-- Posted 11 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1093.90 | +$18.60 |
Silver | $15.59 | +$0.29 |
XAU | 160.71 | +3.97% |
HUI | 405.30 | +4.25% |
GDM | 1217.43 | +4.08% |
JSE Gold | 2225.85 | -1.94 |
USD | 80.01 | -0.06 |
Euro | 136.83 | -0.50 |
Yen | 111.46 | +0.35 |
Oil | $75.28 | +$0.76 |
10-Year | 3.733% | +0.039 |
T-Bond | 117.25 | -0.3125 |
Dow | 10144.19 | +1.06% |
Nasdaq | 2177.41 | +1.38% |
S&P | 1078.47 | +0.97% |
The Metals:
Gold traded mostly slightly higher in Asia and London and rose almost 1% to as high as $1086.73 at the open of trade in New York before it fell back to see a $0.70 loss at $1074.60 by about 10AM EST, but it then rose to a new session high of $1094.80 by midday and ended with a gain of 1.58%. Silver fell almost 1% to $15.179 in midmorning New York trade before it also rallied back higher and ended near its noontime high of $15.637 with a gain of 1.9%.
Euro gold rose to about €800, platinum gained $4.50 to $1514, and copper gained over 14 cents to about $3.13.
Gold and silver equities rose over 4% by early afternoon and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/06 | 440K | 465K | 483K |
U.S. Foreclosure Filings Top 300,000 for 11th Month Bloomberg
Greece Deal Opens Door for More Bailouts: Economist Yahoo
TARP Watchdog Says Commercial Real Estate Loans Pose Danger Bloomberg
Foreclosures down in January, but surge on way? Yahoo
Tomorrow at 8:30AM EST brings Retail Sales for January expected at 0.5%. At 9:55 is Michigan Sentiment for February expected at 75.0. 10AM brings the Business Inventories report for December expected at 0.3%, and at 2PM is the Treasury Budget for January expected at -$46.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed back above $75 a barrel on a rising demand outlook while the U.S. dollar index reversed early gains and turned lower after the EU announced vague plans to support Greece.
Treasuries fell after today’s disappointing 30-year note auction drew a high yield of 4.625% with a bid to cover of just 2.36.
The Dow, Nasdaq, and S&P rose about 1% on relief over the EU’s pledged support for Greece.
Among the big names making news in the market today were PepsiCo, FirstEnergy and Allegheny, Marriot, Volkswagen, AutoNation, Viacom, and Boston Scientific.
The Commentary:
China Will Drive Gold
NEW YORK (TheStreet) -Frank Holmes, CEO of U.S. Global Investors, says China's emerging middle class will drive gold prices higher.
“I think the expression "going to hell in a hand basket" is very apropos right now. There is absolutely no way out of this economic, financial and monetary Armageddon that awaits the entire planet.. and I would suspect that all governments and their respective central banks know that. The only thing that's unknown, is the timing. But, judging by the speed with which things are circling the drain, something has to give pretty soon.
As I said the other day, there are only three possible outcomes... or combinations of all three... that are staring 'the powers that be' in the face. One is an outright deflationary collapse, the second a hyperinflationary depression... and the third, a return to a gold standard of some sort. Which will it be?”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Thought For The Day:
The Federal Reserve has announced that they are in negotiations with money funds concerning a plan to drain one trillion dollars of liquidity that was injected into the system.
If you research this you will find that techniques can start from the classical strategy to sell Treasuries to these entities for cash or more than likely the Fed’s second attempt to repo the worthless junk that the banks stuck the Fed with.
Either way, and there are many, this is an exercise in applied cosmetics of the appearance of the Fed balance sheet whilst further QE takes place at every auction.
I say this because you can wager and win if you anticipate whatever they are speaking about to be a repo.”- Jim Sinclair, JSMineset.com
GATA Posts:
Treasury hides lots more Plunge Protection Team minutes
Egon von Greyerz: Sovereign alchemy will fail
Niall Ferguson: A Greek crisis is coming to America
Midas touch lost? Paulson hits hurdles in gold fund
German financial site interviews GATA's Dimitri Speck
The Statistics:
Activity from: 2/09/2010
Gold Warehouse Stocks: | 9,923,714 | +5,219 |
Silver Warehouse Stocks: | 109,409,220 | -1,571,368 |
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$38,277m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 120.31 | 3,867,044 | US$4,242m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,630 | US$542m |
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 0.84 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,397.56 - No change from yesterday’s data.
