-- Posted 26 January, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1098.20 | +$1.35 |
Silver | $16.80 | -$0.34 |
XAU | 156.08 | -0.74% |
HUI | 396.75 | -0.32% |
GDM | 1188.01 | -0.32% |
JSE Gold | 2285.05 | -54.80 |
USD | 78.47 | +0.28 |
Euro | 140.79 | -0.71 |
Yen | 111.57 | +0.81 |
Oil | $74.71 | -$0.55 |
10-Year | 3.630% | UNCH |
T-Bond | 118.28125 | -0.03125 |
Dow | 10194.29 | -0.03% |
Nasdaq | 2203.73 | -0.32% |
S&P | 1092.17 | -0.42% |
The Metals:
Gold fell in Asia and London to as low as $1085.61 to see a loss of $11.24 at about the open of trade in New York before it rose to see a $5.20 gain at as high as $1102.05 by about noon EST, but it then fell back off in the last hour and a half of trade and ended with a gain of just 0.12%. Silver fell almost 5% to as low as $16.32 in early New York trade before it also rebounded in later morning trade, but it still ended with a loss of 1.98%.
Euro gold rose to about €780, platinum lost $17 to $1526, and copper fell roughly 6 cents to about $3.32.
Gold and silver equities fell about 1% at the open before they rose to see over 1% gains midday, but they then fell back off a bit in afternoon trade and ended with slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Case-Shiller 20-city Index | Nov | -5.32% | -5.00% | -7.27% |
Consumer Confidence | Jan | 55.9 | 53.5 | 53.6 |
FHFA Home Price Index | Nov | 0.7% | 0.2% | 0.4% |
AP Source: Federal deficit projected at $1.35T Yahoo
Tomorrow at 10AM EST brings New Home Sales for December expected at 368,000 and at 2:15 is the fed’s rate decision that is expected to keep the fed funds rate in its record low range of 0.00% to 0.25%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back below $75 as the U.S. dollar index saw slight gains on a renewed round of risk aversion/cash raising inspired by China’s “planned increase in required reserves for some banks.”
Treasuries turned slightly lower after today’s $44 billion 2-year note auction saw a high yield of 0.88% with a bid to cover of 3.13.
The Dow, Nasdaq, and S&P rose for much of trade on mostly better than expected economic data and decent earnings reports, but a bearish interview with Robert Prechter on CNBC late in today’s session seemed to bring in some late selling and all three indices ended modestly lower.
Among the big names making news in the market today were Johnson & Johnson, DuPont, Delta, Munich Re, Travelers, Corning, and Borders.
The Commentary:
Click here to read John Embry’s latest article titled "Expect Gold To Gain More Than 30% This Year"
“It's a busy week this week... options expiry, first day notice for delivery into the February gold contract, $166 billion treasury auction, State of the Union Address, Little Timmy Geithner goes to Washington to answer questions regarding AIG... and I'm sure I've forgotten something. Anyway, unless some earth-shattering event occurs, I'm sure that the U.S. bullion banks have already received their marching orders... and will keep both gold and silver in check [or worse] for at least the rest of this week.
As I mentioned earlier on in this commentary, I'm still worried about the huge short positions in the precious metals... especially those held by JPMorgan and HSBC USA Ltd. These two U.S. banks hold the bulk of the Comex gold and silver short positions on the Comex... and [according to the OCC] about 95% of all precious metals derivatives held by all U.S. banks. How much more, if any, short covering is there still to go? Earlier this month I referred to it as "the sword of Damocles"... and it, dear reader, is still hanging over our collective heads.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
I would label this political and economic suicide. Who is advising these people? All the economic recovery is so far is bottom bouncing.
Read today’s FDIC article by CIGA Richard B to understand the condition of the US banking industry.
Consider the fact Tishman folded on commercial loans this week in excess of $5 billion. It was reported as returning the collateral.
Main Street did not cause this problem as the mortgage four-flushers they are now being painted as.
