
Factory Orders | July | 1.3% | 2.2% | 0.9% |
U.S. mortgage applications slip, loan rates dip Reuters
FOMC minutes from the fed’s August 12th meeting showed that fed members saw only a slow recovery in the economy with fiscal stimulus seen helping into 2010. There was some disagreement about the inflation outlook and particular concern about the job market.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/29 expected at 570,000 and at 10AM is the ISM Services report for August expected at 48.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil reversed early losses and turned modestly higher after the Energy Department reported that crude inventories fell 400,000 barrels and gasoline inventories fell a larger than expected 3 million barrels, but the price per barrel fell back off to unchanged by the close on worries over the sustainability over any recent energy demand increases.
The U.S. dollar index erased early gains and moved noticeably lower by the close as the stock market remained relatively unaffected by the mostly worse than expected economic data that lifted only the yen on some risk aversion.
Treasuries saw slight gains while the Dow, Nasdaq, and S&P waffled near unchanged and ended modestly lower on a rather slow summer day heading into a long weekend.
Among the big names making news in the market today were Nokia, AutoNation, Brown-Forman, Pfizer, Danaher, and Wells Fargo.
The Commentary:
“Dear CIGAs,
Reported Chinese actions to unilaterally cancel OTC derivative loss debts held by state corporations whereby they purchased hedge contracts written by major American OTC derivative manufacturers and distributors is legally a unilateral novation. A novation declares an item to be invalid. Invalid means not valid. A contract which is not valid infers a form of a fraudulent contract.
Actions by the Chinese tend to follow and can be understood by learning the tenets of the teachings of Sun Tzu.
Had the West acted exactly this way rather than financing them to pay the winners when the hedge fund, Long-Term Capital, failed on OTC derivatives, there would have been financial problems but this event today would only be a modest recession and not a catastrophic depression.
MOPE has blacked this event out while titanic pressure is being brought on the US to fall into line and pay off the winners in New York.
What happened here will pave the road of the future.
This is the most important economic event since the fall or shove into bankruptcy of Lehman.
Few understand.”- Jim Sinclair, JSMineset.com
“December Gold closed up 22 at 978.5. This was 22 up from the low and 2.9 off the high.
December Silver finished up 0.305 at 15.365, 0.125 off the high and 0.495 up from the low.
While the press suggested that fund buying was responsible for the big range up extension in the gold market on Wednesday one has to wonder what might have prompted the funds to come rushing into the fray. Clearly a number of markets are playing up the prospect of a wave of US bank failures ahead, while others might simply be concerned that the global recovery is slowing and that even more stimulus might need to be applied. Some players even suggested that the economy was actually getting on track but yet central bankers were hinting at leaving quantitative easing in place for an extended period of time and that might in turn induce inflationary fears. With the Dollar generally weaker and the US numbers mostly favorable one could point to a number of fundamental reasons why gold rallied. In the end, the magnitude of the rally in gold was significant and that in turn might have attracted follow through buying.
It took the silver market a while to catch the bullish pull from the gold market. However, in the end the silver market seemed to get out from under the drag of the industrial commodity markets and that in turn allowed December silver to reach the highest level since June 11th. Clearly a bounce in the equity markets and slide in the Dollar gave the silver bulls an additional lift on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Trace Mayer: Massive institutional gold market change
Thom Calandra: Silver, H1N1, and rare earth events are imminent
The Statistics:
Activity from: 9/01/2009
Gold Warehouse Stocks: | 9,173,112 | -32 |
Silver Warehouse Stocks: | 117,832,550 | -106,820 |
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$ 32,590m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 127.85 | 4,110,541 | US$ 4,019m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.80 | 442,050 | US$ 434m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 43.82 | 1,408,790 | US$ 1,345m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.04 tonnes.
COMEX Gold Trust (IAU)
Profile as of 9/1/2009 | |
Total Net Assets | $2,254,406,989 | 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 9/1/2009 | |
Total Net Assets | $4,106,312,293 | Ounces of Silver
in Trust | 278,703,679.900 |
Shares Outstanding | 283,250,000 | Tonnes of Silver
in Trust | 8,668.65 |
Note: Change in Total Tonnes from yesterday’s data: 73.42 tonnes were removed from the trust.
