-- Posted 30 November, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1180.80 | +$8.60 |
Silver | $18.47 | +$0.23 |
XAU | 183.71 | +0.10% |
HUI | 474.68 | +0.72% |
GDM | 1403.27 | +0.58% |
JSE Gold | 2587.01 | -21.10 |
USD | 74.80 | -0.16 |
Euro | 150.09 | +0.47 |
Yen | 115.80 | +0.52 |
Oil | $77.28 | +$1.23 |
10-Year | 3.201% | +0.030 |
T-Bond | 123.34375 | +0.15625 |
Dow | 10344.84 | +0.34% |
Nasdaq | 2144.60 | +0.29% |
S&P | 1095.63 | +0.38% |
The Metals:
Gold traded mixed and near unchanged in relatively quiet trade and ended near its late session high of $1181.75 with a 0.73% gain today as traders digested the end of last week’s wild action in holiday thinned trade. After closing at a new record high of $1186.20 on Wednesday, gold rose to a new intraday high of $1195.12 late that night as trading opened up in Asia. It next chopped around near unchanged for most of the day on Thursday before it plummeted in early Asian trade on Friday to as low as $1137.45 by around 3AM EST in reaction to the news out of Dubai, but it then rallied back higher for most of the rest of trade and ended Friday with a loss of just 1.18% while managing a gain of 2.27% on the week.
Silver fell all the way to $17.655 in early trade on Friday before it climbed back higher and ended 2.72% lower on the day, but it closed out last week with a loss of just 1.14%. Silver dropped to as low as $18.09 by about 9:30AM EST in New York today, but it then rallied back higher for most of the rest of trade and ended near its late session high of $18.492 with a gain of 1.26%.
Euro gold rose to about €787, platinum closed at $1435.50, and copper gained over 5 cents to about $3.16.
Gold and silver equities rose over 1% in the first hour of trade before they fell back to about unchanged by midday, but they then rallied back a bit in afternoon trade and ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Chicago PMI | Nov | 56.1 | 53.3 | 54.2 |
Tomorrow at 10AM EST brings Construction Spending for October expected at -0.4%, the ISM Index for November expected at 54.8, and Pending Home Sales for October expected at -0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on geopolitical worries “after Britain said a racing yacht carrying five U.K. nationals had been stopped by Iranian naval vessels and that they are now being held in Iran.”
The U.S. dollar index reversed last week’s late fear inspired gains from Dubai that encouraged market participants to raise cash and pull out of higher yielding assets.
Treasuries ended modestly higher on safe haven buying due to worries over Iran.
The Dow, Nasdaq, and S&P traded mixed and ended slightly higher as traders digested mixed retail sales reports that showed good traffic over the popular holiday shopping weekend, but also failed to inspire shoppers to spend as much as in years past.
Among the big names making news in the market today were Celgene, MGM Mirage, Sands China, and EBay.
The Commentary:
“Well, it's my bet that this problem in Dubai is the beginning of the next phase of the world's financial and monetary crisis. As I've said many a time in this column, if it wasn't for the President's Working Group on Financial Markets... or PPT as it is more commonly known... the world's economic, financial and monetary system would be a smouldering ruin within a week. My opinion on that hasn't changed one iota... and the latest story from the Middle East only reinforces it.
Whether or not we see a minor [or more substantial] correction in the precious metals market is becoming more irrelevant with each passing week. The only way to save yourself is going to be the physical ownership of gold and silver [and don't talk to me about the GLD and SLV ETFs... or pool accounts]. Buy it and keep it where you can get your hands on it. Also an investment in the shares of good quality gold and silver producers would be a good idea as well.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
What is the essence of the Dubai request for debt payment delay (a technical default)?
1. Will an implied Dubai Federal Guarantee of the debt of state owned corporations be honored in Dubai and elsewhere?
2. How many more financial problems are there out there hidden in plain view in the West as well as the Middle East?
3. Will the Middle East see to the bailouts of its own problems or is there a stampede of camel trains into the desert, devoid of cell phones and Mercedes?
4. Will this event cause other developing market country debt to default in a domino effect?
In terms of gold this event is further proof that paper and promises are NOT the stuff money is made of anymore.
Those that will come out of the woodwork to call a top in the gold price have little experience in what a top looks like in gold. Let me assure you the action of today (Friday) contained zero evidence of a top.
The USA has become a giant FDIC and will have to finance in strange ways (QE) to meet its obligation prior to June of 2011.
