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Gold Seeker Closing Report: Gold and Silver End Mixed; Fall In After Hours Trade

By: Chris Mullen, Gold-Seeker.com


-- Posted 21 July, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1192.05

-$0.20

Silver

$17.79

+$0.11

XAU

168.69

-0.23%

HUI

440.76

-0.98%

GDM

1328.87

-0.89%

JSE Gold

2361.79

+8.91

USD

83.28

+0.49

Euro

127.67

-1.18

Yen

114.90

+0.61

Oil

$76.56

-$1.02

10-Year

2.892%

-0.040

T-Bond

128.84375

+0.875

Dow

10120.53

-1.07%

Nasdaq

2187.33

-1.58%

S&P

1069.59

-1.28%

 
 

 

The Metals:

 

Gold fell to $1187.65 in Asia and rose to $1197.80 in London before it fell back off in New York and ended near its session low of $1189.40 with a minor loss of 0.02%. Silver rose to as high as $17.87 in early New York trade before it chopped its way back lower into the close, but it still ended with a gain of 0.62%.  Both metals have moved modestly lower in after hours access trade in reaction to Bernanke’s testimony before Congress.

 

Euro gold rose to about €930, platinum gained $9.70 to $1520.70, and copper climbed another 9 cents to about $3.09.

 

Gold and silver equities traded roughly 1% higher for most of the day, but they then fell back off with the major indices in the last couple of hours of trade and ended with about 1% losses.

 

The Economy:

 

Wall Street reform: Now, it's the law  CNN

 

There were no major economic reports today.  Bernanke’s testimony before the Senate Banking Committee mostly reiterated comments recently released in fed minutes about an uncertain economy.  He will be before the House Financial Services Committee tomorrow (where Ron Paul should get a few minutes with him). 

 

Also tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/17 expected at 445,000 and at 10AM are Existing Home Sales for June expected at 5,090,000 and Leading Economic Indicators for June expected at -0.4%.

 

The Markets:

 

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

 

Oil fell after the Energy Information Administration reported that crude inventories surprisingly rose 400,000 barrels, gasoline inventories rose 1.1 million barrels, and distillates rose 3.9 million barrels.

 

The U.S. dollar index and treasuries rose as the Dow, Nasdaq, and S&P fell over 1% after Bernanke did not announce any new actions from the fed to help stimulate the economy.  While he said he stands ready to take several different steps, it seems the market was hoping for a more proactive approach.  Read the text of his testimony here.

 

Among the big names making news in the market today were Coca-Cola, Transocean, Yahoo, Knight Capital, United Technologies, Abbott Labs, Lions Gate, Apple, Wells Fargo, and Morgan Stanley.

 

The Commentary:

 

“Up until the start of this year, I often said the only party that doesn’t know the U.S. Dollar is dead is the U.S. Dollar. I then felt we would have a countertrend rally that gave potential targets as high as 90-92 on the U.S. Dollar Index. I stated it was only a correction in a secular bear market that will eventually lead us to new lows at 70 or under.

 

I think it’s evident the bear market rally has seen its best days. We’ve a triple top around 88 and have sold off sharply in recent days. With key moving averages centered around 80, we should see some consolidation for a while. It would not surprise me that we stay above key support until the November elections. After that, I suspect the world will see us for what we are, and more importantly what we aren’t, and sickly Uncle Sam will return to it’s death march.”- Peter Grandich, Grandich Letter

 

GATA Posts:

 

 

Central banks care mainly about saving big banks, Sprott tells King World News

Adrian Douglas: Proof of gold price suppression -- gold and the U.S. dollar

 

The Statistics:

Activity from: 7/19/2010

Gold Warehouse Stocks:

11,109,924

+63,886

Silver Warehouse Stocks:

110,666,571

-402,247

 

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

1308.128

42,057,627

US$50,097m

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

Gold Bullion Securities

123.04

3,955,775

US$4,719m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,813

US$542m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.38

1,587,578

US$1,875m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,972

US$6m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 6.083 tonnes and the LSE subtracted 0.21 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 89.66 - No change from yesterday’s data.

 

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

 

The Miners:

 

Freeport’s (FCX) second quarter results, Randgold’s (GOLD) mine construction, and Hochschild’s (HOCH.L) second-quarter output were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Paramount

PZG +4.72% $1.33

2.  Northgate

NXG +3.09% $3.00

3.  Freeport

FCX+2.71% $66.06

 

LOSERS

1.  Vista Gold

VGZ -4.70% $1.42

2.  ITH

THM -3.95% $5.84

3.  Banro

BAA -3.23% $1.80

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:

Vantex Arranges a Flow Through Financing for a Maximum of $1,700,000 - More
- July 21, 2010 | Item | ShareThis


NGEx Reports Encouraging Results From Congo-Brazzaville Exploration Program - More
- July 21, 2010 | Item | ShareThis


Eagle Hill Completes Financing With Quebec Funds - More
- July 21, 2010 | Item | ShareThis


Nuinsco and Ocean Partners Acquire Debt of Campbell Resources - More
- July 21, 2010 | Item | ShareThis


