-- Posted 16 September, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1018.35 | +$13.85 |
Silver | $17.38 | +$0.46 |
XAU | 174.17 | +1.81% |
HUI | 444.89 | +2.93% |
GDM | 1320.89 | +2.53% |
JSE Gold | 2657.44 | +87.79 |
USD | 76.19 | -0.28 |
Euro | 147.32 | +0.71 |
Yen | 110.06 | +0.25 |
Oil | $72.51 | +$1.58 |
10-Year | 3.471% | +0.019 |
T-Bond | 120.3125 | -0.25 |
Dow | 9791.71 | +1.12% |
Nasdaq | 2133.15 | +1.45% |
S&P | 1068.76 | +1.53% |
The Metals:
Gold climbed to as high as $1020.45 by about 6AM EST in London and remained near that high for the rest of trade to close the day out with a gain of 1.38% at a new record closing high. Silver steadily rose throughout most of world trade and ended near its late session high of $17.46 with a gain 2.72%.
Euro gold rose to about €692, platinum gained $22 to $1344, and copper gained 9 cents to about $2.92.
Gold and silver equities rose about 3% at the open and remained near that level for most of the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Aug | 0.4% | 0.3% | 0.0% |
Core CPI | Aug | 0.1% | 0.1% | 0.1% |
Current Account | Q2 | -$98.8B | -$92.0B | -$104.5B |
Net Long-term TIC Flows | July | $15.3B | $60.0B | $90.2B |
Capacity Utilization | Aug | 69.6% | 69.0% | 69.0% |
Industrial Production | Aug | 0.8% | 0.6% | 1.0% |
Tomorrow at 8:30AM EST brings Building Permits for August expected at 596,000, Housing Starts expected at 580,000, and Initial Jobless Claims for 9/05 expected at 555,000. At 10AM is the Philadelphia Fed survey for September expected at 8.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after the Energy Information Administration announced that crude inventories surprisingly fell 4.7 million barrels, gasoline inventories rose 500,000 barrels, and distillates rose 2.2 million barrels.
The U.S. dollar index and treasuries fell on continued economic optimism that sent the Dow, Nasdaq, and S&P over 1% higher on the day.
Among the big names making news in the market today were Adobe, GE, and Cablevision.
The Commentary:
“Dear CIGAs,
Gold charged higher last evening, exactly in the same fashion as it had done the previous evening and in a repeat performance from yesterday, held onto its gains in spite of the constant barrage of selling coming from Goldman and Morgan. The breach through overhead resistance near the 1012 – 1015 level attracted more momentum based buying from the funds with the sinking dollar undercutting the bearish arguments and the chatter about the big spec long position.
Funny thing about markets, they have a habit of generally ignoring the pontifications from all of us so-called, “experts”. What I have seen over and over again through the years is that pundits tend to look at the past when attempting to make predictions about market action. When it comes to gold, the commitment of traders report is pointed to as a nearly infallible predictor of future gold behavior. Contrarians assure us that once speculative long positions reach a certain level, a sell off is practically assured. The result usually is that longs get nervous, spooked and then run, which becomes a sort of self-predictive prophecy as price then drops due to liquidation.
The difficulty however in using COT reports to predict market behavior is that an event of some sort, a change in the weather forecast, a change in fiscal policy, a change in demand, etc, something, anything, is needed FIRST as a TRIGGER to cause the longs to decide that prices have run high enough and that prudence dictates they book some profits. Without that, price tends to continue in the direction that momentum is carrying it and like anything rolling along under its own momentum, the charge can continue in that same direction for a lot longer than many suspect. In other words, let the market itself tell us when there are “too many longs”. How will we know that? Simple – when prices dip and no longer attract dip buying. Trying to call a top when there is genuine and palpable fear about what governments are doing to their currencies is a risky endeavor.
Some technical aspects – today’s PM fix was the an all time high and the best since March 2008 when it came in at 1011.25. Price has broken out of the short term consolidation pattern below $1012.
Gold priced in terms of British Pound Sterling continues to hold above the 600 level while Euro-priced gold is just 8 euros below the 700 level.
The HUI smashed through heavy resistance centered near the 440 level and now looks to have a decent shot at its all time best just above the 500 level. There is some resistance located near the 490 level . The monthly chart of the HUI is most impressive looking as the RSI is strong but not yet overbought.