The Miners:
Great Basin’s (GBG) new Vice President of Corporate Development, NovaGold’s (NG) year-end financial results, Exeter’s (XRA) spin-out proposal, ITH’s (THM) top-up notice, US Gold’s (UXG) drill results, Aurizon’s (AZK) drill results, Capital Gold’s (CGC) business combination with Nayarit Gold, Alexco’s (AXU) closed financing, Pan American’s (PAAS) increase in proven and probable reserves, and Silver Wheaton’s (SLW) acquired production from Augusta (AZC) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +9.52% $2.30 |
2. ITH | THM +8.70% $6.50 |
3. Ivanhoe | IVN +7.56% $14.79 |
LOSERS
1. International Royalty | ROY -1.22% $6.48 |
2. Gold Reserve | GRZ -0.90% $1.10 |
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:
Business agreement signed for La Ronge gold project development - More
- February 11, 2010 | Item | ShareThis
Mining M&A expected to pick up pace this year - "Merger and acquisition activity in the mining sector is likely to pick up pace in 2010 as producers shift their focus from cutting costs to driving growth in a recovering global economy, according to a report released on Thursday." More
- February 11, 2010 | Item | ShareThis
Argex commences drilling on the Hervieux Ouest Zone at Lac La Blache - More
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Aldridge Provides Corporate Update - More
- February 11, 2010 | Item | ShareThis
Oriental Minerals Inc.: Appointment of Chief Financial Officer - More
- February 11, 2010 | Item | ShareThis
Iron Creek Arranges $750,000 Financing - More
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Northern Freegold Invests in Business with Yukon First Nations Project 2010 Team - More
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Parallel Arranges $875,000 Private Placement Financing - More
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Volta reports additional positive results from Target Zone B at the Mamna-Fofora prospect at Kampti in SW Burkina Faso - More
- February 11, 2010 | Item | ShareThis
Mill Bay Ventures Inc. Completes 545 Meters Core Drilling on Valentine Mountain Log Dam and Discovery North Gold Zones - More
- February 11, 2010 | Item | ShareThis
Sona Resources Corp.: Positive Results From Elizabeth Property Metallurgy Tests; Elizabeth Ore Compatible with Blackdome Milling Facility - More
- February 11, 2010 | Item | ShareThis
Bullion Monarch Mining Board Approves Additional Share Repurchase Program - More
- February 11, 2010 | Item | ShareThis
Golden Peaks Resources Ltd. - La Fortuna Gold Project: Second Drill Rig Added - More
- February 11, 2010 | Item | ShareThis
Temex intersects gold in porphyry at Croxall Property, West Timmins Gold District - More
- February 11, 2010 | Item | ShareThis
Mantis announces significant tantalum grades at its Case Pegmatite project along with multi-element associations of lithium, beryllium, gallium and rubidium - More
- February 11, 2010 | Item | ShareThis
Majescor Appoints Daniel F. Hachey as President and CEO - More
- February 11, 2010 | Item | ShareThis
Coronado Progresses on Several New Gold Mining Concessions in Masbate Gold Mining District, Philippines-Production Update on Madison Gold/Copper Project - More
- February 11, 2010 | Item | ShareThis
Great Basin Announces the Appointment of Vice President: Corporate Development - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces a change to its management team with Dana Roets joining the Company as Vice President: Corporate Development." More
- February 11, 2010 | Item | ShareThis
Arco Announces Non-Brokered Financing - More
- February 11, 2010 | Item | ShareThis
Cameco Re-enters Underground Development at Cigar Lake - More
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Barrick to begin field operations at Mt. Nakru and Simuku projects - More
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Typhoon Announces the Conclusion of a 2D Study With DIAGNOS - More
- February 11, 2010 | Item | ShareThis
Golden Goose intersects new gold-bearing structures near its Magino deposit - More
- February 11, 2010 | Item | ShareThis
Paladin Energy Ltd: Financial Report for the Six Months Ending 31 December 2009 - More
- February 11, 2010 | Item | ShareThis
Lundin Mining to Sell Salave Gold Project - More
- February 11, 2010 | Item | ShareThis
DIAGNOS Announces the Conclusion of a Study for Typhoon - More
