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Gold Seeker Weekly Wrap-Up: Gold Ends the Week at a New Record Closing High

By: Chris Mullen, Gold-Seeker.com


-- Posted 13 November, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1115.90

+$10.20

+1.92%

Silver

$17.34

+$0.07

+0.06%

XAU

180.99

+2.05%

+4.11%

HUI

460.50

+2.49%

+4.15%

GDM

1370.65

+2.67%

+4.45%

JSE Gold

2556.00

-35.32

+1.01%

USD

75.22

-0.47

+0.79%

Euro

149.19

+0.75

+0.48%

Yen

111.51

+0.84

+0.28%

Oil

$76.35

-$0.59

-1.39%

10-Year

3.429%

-0.017

-2.11%

Bond

119.4375

+0.53125

+0.84%

Dow

10270.47

+0.72%

+2.46%

Nasdaq

2167.88

+0.88%

+2.62%

S&P

1093.48

+0.57%

+2.26%

 
 

 

The Metals:

 

Gold traded mostly slightly higher in Asia and London before it dipped in early New York trade to see a loss of $3.30 at about 9:30AM EST, but it then stormed back higher midday and ended near its late session high of $1117.30 with a gain of 0.92% at a new record closing high.  Silver followed a similar pattern and dropped to see an almost 1.5% loss at as low as $17.015 by about 9:30AM EST, but it also rallied back higher in late trade and ended near its session high of $17.43 with a gain of 0.41%.

 

Euro gold rose to about €748, platinum gained $29.50 to $1379, and copper climbed nearly 3 cents to about $2.97.

 

Gold and silver equities rose roughly 3% by early afternoon before they pulled back a bit into the close, but they still ended with over 2% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Import Prices

Oct

0.7%

1.0%

0.2%

Import Prices ex-oil

Oct

0.4%

-

0.5%

Export Prices

Oct

0.3%

-

-0.2%

Export Prices ex-ag.

Oct

0.3%

-

0.1%

Trade Balance

Sep

-$36.5B

-$31.8B

-$30.8B

Michigan Sentiment

Nov

66.0

71.0

70.6

 

All of this week’s other economic reports:

 

Treasury Budget - October

-$176.4B v. -$155.5B

Initial Claims - 11/07

502K v. 514K

 

Next week’s economic highlights include Retail Sales, Empire Manufacturing, and Business Inventories on Monday, PPI, TIC Flows, Capacity Utilization, and Industrial Production on Tuesday, Housing Starts, Building Permits, and CPI on Wednesday, and Initial Jobless Claims, Leading Indicators, and the Philadelphia Fed on Thursday.  Bernanke will also be speaking before the New York economic club on Monday at 12:15 EST.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell after poor economic data reinforced this week’s worries over poor energy demand.

 

The U.S. dollar index fell as yesterday’s mood of risk aversion reversed back to risk taking and urged market participants to invest in higher yielding assets.

 

Treasuries rose on concerns over today’s mostly disappointing economic data.

 

The Dow, Nasdaq, and S&P rose on confidence over today’s earnings reports.

 

Among the big names making news in the market Friday were Abercrombie, Liberty Global, and J.C. Penney.

 

The Commentary:

 

“There were no deliveries worth mentioning from the CME's daily report. There were no changes reported at the GLD ETF... but over at the SLV, there was a big, big change!!! I had to look at the numbers more than twice [and looked one more time just now as I wrote this sentence] just to make sure I had it right. You may remember that silver analyst Ted Butler said that the SLV was owed about 35-40 million ounces. Well, 4.2 million of that arrived on October 29th... and yesterday, another 5,895,324 ounces showed up. Only another 25 million [more or less] ounces to go! The U.S. Mint showed a small increase in gold eagle production... 3,000 one ounce rounds... and nothing for silver eagles. Over at the Comex-approved depositories, another 509,372 ounces of silver were reported withdrawn from their collective inventories.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

GATA Posts:

 

 

Iran uses gold coin sales to manipulate markets

Super-rich seen buying gold, selling hedge funds

Is HSBC evicting your gold or silver?

