-- Posted 28 January, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1084.10 | -$1.30 |
Silver | $16.19 | -$0.23 |
XAU | 153.41 | -0.85% |
HUI | 389.64 | -0.73% |
GDM | 1167.13 | -0.74% |
JSE Gold | 2260.45 | -11.84 |
USD | 78.95 | +0.22 |
Euro | 139.67 | -0.59 |
Yen | 111.24 | +0.09 |
Oil | $73.64 | -$0.03 |
10-Year | 3.658% | +0.014 |
T-Bond | 118.15625 | -0.1875 |
Dow | 10120.46 | -1.13% |
Nasdaq | 2179.00 | -1.91% |
S&P | 1084.53 | -1.18% |
The Metals:
Gold traded modestly higher in Asia and London and rose as much as $10.55 to $1095.95 by a little after 9AM EST in New York before it fell back to see a loss of $11.40 at as low as $1074.00 by early afternoon, but it then shot back higher in the last hour of trade and ended with a loss of just 0.12%. Silver fell all the way to $16.00 before it also rebounded in late trade, but it still ended with a loss of 1.4%.
Euro gold rose to about €775, platinum gained $12.50 to $1497, and copper fell another 12 cents to about $3.10.
Gold and silver equities opened up over 1% higher before they fell to see over 3% losses by early afternoon, but they then rallied back higher in the last few hours of trade and ended with less than 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 1/23 | 470K | 450K | 478K |
Durable Orders | Dec | 0.3% | 2.0% | -0.4% |
Durable Orders ex-Trans. | Dec | 0.9% | 0.5% | 2.1% |
Bernanke confirmation advances in crucial vote Yahoo
Foreclosure plague: 2009's worst-hit cities Yahoo
Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 4.6%, the Chain Deflator expected at 1.3%, and the Employment Cost Index expected at 0.4%. At 9:45 is Chicago PMI for January expected at 57.4, and at 9:55 is Michigan Sentiment for January expected at 73.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on weak demand as the U.S. dollar index rose after the euro fell on concerns about the financial health of smaller euro zone countries such as Greece and Portugal.
Treasuries fell on doubts over the market’s ability to absorb the massive amount of supply of debt due to be issued over the near future.
The Dow, Nasdaq, and S&P fell over 1% on worries over poor economic data, Obama’s proposed tax on foreign corporate earnings announced last night, and a possible bank tax and/or overhaul to banking regulation.
Among the big names making news in the market today were Bristol-Myers, Kodak, Toyota, 3M, US Airways, Motorola, AT&T, P&G, Raytheon, and Ford.
The Commentary:
David Ranson of Wainwright Economics met with Nick Barisheff. Their discussion turned to methods of investing in physical bullion, and the concerns regarding exchange-traded funds. Wainwright felt the points covered represented important information for their subscribers, and published the discussion in a Q&A format. The questions: Explain the major differences between ETFs and open-end mutual funds; what is the concern about the precious metals ETFs specifically; what specific disclosures should precious metals ETF investors be concerned about; few investors or brokers read the fine print of a prospectus but, legally, are these points included so that the investor is ultimately responsible; how is this different from an open-end fund; apart from the disclaimers in the GLD prospectus, what specific reasons cause you to doubt that it holds unencumbered physical bullion; what do you think might go wrong in the future with the precious metals ETFs. There is now over $30 billion held in ETFs like GLD and SLV, and many investors and advisors have made erroneous assumptions without actually reading the documents. For those who have invested in exchange-traded funds and believe they are holding physical bullion, this is a must-read article.
Click here to read.
“Now for the open interest changes for Tuesday's massacre. In gold, the drop in o.i. was a smallish 2,045 contracts... but like I said yesterday, the bullion banks could have just as easily bought bunches of long positions that the tech funds were puking up, which would disguise the real net change in open interest. They may not have reported all their trades for Tuesday as well... and that would certainly have affected the open interest changes. But what was reported yesterday, will be in tomorrow's Commitment of Traders report... and then we'll find out for sure. Anyway, volume yesterday was a gargantuan 341,071 contracts... most of which would have been switches and spreads... as Tuesday was options expiry, and there's always a huge flurry of activity surrounding that. Volume should be pretty decent for the rest of the week as well.
