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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 4% and 10% on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 8 January, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1138.10

+$5.80

+3.81%

Silver

$18.41

+$0.11

+9.32%

XAU

181.74

+1.41%

+8.02%

HUI

462.60

+1.24%

+7.60%

GDM

1374.72

+1.37%

+7.97%

JSE Gold

2514.06

+19.00

+4.30%

USD

77.46

-0.48

-0.54%

Euro

144.15

+1.05

+0.62%

Yen

107.89

+1.02

+0.25%

Oil

$82.75

+$0.09

+4.27%

10-Year

3.808%

-0.014

-0.91%

Bond

115.46875

+0.1875

+0.08%

Dow

10618.19

+0.11%

+1.82%

Nasdaq

2317.17

+0.74%

+2.12%

S&P

1144.98

+0.29%

+2.68%

 
 

 

The Metals:

 

Gold fell over 1% to as low as $1119.50 in London and then shot higher after the US jobs report was released to as high as $1139.12 by about 9AM EST before it fell back off to see slight losses by late morning, but it ultimately climbed back higher into the close and ended near its earlier high with a gain of 0.44%.  Silver fell over 1.5% to as low as $18.019 in Asia before it jumped to as high as $18.45 at the New York open and then also fell back near unchanged by late morning, but it too rallied back higher in the last couple of hours of trade and ended with a gain of 0.6%.

 

Euro gold fell to about €789, platinum gained $21.50 to $1571.50, and copper remained at about $3.41.

 

Gold and silver equities waffled near unchanged for most of the morning, but they then headed higher in afternoon trade and ended with over 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Dec

-85K

0K

4K

Unemployment Rate

Dec

10.0%

10.0%

10.0%

Hourly Earnings

Dec

0.2%

0.2%

0.1%

Average Workweek

Dec

33.2

33.2

33.2

Wholesale Inventories

Nov

1.5%

-0.3%

0.6%

Consumer Credit

Nov

 

 

 

 

The BLS Net Birth/Death adjustment added 59,000 payrolls to December’s data.

 

All of this week’s other economic reports:

 

Initial Claims - 1/02

434K v. 433K

 

ISM Services - December

50.1 v. 48.7

 

ADP Employment - December

-84K v. -145K

 

Pending Home Sales - November

-16.0% v. 3.9%

 

Factory Orders - November

1.1% v. 0.8%

 

ISM Index - December

55.9 v. 53.6

 

Construction Spending - November

-0.6% v. -0.5%

 

Next week’s economic highlights include the Trade Balance on Tuesday, the fed’s Beige Book and the Treasury Budget on Wednesday, Initial Jobless Claims, Retail Sales, Import and Export Prices, and Business Inventories on Thursday, and CPI, Empire Manufacturing, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil edged higher as the U.S. dollar index fell in reaction to the worse than expected jobs report.

 

Treasuries found slight gains while the Dow, Nasdaq, and S&P remained near unchanged as economic worries were offset by the outlook for continued low interest rates.

 

Among the big names making news in the market Friday were UPS, Toyota, Best Buy, Intel, GE Capital, and Lloyds.

 

GATA Posts:

 

 

Ron Paul's golden rule

Chinese firm beats Morgan Stanley out of most of its derivatives claim

Platinum, palladium ETFs to begin trade in U.S. Friday

 

The Statistics:

Activity from: 1/07/2010

Gold Warehouse Stocks:

9,928,479

+98,518

Silver Warehouse Stocks:

111,981,895

+236,274

 

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

1123.503

36,121,731

US$40,695m

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

Gold Bullion Securities

124.14

3,989,467

US$4,531m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.37

491,809

US$561m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

53.02

1,704,560

US$1,927m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,983

US$6m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.366 tonnes, the LSE subtracted 0.03 tonnes, and the ASX added 0.17 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.30 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,488.81 - No change from yesterday’s data.

 

The Miners:

 

MAG’s (MVG) assay results, Canplats’ support of Goldcorp’s (GG) offer, and Apogee’s (APE.V) acceptance from Bolivian Environmental Authority were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Exeter

XRA+11.61% $8.75

2.  New Gold

NGD +7.76% $4.72

3.  IAMGOLD

IAG +6.48% $16.93

 

LOSERS

1.  Gold Reserve

GRZ -5.70% $1.49

2.  Solitario

XPL -2.44% $2.40

3.  Nevsun

NSU -2.02% $2.43

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:

HudBay Provides Update on Polar Star Holdings - More
- January 08, 2010 | Item | E-mail


Bravo Receives $1.7 Million in Warrant Exercises - More
- January 08, 2010 | Item | E-mail


Armistice Resources to Acquire Former Kerr-Addison Mine Property - More
- January 08, 2010 | Item | E-mail


