-- Posted 11 November, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1114.10 | +$12.10 |
Silver | $17.51 | +$0.27 |
XAU | 182.21 | +0.57% |
HUI | 463.95 | +0.76% |
GDM | 1376.72 | +0.76% |
JSE Gold | 2581.17 | +40.32 |
USD | 75.10 | +0.06 |
Euro | 149.81 | -0.07 |
Yen | 111.33 | UNCH |
Oil | $79.28 | +$0.23 |
10-Year | 3.482% | UNCH |
T-Bond | 118.40625 | UNCH |
Dow | 10291.26 | +0.43% |
Nasdaq | 2166.90 | +0.74% |
S&P | 1098.51 | +0.50% |
The Metals:
Gold jumped up to about $1115 in London and rose to as high as $1118.55 by about 10:30AM EST in New York before it fell back off a bit, but it still ended with a gain of 1.1% at a new record high. Silver climbed to as high as $17.71 before it also fell back off in late morning trade, but it still ended with a gain of 1.56%.
Euro gold rose to about €744, platinum gained $21 to $1360.50, and copper remained at about $2.96.
Gold and silver equities rose over 2% at the open before they fell to see only slight gains by late morning, but they then rallied back higher in afternoon trade and ended almost 1% higher.
The Economy:
World Bank warns unemployment threatens US economy Yahoo
Fed officials cautious on U.S. economic recovery Reuters
The inflation time bomb Reuters
Global Confidence Dips as Policy Makers Begin Exit Strategies Bloomberg
Fed Faces Biggest Blow to Independence, Powers in Dodd Proposal Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/07 expected at 510,000 and at 2PM is the Treasury Budget for October expected at -$150.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher on good economic data from China and OPEC’s improved demand outlook as traders awaited inventory data that was delayed until tomorrow due to Veteran’s Day.
The U.S. dollar index found slight gains as the “Sterling tumbled after the Bank of England governor said pound weakness would help British exporters and aid the economic recovery.”
Treasuries were unchanged as the bond market was closed in observance of Veteran’s Day.
The Dow, Nasdaq, and S&P traded mostly slightly higher and ended with decent gains as the dollar remained near 15 month lows on the fed’s pledge to keep interest rates low for an extended period.
Among the big names making news in the market today were UPS, Macy’s, and Toll Brothers.
The Commentary:
“Monday's open interest numbers were a bit of a surprise... as I was expecting a slight improvement in both metals... considering the negative price action. But that was not to be. Gold open interest rose a tiny 163 contracts on pretty big volume of 164,004 contracts. Total open interest for gold is sitting at 521,618 contracts. In silver, o.i. rose a tiny 131 contracts. Volume was pretty chunky as well... 38,039 contracts. Total silver o.i. is 140,275 contracts.
As per usual, there were some small deliveries in both gold and silver reported by the CME yesterday, but nothing of consequence. There were no reported changes in either the GLD or SLV. The U.S. Mint reported that another 4,000 gold and 25,000 silver eagles were minted... and over at the Comex-approved depositories, another 450,373 ounces of silver were reported withdrawn.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The currency intervention, both real and oral, is a waste of time as the euro will trade well above the $1.50 level. This is not because it is worth it but it is another inverse to the US dollar which is headed considerably lower.
The mistake that governments always makes in its assumed omnipotence is that intervention, certainly at a key number like $1.50, is that when the market realizes it is over moving momentum goes ballistic on the upside. That renders all the talk, skewed figures and wasted intervention money as not only useless but contra-productive.
In a floating system governments should know they cannot not enforce currency parity rates.
Parity rates are fixed currency highs and lows from the Bretton Woods days.
All talking heads on this subject were gleams in the eyes of their parents back then, not even in diapers, but do claim expertise.”- Jim Sinclair, JSMineset.com
GATA Posts:
Vietnam acknowledges trying to push gold price down
'Everybody knows U.S. gold reserves are leased and shorted'
So just what's bringing 'order' to dollar's fall, gold's rise?
