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Gold Seeker Closing Report: Gold and Silver Gain Over 1% While Fed Continues To Hold

By: Chris Mullen, Gold-Seeker.com


-- Posted 16 December, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1135.25

+$13.55

Silver

$17.64

+$0.26

XAU

173.45

+1.34%

HUI

446.92

+1.48%

GDM

1323.92

+1.39%

JSE Gold

2503.70

-3.22

USD

76.88

-0.04

Euro

145.32

-0.03

Yen

111.33

-0.24

Oil

$72.66

+$1.97

10-Year

3.596%

-0.007

T-Bond

118.65625

-0.03125

Dow

10441.12

-0.10%

Nasdaq

2206.91

+0.27%

S&P

1109.18

+0.11%

 
 

 

The Metals:

 

Gold rose about 1% in London and then climbed even higher in midmorning New York trade to as high $1139.15 by about 10AM EST before it fell back off a bit into the close, but it still ended with a gain of 1.21%.  Silver climbed to as high as $17.75 before it also fell back off in the last few hours of trade, but it still ended with a gain of 1.5%.  After hours access trade after the fed’s announcement has been mixed but mostly higher at the time or writing.

 

Euro gold rose to about €780, platinum gained $6 to $1446, and copper gained over 6 cents to almost $3.19.

 

Gold and silver equities rose over 2% at the open and remained near their highs for most of the morning before they dipped slightly after the fed announcement, but they still ended with over 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Building Permits

Nov

584K

570K

551K

Housing Starts

Nov

574K

574K

527K

CPI

Nov

0.4%

0.4%

0.2%

Core CPI

Nov

0.0%

0.1%

0.3%

Current Account Balance

Q3

-$108.0B

-$107.5B

-$98.0B

 

The fed kept interest rates in its recent 0.00-0.25% range as expected.  The only change in their statement is that they see weakness in the job market "abating.”

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/12 expected at 465,000 and at 10AM are Leading Economic Indicators for November expected at 0.7% and the Philadelphia Fed for December expected at 16.0.

 

The Markets:

 

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

 

Oil climbed almost 3% to over $72 after the Energy Information Administration reported that crude inventories fell a larger than expected 3.7 million barrels, gasoline inventories rose 900,000 barrels, and distillates fell 2.9 million barrels.

 

The U.S. dollar index reversed notable early losses and ended only slightly lower while treasuries reversed early gains and ended with minor losses after the fed’s semi-positive remarks about the job market increased speculation that they may indeed be starting to move towards raising interest rates around the middle of next year.

 

The Dow, Nasdaq, and S&P rose in morning trade on the view that the fed would keep its outlook for an extended period of low interest rates before they erased most of their gains following the feds view on the job market, but the Nasdaq and S&P still ended with slight gains while the Dow ended just marginally lower.

 

Among the big names making news in the market today were Citigroup, Reynolds American, and Intel.

 

GATA Posts:

 

 

Discount pushes Canadian gold trust into open-end EFT

Fabrice Taylor: The gold bubble myth

 

The Statistics:

As of close of business: 12/14/2009

Gold Warehouse Stocks:

9,691,084

+7,043

Silver Warehouse Stocks:

109,404,201

-418,564

 

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$40,826m

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

Gold Bullion Securities

126.69

4,072,181

US$4,616m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.20

486,628

US$554m

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

 

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:

 

Rubicon’s (RBY) project update, Timberline’s (TLR) completed drilling program, Richmont’s (RIC) board nominations, Randgold’s (GOLD) Kibali Acquisition, International Royalty’s (ROY) deferred separation time, Impact’s (IPT.V) drill results, Great Panther’s (GPR.TO) acquired concession, Silvermex’s (SMR.V) chairman appointment, and Orko’s (OK.V) test results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Nevsun

NSU+8.07% $3.08

2.  Claude

CGR+5.61% $1.13

3.  Exeter

XRA+5.35% $7.48

 

LOSERS

1.  Kimber

KBX -2.26% $1.30

2.  Banro

BAA -1.89% $2.08

3.  Northern Dynasty

NAK -1.84% $8.00

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:

