-- Posted 16 November, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1138.40 | +$22.50 |
Silver | $18.37 | +$1.03 |
XAU | 186.27 | +2.92% |
HUI | 475.53 | +3.26% |
GDM | 1413.41 | +3.12% |
JSE Gold | 2621.79 | +65.79 |
USD | 74.87 | -0.35 |
Euro | 149.74 | +0.68 |
Yen | 112.25 | +0.75 |
Oil | $78.90 | +$2.55 |
10-Year | 3.331% | -0.098 |
T-Bond | 120.84375 | +1.40625 |
Dow | 10406.96 | +1.33% |
Nasdaq | 2197.85 | +1.38% |
S&P | 1109.30 | +1.45% |
The Metals:
Gold climbed over 1% to about $1130 in Asia, chopped around that level in London, and then jumped even higher in New York to close at a new record high with a gain of 2.02%. Silver followed a similar pattern and gained 5.94%. Both metals have risen to new highs in after hours access trade and at the time of writing, gold has climbed to as high as $1143.20 while silver has traded at as high as $18.43.
Euro gold rose to about €761, platinum gained $70.50 to $1449.50, and copper gained over 13 cents to about $3.10.
Gold and silver equities rose throughout most of trade and ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Oct | 1.4% | 0.9% | -2.3% |
Retail Sales ex-auto | Oct | 0.2% | 0.4% | 0.4% |
Empire Manufacturing | Nov | 23.51 | 30.00 | 64.57 |
Business Inventories | Sep | -0.4% | -0.7% | -1.6% |
Bernanke’ spoke today before the New York economic club and “said economic “headwinds” of reduced bank lending and a weak labor market will probably restrain the pace of the U.S. economic recovery, warranting continued low borrowing costs.”
Tomorrow at 8:30AM EST brings PPI for October 0.5%. Core PPI is expected at 0.1%. At 9AM is the TIC Flows reports for September expected at $35.0 billion, and at 9:15 are Capacity Utilization for October expected at 70.8% and Industrial Production expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed to almost $79 as the U.S. dollar index extended early losses after Bernanke expressed little concern over the currency’s relentless slide over the past several years. "We are attentive to the implications of changes in the value of the dollar," Bernanke said in rare remarks about the greenback. The Fed, he said, will continue to "monitor these developments closely."
Treasuries rose on Bernanke’s continued pledge to keep interest rates low for an extended period of time.
The Dow, Nasdaq, and S&P rose over 1% for most of trade on the better than expected Retail Sales report that raised hopes over future economic growth, but a late session interview with Meredith Whitney on CNBC seemed to inspire some late day selling as she said that the markets lack the fundamentals for such high valuations currently priced in.
Among the big names making news in the market today were Intel, Airbus, Devon Energy, Cisco, Lowe’s, Apollo Group, Bristol-Meyers Squibb, and GM.
The Commentary:
“For those of you who have followed the work of GATA in gold... and Ted Butler in silver... you already have an excellent working knowledge of exactly what's going on in both metals. When GATA was formed back in 1999, it took our little group a couple of years to figure out that we had run up against all the money and all the power in the world... something that silver analyst Ted Butler had already been fighting for 15 years.
All of us feel that the end of this game is now in sight. Like most seismological events... a big earthquake or volcanic eruption... there are lots of small and medium-sized earthquakes, ground deformation, out-gassing, steam and ash eruptions... all of which occur before the main event. It's rare for a major earthquake to occur without any warning whatsoever... but it certainly does happen.
This is what we now face in gold and silver... especially the silver market. It's my opinion that what we saw today was a foreshock... another data point that's a warning of future events. And there have been quite a few of them in the last couple of months... and now they're coming thick and fast.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
1. I would recommend that you review the paper by Martin Armstrong titled "How All Systems Can Collapse Overnight."
The US dollar has declined slowly and in an orderly manner. Loss of confidence internationally is building. All of sudden the orderly decline, like all bear markets, will become completely disorderly.
Gold will be up $75 and then gain another $75 in the US hours as shorts are taken out on a stretcher.
2. There is a floor in gold at $1045 where India purchased from the IMF. China is in to "saving face." and therefore more likely to buy the remaining IMF gold at $1044 than to step up in price.
