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-- Posted 8 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $1123.20 | -$11.90 | Silver | $17.22 | -$0.10 | XAU | 169.21 | -0.94% | HUI | 424.20 | -1.07% | GDM | 1266.33 | -1.16% | JSE Gold | 2236.53 | -22.33 | USD | 80.44 | -0.01 | Euro | 136.30 | +0.07 | Yen | 110.77 | -0.04 | Oil | $81.87 | +$0.37 | 10-Year | 3.708% | +0.026 | T-Bond | 117.90625 | -0.28125 | Dow | 10552.52 | -0.13% | Nasdaq | 2332.21 | +0.25% | S&P | 1138.50 | -0.02% |
The Metals: Gold rose as much as $2.54 to $1137.64 in Asia and held near unchanged in London, but it then fell back off in late morning New York trade and ended not all that far from its noontime low of $1118.54 with a loss of 1.05%. Silver climbed $0.17 to $17.49 by about 9:30AM EST and then fell to as low as $17.085 in the next two hours of trade before it bounced back higher in afternoon trade, but it still ended with a loss of 0.58%. Euro gold fell to about €824, platinum gained $20.50 to $1593, and copper remained at about $3.40. Gold and silver equities rose over 1% at the open before they fell to see about 1% losses midday and remained near that level for most of the rest of trade. The Economy: There were no major economic reports today, and there are none due out tomorrow. Job market gauge up for 6th straight month Reuters Company Debt Risk Falls to 7-Week Low on Greece: Credit Markets Bloomberg Fed launches reverse repurchase agreement program Yahoo ‘On the Edge’ Banks Face Writedowns on FDIC Auctions Bloomberg The Markets:
Oil ended higher on hopes for increasing energy demand as the U.S. dollar index remained near unchanged despite persistent worries over Greece and sovereign debt problems in Europe. Treasuries fell slightly while the Dow, Nasdaq, and S&P traded mixed and near unchanged on deal-making news. Among the big names making news in the market today were Arrow Energy, McDonald’s, MetLife, Sprint, and AIG. The Commentary: “Open interest for Thursday's down day in both metals was an unhappy surprise. Gold o.i. rose 7,202 contracts. Volume was a decent 172,081 contracts. Silver's open interest also rose... but only by a smallish 780 contracts. Volume was 31,981 contracts. I'm hoping that these increases are spread trades... and not fresh short positions. Ted Butler suggested that it could be unreported open interest increases from Wednesday's big day. We'll probably never know. The CME Daily Delivery report on Friday showed that zero gold and 91 silver contracts have been posted for delivery on Tuesday. The GLD ETF showed a smallish increase of 19,585 ounces... and there were no reported changes in the SLV. The U.S. Mint had nothing to say for itself, either... and the Comex-approved depositories showed that 252,852 ounces of silver were withdrawn on Thursday. The Commitment of Traders report [for positions held at the end of trading on Tuesday, March 2nd] didn't thrill me either. In silver, the bullion banks increased their net short position by 1,170 contracts. Ted Butler told me to take a pill... as silver was up more than a dollar during that reporting period. He said I should be contemplating swinging from the rafters. I suppose he has a point. In gold, the bullion banks added a far more significant 13,493 contracts to their net short position... and things don't look quite so rosy there.”– From Ed Steer’s Gold & Silver Daily, read the full report here. “Dear CIGAs, The big mover in gold today was news that the Fed will increase the number of counterparties that they can do these so-called, “reverse repos” with. That was interpreted by some traders as a hint that tightening is on its way. That led to chatter that some would opt towards holding Treasuries and other interest rate products. Maybe that explains why bonds moved higher today with all those folks rushing in to buy them and sell gold. Whoops, bonds fell today. So much for plan A. As long as I have been at this game I am still amazed at how easily some traders are led around by their noses by the monetary officials. Serve up the claptrap, ring the dinner bell, and Pavlov’s dogs salivate and begin barking. The only thing keeping this economy from flatlining right now is low interest rates and copious amounts of liquidity with which the banks can goose the US equity markets higher. The “good news” that another 36,000 jobs evaporated last month is certainly reason for the Fed to start attempting to suck that liquidity out of the economy isn’t it? These same carnival barkers are ever quick to remind us how inflation is under control and was it just a week or two ago that Bernanke himself admitted that interest rates are going to need to stay low for an extended period of time? How soon we forget. There was also some mixed sentiment in regards to Greece’s economic woes which brought in a bit of short covering in the Euro and the Swissie. Sterling still could not manage a bounce even with the rest of Europe a bit higher. To say that the Pound stinks would be an insult to birds. They cannot smell but even the pigeons appear to be pooping on it. That is pretty bad. I would have preferred to see gold maintain its footing above what was former resistance near the $1,130 level but it did not. Still, the bulls have the short term advantage and