-- Posted 9 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1121.80 | -$1.40 |
Silver | $17.33 | +$0.11 |
XAU | 168.22 | -0.59% |
HUI | 421.63 | -0.61% |
GDM | 1258.43 | -0.62% |
JSE Gold | 2205.94 | -30.59 |
USD | 80.56 | +0.12 |
Euro | 136.02 | -0.29 |
Yen | 111.17 | +0.44 |
Oil | $81.50 | -$0.37 |
10-Year | 3.701% | -0.007 |
T-Bond | 117.96875 | +0.0625 |
Dow | 10564.38 | +0.11% |
Nasdaq | 2340.67 | +0.36% |
S&P | 1140.45 | +0.17% |
The Metals:
Gold saw a slight gain of $0.79 at $1123.99 in Asia before it fell back off in London and dropped to as low as $1107.89 by about 8:45AM EST in New York, but it then rallied to a new session high of $1124.30 by about noon EST and ended with a loss of just 0.12%. Silver fell to as low as $16.855 in early New York trade before it also rallied back higher for most of the rest of trade and ended near its late session high of $17.387 with a gain of 0.64%.
Euro gold climbed near €825, platinum lost $3.50 to $1589.50, and copper remained at about $3.40.
Gold and silver equities traded about 1% lower for most of the morning before they rose to see slight gains by early afternoon, but they then fell back off into the close and ended with over 0.5% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Wholesale Inventories for January expected 0.2% and at 2PM is the Treasury Budget for February expected at-$222 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell a bit as the U.S. dollar index found modest gains on lingering debt worries that dragged the euro and pound lower.
“Treasuries rose after the record- tying $40 billion sale of three-year notes drew a yield that was lower than forecast.”
The Dow, Nasdaq, and S&P traded mostly slightly higher on hopes for improving earnings and economic data.
Among the big names making news in the market today were Kroger, EADS, Chevron, Burger King, General Growth, MetLife, Eaton Vance, and Toyota.
The Commentary:
“The CME's Daily Delivery notice posted yesterday shows that one whole gold contract and 61 silver contracts are up for delivery tomorrow. There were no reported changes in either the GLD or SLV on Monday... and the U.S. Mint had nothing to say for itself, either. But over at the Zürcher Kantonalbank in Switzerland, they reported the following increases in the respective gold and silver ETFs: gold up 13,065 ounces... and silver was up another bunch, this time it was 584,432 ounces. The Zürcher Kantonalbank now has 4.85 million ounces of gold and 64.0 million ounces of silver.
The Comex-approved warehouses reported a decline of 616,582 troy ounces of silver on Friday.
One of the things that I neglected to mention on Saturday was the silver short position of the four biggest bullion banks... led by JPMorgan. In Friday's Commitment of Traders report, if you subtract the total Commercial long position from the total Commercial short position... you come up with a 'net short' position of 40,940 contracts... which is 204.7 million ounces of the stuff. The '4 or less' bullion banks hold about 47,950 short contracts on the Comex... which is 239.8 million ounces. In percentage terms, the 'four or less' bullion banks in the Commercial category are short 117.1% of the Commercial net short position... and, when you take out the b.s. spread trades, these same four bullion banks are short about 53% of the entire Comex silver market. And it's about 65% of the silver market when you include the '8 or less' traders. And I think those percentages are on the conservative side as well.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
Gold put in an impressive performance today from where I sit battling back from a barrage of selling linked to the ridiculous story circulating around the market today that China was not interested in buying gold. That initially emboldened the raiders at the Comex and sent the lemmings packing and heading for the hills before saner minds prevailed who began buying into the weakness. The result was a strong bounce from important technical support near the $1,110 level (see the chart for a view and read the comments there).