Others knowing that would more than likely front run China again.
3. Now the community is back into top calling. Before you subscribe to this please review the market action of gold on its second move above $400 in 1979.
Be careful as gold is going to $1224-$1278, $1650 and then on to Alf numbers.
Ask yourself if you are a speculator or an insurance holder?”- Jim Sinclair, JSMineset.com
“Dear Friends,
Gold continues on its steady path higher breaking into one new record high after another with the passing of each day. In nominal terms, we are left with nothing on the charts to indicate resistance areas other than projections from various technical methods. The fact is that the Dollar is so weak technically, and inflation expectations are rapidly increasing at such an alarming rate, that buying momentum in gold shows no sign of stalling, even after its strong gains of the last couple of weeks.
From a trading perspective, ascertaining where a new resistance area may surface can be a bit challenging when a commodity is in uncharted territory. Ever since gold broke out above the old chart high near $1,070, we have had little to base price projections upon. A method that we can use that will provide us a certain degree of reliability is analyzing the inflation adjusted gold price. For that reason, I am detailing that chart along with some markings that can give us a bit of a road map as we witness history in the making.
You will note that gold has already bettered the 50% price retracement level on an inflation-adjusted price basis. In addition it has now taken out the last line of horizontal chart resistance based on a swing high. The region centered near the $1200 level corresponds to a 61.8% retracement of the entire bear market decline coming nearly 30 years ago. In technical analysis, should a Fibonacci level fail to hold a rally or stem a decline, there is a strong tendency for markets to move to the next level of resistance or support, which in the majority of cases, is to retrace the entire move, either up or down. That would allow gold to actually target a move to near $1770 – $1750 in nominal terms, which is the highest monthly CLOSING price on an inflation adjusted basis.
Also, please note the Yen priced gold chart for some further confirmation of market psychology shifting decidedly to inflation and further away from deflation. When the dam broke in the financial derivatives world back last year in July, the yen carry trade began a violent unwinding as deflationary fears erupted. That took gold down in price while the Yen rallied as traders rushed to buy back short Yen positions. The result was that gold dropped very sharply when priced in terms of the Yen. Note the remarkable difference a year can make as you look over the price chart. The fact that gold is moving higher even in yen terms tells me that the inflation psychology is now globalized and is not contained to any one particular nation. See what fury the Central Banks of the world have unleashed upon us all.”- Dan Norcini, More at JSMineset.com
http://usagold.com/
GATA Posts:
Bernanke tries to talk the dollar back up
Now Bernanke says he too supports a strong dollar
Peter Brimelow: Gold bugs say it's not over
Chan Akya: No country for gold men
BlackRock says central banks will be net buyers of gold
When it comes to gold, history itself wears a tin-foil hat
More at http://gata.org/
The Statistics:
Activity from: 11/13/2009
Gold Warehouse Stocks: | 9,533,322 | +24,469 |
Silver Warehouse Stocks: | 111,897,802 | -596,469 |
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 | 1113.833 | 35,810,860 | US$40,459m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 130.59 | 4,171,325 | US$4,750m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.78 | 473,282 | US$541m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.81 | 1,697,749 | US$1,874m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,986 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.61 tonnes, the LSE added 0.07 tonnes, and the JSE added 0.13 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.81 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 8,954.08. +30.56 change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRE) completed 43-101 report, Minco Gold’s (MGH) Shareholders Rights Plan proposal, Rubicon’s (RBY) exploration program, Goldcorp’s (GG) acquisition of Canplats, Barrick’s (ABX) Special Lease Agreement amendments, Fronteer’s (FRG) third quarter results, Great Panther’s (GPR.TO) third quarter results, Revett’s (RVM.TO) third quarter results, MAG’s (MVG) third quarter results, ECU Silver’s (ECU.TO) third quarter results, and Scorpio’s (SPM.TO) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +12.72% $1.24 |
