-- Posted 10 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1175.30 | -$1.20 |
Silver | $15.30 | -$0.12 |
XAU | 154.58 | -0.32% |
HUI | 388.77 | -0.57% |
GDM | 1169.66 | -0.41% |
JSE Gold | 2227.79 | +3.00 |
USD | 80.07 | +0.26 |
Euro | 137.29 | -0.62 |
Yen | 111.15 | -0.23 |
Oil | $74.52 | +$0.77 |
10-Year | 3.694% | +0.061 |
T-Bond | 117.5625 | -0.75 |
Dow | 10038.38 | -0.20% |
Nasdaq | 2147.87 | -0.14% |
S&P | 1068.13 | -0.22% |
The Metals:
Gold climbed as much as $5.53 to $1082.03 by about 8AM EST in London before it fell to see a $13.33 loss at as low as $1063.17 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.11%. Silver rose over 1% to $15.622 before it fell to see an over 2% loss at as low as $15.063 just before noon EST, but it also rallied back higher into the close and ended with a loss of just 0.78%.
Euro gold rose to about €782, platinum gained $15.50 to $1509.50, and copper rose slightly to about $2.99.
Gold and silver equities fell over 2% in the first hour of trade, but they then rose to see slight gains by early afternoon and ended with only slight losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Dec | -$40.2B | -$35.8B | -$36.4B |
Blizzard In US Capital Delays Release Of Monthly Budget Statement WSJ
Bernanke Testimony to House Financial Committee: Full Text Bloomberg
Bernanke Says Discount Rate May Rise ‘Before Long’ Bloomberg
Bernanke fears too little growth, not too much MarketWatch
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/06 expected at 465,000 and Retail Sales for January expected at 0.5%. At 10AM is the Business Inventories report for December expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade after OPEC trimmed its 2010 global demand growth forecast, but it then turned higher in late trade and ended with a decent gain on geopolitical worries over Iran, cold weather, and a bullish forecast from the EIA. Inventory reports are delayed until Friday due to weather.
The U.S. dollar index rose and the euro fell as plans are still uncertain over what will happen with Greece.
“Treasuries tumbled after the U.S. sold a record-tying $25 billion of 10-year securities at a higher-than-forecast yield, and as investors weighed the prospects of European aid for Greece.”
The Dow, Nasdaq, and S&P reversed most of their early losses and ended only slightly lower on worries over debt problems.
Among the big names making news in the market today were Wyndham, Toyota, BHP, New York Times, and Sprint.
The Commentary:
“Now for Monday's open interest numbers. I was delighted with what the CME had to report... but I can tell you flat out that the huge declines in open interest below were not all from Monday's trading activity... although prices in both metals did decline a bit on that day. These numbers are mostly spill-over from Friday... and I feel that these numbers were deliberately withheld. Gold open interest declined a whopping 20,972 contracts on pretty light volume of 162,375 contracts. Silver's o.i. decline was just as spectacular... down 3,483 contracts on volume of 47,771 contracts.
These final volume numbers for both gold and silver shown above, posted at the CME website, are identical to the preliminary Monday numbers I reported in my column yesterday morning. So, if the bullion banks can report the volume correctly the night before... why can't they report the open interest numbers correctly at the same time? Why do we have to wait an extra day? Just asking.
The CME Delivery Report shows that 66 gold and 41 silver contracts are up for delivery tomorrow. There were no reported changes in GLD, SLV or over at the U.S. Mint. The Comex-approved depositories showed that 400,689 ounces were withdrawn from their collective inventories.
According to the European Central Bank weekly statement of condition, there was no change in consolidated holdings of "gold and gold receivables". This is the fifth week of 2010 weekly statements: three have shown zero sales and the other two precisely cancel each other. Is this a message?”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Thought For The Day:
The MOPE today is that the German people will not permit Germany to assist Greece.
F-TV is interviewing those that say the IMF will not support weak members of the European Union.
F-TV is reporting the dollar rally and euro fall on Bernanke’s MOPE about draining.
I told you yesterday with the financial powerhouses of the world short the euro and long the dollar a major barrage of MOPE can be anticipated to support their positions that went wrong badly yesterday.
