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Gold Seeker Closing Report: Gold and Silver End Slightly Lower

By: Chris Mullen, Gold-Seeker.com


-- Posted 8 July, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1195.30

-$2.50

Silver

$17.86

-$0.10

XAU

170.88

-1.28%

HUI

452.56

-1.26%

GDM

1361.64

-1.35%

JSE Gold

2411.54

-31.89

USD

83.68

-0.21

Euro

127.07

+0.72

Yen

113.15

-0.85

Oil

$75.44

+$1.37

10-Year

3.020%

+0.040

T-Bond

126.78125

-0.53125

Dow

10138.99

+1.20%

Nasdaq

2175.40

+0.74%

S&P

1070.25

+0.94%

 
 

 

The Metals:

 

Gold gained almost $10 to as high as $1207.73 in Asia before it fell back off in London to see an over $10 loss at as low as $1087.50 by about 11AM EST in New York, but it then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.21%.  Silver rose to as high as $18.155 in Asia before it fell to as low as $17.71 in late morning New York trade, but it also rallied back higher into the close and ended with a loss of just 0.56%.

 

Euro gold fell to about €943, platinum lost $7 to $1510, and copper remained at about $3.01.

 

Gold and silver equities fell over 2% by late morning before they rallied back higher in early afternoon trade, but they still ended with over 1% losses

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Jobless Claims

7/03

454K

460K

475K

Consumer Credit

May

-$9.1B

-$3.0B

-$14.9B

 

U.S. marks 3rd-largest, single-day debt increase  Washington Times

IMF says U.S. recovering but sees unemployment, housing risks  Reuters

US 30-yr mortgage rate drops to new record low  Reuters

 

Tomorrow at 10AM EST brings Wholesale Inventories for May expected at 0.4%

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil climbed over $75 a barrel after the Energy Information Administration reported that crude stocks fell a larger than expected 4,960,000 barrels.  Gasoline inventories rose 1,320,000 barrels and distillates rose 321,000 barrels.

 

The U.S. dollar index fell as the euro rose after the ECB kept rates at 1% and expressed confidence in the European banking system.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent reports from various retailers and better than expected Initial Jobless Claims data.

 

Among the big names making news in the market today were Merck, BP, Berkshire, Macquarie, and Pfizer.

 

GATA Posts:

 

 

Izabella Kaminska: BIS gold swap intrigue continues

$600 coin purchase or sale will require tax form in U.S. in 2012

No wonder even China is trying to talk gold down

Gold swap mystery deepens as BIS gets correction from Wall Street Journal

All currencies have depreciated against gold and silver this year

China seen letting U.S. down gently as it prepares for dollar's fall

 

The Statistics:

Activity from: 7/07/2010

Gold Warehouse Stocks:

10,958,775

+63,802

Silver Warehouse Stocks:

114,502,328

+602,688

 

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

1316.481

42,326,184

US$50,492m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

123.70

3,977,130

US$4,742m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,879

US$547m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.39

1,587,822

US$1,918m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,973

US$6m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 87.07 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9151.78 - No change from yesterday’s data.

 

The Miners:

 

Gammon Gold’s (GRS) investment in Corex Gold (CGE.V) NovaGold’s (NG) board appointments, Semafo’s (SMF.TO) feasibility study, Kirkland’s (KGI.TO) operations update and year end results, First Majestic’s (FR.TO) production, and Metalline’s (MMG) appointed Interim Chief Executive Officer and President were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour

EXK+2.68% $3.45

2.  Paramount

PZG+1.65% $1.23

3.  Taseko

TGB+1.33% $3.80

 

LOSERS

1.  Exeter

XRA -5.16% $6.07

2.  New God

NGD-3.90% $4.93

3.  Claude

CGR -3.70% $1.04

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:

 

Far City Announces Non-Brokered Private Placement - More
- July 08, 2010 | Item | ShareThis


Commerce Resources Corp. Updates Exploration at Carbo Rare Earth Project, Wicheeda Lake, BC - More
- July 08, 2010 | Item | ShareThis


NGEx Corporate Update - More
- July 08, 2010 | Item | ShareThis


Tirex to Arrange $3,390,000 in Funding for Mirdita VMS District - More
- July 08, 2010 | Item | ShareThis


Trueclaim Exploration Inc. Hires New CFO, and Takes Receipt of First XRF Machine in Canada - More
- July 08, 2010 | Item | ShareThis