The US Dollar is perched tenuously just above some important support near 76. A breach there and it is quite possible that the Dollar could experience a sharp drop all the way down to 72. It is extremely oversold from a technical perspective on the daily chart but on the long term monthly chart is has a long way to go before any oversold levels are reached.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Interviewed by GoldSeek, Turk sees gold's breakout imminent
Mike Kosares: Updated 'disturbing trends' make the case for gold
The Statistics:
Activity from: 9/15/2009
Gold Warehouse Stocks: | 9,249,018 | +37,468 |
Silver Warehouse Stocks: | 117,786,306 | +399,818 |
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 | 1078.851 | 34,686,124 | US$35,226m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 131.20 | 4,216,809 | US$4,294m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.29 | 458,083 | US$468m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 44.91 | 1,443,880 | US$1,438m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,989 | US$5m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
profile as of 9/15/2009 | |
Total Net Assets | $2,412,290,896 | Ounces of Gold
in Trust | 2,400,677.236 |
Shares Outstanding | 24,450,000 | Tonnes of Gold
in Trust | 74.67 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 9/15/2009 | |
Total Net Assets | $4,633,826,902 | Ounces of Silver
in Trust | 280,553,742.300 |
Shares Outstanding | 285,250,000 | Tonnes of Silver
in Trust | 8,726.20 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Rubicon’s (RBY) addition to the S P/TSX Global Mining Index, Minco Gold and Silver’s (MGH, MSV.TO) Chief Financial Officer and Vice President Finance appointment, and First Majestic’s (FR.TO) closed private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Endeavour | EXK+13.03% $3.21 |
2. Exeter | XRA +8.61% $5.17 |
3. Hecla | HL +7.79% $4.98 |
LOSERS
1. Seabridge | SA -2.69% $31.14 |
2. Vista | VGZ -1.67% $2.36 |
3. Northern Dynasty | NAK -1.46% $7.45 |
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:
Vantex Proposes a Share Consolidation to its Shareholders - More
- September 16, 2009 | Item | E-mail
First Majestic Silver Corp.: Second Tranche of Non-Brokered Private Placement Closes - "First Majestic Silver Corp. (TSX:FR - News)(OTCQX: FRMSF)(Frankfurt:FMV - News)(WKN: A0LHKJ) (the "Company") is pleased to announce the closing of the second and final tranche of the non-brokered private placement (the "Offering") consisting of 668,478 units (a "Unit") at a price of CDN$2.30 per Unit for gross proceeds of CDN$1,537,500. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"), with each full Warrant entitling the holder to purchase one additional common share of the Company (the "Warrant Share") at an exercise price of CDN$3.30 per Warrant Share for a period of two years after the closing of the Offering." More
- September 16, 2009 | Item | E-mail
Agreement to acquire claims closes - More
- September 16, 2009 | Item | E-mail
Riskmetrics Group Recommends Shareholders Vote in Favour of Canadian Royalties' Shareholder Rights Plan - More
- September 16, 2009 | Item | E-mail
Blackstone Completes First Phase Drilling at Its Norbotten Copper-Gold Project in Sweden - More
- September 16, 2009 | Item | E-mail
Vangold Drills 10m at 2.98 g/t Gold Including 3.2m at 6.68 g/t Gold at Mt Penck - More
- September 16, 2009 | Item | E-mail
Artha Appoints Guillermo Crosby to Its Advisory Board - More
- September 16, 2009 | Item | E-mail
Aurion Acquires Mexican Gold Projects; Proposed Financing - More
- September 16, 2009 | Item | E-mail
Inspiration Continues Work on Its Desrosiers Property - More
- September 16, 2009 | Item | E-mail
New Guinea Gold grants option to earn 50% interest in the Normanby/Imwauna property for $2 million plus $5,000,000 exploration committment - More
- September 16, 2009 | Item | E-mail
Strongbow Returns 1.17% Nickel From Snowbird Nickel Project - More
- September 16, 2009 | Item | E-mail
