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Gold Seeker Closing Report: Gold and Silver Gain Roughly 1% and 2%

By: Chris Mullen, Gold-Seeker.com


-- Posted 19 January, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1139.70

+$9.80

Silver

$18.78

+$0.39

XAU

173.90

+0.65%

HUI

442.86

+0.94%

GDM

1318.62

+0.70%

JSE Gold

2382.95

-12.00

USD

77.45

+0.23

Euro

143.02

-0.86

Yen

109.74

-0.42

Oil

$79.02

+$1.02

10-Year

3.707%

+0.031

T-Bond

117.15625

-0.21875

Dow

10725.43

+1.09%

Nasdaq

2320.40

+1.42%

S&P

1150.23

+1.25%

 
 

 

The Metals:

 

Gold traded slightly higher in world trade on Monday and rose as much as $10.70 to $1140.60 in Asia on Tuesday before it fell back off in London to see a $1.30 loss at as low as $1128.60 by about 8AM EST, but it then rallied back higher in New York and ended right back near its earlier high with a gain of 0.87%.  Silver climbed to $18.83 in Asia and fell to $18.43 by about 9AM EST before it also rallied back higher in New York and ended with a gain of 2.12%.

 

Euro gold rose to about €798, platinum gained $50.50 to $1642.5, and copper gained 8 cents to about $3.44.

 

Gold and silver equities traded mixed and near unchanged for most of the morning before they headed higher in afternoon trade, but they still ended with less than 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

TIC Flows

Nov

$126.8B

$25.0B

$19.3B

 

Home builder confidence drops in January  MarketWatch

 

Tomorrow at 8:30AM EST brings Building Permits for December expected at 580,000, Housing Starts expected at 575,000, PPI for December expected at 0.0%, and Core PPI expected at 0.1%.

 

The Markets:

 

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

 

Oil ended higher on optimism over future energy demand from rebounding economic growth.

 

The U.S. dollar index rose on worries over Greece that sent the Euro markedly lower.  Concerns over economic growth in Germany added to uncertainty over Greek debt and increased pressure on the European currency.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent company news while investors awaited results from toady’s Senate race that could have a notable impact on congressional activities as it is widely believed that a republican win could mean the death of any meaningful healthcare legislation.

 

Among the big names making news in the market today were Google, JAL, TD Ameritrade, Cadbury and Kraft, Citigroup, Lee Enterprises, and Williams.

 

The Commentary:

 

“Dear Comrades In Golden Arms,

 

The only light shining on the dollar is the shadow cast by a barrage of MOPE over the implications of Greece and the weaker members of the euro financial problems, and now the discovery that the economic recovery in Euroland is nothing to write home about.

 

By comparison, there is total media silence on the implications of the bankruptcy of many US states.

 

It is crystal clear to any thinking person that the outrageous claims of the US economy recovering and sustaining that recovery is nothing more than Pixie Dust.

 

The dollar has no meaningful upside because its only fundamental can come from flag waving and the falsehood that major dollar holders are dollar bound by size.

 

The synthetic short based on the dollar carry trade is nonsense in light of the Fed's need to continue QE to infinity regardless of the daily bull about draining.

 

The dollar is the most fundamental of all markets because of the size and desire for a means of diversification.

 

All you need to do is to keep a weekly record of what China is spending on energy and materials to know dollar diversification is a simple business tactic for nations lacking debt.

 

Few have granted that the outlaw banksters have a large propblem with their trillions of dollars. What you are forgetting is to be crooks of this magnitude they have to be damn smart. You can be sure that as a minimum they are already diversified in their dollar holdings and are at a minimum 50% non-dollar. You can also be sure they have 5-10% in gold and that percent will move higher. People that can rip off the world surely anticipate and care for themselves. To think otherwise is foolish.

 

Gold is going to $1224, onward past $1274-$1278 on its way to $1650 before it moves onward to Alf Fields and Martin Armstrong's numbers.

 

The US dollar is no safe haven and has no ability to insure buying power.

 

Respectfully yours.”- Jim Sinclair, JSMineset.com

 

Dear Friends,

 

As many of the readers of this site are aware, once a week the CFTC publishes a Commitment of Traders report which details the internal positioning of the various players that comprise the futures markets through Tuesday of the week which the report is issued.

