-- Posted 5 January, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1118.20 | +$0.20 |
Silver | $17.73 | +$0.30 |
XAU | 176.02 | +1.15% |
HUI | 449.42 | +1.03% |
GDM | 1331.41 | +1.05% |
JSE Gold | 2442.52 | +14.69 |
USD | 77.62 | +0.10 |
Euro | 143.68 | -0.46 |
Yen | 109.06 | +0.98 |
Oil | $81.77 | +$0.26 |
10-Year | 3.755% | -0.086 |
T-Bond | 116.03125 | +0.9375 |
Dow | 10572.02 | -0.11% |
Nasdaq | 2308.71 | +0.01% |
S&P | 1136.52 | +0.31% |
The Metals:
Gold traded roughly 0.5% higher in Asia and London before it fell to see a 5 cent loss at $1117.95 by midmorning in New York and then rallied back to about $1125 by late morning, but it then fell back off in afternoon trade and ended with a gain of just 0.02%. Silver fell to as low as $17.47 by midmorning in New York, but it then shot to a new session high of $17.845 by late morning and closed near that high with a gain of 1.72%.
Euro gold rose to about €778, platinum gained $17 to $1528, and copper rose slightly to about $3.40.
Gold and silver equities rose nearly 2% by late morning before they fell back off in early afternoon trade and saw slight losses at one point, but they then rallied back higher into the close and ended with over 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Nov | 1.1% | 0.5% | 0.8% |
Pending Home Sales | Nov | -16.0% | -2.0% | 3.9% |
U.S. scrapped more cars than bought new ones in 2009 Yahoo
U.S. Budget Deficit May Exceed $1 Trillion for Years, Kos Says Bloomberg
Americans' job satisfaction falls to record low Yahoo
Tomorrow at 8:15AM EST brings ADP Employment for December expected at -75,000 and at 10AM is the ISM Services report for December expected at 50.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose for the ninth straight session on continued cold weather and worries over rising geopolitical tensions.
The U.S. dollar index found slight gains as economic worries encouraged cash raising.
Treasuries rose as the Dow, Nasdaq, and S&P traded mostly slightly lower on the disappointing Pending Home Sales report and another lowered EPS estimate for Goldman Sachs by widely followed analyst Meredith Whitney.
Among the big names making news in the market today were Ford, Honda, Kraft and Cadbury, Mesa Air, and Palm.
The Commentary:
“U.S. Stock Market – Was it just me or did anyone else hear this music yesterday throughout Wall Street and in the financial media? Ah how nice it is all is well again and the stock market has become once again the engine that could… Oh forgive me for dreaming for a minute. Heck, as a forty year NY Jets fan, I even dreamed the Jets made the playoffs.
This seemingly disregard of numerous serious economic, social and political factors both here and abroad is exactly what is needed before I would put my bear suit back on. I can tell you it’s out of storage, pressed and ready to go. My target since last spring of DJIA 10,500 – 11,000 is now upon us even though I thought it wouldn’t be until this summer. That belief is the main reason why I have yet to pull the trigger. My work has suggested for quite awhile that the economy would bounce through this summer before puttering out. All indications continue to suggest fairly decent growth for the first two quarters
So while it’s okay for now to hum along with the “Don’t Worry, Be Happy” crowd, don’t forget our bags are packed and both eyes are on the exit door.
Gold – AS noted near year-end, the bulk of the correction appeared behind us and it was okay to get back into bullion. While it would be best for gold to back and fill while working its way higher, I’ve stated for several years now the surprises in gold are mostly to the upside.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&b=5&g=0&id=p91818569083
We’re close to turning quite bullish again technically. As I type this early AM, gold is breaking above its 50-Day M.A. and the MACD is about to turn bullish. Closing above $1,150 should remove any lingering doubt the correction was anything more than a refreshing breeze.
