-- Posted 12 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1101.70 | -$6.00 | -2.94% |
Silver | $17.00 | -$0.14 | -1.85% |
XAU | 166.04 | -0.72% | -2.79% |
HUI | 416.52 | -0.88% | -2.86% |
GDM | 1243.61 | -0.70% | -2.94% |
JSE Gold | 2220.64 | +47.99 | -1.69% |
USD | 79.82 | -0.45 | -0.78% |
Euro | 137.62 | +0.87 | +1.05% |
Yen | 110.55 | +0.07 | -0.14% |
Oil | $81.24 | -$0.87 | -0.32% |
10-Year | 3.710% | -0.010 | +0.76% |
Bond | 118.46875 | +0.34375 | +0.24% |
Dow | 10624.69 | +0.12% | +0.55% |
Nasdaq | 2367.66 | -0.03% | +1.78% |
S&P | 1149.99 | -0.02% | +0.99% |
The Metals:
Gold rose to see a gain of $11.54 at as high as $1119.24 in London before it fell back off for most of the rest of trade and ended near its late session low of $1098.15 with a loss of 0.54%. Silver climbed to $17.33 in London and dropped to $16.925 in New York before it bounced back higher in late trade, but it still ended with a loss of 0.82%.
Euro gold fell near €800, platinum dropped under $1600, and copper remained at about $3.37.
Gold and silver equities fell over 1% midday and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Feb | 0.3% | -0.2% | 0.1% |
Retail Sales ex-auto | Feb | 0.8% | 0.1% | 0.5% |
Michigan Sentiment | Mar | 72.5 | 74.0 | 73.6 |
Business Inventories | Jan | 0.0% | 0.1% | -0.2% |
Yellen Said to Be Obama’s Pick for Fed Vice Chairman Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include the Empire Manufacturing Survey, Net Long-Term TIC Flows, Capacity Utilization, and Industrial Production on Monday, Building Permits, Housing Starts, Export and Import Prices, and a FOMC Rate Decision on Tuesday, PPI on Wednesday, and CPI, Initial Jobless Claims, the Current Account Balance, Leading Economic Indicators, and the Philadelphia Fed on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries over demand after the poor Michigan Sentiment reading.
The U.S. dollar index fell and treasuries rose as traders weighed US economic data against reports from the rest of the world.
The Dow, Nasdaq, and S&P remained mixed and near unchanged as today’s stronger than expected Retail Sales report was offset by the lower than expected reading in Michigan Sentiment.
Among the big names making news in the market Friday were KKR, Toyota, and Microsoft.
The Commentary:
“Well, Wednesday's big smack-down in the precious metals resulted in a decrease in open interest in both gold and silver. Gold o.i. declined 2,645 contracts on monstrous volume of 235,814 contracts... and silver's open interest declined 1,127 contracts on volume of 47,681 contracts. I must admit that I was expecting bigger declines than this... especially on such heavy volume. Maybe some of the trading volume will be spilled over into Thursday's o.i. numbers when they come out later this morning. And it's entirely possible that the bullion banks were purchasing longs in addition to covering shorts... but this sort of nefarious [but perfectly 'legal' for the bullion banks] activity isn't visible in the daily numbers... and won't be until next Friday's Commitment of Traders report. I wish the Comex was like the TOCOM... as they file an updated COT report after every single trading day... so there's nowhere to hide over there.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The move lower in gold today was attributed to easing concerns over Greece and consequently Europe in general which led some to move back into the Euro and out of gold as fears subsided and safe haven trades were reversed. The thinking among some is that the worst is over in Europe and that the Euro is cheap. Even the British Pound received a lift today. So too was the Swiss Franc as “Buy Europe” was on the table today.
The result was that while the Dollar here was weaker here, gold moved lower as did the mining stocks.
It was a strange day in the commodity markets for while in general the weaker Dollar has seen algorithm buying in this sector, crude oil, copper, silver, were all down. Even corn was lower. Even more strange was to see the bonds higher here since they tend to move in tandem with the Dollar since a falling Dollar is seen as a sign that “risk” is back in.
Truthfully, I cannot make much sense out of any of this today. It seems more a case of position unwinding in many of these markets than anything, particularly coming on a Friday which at times can make getting a read on things iffy in the first place.
The HUI will be okay as long as it can stay above 405. Failure there and it will tend to move towards the 390 level.
