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

By: Chris Mullen, Gold-Seeker.com


-- Posted 15 December, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1121.70

-$0.55

Silver

$17.38

+$0.08

XAU

171.16

-1.85%

HUI

440.42

-2.03%

GDM

1305.81

-2.12%

JSE Gold

2503.70

-3.22

USD

76.92

+0.58

Euro

145.33

-1.22

Yen

111.55

-1.27

Oil

$70.69

+$1.18

10-Year

3.603%

+0.057

T-Bond

118.6875

-0.40625

Dow

10452.00

-0.47%

Nasdaq

2201.05

-0.50%

S&P

1107.93

-0.55%

 
 
 

The Metals:

 

Gold and silver saw slight gains in early Asian trade and then fell back off to see about 1% losses at as low as $1111.50 and $17.095 in London before they rose to see modest gains in New York at as high as $1127.50 and $17.43 by about 10:30AM EST and then dipped back into negative territory midday, but they ultimately rallied back higher in afternoon trade and gold ended with a loss of just 0.05% while silver ended with a gain of 0.46%.

 

Euro gold rose to about €773 on euro weakness, platinum gained $4 to $1440, and copper fell slightly to about $3.12.

 

Gold and silver equities steadily fell for most of trade and ended with about 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

PPI

Nov

1.8%

0.8%

0.3%

Core PPI

Nov

0.5%

0.2%

-0.6%

Empire Manufacturing

Dec

2.55

24.00

23.51

TIC Flows

Oct

$20.7B

$35.5B

$40.7B

Industrial Production

Nov

0.8%

0.5%

0.0%

Capacity Utilization

Nov

71.3%

71.1%

70.6%

 

Tomorrow at 8:30AM EST brings Building Permits for November expected at 570,000, Housing Starts expected at 578,000, CPI for November expected at 0.4%, Core CPI expected at 0.1%, and the third quarter Current Account Balance expected at -$107.5 billion.  At 2:15PM is the FOMC Rate Decision that is not expected to announce any change from the fed’s recent 0.00-0.25% range.

 

The Markets:

 

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

 

Oil climbed back above $70 as OPEC lifted its demand view and traders looked forward to an expected supply drop in tomorrow’s inventory reports.

 

The U.S. dollar index rose and treasuries fell after the higher than expected PPI data raised the possibility that the fed may start raising interest rates sooner then previously expected.

 

The Dow, Nasdaq, and S&P traded mostly slightly lower on worries over inflation and higher interest rates.

 

Among the big names making news in the market today were Wells Fargo, IBM, and Best Buy,

 

The Commentary:

 

“Friday's open interest numbers were a real surprise... at least in gold. The big decline in gold's price saw open interest rise 907 contracts. Someone was either piling on the short positions... or the bullion banks were adding to their long positions instead of covering their shorts. This data will be in Friday's Commitment of Traders report... which is still three days away. Volume on Friday was a pretty heavy 226,670 contracts. Total gold o.i. is now 498,899 contracts. In silver, open interest did what it should on a price decline of that size... it declined by 1,551 contracts. Volume was 40,321 contracts... with total o.i. now 121,860 contracts.

Cut-off for this Friday's COT report is at the close of business today... so whatever is reported in open interest changes at the CME website late Wednesday morning... will be in that report. Last week's COT report didn't tell us much, but this one will, as the bullion banks can only hide what they're doing for so long... and their time is now up.

The CME Delivery Report yesterday showed that exactly 9 gold contracts and 43 silver contracts were put up for delivery on Wednesday. There were no reported changes over at the SLV ETF... but, despite the price decline of the last week, the GLD ETF made a small addition of 9,802 troy ounces yesterday. The U.S. Mint had something to say for itself yesterday as well. They reported using another 22,500 ounces of gold to make fractional gold bullion coins. No one ounce gold bullion coins were produced, but apparently they're supposed to making more starting almost right away. They also reported selling another 572,500 silver eagles. Total silver eagle sales this month so far is 1,686,500. 24K one ounce gold buffaloes showed no change, as they are not being produced until further notice.

Over in Switzerland at the Zürcher Kantonalbank, they reported the changes in both their gold and silver ETFs for the week ending Friday, December 11th. Their gold ETF showed a decline of 64,635 ounces... but, once again, their silver ETF showed a substantial increase of 578,167 troy ounces. In the last four weeks their silver ETF has added approximately 3.2 million ounces. That's quite a bit. Currently, their silver ETF holds 57,944,787 ounces. Once again I thank Carl Loeb for providing this data.

