-- Posted 5 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1052.30 | -$10.60 | -2.73% |
Silver | $14.82 | -$0.58 | -8.57% |
XAU | 154.25 | +5.35% | +4.27% |
HUI | 389.43 | +5.28% | +4.11% |
GDM | 1168.02 | +5.20% | +3.98% |
JSE Gold | 2158.43 | +41.97 | -2.27% |
USD | 80.44 | +0.52 | +1.21% |
Euro | 136.59 | -0.61 | -1.49% |
Yen | 111.85 | -0.56 | +0.98% |
Oil | $71.19 | -$1.95 | -2.33% |
10-Year | 3.546% | -0.064 | -1.75% |
Bond | 119.50 | +0.71875 | +0.58% |
Dow | 10012.23 | +0.10% | -0.55% |
Nasdaq | 2141.12 | +0.74% | -0.29% |
S&P | 1066.19 | +0.29% | -0.71% |
The Metals:
Gold rose $4.47 to $1067.37 in Asia before it plummeted to see a loss of $13.63 at as low as $1049.27 by a little before 4AM EST and then chopped its way back higher in London and New York to see only slight losses by late morning, but it then fell to a new session low of $1044.50 midday and ended with a loss of 1.00%. Silver fell as much as $0.76 to $14.46 by a little before 12AM EST before it bounced back higher into the close, but it still ended with a loss of 3.77%. However, both metals have risen in after hours access trade to see over 1% gains from those closes at the time of writing.
Euro gold rose to about €773, platinum lost $41.50 to $1462.50, and copper fell another couple of cents to about $2.86.
Gold and silver equities waffled on either side of unchanged for most of the day, but they then rocketed higher in the last couple of hours of trade and ended with over 5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Jan | -20K | 15K | -150K |
Unemployment Rate | Jan | 9.7% | 10.0% | 10.0% |
Average Workweek | Jan | 33.3 | 33.2 | 33.2 |
Hourly Earnings | Jan | 0.3% | 0.2% | 0.2% |
Consumer Credit | Dec | -$1.7B | -$10.0B | -$21.8B |
The BLS Net Birth/Death adjustment subtracted 427,000 payrolls from January’s data.
Bernanke to Testify on Fed Exit Strategy on Feb. 10 Bloomberg
Labor Dept pains in the birth-death jobs model Reuters
“Once a year, the Labor Department compares its payroll data with unemployment insurance tax reports and releases a "benchmark revision" that adjusts for discrepancies.
Normally the difference is relatively modest. This time, the Labor Department revised the level of employment for December 2009 down by 1.39 million, bringing the total number of jobs lost since the start of the recession to 8.4 million.
The primary culprit behind that huge revision was the so-called "birth-death" model, a method the Labor Department uses to try to estimate how many jobs were gained or lost because of companies opening or closing in a given month.
While economists have long questioned the accuracy of the model, it had performed well up until the latest recession.
This time, it overstated job creation by 779,000 in the year that ended in March 2009. The Labor Department also revised its monthly jobs data for April through December 2009, and found the birth-death model had overstated job creation by another 405,000.”
All of this week’s other economic reports:
Next week’s economic highlights include Wholesale Inventories on Tuesday, the Trade Balance and Treasury Budget on Wednesday, Initial Jobless Claims, Retail Sales, and Business Inventories on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for a third straight day to under $70 a barrel at one point as the U.S. dollar index rose again on continuing worries over sovereign debt in Europe that pushed the euro even lower.
Treasuries rose on hopes that next’s week sale of $81 billion worth of supply of US notes will go better than other debt sales around the world recently.
The Dow, Nasdaq, and S&P traded mostly notably lower on persistent economic and fiscal worries, but all three indices rallied back higher in late trade and ended slight gains on hopes that the worst may be behind us.
Among the big names making news in the market Friday were Beazer Homes, Tyson Foods, JPMorgan, Air Products, Aetna, Aon, and Bank of America.
The Commentary:
“Even though this correction is financially and emotionally painful, the market structure in both metals is improving with each passing hour. Although the timing of the absolute bottom is not knowable... what we, dear reader, should be contemplating from hereon in, is will the U.S. bullion banks [led by JPMorgan] go short on the next rally? Or will what's going on behind the scenes between the CFTC and the bullion banks mean it's a whole new ball game? That answer is unknowable as well.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The Euro is down again today on the sovereign debt concerns focusing on a debt to GDP percentage. The nations presently in focus of this have been quite impolitely nicknamed PIGS. The PIGS are Portugal, Ireland, Greece and Spain.
Although this means little to floor traders, Forex speculators of F-TV guess what nation stands directly in the middle of the PIGS on the debt to GDP percentage?
Yes, you are right, the USA.
So much for logic.
Algorithms will yank markets into the stratosphere and down again.
Fundamentals make the trend and algorithms make the noise. Fundamentals will pay off on insurance policies.
