-- Posted 1 December, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1198.85 | +$18.05 |
Silver | $19.10 | +$0.63 |
XAU | 192.73 | +4.91% |
HUI | 500.55 | +5.45% |
GDM | 1479.33 | +5.42% |
JSE Gold | 2709.64 | +122.63 |
USD | 74.41 | -0.39 |
Euro | 150.88 | +0.81 |
Yen | 115.39 | -0.51 |
Oil | $78.37 | +$1.09 |
10-Year | 3.275% | +0.074 |
T-Bond | 122.34375 | -1.00 |
Dow | 10471.58 | +1.23% |
Nasdaq | 2175.81 | +1.46% |
S&P | 1108.86 | +1.21% |
The Metals:
Gold climbed as much as $18 to as high as $1198.80 in Asia before it consolidated its gains a bit in London, but it then climbed even higher in New York and ended near its midday high of $1201.40 with a gain of 1.53% at a new record high. Silver jumped to $18.81 in Asia before it fell to about $18.65 around the open of trade in New York, but it then shot above $19 in the last few hours of trade and ended near its high of $19.245 with a gain of 3.41%.
Euro gold rose to about €794, platinum gained $41.50 to $1477, and copper gained over 5 cents to about $3.20.
Gold and silver equities rose throughout most of the day and ended with about 5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | Oct | 0.0% | -0.5% | -1.6% |
ISM Index | Nov | 53.6 | 55.0 | 55.7 |
Pending Home Sales | Oct | 3.7% | -1.0% | 6.0% |
First call for higher rates from Fed official MarketWatch
Tomorrow at 8:15AM EST is the ADP Employment Report for November expected at -150,000 and at 2PM is the release of the fed’s Beige Book from November.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose while the U.S. dollar index and treasuries fell as mostly better than expected economic data and easing worries over Dubai sent the Dow, Nasdaq, and S&P over 1% higher on the day.
Among the big names making news in the market today were GM, Ford, AIG, Staples, BlackRock, Nintendo, and Vivendi and GE.
The Commentary:
“Friday's open interest figures are noteworthy in the fact that considering the price moves involved, there weren't a lot of big changes. Gold open interest only declined 3,413 contracts... but volume, once again, was gargantuan... with 403,720 contracts traded. Total open interest for gold sits at 528,724 contracts. Open interest in the December delivery month fell the most... down 26,940 contracts to 17,426. Yesterday was first day notice for delivery into the December contract... so, once December's open interest numbers for Monday are published this morning, we'll have a pretty good idea of how many contracts are standing for delivery this month. This same process applies to silver... and in that metal, Friday's o.i. declined 2,305 contracts on 81,975 lots traded. Total silver open interest now sits at 133,187 contracts. In the December delivery month, silver o.i. is already down to a pretty low 3,998 contracts... and that number will decline further once the CME posts the final numbers in their futures report later this morning.
What these rapidly dwindling December open interest numbers indicate is that the likelihood of a short squeeze in the December delivery month is becoming more remote with each passing day. Of course, it's still theoretically possible, but the odds for it happening are fading rapidly. And we won't know 100% for sure until December deliveries finally go off the board at the end of the month. And if there is going to be a short squeeze, the price should tell us that well in advance, as the insiders will be buying everything in sight as soon as they find that out.
The new Commitment of Traders report came out yesterday... and it was a shocker... as there was huge deterioration in both metals. In silver, for positions held at the close of trading on Tuesday, November 24th... the bullion banks [principally JPMorgan] added another knee-wobbling 6,064 contracts to their already grotesque short positions. That's 10+% increase in one week! As of last Tuesday, the bullion banks were net short 64,445 contracts... and that, dear reader, works out to 322.2 million ounces of silver... close to 50% of world silver production. And it's a monstrously concentrated net short position as well, because when you take out the market-neutral spreads, four or less bullion banks are short a whisker under 50% of the entire Comex silver market! And the '8 or less' bullion banks are short well over 70% of the entire Comex silver market! You don't need a master's degree in common sense to figure out why the silver price has not broken out to new highs during this move. The full-colour silver COT report is linked here... and you should spend a couple of minutes on this graph... and it's gold equivalent below.