CFTC's Chilton expects position limits soon for energy, metals
GoldSeek Radio interviews GoldMoney's James Turk
Nadler refuses Grandich's challenge to debate
The Statistics:
Activity from: 11/10/2009
Gold Warehouse Stocks: | 9,501,895 | +5,900 |
Silver Warehouse Stocks: | 115,184,518 | -450,373 |
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 | 1114.443 | 35,830,469 | US$39,955m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 129.47 | 4,161,559 | US$4,647m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.78 | 473,307 | US$531m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.69 | 1,693,885 | US$1,866m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,986 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.36 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.81 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 8,740.15 - No change from yesterday’s data.
The Miners:
Barrick’s (ABX) possible project sales, Harmony’s (HMY) plans to close mines, Aurizon’s (AZK) positive Pre-feasibility Study, Alexco’s (AXU) completed development plan, and Mines Management’s (MGN) common stock offering were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +8.07% $2.075 |
2. Tanzanian Royalty | TRE +6.57% $3.73 |
3. International Royalty | ROY +4.65% $4.28 |
LOSERS
1. DRDGOLD | DROOY-6.24% $5.11 |
2. Nevsun | NSU -3.55% $2.99 |
3. MAG | MVG -1.75% $5.60 |
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:
Cronus Resources Ltd. Provides Update in Respect of Reverse Take-Over - More
- November 11, 2009 | Item | E-mail
LKA's Golden Wonder Mine Exploration & Development Continues to Yield Impressive Results - More
- November 11, 2009 | Item | E-mail
Copper Mesa files results of Annual General Meeting - More
- November 11, 2009 | Item | E-mail
Aura Silver Announces Completion of Greyhound VTEM Survey and Director Change - More
- November 11, 2009 | Item | E-mail
Caerus Resource: Private Placement Financing of Three Million Units - More
- November 11, 2009 | Item | E-mail
Amseco Appoints Jean Desmarais as Director - More
- November 11, 2009 | Item | E-mail
Appointment of Mr. Daniel B.J. Kivari to the First Gold's Board of Directors - More
- November 11, 2009 | Item | E-mail
Barrick may sell non-core assets to fund growth - "Barrick Gold Corp (ABX.TO) could sell off a nickel project in Tanzania and other non-core assets to fund other projects or acquisitions, Chief Executive Aaron Regent said on Wednesday." More
- November 11, 2009 | Item | E-mail
Freewest Announces Signing of Confidentiality and Exclusivity Agreement - More
- November 11, 2009 | Item | E-mail
Delta Closes Final Tranche of Flow-Through Unit Financing and First Tranche of Unit Financing - More
- November 11, 2009 | Item | E-mail
Benton Completes Deloro Option Located in the Heart of the Timmins Gold Camp - More
- November 11, 2009 | Item | E-mail
1.54 oz/ton gold over 25.9 feet - Roxmark reports expansion of high-grade open pit potential at Hardrock Project - More
- November 11, 2009 | Item | E-mail
Pancontinental Uranium Corporation: Exploration Update on the Chilling and Charley Creek Uranium Projects in the Northern Territory, Australia - More
- November 11, 2009 | Item | E-mail
Strategic Resources Grants Additional Stock Options - More
- November 11, 2009 | Item | E-mail
New Dawn's Turk Mine Gold Production Increases 20% Month Over Month - More
- November 11, 2009 | Item | E-mail
Strateco Resources Inc.: Another Important Step Forward for Strateco's Matoush Uranium Project - More
- November 11, 2009 | Item | E-mail
Mundoro Third Quarter Financials and Corporate Update - More
- November 11, 2009 | Item | E-mail
Knight Resources Ltd.: $2,750,000 Private Placement - More
- November 11, 2009 | Item | E-mail
Hana Mining RC Drilling Intersects 2.07% Cu and 30.7 g/t Ag Over 9 m (Including 2.98% Cu Plus 48.1 g/t Ag Over 5 m) in South Limb of Banana Zone - More
- November 11, 2009 | Item | E-mail
Alto Group Holdings Inc. Amends Letter of Intent on Ashanti Gold Project - More
- November 11, 2009 | Item | E-mail
Bullion Monarch Mining Announces Record Second Quarter Revenue - More
- November 11, 2009 | Item | E-mail