The Us Dollar is flirting very dangerously with the 79.80 – 80.00 level. A breach of that level that stays down for at least a day, will send the speculative longs, which are still loaded up in this market, packing. Eventually that will get the attention of gold and provide it some good buying support once this repositioning in regards to Europe eases.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Inflationist likely to be Obama's pick for Fed vice chairman
Morgan, Citigroup helped cause Lehman's collapse, examiner finds
Kinross acquiring Underwold at 36% premium
The Statistics:
Activity from: 3/10/2010
Gold Warehouse Stocks: | 10,001,733 | +3,000 |
Silver Warehouse Stocks: | 111,243,324 | +617,808 |
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 | 1115.511 | 35,864,805 | US$39,668m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.60 | 3,812,206 | US$4,219m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,477 | US$546m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.21 | 1,582,016 | US$1,747m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,979 | 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: 9,302.58: -48.82 change from yesterday’s data.
The Miners:
Allied Nevada’s (ANV) year end results, Goldcorp’s (GG) fourth quarter results, and Bear Creek’s (BCM.V) appointment of senior operational personnel were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Golden Star | GSS +9.01% $3.75 |
2. Kimber | KBX +6.35% $1.17 |
3. Gold Reserve | GRZ +4.46% $1.17 |
LOSERS
1. Exeter | XRA -2.85% $8.17 |
2. Coeur | CDE-2.55% $16.42 |
3. Timberline | TLR -2.34% $1.25 |
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:
Gold miners bullish; hedges out of favor - 'Chief executives of gold producers almost always voice bullish sentiments about the price of the yellow metal, but mining executives lately have backed their conviction with actions." More
- March 12, 2010 | Item | ShareThis
Pele Mountain Shareholders Overwhelmingly Approve All Matters Presented at the Annual and Special Meeting of the Shareholders - More
- March 12, 2010 | Item | ShareThis
Company Announcement - Rossing South Project Feasibility Study Update - More
- March 12, 2010 | Item | ShareThis
Sniper Signs Term Sheet for New IPO - More
- March 12, 2010 | Item | ShareThis
MERCATOR GOLD plc ("Mercator Gold", "Mercator" or "the Company") Preliminary Announcement of the Financial Statements for the Year Ended 30 September 2009 - More
- March 12, 2010 | Item | ShareThis
UC Resources Ltd.: Closing of Non-Brokered Private Placement - More
- March 12, 2010 | Item | ShareThis
IBC Advanced Alloys Corp. Agents Exercise Over-Allotment Option Increasing Offering to C$10,350,000 - More
- March 12, 2010 | Item | ShareThis
Inspiration Mining Corporation to Launch Normal Course Issuer Bid - More
- March 12, 2010 | Item | ShareThis
General Metals Appoints Paul Wang to Board of Directors - More
- March 12, 2010 | Item | ShareThis
BE Resources Provides Investor Update for Its Warm Springs Beryllium Project in New Mexico - More
- March 12, 2010 | Item | ShareThis
Dorato Receives Additional Taricori Drill Results from Minera Afrodita - More
- March 12, 2010 | Item | ShareThis
Augusta Closes $32.5 Million Share Offering - More
- March 12, 2010 | Item | ShareThis
Gold Wheaton Supports First Uranium Convertible Note Financing - More
- March 12, 2010 | Item | ShareThis
Avion Gold Grants Options - More
- March 12, 2010 | Item | ShareThis
Li3 Energy Closes Acquisition of Next Lithium Assets at Big Smoky Valley, Nevada - More
- March 12, 2010 | Item | ShareThis
Bear Creek announces appointment of senior operational personnel in Peru: Elsiario Antunez de Mayolo, General Manager, and Tony Balestrini - "Bear Creek Mining Corporation (TSX Venture:BCM.v - News) ("Bear Creek" or the "Company") is very pleased to announce the appointment of Mr. Elsiario Antunez de Mayolo as General Manager of its Peruvian operations. Mr. Antunez de Mayolo was previously the Director of Operations for Southern Copper Corporation's ("SCC") Cuajone mine and concentrator complex, one of the largest mines in Peru. Prior to 2000, Mr. Antunez de Mayolo was Manager of Technical Services and Superintendent of Geology for SCC. Mr. Antunez de Mayolo has close to 30 years experience in the Peruvian mining industry in all areas of mine development including community relations, environmental permitting, mine planning, concentrator optimization, hydrogeology/water resources, reserve expansion, and exploration." More
- March 12, 2010 | Item | ShareThis
South African Gold Output Falls 5.8%, Making It Fourth Biggest - "Gold production in South Africa fell 5.8 percent in 2009 from a year earlier, making the nation the fourth-biggest producer after China, Australia and the U.S., an industry body said." More
- March 12, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 12 March, 2010 | |