 

Not that long ago, the CFTC, in response to numerous industry requests, issued a Disaggregated report which further breaks down the categories that we in the trade have come to know as the Commercials, the Large Speculators (predominantly Funds) and the Unreportables or the General Public.

 

The new report breaks out the Commercials as the Producer/Merchant/Processor/User category but instead of lumping in the Swap Dealers into that category or the Large Speculator Category as they did in the past, it provides a separate category for that group in addition to the category now classified as “Managed Money”. I have found this new report very useful as it gives us a much better picture of who is doing what in these futures markets.

 

The commodity markets of today are being driven primarily by two categories, Managed Money and Swap Dealers. Managed Money is pretty self explanatory – those are primarily hedge funds or fund like entities who serve clients that want speculative or investment exposure to commodities. Swap Dealers are a bit murkier. This group can be legitimately serving the needs of clients who want to offload risk in a risk management program but whose needs to do so are not best met by the standardized commodity futures contracts offered at the US futures exchanges. An example might be an airline which needs to offset the risk of rising jet fuel prices. There is no such contract offered at the Nymex. In times past such a company might have chosen to use the heating oil contract as a type of hedge instrument because its movements are generally related to the price of jet fuel but as you can surmise, there are vast differences between the two products. To fill this need the Swap Dealer has arisen which can offer a contract specifically covering Jet Fuel but which then needs to offset that risk themselves and so will come into the heating oil markets and employ those contracts as a hedge for their own risk exposure.

 

If things were that simple, it would make deciphering this new report a bit easier. The problem arises because these swap dealers also have clients that they represent who are speculators or because the swap dealer themselves might be speculating for their own interests. In other words, we can now see the positions of these swap dealers but we do not really know for whom they are acting. Transparency can only go so far.

 

In the last few years a new group of players have also come into the commodity futures markets known locally as the index funds. These are not the same as the hedge funds primarily because they are known as “long only” funds, in contrast to managed money which will go both long or short. What they do is to serve a group of clients who want exposure to commodities as an investment sector but who only want to buy commodities against an expectation of a falling US Dollar and a wave of inflation that results from excessive monetary easing. These funds will apportion their investment monies according to the weightings of the commodity basket selected by those who create and manage the benchmark commodity indices that they use to govern their futures holdings. The Goldman Sachs Commodity Index (GSCI), the DOW JONES/AIG Commodity Index and the Reuters Jefferies Commodity Index are among these various indices.

 

In a nutshell, what these index funds do is buy commodity futures across the board and then roll those positions from month to month as the front month futures contract expires. They are generally in the market on the long side as it is evident that those who want to allocate money to the commodity sector are doing so because they expect prices to rise over the long term. They do carry some short positions but generally those are small as could be expected. After all, if your clients want to own commodities because they think the price is going to rise, why would they be investing with a firm that is going to be short that sector? That is realm of the hedge funds who are in and out and both long and short depending on what they black boxes command these mindless dolts to do.

 

For CFTC classification purposes, a rather sizeable portion of this index fund community seems to be captured in the numbers that comprise the Swap Dealers category. I do not claim to be able to completely understand this but I do know from my analysis of these reports, especially by comparing the Supplemental COT report and this new Disaggregated Report, that the Swap Dealers category catches a large number of these index funds.

 

Regardless, if you look at the chart of the gold futures market, you will notice that since I started detailing this info beginning back in June 2006, these swap dealers have not once been net longs but have maintained a net short position even after all their short covering which was fairly extensive beginning when the credit crisis erupted in full force in the summer of 2008. This is quite odd when one does some further investigation into the commodity markets as a whole because there are very few exceptions, outside of the precious metals, where one can find the swap dealers on the short side of the market , particularly during periods of rising commodity prices.

 

Think about this – clients want to own commodities to protect against the decline of the US Dollar. They give money to firms that buy a basket of commodities for them. Gold is included in this basket as is crude oil, corn, wheat, soybeans, coffee, cotton, sugar, cattle, copper, etc. We could expect therefore when we do an analysis of a rising market to see both the Managed Money category and the Swap Dealer category to be on the net long side of the market against the Producer/User category. That is indeed the case with the large majority of the commodity markets. But it is NOT the case with the gold market. This is quite strange because any index fund that invests money for its clients is going to be long gold. It has to be in order to matching the weighting given to gold by the particular commodity index that is its benchmark.