- February 11, 2010 | Item | ShareThis
NioGold to Acquire Nicolet-South Property Adjoining Nevado and Bowmore in Thetford Mines District, Southern Quebec - More
- February 11, 2010 | Item | ShareThis
Nemaska Exploration: Re-Testing of the Whabouchi Property Samples - More
- February 11, 2010 | Item | ShareThis
Paladin Energy Ltd: Second Quarter/Half Year Conference Call and Investor Update-16 February 20 - More
- February 11, 2010 | Item | ShareThis
Western Lithium Receives Plan of Operation Permit for Nevada Lithium Project; Work Program Underway - More
- February 11, 2010 | Item | ShareThis
PHE Signs LOI on Brazil Lake Lithium and Rare Earth Metals Project (One of the Highest Grade Lithium Deposits in North America) - More
- February 11, 2010 | Item | ShareThis
Turk Mine in Zimbabwe Produces 1,160 ounces or 36.1 kg's of Gold in January 2010 - More
- February 11, 2010 | Item | ShareThis
Animas Resources Reports Encouraging Assay Results From the Escondida & Pirinola Gold Targets and the Tigre Skarn - More
- February 11, 2010 | Item | ShareThis
Amseco Closes $120,000 Private Placement - More
- February 11, 2010 | Item | ShareThis
Full Metal Intersects 36.38 g/t Au over 7.3 Meters at Lucky Shot; Underground Exploration to Commence - More
- February 11, 2010 | Item | ShareThis
Crosshair Intersects 0.18% Vanadium Over 241 Metres - More
- February 11, 2010 | Item | ShareThis
Xtra-Gold Intersects 14.0 Meters Grading 6.47 Grams Per Tonne Gold in Initial Zone 3 Scout Drilling at Kibi Gold Trend Project, Ghana - More
- February 11, 2010 | Item | ShareThis
Affinity Gold Corp. Announces CEO Appointment - More
- February 11, 2010 | Item | ShareThis
Northern Star Announces New Gold Discovery - More
- February 11, 2010 | Item | ShareThis
Radius Consolidates Gold District in Yukon Territory - More
- February 11, 2010 | Item | ShareThis
Intrepid Mines Limited: Tumpangpitu Porphyry Copper-Gold-Molybdenum Zone Expanded - More
- February 11, 2010 | Item | ShareThis
Focus Provides Update on Nueva California Drilling - More
- February 11, 2010 | Item | ShareThis
Fission Discovery Hole Assays at-10.5m of 1.91% U3O8 Including 1.0m grading 13.87% U3O8 - More
- February 11, 2010 | Item | ShareThis
Apoquindo Expands Main Zone Intercepting 181 Metres of 0.60% Copper Including 47 Metres of 1.30% Copper at Zafranal - More
- February 11, 2010 | Item | ShareThis
Richard Nemis and John Harvey Return to Windfall Lake Property as Directors of Eagle Hill - More
- February 11, 2010 | Item | ShareThis
Fortress Minerals Reports Acquisition of Exploration and Mining Licence for the Svetloye Gold Project in Eastern Russia - More
- February 11, 2010 | Item | ShareThis
Mr. Charles Gregoire de Rothschild Joins Vena's Advisory Committee - More
- February 11, 2010 | Item | ShareThis
Oro Silver Targets Silver Potential Below the El Compas Gold Mine, Zacatecas, Mexico - More
- February 11, 2010 | Item | ShareThis
American Lithium Minerals Closes Agreements to Acquire Borate Hills Lithium Projects - More
- February 11, 2010 | Item | ShareThis
Guyana Goldfields Inc. Appoints Vice President, Exploration and Provides Exploration Update - More
- February 11, 2010 | Item | ShareThis
PC Gold Continues to Intersect New High Grade Veins; Starts Drilling Major Cohen-MacArthur Structure - More
- February 11, 2010 | Item | ShareThis
Lara Exploration Ltd.: Updated NI 43-101 Technical Report Completed on the Araguaia Nickel Project, Brazil - More
- February 11, 2010 | Item | ShareThis
Historic Drilling Shows 92.02 Metres of 2.35 g/t Au on REN Gold Property - More
- February 11, 2010 | Item | ShareThis
Genco Announces Management Changes - More
- February 11, 2010 | Item | ShareThis
New Dimension Completes Non Brokered Private Placement - More
- February 11, 2010 | Item | ShareThis
NovaGold Year-End Financial Results and Project Update - "For the year ended November 30, 2009, the Company reported a loss of $73.4 million (or $0.42 basic and diluted loss per share) compared to a loss of $195.0 million (or $1.84 basic and diluted loss per share) for the previous year." More
- February 11, 2010 | Item | ShareThis
Exeter provides update on proposed spin-out to create two independent companies - "Exeter Resource Corporation (NYSE-Amex:XRA, TSX:XRC and Frankfurt: EXB - "Exeter" or the "Company") has obtained an interim order from the British Columbia Supreme Court providing for a special meeting of shareholders (the "Meeting") required to approve the spin-out of its Argentine assets into a new company to be known as Extorre Gold Mines Limited ("Extorre")." More