The argument against the PIGS is the debt to GDP percentage. The exact same argument would place the US dollar in a crisis position.
So what does this mean for the future? Gold will be elected the currency of choice.
The race to the bottom is what makes currency values. While size is being used today for dollar strength versus the Euro, in time the argument of size in terms of a currency whose debt to GDP ratio is equally bothersome as the PIGS, the US dollar, will accelerate in the race to the bottom.
The US dollar is no safe haven. Stay the course.”- Jim Sinclair, JSMineset.com
GATA Posts:
At least Vietnam admits rigging gold as currency intervention
Swiss central bank aggressively pushes franc down
James Turk: Gold is a bargain as it tests 'floor' theory
The Statistics:
Activity from: 2/03/2010
Gold Warehouse Stocks: | 9,912,903 | -10,086 |
Silver Warehouse Stocks: | 111,368,404 | -301,560 |
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 | 1104.550 | 35,512,379 | US$37,568m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 122.02 | 3,920,972 | US$4,123m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,661 | US$519m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.52 | 1,688,518 | US$1,849m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,981 | US$5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 5.789 tonnes and the LSE added 0.06 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.27 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,351.77: -4.21 change from yesterday’s data.
The Miners:
Silver Standard’s (SSRI) amended and restated short form base shelf prospectus was the only big story in the gold and silver mining industry making headlines Friday.
WINNERS
1. Exeter | XRA+11.64% $7.48 |
2. Paramount | PZG +7.74% $1.67 |
3. Golden Star | GSS +7.72% $2.93 |
No “losers” today.
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:
Kirrin Resources Provides Update on Exploration at Boxey Point; Announces Exercise of Options and Option Grant at $0.14 Per Share - More
- February 05, 2010 | Item | ShareThis
Rye Patch Gold Corp. Issues Shares and Warrants to Finder in Substitution for Compensation Option - More
- February 05, 2010 | Item | ShareThis
Lithium One Named as Part of 2010 TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Rare Element named to 2010 TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Energizer Resources Releases NI 43-101-Compliant Technical Report on its Green Giant Vanadium Project - More
- February 05, 2010 | Item | ShareThis
Victory Nickel Begins 2010 Drill Program at Minago - More
- February 05, 2010 | Item | ShareThis
Decade Increases Property Holdings on the Stikine Arch - More
- February 05, 2010 | Item | ShareThis
NAP To Host Year End Results Conference Call - More
- February 05, 2010 | Item | ShareThis
Tasman acquires the past producing Korsnas REE-PB mine, Finland - More
- February 05, 2010 | Item | ShareThis
Riverside Resources Grants Stock Options - More
- February 05, 2010 | Item | ShareThis
East Asia Named by TSX Venture Exchange as One of the TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Explor Named as Part of 2010 TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Luna Gold Corp Named as Part of 2010 TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Romarco named as part of 2010 TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Western Lithium Named as Part of TSX Venture 50 - More
- February 05, 2010 | Item | ShareThis
Abcourt Mines: Amendement to the Stock Option Plan and Grant of Stock Options in Favor of Directors - More
- February 05, 2010 | Item | ShareThis
St. Eugene Mining Corporation Announces Commencement of Activities at the Tartan Lake Gold Mine - More
- February 05, 2010 | Item | ShareThis
SNS Silver Continues to Hit Mineralization at Emerald Lake Gold Project - More
- February 05, 2010 | Item | ShareThis
Red Metal Files 43-101 Technical Report on the Farellon Copper-Gold Project in Chile's IOCG Belt - More
- February 05, 2010 | Item | ShareThis
Savant Engages Renmark Financial Communications Inc. - More
- February 05, 2010 | Item | ShareThis
Northern Star Announces It Has Completed Its First Gold Pour - More
- February 05, 2010 | Item | ShareThis
East Asia Receives Indonesia Government Approved IUP "Mining Licences", Confirms Tenure of Barisan 1 and Takengon Under New Mining Law - More
- February 05, 2010 | Item | ShareThis
Laurion and Stroud Announce the Execution of a Letter of Intent for Option on Stroud's Leckie Lake Gold Property - More
- February 05, 2010 | Item | ShareThis
Thompson Creek announces increased financial flexibility from voluntary termination of $35 million revolving credit facility - More
- February 05, 2010 | Item | ShareThis
Encore Renaissance Samples 69.2 g/t Over 1.26 Metres on New Portal Vein - More
- February 05, 2010 | Item | ShareThis
Silver Standard Files Amended Base Shelf Prospectus - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) has filed an amended and restated short form base shelf prospectus with the securities commissions in each of the provinces of Canada, other than Quebec, and a corresponding registration statement with the United States Securities and Exchange Commission under the U.S.-Canada multi-jurisdictional disclosure system." More
- February 05, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 5 February, 2010 | |