First Majestic Silver Corp.: New Record for Silver Production; Produces 1,538,798 oz Silver - "First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that production in the second quarter ending June 30, 2010 increased to a new company record of 1,651,411 equivalent ounces of silver representing a 2% increase over the previous quarter and a 72% increase over the second quarter of 2009." More
- July 08, 2010 | Item | ShareThis


AQM Copper Inc. Announces 50/50 JV With Teck for Zafranal Project - More
- July 08, 2010 | Item | ShareThis


First Point Commences Drilling on the Corralitos Gold Property - More
- July 08, 2010 | Item | ShareThis


Peregrine Announces Encouraging Comminution Test Results and New Drill Intersections at Altar - More
- July 08, 2010 | Item | ShareThis


Vanstar Sells Its Urban Barry Gold Property to Amseco - More
- July 08, 2010 | Item | ShareThis


Inspiration Mining Acquires Shares of Ursa Major Minerals Incorporated - More
- July 08, 2010 | Item | ShareThis


Kodiak Reports Up to 292 gpt Gold at Shields, 37.6 gpt Gold at Castlewood Lake - More
- July 08, 2010 | Item | ShareThis


Animas Resources Advances Exploration at Kinsley Mountain Gold Property, Nevada - More
- July 08, 2010 | Item | ShareThis


Tellurium Exploration Program on Nahmint Property Commences - More
- July 08, 2010 | Item | ShareThis


Rae Wallace Mining Company Acquires Rights to Eight Peru Gold Properties - More
- July 08, 2010 | Item | ShareThis


Millrock Resources Closes Financing With Altius Minerals - More
- July 08, 2010 | Item | ShareThis


Crowflight Provides Update on Jinchuan Offer; Appoints David Hunter as Chief Financial Officer - More
- July 08, 2010 | Item | ShareThis


Bellhaven Receives Spectral Analyses Showing Widespread Advanced-Argillic and Silicic Alteration at the Bejucosa Prospect at Pitaloza, Panama - More
- July 08, 2010 | Item | ShareThis


Golden Predator Commences 7,000 m Drilling Program at Gold Dome Project, Yukon - More
- July 08, 2010 | Item | ShareThis


Liberty Star Pays out Creditors, Contracts with Northern Dynasty Minerals Ltd. - More
- July 08, 2010 | Item | ShareThis


Benton Gives Exploration Update - More
- July 08, 2010 | Item | ShareThis


Vantex Sells its Urban Barry Gold Property to Amseco - More
- July 08, 2010 | Item | ShareThis


Great Quest Metals Ltd.: Phosphate Advisory Committee Appointed for Mali Phosphate Project - More
- July 08, 2010 | Item | ShareThis


Eastmain Mine A Zone Drilling - More
- July 08, 2010 | Item | ShareThis


New Jersey Mining Company Begins Drilling at Toboggan Project - More
- July 08, 2010 | Item | ShareThis


Portage Completes Private Placement - More
- July 08, 2010 | Item | ShareThis


Nevada Sunrise Gold Corp. Update on Kinsley Mountain Gold Property, Nevada - More
- July 08, 2010 | Item | ShareThis


Gammon Gold Announces Strategic Investment in Corex Gold Corporation - "Gammon is pleased to announce that it has entered into an agreement with Corex Gold Corporation ("Corex") (TSX-V:CGE.v - News) to acquire 4,706,000 units of Corex pursuant to a non- brokered private placement. Each unit consists of one common share and one half of one share purchase warrant exercisable at CAD $0.90 for a period of 24 months from the closing date of the transaction. The subscription price for the units is CAD $0.68 per unit for an aggregate purchase price of CAD $3,200,080. Corex will place an additional 1,694,000 units, with other qualified investors, for total proceeds of $4,352,000." More
- July 08, 2010 | Item | ShareThis


Great Western Minerals Group Commences $1 Million True Blue REE Exploration Program - More
- July 08, 2010 | Item | ShareThis


Brookmount Gives Corporate Update - More
- July 08, 2010 | Item | ShareThis


Xmet Announces the Launch of their Website - More
- July 08, 2010 | Item | ShareThis


EurOmax receives dissident circular and appoints Special Committee to respond - More
- July 08, 2010 | Item | ShareThis


MERCATOR GOLD plc: Update on THEMAC Resources Group - More
- July 08, 2010 | Item | ShareThis