SNS Silver (TSX VENTURE: SNS) Enters Into Emerald Lake Option Agreement With NYSE Listed Paramount Gold & Silver (TSX: PZG)(NYSE: PZG) - More
- December 16, 2009 | Item | E-mail


Trevali Delivers Fourth Sulphide Body-Drilling Intersects Significant Silver-Lead-Zinc Mineralization at Puajanca Silver Values up to 9.4 oz/t (320 g/t) - More
- December 16, 2009 | Item | E-mail


Petaquilla Minerals Ltd. Announces Results of Annual General Meeting - More
- December 16, 2009 | Item | E-mail


Hudson Confirms $1.6M Raised by Exercise of Warrants - More
- December 16, 2009 | Item | E-mail


Searchlight Minerals Corp. S-3 Registration Statements Declared Effective - More
- December 16, 2009 | Item | E-mail


Plexmar Resources Inc: Clarifications on Dec.16 News Release - More
- December 16, 2009 | Item | E-mail


NGEx Further Increases Private Placement to $8.70 Million - More
- December 16, 2009 | Item | E-mail


Klondike Silver Corp. Negotiates New Smelter Contract - More
- December 16, 2009 | Item | E-mail


Zoro Mining Corp. Announces Cease Trade Order in British Columbia - More
- December 16, 2009 | Item | E-mail


Cadan Commences Drilling Batoto Zone Main Vein System - More
- December 16, 2009 | Item | E-mail


Energizer Resources Inc. (formerly Uranium Star Corp.) Provides Exploration Update on Green Giant Vanadium Project in Madagascar - More
- December 16, 2009 | Item | E-mail


IMPACT INTERSECTS 466 g/t SILVER OVER 3.2 METERS AT SANTA LUCIA - "IMPACT Silver Corp. ("IMPACT") is pleased to announce additional drill results from a 1,500-meter Phase One drill program at the Santa Lucia Mining Camp located 3.7 kilometers southeast of IMPACT's processing plant in Royal Mines of Zacualpan Silver-Gold District of central Mexico. In a previous press release (dated October 6, 2009), the first five holes of this program were summarized, including highlights of 1,905 g/t silver over 0.57 meters and 600g/t silver over 1.43 meters." More
- December 16, 2009 | Item | E-mail


Coro Receives $1,008,000 From Exercise of Warrants From Benton Resources Inc. - More
- December 16, 2009 | Item | E-mail


Benton Resources Exercises 5.6 Million Coro Mining Warrants - More
- December 16, 2009 | Item | E-mail


Great Panther Acquires Strategic Claim at Topia - "GREAT PANTHER RESOURCES LIMITED (TSX:GPR - News) (the "Company") is pleased to announce that it has acquired a 100% interest in the "La Prieta" concession in the Topia District. The 94 hectare claim hosts two previously mined silver-gold-lead-zinc-quartz vein structures and is situated approximately two kilometres south of the principal veins presently being mined by the Company, and within the Company's overall land package (see claim map on website). As such, it is within easy hauling distance to Great Panther's plant in Topia. La Prieta was acquired for US$330,000." More
- December 16, 2009 | Item | E-mail


Dia Bras Drills More High Grade Silver at Cusi Project and Gives Outlook for 2010 - More
- December 16, 2009 | Item | E-mail


Sego Resources Inc. - Drilling at Miner Mountain Underway - More
- December 16, 2009 | Item | E-mail


Augen Gold Corp. Announces $715,000 Second Closing of Non-Brokered Private Placement for Total Proceeds Raised of $1,030,000 - More
- December 16, 2009 | Item | E-mail


Pacific North West Capital Corp. Announces Intersections up to 296.2 g/t (8.6 oz/ton) Silver, 1.31 g/t (0.04 oz/ton) Gold plus Significant Base Metals - More
- December 16, 2009 | Item | E-mail


GoldSpring Receives Funding Commitment for $4.5 Million - More
- December 16, 2009 | Item | E-mail


3D IP Survey Commences At Corex's New Gold Discovery - More
- December 16, 2009 | Item | E-mail