will maintain that as long as they can hold price above $1,110. A push through that level that cannot regain it before the pit session closes will make some of the weaker longs nervous and give the bears a bit of an advantage. Only if price drops below $1,080 -$1,074 will bears be able to growl. The HUI held up better than gold bullion did today in a further sign that more of those hedge fund spreads are continuing to be unwound. That is a very fluid situation so I will continue to monitor developments along that front. For now, the HUI is holding well above the major moving averages with the shorter ones moving higher. I would like to see that index hold above 406 on any setback in price. The Dollar has still not managed to get a close above the 81.00 level on the USDX. The market appears to be in a truce between both bulls and bears right now. The bears will need to take it down below 79.60 to rout their foes while the bulls need to punch through and hold it above 81.20 to force more short covering.”- Dan Norcini, More at JSMineset.com  “Thought For The Day:
When you see the CRIMEX operating the price of gold on the hogwash of draining excess liquidity from the system please recall the statement of our two CIGAs at the Toronto meeting. One was from Poland and the other from Russia. They had not come together. Each stood up and said how it is possible that people do not see the signs everywhere. The handwriting is on the wall. This is exactly what we saw in Russia and Poland before the great inflation. Keep in mind that hyperinflation is a currency event, not an economic event.”- Jim Sinclair, JSMineset.com GATA Posts: 
China will support dollar in short term, state banker says China preparing to end dollar peg for yuan Gold is decade's best-performing investment Morgan not yet going short again against metals rally, Butler tells King Venezuelan central bank to increase gold purchases FT's 'Lex' sniffs at complaints of gold price suppression The Statistics: Activity from: 3/05/2010 Gold Warehouse Stocks: | 9,975,834 | -200 | Silver Warehouse Stocks: | 110,322,121 | -616,582 |
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 | 1116.120 | 35,884,389 | US$40,391m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.60 | 3,812,377 | US$4,282m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,498 | US$555m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.70 | 1,597,781 | US$1,813m | NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,980 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.609 tonnes. COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.57 - No change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 9,412.43 - No change from yesterday’s data. The Miners: Kimber’s (KBX) public offering option exercised, SEMAFO’s (SMF.TO) new gold zones, Capital Gold’s (CGC) completed due diligence, Timberline’s (TLR) underground development, Paramount’s (PZG) discovery, NovaGold’s (NG) financing, Eldorado’s (EGO) resource and reserve update, ITH’s (THM) test results, Excellon’s (EXN.TO) exploration, U.S. Silver’s (USA.V) shaft repairs, and Alexco’s (AXU) awarded services contract were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. US Gold | UXG+4.71% $2.89 | 2. Timberline | TLR +4.50% $1.16 | 3. Claude | CGR+3.88% $1.07 |
LOSERS 1. Mines MGMT | MGN-3.83% $2.664 | 2. Yamana | AUY -3.60% $10.17 | 3. Ivanhoe | IVN -3.59% $15.58 |
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: Condor Resources Inc.: Geophysics Confirms Porphyry Cu-Mo Target at La Libertad, Peru - More
- March 08, 2010 | Item | ShareThis
Nanika enters into new Lucky Ship Option Agreement on Molybdenum Property - More
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Pancontinental/Crossland's Exploration Budget to Exceed A$3 Million in 2010 - More
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Goldstone Reports New Zones Discovered at Hardrock, Continued Success at Depth - More
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Premier Gold Hardrock drilling update - New zones discovered, continued success at depth including 9.3 g/t gold over 28.4 metres (0.27 oz/ton over 93.2 feet) - More
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Kootenay Gold Joins Alberta Star's Bid to Acquire One of the Worlds Largest Producers of Silver-the Sterling Mining Company & the Sunshine Silver Mine - More
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Nuinsco Acquires Gold Project in Lake of the Woods Region - More
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An Update on the Butia Prospect Drill Program, Lavras do Sul - More
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Gentor Resources Inc. closes acquisition of APM Mining Limited - More
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Minera Andes Reports Excellent Mid-season Drill Results at its Los Azules Porphyry Copper Project - More
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Benton Receives Additional Drill Results From Deloro - More
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Woulfe Announces Positive Results from Its Sangdong Scoping Study - More
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Western Troy Stakes Claims on Additional Gold Anomalies at Schefferville - More