The Comex-approved depositories had some pretty big numbers to report yesterday as well. They showed that a very large 1,705,065 troy ounces of silver were withdrawn... 1.1 million from Scotia Mocatta... and 600,000 from HSBC, USA. These draw-downs were done last Friday [Comex reports are always one day late]... so, as of the end of last week, Comex silver inventories stood at 109,822,765 ounces. Ted Butler says that's the lowest silver inventory level since December 2006.”
– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

GATA Posts:

 

 

J.S. Kim: Disinformation obscures great opportunity in gold

Nouriel Roubini thinks he knows nearly everything about gold

Ted Butler: Extreme speculation

U.S. Mint resumes bullion coin sales with rationing

 

The Statistics:

Activity from: 12/11/2009

Gold Warehouse Stocks:

9,684,041

+11,317

Silver Warehouse Stocks:

109,822,765

-1,706,065

 

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

1116.551

35,898,246

US$40,270m

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

Gold Bullion Securities

126.69

4,072,227

US$4,562m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.20

486,633

US$548m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

53.52

1,720,684

US$1,934m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,984

US$6m

 Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.304 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 81.77 - No change from yesterday’s data.

 

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

 

The Miners:

 

Kimber’s (KBX) public offering, Eldorado’s (EGO) closed acquisition of Sino Gold, Alexco’s (AXU) private placement and exploration results, Minefinders’ (MFN) consolidated district, and Silvermex’s (SMR.V) appointment were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  DRDGOLD

DROOY+14.91% $6.32

2.  Alexco

AXU +11.31% $3.64

3.  Exeter

XRA +9.40% $7.10

 

LOSERS

1.  Claude

CGR -10.63% $1.07

2.  Gold Reserve

GRZ -5.04% $1.32

3.  Entree

EGI -4.30% $2.29

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:

Wealth Manager-Canada's year-end rush to mining stock - "Flow-through shares are an excellent way for Canadian investors who capitalized on the market rebound this year to save on tax bills. But they will have to hurry because time has almost run out.

Flow-through shares, issued by mining companies to finance exploration in Canada, allow stockholders to offset or defer taxable income on their Canadian returns. Investors can buy them directly or through limited partnerships." More
- December 15, 2009 | Item | E-mail


Castle Gold Reminds Shareholders to Tender to Argonaut Gold Cash Offer - More
- December 15, 2009 | Item | E-mail


Stellar Pacific Ventures Inc.: Nomination of Giroux and Ryan to Board and Nicoletti Hired as CFO - More
- December 15, 2009 | Item | E-mail


Alexco Identifies 20 Meter Wide Mineralized Structural Zone at Bermingham, Keno Hill Silver District, Yukon - "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. In addition to the largely successful 2009 exploration program targeting expansion and/or extension of known high grade silver mineralization related to historic mines, a regional exploration program was undertaken to identify new structural targets with potential to host significant silver deposits. This effort was initiated in the area of the historical Bermingham mine, located approximately 1.5 kilometers southwest of the historical Hector Calumet mine." More
- December 15, 2009 | Item | E-mail


Minefinders Consolidates La Virginia District in Sonora-Drilling Planned in Early 2010 - "Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) is pleased to report the consolidation of all mineral rights and surface rights necessary to drill and test the La Virginia gold/silver district in Sonora, Mexico. The Company has staked mineral rights over more than 32,000 hectares of land and has also optioned an additional 2,100 hectares of mineral rights." More
- December 15, 2009 | Item | E-mail


Kent Completes Alexander River Phase One Exploration Program - More
- December 15, 2009 | Item | E-mail


Brazauro Grants Stock Options - More
- December 15, 2009 | Item | E-mail


Duncastle Acquires High-Grade Silver, Gold and Copper Prospects at Porphyry Creek - More
- December 15, 2009 | Item | E-mail


Eleven Silver Gold Epithermal Veins Recognized to Date at Golden Goliath's Las Bolas Property - More
- December 15, 2009 | Item | E-mail


Terra Ventures Inc.: Hathor Plans Aggressive Winter Drill Program at Midwest Northeast Property - More
- December 15, 2009 | Item | E-mail


Hathor Plans Aggressive Winter Drill Program at Midwest NorthEast Property - More
- December 15, 2009 | Item | E-mail


Champion Minerals Estimates Conceptual Tonnages at Harvey-Tuttle, Including the 25 km2 Iron Formation of the "Mammoth" and "Mammoth SW" Zones - More
- December 15, 2009 | Item | E-mail


Threegold Resources Inc.: Exploration Update and Closing of First Tranche of Financing for $350,000 - More
- December 15, 2009 | Item | E-mail


Excalibur Resources Ltd.: Shareholders Elect New Directors and Approve Share Consolidation - More
- December 15, 2009 | Item | E-mail