Plexmar Resources Inc.: Joint Venture for Malin Plant - More
- December 16, 2009 | Item | E-mail


Richmond Minerals Inc. announces private placement - More
- December 16, 2009 | Item | E-mail


Abcourt Mines Inc.: 1,500-Meter Drilling Program Started at Jonpol Property - More
- December 16, 2009 | Item | E-mail


Rockcliff Increases Land Position at the Gold Dust Property - Additional 10km of Gold Bearing Horizon Staked - More
- December 16, 2009 | Item | E-mail


First Gold Samples Up to 2.48% LI20 on Pivert/Rose Property - More
- December 16, 2009 | Item | E-mail


Volta confirms wide gold mineralization, including higher grade intercepts, at its Kiaka Gold Project in Burkina Faso - More
- December 16, 2009 | Item | E-mail


Wolverine Announces OTCBB Listing - More
- December 16, 2009 | Item | E-mail


Queenston Announces NI 43-101 Initial Resource Estimate for McBean Deposit and NI 43-101 Updated Resource Estimate for Anoki Deposit - More
- December 16, 2009 | Item | E-mail


New Dawn's Turk Mine Produces 1,130 ounces or 35.2 kg's of Gold in November 2009 - More
- December 16, 2009 | Item | E-mail


True North Gems Reports Rare Earth and Niobium Mineralogy at True Blue, Yukon - More
- December 16, 2009 | Item | E-mail


Aura Minerals Releases Drill Results for the Aranzazu Copper-Gold-Silver Project in Mexico - More
- December 16, 2009 | Item | E-mail


Empire Mining Appoints Vice President of Exploration - More
- December 16, 2009 | Item | E-mail


Columbus Silver Corporation: Permitting Approved at Mogollon Silver-Gold Project; Drilling Scheduled - More
- December 16, 2009 | Item | E-mail


Sultan Minerals Year End Update and Project Review - More
- December 16, 2009 | Item | E-mail


Garibaldi Welcomes Professional Geoscientist on to Board of Directors - More
- December 16, 2009 | Item | E-mail


Farallon Announces Exploration Drill Results - More
- December 16, 2009 | Item | E-mail


Century Mining Appoints Senior Operating Manager for the Lamaque Gold Project & Provides Financing Update - More
- December 16, 2009 | Item | E-mail


Rainy River Intersects More High-Grade Gold - More
- December 16, 2009 | Item | E-mail


Western Uranium Corporation Appoints New Director - More
- December 16, 2009 | Item | E-mail


Southern Arc Granted IUP License for Its East Elang Property - More
- December 16, 2009 | Item | E-mail


Emmet McGrath Appointed to UEX Board - More
- December 16, 2009 | Item | E-mail


Independent Report Confirms 12.4 Million Ounces Indicated Silver and 58,670 Indicated Ounces of Gold; 9.1 Million Ounces of Inferred Resource of Silver - More
- December 16, 2009 | Item | E-mail


Crocodile Gold Commences Leaching of Ore - More
- December 16, 2009 | Item | E-mail


Redstar Adds Two Gold Projects in Nevada Near World-Class Round Mountain Gold Deposit - More
- December 16, 2009 | Item | E-mail


Continental Nickel Reports Additional Sulphide Intersections at Nachingwea, Including 1.54% Nickel and 0.33% Copper Over 3.8 Metres - More
- December 16, 2009 | Item | E-mail


Northair Begins Preparations for Drill Program at La Cigarra Silver Project, Mexico - More
- December 16, 2009 | Item | E-mail


Avion Discovers Another Gold Zone at Tabakoto With an Intercept of 15.55 g/t Au Over 5.5 Metres - More
- December 16, 2009 | Item | E-mail


Geovic Mining Engages Standard Chartered Bank as Financial Advisor to the Nkamouna Cobalt Project - More
- December 16, 2009 | Item | E-mail


Astral to Acquire 100% Interest in Jumping Josephine, Kootenay to Receive 4,000,000 Shares of Astral - More
- December 16, 2009 | Item | E-mail


