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Gold Seeker Closing Report: Gold and Silver Gain About 1% More

By: Chris Mullen, Gold-Seeker.com


-- Posted 2 December, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1211.70

+$12.85

Silver

$19.29

+$0.19

XAU

197.00

+2.22%

HUI

510.58

+2.00%

GDM

1510.14

+2.08%

JSE Gold

2744.09

+34.45

USD

74.63

+0.22

Euro

150.45

-0.37

Yen

114.43

-0.91

Oil

$76.60

-$1.77

10-Year

3.323%

+0.048

T-Bond

121.9375

-0.40625

Dow

10452.68

-0.18%

Nasdaq

2185.03

+0.42%

S&P

1109.24

+0.03%

 
 

 

The Metals:

 

Gold rose to as high as $1216.90 by late trade in Asia before it fell back off in London to see a gain of just $7.13 at $1205.98 by about 9AM EST, but it then chopped its way back higher in New York and ended at a new record high with a gain of 1.07%.  Silver climbed to $19.35 in Asia before it fell to see a 1 cent loss at $19.09 by midday in London, but it then rose to a new session high of $19.407 in New York and ended with a gain of 0.99%.

 

Euro gold rose to about €806, platinum gained $22 to $1499, and copper rose a few cents to about $3.23.

 

Gold and silver equities rose over 2% in the first half hour of trade before they moderated a bit midday, but they then rallied back higher in late trade and ended with over 2% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Nov

-169K

-150K

-195K

 

The fed’s Beige Book observed modestly improving economic conditions and some signs of improvement in most sectors from very low levels.

 

U.S. housing market meltdown not over yet: Zandi  Reuters

One in four U.S. households out of bank system  Reuters

Geithner praises progress on derivatives bills  Yahoo

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/28 expected at 480,000 and third quarter Productivity expected at 8.5%.  At 10AM is the ISM Services report for November expected at 51.5.

 

The Markets:

 

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

 

Oil extended early losses and ended over 2% lower after the Energy Information Administration reported that crude inventories rose 2.1 million barrels, gasoline inventories rose 4 million barrels, and distillates fell 1.2 million barrels.

 

The U.S. dollar index rose on comments out of Japan hinting towards more quantitative easing measures to address the yen’s recent rise.  Currency traders also have their eye on tomorrow’s ECB meeting that is expected to maintain its recent dovish tone.

 

Treasuries fell on worries over next week’s government debt sales that will add a good deal of supply to the market.

 

The Dow, Nasdaq, and S&P traded mostly modestly lower on worries over more job losses, but the fed’s Beige Book seemed to raise a little bit of economic optimism.

 

Among the big names making news in the market today were General Growth, GM, and AOL.

 

The Commentary:

 

“As Ted Butler [kindly] pointed out to me in our daily phone conversation yesterday... the last Commitment of Traders report showed that the '4 or less' bullion banks are short 21.5 million ounces of gold... not the 17 million that I stated... and the '8 or less' bullion banks hold 31.9 million ounces net short. This means that more than the entire net short position of 30.5 million ounces reported in the COT is held by just 8 traders... all bullion banks... and all lead by JPMorgan. Ted also mentioned that the new Bank Participation Report should be released on Friday... and that will definitely tell us just how many more millions of ounces that JPMorgan went short during the prior month. Hopefully yesterday's increase in open interest will be included... because, most certainly, JPMorgan was a big player on the short side on Tuesday... which is the cut-off for Friday's COT report and Bank Participation Report.

I note that there was another nice rise in precious metals prices in the Far East during their trading day today. The gold price went vertical the moment that London opened, but some not-for-profit seller was there to squash that flat. As of 4:20 a.m. Eastern time, gold futures volume [February contract] is already a substantial 48,688 contracts... and silver's volume is 5,701 contracts for the March contract. It could be another interesting day in New York.

But, in closing, I must point out as I did yesterday, that nothing is resolved. The bullion banks were going short against all longs, and show no signs of running for cover. Preliminary volume in Tuesday's gold trading has been posted at the CME website and shows that it was under 190,000 contracts... subject to revision later this morning, of course. Silver's volume was around 39,000 contracts. The open interest numbers are a bit of a surprise, but these preliminary numbers for o.i. cannot be counted on for accuracy, so I won't quote them here.”
– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

Dear Comrades In Golden Arms,

 

The following is correspondence between myself and a close friend.

 

Jim,

 

Armstrong sees the Gold bull market lasting until roughly 2016 (17.2 years starting in 1999). Is it at this point that you see the USDX bottoming at .5200?

 

Is it at that point when you see the Federal Reserve Gold Certificate put in place? According to cyclical analysis it would come at the low point business wise of the 17.2 cycle.

 

How long do you think this world monetary system will take to be implemented?

 

I guess once again the US will lead the process.

 

Do you think China (or India) will take a major role in it?

 

Will it be done under the IMF umbrella?

 

After the Federal Reserve Gold Certificate is in place, do you believe that the world´s economy can enjoy some period of stability (with the exception of geopolitical considerations)?

