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Gold Seeker Closing Report: Gold and Silver End Slightly Higher

By: Chris Mullen, Gold-Seeker.com


-- Posted 15 July, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1207.90

+$1.20

Silver

$18.30

+$0.02

XAU

173.06

-0.42%

HUI

459.04

-0.33%

GDM

1383.43

-0.27%

JSE Gold

2460.21

-4.52

USD

82.40

-0.99

Euro

129.27

+1.87

Yen

114.44

+1.41

Oil

$76.62

-$0.42

10-Year

2.978%

-0.072

T-Bond

127.65625

+1.0625

Dow

10359.31

-0.07%

Nasdaq

2249.08

-0.03%

S&P

1096.48

+0.12%

 
 

 

The Metals:

 

Gold saw decent gains in Asia and London and rose to as high as $1216.90 by about 9AM EST before it dropped all the way to $1203.70 a little after 10AM EST, but it then chopped its way back higher into the close and ended with a gain of 0.1%.  Silver rose to $18.507 and fell to $18.157 before it also climbed back higher in the last few hours of trade and ended with a gain of 0.11%.

 

Euro gold fell to about €936, platinum gained $7.50 to $1522.50, and copper remained at about $3.00.

 

Gold and silver equities fell over 1% in the first hour of trade before they rallied back higher in late trade, but they still ended with slight losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

7/10

429K

450K

458K

PPI

June

-0.5%

-0.1%

-0.3%

Core PPI

June

0.1%

0.1%

0.2%

Empire Manufacturing Index

July

5.08

18.0

19.57

Industrial Production

June

0.1%

0.0%

1.3%

Capacity Utilization

June

74.1%

74.2%

74.1%

Philadelphia Fed

July

5.1

10.1

8.0

 

Mortgage rates remain at lowest level in decades  Yahoo

CFTC Wants Bigger Budget, Is Prepared to Rewrite Swaps Rules, Gensler Says  Bloomberg

 

Tomorrow at 8:30AM EST brings CPI for June expected at -0.1% and Core CPI expected at 0.1%.  At 9AM is the Net Long-Term TIC Flows report for April and at 9:55 is Michigan Sentiment for July expected at 74.5.

 

The Markets:

 

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

 

Oil and the U.S. dollar index fell on poor economic data that sent treasuries higher and the Dow, Nasdaq, and S&P noticeably lower for most of the day, but all three indices rallied back to about unchanged in the last hour of trade on news that BP has halted the flow of oil into the Gulf of Mexico.  Reports of a potential settlement between the SEC and Goldman Sachs also seemed to ease some worries.  The SEC is set to make an official announcement later this afternoon.

 

Among the big names making news in the market today were Marriott, KKR, BP, Berkshire Hathaway, and JPMorgan.

 

GATA Posts:

 

 

How the CFTC got power in financial regulation bill

Will Sprott's new silver fund become MorganChase's biggest nightmare?

Reg Howe: BIS swaps seem meant to stretch out paper gold

Sprott plans physical silver trust

Peter Grandich has a $50,000 bet for two gold perma-bears

Getting gold for China is world's top financial problem, Rickards tells KWN

 

The Statistics:

Activity from: 7/13/2010

Gold Warehouse Stocks:

11,041,358

+64,027

Silver Warehouse Stocks:

111,815,409

-471,597

 

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

1314.819

42,272,746

US$51,054m

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

Gold Bullion Securities

123.74

3,978,491

US$4,818m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,843

US$552m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.38

1,587,683

US$1,931m

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: 89.20 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9185.29 - No change from yesterday’s data.

 

The Miners:

 

Goldcorp’s (GG) support of Thompson Creek’s (TC) acquisition of Terrane Metals, Royal Gold’s (RGLD) agreement to acquire 25% of the payable gold produced from the Mt. Milligan copper-gold project in British Columbia from Thompson Creek (TC), Gammon Gold’s (GRS) increasing production, MAG Silver’s (MVG) prefeasibility study, and Silver Quest’s (SQI.V) drilling update were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gammon Gold

GRS +7.91% $5.73

2.  Mines MGMT

MGN +7.39% $1.89

3.  MAG Silver

MVG +3.45% $6.30

 

LOSERS

1.  Entree

EGI -3.39% $2.28

2.  Taseko

TGB -2.58% $4.15

3.  Allied Nevada

ANV -2.53% $18.49

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:

Uranium North's Mallery Lake Gold Exploration Program Underway - More
- July 15, 2010 | Item | ShareThis


Ventana Provides Update on Transfer of Mineral Title for La Bodega and La Baja Properties - More
- July 15, 2010 | Item | ShareThis


Sulliden Granted Concession-Wide Exploration Permit - More
- July 15, 2010 | Item | ShareThis


Portage Assigns Option of Golden Mile Property - More
- July 15, 2010 | Item | ShareThis


Volta Resources announces filing of final Short Form Prospectus and the Kiaka NI 43-101 Report - More
- July 15, 2010 | Item | ShareThis


VHGI Holdings, Inc. Signs Letter of Intent to Purchase Gold Creek Placer Mine in Granite County, Montana - More
- July 15, 2010 | Item | ShareThis


Ecometals Announces Assay Results Hole RZDDH10-03A and Drilling Update, Rio Zarza Gold Project, Ecuador - More
- July 15, 2010 | Item | ShareThis


Laurion Completes Transaction with Globex Mining Enterprises Inc. - More
- July 15, 2010 | Item | ShareThis


Redzone Resources Ltd. Appoints Chief Financial Officer - More
- July 15, 2010 | Item | ShareThis


Blue Note Mining and First Gold Exploration announce positive prefeasibility study for the Croinor gold project - More
- July 15, 2010 | Item | ShareThis


Dia Bras Accelerates Advanced Development at CUSI - More
- July 15, 2010 | Item | ShareThis


Merrex Gold: Siribaya-Drilling Hits Zone 1B Two Kilometres South - More
- July 15, 2010 | Item | ShareThis


Vulcan Minerals Inc.: Bay St. George and Parsons Pond Update - More
- July 15, 2010 | Item | ShareThis


Thompson Creek Metals Company Inc. enters into agreement to acquire Terrane Metals Corp. - More
- July 15, 2010 | Item | ShareThis


Cartier Resources Inc.: Diego Demonstrates Gold Potential - More
- July 15, 2010 | Item | ShareThis


Appleton Intersects 61 Metres of 1.45 g/t Au at Manalo - More
- July 15, 2010 | Item | ShareThis


Oromin Receives Positive Feasibility Study for Its OJVG Gold Project in Senegal - More
- July 15, 2010 | Item | ShareThis


Copper Fox updates activities at Schaft Creek - More
- July 15, 2010 | Item | ShareThis


Asia Now Welcomes New Director - More
- July 15, 2010 | Item | ShareThis


Caribou Copper Resources Ltd. Announces a Non-Brokered Private Placement - More
- July 15, 2010 | Item | ShareThis


Hana Mining Announces New Board Member - More
- July 15, 2010 | Item | ShareThis


Forum Uranium Corp.: Rare Earth and Uranium Exploration Commences on North Thelon Project, Nunavut - More
- July 15, 2010 | Item | ShareThis


Xtra-Gold Announces the Completion of a National Instrument 43-101 Technical Report on its Kibi Project in Eastern Ghana, West Africa - More
- July 15, 2010 | Item | ShareThis


Lateegra Completes Drilling, Arranges Financing - More
- July 15, 2010 | Item | ShareThis


Crosshair Exploration & Mining Corp.: Commences Phase II Vanadium Resource Expansion Program-Commences Preparations for End of Labrador Uranium Moratorium - More
- July 15, 2010 | Item | ShareThis


Denison Announces Discovery of Two New Mineralized Zones at the Phoenix Trend at Wheeler River - More
- July 15, 2010 | Item | ShareThis


Moly Mines Reports Quarter Highlights - More
- July 15, 2010 | Item | ShareThis


Romios Announces Final Closing of Flow-Through Offering and Working Capital Offering - More
- July 15, 2010 | Item | ShareThis


USCorp Gold and Silver Junior Exploration Mining Company Update - More
- July 15, 2010 | Item | ShareThis


Canadian Shield Commences Gold Exploration at Trol Project, Chile - More
- July 15, 2010 | Item | ShareThis


Drilling Commences at Ucore's Bokan-Dotson Ridge Heavy Rare Earth Project - More
- July 15, 2010 | Item | ShareThis


Titan Uranium Completes Successful Drill Program at Sheep Mountain Project, Wyoming - More
- July 15, 2010 | Item | ShareThis