Victoria Provides Update on Activities Including Advancement of Cove and Eagle Gold Projects - More
- September 16, 2009 | Item | E-mail
Benton Options Claims in Heart of Timmins Gold Camp - More
- September 16, 2009 | Item | E-mail
Grenville to Acquire Claims Adjacent to Silver-Gold Bulk Tonnage Target at Silveria Project - More
- September 16, 2009 | Item | E-mail
Mugabe woos mining firms, promises stable policies - "Zimbabwe's President Robert Mugabe urged foreign mining companies to invest in the southern African country and sought on Wednesday to allay fears that such businesses could be expropriated." More
- September 16, 2009 | Item | E-mail
Castle Resources to Extend Expiry Date of Warrants - More
- September 16, 2009 | Item | E-mail
Bravo Engages First Canadian Capital Corp. for Investor Relations - More
- September 16, 2009 | Item | E-mail
Golden Goliath Resources Ltd.: Las Bolas Exploration Update - More
- September 16, 2009 | Item | E-mail
Rockcliff Settles Debt with 2 Creditors - More
- September 16, 2009 | Item | E-mail
Boxxer Closes $1,000,000 Private Placement - More
- September 16, 2009 | Item | E-mail
Horsehead Holding Corp. Announces the Successful Completion of Its Common Stock Offering, Including the Full Exercise of the Underwriters' Over-allotment Option - More
- September 16, 2009 | Item | E-mail
Exploration update on Lac Sairs 'Rare Earth Elements' property in Quebec - More
- September 16, 2009 | Item | E-mail
Champlain Resources Inc., announces letter of intent for the Gordon Lake Gold Project and proposed private placement financing - More
- September 16, 2009 | Item | E-mail
Trelawney Announces Agreement With Mattagami First Nation - More
- September 16, 2009 | Item | E-mail
Alexandria Releases NI 43-101 Compliant Resource Estimate for Orenada Gold Deposit, Val d'Or - More
- September 16, 2009 | Item | E-mail
Labrador Iron Mines progresses to production in 2010 - More
- September 16, 2009 | Item | E-mail
Eagle Plains Commences Fieldwork on Eagle Lake Uranium Project - More
- September 16, 2009 | Item | E-mail
KWG appoints CFO and terminates area of interest with Spider - More
- September 16, 2009 | Item | E-mail
Murgor partner makes new gold discovery at the Nelligan Gold Property in north-western Quebec - More
- September 16, 2009 | Item | E-mail
Unico, Inc. Announces Agreement for Resource Calculation on Tailings and Additional Material at the Deer Trail Mine - More
- September 16, 2009 | Item | E-mail
First Quantum Minerals Suspends Construction at Kolwezi Project - More
- September 16, 2009 | Item | E-mail
Lomiko Advances Chile Lithium Salar Brine Project to Exploration Stage - More
- September 16, 2009 | Item | E-mail
Redzone to Acquire Interest in Las Palmas Property in Mexico - More
- September 16, 2009 | Item | E-mail
American Lithium Minerals Inc. Signs Agreement to Acquire 100% of Montezuma Peak Lithium Lode Claims - More
- September 16, 2009 | Item | E-mail
Thompson Creek completes C$217 million financing - More
- September 16, 2009 | Item | E-mail
ATW Gold Corp.: Phase 2 Drill Program to Commence at Gullewa - More
- September 16, 2009 | Item | E-mail
Duran Ventures to Commence Deep IP-MAG Geophysical Survey at Pasacancha and Aguila in Peru - More
- September 16, 2009 | Item | E-mail
AndeanGold Update on Rio Seco Project, Peru - More
- September 16, 2009 | Item | E-mail
Merrex Completes Siribaya Airborne Survey - More
- September 16, 2009 | Item | E-mail
Galantas Discovers New Gold Exploration Targets in Northern Ireland - More
- September 16, 2009 | Item | E-mail
Big Red Diamond Signs a Letter of Intent for the Sale of Its Strategis Property With Virginia Energy Resources - More
- September 16, 2009 | Item | E-mail
Normabec Provides Additional Information on the New Normabec Spin-out - More
- September 16, 2009 | Item | E-mail
Trilliant Exploration Enters Into Agreement to Purchase Control of Bozel, S.A. - More
- September 16, 2009 | Item | E-mail
Inmet to host Las Cruces mine tour - More