What I said about gold above, applies even more to silver... where open interest was actually up 120 contracts. Considering how badly silver got hit on Tuesday, it's obvious that JPMorgan et al were buying every long that the tech funds were selling. They could have been covering short positions as well, but obviously bought more long contracts... or the open interest would have been a negative number. And, as I said above, Friday's COT report will tell all. Silver volume was 50,455 contracts.
Tomorrow is the last day of delivery into the January contract as we roll over into February. The CME reported exactly one gold contract and zero silver contracts are to be delivered on that date. For January... 2,893 gold and 292 silver contracts were delivered. In tomorrow's report, the CME will show what's up for delivery on first day notice for February gold... which is Monday, February 1st... and I expect some rather large numbers. There were no reported changes in GLD yesterday, but over at SLV they reported receiving 1,472,271 ounces of silver. Once again, there wasn't a report from the U.S. Mint... and the Comex-approved depositories showed that a smallish 64,911 ounces of silver was taken into inventory on Tuesday.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear Extended Family,
Today I have received many emails concerning Mr. Soros’ dislike of gold. You may have noticed that Mr. Buffett and Mr. Soros seem to be in a PR contest for the position of spokesperson for the future of the USA.
Many Americans erroneously see gold as anti-American and those that do not see a major future for the US dollar as traitors.
You will recall Mr. Buffett’s recent entry into the railroad business was deemed by him and others as being a vote of absolute confidence in America’s continued economic recovery and its sustainability. It is sort of a quasi-competition for economic President of the USA.
I file his bearishness as what he sees as a patriotic position
Nobody can jawbone the gold market for more than a very short term period. Gold is going to and through $1224.10 on its way to $1274-$1278. Following this gold will move onward to $1650 prior to reaching Alf’s and Martin’s published price objectives. This will happen regardless of the many top callers and self deemed patriots screaming out of the woods today.
Respectfully,”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
Downside pressure in the US equity markets tripped up what looked like a pretty decent recovery move higher for gold in today’s session. Couple that with further weakness in the Euro and another rush away from the risk trades back into the Dollar, and gold was taken down well off its best levels of the session. The consistent weakness in the gold shares (HUI and XAU) did not help matters any as both indices look quite sloppy from a technical perspective. The HUI is perched perilously just above weekly chart support near the 377 level. Bulls will have to dig in their heels if they hope to prevent the bears from taking price down through the 50 week moving average.
There is rather significant speculative long liquidation occurring in the gold market at the current time as many funds are choosing not to roll out to the April contract as they leave the February to avoid delivery. That has allowed the bears to sell rallies with impunity. Yet the buying continues to come in down near the $1080 level. This buyer/buyers is putting up a valiant effort to hold the line in the face of the exodus of managed money flows. Unfortunately, they were overwhelmed with about an hour to go in the session as support cracked and down went gold. Price dropped some $6.00 below $1080 as stops were run before buying kicked in to take price back up above $1080, again. This is encouraging to see as it augurs physical demand is surfacing at this level and that the buyer/buyers are serious.
The physical market has always been the key to price bottoms in gold so we will see if that source of demand begins to ramp up even further now that price has fallen by such a substantial amount. Gold was trading above $1200 only two short months ago so a break in price of this magnitude will most definitely attract the attention of the physical buyers of the metal. Expect further scale down buying programs to kick in as accumulation slowly occurs at these lower levels. We’ll know when the bottom is in by watching the price action as the buying by the Eastern Central Banks will make itself evident on the charts. They are more than happy to take the gold off the hands of those in the West who are dumping it. Based on what I can see from the chart action of the last 30 minutes of pit session trade, those same Central Banks might have already been buying. Someone sure as hell bought in large quantities and scared the crap out of the shorts as price rose $10 off the session lows in 40 minutes.