Globetech Proceeds With Acquisition - More
- July 21, 2010 | Item | ShareThis


Prophecy Resource Corp. Lists on OTCQX Market in the USA and Xetra in Germany - More
- July 21, 2010 | Item | ShareThis


Callinan Receives Balance of 2009 Net Profits Interest Payments - More
- July 21, 2010 | Item | ShareThis


Columbia Yukon Closes Private Placement - More
- July 21, 2010 | Item | ShareThis


Castle Resources Initiates Feasibility Study at Its Elmtree Gold Project in New Brunswick - More
- July 21, 2010 | Item | ShareThis


Gold Summit Reports 84.3 g/t Gold in Sakoose Samples - More
- July 21, 2010 | Item | ShareThis


Verbina Resources Inc. Announces That it Has Entered Into a Letter of Intent to Option Xtra-Gold Resources Inc.'s. Banso and Muoso Prospecting Licenses - More
- July 21, 2010 | Item | ShareThis


Firestone Ventures Expands Antelope Zinc-Lead-Silver Property and Starts Fieldwork in Nevada - More
- July 21, 2010 | Item | ShareThis


Xtra-Gold Announces That it Has Entered Into a Letter of Intent To Option its Banso and Muoso Prospecting Licenses (the "Concessions") in Ghana, West Africa - More
- July 21, 2010 | Item | ShareThis


Galahad Metals to Fund August Regcourt Drilling - More
- July 21, 2010 | Item | ShareThis


Millrock Provides Drilling Update From Council & Bluff Gold Projects in Alaska - More
- July 21, 2010 | Item | ShareThis


Platinex Inc. Announces Proposed Flow-Through Offering and Working Capital Offering - More
- July 21, 2010 | Item | ShareThis


Fancamp Engages Bay Street Connect - More
- July 21, 2010 | Item | ShareThis


Melkior Grants 1,900,000 Stock Options - More
- July 21, 2010 | Item | ShareThis


Drilling Started at Golden Goliath's Las Bolas-Los Hilos Project - More
- July 21, 2010 | Item | ShareThis


Klondike Gold Corp. Intersects 19.44 g/t Gold Over 3.45 Meters (0.63 OPT Gold / 11.3 Feet) on Clubine Property - More
- July 21, 2010 | Item | ShareThis


Apella Resources Inc.: Additional Encouraging Drill Results at Iron-T - More
- July 21, 2010 | Item | ShareThis


Creso Exploration Reports Preliminary Drill Results on Extension of Prior Holes at the Minto Gold Project, Ontario - More
- July 21, 2010 | Item | ShareThis


Amseco Exploration Ltd.: Annual and Special Meeting of the Shareholders, Election of Five Directors, Option Grant, Adoption of Special Resolutions - More
- July 21, 2010 | Item | ShareThis


Company Acquires LD Gold Property, BC - More
- July 21, 2010 | Item | ShareThis


Drilling Commences at Miranda Gold's Red Canyon Project - More
- July 21, 2010 | Item | ShareThis


CMQ Commences Drilling on Red Canyon Project - More
- July 21, 2010 | Item | ShareThis


Rio Alto Receives Environmental Approval & Provides Update - More
- July 21, 2010 | Item | ShareThis


Canadian Arrow update on Timmins nickel projects evaluation and retains investor relations consultant - More
- July 21, 2010 | Item | ShareThis


Paragon and GFE Capital Complete Drilling at Winterhill VMS Project - More
- July 21, 2010 | Item | ShareThis


Taku Gold Announces Closing of $3,450,000 Financing - More
- July 21, 2010 | Item | ShareThis


Gold American Mining Corp. - Guadalupe Property Progress Update - More
- July 21, 2010 | Item | ShareThis


Romarco encounters 38.1 meters of 11.8 g/t Au - More
- July 21, 2010 | Item | ShareThis


Argentex drills 9.9 meters of 2.57 g/t gold near surface in Pinguino's Tranquilo Trend - More
- July 21, 2010 | Item | ShareThis


3.07 g/t Gold Over 13.9 m Intersected Within a 34.5 m Wide Zone Averaging 1.93 g/t Gold on Alto's Coldstream Property, Ontario - More
- July 21, 2010 | Item | ShareThis


Newstrike-Queenston Update Commodore JV Multiple Gold Zones Intersected at the Morris Mine - More
- July 21, 2010 | Item | ShareThis


NWM Files Pre-Feasibility with Increase in Reserves - More
- July 21, 2010 | Item | ShareThis


AmeriLithium Provides Update On Second Stage of Exploration Program - More
- July 21, 2010 | Item | ShareThis


Sage Closes Private Placement - More
- July 21, 2010 | Item | ShareThis


Magma Metals Limited: High Grade Drill Intercepts From EM Targets in the Bridge Zone at Thunder Bay North - More
- July 21, 2010 | Item | ShareThis


Foundation Intersects 3.07 g/t Gold Over 13.9 m Within 34.5 m Zone Averaging 1.93 g/t Gold - More
- July 21, 2010 | Item | ShareThis