Truth is truly DEAD.”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
Comments from Fed Chairman Bernanke this morning led traders to believe that the Fed Funds rate isn’t going anywhere anytime soon from its 0% – 0.25% range. As that news began filtering out into the market, the equities moved up off their lows eventually making it into positive territory while the Dollar moved down off its session high. That allowed Gold and the rest of the commodity world to see some buying come back into those markets with gold moving some $13 off its worst levels of the session. Basically it would seem that we are still sitting around watching what the equity and Forex markets are doing to get a clue as to what we can expect gold to do from day to day.
The chatter today outside of the Bernanke comments concerned doubt or at least uncertainty over any potential aid or plan by the ECB to come to the aid of Greece’s debt problems. Those doubts initially were the impetus behind the selling that came back into the Euro after it leapt into the heavens yesterday. It still dumbfounds me how worried traders are over Greece’s woes or even those of the other countries in the basket of what is being referred to as the “PIGS” and how complacently indifferent these same traders/investors are over the much more serious woes of states such as California, Illinois, Michigan, New York and others here in the US. In terms of sheer size of numbers, there is no comparison. Then again as could be said, “Denial is a river in Egypt”.
The seriousness of the problem will be blithely ignored until it simply blows up into a crisis that “Denial” cannot avoid. Then all the lemmings will Gadarene-like rush headlong off the cliff together congratulating themselves for their foresight as they plummet to earth. It’s never the fall that gets ya –it’s that sudden stop at the end.
Bonds were down fairly hard today (for a change) but as of yet are still holding support.
The Dollar remains well above 79 and thus is safe from further long side liquidation until it breeches that level. It continues to bounce off the rising 10 day moving average as technicians buy to defend their massive longs.
Not much to say about the mining shares as evidenced by the HUI which was tracking gold fairly closely today as it too moved off its worst levels of the session. They still look like they are short term sold out to me but bulls are not yet out of the woods until we get a close above 400 at the very least.
It will be interesting to see what kind of big “surprise” Iran has in store for the world tomorrow as they have announced. Never a dull moment these days….”- Dan Norcini, More at JSMineset.com
GATA Posts:
Maybe that's why the Vietnamese want gold so much
China orders retreat from risky assets
Jason Hommel's report from the Phoenix conference
Germany backs bailout for Greece as EU seeks expanded power
The Statistics:
Activity from: 2/08/2010
Gold Warehouse Stocks: | 9,918,495 | +23,517 |
Silver Warehouse Stocks: | 110,980,588 | -400,689 |
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 | 1106.378 | 35,571,152 | US$38,037m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.15 | 3,894,304 | US$4,177m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,635 | US$529m |
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: The LSE subtracted 0.23 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 -2.00 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,397.56 - No change from yesterday’s data.
The Miners:
Kimber’s (KBX) closed public offering, Nevsun’s (NSU) assay results, Aurizon’s (AZK) drill results, Anatolia’s (ANO.TO) drill results, Silvercorp’s (SVM) dividend, Silver Standard’s (SSRI) mine update, and Arian’s (AGQ.V) property update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +3.86% $8.08 |
2. Allied Nevada | ANV +2.38% $13.33 |
3. Kimber | KBX +2.06% $1.092 |
LOSERS
1. Lihir | LIHR -3.57% $24.61 |
2. DRDGOLD | DROOY-3.44% $5.90 |
3. Harmony | HMY -3.16% $9.19 |
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:
Dorato Receives Initial Results from Taricori Drill Program - More
- February 10, 2010 | Item | ShareThis
Pan American Lithium Corp. Updates Status of Letter of Intent with POSCO for Potential Private Placement - More
- February 10, 2010 | Item | ShareThis
Abcourt has Renegotiated the Aldermac Option - More
- February 10, 2010 | Item | ShareThis
Silvore Fox Minerals Corp. Announces Additional International Exploration Experience to its Board of Directors and Management - More
- February 10, 2010 | Item | ShareThis