Other than transitory technical factors there is nothing whatsoever positive in a collapse anywhere for the US dollar. When the snow falls here on the east coast of the USA the dollar will come under more pressure and fall much further.
The major immediate financial problem, hidden in plain view, is that 2009 financial entity earnings are CASHLESS. They are more than 75% due to the permission of FASB (Financial Audit Standard Board) who sold their souls to the financial sector to again mark up toxic paper to values self determine by the financial institution. The profits of their trading is toxic paper mark up accounting.
The inviting conclusion is the over the top greed in plain view by financial institutions is their own knowledge of the cashless nature of their earning and the fact that the junk is marked up now as much as one can do without either starting a riot or doing time. Therefore the earning prosperity is behind them, nothing is fixed and that makes this year the last opportunity for a long time to cash in for themselves.
Dubai has reminded us that there has been NO cure to the systemic financial problems of the West and those like Dubai that not only tried to mimic the West, but overdo them in a garish manner.
You can be sure that the US Fed and the ECB are chasing the sheiks into the desert today like Lawrence of Arabia in an attempt to get them to pay up and support their own problem. That means more international QE, as the Fed is not in the mood to tank a $12 trillion dollar bailout operation over an $80 to $110 billion dollar failure of a stupid and garish real estate project in Dubai. This concept would contain the domino effect, putting it off until later in 2011.
Conclusion:
The dollar will not reverse out of the bear market it is in, nor will gold top here and now. In fact the bear market in the US dollar and the bull market in gold is not only alive and well but in terms of price, young.”- Jim Sinclair, JSMineset.com
GATA Posts:
Dubai woes seen as China's opportunity to buy gold, oil
Is everybody buying gold -- or selling?
UAE central bank creates emergency cash fund for banks
James Turk: With much volatility, gold at $1,200-$1,400 by year-end
Liam Halligan: Benign neglect may transform dollar from safe to danger
Gold council's new chairman sees $2,000 gold price next year
More at http://www.gata.org/
The Statistics:
Activity from: 11/27/2009
Gold Warehouse Stocks: | 9,609,388 | -4,175 |
Silver Warehouse Stocks: | 111,598,880 | +5,180 |
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 | 1127.860 | 36,261,818 | US$42,621m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 129.79 | 4,171,036 | US$4,896m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.93 | 477,711 | US$563m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 53.53 | 1,721,005 | US$2,008m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,985 | US$6m |
Note: Change in Total Tonnes from last Wednesday’s data: SPDR added 5.489 tonnes, the LSE subtracted 0.10 tonnes, and the ASX added 0.15 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 80.72 - No change from last Wednesday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,252.02 - No change from last Wednesday’s data.
The Miners:
Taseko’s (TGB) joint venture, ITH’s (THM) Preliminary Economic Assessment results, Randgold’s (GOLD) circular and revised mineral resources, Great Basin’s (GBG) power supply, Banro’s (BAA) Board appointment, Midway’s (MDW) drill results, Entree’s (EG) business combination, Revett’s (RVM.TO) MOU with Quaterra (QMM), and SilverCrest’s (SVL.V) gold purchase agreement with Sandstorm Resources (SSL.V) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX+19.23% $1.55 |
2. Taseko | TGB+10.03% $3.40 |
3. ITH | THM +9.01% $7.26 |
LOSERS
1. Tanzanian Royalty | TRE -3.27% $3.55 |
2. Banro | BAA -3.25% $2.38 |
3. Exeter | XRA -2.50% $5.84 |
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:
Colossus Minerals Announces Expiry of Warrants - More
- November 30, 2009 | Item | E-mail
Adanac Announces CCAA Protection Extension to March 2, 2010 - More
- November 30, 2009 | Item | E-mail
Petaquilla Announces Special Meeting of Shareholders to Approve Spin Out of Petaquilla Infrastructure Ltd. - More
- November 30, 2009 | Item | E-mail