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Arianne Resources Will be at the International Conference Phosphates 2010-Brussels - More
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Garrison International Ltd.: Construction Recommences at Tovshiir Gold Project, Mongolia - More
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First Gold Reports that the Drill and the Exploration Crew Have Started Work on the Lac Pivert/Rose Rare Metal Property - More
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Paragon Intersects 17.05 Metres of 14.80% Zinc, 3.56% Lead, 1.40% Copper, 80.90 g/t Silver, 1.35 g/t Gold at South Tally Pond VMS Project - More
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Gryphon Gold and Sage Gold Sign Option for JV for Borealis Gold Project Nevada - More
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International Samuel Exploration Corp. - Reed Lake Drill Permits Issued - More
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Gold-Ore Announces 2009 and Fourth Quarter Financial Results - More
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Mr. J. Gianni Kovacevic Appointed as Director and Chairman, Romulus Resources Ltd. - More
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Soltoro Drilling Returns 37.5 Metres of 2.72 gpt Gold & 10.5 Metres of 236 gpt Silver at El Rayo - More
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Wahgoshig First Nation and Detour Gold Sign Letter of Intent - More
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Silver Falcon Mining, Inc. (SFMI) Evaluates a Toronto Stock Exchange Listing - More
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Mawson acquires high grade Alto Quemado gold-copper project in Peru - More
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Uranium Resources Inc. to Present at Roth Capital Partners' 22nd Annual Growth Stock Conference - More
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Pacific North West Capital Corp. Announces High Grade Gold of 51.66 g/t (1.50 ounces/ton) Intersected in Phase II at Destiny Gold Project, Québec - More
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Callinan Begins Drilling At Fox River - More
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Goldcliff's Drilling Extends Nordic Zone: 25.62 Metres Grading 1.54 Grams per Tonne Gold - More
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Volta drilling extends the mineralization at its Gongondy copper-gold porphyry deposit at its Gaoua project in southwestern Burkina Faso - More
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Northern Superior Completes Diamond Drill Program, Nears Completion of Its Geophysical Program, Wachigabau Gold Property, Quebec - More
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Alto Ventures Ltd.: High Grade Gold of 51.66 g/t (1.50 Ounces/ton) Intersected in Phase II at Destiny - More
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Tinka Options Anita de Tibillos Copper Porphyry Project in Peru - More
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Yale Options out the Guadalupe Property, Zacatecas State - More
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NGEx Hits Significant New Copper/Zinc Discovery in Eritrea - More
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Industrial Minerals Completes C$2.1M Financing - More
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Apoquindo Expands Main Zone an Additional 100m West Intersecting 144m of 0.68% Cu & 0.13 g/t Au - More
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Galahad Metals Inc.: Drilling Started on Montrose Gold Project, ON - More
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Alexis Projects Robust Economics at Snow Lake Mine With IRR of 191% - More
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Anfield Intersects 8.6 Meters Grading 1.79% Nickel and 22.6 Meters Grading 1.56% Nickel at Its Mayaniquel Project, Guatemala - More
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Fission Energy Drills Four More Vertical Step-Out Holes That Extend the J-Zone Including Intervals of 1.9m and 1.6m Over 9,999 CPS - More
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Rockhaven Resources Ltd. Announces Acquisition of Mount Hinton Property - More
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Kivalliq Announces Aggressive 2010 Exploration Program; Acceleration of Warrants - More
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Harte Signs Letter Agreement With Corona for Option to Purchase Sugar Zone Property - More
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Corona Gold Grants Option on Sugar Zone Property - More
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Southern Arc Minerals Inc.: Perda Endorsed by Minister of Home Affairs - More
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Gold Resource Estimates at Medoro's Marmato Project Increase to 7.5 Million Ounces Measured and Indicated and 2.2 Million Ounces Inferred - More
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ATAC Resources Ltd. Dramatically Increases Its Land Position at Its Rau Gold Project in Yukon - More
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Canaco Drills 16 Metres Grading 5.45 Grams Gold Per Tonne and 48 Metres Grading 2.71 Grams Gold Per Tonne, Extending the Strike of Magambazi Mineralization - More