Let’s state the obvious here – the Chinese NEVER announce their intentions beforehand. Do the investors/traders in this nation believe that they are stupid? Anyone who follows the soybean market can attest to this. As we mentioned last time a story appeared announcing China’s intention to buy the remainder of the IMF gold sale; such a thing would be very uncharacteristic for them. After all, we are not dealing with a Gordon Brown here (the Prime Minister of England who at the time he headed the Treasury there announced beforehand his intention to sell England’s horde of gold thereby guaranteeing that the citizens of his nation would receive the lowest possible price). Rest assured that China has no intention of saying the least thing positive about gold purchases knowing full well that they will create a stampede of buying into the market which would guarantee them the worst possible purchase price.
You might recall that after copper collapsed from over $4.00 all the way down to $1.25 that it was not until it had recovered quite nicely off the bottom that word leaked out that China had been accumulating the red metal for its strategic stockpiles. Did China come in and announce beforehand that they were going to buy gobs of copper? Of course not –it was only after the market began moving higher and kept moving higher and traders were speculating as to what was going on that the truth came out. I remember full well the comments from the analysts at the time who were dumbfounded by the fact that the metal kept moving higher in the face of a collapse in the US housing market and an abrupt shutdown of the US economy. They were all sitting around scratching their heads trying to come up with reasons why the market was going up and not down.
It will be exactly the same for gold. China will buy it and you will not know it UNTIL AFTER THE FACT. The price chart will tell us when the buying is occurring but it will not tell us who is buying. I repeat, the East does not announce their intentions until after the fact. They will accumulate the metal on price weakness whenever Western-based hedge funds are in the process of selling it. If I had to bet on these funds against China, my money would be on the Chinese.
One last comment about this matter – China is still reeling from the fact the India beat them to the market on their gold buys late last year. And do not forget that India is going to be adding more gold to their official reserve holdings at an appropriate price level.
Even if you leave the Chinese out of the gold market – gold has not been making all time record highs in terms of the Euro and the British Pound and 30 year highs in terms of the Swiss Franc because China might or might not buy the metal. It has been doing so because it is functioning as a currency without any obligations attached to it. In other words, China’s actions in the gold market have nothing to do with gold’s string of all time highs in these major currencies. It is fear, uncertainty and a desire for a safe haven that have fueled the metal’s rise. China is just an added bonus which will serve to keep a floor under the metal on price retracements.
The US Dollar continues to struggle with the 81 level on the USDX. It is difficult to make a short term call on this right now. While the bearish divergences continue to flash warning sign after warning sign, the market simply will not break down. One could make a case for the Dollar consolidating here and preparing for another leg higher or getting ready for a fall through major support. The technical case is simply unclear right now as neither the bull camp nor the bear camp has a definite advantage. Bulls need to take it above 81.40 and hold it there while bears need to take it below 79.60 and keep a lid on it there. As stated often – the Dollar is benefiting not because its fundamentals are strong (they stink) but rather because the fundamentals behind Europe are even worse.
The HUI moved higher today following a similar pattern in gold at the Comex as it recovered from its worst levels. It is maintaining its footing above most of the major moving averages with the 100 day serving to hold it on the upside. A push through that level (432) will give it the impetus it needs to move on up towards 450. Support lies first at 415, followed by 410 and then 390.
The S&P 500 continues its merry rise oblivious to any reality as it trades in its own little world of sloshing liquidity. It has managed a move to recapture 50% of the losses since it peaked back in 2007. A strong close today and tomorrow would give the bulls further momentum and give it a shot at moving up towards the 1225 level. If it breaks through there, we might all just as well get out the party hats because according to this screwed up, useless indicator of the US economy, the good times will be here again. You have to shake your head in wonder at how these managed operations can pull stunts like this off. Then again, a few $billion here and a few $billion there, and the next thing you know, you have a bull market in equities. In this day and age of technical analysis, fundamentals are irrelevant. The only thing that matters is momentum.