Apella Resources Inc.: Promising Drill Results at Lac Dore North Vanadium-Iron Titanium Project - More
- November 30, 2009 | Item | E-mail
Tiex Inc. Closes Private Placement - More
- November 30, 2009 | Item | E-mail
Argentex Mining Completes Private Placement - More
- November 30, 2009 | Item | E-mail
Getty Copper Inc. - News Release - More
- November 30, 2009 | Item | E-mail
First Gold Exploration: Preliminary High Grade Results From San Javier Sierra Madre del sur, Mexico - More
- November 30, 2009 | Item | E-mail
Aldridge Receives Report from Papua New Guinea Sampling Campaign and Provides Corporate Update - More
- November 30, 2009 | Item | E-mail
Skyline Gold Receives TSX Approval for Mineral Tenure Acquisition at Bronson Slope - More
- November 30, 2009 | Item | E-mail
Golden Goliath Samples 78.1 gm/tonne Gold & 204 gm/tonne Silver - More
- November 30, 2009 | Item | E-mail
Prophecy Appoints Greg Hall and Dr. George Gale as Special Advisors - More
- November 30, 2009 | Item | E-mail
Goldrea Resources Corp.: Processing of Initial Stockpile Successfully Completed - More
- November 30, 2009 | Item | E-mail
Adex Mining to Exhibit at Global Chinese Financial Forum Conference - More
- November 30, 2009 | Item | E-mail
Redhawk Appoints New Director and Technical Advisor and Provides Strategic Update - More
- November 30, 2009 | Item | E-mail
Cluff Gold plc - Appointment of Chief Operating Officer - More
- November 30, 2009 | Item | E-mail
Volta commences RC drilling program to follow up new Cu-Au porphyry targets at its Gaoua Project in Burkina Faso - More
- November 30, 2009 | Item | E-mail
VHGI Gold Confirms Extension of Treasure Gulch Gold Mine Lease; Gold Remains Above $1100./Oz - More
- November 30, 2009 | Item | E-mail
Taseko to Receive $180 Million to Joint Venture 25% of Gibraltar Mine - "Taseko Mines Limited (TSX: TKO; NYSE AMEX: TGB) ("Taseko" or the "Company") announces that it has signed a letter of intent with Sojitz Corporation ("Sojitz") to establish by early 2010 a joint venture over Taseko's Gibraltar copper/molybdenum mine in which Taseko will hold 75% and Sojitz 25%. Sojitz will pay approximately $180 million to Taseko for its 25% interest. Taseko will continue to be the operator of Gibraltar." More
- November 30, 2009 | Item | E-mail
First Quantum Minerals Announces Board Approval for Development of Kevitsa Project, Finland - More
- November 30, 2009 | Item | E-mail
Amseco Appoints Reynald Couillard as Director, Grants Additional Options and Calls its Annual General and Special Meeting of Shareholders - More
- November 30, 2009 | Item | E-mail
Rockhaven Resources Ltd. Announces Positive Gold Results From Its Groundhog Property - More
- November 30, 2009 | Item | E-mail
Callinan Receives Drill Permits for Snow Lake Properties, Extends Shareholders Rights Plan - More
- November 30, 2009 | Item | E-mail
Kiska Reports Additional Results From Island Mountain Gold Discovery, Whistler Project, Alaska - More
- November 30, 2009 | Item | E-mail
Metanor Resources Announces the Increase of the Private Placement - More
- November 30, 2009 | Item | E-mail
Red Metal Resources Provides Corporate Update - More
- November 30, 2009 | Item | E-mail
Lincoln Mining purchases 100% of La Bufa - More
- November 30, 2009 | Item | E-mail
SNS Silver Retains Exploration and Development Expertise for Emerald Lake Gold Project - More
- November 30, 2009 | Item | E-mail
Metallum Resources Inc. Announces the Closing of the Sale of Its Interest in Chester Township Property to Trelawney Mining and Exploration Inc. - More
- November 30, 2009 | Item | E-mail
Duncan Park Signs Letter of Intent for Possible Joint Venture - More
- November 30, 2009 | Item | E-mail
Iberian Minerals Signs Mandate Letter for Senior Financing - More
- November 30, 2009 | Item | E-mail
RX Continues to Encounter High Grade Gold & Silver Values From Drill Holes & New Exploration Raise - More
- November 30, 2009 | Item | E-mail
Red Dragon Acquires Second Gold Property in the Tapajos Region of Northern Brazil - More
- November 30, 2009 | Item | E-mail
Quaterra Enters Into Memorandum of Understanding With Revett Minerals Inc. - More
- November 30, 2009 | Item | E-mail
Sphere Resources Inc (the "Company") Enters Option Agreement over Mining Claims in the Dome, Byshe and Heyson Townships in the Red Lake District of Ontario - More