 

Best regards,

Christopher

 

Christopher,

 

I see the USDX bottoming between .4600 and .5200, yes. I have learned not to argue with Armstrong on cycle timing. Gold should have a temporary high point between January 14th and June 25th, 2011.

 

Implementation is not a process, it is a surprise.

 

The US will not necessarily lead the process. By then the IMF will be the Western World Central Bank, if not in name, certainly in function.

 

China and India will play a major role by demand via back financial channels.

 

It will likely be done under the IMF umbrella as part of a Super Sovereign Currency.

 

After the Federal Reserve Gold Certificate is in place the world's economy should be able to enjoy a period of stability for a considerable amount of time, but with a total rearrangement of positions of national economic powers moving towards Asia and do not forget Jakaya Kikwete and the common market of sub Sahara African countries of merit and leadership. They are there.

 

Regards,”- Jim Sinclair, JSMineset.com

 

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

1130.604

36,350,042

US$44,060m

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

Gold Bullion Securities

129.00

4,145,339

US$5,031m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.93

477,701

US$582m

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$6m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.61 tonnes and the LSE added 0.13 tonnes.  Of note is SPDR’s record high holding of 1,134.03 tonnes set exactly six months ago that is now within 3.5 tonnes of being broken again.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 81.79: +1.07 Change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,404.79 - No change from yesterday’s data.

 

The Miners:

 

Great Basin’s (GBG) Environmental Excellence Award, Goldcorp’s (GG) project interest sale, Aurizon’s (AZK) "e3 Plus" award, and Sabina’s (SBB.V) exploration results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Claude

CGR +20.91% $1.33

2.  Alexco

AXU +16.92% $3.80

3.  DRDGOLD

DROOY+13.78% $6.44

 

LOSERS

1.  Kimber

KBX-4.32% $1.55

2.  Vista

VGZ-3.73% $3.10

3.  Nevsun

NSU-2.94% $3.30

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:

Vantex Modifies Stock Option Plan - More
- December 02, 2009 | Item | E-mail


Majestic Diamonds & Metals, Inc. Secures Funding for Boa Vista Gold Project in Brazil - More
- December 02, 2009 | Item | E-mail


High River Gold Announces Closing of Private Placement - More
- December 02, 2009 | Item | E-mail


Portage Minerals Amends Agreement on Golden Mile Property - More
- December 02, 2009 | Item | E-mail


Duran Completes Private Placement - More
- December 02, 2009 | Item | E-mail


Khan Special Committee Engages Advisors; Shareholders Should Take No Action Regarding the ARMZ Offer - More
- December 02, 2009 | Item | E-mail


Fancamp Closes Flow-Through Financing - More
- December 02, 2009 | Item | E-mail


Mantis preparing for geophysical survey of Cree Lake gold discovery - More
- December 02, 2009 | Item | E-mail


Nova Uranium Corporation: Gold Coin Arizona Project Exploration Update - More
- December 02, 2009 | Item | E-mail


Lakota announces emergence from restructuring - More
- December 02, 2009 | Item | E-mail


Powertech Announces Drawdown of Second Tranche of $13.8 Million Loan Facility - More
- December 02, 2009 | Item | E-mail


Luiri Gold Releases First Assay Results of the 2009 Drilling Programme at the Luiri Hill Project - More
- December 02, 2009 | Item | E-mail


Millrock Terminates Option on Divide Property, Seward Peninsula, Alaska - More
- December 02, 2009 | Item | E-mail


Golden Predator Commences Trading on Toronto Stock Exchange - More
- December 02, 2009 | Item | E-mail


Aura Minerals Provides Statement on Share Price Increase - More
- December 02, 2009 | Item | E-mail


Tribute Minerals Announces Borehole EM Results - More
- December 02, 2009 | Item | E-mail


Rockhaven Resources Ltd. Announces Appointment of Officer and Acquisition of Portable Mill - More
- December 02, 2009 | Item | E-mail


Columbia Yukon Significantly Increases the Exploration Potential for its Storie Property Molybdenum Deposit - More
- December 02, 2009 | Item | E-mail


United Reef Updates Nickel Offsets Drilling - More
- December 02, 2009 | Item | E-mail


Source Exploration Corp. Announces $750,000 Brokered Private Placement - More
- December 02, 2009 | Item | E-mail


Metanor Resources Inc.: Board of Directors - More
- December 02, 2009 | Item | E-mail


Abbastar Closes Private Placement - More
- December 02, 2009 | Item | E-mail


Anooraq Appoints Interim CFO - More
- December 02, 2009 | Item | E-mail


Technical and Drilling Crews Mobilized To Houston Lake Mining's West Cedartree Gold Project - More
- December 02, 2009 | Item | E-mail


Abcourt Mines Inc. Announces a Brokered Private Placement Totalling $2 Million - More
- December 02, 2009 | Item | E-mail


Laurentian Goldfields Ltd. Samples 20.8 g/t Gold at New Klondike, ON - More
- December 02, 2009 | Item | E-mail


Strathmore Minerals Corp.: Roca Honda Mine Permit Application Deemed Administratively Complete - More
- December 02, 2009 | Item | E-mail