2. Hecla | HL +9.36% $5.84 |
3. Silver Standard | SSRI +7.27% $21.25 |
LOSERS
1. Minco Gold | MGH -7.28% $1.02 |
2. Entree | EGI -6.02% $2.50 |
3. Mines MGMT | MGN -3.48% $2.22 |
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:
Lovitt Resources Inc. Acquires Key Mineral Lease on Wenatchee Gold Belt - More
- November 16, 2009 | Item | E-mail
Dynamic Alert Ltd. Announces Letter of Intent to Acquire Two Million Acre Property In Brazilian Gold Belt and Appointment of Director and Officer - More
- November 16, 2009 | Item | E-mail
Stellar Pacific Ventures Inc. adds to Monster Lake Property in the Chibougamau Mining Camp Quebec - More
- November 16, 2009 | Item | E-mail
Romios Amends Warrants - More
- November 16, 2009 | Item | E-mail
Golden Predator Intersects 11.12 gpt Gold Over 25.40 m Including 52.35 gpt Gold Over 2.70 m From the Tom Zone at Gold (Scheelite) Dome, YT - More
- November 16, 2009 | Item | E-mail
Great Panther Reports Third Quarter Revenue Up 104% and Cost Per Ounce Down 62% - "The Company has set another successive all-time record for earnings from mining operations of more than $4 million for the quarter. With the planned imminent accelerated exploration drilling, mine development and mine infrastructure refurbishment, together with the acquisition of new underground equipment, we expect new production and earnings records to be set in coming quarters." More
- November 16, 2009 | Item | E-mail
Great Panther Reports Third Quarter Revenue Up 104% and Cost Per Ounce Down 62% - "The Company has set another successive all-time record for earnings from mining operations of more than $4 million for the quarter. With the planned imminent accelerated exploration drilling, mine development and mine infrastructure refurbishment, together with the acquisition of new underground equipment, we expect new production and earnings records to be set in coming quarters." More
- November 16, 2009 | Item | E-mail
Revett Minerals Reports Third Quarter 2009 Results - "Despite a reduction in operating costs, the Company reported a net loss of $1.4 million or $0.01 per share on revenue of $7.3 million for the three months ended September 30, 2009, compared to a net loss of $3.0 million or $0.04 per share on revenue of $7.4 million for the three months ended September 30, 2008." More
- November 16, 2009 | Item | E-mail
Avanti Mining receives positive prefeasibility study confirming robust economics for restart of Kitsault mine - More
- November 16, 2009 | Item | E-mail
Callinan Receives Net Profits Interest Payment from HudBay Minerals - More
- November 16, 2009 | Item | E-mail
Nayarit Gold receives first Resource Estimate for Orion District from SRK Consulting (US), Inc. - More
- November 16, 2009 | Item | E-mail
Golden Chalice Resources Provides Exploration Update on Portage Property, Bathurst, New Brunswick - More
- November 16, 2009 | Item | E-mail
J-Pacific to Hold Special Meeting of Shareholders - More
- November 16, 2009 | Item | E-mail
Mayfair Mining and Minerals, Inc. Reaches Sales and Marketing Agreement for Gemstone Production in Zambia - More
- November 16, 2009 | Item | E-mail
Breakwater Resources Ltd.: Myra Falls Production Hoist Returned to Service - More
- November 16, 2009 | Item | E-mail
Freewest Resources Canada Inc., Spider Resources Inc., and KWG Resources Inc., Provide Drilling Update on the Big Daddy Chromite Prospect - More
- November 16, 2009 | Item | E-mail
Arehada Reports Third Quarter Results and a Return to Profitability - More
- November 16, 2009 | Item | E-mail
Temex initiates testwork on silver tailings with BacTech on the Gowganda Silver Project - More
- November 16, 2009 | Item | E-mail
Esperanza Begins Cerro Jumil Expansion Drill Program - More
- November 16, 2009 | Item | E-mail
BacTech and Temex in Discussions on Processing Gowganda Silver Project Tailings - More
- November 16, 2009 | Item | E-mail
International Wayside Gold Mines Ltd.: Three New Zones of Pyrite Gold Mineralization Discovered at Bonanza Ledge-New Drill Program Begins - More