Premier expands high-grade open pit potential at Hardrock including 1.54 oz/ton gold over 25.9 feet - More
- November 11, 2009 | Item | E-mail
Alpha Gold Corporation concludes 2009 drilling campaign at Lustdust - More
- November 11, 2009 | Item | E-mail
Lydian Intersects 229m at 1.0 g/t Gold (Including 32m at 2.0 g/t Gold) At Erato, 1.5km North of 1m Ounce Resource Shell at its Amulsar Gold Discovery in Armenia - More
- November 11, 2009 | Item | E-mail
Nortec Ventures Corp. Arranges Non-Brokered Private Placement - More
- November 11, 2009 | Item | E-mail
Aquila Updates Back Forty Timeline - More
- November 11, 2009 | Item | E-mail
Crocodile Gold to Open Markets at TSX Listing Ceremony on November 12th - More
- November 11, 2009 | Item | E-mail
Romios Announces a New Copper-Gold Discovery on Its Dirk Property in British Columbia Samples as High as 6.21% Copper, 2.2 g/t Gold & 20.7 g/t Silver - More
- November 11, 2009 | Item | E-mail
Tribute Minerals Inc.: Ring of Fire Exploration Update - More
- November 11, 2009 | Item | E-mail
Kalimantan Gold Corporation Limited: Study Confirms Potential for a Major Copper Porphyry Deposit at the KSK Project - More
- November 11, 2009 | Item | E-mail
Klondike Silver Samples 53 oz/ton Ag, 6.38% Pb, 10.49% Zn and Announces 2010 Exploration Plans for Stenson Property - More
- November 11, 2009 | Item | E-mail
Fjordland to Extend Warrants - More
- November 11, 2009 | Item | E-mail
Cadan Resources Corporation: Share Consolidation, New Symbol "CXD" - More
- November 11, 2009 | Item | E-mail
Harmony to close high-cost mines in next 6 months - "South Africa's Harmony Gold (HARJ.J) plans to close "a couple" of mines which have low grade ore or are too expensive because of the strong rand, Chief Executive Graham Briggs said on Wednesday." More
- November 11, 2009 | Item | E-mail
Aurizon Receives Positive Pre-Feasibility Study for Joanna, Proceeding to Final Feasibility - "Aurizon Mines Ltd. (TSX:ARZ - News; AMEX:AZK - News) is pleased to report that it has received a positive Pre-feasibility Study and is proceeding to final feasibility on its Joanna project. Joanna is expected to create excellent synergies with Aurizon's asset base in the prolific gold producing Abitibi region of Quebec and the proposed open pit operation has the potential in itself to increase Aurizon's gold production by 60% to approximately 260,000 ounces per year. Aurizon also continues to actively pursue merger and acquisition opportunities that would also be accretive to shareholder value." More
- November 11, 2009 | Item | E-mail
Alexco Completes Positive Bellekeno Mine Development Plan, Silver Wheaton Concurs-Initiation of Construction Approved - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce the completion of a positive Development Plan for its wholly owned silver-lead-zinc Bellekeno mine in the Keno Hill Silver District, Yukon. The Development Plan incorporates the terms of Alexco's agreement with Silver Wheaton Corp. (TSX:SLW - News)(NYSE:SLW - News) ("Silver Wheaton"), and outlines a project with a pre-tax net present value to Alexco of C$31.9 million over an initial mine life of approximately four years." More
- November 11, 2009 | Item | E-mail
Indonesia's Antam drops plan to buy Newmont unit - "Indonesian state-owned miner PT Aneka Tambang (ANTM.JK) said on Wednesday it had cancelled plans to buy shares in a local unit of Newmont Mining Corp (NEM.N) because it could not reach agreement on the size of the stake." More
- November 11, 2009 | Item | E-mail
Mines Management, Inc. Announces Common Stock Offering - "Mines Management, Inc. (“Mines Management” or the “Company”) (NYSE Amex: MGN) (TSX: MGT - News) is pleased to announce that it intends to offer 6,000,000 shares of its common stock pursuant to the Company’s shelf registration statement declared effective by the U.S. Securities and Exchange Commission (the “SEC”). The Company intends to grant the underwriter a 30-day option to purchase up to 900,000 additional shares of common stock to cover over-allotments, if any." More
- November 11, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 November, 2009 | |