Wall Street and the Bahnhofstrasse caused this problem via the OTC derivative meltdown that killed everything else.
The public does not give a damn about the deficit. Main Street does not give a damn about the deficit. Ask someone in Detroit their opinion concerning that subject.
Main Street only cares about jobs. The voter rebellion cannot be blunted by more of this Wall Street thinking. Main Street hates the Banksters but that always ebbs and flows with the economy. Punishing Main Street for the spending sins of central government and financial sins of Wall Street is going to pour gasoline on the voter rebellion.
I have never accepted the excuse that management is stupid. Today may be an epiphany.
The administration is NOT going to win back Main Street by punishing Main Street in the spending sense. The only way for a Democrat to win in November is to change parties and become a Republican.
These people may really be DUMB. Who is advising them in their political panic?
If management is stupid rather than sly, we are REALLY IN TROUBLE.”- Jim Sinclair, JSMineset.com
GATA Posts:
At NYFed, Geithner was told of benefit to banks in AIG bailout
James Turk: The decade's best national currency
Jay Taylor's Internet radio show interviews GATA's Murphy, Powell
The Statistics:
Activity from: 1/25/2010
Gold Warehouse Stocks: | 9,879,123 | -23,555 |
Silver Warehouse Stocks: | 112,199,728 | -419,737 |
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 | 1111.922 | 35,749,401 | US$39,070m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 124.09 | 3,988,662 | US$4,384m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.37 | 491,714 | US$543m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.52 | 1,688,555 | US$1,849m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,982 | US$5m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.30 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,339.19 - No change from yesterday’s data.
The Miners:
Barrick’s (ABX) sought injunction, Exeter’s (XRA) drill results, Timberline’s (TLR) new board member, Yamana’s (AUY) project updates, Endeavour’s (EXK) exploration review and outlook, and Apogee’s (APE.V) acquired deposit interest were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +5.74% $1.29 |
2. Exeter | XRA +4.58% $7.31 |
3. Mines MGMT | MGN +4.51% $2.78 |
LOSERS
1. Tanzanian Royalty | TRE -14.01% $4.05 |
2. Kimber | KBX -4.23% $1.13 |
3. Freeport | FCX -3.50% $71.99 |
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:
Greenock Resources: Acquisition of Nevada Gold and Silver Property - More
- January 26, 2010 | Item | ShareThis
Gee Ten Ventures Announces a Proposed Consolidation of Shares and an Annual and Special Shareholders' Meeting - More
- January 26, 2010 | Item | ShareThis
Miranda Gold Intersects High-Grade Gold Mineralization at Red Canyon - More
- January 26, 2010 | Item | ShareThis
Globex's Nordeau Option Property/Plato Drill Results - More
- January 26, 2010 | Item | ShareThis
GobiMin Inc. Announces a Normal Course Issuer Bid - More
- January 26, 2010 | Item | ShareThis
Mexoro Minerals Ltd Clears S-1 Filing, Completes Start-Up Operations at Cieneguita, and Finalizes Guazapares Sale - More
- January 26, 2010 | Item | ShareThis
Zinccorp Resources Inc. Plans 2010 Drill Program to Test High Grade Zinc, Lead, and Silver Targets at Michelle Project - More
- January 26, 2010 | Item | ShareThis
Bayswater: Drilling Planned at Collins Bay Extension Project in the Athabasca Basin - More
- January 26, 2010 | Item | ShareThis
Barrick seeks limited injunction on Cortez Hills - "Barrick Gold (ABX.TO) said on Tuesday it has requested a U.S. court to issue a limited injunction that would allow work at its Cortez Hills mine in Nevada to continue while additional environmental assessments on the project are under way." More
- January 26, 2010 | Item | ShareThis