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MAX receives drill permit for Table Top gold project in Nevada - More
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Kirrin Resources Update on Otish Basin Plans and Grevet Property Fees; Announces Option Grant - More
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Uragold Acquires 100% Interest in the Bulstrode Rare Earth Property, Therefore Increasing its Substantial Properties Holding - More
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Hunt Mining Corp.: Appointment of Mr. Scott Brunsdon to Board of Directors - More
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Northern Superior Resources Inc. Initiates Reverse Circulation Drill Program, Ti-pa-haa-kaa-ning Gold Project, Northwestern Ontario - More
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Spanish Mountain Engages Peter Grandich - More
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U.S. Antimony to Supply Zeolite for Nuclear Remediation - More
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X-Cal Resources Ltd.: Addition of a Development Team Is Next for Sleeper - More
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East Asia Receives Indonesia Government Approved IUP "Mining Licence" Confirming Tenure of Barisan II Under New Mining Law - More
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NQ Exploration Inc.- Carheil Property: 10.5 Metres at 1.66% Zinc and 550 g/t Silver - More
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Goldstone Resources Plans Aggressive 2010 Exploration Program - More
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PC Gold Hits Abundant Visible Gold in Two Thick Intercepts of the Newly Discovered No. 19 Vein; Drills 8.23 g/t Gold Over 7.6 Metres - More
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Kria Resources Submits Environmental Impact Assessment Registration Document for its Halfmile Lake Project - More
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Sulliden Intersects 1.30 g/t Gold Over 76.25 Meters and 1.00 g/t Gold Over 107 Meters in the Gap Zone - More
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Quadra Mining Ltd. Announces 2009 Year End and Fourth Quarter Financial Results - More
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Noront reports AT12 results - More
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Marathon Permitting On Track, Formal Regulatory Review Commenced - More
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EMX Reports Additional Encouraging Drill Hole Results from Grand Bois and Announces Plans to Resume Exploration Operations in Haiti - More
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Quadra Mining Signs Memorandum of Understanding to Create a Strategic Partnership With State Grid International Development Limited - More
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DOT Announces New Copper Discovery - More
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Colombian Mines Mobilizes Second Drill to Yarumalito and Provides Project Updates - More
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Nevgold Drills Best Intercept to Date at Cordero, Nevada - More
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VMS Ventures Commences VTEM Airborne Survey at the Morton Lake, Hood Option and Puella Bay Properties, Snow Lake, Manitoba - More
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Salares Lithium's Geophysical Survey Delineates Brine Bearing Horizon - More
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Ivernia Commences Exploration Drilling to Extend the Mine Life at Magellan - More
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Kimber Resources Inc. - Agent exercises option in full in US public offering - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) ("Kimber" or the "Company") is pleased to announce that today it has closed the sale of 471,300 shares of its common shares ("Shares") pursuant to the exercise in full of the agent's over-allotment option (the "Option") granted to Scarsdale Equities LLC ("Scarsdale"). The Option was exercised by Scarsdale pursuant to the existing placement agency agreement (the "Placement Agreement") with the Company dated February 3, 2010 under which the Company completed a public offering of its common shares in the United States that closed on February 10, 2010 when the Company sold 3,142,000 Shares at US$1.00 per Share for gross proceeds of US$3,142,000." More
- March 08, 2010 | Item | ShareThis
SEMAFO Reports Discovery of Two New Gold Zones at Samira Hill - "The Samira Horizon remains an important mining district for SEMAFO, hence our decision earlier this year to proceed with a two-year $6,000,000 exploration program on the property," commented Benoit La Salle, President and Chief Executive Officer, "We are encouraged by these new discoveries at Samira Hill, the results of which may become part of our reserves and resources base and ultimately extend mine life. We believe that our continued exploration programs to fully define the property will ultimately benefit from existing infrastructures and contribute to increase value for our shareholders." More