A$27.0(1) Million Recommended Takeover Offer by Paladin Energy Ltd for NGM Resources Limited - More
- July 21, 2010 | Item | ShareThis


Southern Arc Adds Contract Negotiator to Team - More
- July 21, 2010 | Item | ShareThis


Minera Andes Announces Production at the San Jose Mine for the Second Quarter 2010 - More
- July 21, 2010 | Item | ShareThis


Tombstone Exploration Completes Hi-Tech GeoPhysical Program - More
- July 21, 2010 | Item | ShareThis


Iberian Minerals Announces Granting of Options - More
- July 21, 2010 | Item | ShareThis


Red Back Mining Inc.: Mid Year Update - More
- July 21, 2010 | Item | ShareThis


Intrepid Mines Limited: General Meeting Results - More
- July 21, 2010 | Item | ShareThis


New Pacific Metals Formally Commences Cash/Share Offer to Acquire All of the Outstanding Common Shares and Debt of Tagish Lake Gold Corp. - More
- July 21, 2010 | Item | ShareThis


GoldSpring Announces Name Change to Comstock Mining Inc. - More
- July 21, 2010 | Item | ShareThis


Mercer Gold Identifies Two New Areas of Gold Mineralization at the Guayabales Gold Project, Colombia - More
- July 21, 2010 | Item | ShareThis


Abacus Announces James D. Excell as President & CEO - More
- July 21, 2010 | Item | ShareThis


Beaufield Drills Again at Tortigny - More
- July 21, 2010 | Item | ShareThis


Northair Intersects 7.26 Metres of 68 g/t Silver at La Cigarra's La Boracha Zone, Mexico - More
- July 21, 2010 | Item | ShareThis


Surface Prospecting Confirms New High Grade Gold Showing at Sugar Zone - More
- July 21, 2010 | Item | ShareThis


Canstar Resources Inc.: Mary March Hearing Set for October 25-26, 2010 - More
- July 21, 2010 | Item | ShareThis


Champion Minerals Discovers Third Multi-Kilometric Iron Formation on the Fire Lake North Claim Block - More
- July 21, 2010 | Item | ShareThis


Marathon PGM Hits 33.54 g/t (uncut) Gold Across 4 m (0.98 oz/ton uncut across 13.1 feet) at Leprechaun Gold Deposit - More
- July 21, 2010 | Item | ShareThis


Noront announces listing of warrants - More
- July 21, 2010 | Item | ShareThis


Latest Results Include 33.54 g/t (0.98 oz/ton) Gold Over 4 Metres at Mountain Lake's Leprechaun Deposit - More
- July 21, 2010 | Item | ShareThis


Genco Receives $1.3 Million Payment Towards Sale of Chief - More
- July 21, 2010 | Item | ShareThis


Duluth Metals signs definitive participation agreement with Antofagasta plc on Nokomis Project - More
- July 21, 2010 | Item | ShareThis


Gold Resource Corporation Announces Extinguishment of Exclusive Funding Arrangement With Hochschild Mining - More
- July 21, 2010 | Item | ShareThis


Bannerman Reports New Regional Exploration and Infill Drilling Results - More
- July 21, 2010 | Item | ShareThis


Northland Studies Possibility of Using Deep Water Port - More
- July 21, 2010 | Item | ShareThis


Kootenay Gold Inc. - Surface Samples Indicate Potential for Multiple Mineralized Zones at Promontorio Silver/Gold Project - More
- July 21, 2010 | Item | ShareThis


Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2010 Results - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) reported second-quarter 2010 net income attributable to common stock of $649 million, $1.40 per share, compared with net income of $588 million, $1.38 per share, for the second quarter of 2009. For the six months ended June 30, 2010, FCX reported net income attributable to common stock of $1.5 billion, $3.40 per share, compared with $631 million, $1.54 per share, in the 2009 six-month period." More
- July 21, 2010 | Item | ShareThis


Kibali Gears Up for Earlier Construction Start - "Construction on the Kibali project, potentially one of the world's largest gold mines, is being targeted to start in mid 2011, six months earlier than originally anticipated, project manager Randgold Resources announced today." More
- July 21, 2010 | Item | ShareThis


Hochschild Q2 output dips, to meet annual target - "Latin American precious metals miner Hochschild posted a 6.5 percent fall in second-quarter output on Wednesday after a mine closure but said it would meet its full-year production target.

"We remain firmly on track to achieve our full-year target of 26.3 million attributable silver equivalent ounces from our current operations," Chief Executive Ignacio Bustamante said." More
- July 21, 2010 | Item | ShareThis


Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2010 Results - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) reported second-quarter 2010 net income attributable to common stock of $649 million, $1.40 per share, compared with net income of $588 million, $1.38 per share, for the second quarter of 2009. For the six months ended June 30, 2010, FCX reported net income attributable to common stock of $1.5 billion, $3.40 per share, compared with $631 million, $1.54 per share, in the 2009 six-month period." More
- July 21, 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 21 July, 2010 | |


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