Aberdeen Reports Shareholders' Equity of $1.08 Per Share and Third Quarter Financial Results - More
- December 16, 2009 | Item | E-mail


Canaco Drills 56.2 Metres of 6.34 Grams Gold Per Tonne at Magambazi - More
- December 16, 2009 | Item | E-mail


Intrepid Mines Limited: Tujuh Bukit Project-Zone B Increases Total Project Inventory to 2 Million Ounces of Gold and 80 Million Ounces of Silver - More
- December 16, 2009 | Item | E-mail


International Royalty defers Separation Time in shareholder rights plan - "On November 21, 2008, the board of directors of IRC implemented a shareholder rights plan (the "Rights Plan"). The Rights Plan was adopted in order to provide the board of directors of IRC with sufficient time to assess and evaluate any takeover bid or other potential change of control transaction, and to explore and develop alternatives that maximise shareholder value and to give shareholders adequate time to consider any such transaction." More
- December 16, 2009 | Item | E-mail


Ex Hecla Chairman and CEO Arthur Brown Appointed as Chairman of Silvermex - "Silvermex Resources Ltd. (TSX-V:SMR - News) (the "Company" or "Silvermex") is pleased to announce the appointment of Mr. Arthur Brown as the new Chairman of the Board ("Executive Chairman"), and Director of Silvermex Resources Ltd. This appointment will become effective January 1, 2010 and has been made as an on going effort to add experienced leadership, production experience, depth and diversification to Silvermex's management team." More
- December 16, 2009 | Item | E-mail


Rubicon Provides year end F2 Gold System update, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to provide a year end update of results from its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. New results continue to expand the F2 Gold System, where 96,500 metres of drilling have been completed to date (see news releases since March 12, 2008 and www.rubiconminerals.com for details). The current drill program is testing a 1200-metre by 1600-metre target area, and is referred to as the '9X drill plan'. Significant new results are summarized below and all new results are presented in Table 1 and Figures 1 and 2." More
- December 16, 2009 | Item | E-mail


Timberline Completes 2009 Exploration Drill Program - 'Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to announce the completion of and results for its 2009 exploration core drilling program. Timberline completed 7,240 feet of drilling in five diamond drill core holes designed to test the boundaries of two mineralized blocks." More
- December 16, 2009 | Item | E-mail


Four Board Nominations at Richmont Mines: Building the Next Generation of Gold - "The Board of Directors of Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News), ("Richmont" or the "Company"), announced today that Mr. H. Greg Chamandy has been named Chairman of the Board. The Company also announced that Elaine Ellingham, A. Michel Lavigne, Sam Minzberg and Jean-Pierre Ouellet have been invited to join the Board, subject to obtaining shareholder approval at a meeting that will be held in the first quarter of 2010. The proposed directors bring a wealth of additional experience, knowledge and business acumen to the Board, adding to its ability to advise and support Richmont's management team as they focus on building shareholder value." More
- December 16, 2009 | Item | E-mail


Randgold Shareholders Approve Kibali Transaction - "Randgold Resources Limited (LSE:RRS - News) (NASDAQ:GOLD - News) announced that, together with AngloGold Ashanti Limited ("AngloGold"), it had entered into an agreement ("Sale and Purchase Agreement") for the acquisition of a further 20% interest in Kibali Goldmines s.p.r.l. ("Kibali Goldmines") from L'Office des Mines d'Or de Kilo-Moto ("OKIMO") for an aggregate consideration of approximately US$113.6 million (the "Kibali Acquisition")." More
- December 16, 2009 | Item | E-mail


Pan American Silver and Orko Silver Announce Positive Test Results at the La Preciosa Project - "Orko Silver Corp. ("Orko") (TSX-V:OK - News) and Pan American Silver Corp. ("Pan American") (TSX:PAA - News)(NASDAQ:PAAS - News) are pleased to announce that phase one metallurgical testing conducted on representative samples of the different veins at the La Preciosa joint venture project in Durango, Mexico have yielded excellent results." More
- December 16, 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 16 December, 2009 | |


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