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Capital Gold Corporation Completes Due Diligence on Nayarit Gold - "John Brownlie, Capital Gold's President and Chief Operating Officer, said the acquisition process is proceeding according to plan with the relevant regulatory document filing process to begin during the next few weeks. "In the meantime, we are reviewing options to advance the development of Nayarit's Orion deposit in the most expeditious and cost effective manner," he said." More
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Excellon Announces Epithermal Vein Exploration at Miguel Auza - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that district-scale remapping of its 100% owned Miguel Auza Property in northern Zacatecas State, Mexico has led to the recognition of at least six wide northwest-trending epithermal quartz veins similar in character to those in many of the famous Bonanza-grade silver-gold vein camps of the nearby Fresnillo Silver Trend. These veins are significantly different from the northeast-trending, sulphide-rich "Calvario Veins," which were the historic focus of district mining and exploration. The "Madera Veins" range from 2 to over 10 metres in width and can be readily traced for over 1,500 metres along strike. The veins show many features indicating that potential high-grade silver mineralization may start 200-250 metres below the surface and drilling targeted at approximately 300 metres vertical will begin as soon as permits are in hand." More
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Timberline Advances Underground Development at Butte Highlands - "Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to announce that the underground ramp at its Butte Highlands Gold Project is steadily moving forward and has been advanced approximately 300 feet from the portal." More
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Paramount Gold and Silver Corp. Discovers Second Bulk-Mineable Gold Target at San Miguel Project in new San Francisco Area as Resource Delineation Continues - "Resource definition drilling is progressing successfully on a bulk-mineable gold target discovered by Paramount last December in the south San Francisco area of the San Miguel Project (see news release of January 7, 2010). A second bulk-mineable target has also been discovered in the north San Francisco area, generating some unusually high assay results." More
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NovaGold Announces Additional US$75 Million Financing - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced that it is proposing to issue 13,636,364 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$75,000,002 (the "Soros Offering") to Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC. This is in addition to the US$100 million financing announced by the Company on March 4, 2010 (the "Paulson Offering"). The gross proceeds to be raised under the two financings total US$175 million." More
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U.S. Silver Joins OTCQX, Completes Galena Shaft Repairs - "The Company is also pleased to report that its Galena shaft rehabilitation is complete. The entire 830 feet of shaft requiring rehabilitation have now been cleared, lined with concrete, and new electrical, air and water lines installed. The last temporary shaft bulkhead will be removed and the final connecting steel sets and shaft guides will be installed during the week of March 8, 2010." More
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Eastern Dragon Resource and Reserve Update - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "We") (TSX:ELD - News)(NYSE:EGO - News)(ASX:EAU - News), is pleased to announce an update to the mineral resources and mineral reserves for the Eastern Dragon Project in Heilongjiang Province, PRC. Eastern Dragon is a high grade epithermal vein system that will be mined by a combination of open pit and underground methods. We consider the exploration potential of the area to be excellent and have budgeted US$2.4 million in exploration expenditures for 2010." More
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International Tower Hill Announces Key Positive Metallurgical Test Results for Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or "the Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce positive initial metallurgical test results for mill processing of the major types of mineralization at the Money Knob deposit at the Livengood Gold Project, Alaska." More
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Alexco Awards Mining Services Contract - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce that it has awarded the Mining Services Contract for development and production mining of the Bellekeno silver-lead-zinc deposit to the NNDDC/Procon Joint Venture, a joint venture between Procon Mining and Tunnelling Ltd. and the Nacho Nyak Dun Development Corp. The Bellekeno Mine is located in the Keno Hill silver district of Canada's Yukon Territory, within the traditional territory of the First Nation of Na-Cho Nyak Dun." More
- March 08, 2010 | Item | ShareThis - Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2010 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 8 March, 2010 | |
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