Argonaut Gold Inc. Announces Commencement of Compulsory Acquisition Process - More
- January 26, 2010 | Item | ShareThis
Freewest Obtains Final Order for Arrangement With Cliffs Natural Resources Inc. - More
- January 26, 2010 | Item | ShareThis
Energizer Resources Reports Drill Assay Highlights From Its Green Giant Vanadium Project-Including 1.55% V2O5 Over 33 Metres - More
- January 26, 2010 | Item | ShareThis
Artha Resources Corporation: Pirquitas Prospects Continue to Deliver - More
- January 26, 2010 | Item | ShareThis
Lake Shore Gold Extends Thunder Creek to Depth, Confirms High-Grade Core and Discovers New Zone - More
- January 26, 2010 | Item | ShareThis
Laurentian Goldfields Ltd. Announces 2009 Results From Van Horne, ON - More
- January 26, 2010 | Item | ShareThis
PBX Prepares Drill Program for its Copaquire Copper Molybdenum Rhenium Project in Chile - More
- January 26, 2010 | Item | ShareThis
Capital Gold Announces Additional Crushing Plant and Leach Pad Operational at Its El Chanate Mine In Sorora, Mexico - More
- January 26, 2010 | Item | ShareThis
Amerigo Announces Q4 2009 Production Results and Provides 2010 Production Guidance - More
- January 26, 2010 | Item | ShareThis
Valdez Gold to Option the Flume Property in Yukon Territory From Valley High Ventures - More
- January 26, 2010 | Item | ShareThis
Benton Intersects Gold on the Deloro Property in Timmins, Ontario - More
- January 26, 2010 | Item | ShareThis
Tara Minerals Announces Additional Results From New Vein - 919 g/t Silver, 29.65% Zinc, and 14.1% Lead - More
- January 26, 2010 | Item | ShareThis
Montoro Acquires Contiguous Claims to Spectrum Mining Corp.'s Recently Reported Rare Earth Discovery - More
- January 26, 2010 | Item | ShareThis
Sandspring Resources Ltd. Hits 52m of 1.92 g/t Gold Near Surface 200m West of Toroparu Gold-Copper Deposit Along Trend - More
- January 26, 2010 | Item | ShareThis
Valley High Ventures Options The Flume Property In Yukon Territory To Valdez Gold - More
- January 26, 2010 | Item | ShareThis
Mercator Minerals provides update on El Pilar Copper Project - More
- January 26, 2010 | Item | ShareThis
Grayd Reports Additional Higher Grade Intersections in North Zone at La India Gold Project, Initiates New Resource Calculation - More
- January 26, 2010 | Item | ShareThis
Merc Initiates Geophysical Program at Its Damoti Lake Gold Project - More
- January 26, 2010 | Item | ShareThis
Platinex Inc. Announces Private Placement of Flow-Through Shares - More
- January 26, 2010 | Item | ShareThis
Adex Announces Filing of NI 43-101 Compliant Preliminary Assessment of the North Zone at Its Mount Pleasant Property - More
- January 26, 2010 | Item | ShareThis
First Quantum Minerals Restarts Bwana Mkubwa Copper SX/EW Plant - More
- January 26, 2010 | Item | ShareThis
Anaconda Announces Closing of Secured Debenture Offering - More
- January 26, 2010 | Item | ShareThis
Independent Engineers Conduct Technical Review and Confirm Internal Gold Assay Results at Clarkdale Slag Project - More
- January 26, 2010 | Item | ShareThis
Capstone Mining Presentation at TD Newcrest Mining Conference - More
- January 26, 2010 | Item | ShareThis
STAR GOLD Identifies Drill Targets on Excalibur - More
- January 26, 2010 | Item | ShareThis
Salares Lithium Exploration Update - More
- January 26, 2010 | Item | ShareThis
Cambodia Gold & Ruby Exploration Project Moves to Second Phase -- Terra Energy & Resource Technologies Increases Royalty Rights - More
- January 26, 2010 | Item | ShareThis
Bard Ventures Ltd.: Molybdenum, Silver, Copper and Zinc in New Assay Results on Lone Pine Project - More
- January 26, 2010 | Item | ShareThis
Conway Resources in Negotiations to Acquire Lithium Property Near First Gold Exploration's Recent Discovery - More
- January 26, 2010 | Item | ShareThis