And for gold... it's now official. In living, breathing black and white... the net short position in gold [at the end of trading last Tuesday] is now sitting at 30.6 million ounces... as the bullion banks increased their net short position by an obscene 31,297 contracts [during the last reporting period] to a total net short position of 306,104 contracts. A back-of-the-napkin calculation shows that '4 or less' bullion banks are short around 17 million ounces of gold... and '8 or less' bullion banks are short around 26 million ounces of the stuff. The concentrated short position in gold has skyrocketed to almost the same obscene levels as silver... as fewer and fewer bullion banks hold larger and larger amounts of short positions. The link to the full-colour COT graph is here.
So, if it wasn't for them, gold [right at this very moment] would be some very large 4-digit price and silver would be some large 3-digit price... as there are no legitimate shorts around to take that side of the trade when another trader goes long. That's where the bullion banks step in and become the non-economic short of last resort. This isn't rocket science.
As Ted Butler has said many times, it's how this "crime in progress" on the Comex is going to resolve itself that will determine where the price goes to from here. Yes, the bullion banks may get over run with this monstrous short position in place... an outcome that I'm cheering for. But, if/when it does happen, it will be for the very first time. The other outcome is an engineered price decline by these same banks. The one that was attempted during Friday trading in Hong Kong didn't turn out the way they would have hoped... as both gold and silver came roaring back to almost unchanged within 12 hours.
This super concentration in both precious metals by a handful of [mostly U.S.-based] bullion banks, is the #1 issue sitting on the desk of CFTC chairman, Gary Gensler. There is no way out of this mess without enormous price dislocations in both gold and silver. I do not envy the position he finds himself in... or the decision he has to make. But, considering the grotesque increases in the net short positions in both metals in this last COT report, the bullion banks [led by JPMorgan] are basically telling Gensler to "go forth and multiply." Gensler did say that he would have something on the issue of position limits ready by early December. Well... 'early December' started at midnight last night. Let's see if he does anything... or is he going to kick this can further down the road?”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The end of November, the leaves are gone, the trees are bare and the markets become thinner into the holiday season of December. Now we may accept that 2+2=5 but we are not Decembrists. The markets will be wild and probably somewhat anarchical so we advise caution as we enter this, the season of joy. The carry trade will continue in all its glory but as we experienced last week there will chaos and missteps aplenty. Credit stressed markets have "a nasty habit of disappearing overnight." The Dubai story has shown us once again that the global financial markets are not close to being resolved and that makes the ubiquitous carry trade all the more difficult to analyze and profit from.
Tonight we await the Aussie central bank and its interest rate decision. Aussie credit markets are predicting a 25 basis point increase and who are we to argue. If the Bank stays pat the Aussie will sell off, but it should be bought on the crosses as the RBA is the only central bank that is truly ahead of the curve. If the Aussies don’t raise rates all the spinmeisters will be saying it is due to the Dubai situation but we don’t buy it. The most significant reason will probably be that the bank is concerned about currency strength but that will be a tepid answer as they raised when the Aussie dollar was here last time. So the end result is that on any real weakness the Aussie $ should be a buy.
Two other stories that concerned the markets today were the threat of Japanese intervention to halt the rise in the YEN and the Greek debt situation turning more dire. It has been several years since the BOJ has intervened but the recent Yen strength is making some traders nervous. It should be noted that the finance ministry calls the shots on currency policy and the BOJ acts on its behalf. Finance Minister Fujii has been back and forth on this issue lately so some analysts think he is being led by National Strategy Minister Naoto Kan. This is a name that bears watching. We doubt the Japanese will rock the markets with all that is going on but we will certainly be attentive to any hint of intervention. If we controlled the financial situation in Japan we would most probably push a lot of Yen into the system by purchasing NIKKEI stocks, as it would give us a double bang for our buck. The Japanese equity markets have been the worst performer of all the major markets this year so it could use a boost to help the pensioners. It would also add a great deal of liquidity to a deflationary environment – the ultimate quantitative ease. The last time the NIKKEI was trading at these levels was in July and the eur/yen cross was 129.50ish and where are we now on the cross with the NIKKEI at the same level – HMMMM curiouser and curiouser.