Bonds are still stuck in their broad trading range of the last 2 months. Bears will gain an advantage if they can close price under the 115^15 level but they will not have gained control over this market unless they can take price down below 114^20. Bulls need to push price back up towards 118^24 to gain the advantage and over 120 to take control. For now, we seem to be at an impasse.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Now China's talking gold down, maybe wanting to get more cheap
Fed audit bitterly opposed by Treasury
Jim Sinclair tells King World News about Hunt Bros., attacks on currencies
GATA chairman appears Tuesday on Lars Larson radio show
Zero Hedge notes GATA's appeal to the CFTC
GATA appeals to CFTC to act against manipulative shorts
The Statistics:
Activity from: 3/08/2010
Gold Warehouse Stocks: | 9,975,834 | - |
Silver Warehouse Stocks: | 109,891,951 | -432,252 |
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$40,032m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.60 | 3,812,335 | US$4,283m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,493 | US$555m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.70 | 1,597,729 | US$1,799m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,980 | US$6m |
Note: No change in Total Tonnes from yesterday’s data.
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:
NovaGold’s (NG) completed financing, Minco’s (MGH) discovery, Rubicon’s (RBY) drill results, Apollo Gold’s (AGT) business combination with Linear Gold (LRR.TO), Northgate’s (NXG) fourth quarter results, and Pan American’s (PAAS) Chairman award were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MGH+62.64% $1.48 |
2. NovaGold | NG +9.21% $6.88 |
3. Capital Gold | CGC +2.81% $3.66 |
LOSERS
1. Vista Gold | VGZ -6.67% $1.96 |
2. DRDGOLD | DROOY-4.52% $5.91 |
3. Claude | CGR -3.74% $1.03 |
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:
Bonanza Goldfields posts bond with BLM to begin property exploration - More
- March 09, 2010 | Item | ShareThis
Amerigo's Chilean Operations Resume Full Production - More
- March 09, 2010 | Item | ShareThis
PDAC-Afghanistan looks to attract foreign mining companies - "Afghanistan is looking to attract foreign mining companies to invest in some of the country's promising mineral deposits, while also helping build infrastructure and create jobs, the country's minister of mines, Wahidullah Shahrani, said on Tuesday." More
- March 09, 2010 | Item | ShareThis
Chairman of Pan American Silver, Ross Beaty, Receives Viola MacMillan Award During PDAC - "Pan American Silver Corp. (TSX:PAA - News)(NASDAQ:PAAS - News) ("Pan American" or the "Company") is pleased to announce that Mr. Ross Beaty, the Company's founder and Chairman, was presented with the prestigious Viola MacMillan Award at last night's Prospectors and Developers Association of Canada ("PDAC") gala awards dinner, in Toronto." More
- March 09, 2010 | Item | ShareThis
Terrane Appoints New Chief Financial Officer - More
- March 09, 2010 | Item | ShareThis
Kilo Mobilizes Drills to the Somituri Project, a Former Gold Producer in the DRC and Provides an Update on Masters Project - More
- March 09, 2010 | Item | ShareThis
Romarco appoints Regional Exploration Geologist - More
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Orocan Announces Qualifying Transaction - More
- March 09, 2010 | Item | ShareThis
Trelawney Adopts Shareholder Rights Plan - More
- March 09, 2010 | Item | ShareThis
Cavan Updates on the Private Placement and KM Property - More
- March 09, 2010 | Item | ShareThis
Cancor Raises $500,000 Pursuant to a Private Placement - More
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NovaGold Announces Completion of US$100 Million Financing - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced that it has closed its non-brokered offering of 18,181,818 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$99,999,999 (the "Offering"), as announced on March 4, 2010. The Offering was made to several investment funds managed by Paulson & Co. Inc. ("Paulson") pursuant to a subscription agreement dated March 4, 2010 between the Company and Paulson on behalf of such funds. The Company's US$75 million equity financing announced on March 8, 2010 is scheduled to close on March 11, 2010." More