Dollar bulls apparently mustered enough conviction to take the USDX up through very stubborn overhead resistance at the 79 level. You have to hand it to them, they were able to beat back the intense selling there. Once it appeared that they could maintain their footing above 79, gold bears wasted little time in pressing the market down through support. I still have to marvel at the notion that the US Dollar is a safe haven. Old habits die hard it would seem. When I see the fiscal train wreck that is only going to worsen for the foreseeable future coming rapidly down the tracks in the US, “safe” and “Dollar” is an oxymoron in my estimation. Let’s continue to watch this price action in the USDX to see if it is anything more than a one hit wonder. Already it looks like the Dollar is fading from its perch above 79.
Interestingly enough, in the rush away from risk, the bond market could not attract sufficient buying to overcome its stubborn resistance level up near the 118^25 level. It seems that bonds are leery about what they heard in last night’s State of the Union Address. Don’t blame them either – all I can see is spending, spending and more spending into the distant future. Thatsa whole lotta supply!
The S&P has some critical support near the 1067 level and if that gives way, stocks could take a rather severe dip in short time as that would get the attention of chartists and elicit calls of a top in the market due to economic woes and the lack of any serious job creation. This market has a tendency to pop higher every time it gets close to violating a downside technical level however (gee what a surprise) so let’s see if that occurs once again.”- Dan Norcini, More at JSMineset.com
The Statistics:
Activity from: 1/27/2010
Gold Warehouse Stocks: | 9,877,617 | +25,059 |
Silver Warehouse Stocks: | 112,126,877 | -137,762 |
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$38,882m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 124.02 | 3,986,016 | US$4,340m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.37 | 491,703 | US$538m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.52 | 1,688,518 | 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: 9,384.98: +45.79 change from yesterday’s data.
The Miners:
Taseko’s (TGB) new director, Apollo’s (AGT) production, US Gold’s (UXG) drill results, Eldorado’s (EGO) updated resources and reserves, ECU Silver’s (ECU.TO) operations update, and Avino’s (ASM.V) sampling update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+2.67% $4.23 |
2. Richmont | RIC +2.44% $3.90 |
3. Alexco | AXU+1.01% $3.00 |
LOSERS
1. Paramount | PZG-6.21% $1.51 |
2. Exeter | XRA-5.87% $6.58 |
3. Minefinders | MFN-5.15% $9.57 |
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:
Duluth Metals announces private placement of common shares to Wallbridge Mining Company - More
- January 28, 2010 | Item | ShareThis
Riverstone Commences Follow-up Program at Nami Gold Discovery Zone - More
- January 28, 2010 | Item | ShareThis
Colossus Minerals Announces Results of AGM and Expiry of Warrants - More
- January 28, 2010 | Item | ShareThis
Capella Resources Intersects 318 Meters of Gold at .68 g/t on its Lajitas Project in Chile - More
- January 28, 2010 | Item | ShareThis
Southern Silver Acquires San Juan Gold-Silver Project in Sinaloa, Mexico; Updates Oro Project Drilling - More
- January 28, 2010 | Item | ShareThis
Terra Ventures Inc.: Hathor Commences Drilling at Midwest Northeast Property - More
- January 28, 2010 | Item | ShareThis
Beijing Songshanheli Mining and Jinchuan Mining Form Joint Venture to Explore Nickel Properties in Tanzania - More
- January 28, 2010 | Item | ShareThis
Alexis Prepares for Expanded Growth and Exploration With New Executive Role - More
- January 28, 2010 | Item | ShareThis
BRC DiamondCore and Rio Tinto enter into agreement for exploration of iron ore in northern DR Congo - More
- January 28, 2010 | Item | ShareThis
Energizer Resources Receives Additional Drill Assay Results From Manga Zone on Its Green Giant Vanadium Project-Including 1.11% V2O5 Over 22.5 Metres - More
- January 28, 2010 | Item | ShareThis