Galway announces acquisition of largest gold mine in the California-Vetas mining district of Colombia - More
- January 26, 2010 | Item | ShareThis
United Mines, Inc. Board Approves Stock Dividend Program - More
- January 26, 2010 | Item | ShareThis
Key Industry Players Gather in South Africa for Mining Indaba 2010 - "Miners, project developers, mining analysts, fund managers, investment specialists, ministers and governments will reconvene in Cape Town, South Africa from 1-4 February at the 16th annual Investing in African Mining Indaba (www.MiningIndaba.com)." More
- January 26, 2010 | Item | ShareThis
Goldsource Commences Winter Drill Program - More
- January 26, 2010 | Item | ShareThis
Kinti Mining (KMLD) Discusses the Lack of Liquidity of Its Common Stock to Its Shareholders and Its Joint Venture Discussions - More
- January 26, 2010 | Item | ShareThis
Endeavour Silver 2009 Exploration Review and 2010 Exploration Outlook; Recent Drilling Intersects 3,960 gpt Silver and 92.8 gpt Gold over 0.25 m - "Endeavour Silver Corp. (TSX:EDR - News)(TSX:EDR.WT - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces that for the sixth consecutive year, the Company's exploration drill programs in Mexico met with continued success, highlighted by the discovery of new, high grade silver-gold mineralized zones near Endeavour's two mining operations, Guanacevi Mines in Durango State, and Guanajuato Mines in Guanajuato State." More
- January 26, 2010 | Item | ShareThis
Exeter expands new gold zone west of known Caspiche resource - "Exeter Resource Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the "Company") is pleased to announce that drilling 500 metres ("m") (1,640 feet ("ft")) west of the Caspiche gold-copper porphyry deposit in Chile is encountering a new area of continuous gold mineralization. Drill hole CSD044 has intersected 300m (984 ft) at 0.5 grams per metric ton ("g/t") gold (0.015 oz/t) from a depth of 244m (800 ft). Mineralization in this area, now referred to as the MacNeill Zone, remains open to the north, south and west, and to depth, under unmineralized cover. Two step-out drill holes are now testing the target north and south of hole CSD044." More
- January 26, 2010 | Item | ShareThis
Apogee Reaches Agreement to Acquire the Pulacayo Silver Deposit, Bolivia - "Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE: APE - News) is pleased to announce that it has entered into a non-binding term sheet (the "Term Sheet") with Golden Minerals Company ("GMC") to acquire the Pulacayo Deposit held by GMC. The Pulacayo Deposit, located in southern Bolivia is currently subject to a joint venture agreement between the Company and GMC wherein the Company has the right to acquire up to a 60% interest in the Pulacayo Deposit. Upon completion of the proposed transaction, the Company will be able to acquire a 100% interest in the property." More
- January 26, 2010 | Item | ShareThis
Robert Martinez Joins Timberline Board of Directors - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to announce that Robert Martinez has joined its Board of Directors, effective January 22, 2010. Mr. Martinez has over 35 years of experience in the mining and exploration industry, including sixteen years in senior management positions at NYSE-listed Coeur d'Alene Mines Corporation." More
- January 26, 2010 | Item | ShareThis
Yamana Gold Provides Update on Agua Rica and Announces Construction Decision for its Ernesto/Pau-a-Pique Project - "YAMANA GOLD INC. (TSX: YRI; NYSE: AUY; LSE: YAU) today announced an update on its Agua Rica project in Argentina and a construction decision on its Ernesto/Pau-a-pique project in Brazil based on positive feasibility study results. All amounts are expressed in United States Dollars unless otherwise indicated." More
- January 26, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 26 January, 2010 | |