- March 09, 2010 | Item | ShareThis
VVC Exploration to Acquire Beauce-Bellechase Gold, Southern Quebec - More
- March 09, 2010 | Item | ShareThis
American Manganese Reports on Artillery Peak Manganese Plans and Lonnie/Virgil Explorations - More
- March 09, 2010 | Item | ShareThis
Diadem Closes Equity Financing of $400,000 - More
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ICN Resources Ltd.: Encouraging Phase I Results from Hog Ranch Project - More
- March 09, 2010 | Item | ShareThis
Armistice Resources Corp. Announces Acceleration of Expiry Date of Warrants - More
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Equinox Achieves Financial Close for New US$400 Million Corporate Loan - More
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Laramide Reports Remaining Assays From 2009 Drilling at Westmoreland - More
- March 09, 2010 | Item | ShareThis
Uranium Resources Inc. Announces Tenth Circuit Upholds NRC Licensing of Churchrock and Crownpoint Projects - More
- March 09, 2010 | Item | ShareThis
First Gold Makes $800,000 Loan to Conway Resources - More
- March 09, 2010 | Item | ShareThis
Royal Roads & Benton approve $1.17 million program for Long Range JV, drilling to test recent nickel & copper discoveries - More
- March 09, 2010 | Item | ShareThis
Conway Resources Enters Into an $800,000 Loan Agreement With First Gold Exploration so as to Acquire the Belleterre Mine - More
- March 09, 2010 | Item | ShareThis
Rare Element Reports 2009 Rare Earth Drilling Results from the Bull Hill Northwest Target Area - More
- March 09, 2010 | Item | ShareThis
Sutter Gold Secures Major Permits and Approvals for Construction and Operation of the Lincoln Project - More
- March 09, 2010 | Item | ShareThis
Affinity Gold Corp. Closes Financing - More
- March 09, 2010 | Item | ShareThis
Freegold stakes additional ground at Rob gold project, Alaska - More
- March 09, 2010 | Item | ShareThis
Azimut grants stock options - More
- March 09, 2010 | Item | ShareThis
Hudson Clarifies Resource Disclosure - More
- March 09, 2010 | Item | ShareThis
Pacific Bay Gains 100% of Regalo Uranium Property, Argentina; New Airborne Results Outline Multiple Priority Targets - More
- March 09, 2010 | Item | ShareThis
Brett Signs Agreement in Principle for a Formal Impact and Benefits Agreement - More
- March 09, 2010 | Item | ShareThis
Mediterranean Resources provides update on Celtik drilling and preliminary economic assessment - More
- March 09, 2010 | Item | ShareThis
Forsys Announces Completion of Strategic Review for the Valencia Uranium Project - More
- March 09, 2010 | Item | ShareThis
Merrex Announces Jubilee Drill Results - More
- March 09, 2010 | Item | ShareThis
Frontline Releases Jubilee Drill Results - More
- March 09, 2010 | Item | ShareThis
Duncan Park Enters Into Dome Property Option Agreement With Sphere Resources Inc. - More
- March 09, 2010 | Item | ShareThis
SLAM expanding in Silverjack area - More
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Ditem Explorations Inc.: Drilling Program Underway on Otish Uranium - More
- March 09, 2010 | Item | ShareThis
Galena International Resources Ltd.: Jales/Gralheira Drill Results - More
- March 09, 2010 | Item | ShareThis
GGL Resources Corp.: Rio Tinto Set to Begin 2010 Diamond Exploration - More
- March 09, 2010 | Item | ShareThis
Manicouagan Minerals Inc.: Pickle Lake Gold Properties-Priority Anomalies Identified at Pickle Lake East - More
- March 09, 2010 | Item | ShareThis
The Honourable J. Trevor Eyton Joins American Lithium Minerals as Chairman of the Board to Guide Emergent Lithium Entity - More
- March 09, 2010 | Item | ShareThis
New President of Sunergy, Inc. Karl Baum Conducts Exclusive Webcast Interview With The Green Baron Report to Discuss Its Gold Properties and Recent News - More
- March 09, 2010 | Item | ShareThis
Noront announces resource increase at Eagle's Nest deposit - More
- March 09, 2010 | Item | ShareThis
Mandalay Resources Delivers Costerfield Mine Ramp-Up on Schedule - More