Great Western Minerals Group Provides Corporate Update - More
- December 15, 2009 | Item | E-mail


Millrock Announces Exploration Agreement With Kinross for Council Mining District Properties, Alaska - More
- December 15, 2009 | Item | E-mail


VHGI: VHGI Gold Taps Key Mining Professionals to Assist With Development Plan for $50,000,000 Potential Reserves at Treasure Gulch Gold Mine; Investor Town Hall - More
- December 15, 2009 | Item | E-mail


New Guinea Gold Announces Private Placement to Raise $1,850,000 - More
- December 15, 2009 | Item | E-mail


Lake Shore Gold Announces Management Changes - More
- December 15, 2009 | Item | E-mail


Acadian Mining intersects 33 meters grading 1.37 g/t gold including 8 meters grading 3.01 g/t gold at Beaver Dam, Nova Scotia - More
- December 15, 2009 | Item | E-mail


Starcore Reports Positive Financial Results From the First Quarter of 2010 - More
- December 15, 2009 | Item | E-mail


Khan Board of Directors Recommends Shareholders Reject Armz's Highly Inadequate and Prejudicial Offer - More
- December 15, 2009 | Item | E-mail


Jinshan Gold Mines Redeems Outstanding Promissory Notes - More
- December 15, 2009 | Item | E-mail


Otis Drills High-Grade and Bulk-Tonnage Intercepts at Kilgore - More
- December 15, 2009 | Item | E-mail


Queenston Reports New High-Grade Drill Results from Upper Beaver Including Deep Zone Assaying 20.3 g/t Au With 2.5% Cu Over 6.0 m - More
- December 15, 2009 | Item | E-mail


Kalahari Resources Commences Drilling on Lamaque Gold Project - More
- December 15, 2009 | Item | E-mail


Klondike Gold Corp. Expands Exploration Effort to West Timmins Gold District, Acquires Gold Project Along Destor Porcupine Fault Zone - More
- December 15, 2009 | Item | E-mail


NWM Mining Corporation Announces First Phase Drill Program to Commence - Lluvia de Oro/La Jojoba - More
- December 15, 2009 | Item | E-mail


Searchlight Minerals Corp. Receives Conditional Approval of Plan of Operations - More
- December 15, 2009 | Item | E-mail


Red Hill Energy Acquires Thor Rare Earth Property in Southwestern Nevada - More
- December 15, 2009 | Item | E-mail


Tarsis Options Prospector Mountain to Silver Quest - More
- December 15, 2009 | Item | E-mail


Treasury Metals Expands Land Position at the Goliath Gold Project, Kenora Gold District - More
- December 15, 2009 | Item | E-mail


Midland Acquires New Gold Property and Found New Gold Zones in the Goldcorp's Eleonore Area - More
- December 15, 2009 | Item | E-mail


Knight Resources Ltd. Private Placement Closes - More
- December 15, 2009 | Item | E-mail


Chalice Diamond Corp. Enters West Timmins District with Acquisition of Gold Project along Destor Porcupine Fault Zone - More
- December 15, 2009 | Item | E-mail


Golden Chalice Resources Acquires Two Properties in West Timmins Gold District Along Destor-Porcupine Fault - More
- December 15, 2009 | Item | E-mail


DIOS is Preparing a Drill Program on a Carbonatite Target for Rare Earths and Niobium - More
- December 15, 2009 | Item | E-mail


UEX Announces $5.06 Million Non-Brokered Private Placement - More
- December 15, 2009 | Item | E-mail


Capstone Completed Pre-feasibility Study on Phase IV Expansion of Minto Copper-Gold Mine - More
- December 15, 2009 | Item | E-mail


Sunergy Advisory Board Joined by Regional Chief Nene Abiasi Agbonoo #3 of Royal Kabiawertsu Divisional Council of Ada in the Greater Accra District, Ghana - More
- December 15, 2009 | Item | E-mail


Stelmine Increases its Rare Earth Position in the Alkaline Complex in the Gatineau Region of Quebec - More
- December 15, 2009 | Item | E-mail


Silver Quest Acquires the Prospector Mountain Property, Dawson Range, Yukon - More
- December 15, 2009 | Item | E-mail


Grayd Extends North Zone at La India - More
- December 15, 2009 | Item | E-mail


Olympus Management Exercise of Options Nets Cdn$2.3 Million - More
- December 15, 2009 | Item | E-mail


East Asia Minerals Corporation: Moon River Significantly Expands Potential Size of Miwah - More
- December 15, 2009 | Item | E-mail


Amador Gold Corp. Acquires Extensive Gold Property in West Timmins Camp Along Destor-Porcupine Fault Zone - More
- December 15, 2009 | Item | E-mail