Now we get to the Greek debt situation. The fiscal situation in Greece is rapidly deteriorating and this is causing their national bonds to trade much higher than the benchmark bunds. To alleviate this immediate stress the Greek government is trying to sell 25 billion Euros of bonds to the Chinese banks. Now it is known that the Chinese are underweight the Euro as they have not been comfortable with the unstable polity called the European Union. This type of deal would enhance their position and also aid the Greeks immediately. It will also be seen as a way to back off the Europeans on yuan appreciation and maybe curtail the protectionist tendencies of Europe. It would also give them some added return in a Euro denominated instrument. This would be a short term benefit to the Euro and instill some confidence in the short term. The U.S. treasuries have been outperforming the bunds recently but this development could signal a sea change that we need to be attentive to. This would not be an end of the stress in the European economy but it may be a start to relieving some of the pain being inflicted on the peripheral European countries. Politically astute for the Chinese, while giving some relief from the dollar while receiving a higher rate of interest on Euro denominated debt.”-Yra Harris, More at JSMineset.com
GATA Posts:
Barrick says it has eliminated gold hedges
James Turk: Fed is now 'buyer of last resort'
A grudging acknowledgement of gold market manipulation
The Statistics:
Activity from: 11/30/2009
Gold Warehouse Stocks: | 9,609,186 | -202 |
Silver Warehouse Stocks: | 111,540,179 | -58,701 |
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 | 1129.994 | 36,330,436 | US$43,310m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 129.87 | 4,173,263 | US$5,006m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.93 | 477,706 | US$576m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 53.53 | 1,720,949 | US$2,023m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,985 | US$ |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.134 tonnes and the LSE added 0.08 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 80.72 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,404.79: +152.77 change from yesterday’s data.
iShares Silver Trust holdings up 1.7 pct to record - Reuters
The Miners:
Kinross Gold’s (KGC) thoughts on acquisitions, Aurizon’s (AZK) drill results, Fronteer’s (FRG) Preliminary Economic Assessment, Barrick’s (ABX) elimination of all of its Gold Hedges, Goldcorp’s (GG) dividend, Hecla’s (HL) dividend, Kimber’s (KBX) mineral resource estimate, Alexco’s (AXU) drill results, and Silver Standard’s (SSRI) increase in gold resources were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Alexco | AXU +19.93% $3.25 |
2. Gold Reserve | GRZ +14.07% $1.54 |
3. Mines MGMT | MGN +10.85% $3.27 |
LOSER
1. Solitario | XPL-0.98% $2.02 |
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:
Romarco launches feasibility at Haile - More
- December 01, 2009 | Item | E-mail
Stans Energy Corp., Announces Closing of $1,000,000 USD Private Placement - More
- December 01, 2009 | Item | E-mail
Titan Uranium Discovers New Mineralized Zone on Green River South Project, Utah - More
- December 01, 2009 | Item | E-mail
Nevada Copper Reports Robust Economic Results - More
- December 01, 2009 | Item | E-mail
Victory Nickel Provides Statement on Share Price Movement - More
- December 01, 2009 | Item | E-mail
Romarco intercepts 20m of 3.5 g/t below Snake - More
- December 01, 2009 | Item | E-mail
Kinross eyes assets in Americas, to avoid China - "Kinross Gold (K.TO) could seek to buy assets in North and South America, Russia and Ghana, Chief Executive Tye Burt said on Tuesday, but it will stay out of riskier countries such as China, which is currently the world's top gold producer." More
- December 01, 2009 | Item | E-mail
Cardero Grants Incentive Stock Options - More
- December 01, 2009 | Item | E-mail
Orestone Mining Corp. Announces Letter of Agreement - More
- December 01, 2009 | Item | E-mail
Gold de-hedging rises to 3.18 mln oz in Q3 -report - "The rate at which gold miners cut their hedging positions rose to 3.18 million ounces in the third quarter, up from 980,000 ounces in the second quarter, driven by Barrick's decision to eliminate its entire hedge book, an industry report said." More