 

For instance, if the weighting for gold in a commodity index is 5%, then for every $1 million of client money received, an index fund manager must buy $50,000 worth of gold contracts. Do the math and you can see that these giant index funds and their money flows into the commodity markets have pushed prices to levels commensurate with the kind of investment money that has piled into this sector. I did not detail it in this article with a chart, but copper for example has the Swap Dealers as NET LONGS by a SIX to ONE margin. Look at its price chart and you can see that it has gone vertical.

 

Corn is another example of where the Swap Dealers are overwhelming net long, alongside of the Managed Money category.

 

Yet when we come to gold not once in the last 3 ½ years has this category been net long, not once. I am at a loss to explain this quite frankly. Yes, there are Swap Dealers who are outright longs in the gold market, but they are dwarfed by those in that category that are shorts. Perhaps these gold Swap Dealers have long side exposure to gold elsewhere and are using the Comex gold market as a hedge against that position, something which would fit with their function of providing private contracts to clients to gain exposure to the gold market, but where do the index funds come in here? Are they being lumped in with the managed money section for the purposes of the gold report and if so, why, in contrast to what we see in nearly every other commodity market? Are some of these Swap Dealers also the same entities as are being labeled Producer/Merchant/Processor/User? If so, why?

 

I think it also useful to note here, even in silver, that other precious metals market in which shenanigans are occurring, the Swap Dealers are currently Net Shorts but not nearly to the extent that we see in gold. There in silver, Swap Dealers’ longs comprise 10.4% of the total open interest to their 5.4% of the total open interest on the long side in gold. Their shorts comprise 11.6% of the total open interest in silver compared to a whopping 19.5% of the total open interest in gold. Obviously a net difference of 1.2% in silver biased to the short side is dramatically different than a 14.1% difference biased to the short side in gold.

 

What all of this means is unclear to me at this point but I do think it is something worth noting. It further serves to underscore the murkiness that infests the Comex gold market and why even more transparency is required if investors are ever going to be able to have a level playing field when it comes to the US gold futures market. The CFTC needs to look even further into this market.

 

Recent discussion about potentially limiting position size in the precious metals market is useful but is not all that needs to be done. The problem with granting exemptions to position limits for hedgers is that it is quite possible that a Swap Dealer could be granted exemptions by claiming legitimate hedging needs to offload long side risk exposure, but who is then to say that the same outfit could not also be purely speculating for its own ends at the same time? Since this category by its nature is not easily defined, exactly how the CFTC can determine that the system is not being gamed with a speculative interest being granted position limits based on an incomplete or inaccurate description of the entirety of its activities is a challenge that must be addressed. Otherwise a shrewd operator can gain an unfair advantage over the rest of the speculative community that has to curb the ultimate number of positions that it can take on in a commodity market. Hedgers have no limits –speculators do, and therein lies the problem – should a speculator masquerade as a hedger and have access to a huge sum of money, who or what is to prevent them from sitting on a market? Just a thought….- Dan Norcini, More at JSMineset.com

 

GATA Posts:

 

 

Gene Arensberg: CFTC's position limits will impede only longs, not shorts

Mark Lundeen: Bullish rumblings from the Comex inventories

Financial Times prints a column complaining of market rigging

World Gold Council aims to push Indians out of real metal into paper

Help roast GATA's Murphy in balmy Phoenix next month

Adrian Douglas: The 'tiny' gold market is actually the world's biggest

ECB prepares legal grounds for euro rupture as Greece festers

NY Fed worked steadily with AIG to avert bailout disclosures

More at http://gata.org/

 

The Statistics:

Activity from: 1/14/2010

Gold Warehouse Stocks:

9,846,262

+3,600

Silver Warehouse Stocks:

112,444,754

+1,676,640

 

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

1112.836

35,778,793

US$40,351m

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

Gold Bullion Securities

124.09

3,988,975

US$4,517m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.37

491,751

US$559m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

52.52

1,688,685

US$1,916m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,982

US$6m

Note: Change in Total Tonnes from Friday’s data: SPDR subtracted 0.914 tonnes.

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 9,339.19 - No change from Friday’s data.