The Miners:
Tanzanian Royalty’s (TRE) President appointment, ITH’s (THM) drilling, ECU’s (ECU.TO) dore production in July, SNS Silver’s (SNS.V) debt settlement, and Silver Quest’s (SQI.V) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +30.90% $2.33 |
2. NovaGold | NG +24.19% $4.62 |
3. Rubicon | RBY +16.95% $3.45 |
No “Losers” today.
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:
First Metals Inc. Completes Proposal Issuances - More
- September 02, 2009 | Item | E-mail
Excel Gold Mining Inc. Announces a Delay in the Filing of its Annual Financial Statements - More
- September 02, 2009 | Item | E-mail
Franc-Or Resources: Crocodile Gold Intersects 55.1 Metres Grading 3.2 g/t Gold, 8.4% Zinc, 3.1% Lead and 318 g/t Silver at Iron Blow Project - More
- September 02, 2009 | Item | E-mail
Blue Note To Raise Up To $1.2 Million For Williams Brook Gold Property - More
- September 02, 2009 | Item | E-mail
Golden Share Completes a $145,000 Financing - More
- September 02, 2009 | Item | E-mail
Tanzanian Royalty Announces Appointment of New President - "James E. Sinclair, Chairman and CEO of Tanzanian Royalty Exploration Corporation, is pleased to announce the appointment of Joseph Kahama to the position of President. Mr. Kahama succeeds John Deane who has resigned as President and as a member of the Board of Directors. The Company wishes to thank Mr. Deane for his long service and wishes him well in his future endeavours." More
- September 02, 2009 | Item | E-mail
Mining outlook: MolyExp Releases Report: Unusual Stock Accumulation in China Will Be Key to Molybdenum Market Evolution - More
- September 02, 2009 | Item | E-mail
ECU Silver Reports on Gold Dore for July - "In the month of July, the ECU operations generated 32 dore bars with a total weight of 709 kilograms (kg). The assays of the dore bars indicated that they contained a total of approximately 541 ounces of gold and 14,875 ounces of silver. To date, 182 bars have been generated with a total weight of 3,780 kg containing 2,245 ounces of gold and 76,123 ounces of silver." More
- September 02, 2009 | Item | E-mail
TVI Pacific announces completion of sixth shipment of copper concentrates produced at Canatuan - More
- September 02, 2009 | Item | E-mail
Crocodile Gold Intersects 55.1 Metres Grading 3.2 g/t Gold, 8.4% Zinc, 3.1% Lead and 318 g/t Silver at Iron Blow Project in the Northern Territory, Australia - More
- September 02, 2009 | Item | E-mail
Vangold Advances to a Binding Agreement With New Guinea Gold and Provides Update on Major Acquisition Along With Proposed Separation of Assets - More
- September 02, 2009 | Item | E-mail
RJK Details Newly Staked Buda Property - More
- September 02, 2009 | Item | E-mail
SNS Silver Corp. and Andover Ventures Negotiate Debt Settlement - "SNS Silver Corporation ("SNS" or the "Company") (TSX-V:SNS - News) announces today that both David Greenway, President and CEO of SNS, and Gordon Blankstein, CEO of Andover have agreed on a settlement of Andover's debt to SNS." More
- September 02, 2009 | Item | E-mail
Puma Exploration: Drilling Starts at Turgeon in New Brunswick - More
- September 02, 2009 | Item | E-mail
Gold production continues to improve at Etruscan's Youga Mine - More
- September 02, 2009 | Item | E-mail
Conquest Resources Limited - Press Release - More
- September 02, 2009 | Item | E-mail
Golden Goose initiates a scoping study on its Magino gold project - More
- September 02, 2009 | Item | E-mail
Additional Results Announced From Linear Metals' Seymour Lake Lithium-Tantalum-Beryllium Project - More
- September 02, 2009 | Item | E-mail
Big Red Diamond Appoints Mr. Jens E. Hansen as a Technical Advisor - More
- September 02, 2009 | Item | E-mail
Explorator Commences a 14,000 Meter Diamond Drilling Program at El Espino - More
- September 02, 2009 | Item | E-mail
Century Mining Announces C$400,000 Flow-Through Financing - More
- September 02, 2009 | Item | E-mail