- September 16, 2009 | Item | E-mail
Crosshair Completes Earn-In at Bootheel and Initiates Regulatory Liaison with Nuclear Regulatory Commission - More
- September 16, 2009 | Item | E-mail
Merc Intersects 21.35 Grams Gold Per Tonne Over 5.0 Metres at Damoti; Reports New Gold Zone Discovery - More
- September 16, 2009 | Item | E-mail
Hinterland Drilling Lockout Gold Project, Quebec - More
- September 16, 2009 | Item | E-mail
Andean American Announces Closing of 4.2 Million Unit Financing - More
- September 16, 2009 | Item | E-mail
Dana Considers Possible Base Metals Company Spin Off - More
- September 16, 2009 | Item | E-mail
Second Successful Pilot Scale Leach Test Completed by Ireland Inc. - More
- September 16, 2009 | Item | E-mail
New Dawn's Turk and Angelus Mines in Zimbabwe - More
- September 16, 2009 | Item | E-mail
Midland Acquires a Property With Strong REE Potential in the Strange Lake Deposit Area, Quebec - More
- September 16, 2009 | Item | E-mail
New Discovery: METANOR Hits 28.06 g/t Au Over 4.54m on the Nelligan Property - More
- September 16, 2009 | Item | E-mail
HoneyBadger & Entree Gold Commence Exploration Program on Yerington Nevada Copper Property - More
- September 16, 2009 | Item | E-mail
Mr. Raymond Mullaney Joins Redstar's Board - More
- September 16, 2009 | Item | E-mail
Tiomin Makes Progress Towards Completing Key Conditions for 70% Sale of Tiomin Kenya - More
- September 16, 2009 | Item | E-mail
Probe Mines Announces Commencement of Drilling on Its West Timmins Gold Project by West Timmins Mining Inc. - More
- September 16, 2009 | Item | E-mail
Lithium Americas Corp. Signs Agreement With Borax Argentina S.A., to Acquire 4,628 ha at the Cauchari-Olaroz Salt Lakes Lithium Brine Project - More
- September 16, 2009 | Item | E-mail
Centurion Executes Agreement to Acquire Gold Project in Aceh, Indonesia - More
- September 16, 2009 | Item | E-mail
Excel Gold Mining Inc. Announces the Signature of a Drilling Contract With Magma Drilling and Beginning of Its Exploration Works in the Montauban Mining Camp - More
- September 16, 2009 | Item | E-mail
Pitchstone Drilling Intersects Radioactivity in Namibia - More
- September 16, 2009 | Item | E-mail
Marathon PGM Drilling Program Hits High Grade Outside Pit Shell - More
- September 16, 2009 | Item | E-mail
Boxxer announces Letter of Intent on Gordon Lake Gold Project - More
- September 16, 2009 | Item | E-mail
CanAlaska finds uranium mineralization along 2.4 km trend at West Fond Du Lac - More
- September 16, 2009 | Item | E-mail
Tarsis Announces Exploration Program at MOR, Yukon - More
- September 16, 2009 | Item | E-mail
Tiger Resources Limited - Kipoi Project - Development Funding Update - More
- September 16, 2009 | Item | E-mail
Tiger Resources Limited - Resolution of Potential Contract Dispute at Kipoi Project - More
- September 16, 2009 | Item | E-mail
Rubicon Minerals Added to S P/TSX Global Mining Index - "Rubicon Minerals (RMX.TSX: RBY.NYSE-AMEX) is pleased to announce that it has been added to the S P/TSX Global Mining Index effective at the open on Monday, September 21, 2009. As well, the company has also been added to the S P/TSX Small Cap Index and the S P/TSX Global Base Metals Index." More
- September 16, 2009 | Item | E-mail
Cameco says spotlight firmly on growing uranium output - More
- September 16, 2009 | Item | E-mail
Minco Gold Appoints Chief Financial Officer and Vice President Finance - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is pleased to announce the appointment of Mr. Paul Zhang as Chief Financial Officer and Vice President Finance of the Company." More
- September 16, 2009 | Item | E-mail
Minco Silver Appoints Chief Financial Officer and Vice President Finance - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV - News) is pleased to announce the appointment of Mr. Paul Zhang as Chief Financial Officer and Vice President Finance of the Company." More
- September 16, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 September, 2009 | |