U.S. Dollar – We all know that the bear camp became so overloaded that we witnessed record low percentage of dollar bulls in the future pits in the last month or so of 2009. Naturally, a countertrend rally evolved and can last for several weeks to a few months. One of the reasons I question its ability to be anything much more than a blip up is how fast the dollar bull camp filled up and the fact that all the bearish factors that have led to terminal illness for Uncle Sam remain.
I noted that the perma-gold bears were praying to the dollar gods for a big rally in futile hope that their horrific track record on gold could somehow be salvage with some massive sell-off in the gold price on the back of some gigantic dollar rally. I stated the surprise should be how well gold performs without a declining U.S. Dollar. The New Year is only two trading days old but I can assure you a few balloons have already busted in the gold perma-bear camp.
U.S. Bonds – Avoid! Any questions?
Oil and Gas – A worldwide severe winter has aided in the nice pop in oil and natural gas. For oil, I also believe underneath the surface there’s an element of geopolitical concerns that are supporting prices. I’m neither bull or bear on energy.”- Peter Grandich, Grandich Letter
GATA Posts:
Gene Arensberg: New CFTC data for silver
The Statistics:
Activity from: 1/04/2010
Gold Warehouse Stocks: | 9,822,563 | +1,125 |
Silver Warehouse Stocks: | 112,501,945 | +665,665 |
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 | 1128.745 | 36,290,296 | US$40,746m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 124.17 | 3,990,588 | US$4,475m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.20 | 486,524 | US$548m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 53.02 | 1,704,616 | US$1,912m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,983 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 4.877 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.33 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,492.97: -21.38 change from yesterday’s data.
The Miners:
NovaGold’s (NG) appointed advisor, Revett’s (RVM.TO) share subscription with Silver Wheaton (SLW), and Pan American’s (PAAS) opened museum were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MGH+10.99% $1.01 |
2. Entree | EGI +8.45% $3.08 |
3. Gold Reserve | GRZ +7.14% $1.35 |
LOSERS
1. Kimber | KBX-7.19% $1.29 |
2. Timberline | TLR -2.58% $1.13 |
3. Exeter | XRA-2.55% $7.26 |
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:
B2Gold Corp.: Gold and Silver Production Commenced at Orosi Mine, Nicaragua - More
- January 05, 2010 | Item | E-mail
Eaglecrest Closed Non-Brokered Private Placement Before 2009 Calendar Year End - More
- January 05, 2010 | Item | E-mail
Vault Intersects 15.9 gAu/t over 1.0 m in First Drill Hole of Program at Boundary Zone - More
- January 05, 2010 | Item | E-mail
Condor Resources Inc.: 'Bonanza-Grade' Gold and Silver Mineralization Discovered at Pucamayo - More
- January 05, 2010 | Item | E-mail
Hana Mining Announces New VP Engineering to Support Ghanzi Copper-Silver Project Planning and Development - More
- January 05, 2010 | Item | E-mail
Panoro Closes $622,800 Private Placement - More
- January 05, 2010 | Item | E-mail
Closing of a $213,325 Non-Brokered Private Placement - More
- January 05, 2010 | Item | E-mail
Scorpio Appoints New Director to the Board - More
- January 05, 2010 | Item | E-mail
Minera IRL Limited: Director Dealing - More
- January 05, 2010 | Item | E-mail
Goldstone Reports Deep Drilling at Hardrock Intersects High Grade Gold: 10.05 g/t (0.29 Oz/ton) Gold Over 24.2m (79.4 Feet) - More
- January 05, 2010 | Item | E-mail