Tungsten as a gold substitute

 

The Statistics:

Activity from: 11/11/2009

Gold Warehouse Stocks:

9,503,175

+1,287

Silver Warehouse Stocks:

113,729,791

-509,372

 

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$39,551m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

129.52

4,173,128

US$4,657m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.78

473,297

US$530m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

52.68

1,693,848

US$1,888m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,986

US$6m

 Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.05 tonnes and the JSE subtracted 0.01 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.81 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 8,923.52 +183.37 change from yesterday’s data.

 

iShares Silver Trust holdings up 2.1 pct to record - Reuters

Poor man's gold may be an investor's treasure - MarketWatch

 

The Miners:

 

International Royalty’s (ROY) board appointment and third quarter results, Nevsun’s (NSU) third quarter results, Metalline’s (MMG) proposed merger with Dome Ventures (DV.V), First Majestic’s (FR.TO) completed acquisition of Normabec, and Revett’s (RVM.TO) production update were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  New Gold

NGD+8.92% $4.15

2.  IAMGOLD

IAG+7.97% $18.42

3.  ITH

THM+6.30% $6.24

 

LOSERS

1.  Mines MGMT

MGN -3.77% $2.30

2.  DRDGOLD

DROOY-3.23% $4.79

3.  Exeter

XRA -2.87% $5.41

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:

Kalahari Resources Increases Drill Program From 2000 Meters to 6000 Meters on Lamaque Gold Project - More
- November 13, 2009 | Item | E-mail


Volta closes transaction on the advanced Kiaka Gold project in Burkina Faso with Randgold Resources - More
- November 13, 2009 | Item | E-mail


Magellan Files Technical Report NI 43-101 on SEDAR - More
- November 13, 2009 | Item | E-mail


Yukon-Nevada Gold Corp. reports third quarter results - More
- November 13, 2009 | Item | E-mail


San Gold reports third quarter financial results - More
- November 13, 2009 | Item | E-mail


Vantex Shareholders Approve Share Consolidation - More
- November 13, 2009 | Item | E-mail


Decade Resources Ltd.: Corporate Update - More
- November 13, 2009 | Item | E-mail


International Royalty appoints Paul Zink to its board of directors - "International Royalty Corporation (NYSE-A: ROY, TSX: IRC) (the "Company" or "IRC") announces that its President, Paul H. Zink, has been appointed to its board of directors at IRC's Board of Directors meeting held November 12, 2009." More
- November 13, 2009 | Item | E-mail


Lomiko Receives Final Approval for 100% Acquisition of Chile Lithium Brine Property Surrounding SQM Holdings at Aguas de Caliente - More
- November 13, 2009 | Item | E-mail


Dome Ventures Corporation and Metalline Mining Company Combined News Release - "It is proposed that Dome carry out a private placement in Metalline to provide Metalline with working capital to enable it to continue its current exploration program on the Sierra Mojada property in Mexico. The placement will consist of 6.5 million units, each unit consisting of one share and one warrant to raise approximately US$3 million. The units will be sold to Dome at a price of US$0.46 per unit and each two warrants will entitle the holder to purchase a further share of Metalline at US$0.57 per share at any time within a period of one year. It is a condition of the transaction proceeding that Dome arrange financing of US$16 million prior to completing the private placement in Metalline." More
- November 13, 2009 | Item | E-mail


Victoria Announces Guyanese Gold Asset Monetization - More
- November 13, 2009 | Item | E-mail


Mega Precious Metals Acquires 100% Option on the Mink Lake and the Sunshine Lake Properties - More
- November 13, 2009 | Item | E-mail


Adroit Resources Inc.: Private Placements Agreed for C$ 333,784 - More
- November 13, 2009 | Item | E-mail


Takara Acquires 437,000 Ounce Advanced Stage Gold Project in Guyana, South America - More
- November 13, 2009 | Item | E-mail


Golden Goose agrees to amend exploration Nemaska's option on the Lac Levac nickel property - More
- November 13, 2009 | Item | E-mail


Infinito Extends Engagement of BNP Paribas - More
- November 13, 2009 | Item | E-mail


Premium Exploration Receives Approval for Final Tranche of Private Placement - More
- November 13, 2009 | Item | E-mail


Midland Exploration Completes $2.8 Million Private Placement - More
- November 13, 2009 | Item | E-mail


