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Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

By: Chris Mullen, Gold-Seeker.com


-- Posted 10 December, 2009 | | Source: SilverSeek.com

 

 

Close

Gain/Loss

Gold

$1124.90

+$4.50

Silver

$17.18

-$0.03

XAU

176.14

-0.29%

HUI

453.56

-0.05%

GDM

1342.58

-0.29%

JSE Gold

2544.91

+43.97

USD

76.00

+0.02

Euro

147.30

-0.05

Yen

113.36

-0.30

Oil

$70.54

-$0.13

10-Year

3.482%

+0.059

T-Bond

119.40625

-0.8125

Dow

10405.83

+0.67%

Nasdaq

2190.86

+0.33%

S&P

1102.35

+0.58%

 

 

The Metals:

 

Gold rose almost 1% in Asia before it fell back to almost unchanged in London and then rose as much as $11.60 to a new session high of $1132.00 by about 9:40AM EST in New York, but it then fell back off for most of the rest of trade and ended with a gain of just 0.4%.  Silver climbed to as high as $17.455 by midmorning in New York, but it also fell back off into the close and ended near its late session low of $17.118 with a loss of 0.17%.

 

Euro gold rose to about €765, platinum gained $13 to $1413.50, and copper fell another couple of cents to about $3.08.

 

Gold and silver equities rose over 1% at the open and then quickly fell back off to see about 1% losses about an hour into trade, but they then rallied back near unchanged by mid-afternoon and ended with only slight losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

12/05

474K

455K

457K

Trade Balance

Oct

-$32.9B

-$36.8B

-$35.7B

Treasury Budget

Nov

-$120.3B

-$131.6B

-$176.4B

 

Foreclosure filings fall 8 percent in November  Yahoo

Geithner Says Treasury Faces Long-Term Losses From Autos, AIG  Bloomberg

 

Tomorrow at 8:30AM EST brings Import and Import Prices for November and Retail Sales for November expected at 0.6%.  Excluding autos, sales are expected at 0.4%.  At 9:55 is Michigan Sentiment for December expected at 68.9, and at 10AM is the Business Inventories report for October expected at -0.2%.

 

The Markets:

 

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

 

Oil fell slightly on continued worries over future energy demand.

 

The U.S. dollar index remained near unchanged on today’s mixed economic data.

 

Treasuries fell after a horrible 30-year treasury auction drew a yield of 4.52% with a bid to cover of just 2.45 while the Dow, Nasdaq, and S&P rose modestly as worries over worldwide debt continued to ease.

 

Among the big names making news in the market today were AOL, Smithfield Foods, Panasonic and Sanyo, Costco, GE, GM, and Piper Jaffray.

 

The Commentary:

 

“Now, let's talk yesterday's action in the precious metals stocks. I wasn't surprised that the stocks opened higher, as both silver and gold had done well during Tuesday's trading earlier that day in Europe and the Far East. It was also no surprise that they got sold off in the 11:00 a.m. to 2:00 p.m. New York time frame, because once London closed for the day [11:00 a.m. N.Y. time] and until the end of Comex trading, both metals got pounded pretty good. What was surprising was the fact that the HUI did not delve into negative territory, even though the metals themselves, did... and by quite a bit. Is that telling us something? Twice before, in the prior three days, I had mentioned that I was favourably impressed with the share price action despite the pounding that gold and silver were taking... "and that, in and of itself, is encouraging." So, you say... is yesterday's action even more encouraging? Is someone, or a group of in-the-know someones, buying in advance of the next big run up? Could be, but I'll reserve judgment on that for a while longer, if you don't mind.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

GATA Posts:

 

 

Sprott plans to list a gold ETF in New York, Toronto

World Gold Council's new chairman seeks 'lasting prominence' for gold

King World News interviews the British Ron Paul

John Hathaway: Gold is now a contrarian's dilemma

 

The Statistics:

Activity from: 12/09/2009

Gold Warehouse Stocks:

9,691,749

-11,318

Silver Warehouse Stocks:

111,573,242

+89,791

 

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

1116.247

35,888,445

US$40,495m

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

Gold Bullion Securities

127.40

4,095,045

US$4,600m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.20

486,659

US$549m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

53.52

1,720,779

US$1,963m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,984

US$6m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 81.77: -1.22 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,514.35 - No change from yesterday’s data.