 

The Miners:

 

Ivanhoe’s (IVN) bell ringing, Jaguar’s (JAG) update of operations, ITH’s (THM) metallurgical results, Exeter’s (XRA) spin-out plans, International Royalty’s (ROY) acquisition dealings with Franco-Nevada and Royal Gold, Revett’s (RVM.TO) operational guidance, and MAG Silver’s (MVG) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Taseko

TGB+6.39% $5.33

2.  Solitario

XPL +4.62% $2.49

3.  Exeter

XRA+4.09% $8.40

 

LOSERS

1.  Jaguar

JAG-9.69% $11.56

2.  Golden Star

GSS -4.71% $3.24

3.  Almaden

AAU -4.39% $1.09

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:

NGEx Announces Updates on South American and Eritrean Drill Programs - More
- January 19, 2010 | Item | ShareThis


Red Mile Capital Corp. Announces Receipt of Conditional Acceptance of Qualifying Transaction and Filing of Filing Statement - More
- January 19, 2010 | Item | ShareThis


Greenock Resources: Update - More
- January 19, 2010 | Item | ShareThis


Redzone Resources Ltd.: Appointment of New Officers and Grant of Options - More
- January 19, 2010 | Item | ShareThis


Geodex Announces Unit Private Placement - More
- January 19, 2010 | Item | ShareThis


First Gold Exploration Inc.: Discovery on Pivert/Rose Lithium - More
- January 19, 2010 | Item | ShareThis


Gold Assays at Platinex's Shining Tree Property Show Enrichment Trend at Depth - More
- January 19, 2010 | Item | ShareThis


Parallel Resources Signs Letter of Intent to Acquire 50% Interest in Charcas West Properties, San Luis Potosi, Mexico - More
- January 19, 2010 | Item | ShareThis


Nemaska Exploration Reports 65,4m at 1,92 % Li2O, 20,76m at 1,94% Li2O, 18m at 2,26% Li2O and 17,9m at 1,93% Li2O on Its Whabouchi Property. - More
- January 19, 2010 | Item | ShareThis


Revett Provides Operational Guidance and Hedging for 2010 - "In 2009, the Company completed many of its near-term objectives by reducing direct operating costs at the producing Troy Mine, restructuring debt and streamlining the corporate structure. As a result, we enter 2010 with a stronger and clean balance sheet, a solid operating record and greater capacity to expand our development and growth efforts for both the Troy Mine and Rock Creek project." More
- January 19, 2010 | Item | ShareThis


Radius Gold Looks Forward to an Active 2010 - More
- January 19, 2010 | Item | ShareThis


Big Red Diamond Completes 50% Interest Purchase and Joint Venture Agreement With Melkior Resources for Bristol Property, West Timmins - More
- January 19, 2010 | Item | ShareThis


Ivanhoe Mines Marks Five Years on New York Stock Exchange by Ringing Opening Bell to Launch Trading Today - "Ivanhoe Mines Ltd. (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News) marked five successful years of trading on the New York Stock Exchange (NYSE) today when Executive Chairman Robert Friedland rang the opening bell in a traditional ceremony signalling the start of daily trading." More
- January 19, 2010 | Item | ShareThis


FNX Discovers New Mineral System at Victoria - More
- January 19, 2010 | Item | ShareThis


Nuinsco and Victory Nickel Congratulate Canadian Snowboarder Michael Lambert on World Cup Gold - More
- January 19, 2010 | Item | ShareThis


Solitaire Minerals Corp. and Partner Delta Uranium Inc. Announce Results From Spectroscopic Analysis, Athabasca Basin - More
- January 19, 2010 | Item | ShareThis


A25 Gold Signs Letter of Intent to Acquire Past Gold Producing Golden Peak Property - More
- January 19, 2010 | Item | ShareThis


Galantas Gold Corporation: Trading Update-Second Vein (Kerr Vein) Exposed for Mining - More
- January 19, 2010 | Item | ShareThis


Frontera Copper Announces Proposed Note Exchange Offer - More
- January 19, 2010 | Item | ShareThis


Threegold Resources Inc.: Initial Drilling Outlines New Gold Trend on Adanac Project - More
- January 19, 2010 | Item | ShareThis


B2Gold Corp.: Kupol West Drill Results Confirm the Presence of Multiple Gold Bearing Veins in the Moroshka Basin - More
- January 19, 2010 | Item | ShareThis


Geologix Notifies Arian of Intention to Proceed With Option to Purchase 100% Interest in the Tepal Gold-Copper Project, Mexico - More
- January 19, 2010 | Item | ShareThis


Xtierra announces private placement financing of up to $5.0 million - More
- January 19, 2010 | Item | ShareThis