Revett announces Silver Wheaton Corp. Subscription - "Revett Minerals Inc. ("Revett" or the "Company") ("TSX:RVM/OTCBB:RVMIF) is pleased to announce that Silver Wheaton Corp. has subscribed for additional shares in Revett Minerals to bring its shareholdings back to 16.6% of issued and outstanding shares of Revett." More
- January 05, 2010 | Item | E-mail
Golden Predator Intersects 13.88 m of 2.30 gpt Au and 3.15 m of 25.06 gpt Au from the AJ Vein at Antimony Mountain, YT - More
- January 05, 2010 | Item | E-mail
Assay Results From Trenches on Highland's Rickaby Property in Thunder Bay's Mining District Includes 27.20 g/t Gold Over 0.50m in Channel Sampling - More
- January 05, 2010 | Item | E-mail
Kent Exploration Inc.: Gnaweeda Second Option Exercised by Teck Australia - More
- January 05, 2010 | Item | E-mail
Coro Announces 88 Metres at 0.47% Copper From Drilling Program at Chacay Property - More
- January 05, 2010 | Item | E-mail
NovaGold Appoints Gil Leathley as Senior Advisor to the President and Reports on Progress at its Projects - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) has appointed Mr. Gil Leathley as Senior Advisor to the President. Mr. Leathley brings a tremendous breadth of mining experience to this position, and will advise NovaGold on mining, technical and operation matters related to the Company's advanced projects." More
- January 05, 2010 | Item | E-mail
Nevada Fourth District Court Denies Golden Eagle's Motion for Repossession of the Jerritt Canyon Mill in the First Step in $40 Million Lawsuit - More
- January 05, 2010 | Item | E-mail
Golden Phoenix Signs Multi-Million Dollar Joint Venture With Scorpio Gold to Restart Gold Production at the Newly Expanded Mineral Ridge Mine - More
- January 05, 2010 | Item | E-mail
Flag Resources (1985) Limited announces the passing of its Chairman Sidney Miszczuk - More
- January 05, 2010 | Item | E-mail
Pacific Iron Ore Corporation Announces Widespread Gold Values in Initial Diamond Drilling Results for the St Anthony's Project - More
- January 05, 2010 | Item | E-mail
Nautilus Minerals Inc.: Solwara 1 Environmental Permit Granted - More
- January 05, 2010 | Item | E-mail
SIRIOS Resources Inc.: Two Private Placements Totaling $170,300 - More
- January 05, 2010 | Item | E-mail
Orezone Increases Sega Project Gold Resources - More
- January 05, 2010 | Item | E-mail
VHGI Unveils Strategic Gold Production Financing Plans for 2010 and Possible Name Change - More
- January 05, 2010 | Item | E-mail
TerraX options Central Canada Property, Atikokan Area, Northwest Ontario; recent rock sampling yields 22.9 g/t gold - More
- January 05, 2010 | Item | E-mail
Miranda Gold and Red Eagle Mining Sign Letter of Intent on Pavo Real Project, Colombia - More
- January 05, 2010 | Item | E-mail
Selwyn Resources Announces Engagement of Wardrop Engineering - More
- January 05, 2010 | Item | E-mail
American Lithium Minerals Acquires 5 New Exploration Brine Projects in Nevada - More
- January 05, 2010 | Item | E-mail
Moneta announces appointment of Dr. Sethu Raman to the Board of Directors - More
- January 05, 2010 | Item | E-mail
Golden Hope Mines Limited Announces Positive Results From Geochemical Analysis on the Timmins Extensions - More
- January 05, 2010 | Item | E-mail
Prophecy Appoints Harald Batista as Special Advisor, Greg Hall as Director - More
- January 05, 2010 | Item | E-mail
Magellan Commences Preliminary Economic Assessment at Coringa Project, Brazil - More
- January 05, 2010 | Item | E-mail
Canadian Mining Moves Forward With Drilling Bids at Bullard Pass Gold Project - More
- January 05, 2010 | Item | E-mail
Nevada Gold Holdings Inc. Appoints John N. Braca to Board of Directors - More
- January 05, 2010 | Item | E-mail
Green Planet Group Making Green Gold Mining a Reality - More
- January 05, 2010 | Item | E-mail