Ecometals Limited Announces Accelerated Expiry of Warrants - More
- January 28, 2010 | Item | ShareThis
NWM Mining Corporation Closes Tranche of Private Placement - More
- January 28, 2010 | Item | ShareThis
Uranerz Reports NI 43-101 Uranium Resources for Doughstick Properties - More
- January 28, 2010 | Item | ShareThis
Svit Gold Corp. - NI 43-101 Technical Report Filed - More
- January 28, 2010 | Item | ShareThis
Alexandria Intersects Encouraging Gold and Base Metals at Akasaba - More
- January 28, 2010 | Item | ShareThis
Malaga Inc. Provides Update on Tungsten Operations and Outlook for 2010 - More
- January 28, 2010 | Item | ShareThis
Wallbridge Mining Increases Shareholding in Duluth Metals Limited - More
- January 28, 2010 | Item | ShareThis
Diamond Frank Options a Rare Earth Elements Property in Kipawa - More
- January 28, 2010 | Item | ShareThis
Hathor Commences Drilling at Midwest NorthEast Property - More
- January 28, 2010 | Item | ShareThis
Miranda Gold and Ramelius Sign Acceptance Letter on Big Blue - More
- January 28, 2010 | Item | ShareThis
Puma Exploration: 508 g/t Ag and 3 g/t Au at Nicholas-Denys - More
- January 28, 2010 | Item | ShareThis
Vior Inc.-Preliminary Economic Assessment on Douay West: Robust Economic Model, C$24.6m NPV and 71% IRR - More
- January 28, 2010 | Item | ShareThis
ECU Silver Reports on Gold and Silver Operations for December and November 2009 - "The ramp up of the oxide gold and silver plant at Velardena, which was acquired in March of 2009, has been successful, despite the typical start-up challenges that are normal for new operations. The Company believes these challenges are behind it and expects the operations to perform more optimally in 2010. Evidence of these improvements has already taken hold as expected silver ounces precipitated in January of this year, should be close to the ounces generated in November and December of 2009, combined." More
- January 28, 2010 | Item | ShareThis
Maestro Appoints New Chief Financial Officer - More
- January 28, 2010 | Item | ShareThis
First Quantum Minerals Ltd. and Kiwara PLC Announce Result of Court Hearing - More
- January 28, 2010 | Item | ShareThis
Volta intersects 15 metres (at) 4.45g/t gold at its Nassara Gold Prospect in southwestern Burkina Faso - More
- January 28, 2010 | Item | ShareThis
NWT Uranium Corp.: Board Action - More
- January 28, 2010 | Item | ShareThis
NioGold Reports Significant Increase in Malartic Project's Gold Resources - More
- January 28, 2010 | Item | ShareThis
Laurion Announces Satisfaction of Conditions of Sale of Tisdale Properties to San Gold Corporation - More
- January 28, 2010 | Item | ShareThis
Avion Gold Provides Update on Operations and Expansion Plans - More
- January 28, 2010 | Item | ShareThis
Skyline Gold Announces Positive Results in First Bronson Slope Magnetite Resource Estimate - More
- January 28, 2010 | Item | ShareThis
Canadian Mining Set to Drill February 22, 2010 at Bullard Pass Gold Project - More
- January 28, 2010 | Item | ShareThis
Endeavour acquires 37.88% interest in Crew Gold Corporation - More
- January 28, 2010 | Item | ShareThis
Magellan Drills 82.5m @ 1.02 g/t Gold and Extends Central Zone at Cuiu Cuiu Project, Brazil - More
- January 28, 2010 | Item | ShareThis
TintinaGold Announces CDN$5,000,000 Financing by Electrum Strategic Metals LLC - More
- January 28, 2010 | Item | ShareThis
Silver Dragon's Sino-Top Joint Venture Receives Official Business License From Chinese Government Valid Until 2023 - More
- January 28, 2010 | Item | ShareThis
MetalCORP Commences First Drill Program on Its Hemlo East Gold Property, Northwestern Ontario - More
- January 28, 2010 | Item | ShareThis
U3O8 Corp. Extends the Aricheng West Uranium Zone Another 150 Metres - More
- January 28, 2010 | Item | ShareThis
Pan American Lithium Corp. Announces the Commencement of Chilean Resource Estimate Study - More
- January 28, 2010 | Item | ShareThis
Crescent Resources Corp.: Results of 2009 Field Work Starts Defining Drill Targets at Rattlesnake Hills Gold Project, Wyoming - More
- January 28, 2010 | Item | ShareThis
Cantex announces Al Hariqah gold results - More