- December 01, 2009 | Item | E-mail
Acero-Martin Exploration Inc. Announces Non-Brokered Private Placement - More
- December 01, 2009 | Item | E-mail
Mundoro Responds To Market Activity - More
- December 01, 2009 | Item | E-mail
Lateegra Signs L.O.I. to Acquire Desantis Mine Property - More
- December 01, 2009 | Item | E-mail
Dia Bras Releases Third Quarter 2009 Results - More
- December 01, 2009 | Item | E-mail
Avino Prepares for the 10,000 Tonne Bulk Sample - More
- December 01, 2009 | Item | E-mail
ATW Gold Corp.: Phase Two Drilling at Gullewa Yields 0.8 Metres Grading 13.5oz/t Gold and 16.75% Copper - More
- December 01, 2009 | Item | E-mail
Gold Resource Corporation Updates Mineralized Material Estimate for El Aguila Project - More
- December 01, 2009 | Item | E-mail
Alberta Star Announces Formal Acquisition Agreement to Acquire Sterling Mining Company - More
- December 01, 2009 | Item | E-mail
Terrane Metals Corp.: Mt. Milligan Gets EA Approval From Government of Canada - More
- December 01, 2009 | Item | E-mail
Starfire Minerals Inc. announces up to $1,000,000 financing - More
- December 01, 2009 | Item | E-mail
Firstgold Satisfies Working Capital Financing Condition - More
- December 01, 2009 | Item | E-mail
39.2 g/t (1.14 oz/t) gold over 4.8 metres (15.7 feet) - Roxmark reports results from deep drilling at Hardrock Project - More
- December 01, 2009 | Item | E-mail
Ecometals Announces Drilling to Start at Rio Zarza Gold Project, Ecuador - More
- December 01, 2009 | Item | E-mail
Threegold Closes a $604,800 Private Placement and Arranges $450,000 Private Placement - More
- December 01, 2009 | Item | E-mail
Geo Minerals Announces Drill Date for Copper Springs Prospect in Arizona - More
- December 01, 2009 | Item | E-mail
Excalibur Intersects 4 Meters of 14.1 oz/t Ag, 0.7 g/t Au, 3.18% Cu at Silver King - More
- December 01, 2009 | Item | E-mail
Maestro Outlines 2010 Exploration Plans - More
- December 01, 2009 | Item | E-mail
Eagle Plains/Swift Resources Commence Drill Program at Iron Range Property, South-eastern British Columbia - More
- December 01, 2009 | Item | E-mail
Freewest Completes $4.1 Million Private Placement to Cliffs Natural Resources Inc. - More
- December 01, 2009 | Item | E-mail
Swift Options Iron Range Property From Eagle Plains Ltd., Commences Drilling - More
- December 01, 2009 | Item | E-mail
Hana Mining Closes $2,500,000 Non-Brokered Private Placement - More
- December 01, 2009 | Item | E-mail
Helio Discovers New Targets along the Porcupine Corridor with Airborne Magnetic Survey - SMP Gold Project, Tanzania - More
- December 01, 2009 | Item | E-mail
NGEx CDN $7 Million Private Placement - More
- December 01, 2009 | Item | E-mail
Goldcorp Declares Twelfth Monthly Dividend Payment for 2009 - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) is pleased to declare its twelfth monthly dividend payment for 2009 of $0.015 per share. Shareholders of record at the close of business on Friday, December 11, 2009 will be entitled to receive payment of this dividend on Friday, December 18, 2009." More
- December 01, 2009 | Item | E-mail
Rio Cristal Announces a Two Month Exclusivity Agreement on a Highly Prospective Copper Project in Peru - More
- December 01, 2009 | Item | E-mail
Ur-Energy Announces New Venture at its Hauber Project with Bayswater Uranium - More
- December 01, 2009 | Item | E-mail
Western Troy Stakes Claims on Lac Volant Rare Earths Prospect, Sets 2010 Quebec Exploration Plans - More
- December 01, 2009 | Item | E-mail
North Atlantic Applies to List on TSX Venture Exchange and Voluntarily Delist from Toronto Stock Exchange - More
- December 01, 2009 | Item | E-mail
Butler Resource Corp.: Trench Sampling at the Archie Lake Property Confirms Historic Assays, Returns High Rare Earth's Plus Yttrium Values - More
- December 01, 2009 | Item | E-mail
Rio Alto Mining Limited: $6.1 Million Private Placement - More
- December 01, 2009 | Item | E-mail
ICS Copper Systems Ltd Announces & Completes A Private Placement of $100,000 CAD - More
- December 01, 2009 | Item | E-mail
Southern Hemisphere Mining Limited Announces an ASX Listing and the Concurrent Raising of AUDS$8 Million by the Issuance of 32 Million New Shares at AUD$0.25 - More