Matamec Closes a Private Placement With Sodemex II - More
- July 08, 2010 | Item | ShareThis


Phase 2 drilling by Tasman intersects thick intervals of heavy rare earth elements and highest grades of zirconium at Norra Karr, Sweden - More
- July 08, 2010 | Item | ShareThis


Powertech Receives Positive Results From Independent Preliminary Economic Assessment on Dewey-Burdock Project - More
- July 08, 2010 | Item | ShareThis


Afri-Can Marine: Teck Completes a Drilling Program on the Haib Copper Project in Namibia - More
- July 08, 2010 | Item | ShareThis


Tarsis Resources Ltd.: Yukon Exploration Update - More
- July 08, 2010 | Item | ShareThis


Selwyn Resources Announces Chihong Approvals for Selwyn Project - More
- July 08, 2010 | Item | ShareThis


American Creek samples 694 g/t (20.24 oz/t) gold on Electrum Property - More
- July 08, 2010 | Item | ShareThis


Acadian Mining announces private placement - More
- July 08, 2010 | Item | ShareThis


Northern Freegold Adds Second Drill Ahead of Schedule to Successful Drilling Program at Freegold Mountain Project, Yukon - More
- July 08, 2010 | Item | ShareThis


Amseco Exploration Ltd.: Acquisition of Two Gold Mining Properties and Staking of Claims in the Barry-Urban Mining Camp, Quebec - More
- July 08, 2010 | Item | ShareThis


Hana Mining Comments on Share Price-Drilling Continues - More
- July 08, 2010 | Item | ShareThis


Nortec Announces Closing of 8.9 Million Unit Private Placement - More
- July 08, 2010 | Item | ShareThis


Strateco Finds New Drill Targets on Pacific Bay's Otish Uranium Property, Quebec - More
- July 08, 2010 | Item | ShareThis


Forum Arranges Financing With Qwest Investment Fund - More
- July 08, 2010 | Item | ShareThis


Fire River Gold Corp. Hires Mine Superintendent for the Nixon Fork Gold Mine, Alaska - More
- July 08, 2010 | Item | ShareThis


Nuukfjord Appoints Dr. Georg Hochwimmer as Director - More
- July 08, 2010 | Item | ShareThis


Magellan Drills 53.6m @ 1.3g/t Gold and Continues to Expand Central Zone at Cuiu Cuiu Project, Brazil - More
- July 08, 2010 | Item | ShareThis


AmeriLithium Reports on Advisory Board Meeting's Positive Conclusions - More
- July 08, 2010 | Item | ShareThis


Star Gold Acquires Rights to Jet Project, Nevada - More
- July 08, 2010 | Item | ShareThis


Bonanza Goldfields acquires Midas Gold Property - More
- July 08, 2010 | Item | ShareThis


Anaconda Mining Inc. Denies Access at Pine Cove, Nl Mine/Mill to Majority Owner and Joint Venturer; New Island Resources Inc. Unable to Evaluate Progress - More
- July 08, 2010 | Item | ShareThis


Virgin Metals Inc.: Announces Annual and Special Meeting, Proposed Share Consolidation and Management Changes - More
- July 08, 2010 | Item | ShareThis


SEMAFO to Add Wona SW Zone to Mana Underground Project - More
- July 08, 2010 | Item | ShareThis


Sunridge Gold Starts Exploration Program at Besakoa Gold-Copper-Zinc Project, Madagscar - More
- July 08, 2010 | Item | ShareThis


Grandview Gold Inc. Issues Update to Shareholders - More
- July 08, 2010 | Item | ShareThis


Orvana Minerals Asturias Corp. Resolves Dispute With Glen Eagle Resources Inc. - More
- July 08, 2010 | Item | ShareThis


Chinese Government Approval of Key Power Project Provides Support to Continental's Xietongmen Project - More
- July 08, 2010 | Item | ShareThis


WorldVest Hurricane Resources signs $15 Billion Iron Ore Sales Contract - More
- July 08, 2010 | Item | ShareThis


25,000 Metre Drill Program Underway at Inter-Citic's Dachang Gold Project - More
- July 08, 2010 | Item | ShareThis


Nevada Copper's E2 Deposit Drilling Intersects 145 Feet of 2.37% Copper and 0.683 g/t Gold - More
- July 08, 2010 | Item | ShareThis