Tara Minerals Starts Shipping Silver, Zinc, and Lead Concentrate to Glencore - More
- January 19, 2010 | Item | ShareThis


Magellan Drills 17.3m @ 13.69 g/t Gold and Discovers New Mineralized Zone at Cuiu Cuiu Project, Brazil - More
- January 19, 2010 | Item | ShareThis


Oromin Explorations Ltd.: OJVG Upgrades Sabodala Gold Project Feasibility Study - More
- January 19, 2010 | Item | ShareThis


Copper One Inc. Commences Drilling at the Lone Mountain Porphyry Copper Prospect, New Mexico - More
- January 19, 2010 | Item | ShareThis


Guinness Exploration Announces Engagement of Well-Known Geological Firm for Nantawa Project - More
- January 19, 2010 | Item | ShareThis


Delta Uranium Confirms Alteration and Mineralogy at Wheeler River - More
- January 19, 2010 | Item | ShareThis


Romarco increases land position at Haile - More
- January 19, 2010 | Item | ShareThis


Grayd Extends Main Zone and Outlines Higher Grade Areas at the La India Gold Project - More
- January 19, 2010 | Item | ShareThis


Cadillac Ventures Acquires Richview Resources - More
- January 19, 2010 | Item | ShareThis


Underworld's Initial Resource Estimate at Golden Saddle: Indicated Resources of 1,004,570 Oz. at 3.2 g/t Au and Inferred Resources of 407,413 oz at 2.5 g/t Au - More
- January 19, 2010 | Item | ShareThis


Cancor Announces a Non-Brokered Private Placement of Up to $1,000,000 - More
- January 19, 2010 | Item | ShareThis


Donner Metals Ltd. $5,014,375 Financing - More
- January 19, 2010 | Item | ShareThis


Alto Group Reports Assays From D-10 Vein at Alto-Ashanti Project in Ghana - More
- January 19, 2010 | Item | ShareThis


Etna Resources Comments on Pinera Election in Chile - More
- January 19, 2010 | Item | ShareThis


Volta reports additional positive drill results from its Kiaka Gold Project in Burkina Faso - More
- January 19, 2010 | Item | ShareThis


American Sierra Gold Corp. Appoints Mine Manager of Discovery Day Project - More
- January 19, 2010 | Item | ShareThis


Bokoni Concentrator Plant Upgrade Completed - More
- January 19, 2010 | Item | ShareThis


Amarc Announces More Significant Results for the Newton Gold Discovery, Stakes Substantial Land Position & Launches Aggressive 2010 Program - More
- January 19, 2010 | Item | ShareThis


Franco-Nevada Corporation Announces Variation and Extension of Offer to Acquire Any and All of the Common Shares of International Royalty Corporation - "Franco-Nevada Corporation (TSX: FNV - News) announced today that its offer to acquire any and all of the outstanding common shares of International Royalty Corporation ("IRC") for C$6.75 cash per share (the "Offer") through its wholly-owned subsidiary, 7293275 Canada Inc. (the "Offeror"), has been varied and extended." More
- January 19, 2010 | Item | ShareThis


USCorp Junior Gold and Silver Exploration Company Update on Picacho Drilling - More
- January 19, 2010 | Item | ShareThis


East Asia Minerals Updates Progress at Aceh; Expands South Miwah Bluff - More
- January 19, 2010 | Item | ShareThis


Hansa Finalizes Agreement for Sale of Swedish Properties - More
- January 19, 2010 | Item | ShareThis


C2C Gold Corporation Inc.: Private Placement of Convertible Debenture Units and Reverse-Split of All the Issued and Outstanding Securities - More
- January 19, 2010 | Item | ShareThis


VirtualHealth Technologies Will Change Its Name to VHGI Holdings, Inc. and Surges Forward Into Broader Market - More
- January 19, 2010 | Item | ShareThis


Manicouagan Minerals Announces Final Drill Results From The Dorothy-Dobie Lake Property - More
- January 19, 2010 | Item | ShareThis


Spanish Mountain Gold Reports Drill Results from Spanish Mountain Project - More
- January 19, 2010 | Item | ShareThis


Blackstone Mobilizes Drill to Uma Cu-Zn-Au Project in Northern Sweden - More
- January 19, 2010 | Item | ShareThis


Rockcliff Commences Drill Program at Snow Lake Project - More
- January 19, 2010 | Item | ShareThis