- November 16, 2009 | Item | E-mail
Marcel Bergeron Joins the Board of Directors of Matamec Amended Stock Option Plan - More
- November 16, 2009 | Item | E-mail
TNR Gold/International Lithium Confirms Continuity of High Grade Lithium and Potential of Past Producer-Moose Project, NWT - More
- November 16, 2009 | Item | E-mail
Talon Metals reports third quarter 2009 results - More
- November 16, 2009 | Item | E-mail
Avion Expects 4th Quarter Gold Production of Just Over 20,000 Ozs - More
- November 16, 2009 | Item | E-mail
Novus Gold Corp.: Drilling Commences on REN Gold Property - More
- November 16, 2009 | Item | E-mail
Soltoro Drilling Adds 50 Metre Depth to Oxide Silver Zone and Returns 135 Metres of 62 gpt Silver at El Rayo - More
- November 16, 2009 | Item | E-mail
Daulton Announces Entry Into Negotiations - More
- November 16, 2009 | Item | E-mail
Threegold Announces a $604,800 Private Placement - More
- November 16, 2009 | Item | E-mail
Uruguay Mineral Exploration Inc: Resignation of VP Exploration, George Schroer - More
- November 16, 2009 | Item | E-mail
Anooraq Announces Results for the Periods Ended September 30, 2009 - More
- November 16, 2009 | Item | E-mail
Xtra-Gold Resources Corp.: Private Placement - More
- November 16, 2009 | Item | E-mail
Arapaho Announces Commencement of 2009/2010 Field Season on Malbex Gold Projects - More
- November 16, 2009 | Item | E-mail
Atna Resources Reports Third Quarter 2009 Results - More
- November 16, 2009 | Item | E-mail
Logan Resources results from preliminary ground magnetic survey on Brynnor iron prospect - More
- November 16, 2009 | Item | E-mail
Donner Metals Ltd.: Private Placements Close - More
- November 16, 2009 | Item | E-mail
B2Gold Corp.: The Limon Mine Labour Dispute Has Been Resolved and the Mine Has Recommenced Operations - More
- November 16, 2009 | Item | E-mail
Pacific Bay Trenches New Sulphide Zone at Haskins-Reed - More
- November 16, 2009 | Item | E-mail
Nord Resources Reports Third-Quarter 2009 Results - More
- November 16, 2009 | Item | E-mail
Zaruma Resources Reports on Third Quarter 2009 - More
- November 16, 2009 | Item | E-mail
Chariot Resources Announces Mina Justa ESIA Approved For Public Distribution - More
- November 16, 2009 | Item | E-mail
Delta Completes Sampling in Wheeler River Properties in Athabasca - More
- November 16, 2009 | Item | E-mail
Goldcorp to Acquire Canplats - More
- November 16, 2009 | Item | E-mail
Osisko and Clifton Star Sign Binding Agreement to Enter Into Joint Venture on Duparquet Project - More
- November 16, 2009 | Item | E-mail
Red Back Mining Inc.: 20% Increase in Tasiast M&I Resources to 5.37 Moz - More
- November 16, 2009 | Item | E-mail
Apogee Provides an Update on the Pulacayo Study - More
- November 16, 2009 | Item | E-mail
Tanzanian Royalty Announces Completion of 43-101 Report For Kibara Mineral Project in Northern Tanzania - "Tanzanian Royalty is pleased to announce the completion of a National Instrument 43-101 compliant Technical Report for its Kibara Mineral Project in northern Tanzania. The project area comprises approximately 375 square kilometres and is situated within the Musoma-Mara Greenstone Belt about 145 kilometres southwest of the North Mara gold mine." More
- November 16, 2009 | Item | E-mail
Farallon Announces Third Quarter Operating and Financial Results - More
- November 16, 2009 | Item | E-mail
Crown Minerals Options Historic Gold Producing Property Near Matachewan - More
- November 16, 2009 | Item | E-mail
Tribute Stakes Further Claims in Ring of Fire - More
- November 16, 2009 | Item | E-mail
Sunridge Gold Appoints New Director and Provides Update on Antofagasta Asmara Project Joint-Venture Exploration Program - More
- November 16, 2009 | Item | E-mail
Carpathian Reports Drill Results and Permitting Updates on Its RDM Gold Project, Brazil - More
- November 16, 2009 | Item | E-mail
Dynacor reports its financial results for Q3 2009 - More
- November 16, 2009 | Item | E-mail
Softrock announces private placement of flow-through and non flow-through units - More
- November 16, 2009 | Item | E-mail
Malaga reports its financial results for Q3 2009 - More
- November 16, 2009 | Item | E-mail
North American Tungsten Corporation Ltd.: Appointment of New Director - More
- November 16, 2009 | Item | E-mail
