-- Posted 23 September, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1013.20 | UNCH |
Silver | $16.89 | -$0.21 |
XAU | 164.59 | -3.10% |
HUI | 413.24 | -3.41% |
GDM | 1232.96 | -3.07% |
JSE Gold | 2470.03 | -51.16 |
USD | 76.33 | +0.25 |
Euro | 147.38 | -0.54 |
Yen | 109.43 | -0.29 |
Oil | $68.97 | -$2.97 |
10-Year | 3.418% | -0.038 |
T-Bond | 120.96875 | +0.28125 |
Dow | 9748.55 | -0.83% |
Nasdaq | 2131.42 | -0.69% |
S&P | 1060.87 | -1.01% |
The Metals:
Gold steadily fell back off in Asia and London to see a loss of $7.31 at as low as $1005.89 by a little before 11AM EST, but it then rallied back higher in the last few of hours of trade and ended unchanged on the day. Silver fell to as low as $16.70 by a little before noon EST before it also climbed back higher into the close, but it still ended with a gain of 1.23%.
Euro gold rose to about €686, platinum lost $5.50 to $1322.50, and copper fell 5 cents to about $2.80.
Gold and silver equities fell over 2% by late morning before they rallied back near unchanged shortly after the fed’s announcement, but they then fell back off into the close and ended over 3% lower on the day.
The Economy:
The fed held the fed funds rate in their record low target range of 0.00% to 0.25%, as expected. The only noticeable change in the statement was a lack of concern about inflation that had been somewhat addressed in the prior statement.
U.S. home loan demand at highest since late May Reuters
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/19 expected at 550,000 and at 10AM is the Existing Home Sales report for August expected at 5,350,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade on continued worries over demand and then fell even further after it was announced that inventories built much more than expected. The Energy Information Administration reported that crude inventories rose 2.8 million barrels, gasoline inventories rose 5.4 million barrels, distillates rose 3.0 million barrels, and refinery utilization fell 1.3 % to 85.6%.
The U.S. dollar index initially erased pre-fed gains and turned lower after the fed expressed a lack of concern about inflation and indicated that they will likely not be raising interest rates anytime soon, but the index then rose in late trade and ended nicely higher as a renewed round of risk aversion surfaced and encourage cash raising.
Treasuries rose “after Federal Reserve officials said they’ll slow purchases of mortgage-backed securities and housing agency bonds, ending the $1.45 trillion program three months later than scheduled.”
The Dow, Nasdaq, and S&P initially climbed to new session highs following the fed’s statement, but they turned back lower and fell to new session lows by the close on worries over the sustainability of the recent economic growth seen by the fed.
Among the big names making news in the market today were General Mills, Wyeth, AutoZone, Ford, Bank of America, JPMorgan, and Archer Daniels Midland.
The Commentary:
“Dear CIGAs,
There are a number of important points to be made here:
1. Similar decisions have occurred in other states.
2. This is extremely important, but not necessarily a landmark.
3. The attempt at appeal will be backed by unlimited funds because of the serious ramifications in this state.
4. State by state, this exact decision is taking place and surviving the gruelling appeals processes.
5. This type of decision erodes the very fabric of the Securitized Investment Vehicle backed by a grouping of mortgages.
6. Eventually the screams of the public will be heard by state judges that depend upon the electorate.
7. From a modest kindling fire this move will grow into a conflagration of anti Wall Street, anti financial people. Attorneys will begin to seek these easy slam-dunk cases as a large revenue generators.
8. Between the error of singular mortgages being used in multi SIVs, the disaster of paperwork behind the mountain of mortgages made from 2006 to 2008, state laws on simple things like notary seals on documentation, and the requirement of having a legal standing for which to take the action (which servicers DO NOT), SIVs will be valued as below junk assets. These pure "legacy assets," as they are now called, are a noose around the neck of any institution holding them including the Federal Reserve.
Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks” -Jim Sinclair, More at JSMineset.com
GATA Posts:
GATA issues worldwide press release on Fed gold swaps
Fed admits hiding gold swap arrangements
Thom Calandra's Ticker Trax reports from golden Ghana
The Statistics:
Activity from: 9/21/2009
Gold Warehouse Stocks: | 9,268,818 | +9,935 |
Silver Warehouse Stocks: | 116,090,389 | -3,458,588 |
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 | 1101.735 | 35,421,869 | US$35,775m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 131.53 | 4,226,478 | US$4,296m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.37 | 460,548 | US$470m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 45.03 | 1,447,691 | US$1,468m |
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 9/22/2009 | |
Total Net Assets | $2,434,191,225 | 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 9/22/2009 | |
Total Net Assets | $4,835,367,591 | 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:
Tanzanian Royalty’s (TRE) completed 43-101, Richmont’s (RIC) drilling plan, Northern Dynasty’s (NAK) project budget, Barrick’s (ABX) completed equity offering, Newmont’s (NEM) output, MAG Silver’s (MVG) assay results, and Fortuna’s (FVI.V) optioned project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. MAG | MVG+5.37% $5.49 |
2. Nevsun | NSU +2.88% $2.14 |
3. Ivanhoe | IVN+2.46% $12.48 |
LOSERS
1. Coeur | CDE-6.21% $19.49 |
2. US Gold | UXG -5.83% $2.91 |
3. Banro | BAA -5.10% $2.42 |
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:
High River Gold Announces Change to the Board of Directors - More
- September 23, 2009 | Item | E-mail
Puget Ventures Inc. Completes Over-Subscribed Financing and Commences Werner Lake Program - More
- September 23, 2009 | Item | E-mail
Century Mining to forego acquisition of Etruscan shares - More
- September 23, 2009 | Item | E-mail
Rodinia Minerals Inc.: William Randall Appointed V.P. of Exploration - More
- September 23, 2009 | Item | E-mail
Silver Quest Resources Ltd.: Warrant Extension - More
- September 23, 2009 | Item | E-mail
Sultan Minerals Resumes Exploration on the Kena Gold-Copper Project, BC - More
- September 23, 2009 | Item | E-mail
Tanzanian Royalty Announces Completion of 43-101 Technical Report For Ushirombo Project - "The Company is pleased to report that a National Instrument 43-101 compliant Technical Report has been completed for its 235 square kilometres Ushirombo mineral property in the Lake Victoria Goldfields of Tanzania." More
- September 23, 2009 | Item | E-mail
RJK Explorations Completes Airborne at Buda - More
- September 23, 2009 | Item | E-mail
Ecometals Announces Final EMP Approval Prior to Drilling at its Rio Zarza Gold Project in Ecuador - More
- September 23, 2009 | Item | E-mail
Richmond and Fort Chimo Sign MOU with Long Point First Nation - More
- September 23, 2009 | Item | E-mail
Everton to Study Strategic Alternatives on its Quebec Lithium Project - More
- September 23, 2009 | Item | E-mail
Skyline Gold Announces Private Placement Closing - More
- September 23, 2009 | Item | E-mail
Colt Resources Inc. Reports on the Granting of a Concession in Portugal's Iberian Pyrite Belt and an Extension on the Penedono Concession - More
- September 23, 2009 | Item | E-mail
Molycorp Minerals Announces the Formation of Rare Earth Trade Association - More
- September 23, 2009 | Item | E-mail
Minera IRL Limited: Agreements Signed With Catalina Resources - More
- September 23, 2009 | Item | E-mail
Unico, Inc. Announces Management Visit to Royal Mines And Minerals Facility to Monitor Progress of Gold and Silver Processing From the Deer Trail Mine - More
- September 23, 2009 | Item | E-mail
Zinccorp Resources Acquires Three Gold Properties in West Timmins Along Destor Porcupine Fault Zone - More
- September 23, 2009 | Item | E-mail
Sedex Mining Acquires Gold Property in West Timmins District Along Mattagami River Fault - More
- September 23, 2009 | Item | E-mail
Golden Chalice Resources Acquires Kenogaming Gold Property in West Timmins along Destor-Porcupine Fault - More
- September 23, 2009 | Item | E-mail
Olympus Resumes Toll Treatment of Phuoc Son High-Grade - More
- September 23, 2009 | Item | E-mail
Amador Gold Corp. Acquires Gold Property in West Timmins Camp Along Destor-Porcupine Fault Zone - More
- September 23, 2009 | Item | E-mail
Abitibi Mining Acquires Four Gold Properties in West Timmins District - More
- September 23, 2009 | Item | E-mail
American Lithium Minerals Inc. Starts Work on Lithium Claims - More
- September 23, 2009 | Item | E-mail
Noront Resources and Marten Falls First Nation enter negotiations for exploration agreement and partnerships - More
- September 23, 2009 | Item | E-mail
GoldTrain Announces Exercise of Warrants - More
- September 23, 2009 | Item | E-mail
Pacific Ridge Acquires Mariposa Gold Property in the South Klondike - More
- September 23, 2009 | Item | E-mail
African Gold Group, Inc., Kobada "Zone 1" Resources Estimate Will Increase - More
- September 23, 2009 | Item | E-mail
G4G Resources Announces Private Placement Financing - More
- September 23, 2009 | Item | E-mail
Capital Gold Corporation Announces a 29% Increase In Revenue Over Previous Year - More
- September 23, 2009 | Item | E-mail
Etruscan announces US$43 million equity financing and major financial restructuring plan - More
- September 23, 2009 | Item | E-mail
Rye Patch Gold Initiates Lincoln Hill and Wilco Drill Programs - More
- September 23, 2009 | Item | E-mail
Golden Share Mining Corporation: IP Survey Defines Drill Targets at Depth on Malartic Lakeshore - More