 

The Miners:

 

IAMGOLD’s (IAG) plane crash, Apollo Gold’s (AGT) replacement letter of intent, Excellon’s (EXN.TO) new mineral resources estimate, and Silver Standard’s (SSRI) production guidance were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Taseko

TGB +6.22% $3.93

2.  Endeavour

EXK +5.59% $3.59

3.  Allied Nevada

ANV+3.77% $13.48

 

LOSERS

1.  Almaden

AAU -8.33% $1.10

2.  Timberline

TLR -4.65% $1.23

3.  Silver Standard

SSRI -3.94% $22.92

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:

Victoria Announces Eagle Gold Project Drilling Results Including 161.8 m Grading 1.11 g/t Gold - More
- December 10, 2009 | Item | E-mail


Bingo drilling update, near-surface gold zone discovered - More
- December 10, 2009 | Item | E-mail


Ecometals Amends Stock Option Plan - More
- December 10, 2009 | Item | E-mail


Matamec Explorations Inc.: Twenty Drill Holes Have Been Drilled on the Heavy Rare Earths Kipawa Deposit - More
- December 10, 2009 | Item | E-mail


North Arrow Reports 1.24% Li2O over 13.0 m from Beaverdam Project, North Carolina - More
- December 10, 2009 | Item | E-mail


Wallbridge Acquires Dominant Position in New Porphyry Copper-Gold-Molybdenum Belt in Southwest British Columbia - More
- December 10, 2009 | Item | E-mail


Malbex Issues Share Options - More
- December 10, 2009 | Item | E-mail


Gold Hawk Signs US$12.5 Million Indicative Term Sheet for Standby Credit Facility - More
- December 10, 2009 | Item | E-mail


Golden Predator Intersects 20.17 gpt Gold over 1.90 m and 4.72 gpt Gold over 9.71 m from the North Slope Zone at Brewery Creek - More
- December 10, 2009 | Item | E-mail


Freewest Demands Immediate Retraction of Defamatory Press Release by Noront - More
- December 10, 2009 | Item | E-mail


Trimax Corporation Announces Changes to its Board of Directors and the Signing of Property Option Agreement to Acquire Interest - More
- December 10, 2009 | Item | E-mail


Ecuador Poised for Exceptional Growth in Mining Sector - More
- December 10, 2009 | Item | E-mail


Brett Increases Flow-Through Private Placement Financing to $5 Million - More
- December 10, 2009 | Item | E-mail


Eagle Hill Reports on 8,700 Meters of Unassayed Samples From Previous Drilling Program at Windfall Lake Property - More
- December 10, 2009 | Item | E-mail


Excellon Adds Substantially to Platosa High-Grade Mineral Resource - "The Indicated Mineral Resource has increased to a total of 579,000 tonnes grading 909 g/t (27 oz/T) Ag, 9.09% Pb, and 10.51% Zn, up from 396,000 tonnes grading 986 g/t (29 oz/T) Ag, 9.00% lead, and 10.10% zinc (at February 3, 2008). The Inferred Mineral Resource has more than doubled from 72,700 to 160,000 tonnes at a somewhat lower grade than that of 2008. Tonnages and grades are summarized in the table below. The results meet Company expectations and Platosa remains one of the highest grade producing silver, lead, and zinc deposits in Mexico." More
- December 10, 2009 | Item | E-mail


Noront clarifies disclosure with respect to Blackbird Chromite Deposit - More
- December 10, 2009 | Item | E-mail


Jaxon announces $400,000 private placement with Mineralfields - More
- December 10, 2009 | Item | E-mail


Brazauro Concludes Acquisition of Água Branca Property From Talon Metals Corp. - More
- December 10, 2009 | Item | E-mail


IAMGOLD Confirms Plane Crash Near Niobec - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today confirmed that a Beechcraft King Air 100 aircraft flying from Val d'Or to St. Honore, Quebec crashed last night near its Niobec Mine north of Chicoutimi, Quebec. It has been confirmed that there were four people on board. The two passengers on board were IAMGOLD employees who sustained non life-threatening injuries. The cause of the accident is unknown." More
- December 10, 2009 | Item | E-mail


Afri-Can Amends Agreement With IMDH for Sampling Block J in Namibia - More
- December 10, 2009 | Item | E-mail