Capstone Reports 6th High Grade Copper-Gold Discovery at Minto in Three Years - 2nd in 2009 - More
- November 16, 2009 | Item | E-mail
Denarii Resources Enters Negotiations to Acquire Production-Ready Gold and Silver Mine - More
- November 16, 2009 | Item | E-mail
Vena Provides Update on Azulcocha Mine and Announces Polymetallic Discovery at Azulcocha West - More
- November 16, 2009 | Item | E-mail
Uranium One Receives Kazakh MEMR Approval to Acquire 50% of the Karatau Uranium Mine - More
- November 16, 2009 | Item | E-mail
Minco Gold Corporation Announces Proposed Implementation of Shareholders Rights Plan - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) announces that its Board of Directors has approved and adopted a Shareholders Rights Plan (the "Plan"). The Plan entitles shareholders to severable rights to purchase additional shares of the Company upon the occurrence of a take-over bid (i.e. an offer to purchase 20% or more of the issued shares, when aggregated with the offeror's shareholdings), which fails to meet certain conditions." More
- November 16, 2009 | Item | E-mail
Rubicon Outlines $60 Million, Phase II Exploration Program, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to outline plans for a major Phase II expansion of exploration programs at its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario. Positive results from its ongoing Phase I, '9X' drill program of the F2 Gold System (see news releases from March 12, 2008 onwards) demonstrate the presence of a large and growing gold mineralized system which remains open in all directions." More
- November 16, 2009 | Item | E-mail
Goldcorp Expands Penasquito Area Holdings With Acquisition of Canplats Resources Corporation - "Goldcorp Inc. (TSX:G - News)(NYSE:GG - News) announced today an agreement whereby Goldcorp will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares (the "Shares") of Canplats Resources Corporation ("Canplats") (TSX-V:CPQ - News) for total consideration of approximately C$238 million based on the fully diluted in-the-money Shares outstanding." More
- November 16, 2009 | Item | E-mail
Amendments to Special Lease Agreement for Pueblo Viejo Receive Final Approval - "Pueblo Viejo Dominicana Corporation (PVDC), a company jointly owned by Barrick Gold Corporation (60%) and Goldcorp Inc. (40%), announced today that, following approval by the Dominican Republic National Congress earlier this month, His Excellency President Leonel Fernandez has ratified the amendments to the Special Lease Agreement ("SLA") for the Pueblo Viejo project." More
- November 16, 2009 | Item | E-mail
MAG Silver Reports Third Quarter Financial Results - "The Company's loss for the nine months ended September 30, 2009 amounted to $10,830,777 or $0.22 per share as compared to $4,262,146 or $0.08 per share for the same period last year. The loss for the nine months ended September 30, 2009 includes the write off of mineral property acquisition costs and deferred exploration costs in the amount of $3,687,927 ($1,221,019 for the same period in 2008) and a non-cash charge for stock compensation expense of $1,260,945 ($2,445,736 for the same period in 2008)." More
- November 16, 2009 | Item | E-mail
ECU Silver Reports on Third Quarter Results - "In the third quarter, ECU generated 1,738 ounces of gold and 41,457 ounces of silver. During this period of time, the oxide mill averaged 506 tonnes per day (tpd) which is slightly above our design goal of 500 tpd." More
- November 16, 2009 | Item | E-mail
Scorpio Announces Third Quarter 2009 Results of $0.01 Earnings per Share - "Nuestra Senora mine operating earnings were $1,800,936 compared to $1,100,429 in the second quarter of 2009 ("Q2"). Net earnings were $908,549 or $0.01 per share compared to net earnings of $462,634 or $0.00 per share in Q2." More
- November 16, 2009 | Item | E-mail
Fronteer Reports Third Quarter Results - "For the three months ended September 30, 2009, we earned $11.9 million or $0.10 per share while for the nine months ended September 30, 2009, we earned $7.9 million or $0.07 per share, compared to a loss of $5.1 million or $0.06 per share and $12.7 million or $0.15 per share for the same periods in the prior year." More
- November 16, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© 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 16 November, 2009 | |