- November 30, 2009 | Item | E-mail
Canadian Mining's Timing Perfect for Drilling Bullard Pass Gold Project - More
- November 30, 2009 | Item | E-mail
Searchlight Minerals Corp. to Host Annual Shareholders Meeting on December 15, 2009 - More
- November 30, 2009 | Item | E-mail
Amazon Releases Results for the Quarter Ended September 30, 2009 - More
- November 30, 2009 | Item | E-mail
JNR/Altius Discover Cu-Mo-Au-Ag Mineralization at Topsails - More
- November 30, 2009 | Item | E-mail
Material Increase in Kibali Indicated Resource - More
- November 30, 2009 | Item | E-mail
East Asia Minerals Drills 1.41 g/t Gold Over 91.5 Metres Within 153.7 Metres Grading 1 g/t Gold, Further East Along Strike at Miwah - More
- November 30, 2009 | Item | E-mail
Ucore Confirms New Rare Earth Discovery at Sunday Lake, Intersecting 4.8 meters of 1.8% TREO and 95% Heavy Rare Earth Content - More
- November 30, 2009 | Item | E-mail
Silver Quest Intersects Gold and Silver on Capoose Project, BC - More
- November 30, 2009 | Item | E-mail
Dynasty Comments on Ecuadorian Mining Regulations - More
- November 30, 2009 | Item | E-mail
Aquila Resources and HudBay Minerals Back Forty Drilling Intersects 20.2 Meters of 11.5 Grams Per Tonne Gold and 119.7 Grams Per Tonne Silver - More
- November 30, 2009 | Item | E-mail
Midlands Extends Soil Survey on Praso to Border with Newmont Mining-Ghana - More
- November 30, 2009 | Item | E-mail
Aura Silver Enlarges Higo Blanco Discovery Zone 303.7 g/t Silver Equivalent Over 36.6 Meters Including 1.9 Kilograms/T Silver Over 1.5 Meters at Shallow Depth - More
- November 30, 2009 | Item | E-mail
Western Uranium Corporation Acquires Argentina Uranium Project - More
- November 30, 2009 | Item | E-mail
Superior Mining Restructures Victory Agreement and Commences Drilling and Test Pitting on Victory Property - More
- November 30, 2009 | Item | E-mail
CanAlaska Uranium outlines 2010 exploration plans - More
- November 30, 2009 | Item | E-mail
American Creek discovers high grade gold and bonanza grade silver in new VMS discovery at Treaty Creek - More
- November 30, 2009 | Item | E-mail
Rusoro Mining Ltd.: Gold Production Continues to Meet Guidance for 2009 With Record Low Cash Cost in Q3 of US$288 Per Ounce - More
- November 30, 2009 | Item | E-mail
Uranium Energy Corp Finalizes Agreement to Purchase Texas Assets from Everest Exploration Inc. - More
- November 30, 2009 | Item | E-mail
Sage-2009 New Discoveries in BGG - More
- November 30, 2009 | Item | E-mail
Lexam Explorations Inc.: Third Quarter 2009 Results - More
- November 30, 2009 | Item | E-mail
Nebu Reports Extremely High Grade Gold Mineralization in West Timmins Drilling - More
- November 30, 2009 | Item | E-mail
Oro Silver Announces Non-Brokered Private Placement - More
- November 30, 2009 | Item | E-mail
Trelawney Receives Regulatory Approval for Young-Shannon Property Acquisition - More
- November 30, 2009 | Item | E-mail
Malaga Attains Key Milestone at Pasto Bueno: Tungsten Production Capacity Increases by 60% - More
- November 30, 2009 | Item | E-mail
Largo Expands the Currais Novos Tungsten Project in Rio Grande Do Norte, Brazil - More
- November 30, 2009 | Item | E-mail
Denarii Resources Engages California Land Survey Company - More
- November 30, 2009 | Item | E-mail
Pitchstone Continues Namibia and Athabasca Uranium Exploration - More
- November 30, 2009 | Item | E-mail
Ironwood Gold Corp. Acquires Additional Mineral Rights at Cobalt Canyon Gold Project - More
- November 30, 2009 | Item | E-mail
DOT Announces Appointment of New Director - More
- November 30, 2009 | Item | E-mail
Boxxer Directors Approve Terms of Option Agreement on Chiquita Gold Project - More
- November 30, 2009 | Item | E-mail
Noront Resources announces a C$0.86 per share final Offer to all Freewest shareholders - More
- November 30, 2009 | Item | E-mail
Sandstorm Resources Releases Funds to Silvercrest - More
- November 30, 2009 | Item | E-mail
Southern Arc Provides Update on Canada Nickel - More
- November 30, 2009 | Item | E-mail
Affinity Gold Corp. Announces Financing - More
- November 30, 2009 | Item | E-mail
Petaquilla Minerals Ltd.: Private Placement Financing - More
- November 30, 2009 | Item | E-mail
Russian uranium producer bids for Khan - More
- November 30, 2009 | Item | E-mail