Osisko Options Goldboro Gold Property From Orex Exploration - More
- November 13, 2009 | Item | E-mail


Sale of Interest in Merit Mining Corporation - More
- November 13, 2009 | Item | E-mail


SLAM Exploration prospecting high grade silver mineralization - More
- November 13, 2009 | Item | E-mail


Avnel Gold Mining Limited (AVK: TSX) announces third quarter 2009 results - More
- November 13, 2009 | Item | E-mail


Breakwater Resources Ltd. Myra Falls Hourly Employees Ratify Labour Agreement - More
- November 13, 2009 | Item | E-mail


Columbus Silver Corporation Closes Private Placement - More
- November 13, 2009 | Item | E-mail


Rye Patch Drills 15.2 g/t Gold and 308 g/t Silver Over 3 Metres at Lincoln Hill - More
- November 13, 2009 | Item | E-mail


Searchlight Minerals Corp. Announces Closing of $15,098,245 Private Placement and Amendments to Certain Outstanding Warrants - More
- November 13, 2009 | Item | E-mail


Katanga Announces Third Quarter Results - More
- November 13, 2009 | Item | E-mail


East Asia Minerals Intersects 183.5 Metres Grading 1.28 g/t Gold, Including 2.11 g/t Gold Over 77.7 Metres in 165 Metre Step Out at Miwah - More
- November 13, 2009 | Item | E-mail


Kirrin Resources Completes $206,000 Private Placement - More
- November 13, 2009 | Item | E-mail


Metanor Drills 3.13 g/t Au Over 38.4m (90% True Width) at Barry Extending the Central Zone - More
- November 13, 2009 | Item | E-mail


Uranium One Announces 72% Increase in Year to Date Production and Lower Cash Costs - More
- November 13, 2009 | Item | E-mail


Wallbridge Mining Reports 8.00 Grams Per Tonne Platinum Palladium Gold over 14.24 metres from Parkin Offset Property in Sudbury - More
- November 13, 2009 | Item | E-mail


Drilling to Commence on Kootenay's Connor Creek Property - More
- November 13, 2009 | Item | E-mail


Tiger Resources Completes A$7,500,000 Placement - More
- November 13, 2009 | Item | E-mail


International Royalty Corporation reports 2009 third quarter results - "Net loss for the third quarter of 2009 was $575,000 compared to net earnings of $1.3 million for the third quarter of 2008. This loss was primarily due to the revenue and expense changes discussed above. The Company had a net foreign currency loss of $927,000 in the third quarter of 2009, compared to $904,000 in the third quarter of 2008." More
- November 13, 2009 | Item | E-mail


Nevsun Resources Ltd.: Third Quarter Financial Results - "The Company's cash position at the end of September was $26.8 million, prior to raising $32.8 million during late October. The loss for the quarter was $1.0 million compared to a loss of $843 thousand for the same quarter in 2008, with the increase mainly due to reduced interest income." More
- November 13, 2009 | Item | E-mail


First Majestic Completes Acquisition of Normabec Mining Resources; Normabec Spins Out Brionor Resources Inc. - "First Majestic Silver Corp. ("First Majestic") (TSX:FR - News)(OTCQX: FRMSF)(Frankfurt:FMV - News)(WKN: A0LHKJ), Normabec Mining Resources Ltd. ("Normabec") (TSX-V:NMB - News) and Brionor Resources Inc. ("Brionor") are pleased to announce the closing today of the plan of arrangement (the "Arrangement") previously announced in the joint news release of First Majestic and Normabec dated September 14, 2009." More
- November 13, 2009 | Item | E-mail


Revett Provides Update on Q3 Production and Operations at Troy Mine - "Revett Minerals Inc. ("Revett or the Company") ("TSX:RVM/OTCBB:RVMIF) has received final approval from the Montana Department of Environmental Quality (MDEQ) on its amended plan of operations to develop the previously identified higher grade "C-Beds" at the Troy Mine. Total production at the Troy mine for the first nine months of 2009 remained consistent, totaling 879,449 ounces of silver and 6.7 million pounds of copper." More
- November 13, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

 

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© 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 13 November, 2009 | |


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