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Colossus Minerals Inc: Preliminary Environmental License Approved for Serra Pelada - More
- March 09, 2010 | Item | ShareThis
Underworld Adds Fourth Drill Rig for 30,000 Meter Drill Program to Expand White Gold Discovery - More
- March 09, 2010 | Item | ShareThis
Diamonds North Signs Letter of Intent With MMG on Amaruk Nickel - More
- March 09, 2010 | Item | ShareThis
VMS Announces Appointment of Dr. Alan Bailes to the Company's Advisory Board - More
- March 09, 2010 | Item | ShareThis
Hochschild Mining Increases Holding in Gold Resource Corporation - More
- March 09, 2010 | Item | ShareThis
Reuters Summit-Thompson Creek sees 2010 molybdenum demand rise - More
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Actus Minerals Appoints New Officer - More
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Baja Files Updated Technical Report and Amended Financial Statements - More
- March 09, 2010 | Item | ShareThis
Baja Files Base Shelf Prospectus - More
- March 09, 2010 | Item | ShareThis
Andina's In-Fill Drilling on the Volcan Gold Project Continues to Deliver Excellent Results Including 130 Metres at 1.37 g/t Au - More
- March 09, 2010 | Item | ShareThis
Centurion Announces Options Grant - More
- March 09, 2010 | Item | ShareThis
God's Lake Appoints Baker to President and CEO - More
- March 09, 2010 | Item | ShareThis
Takara and Victoria Gold Sign Definitive Agreement for Acquisition of Gold Assets in Guyana - More
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Minco Gold Discovers a Significant Gold Zone on the Oujiaba Property - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is pleased to announce the discovery of a large gold zone on its 100% owned Oujiaba property, within the Yangshan Gold Belt, Gansu Province P.R.C. The discovery has been traced for approximately 6 kilometres and has the same host lithologies as the Anba gold deposit. The Anba deposit is considered to be a Carlin-type gold deposit and is estimated to have over 10 million oz Au." More
- March 09, 2010 | Item | ShareThis
Rubicon Provides F2 Gold System Update, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to provide an update of the latest diamond drilling results from its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. New drill holes have intersected numerous high-grade and broad gold-bearing intercepts which further expand the F2 Gold System where approximately 108,500 metres of drilling has been completed to date (see news releases since March 12, 2008 and http://www.rubiconminerals.com/ for details). Ongoing exploration is part of a 158,000 metre drill program aimed at testing and infilling a 1200-metre by 1600-metre target area, referred to as the '9X drill plan'. Significant new drill results are summarized below and all new results are presented in Table 1 and Figures 1 and 2." More
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Apollo Gold and Linear Gold Agree to Business Combination Creating an Emerging Canadian Mid-Tier Gold Producer - "Apollo Gold Corporation (TSX: APG - News) (NYSE Amex: AGT) (“Apollo”) and Linear Gold Corp. (TSX: LRR - News) (“Linear”) are pleased to announce the signing of a binding letter of intent (the “Binding Agreement”) to complete a business combination (the “Merger”) by way of a court approved plan of arrangement to create an emerging Canadian mid-tier gold producer." More
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Northgate Reports Record Cash Flow from Operations in 2009 - "The strong operating and financial results delivered from our mines in the fourth quarter allowed Northgate to post record annual gold production and generate record annual cash flow from operations in 2009. I am especially pleased to report that production at our Stawell mine was back on track with solid fourth quarter results, following several difficult quarters during which our underground mining team re-designed the G5L reserve area and completed development towards numerous new mining fronts while still managing to find enough ore to feed the mill." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 9 March, 2010 | |