- February 11, 2010 | Item | ShareThis
International Tower Hill Receives Share Ownership Top-up Notice from AngloGold Ashanti - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce that AngloGold Ashanti (U.S.A.) Exploration Inc., a subsidiary of AngloGold Ashanti Limited ("AngloGold"), has exercised its right to maintain its 13.2907% equity interest in the Company. AngloGold's equity interest had been diluted by virtue of the Company's issuance of shares since May 19, 2009, principally due to the exercise of incentive stock options, broker options and in connection with the purchase the interest of Redstar Gold Corp. in the Company's North Bullfrog project." More
- February 11, 2010 | Item | ShareThis
Capital Gold Corporation and Nayarit Gold Inc. Enter into Business Combination Agreement - "Capital Gold Corporation (NYSE Amex: CGC / TSX: CGC) ("Capital Gold") and Nayarit Gold Inc. (TSX: NYG) ("Nayarit") today jointly announced that they have entered into an agreement (the "Agreement") with respect to a proposed business combination in an all-share transaction subject to the completion of satisfactory due diligence, receipt of Nayarit and Capital Gold shareholder approval, receipt by Nayarit of a fairness opinion, regulatory approvals and the satisfaction of certain other conditions. The transaction is expected to close in May 2010." More
- February 11, 2010 | Item | ShareThis
Alexco Closes C$25.7 Million Equity Financing - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce that it has closed the C$25.7 million equity financing previously announced on January 20, 2010 under which Alexco sold 7,350,000 common shares of the Company (the "Common Shares") at a price of C$3.50 per Common Share for gross proceeds of C$25,725,000 (the "Offering"). The Offering was co-lead by Canaccord Financial Ltd. and Cormark Securities Inc. (the "Underwriters"). The Underwriters received a cash fee equal to 7% of the gross proceeds of the Offering." More
- February 11, 2010 | Item | ShareThis
Pan American Silver's Proven and Probable Reserves Increase to 234 Million Ounces - "In 2009, the Company's successful exploration programs added 36.8 million contained ounces of proven and probable silver reserves at its operating mines. The new reserves were more than sufficient to replace the 26.6 million contained silver ounces mined during the year. The net result: Pan American increased its proven and probable silver reserves by approximately 5% to 234 million ounces as at December 31, 2009." More
- February 11, 2010 | Item | ShareThis
US Gold Corporation: El Gallo Best Drill Results to Date - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce the most significant results to date from its El Gallo Project in Sinaloa State, Mexico. Exploration was focused on expansion drilling in several areas of the property. The two best results from the eleven holes assayed since our last update are: 11.4 ounces of silver per ton (opt) over 386.8 ft (feet) (390.3 grams per tonne (gpt) over 117.9 m (meters)) and 19.2 opt silver over 95.5 ft (659.0 gpt silver over 29.1 m)." More
- February 11, 2010 | Item | ShareThis
Aurizon confirms extension of Zone 123 at Casa Berardi - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to report the results of exploration drilling along the 810 metre exploration drift and the 280 metre drift at its Casa Berardi Mine, in north-western Quebec." More
- February 11, 2010 | Item | ShareThis
Silver Wheaton Acquires Life of Mine Silver and Gold Production From Augusta's Rosemont Project - "Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX, NYSE: SLW) is pleased to announce that it has agreed to acquire an amount equal to 100% of the life of mine silver and gold production from Augusta Resource Corporation's ("Augusta") (TSX, NYSE Amex: AZC) Rosemont Copper Project ("Rosemont") located in Pima County, Arizona. Rosemont is forecast to be a low-cost, long-life and large-scale copper-molybdenum-silver project that could account for approximately 10% of US copper output once in production, projected by 2012." More
- February 11, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 11 February, 2010 | |