- December 01, 2009 | Item | E-mail
New High Grade Drill Results Announced From Linear Metals' Seymour Lake Lithium-Tantalum-Beryllium Project - More
- December 01, 2009 | Item | E-mail
Lake Victoria Identifies Three New Parallel Gold Veins and Begins Final Property Acquisition at Singida Gold Project, Tanzania - More
- December 01, 2009 | Item | E-mail
Strateco Resources Inc.: Ambitious Drilling Program on Matoush - More
- December 01, 2009 | Item | E-mail
New Directors Appointed to Canadian Royalties' Board - More
- December 01, 2009 | Item | E-mail
Rainy River Drilling Continues to Expand Resource Potential - More
- December 01, 2009 | Item | E-mail
Forum and Hathor Prepare for $1.65 Million Drill Program on the Henday Project, Athabasca Basin - More
- December 01, 2009 | Item | E-mail
Resinco(TM) Capital Partners Name Change and Rebranding Complete - More
- December 01, 2009 | Item | E-mail
Arianne Successfully Completes Definition Drilling on the Paul Zone, Quebec, Canada - More
- December 01, 2009 | Item | E-mail
Marifil Finds Lithium in Catamarca Province - More
- December 01, 2009 | Item | E-mail
Creston Reports Annual Financial Results - More
- December 01, 2009 | Item | E-mail
Benton Drills Multiple Gold Zones at Saganaga - More
- December 01, 2009 | Item | E-mail
Salares Lithium Inc. Announces Initiation of Exploration Program and Appointment of General and Exploration Manager for Chile - More
- December 01, 2009 | Item | E-mail
Rare Element Options Eden Lake Rare-Earth Property to Medallion - More
- December 01, 2009 | Item | E-mail
Cogitore Awarded Quebec "Prospector of the Year" for 2009 - More
- December 01, 2009 | Item | E-mail
Avanti Mining announces appointment of Kenneth Collison, ex COO of Thompson Creek, to its management - More
- December 01, 2009 | Item | E-mail
Tara Minerals Subsidiary Adit Resources Commences Picacho Field Work - More
- December 01, 2009 | Item | E-mail
Azimut announces a $3,000,000 private placement - More
- December 01, 2009 | Item | E-mail
Premier Gold drills deep at Hardrock; intersects high grade gold including 39.2g/t (1.14 oz/ton) gold over 4.8m (15.7 feet) - More
- December 01, 2009 | Item | E-mail
Inter-Citic Announces Significant Gold Discovery on Step-Out Drill Hole 7.5 Kilometres Northwest of the Dachang Main Zone - More
- December 01, 2009 | Item | E-mail
Cream Minerals Expands Blueberry Gold Project, Manitoba - More
- December 01, 2009 | Item | E-mail
Tyhee Reports A 39% Increase In The Gold Resource At The Main Zone At Clan Lake, Yellowknife Gold Project, NWT Canada - More
- December 01, 2009 | Item | E-mail
Macarthur Minerals Limited: Lake Giles Resource Estimate Exceeds 1 Billion Tonnes - More
- December 01, 2009 | Item | E-mail
Southern Arc Provides an Update on the Revision of the Provincial Regulation (Perda) - More
- December 01, 2009 | Item | E-mail
Crosshair Discovers New Uranium Targets and Samples 2.19% U3O8 in Labrador - More
- December 01, 2009 | Item | E-mail
Cadan's T'Boli Gold-Silver Mine Plant Now 55% Completed - More
- December 01, 2009 | Item | E-mail
Crocodile Gold Commences Milling - More
- December 01, 2009 | Item | E-mail
Merrex IAMGOLD Confirms Siribaya 2010 Exploration Program - More
- December 01, 2009 | Item | E-mail
Western Copper Reaches Permitting Milestone at Carmacks - More
- December 01, 2009 | Item | E-mail
Liberty Star Raises Cash to Cover Alaska Claim Rental - More
- December 01, 2009 | Item | E-mail
Noront Resources reports remaining assays on Eagle's Nest deposit - More
- December 01, 2009 | Item | E-mail
High River Gold Announces Clearance of PIF in Connection With CDN$57 Million Financing - More
- December 01, 2009 | Item | E-mail
Purepoint Uranium Group Inc: Announces Red Willow Drill Program - More
- December 01, 2009 | Item | E-mail
Mandalay Resources Corporation completes acquisition of AGD Mining Pty Ltd. and private placement - More
- December 01, 2009 | Item | E-mail
Sulliden Strengthens Management Team and Board of Directors - More
- December 01, 2009 | Item | E-mail
Rodinia Minerals Inc. Enters Into Definitive Agreement and Samples Brines Up to 950 ppm and an Average Mg:Li Ratio of 1.4 at Salinas Grandes - More
- December 01, 2009 | Item | E-mail