Liberty's Nickel Concentrator Operating at Full Permitted Capacity - More
- July 15, 2010 | Item | ShareThis


East Asia Minerals Continues to Drill Gold at Miwah; Encounters 3.07 g/t Gold Over 29 Metres Within 71.3 Metres Grading 1.95 g/t Gold - More
- July 15, 2010 | Item | ShareThis


Osisko Reports 0.82 g/t Au Over 197 Metres at Western Porphyry Zone - More
- July 15, 2010 | Item | ShareThis


Alexis Opens its Own Gold Mill to Reduce Costs - More
- July 15, 2010 | Item | ShareThis


Capstone Reports New High Grade Copper-Gold Discovery at Minto Mine - More
- July 15, 2010 | Item | ShareThis


Bellhaven Receives Channel Samples From Two Exposures Containing 1.1 and 0.9 g/t Gold Over 22 and 14 m, Respectively, at the La Cantera Prospect - More
- July 15, 2010 | Item | ShareThis


Treasury Metals: Correction to July 13 News Release - More
- July 15, 2010 | Item | ShareThis


Greystar Resources Announces Updated Metallurgical Recovery Model for the Angostura Gold-Silver Deposit, Colombia - More
- July 15, 2010 | Item | ShareThis


Greystar Resources Announces Updated Resource for the Angostura Gold-Silver Deposit, Colombia - More
- July 15, 2010 | Item | ShareThis


Goldcorp Supports Thompson Creek Acquisition of Terrane Metals - "Goldcorp controls 58% of the outstanding shares of Terrane through its ownership of 240 million preferred shares and 27.3 million common shares. In conjunction with the Thompson Creek acquisition of Terrane, Goldcorp has agreed to vote its securities in support of the Thompson Creek acquisition. Upon completion of the transaction, Goldcorp will receive proceeds of C$240.5 million in cash and 13.9 million Thompson Creek common shares representing approximately 8% of the outstanding shares." More
- July 15, 2010 | Item | ShareThis


Royal Gold Agrees to Acquire 25% Gold Stream on the Mt. Milligan Project - "Royal Gold, Inc. (NASDAQ:RGLD - News) (TSX:RGL - News) today announced it has agreed to acquire 25% of the payable gold produced from the Mt. Milligan copper-gold project in British Columbia from Thompson Creek Metals Company or its affiliate (“Thompson Creek”) (NYSE:TC - News) (TSX:TCM - News) concurrent with the closing of Thompson Creek’s proposed acquisition of Terrane Metals Corp. (“Terrane”)." More
- July 15, 2010 | Item | ShareThis


MAG Silver Announces Commencement of Prefeasibility Study on Juanicipio Property - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG" or the "Company") confirms an earlier report by Fresnillo plc dated July 14, 2010, that Minera Juanicipio S.A. DE C.V., a 56/44% joint venture between Fresnillo plc and MAG, has appointed AMC Mining Consultants (Canada) Ltd. to undertake a prefeasibility study for the development of a standalone underground silver mine on the Juanicipio Property. The prefeasibility study has been approved as one of the studies necessary to explore the manner in which the Juanicipio Property should be developed and is expected to be completed by the end of calendar 2010. The Juanicipio joint venture had previously appointed SRK Consulting to conduct an audit of Juanicipio's total resources, which confirmed the indicated and inferred resources estimated by Fresnillo plc." More
- July 15, 2010 | Item | ShareThis


Silver Quest Provides Drilling Update on Capoose Project, BC - "Silver Quest commenced the 2010 diamond drill program at Capoose in June (see news release dated June 15, 2010) to further define and expand the area of the known resource. The Capoose deposit hosts a NI 43-101 inferred resource of 699,999 ounces of gold and 41.1 million ounces of silver (see news release dated March 4, 2010). To date, the Company has completed approximately two-thirds of the planned 10,000 m drill program, twenty-two drill holes totaling approximately 6,600 m." More
- July 15, 2010 | Item | ShareThis


Gammon Reports Increasing Production at Ocampo in the Second Quarter 2010 - Ocampo Nearing or Exceeding Designed Key Performance Targets - "Gammon Gold Inc. ("Gammon") (TSX:GAM.to - News): Gammon is pleased to provide preliminary second quarter results for its Ocampo mine as well as on a consolidated basis. All figures reported are in U.S. dollars unless otherwise indicated." More
- July 15, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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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 15 July, 2010 | |


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