SEMAFO Reports Mana Diamond Drilling Results - In-fill Drilling Results Confirm Continuity of Wona Deep Zone - More
- December 10, 2009 | Item | E-mail


Talon Options the Agua Branca Gold Project in Brazil - More
- December 10, 2009 | Item | E-mail


INREMI Report on La Fortuna Gold Project; Argentina - More
- December 10, 2009 | Item | E-mail


Matamec Closes a $158,000 Private Placement for its Gold Properties Located in Timmins Mining Camp - More
- December 10, 2009 | Item | E-mail


Temex initiates IP geophysical survey Latchford Gold Project - More
- December 10, 2009 | Item | E-mail


Puget Ventures Inc. Commences Multi-Month Drilling Program on Werner West Cobalt Deposit - More
- December 10, 2009 | Item | E-mail


Plexmar Acquires High Grade Producing Property - More
- December 10, 2009 | Item | E-mail


Tara Minerals Announces 10 g/t Gold and 150 g/t Silver From San Felipe Vein - More
- December 10, 2009 | Item | E-mail


Altius Minerals Corporation (TSX: ALS) Reports Second Quarter Financial Results - More
- December 10, 2009 | Item | E-mail


Terrane Annual General Meeting Results and Corporate Update - More
- December 10, 2009 | Item | E-mail


Metallic Screen assays confirm high grade gold results at Crowsnest - More
- December 10, 2009 | Item | E-mail


Update on Activities in Guyana: First Bauxite Corporation Advances Bonasika Feasibility Study and Commences Resource Drilling at Waratilla-Cartwright - More
- December 10, 2009 | Item | E-mail


AmeriChem Engineering Services Joins Converge Global for the Development of the Eagle Nest Mining Property - More
- December 10, 2009 | Item | E-mail


Medusa Mining Limited: Co-O Mine Drilling Delivers - More
- December 10, 2009 | Item | E-mail


Globex Mining Enterprises Inc.: High Grade Gold Values-Lake Colnet Property, Quebec - More
- December 10, 2009 | Item | E-mail


Rainy River Provides Update on 2009 Exploration Activities, Corporate Developments and 2010 Plans - More
- December 10, 2009 | Item | E-mail


Rio Cristal Resources Signs Option Agreement on Its Condor Gold Property - More
- December 10, 2009 | Item | E-mail


TSX-V Granted Final Approval For the Transaction Whereby Red Dragon Acquires Gold Properties in the Tapajos Region of Northern Brazil - More
- December 10, 2009 | Item | E-mail


Canadian Mining Retains Fitzhenry Investment Resources - More
- December 10, 2009 | Item | E-mail


Ventana Appoints Paul Ireland as CFO - More
- December 10, 2009 | Item | E-mail


Far West Plans 10,000 Metre Drill Program at the Santo Domingo Copper-Iron-Gold Project in Chile - More
- December 10, 2009 | Item | E-mail


Great Bear Joins Northair on El Reventon Silver Project, Mexico - More
- December 10, 2009 | Item | E-mail


Dorato Announces First Ever Drilling on the Taricori Gold Zone in Northern Peru - More
- December 10, 2009 | Item | E-mail


Four New Epithermal Gold-Silver Vein Systems Delineated at Calibre's Borosi Gold-Copper Project - More
- December 10, 2009 | Item | E-mail


Wildcat Silver Appoints Paul Ireland as CFO and Grants Stock Options - More
- December 10, 2009 | Item | E-mail


Rye Patch Drills 21.19 g/t Gold Over 7.0 Metres at Lincoln Hill - More
- December 10, 2009 | Item | E-mail


Kootenay and Arctic Hunter enter into option agreement to drill the Santa Lucia gold property in Mexico - More
- December 10, 2009 | Item | E-mail


Kirrin Resources Closes First Tranche of Flow-Through Offering - More
- December 10, 2009 | Item | E-mail


Crosshair Commences Vanadium Resource Expansion Program - More
- December 10, 2009 | Item | E-mail


Freewest Announces Increase in Purchase Price to C$1.00 Per Share for Acquisition by Cliffs Natural Resources Inc. - More
- December 10, 2009 | Item | E-mail


Centamin Egypt Limited: Sukari Gold Project Resource Upgrade - More
- December 10, 2009 | Item | E-mail