Novus Gold's Reactivation Now Characterized as a Change of Business Requiring Regulatory and Shareholder Approval - More
- December 02, 2009 | Item | E-mail


Arco Options Three Properties in Oaxaca, Mexico to Silex Ventures - More
- December 02, 2009 | Item | E-mail


Miranda Gold Increases Portfolio to Include Colombia as Regional Target for Generative Exploration - More
- December 02, 2009 | Item | E-mail


Otish Energy Acquires the Chicobi Gold Property, Abitibi Area, Quebec - More
- December 02, 2009 | Item | E-mail


Linear Gold Provides Exploration Update for Its Goldfields Project - More
- December 02, 2009 | Item | E-mail


El Nino Closes $1.5 Million Non-Brokered Private Placement; Update on the Kasala Copper Project in the DRC - More
- December 02, 2009 | Item | E-mail


Soltoro Drilling Adds 50 Metre Depth to Oxide Gold Zone and Returns 13.5 Metres of 3.2 gpt Gold at El Rayo - More
- December 02, 2009 | Item | E-mail


SNS Silver to Initiate Its First Phase Drill Program at Advanced Emerald Lake Gold Project - More
- December 02, 2009 | Item | E-mail


Skyline Gold Corp. Retains SRK Consulting to Prepare a Project Estimate for Bronson Slope Feasibilty Study - More
- December 02, 2009 | Item | E-mail


Nevada Gold Holdings Inc. Appoints Exploration and Research Geologist, Michael B. Jones, as Drilling Consultant - More
- December 02, 2009 | Item | E-mail


Oromin Announces Closing of $6.9 Million Bought-Deal Financing - More
- December 02, 2009 | Item | E-mail


Cartier Intersects Massive Sulphides on MacCormack Grading 11.5% Zn, 1.24% Cu, 65.1 g/t Ag and 0.29 g/t Au over 0.35 Meters - More
- December 02, 2009 | Item | E-mail


Virtual Health Technologies 10Q Reports 3rd Quarter Positive Income; Explains VHGI Gold Strategy - More
- December 02, 2009 | Item | E-mail


Strongbow Returns 66.9 g/t Gold at the Shovelnose Property, BC - More
- December 02, 2009 | Item | E-mail


MEXIVADA Expands Goldstorm Property; IP Survey Discovers New Gold Targets - More
- December 02, 2009 | Item | E-mail


Cortez Gold Corp.: Proposed Qualifying Transaction Terminated - More
- December 02, 2009 | Item | E-mail


Sunridge Gold Drills 15.67 Metres of 10.21% Copper and 2.01 g/t Gold at the Debarwa Deposit, Asmara Project, Eritrea - More
- December 02, 2009 | Item | E-mail


Rockcliff Completes ZTEM Survey at Snow Lake Project, Preliminary Results Indicate Untested Anomalies - More
- December 02, 2009 | Item | E-mail


MAX files drill permit for Table Top gold project in Nevada - More
- December 02, 2009 | Item | E-mail


Noront Resources appoints VP Aboriginal Affairs - More
- December 02, 2009 | Item | E-mail


Great Basin's Hollister Project receives Environmental Excellence Award from the Northwest Mining Association - "Great Basin Gold Ltd. ("Great Basin" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that its Hollister Project in Elko County, Nevada, USA has received the 2009 Environmental Excellence Award from the Northwest Mining Association ("NWMA"). This award was presented at a ceremony on December 1st in Reno, NV in conjunction with the NWMA's 115th annual meeting. This award recognizes companies and projects that exemplify the NWMA's Statement of Environmental Principles." More
- December 02, 2009 | Item | E-mail


Goldcorp Announces Agreement for Sale of Minority Interest in Morelos Project - "Goldcorp Inc. (TSX:G - News)(NYSE:GG - News) today announced that its wholly-owned subsidiary company, Desarrollos Mineros San Luis, S.A. de C.V. ("DMSL"), has entered into an agreement with Newstrike Capital Inc. (TSX-V NEX: NES.H) ("Newstrike") for the sale of DMSL's 21.2% interest in the Morelos gold project in Mexico for consideration of not less than CDN$52 million comprised of CDN$44.5 million in cash and 15 million common shares in the capital of Newstrike." More
- December 02, 2009 | Item | E-mail


Aurizon receives e3 Plus award from AEMQ - "Aurizon Mines Ltd. (TSX:ARZ; NYSE Amex:AZK) is very pleased to announce that the Company has received the "e3 Plus" award from the Association de L'Exploration Miniere du Quebec (AEMQ) at the recent Quebec Exploration 2009 convention." More
- December 02, 2009 | Item | E-mail


Sabina Announces Positive Results at Hackett & Wishbone - "Hackett River is one of the largest undeveloped silver-zinc volcanic massive sulphide ("VMS") deposits of its type in the world with indicated resources totalling 43 million tonnes grading 144 g/t silver, 4.65% zinc, 0.42% copper, 0.64% lead and 0.30 g/t gold and an additional inferred open resource totalling 14.6 million tonnes grading 136 g/t silver, 4.46% zinc, 0.31% copper, 0.57% lead and 0.31 g/t gold." More
- December 02, 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 2 December, 2009 | |


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