Bayswater to Acquire Major Interest in Hauber Uranium Project, Wyoming - More
- December 01, 2009 | Item | E-mail
Tamerlane Reports Financial Results For The Three Month Period Ended September 30, 2009 - More
- December 01, 2009 | Item | E-mail
AuEx Ventures, Inc.: Preliminary Economic Assessment Released for Long Canyon - More
- December 01, 2009 | Item | E-mail
Lomiko Metals Inc. Appoints Geologist Garth Kirkham to the Board - More
- December 01, 2009 | Item | E-mail
Kimber Announces High Grade Gold-Silver Mineral Resource Estimate for Veta Minitas Deposit - "Kimber Resources Inc. (NYSE AMEX:KBX, TSX:KBR) is pleased to announce a new, upgraded mineral resource estimate for the Veta Minitas Deposit, located 250 metres south-west of the Carmen Deposit, at its 100% owned Monterde project, located in Mexico's Sierra Madre mining district. This estimate is in addition to the Carmen mineral resource estimate reported on November 18, 2009. The Veta Minitas mineral resource estimate defines a high grade gold-silver mineral resource, which lies within an overall larger, lower grade mineral resource." More
- December 01, 2009 | Item | E-mail
Aurizon Intersects 12.5 Grams of Gold per Tonne Over 11 Metres at Casa Berardi Confirming Continuity of Zone 120 - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to report further results from the current exploration drilling along the recently completed exploration drift, on the 810 metre level, at its Casa Berardi Mine, in north-western Quebec." More
- December 01, 2009 | Item | E-mail
Alexco Announces Additional 2009 Drill Results, Keno Hill District, Yukon: Silver King Drilling Intersects 2.55 Meters of 56.4 Ounces Per Ton Silver - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce additional results from its 2009 exploration core drilling program at the Keno Hill Project, Yukon. Exploration drilling on the #5 vein system, one of several vein systems occurring in the vicinity of the historical Silver King mine, has intersected silver-rich mineralization approximately 160 meters northeast of previous Alexco drilling in 2006 and 2007." More
- December 01, 2009 | Item | E-mail
Hecla Declares Payment of Preferred Stock Dividends in Arrears and Current Preferred Dividends - "Hecla Mining Company today announced that its Board of Directors has elected to declare and pay all dividends in arrears and the next scheduled quarterly dividend for each of its outstanding series of preferred stock. In each case, the dividend will be payable January 4, 2010, to shareholders of record on December 15, 2009." More
- December 01, 2009 | Item | E-mail
Fronteer Development Group Inc.: Preliminary Economic Assessment for Long Canyon Project Generates 64% IRR - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) is pleased to announce the completion of Long Canyon's first Preliminary Economic Assessment (PEA). The PEA is based on the project's March 2009 resource estimate and does not include the approximately 30,000 metres of subsequent drilling completed this year. Long Canyon's initial PEA illustrates that the project is viable in today's cost environment and has a solid economic foundation to build upon." More
- December 01, 2009 | Item | E-mail
Silver Standard Resources Inc.-Snowfield and Brucejack Gold Resources: M&I-23.80 Million Ounces, Inferred-14.91 Million Ounces - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) is pleased to report a significant increase in gold resources at the Snowfield and Brucejack gold-silver-copper projects in northern British Columbia. For the combined Snowfield Zone and the Brucejack Area, Measured and Indicated gold resources increased to 23.80 million ounces and Inferred gold resources increased to 14.91 million ounces using a cut-off grade of 0.35 grams of gold-equivalent per tonne. The property is located 65 kilometers north of the town of Stewart." More
- December 01, 2009 | Item | E-mail
Barrick Completes Elimination of All Gold Hedges - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) announced today that it has completed the elimination of all of its Gold Hedges(1) and now has full leverage to the gold price on the industry's largest gold production and reserves." More
- December 01, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 December, 2009 | |