Oriental Minerals Inc.: Option Exercised on Taebaek and Yeonwha Properties, South Korea - More
- February 10, 2010 | Item | ShareThis
Kimber announces closing of public offering of common shares in the U.S. - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) ("Kimber" or the "Company") is pleased to announce that it has closed its previously announced public offering of common shares in the United States (the "Offering"). The Company sold 3,142,000 common shares (the "Shares") at US$1.00 per share for gross proceeds of US$3,142,000." More
- February 10, 2010 | Item | ShareThis
Geo Minerals Commences Work Programs With Inmet at Red Hills and Middle Mountain, Arizona - More
- February 10, 2010 | Item | ShareThis
Magellan Elects Not to Proceed With Creporizinho Project - More
- February 10, 2010 | Item | ShareThis
Galahad Discovers New Copper-Rare Earth-Gold Target on Kellyn - More
- February 10, 2010 | Item | ShareThis
Nortec Samples 9m @ 1.03% Lithium from Tammela Project, Finland - More
- February 10, 2010 | Item | ShareThis
Paragon Minerals Corporation: Drilling Underway at the Golden Promise JV Gold Project - More
- February 10, 2010 | Item | ShareThis
Xtierra announces increased resource estimate for Bilbao project - More
- February 10, 2010 | Item | ShareThis
Golden Goliath Resources Ltd.: Financing Closes - More
- February 10, 2010 | Item | ShareThis
Staccato Gold Calls Requisitioned Special Meeting for May 25, 2010 - More
- February 10, 2010 | Item | ShareThis
Geodex Reports New Tungsten Discovery on Flume Ridge Property, New Brunswick - More
- February 10, 2010 | Item | ShareThis
Gleichen Signs Agreement to Own 100% Interest in Morelos Gold Project - More
- February 10, 2010 | Item | ShareThis
Nemaska Intersects 97.9 m of Spodumene Bearing Pegmatite on its Lithium (Whabouchi) Property and Confirms the Continuity of the Main Zone - More
- February 10, 2010 | Item | ShareThis
SIRIOS: Map of Pontax-Lithium Drilling Results Airborne Survey on the Kukames Gold Property, Eleonore Area - More
- February 10, 2010 | Item | ShareThis
Golden Predator a Founding Member of the Yukon Gold Mining Alliance - More
- February 10, 2010 | Item | ShareThis
Nemaska Exploration Appoints Mr. Claude Britt, P. Geo. as Senior Geological Consultant - More
- February 10, 2010 | Item | ShareThis
Santa Fe Gold Supplies Trial Shipment of Flux Material to Arizona Smelter for Precious Metals Recovery - More
- February 10, 2010 | Item | ShareThis
Uravan Minerals Inc. - UPDATE - Athabasca Research and Land Acquisition - More
- February 10, 2010 | Item | ShareThis
Lincoln Mining - La Bufa update - More
- February 10, 2010 | Item | ShareThis
AXMIN Exploration Agreement on the Satifara Permit, Mali and Shareholder Loan Granted - More
- February 10, 2010 | Item | ShareThis
Guinness Exploration Raises U.S.$1.5 Million to Fund Nantawa Project - More
- February 10, 2010 | Item | ShareThis
Northern Freegold's Initial Metallurgical Test Results Show Excellent Gold Recoveries From Nucleus Deposit at Freegold Mountain Project, Yukon - More
- February 10, 2010 | Item | ShareThis
DIOS Releases a Map of 7 Drill Hole Results Across a 425 M Strike of the Pontax Lithium (RB-BE-TA-CS) Discovery Zone - More
- February 10, 2010 | Item | ShareThis
Rye Patch Gold Corp. Executes Definitive Agreement With Centerra Gold (U.S.) Inc. for Acquisition of Interest in Ren Joint Venture - More
- February 10, 2010 | Item | ShareThis
Amseco Exploration Ltd.: Gold Property Acquisition in the Urban et Souart Townships, Quebec - More
- February 10, 2010 | Item | ShareThis
Gold Summit Plans $1,200,000 Private Placement - More
- February 10, 2010 | Item | ShareThis
Premier's 2010 Red Lake drill programs underway - More
- February 10, 2010 | Item | ShareThis
Stratabound's fourth CNE hole intersects thickest high-grade section to date: 17 metres of 8.2% zinc, 3.1% lead, 103.5 g/t silver - More
- February 10, 2010 | Item | ShareThis
Quaterra and Goldcorp Sign Investment Framework Agreement - More
- February 10, 2010 | Item | ShareThis
Far West Mining Ltd.: Four Drill Rigs on Site at Santo Domingo and Copper Metallurgy with Sea Water Confirmed - More
- February 10, 2010 | Item | ShareThis
Cadillac Ventures Announces Initial Spanish Drill Results - More
- February 10, 2010 | Item | ShareThis
B.C. Provincial Government halts mineral exploration in Flathead Valley - More
- February 10, 2010 | Item | ShareThis
Alexandria Releases Further Drill Results and Expands Gold Mineralization at Akasaba - More
- February 10, 2010 | Item | ShareThis
Centerra (U.S.) Inc. to Option Redstar Gold's Oasis Project in Nevada - More
- February 10, 2010 | Item | ShareThis