BCGold Corp. Extends High-Grade Gold Shoot at Engineer Gold Mine Property, B.C. - More
- July 08, 2010 | Item | ShareThis


Glen Eagle Resources Inc. Settles Dispute With Orvana Minerals - More
- July 08, 2010 | Item | ShareThis


Salazar Drilling Extends Mineralization at El Domo - More
- July 08, 2010 | Item | ShareThis


GWR Commences Exploration on Sainte Sabine Gold Property, South Eastern Quebec - More
- July 08, 2010 | Item | ShareThis


Lithium Americas Corp. Reports Highest Lithium Brine Concentration Value To Date - More
- July 08, 2010 | Item | ShareThis


Eagle Hill Garners Support From Quebec Institutional Funds: SIDEX and SDBJ - More
- July 08, 2010 | Item | ShareThis


Intrepid Mines Limited: Notice of Postponed General Meeting - More
- July 08, 2010 | Item | ShareThis


Cadillac Obtains Gold Values in Gossan Sampling Program, Follow-Up RC Drilling to Commence - More
- July 08, 2010 | Item | ShareThis


Alderon Resource Corp. Joins OTCQX - More
- July 08, 2010 | Item | ShareThis


Crocodile Gold Continues to Extend Howley Mineralization-Up to 13.36 g/t Au Over 5 Metres in Hole HSRC142 Within a Larger Mineralized Envelope of 1.82 g/t Au - More
- July 08, 2010 | Item | ShareThis


Kirrin Resources Update on Grevet REE Project in Quebec; Increased Focus on Neodymium Potential - More
- July 08, 2010 | Item | ShareThis


Freegold Ventures Limited and Western Standard Metals Ltd. Agree to Terminate Proposed Merger and Vinasale and Golden Summit Option Agreements - More
- July 08, 2010 | Item | ShareThis


Mine Development at Kipoi Project Commences - More
- July 08, 2010 | Item | ShareThis


NovaGold Appoints Marc Faber and Igor Levental to Its Board - "Dr. Faber has over 35 years of experience in the finance industry and is the Managing Director of Marc Faber Ltd., an investment advisory and fund management firm. He is an advisor to a number of private investment funds and serves as a Director of Ivanhoe Mines and Sprott Asset Management. Dr. Faber publishes a widely read monthly investment newsletter entitled The Gloom, Boom & Doom Report and is the author of several books including Tomorrow's Gold - Asia's Age of Discovery. A renowned commentator on global market trends and developments, he is also a regular contributor to several leading financial publications around the world, including Barron's, where he is a member of the Barron's Roundtable. Dr. Faber received his PhD in Economics magna cum laude from the University of Zurich." More
- July 08, 2010 | Item | ShareThis


Metalline Appoints Interim Chief Executive Officer/President - "Metalline Mining Company (NYSE Amex: MMG) announces the retirement of Merlin Bingham and the appointment of Greg Hahn as the Interim Chief Executive Officer and President. Mr. Bingham will continue to serve as a member of the Board of Directors. The Board wishes to thank Mr. Bingham for his many years of service to Metalline as President." More
- July 08, 2010 | Item | ShareThis


SEMAFO to Add Wona SW Zone to Mana Underground Project - "SEMAFO (TSX:SMF - News) today announced that the Wona Southwest ("SW") Zone will become part of the underground feasibility study currently underway at the Mana Mine in Burkina Faso. Inclusion of the new exploration results combined with previous results from the Wona SW Zone have the potential to add significant reserves to the underground operation. The Company also provided an update on its core drilling program on the Wona Southwest ("SW") Zone, an area which lies immediately southwest and parallel to the Wona Main Deep Zone." More
- July 08, 2010 | Item | ShareThis


Kirkland Lake Gold Inc.: Operations Update & Year End Results, Fiscal 2010 - "The transition back into production in the fourth quarter has gone well with production recovering as expected and the Company generating $2.5 million in operating cash flow," commented Chairman Harry Dobson. "As a result of the paste-fill hole collapse, we diverted production resources to concentrate on advancing capital projects which will be required to achieve profitable gold production levels of 180,000 to 200,000 ounces per year. Many of these projects have therefore either commenced ahead of plan or are currently five to six months ahead of schedule. The second phase of the expansion program is now expected to be completed by November 2011, three months earlier than originally forecasted." More
- July 08, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© 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 July, 2010 | |


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