- January 28, 2010 | Item | ShareThis
Tournigan Sells Kremnica to Ortac - More
- January 28, 2010 | Item | ShareThis
Argex Silver Capital Inc. (RGX TSX.V) Hires Michael Dehn as President and CEO and Issues Stock Options - More
- January 28, 2010 | Item | ShareThis
Laramide Reports First Results From 2009 Drilling at Westmoreland; Highlights Include Hole WDD09-128 With 25 Metres Grading 0.07% U3O8 - More
- January 28, 2010 | Item | ShareThis
Beaufield Drills and Stakes More Claims for Base Metals and Lithium - More
- January 28, 2010 | Item | ShareThis
Canstar Resources Inc.: Vinland Files Appeals Book on Mary March Property Dispute - More
- January 28, 2010 | Item | ShareThis
High-Grade Results Continue At Halo Lost Zone - More
- January 28, 2010 | Item | ShareThis
Duluth Metals set to Explore Significant Properties Outside of Nokomis Joint Venture - More
- January 28, 2010 | Item | ShareThis
USA Uranium Appoints John Perez as New President and Releases Highlights of the Occidental/Pasadena Mine - More
- January 28, 2010 | Item | ShareThis
VELOCITY MINERALS LTD.-Update of Activities at Mt Haskin and Cassiar Moly-Moly, Silver, Lead, Zinc Copper and Gold Were All Present in 2009 Drill Program - More
- January 28, 2010 | Item | ShareThis
First Quantum Minerals Ltd. and Kiwara PLC Announce Suspension of Trading in Kiwara's Shares on AIM - More
- January 28, 2010 | Item | ShareThis
Avino Silver & Gold Mines Ltd.: San Gonzalo-Bulk Sampling Update - "Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News; the "Company") is pleased to provide the following update on the San Gonzalo bulk sampling program. A significant milestone was achieved yesterday with the acceptance of the power proposal provided by Comision Federal de Electricidad (CFE). Plans are in place to have the power transmission lines reconnected in the first week of February in order to service the 250tpd milling operation." More
- January 28, 2010 | Item | ShareThis
Taseko Appoints New Director - "Mr. Mundie, a Chartered Accountant in the Province of British Columbia, held a number of senior executive positions during a 25 year career with Cominco and Teck Cominco (now Teck Resources). In his roles with Teck, he was instrumental in developing strong business relationships with an international customer base composed of diverse economies such as India, Asia, Europe and the Americas." More
- January 28, 2010 | Item | ShareThis
Apollo Gold Reports 4th Qtr Gold Production of 17,850 Ounces - Black Fox Mine Achieves 2,000 tpd Production Rate - "Apollo Gold Corporation (“Apollo” or “the Company”) (TSX: APG - News)(NYSE Amex: AGT) reports that its wholly owned and operated Black Fox Mine and mill (“Black Fox”) achieved the previously stated production goal of processing 2,000 tonnes per day (“tpd”), ahead of the original year-end schedule, for a mill throughput average of 2,040 tpd of ore during the fourth quarter ended December 31, 2009 (“4Q 2009”), for production of 15,820 ounces (“oz”) of gold in 4Q 2009." More
- January 28, 2010 | Item | ShareThis
US Gold Corporation: El Gallo Exploration Off to Excellent Start in 2010 - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce results from two areas at the El Gallo Project in Sinaloa State, Mexico. These results represent the first four core holes drilled at El Gallo in 2010. Highlights include: 18.6 ounces of silver per ton (opt) over 134.2 ft (feet) (638.0 grams per tonne (gpt) over 40.9 m (meters)) and 4.4 opt silver over 239.2 ft (150.9 gpt silver over 72.9 m). Mineralization in both holes starts near-surface." More
- January 28, 2010 | Item | ShareThis
Eldorado Gold Updates Mineral Resources and Reserves - "Measured and Indicated Resources have increased by approximately 80%, with 21% of this growth due to exploration success at the Kisladag and Efemcukuru projects. The remainder of the increase is due to the acquisition of Sino Gold Mining Limited ("Sino Gold") in December 2009, which added the Jinfeng mine, White Mountain mine, Eastern Dragon, and Beyinhar projects to the Company's assets." More
- January 28, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 28 January, 2010 | |