New Quest B-Zone Drilling Returns 1.23% Over 38.5 m and 1.27% Over 34.1 m Total Rare Earths, Deposit Potential Confirmed, Strange Lake Project, Quebec - More
- December 10, 2009 | Item | E-mail


Central Announces Additional Appointments, Option Grants and Financing - More
- December 10, 2009 | Item | E-mail


More Samples Show Silver (2070 g/t) Lead (5.17%) and Zinc (2.66%) at San Javier - More
- December 10, 2009 | Item | E-mail


Arian Announces Private Placement to Raise up to Cdn$3 Million - More
- December 10, 2009 | Item | E-mail


Oro Gold Extends HS Zone Intersecting 5.2 g/t Gold Over 19 Metres; Discovers New Zone 170 Metres South of Taunus Pit - More
- December 10, 2009 | Item | E-mail


High River Gold Announces Appointment to the Board of Directors and the Audit Committee - More
- December 10, 2009 | Item | E-mail


Sulliden to Host Conference Call Today at 11:00am EST - More
- December 10, 2009 | Item | E-mail


Noront announces assay results for AT12 McFaulds Lake, James Bay Lowlands - More
- December 10, 2009 | Item | E-mail


Alexandria Reports Drilling Progress at Akasaba - More
- December 10, 2009 | Item | E-mail


Minatura Gold Announces Restructuring of Transactions to Acquire Colombian Gold Mining Assets - More
- December 10, 2009 | Item | E-mail


Timmins Gold Makes First Gold Pour at San Francisco Mine - More
- December 10, 2009 | Item | E-mail


Noront continues to expand Eagle's Nest deposit at depth - Announces additional assay results from Eagle's Nest and provides exploration update - More
- December 10, 2009 | Item | E-mail


Bannerman Announces Further Infill and Exploration Drilling Results - More
- December 10, 2009 | Item | E-mail


Encore Renaissance Resources Discovers Three New Mineralized Veins While Preparing Underground Tunnel Towards Main Zone - More
- December 10, 2009 | Item | E-mail


Cliffs Natural Resources Raises Offer for Freewest to CAD$1.00 Per Share - More
- December 10, 2009 | Item | E-mail


Douglas Lake Minerals Provides a Corporate Update - More
- December 10, 2009 | Item | E-mail


Frontera Copper Corporation: News Release - More
- December 10, 2009 | Item | E-mail


Cavan Announces Non-Brokered Private Placement - More
- December 10, 2009 | Item | E-mail


Alaska State Authority Initiates Due Diligence on Road and Port Expansion for Zazu's Lik Deposit - More
- December 10, 2009 | Item | E-mail


Freewest Sharheolders Have A Choice: Tender To Noront Offer Now And Retain Upside Exposure To The Ring Of Fire - More
- December 10, 2009 | Item | E-mail


Apollo Gold Announces Replacement Letter of Intent to Sell Montana Tunnels Mining, Inc. - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News) (NYSE Amex: AGT) is pleased to announce that it has entered into a replacement letter of intent (the “New LOI”) with Elkhorn Goldfields LLC (“Elkhorn”) pursuant to which Elkhorn has agreed to purchase all the outstanding capital stock in Montana Tunnels Mining, Inc., an indirect wholly owned subsidiary of Apollo (“Montana Tunnels”), which includes the 50% interest held by Montana Tunnels in the joint venture agreement with Elkhorn Tunnels, LLC (an affiliate of Elkhorn), the Diamond Hill mine and mill and any and all ancillary assets." More
- December 10, 2009 | Item | E-mail


Silver Standard Resources Inc.: Pirquitas Silver Mine Production Guidance for 2010 - "The mine is operating as planned and the mill continues to process oxide and transitional ore until the sulphide ore currently being exposed from the open pit is processed starting in the first quarter of 2010. Due to the transition from oxide and transitional ore to sulphide ore in the first quarter, the company estimates full year production of silver to be 7 million ounces, and tin production to be 2 million pounds. Average operating costs for 2010 are expected to be approximately US$9.00 per ounce of silver net of tin credits. The company expects to achieve name plate production levels of approximately 8 to 10 million ounces of silver per year starting in 2011. Costs per ounce of silver are expected to decline as silver production increases." More
- December 10, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

 

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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 10 December, 2009 | |


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