Spanish Mountain Announces Private Placement and New Director - More
- February 10, 2010 | Item | ShareThis
Erdene Announces New Partner for its Granite Hill Aggregate Project Development Underway - More
- February 10, 2010 | Item | ShareThis
Crocodile Gold Announces New Uranium Targets Identified by Joint Venture Partner - More
- February 10, 2010 | Item | ShareThis
Osisko Announces 9 Million Ounce Gold Reserve at Canadian Malartic - More
- February 10, 2010 | Item | ShareThis
Pitchstone Finds New Uranium Occurrence in Namibia - More
- February 10, 2010 | Item | ShareThis
Fjordland Exploration Inc.: Gold Fields Resumes Drilling at Woodjam North, B.C. - More
- February 10, 2010 | Item | ShareThis
Black Hawk Exploration Receives $200,000 from Institutional Investor - More
- February 10, 2010 | Item | ShareThis
Titan Resources Plans Exploration of Abitibi Gold Belt, Val d'Or Property - More
- February 10, 2010 | Item | ShareThis
First Quantum Minerals Announces Finalization of the Acquisition of the Ravensthorpe Nickel Operation, Western Australia - More
- February 10, 2010 | Item | ShareThis
Canasia Industries Corporation: High-Sulphidation Mineral System Indicated on Buena Vista Property in Mexico - More
- February 10, 2010 | Item | ShareThis
Greystar Resources Files EIA; Begins Colombian Permitting Process - More
- February 10, 2010 | Item | ShareThis
IGC Resources Inc.: Results of Annual General and Special Meeting of Shareholders - More
- February 10, 2010 | Item | ShareThis
Stroud Announces Grant of Stock Options - More
- February 10, 2010 | Item | ShareThis
Nevsun Resources Ltd.: Assay Results at the Harena VMS Deposit, Eritrea - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is pleased to report the final assays from the seventeen infill diamond drill holes at the Harena deposit within its Bisha exploration license in Eritrea. Harena lies 9.5 km southwest from the Bisha Main deposit and the exploration license is contiguous to the Company's Bisha Mining license." More
- February 10, 2010 | Item | ShareThis
Aurizon Mines Ltd. - New Results from Infill Drilling at the Hosco Zone of the Joanna Project - "Twenty-seven (27) holes of the current drill program are included in this release. Four (4) new holes totalling 1,498 metres, and the deepening of twenty-three (23) previous holes, totalling 2,643 metres, have been completed with an objective to increase the level of confidence of mineral resources to the indicated category using a drill spacing of 25 meters. The area tested covers 400 metres along strike, 150 to 300 metres below surface, at the western edge of the deposit where the stacking of different mineralized lenses reaches a combined thickness of over 100 metres." More
- February 10, 2010 | Item | ShareThis
Anatolia announces additional positive Çöpler drilling results - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO - News) announces additional results from the current sulfide exploration program at the Çöpler Gold Project. A map is posted to Anatolia's website (http://www.anatoliaminerals.com/). This is the third release of results for this program, with previous announcements made November 17 and December 7, 2009." More
- February 10, 2010 | Item | ShareThis
Silvercorp Announces Declaration of Quarterly Dividend-CAD$0.02 - "Silvercorp will pay its FY2010 third quarter dividend of CAD$0.02 per share on April 21, 2010, to shareholders of record at the close of business on March 31, 2010. The declaration and amount of any future dividends will remain at the discretion of the Board of Directors and may be adjusted in the future based on fluctuations in metal prices and the Company's cash flows. The dividends are considered eligible dividends for Canadian tax purposes." More
- February 10, 2010 | Item | ShareThis
Pirquitas Mine and Project Development Update - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) today reports that the ramp-up at its wholly-owned Pirquitas Mine in Argentina is proceeding well and the engineering work for the San Luis Project in Peru and the Pitarrilla Project in Mexico is ongoing." More
- February 10, 2010 | Item | ShareThis
Arian Silver Progresses San Jose Property Towards Production - "Arian Silver ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) a silver exploration and development company with a focus on projects in the silver belt of Mexico, is pleased to update shareholders on the progression of its San Jose Property, Zacatecas state, Central Mexico." More
- February 10, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 10 February, 2010 | |