First Metals Announces Change in Senior Management - More
- January 08, 2010 | Item | E-mail


Metanor Resources Inc. Announces the Closing of a Private Placement - More
- January 08, 2010 | Item | E-mail


Southern Silver Exploration Corp.: Drilling Underway at Southern Silver's Oro Project - More
- January 08, 2010 | Item | E-mail


Golden Harp Resources announces corporate appointments - More
- January 08, 2010 | Item | E-mail


Excalibur Intersects 1.7 Meters of 657 g/t Ag and 3.6% Cu at Silver King - More
- January 08, 2010 | Item | E-mail


Melkior Grants 900,000 Stock Options - More
- January 08, 2010 | Item | E-mail


Canplats shares fall as Minera Penmont ends pursuit - "Shares of mining exploration company Canplats Resources Corp (CPQ.V) fell 6.5 percent on Friday after Minera Penmont backed out of a bidding war for the Canadian junior miner, clearing the way for Goldcorp's (G.TO) C$280 million ($269 million) takeover bid to succeed." More
- January 08, 2010 | Item | E-mail


Review of Carpathian's 2009 Exploration Activity & Outlook for 2010 - More
- January 08, 2010 | Item | E-mail


GoldSpring Purchases Obester Patented Mining Claims for Their Comstock Mine Project - More
- January 08, 2010 | Item | E-mail


Altius Sells Nuiklavik Property to Rare Element Resources - More
- January 08, 2010 | Item | E-mail


RT Minerals Corp. announces drilling has commenced in West Timmins, Ontario, adjoining Lake Shore Gold Corp. and Nebu Resources Inc. and closing - More
- January 08, 2010 | Item | E-mail


Millrock and Inmet Mining Corporation Sign Letter of Intent to Enter Into an Option to Joint Venture Agreement on San Jose and Dry Mountain Projects, Arizona - More
- January 08, 2010 | Item | E-mail


Brionor Announces a $600,000 Private Placement - More
- January 08, 2010 | Item | E-mail


Tri-River announces $4,800,000 private placement - More
- January 08, 2010 | Item | E-mail


Red Metal Resources Announces Change of Independent Auditors - More
- January 08, 2010 | Item | E-mail


ATW Gold Corp. Provides Update on Strategic Alternatives - More
- January 08, 2010 | Item | E-mail


Montoro Increases Non Flow-Through Financing to $350,000 - More
- January 08, 2010 | Item | E-mail


International Wayside Files Three NI43-101 Technical Reports - More
- January 08, 2010 | Item | E-mail


Yukon-Nevada Gold Corp. updates Golden Eagle dispute - More
- January 08, 2010 | Item | E-mail


Terrane Metals Corp.: Mt. Milligan to Proceed to Construction - More
- January 08, 2010 | Item | E-mail


Strategic Resources Inc. Completes Private Placement - More
- January 08, 2010 | Item | E-mail


Golden Minerals Closes Previously Announced Transactions With Sentient and Hochschild - More
- January 08, 2010 | Item | E-mail


Canplats Announces Adjourned Meeting Date to Consider Goldcorp Transaction - More
- January 08, 2010 | Item | E-mail


Firestone Ventures Completes Phase One Exploration Program for Zinc-Lead in Guatemala - More
- January 08, 2010 | Item | E-mail


CanAlaska Uranium executes drill contract for 2010 exploration - More
- January 08, 2010 | Item | E-mail


Canplats board reiterates support of Goldcorp offer - "Canplats Resources Corp (CPQ.V) said on Friday that its board had reiterated support for Goldcorp's (G.TO) revised takeover offer of about C$280 million, which matches a rival bid from Minera Penmont." More
- January 08, 2010 | Item | E-mail


MAG Silver Extends Molybdenum-Gold Zone at Cinco De Mayo - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG") is pleased to announce additional gold and molybdenum assay results from on-going drilling of the Pozo Seco Moly-Gold zone discovery on its 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico (see press releases of September 23 and November 10, 2009)." More
- January 08, 2010 | Item | E-mail


Apogee's Pulacayo Development Project Receives Acceptance from Bolivian Environmental Authority - "Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE - News) is pleased to announce that it has received notice from the Bolivian Ministry of Environment and Water ("MEW") which accepts the Company's recommendations for its Pulacayo Development Project set out in its submission entitled, "Environmental Form: Mineral Extraction, Milling and Construction of Tailings Facilities - Pulacayo", submitted to the MEW in November, 2009. The submission forms part of the Company's requirement to have the Pulacayo Project categorized for development. The report was prepared on the Company's behalf by Medio Ambiente Mineria e Industria, a well respected independent Bolivian environmental engineering consulting firm." More
- January 08, 2010 | Item | E-mail

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

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 8 January, 2010 | |


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