Altair Closes Over-Subscribed Private Placement - More
- December 15, 2009 | Item | E-mail


Abitibi Mining Corp Significantly Expands Gold Project in West Timmins District - More
- December 15, 2009 | Item | E-mail


Klondike Silver Corp. Acquires Timmins Property With Multiple VTEM Anomalies and Historic High-Grade Vein Mineralization - More
- December 15, 2009 | Item | E-mail


Zinccorp Acquires Gold Property in West Timmins District - More
- December 15, 2009 | Item | E-mail


Royal Roads intersects 15.52% zinc, 7.61% lead, 0.92% copper, 148.9 g/t silver, & 1.15 g/t gold over 2.1 metres at Buchans North - More
- December 15, 2009 | Item | E-mail


Western Lithium Appoints Sr. VP, Project Development to Advance Its Lithium Chemicals Project in Nevada - More
- December 15, 2009 | Item | E-mail


General Metals Management Discusses Milestones Achieved During 2009 in Route to Near Term Production at Independence Mine in Nevada - More
- December 15, 2009 | Item | E-mail


Murgor Resources announces first closing of private placement for $1,044,267 to explore its Manitoba, Ontario and Quebec properties - More
- December 15, 2009 | Item | E-mail


Maxy Shareholders Approve Acquisition by Lara Exploration Ltd - More
- December 15, 2009 | Item | E-mail


Acquisition by Lara Exploration Approved by Maxy Gold Shareholders - More
- December 15, 2009 | Item | E-mail


Uranium One Acquires 50% of Karatau Uranium Mine - More
- December 15, 2009 | Item | E-mail


White Mountain Reports Successful Completion of Stage 2 Pilot Plant Test Work Program Culminating in Continuous 60 Hour Test Run - More
- December 15, 2009 | Item | E-mail


Intrepid Mines Limited-Tujuh Bukit Option Agreement: Update - More
- December 15, 2009 | Item | E-mail


Uruguay Mineral Exploration Inc. Announces Additional Significant Drill Results for Arenal Deeps Including: 15.75m @ 2.36g/t Au, 14.35m at 3.04 g/t Au... - More
- December 15, 2009 | Item | E-mail


Uruguay Mineral Exploration Inc. Announces Q2 Gold Production and Reorganisation - More
- December 15, 2009 | Item | E-mail


Lake Shore Gold Added to S&P/TSX Composite Index - More
- December 15, 2009 | Item | E-mail


Selwyn Resources Announces C$100 Million Joint Venture Transaction With Yunnan Chihong Zinc & Germanium Co. Ltd. - More
- December 15, 2009 | Item | E-mail


Frontera to Defer Paying December 15 Interest; Restructuring Proposal Imminent - More
- December 15, 2009 | Item | E-mail


Michael Callahan, Prior Hecla Executive, Appointed as New President of Silvermex - "Silvermex Resources Ltd. (TSX-V:SMR - News) (the "Company" or "Silvermex") is pleased to announce the appointment of Mr. Michael Callahan as the new President and Director of Silvermex Resources Ltd. This appointment will become effective December 15, 2009 and has been made as an on going effort to add production experience, depth and diversification to Silvermex's management team. Mr. Arturo Bonillas, the current President of Silvermex, will continue as a Director and work closely with Mr. Callahan to help develop the strategies necessary to advance Silvermex to production." More
- December 15, 2009 | Item | E-mail


Kimber announces public offering of common shares in the U.S. - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) ("Kimber" or the "Company") is pleased to announce that it has filed a preliminary prospectus supplement dated December 15, 2009 (the "Preliminary Prospectus Supplement") with the United States Securities and Exchange Commission in respect of an offering of its common shares (the "Offered Shares") in the United States (the "Offering"). The Preliminary Prospectus Supplement supplements Kimber's registration statement on Form F-3 (Registration # 333-151417) filed on June 4, 2008, which became effective on November 18, 2008." More
- December 15, 2009 | Item | E-mail


Eldorado Closes Acquisition of Sino Gold - "Eldorado Gold Corporation (TSX:ELD - News)(NYSE:EGO - News)(ASX:EAU - News) ("Eldorado" or "Company") is pleased to announce the closing of its acquisition of all of the outstanding securities (the "Sino Gold Securities") of Sino Gold Mining Limited ("Sino Gold"), not held by Eldorado, pursuant to a Scheme Implementation Deed dated August 26, 2009, as amended October 27, 2009 (the "Scheme Deed"), with Sino Gold, by way of schemes of arrangement (the "Schemes") under the laws of Australia (the "Transaction")." More
- December 15, 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 15 December, 2009 | |


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