- September 23, 2009 | Item | E-mail
Tinka Defines Significant Drill Target At Ayawilca Zone; Colquipucro Silver Project, Peru - More
- September 23, 2009 | Item | E-mail
Jinshan Enters Into Memorandum of Understanding to Acquire Mineral Property From China National Gold - More
- September 23, 2009 | Item | E-mail
FNX 2009 Production Update - More
- September 23, 2009 | Item | E-mail
Caldera Drift program complete - More
- September 23, 2009 | Item | E-mail
Advanced Explorations Inc. Closes Private Placement of $450,000 - More
- September 23, 2009 | Item | E-mail
Kivalliq Completes Drilling and Stakes Claims at Lac Cinquante - More
- September 23, 2009 | Item | E-mail
Crosshair Announces Plans for Golden Promise Gold Project - More
- September 23, 2009 | Item | E-mail
Franconia Announces 21% Increase in NI 43-101 Indicated Resource at Birch Lake Copper-Nickel-PGM Project - More
- September 23, 2009 | Item | E-mail
ATAC Resources Ltd. Steps Out and Intersects 23.01 g/t Gold Over 20.67 Metres at Its Rau Property - More
- September 23, 2009 | Item | E-mail
Radius Gold Options Tlacolula Silver Project in Mexico to Fortuna Silver Mines Inc. - More
- September 23, 2009 | Item | E-mail
UEX's CEO Stephen Sorensen to Retire; Board Names Current Chairman Graham Thody as Successor - More
- September 23, 2009 | Item | E-mail
Quest Drilling Confirms B-Zone Resource Potential, Returns Multiple Horizons Up to 2.18% Total Rare Earths Over 12.0 Metres, Strange Lake Project, Quebec - More
- September 23, 2009 | Item | E-mail
Nortec (TSX VENTURE: NVT) to Acquire Seinajoki Gold Project, Finland - More
- September 23, 2009 | Item | E-mail
Osisko Intersects 2.16 g/t Au Over 129.5 Metres at South Barnat - More
- September 23, 2009 | Item | E-mail
Blackstone Commences Airborne Geophysical Survey at Uma Cu-Zn-Pb-Au Project in Sweden - More
- September 23, 2009 | Item | E-mail
Fjordland Exploration Inc.: Gold Fields Initiates $3 Million Program at Woodjam North Gold-Copper Property, British Columbia - More
- September 23, 2009 | Item | E-mail
Douglas Lake Minerals Inc. Provides An Update On the Mkuvia Project - More
- September 23, 2009 | Item | E-mail
Bonanza Goldfields Successfully Files Notice of Intent with Bureau of Land Management - More
- September 23, 2009 | Item | E-mail
Grayd Resource Corporation: Two Drills Working at Grayd Resource's La India Project - More
- September 23, 2009 | Item | E-mail
Uranium Energy Corp Issued Final Draft Permits for Both Disposal Wells for the Goliad ISR Project in South Texas - More
- September 23, 2009 | Item | E-mail
Skygold Announces Private Placement - More
- September 23, 2009 | Item | E-mail
Richmont Mines Announces Plans to Drill 5,000 Metres on Its Cripple Creek Property, West of Timmins, Ontario - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News) ("Richmont"), a Canadian based gold producer, is pleased to announce plans for a 5,000 metre drilling program at its 100% owned Cripple Creek Gold Project. The property is located west of the Timmins Gold Camp in Ontario, where more than 70 million ounces of gold have been produced by various mining companies over the years. Drilling is planned for the first quarter of 2010, as winter drilling conditions are preferable for this property." More
- September 23, 2009 | Item | E-mail
MAG Silver Discovers High Grade Molybdenum With Gold at Cinco De Mayo - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG") is pleased to announce assay and geological results from ongoing exploration drilling on its 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. The most significant result from this ongoing program is the discovery of a high grade Molybdenum (Mo) (gold) zone at Pozo Seco located 4.0 kilometres southwest of the Jose Manto Discovery (see Tables 1.0 and 2.0)." More
- September 23, 2009 | Item | E-mail
Pebble Budget Increased to US $70 Million for 2009 - "Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE AMEX: NAK) announces that the Pebble Limited Partnership ("PLP" or the "Pebble Partnership") Board of Directors has approved an additional US $10.1 million budget to advance the Pebble Project in 2009." More
- September 23, 2009 | Item | E-mail
Fortuna Options Tlacolula Silver Project in Mexico from Radius Gold Inc. - "The Company is pleased to announce that it has been granted the option to acquire a 60% interest in the Tlacolula silver project in Oaxaca, Mexico from Radius Gold Inc. ("Radius"). Fortuna can earn the interest by spending US$2 million, which includes a commitment to drill 1,500 meters within 3 years, and making staged annual payments of US$250,000 cash and US$250,000 in common stock to Radius according to the following schedule:" More
- September 23, 2009 | Item | E-mail
Barrick Completes Previously Announced Equity Offering - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) announced today that it has completed its previously announced bought deal equity offering of approximately 109 million common shares, which includes 14.21 million common shares issued pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the offering, at a price of $36.95 per common share for gross proceeds of approximately $4.0 billion." More
- September 23, 2009 | Item | E-mail
Indonesia says Newmont mine woes won't hit '09 output - "A suspension of operations at Newmont Mining Corp's (NEM.N) Indonesian copper and gold mine due to a rockslide will not hit production this year given available stocks, a senior Indonesian mining official said on Wednesday." More
- September 23, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 23 September, 2009 | |