International Tower Hill Mines Ltd. Positive Preliminary Economic Assessment Results, Heap Leach Phase, Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce the results of the independently prepared Preliminary Economic Assessment (PEA) for the Livengood gold project, Alaska. The heap leach PEA produces a robust economic analysis for the project, yielding a life of project annual gold production of 459,000 recovered ounces of gold for 12.6 years, at a 0.78:1 strip ratio, producing a pre-tax NPV(5%) of US $440M, with an IRR of 14.6% using a US $850 per ounce gold price." More
- November 30, 2009 | Item | E-mail
Revett Enters into Memorandum of Understanding with Quaterra Resources - "Through this MOU, Revett's objective is to gain exposure to Quaterra's pipeline of precious and base metal exploration projects in North America, including the MacArthur/Yerington copper project in Nevada, the Nieves silver property in Zacatecas, Mexico and, the Americas-Mirasol gold/silver property in Durango, Mexico. In turn, Quaterra could have the opportunity to gain a foothold into Revett's production and development stage silver/copper holdings in the USA." More
- November 30, 2009 | Item | E-mail
Randgold Resources Posts Circular to Shareholders and Announces Revised Mineral Resources at Kibali - "Randgold Resources Limited (LSE:RRS - News) (NASDAQ:GOLD - News) announces that, further to the announcement made on 31 October 2009, it has today posted a circular (the "Circular") to its shareholders convening a general meeting to be held on 16 December 2009 at 8:30 am at the registered office of Randgold at La Motte Chambers, La Motte Street, St Helier, Jersey JE1 1BJ, Channel Islands (the "General Meeting"). An ordinary resolution will be proposed at the General Meeting to approve the acquisition by Randgold of an additional 10% indirect interest in Kibali Goldmines s.p.r.l. ("Kibali Goldmines")." More
- November 30, 2009 | Item | E-mail
Burnstone Mine Power Supply Development Update - "All design work for the first of two lines between a proposed switching station (positioned between Grootvlei Power Station and Burnstone Mine) has been completed and material ordered, with construction scheduled to commence early January 2010. The proposed refurbishment of two existing lines between Grootvlei and the proposed switching station is currently being finalized and is also planned to commence in early 2010." More
- November 30, 2009 | Item | E-mail
Banro appoints Michael Beckett to Board of Directors - "Mr. Beckett is currently a director of a number of public companies, including Endeavour Financial Corporation (he is also the Chairman of this company), Northern Platinum Limited, Mvelaphanda Resources Limited, Medoro Ltd., Orica Limited, The Egypt Trust, and Thomas Cook Group plc (he is also the Chairman of this company). He was previously the Chairman of Ashanti Goldfields Company Limited." More
- November 30, 2009 | Item | E-mail
Midway Gold Corp.: Positive Drilling and Metallurgical Results in Spring Valley Update - "Midway Gold Corp. ("Midway") (TSX-V:MDW - News)(AMEX:MDW - News) is pleased to announce continued success from third quarter work reported by Barrick Gold Exploration Inc. ("Barrick") at Midway's Spring Valley Project, Nevada. Significant intercepts include fire assays of 339.5 feet of 0.037 opt gold (including 10 feet of 0.485 opt gold) and 156 feet of 0.028 opt gold in SV09-461C." More
- November 30, 2009 | Item | E-mail
SilverCrest Mines Receives US$12 Million Funding Under Gold Purchase Agreement With Sandstorm Resources Ltd. - "SilverCrest Mines Inc. ("SilverCrest") (TSX VENTURE:SVL - News) is pleased to announce that it has received the US$12 million advance purchase payment under the definitive gold purchase agreement (the "Agreement") with Sandstorm Resources Ltd. ("Sandstorm") (TSX VENTURE:SSL - News)." More
- November 30, 2009 | Item | E-mail
Entree - PacMag Business Combination Doubles Copper Resources - "Entree Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entree" or the "Company") announces that it has entered into a definitive agreement with PacMag Metals Limited (ASX:PMH - "PacMag") to implement Australian Schemes of Arrangement to acquire all of the issued shares and options of PacMag." More
- November 30, 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 30 November, 2009 | |