Star Gold Takes Next Step to Becoming a Gold Producer - More
- January 19, 2010 | Item | ShareThis


Canadian Arrow reports more significant platinum group mineralization on fourth nickel-copper target - More
- January 19, 2010 | Item | ShareThis


Denison Announces Expansion of Phoenix High-Grade Uranium Discovery on the Wheeler River Property in Saskatchewan - More
- January 19, 2010 | Item | ShareThis


Golden Minerals Announces an Increase in the El Quevar Resource - More
- January 19, 2010 | Item | ShareThis


Pitchstone Resumes Athabasca Uranium Drilling - More
- January 19, 2010 | Item | ShareThis


Carpathian Completes Phase II Drill Program: Intersects 15.4 m of 3.67 g/t Au & Advances Feasibility Study on its RDM Gold Project, Brazil - More
- January 19, 2010 | Item | ShareThis


A25 Gold Producers Corp. Announces Update on Phase 1 Gold Exploration - More
- January 19, 2010 | Item | ShareThis


Weststar Acquires More Claims in Red Chris Area - More
- January 19, 2010 | Item | ShareThis


Alexis Completes Offer for Garson Gold Corp. - More
- January 19, 2010 | Item | ShareThis


MAG Silver Discovers Veta Grande Vein Extension & Cuts High-Grade Silver in Puerto Rico Vein at Lagartos, Zacatecas, Mexico - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG") announces the discovery of the extension, into MAG's 100% owned ground, of one of the most productive high grade silver veins in Mexico's historic billion-ounce silver producing Zacatecas District." More
- January 19, 2010 | Item | ShareThis


Plan of Arrangement between Royal Gold and International Royalty Corporation Moves Forward with Procurement of Interim Order - "ROYAL GOLD, INC. (NASDAQ: RGLD - News) (TSX: RGL - News) and INTERNATIONAL ROYALTY CORPORATION (“IRC”) (TSX: IRC - News) (NYSE-A: ROY) today announced that they obtained an Interim Order from the Ontario Superior Court of Justice approving the calling, holding and conducting of a special meeting of the IRC shareholders to consider the Plan of Arrangement (“Arrangement”) between Royal Gold and IRC as announced on December 18, 2009, whereby Royal Gold would acquire all of the issued and outstanding common shares of IRC." More
- January 19, 2010 | Item | ShareThis


International Royalty Obtains Interim Order For Plan Of Arrangement With Royal Gold - "Pursuant to the Arrangement, each holder of IRC common shares will have the right to elect to receive, in exchange for each IRC share, up to either C$7.45 in cash or 0.1385 common shares of Royal Gold or a combination thereof, subject to a maximum of US$350 million in cash and a maximum of 7.75 million common shares of Royal Gold." More
- January 19, 2010 | Item | ShareThis


Jaguar Mining Provides Q4 2009 Update of Operations - "In Q4 2009, Turmalina produced 21,184 ounces of gold at an average cash operating cost of $523 per ounce compared to 19,987 ounces at an average cash operating cost of $330 per ounce in Q4 2008. The stronger Brazilian real against the US dollar, as well as lower feed grades into the mill, accounted for the increase in costs. Management has implemented a program to prevent the cause of lower feed grades." More
- January 19, 2010 | Item | ShareThis


International Tower Hill Announces New Positive Metallurgical Results from Sunshine Zone, Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or "the Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce receipt of new, positive, metallurgical test results from the Sunshine Zone on its Livengood Gold project in Alaska. The average recovery from this new large zone of outcropping mineralization in simple cyanide bottle roll tests was 80%. In addition, on average, 72% of the gold will report to a simple gravity concentrate with carbon-in-leach (CIL) on the gravity tails recovering an additional 15% of the gold (Table 1). The exceptionally high gravity gold recovery in the Sunshine Zone has now increased the overall gravity recovery in the deposit to approximately 60%." More
- January 19, 2010 | Item | ShareThis


Exeter plans to undertake spin-out transaction to create two independent companies - "The Board of Directors of Exeter Resource Corporation (NYSE-Amex:XRA, TSX:XRC and Frankfurt: EXB - "Exeter" or the "Company") has unanimously approved a proposal to undertake a spin-out transaction pursuant to which the assets of Exeter would be separated into two highly focused companies." More
- January 19, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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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 19 January, 2010 | |


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