Rio Cristal Resources Announces Signing of Binding Letter of Intent on Condor Gold Property - More
- September 02, 2009 | Item | E-mail
American Lithium Minerals Inc. Announces the Appointment of Stephen Cook as Vice-President of Investor Relations - More
- September 02, 2009 | Item | E-mail
Gold-Ore Resources Ltd.: Bjorkdal Gold Mine-Underground Drill Results - More
- September 02, 2009 | Item | E-mail
Cameco Completes Bought Deal Offering of 5.67% Senior Unsecured Debentures, Series D - More
- September 02, 2009 | Item | E-mail
Royal Roads intersects high-grade sulphide clasts in Buchans drilling campaign - More
- September 02, 2009 | Item | E-mail
San Anton Resource Corporation: Gold/Silver Heap Leach Study in Progress for Cerro del Gallo - More
- September 02, 2009 | Item | E-mail
Cadillac Commences Iberian Pyrite Belt Exploration Program - More
- September 02, 2009 | Item | E-mail
Pelangio Exploration Receives Extension on the Meduma Concession, Ghana - More
- September 02, 2009 | Item | E-mail
Valley High Ventures Ltd.: Trenching Expands Targets at Cordero Project, Mexico - More
- September 02, 2009 | Item | E-mail
Jantar to Acquire 100% of Zigzag Lake Lithium-Tantalum Project - More
- September 02, 2009 | Item | E-mail
Amarillo Commissions Metallurgical Testing at Posse - More
- September 02, 2009 | Item | E-mail
PolyMet Draws Fourth Tranche of Loan From Glencore - More
- September 02, 2009 | Item | E-mail
Levon Resources Ltd.: Trenching Expands Targets at Cordero Project, Mexico - More
- September 02, 2009 | Item | E-mail
Virginia Obtains Significant New Gold Results in the James Bay Region - More
- September 02, 2009 | Item | E-mail
Kirrin Resources Second Quarter 2009 Results and Highlights - More
- September 02, 2009 | Item | E-mail
Hawthorne Gold and Kaska Dena Council Sign Resource Funding Agreement - More
- September 02, 2009 | Item | E-mail
Minatura Gold Announces Approval for Listing in Mergent Manual and News ReportsTM - More
- September 02, 2009 | Item | E-mail
Radisson Mining Announces Termination of Arianne Option on Massicotte Property - More
- September 02, 2009 | Item | E-mail
North American Palladium Withdraws $50 Million Financing - More
- September 02, 2009 | Item | E-mail
Selkirk Metals Corp.: 43-101 Mineral Resource Estimate for Catface Copper Project - More
- September 02, 2009 | Item | E-mail
Canadian Zinc Commences Diamond Drill Exploration Program on Tuvatu Gold Project, Fiji - More
- September 02, 2009 | Item | E-mail
International Tower Hill Begins Drilling at Coffee Dome Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce that drilling has begun to test the "UAF Target" at its Coffee Dome Project, Alaska. The initial phase of the program will include 1,000 metres of diamond drilling, which the Company anticipates will be completed near the end of October. This will be the first drilling carried out at Coffee Dome, a major new, Alaskan, road accessible, gold discovery that lies just 17 kilometres from the Fort Knox Mine." More
- September 02, 2009 | Item | E-mail
Silver Quest Resources Ltd.: Closing of Non-Brokered Private Placement With the MineralFields Group - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to announce the closing on August 31, 2009 of the non-brokered portion of a private placement financing previously announced (see press release August 10, 2009). The non-brokered portion consisted of 3,000,000 flow-through units (the "FT Units") at 10.0 cents each to the MineralFields Group (the "Non-Brokered Offering"). Each FT Unit is comprised of one flow-through common share, and one half of one non-flow-through common share purchase warrant, exercisable at a price of 15.0 cents per share until August 31, 2010. Gross proceeds from the Non-Brokered Offering were $300,000. The Company anticipates closing on or about September 16th on the other portion of the financing that was announced on August 10th." More
- September 02, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 2 September, 2009 | |