Skyline Gold Announces Closing of Private Placement - More
- January 05, 2010 | Item | E-mail
Underworld's Optimized Metallurgical Testwork Returns Excellent Gold Recoveries at White Gold Property - More
- January 05, 2010 | Item | E-mail
Premier Gold - Deep drilling at Hardrock intersects high grade gold including 10.05g/t (0.29 oz/ton) gold over 24.2m (79.4 feet) - More
- January 05, 2010 | Item | E-mail
Richfield intersects 329 metres of 1.25 g/t gold including 233 metres of 1.42 g/t gold and 5.2 metres of 9.1 g/t gold at the bottom of the hole - More
- January 05, 2010 | Item | E-mail
Southern Arc Minerals Inc.: Minister of Public Works Signs the Revision of the Provincial Regulation (Perda) - More
- January 05, 2010 | Item | E-mail
Tournigan's Sale of Irish Property Brings Year-End Cash up to $5.6 Million - More
- January 05, 2010 | Item | E-mail
Liberty Star Names New Vice President of Business Development, Mexico - More
- January 05, 2010 | Item | E-mail
Goldbrook Ventures Inc.: Canadian Royalties Plan of Arrangement Receives Shareholder Approval at Special Meeting - More
- January 05, 2010 | Item | E-mail
Uranium Energy Corp Extends Option Agreement Deadline for $11-Million Sale of Interest in New Mexico Project - More
- January 05, 2010 | Item | E-mail
Armistice Resources Announces Positive Drilling Results at McGarry Gold Mine in Kirkland Lake Area - More
- January 05, 2010 | Item | E-mail
Wesdome announces new CEO - More
- January 05, 2010 | Item | E-mail
New Dimension Receives Additional Title Confirmations at Cenepa Gold Project, Peru - More
- January 05, 2010 | Item | E-mail
Canadian Royalties Plan of Arrangement Receives Shareholder Approval at Special Meeting - More
- January 05, 2010 | Item | E-mail
Reservoir Granted Geothermal Exploration Permit in Serbia - More
- January 05, 2010 | Item | E-mail
Riverside Resources Acquires the Tajitos Gold Project in Sonora, Mexico - More
- January 05, 2010 | Item | E-mail
Lara and Sprott Complete Asset Swap and Private Placement - More
- January 05, 2010 | Item | E-mail
Salares Lithium Inc. Significantly Increases Project Size in Chile - More
- January 05, 2010 | Item | E-mail
Royal Mines and Minerals Corp. Update - More
- January 05, 2010 | Item | E-mail
Arcus Development Group Inc.: Additional Dawson Gold Results - More
- January 05, 2010 | Item | E-mail
Hawthorne Announces the Resignation of Paul Fong - More
- January 05, 2010 | Item | E-mail
Soldi Ventures Inc. Announces Private Placement - More
- January 05, 2010 | Item | E-mail
Solitaire Minerals Corp. Announces Private Placement - More
- January 05, 2010 | Item | E-mail
Caldera Closes Private Placement for Total Proceeds of $316,912 - More
- January 05, 2010 | Item | E-mail
Tribute Announces Closing of Second Tranche of Financing - More
- January 05, 2010 | Item | E-mail
Fletcher Nickel share listing - More
- January 05, 2010 | Item | E-mail
Paget Minerals Appoints David Volkert as President and CEO - More
- January 05, 2010 | Item | E-mail
Bison Gold Resources Inc. Announces the Closing of Its Flow-Through Private Placement Financing - More
- January 05, 2010 | Item | E-mail
Pan American Silver opens Butch Cassidy and Sundance Kid Museum in Bolivia - "Vancouver's Pan American Silver opened the new Butch Cassidy and Sundance Kid Memorial Museum in a one-room adobe building in November-a mix between history and the Paul Newman and Robert Redford western. Tupiza Tours specializes in taking tourists along the death trail of Butch and Sundance, who may meet up with personnel from Pan American Silver's San Vicente mine, who can locate someone with a key to open up the museum." More
- January 05, 2010 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 January, 2010 | |