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Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

By: Chris Mullen, Gold-Seeker.com


-- Posted 23 August, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1226.60

-$0.70

Silver

$18.00

+$0.02

XAU

175.84

-1.29%

HUI

462.43

-1.27%

GDM

1404.71

-1.12%

JSE Gold

2460.12

-4.76

USD

83.21

+0.15

Euro

126.63

-0.45

Yen

117.32

+0.57

Oil

$73.10

-$0.72

10-Year

2.607%

-0.005

T-Bond

134.125

+0.125

Dow

10174.41

-0.38%

Nasdaq

2159.63

-0.92%

S&P

1067.36

-0.40%

 
 

 

The Metals:

 

Gold saw slight gains in Asia before it fell back off in London and midmorning New York trade to as low as $1221.60 by about 11AM EST, but it then rallied back higher into the close and ended with a loss of just 0.06%.  Silver fell to as low as $17.875 by late morning in New York before it also rallied back higher in the last couple of hours of trade and ended with a gain of 0.11%.

 

Euro gold rose to about €968, platinum lost $6.50 to $1500.50, and copper remained at about $3.29.

 

Gold and silver equities fell over 1% by late morning before they rebounded a bit, but they still ended with modest losses.

 

The Economy:

 

There were no major economic reports today.  Tomorrow at 10AM EST brings Existing Home Sales for July expected at 4,720,000.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries found slight gains ahead of this week’s $102 billion in debt auctions that begin tomorrow with a $37 billion auction of 2-year notes.

 

The Dow, Nasdaq, and S&P waffled near unchanged and ended modestly lower as decent company news somewhat offset persistent worries over the economy.

 

Among the big names making news in the market today were AIG, Potash, and HP and 3Par.

 

GATA Posts:

 

 

Alen Mattich: Inflation via competitive devaluations may be only way out

Eureka moment for stubborn Yukon prospector who wouldn't give up

Meanwhile, the gold market riggers don't even get their hands dirty

Gene Arensberg: Large commercials not aggressively short gold yet

James Turk: Manipulating the silver market

Ted Butler's weekly interview with King World News

Resource demand spurs M&A deal surge

 

The Statistics:

Activity from: 8/20/2010

Gold Warehouse Stocks:

10,868,689

-32,169

Silver Warehouse Stocks:

111,510,703

+162,403

 

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

1299.468

41,779,209

US$51,206m

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

Gold Bullion Securities

126.63

4,071,226

US$4,986m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,645

US$560m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.36

1,587,055

US$1,933m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,970

US$6m

Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.67 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 93.98 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9151.03 - No change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) sale of 5 million common shares in Volta Resources, Banro’s (BAA) restructuring of its executive management group, Capital Gold’s (CGC) production and operational outlook, Paramount’s (PZG) acquisition of X-Cal Resources Ltd., Great Basin’s (GBG) mineral resource update, Excellon’s (EXN.TO) suspended production, Avino’s (ASM.V) operational milestone, and Alexco’s (AXU) Type A Water Use License were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Almaden

AAU +17.59% $2.34

2.  Mines MGMT

MGN +6.83% $1.72

3.  Minco Gold

MGH +4.00% $1.04

 

LOSERS

1.  Claude

CGR -5.31% $1.07

2.  Paramount

PZG -4.58% $1.25

3.  Coeur

CDE-4.33% $15.70

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:

Laurion Announces Aggressive Drill Program on Bell Mountain Gold Project, Nevada - More
- August 23, 2010 | Item | ShareThis


Imperial Metals: Huckleberry Mine Resumes Operations - More
- August 23, 2010 | Item | ShareThis


Prospecting Identifies New Pegmatite Targets at Brazil Lake - More
- August 23, 2010 | Item | ShareThis


NGEx Intersects 13 m of 3.3% Copper, 5.6% Zinc 1.8g/t Gold, 46g/t Silver at Aradaib Prospect, Eritrea - More
- August 23, 2010 | Item | ShareThis


Randgold Resources Announces Disposal of 5 000 000 Common Shares in Volta Resources Inc - "Randgold Resources Limited sold a further 5 million common shares in Volta Resources Inc ("Volta") at a price of CAD$1.50 per common share on Monday 16 August 2010. The total proceeds payable to Randgold were CAD$7.5 million (US$7.2 million). The cash proceeds received will be used for general corporate purposes." More
- August 23, 2010 | Item | ShareThis


Dauntless Capital Corp. Completes Filing Statement For Proposed Qualifying Transaction - More
- August 23, 2010 | Item | ShareThis


Garrison Provides Tovshiir Site Progress Update and Resignation of Director - More
- August 23, 2010 | Item | ShareThis


Inspiration Appoints Victor Cantore to the Board of Directors - More
- August 23, 2010 | Item | ShareThis


Galahad Metals Inc.: New East-West Zone at Bottle Creek - More
- August 23, 2010 | Item | ShareThis


Buchans Minerals engages Wardrop Engineering to complete preliminary mine plan for Lundberg & Engine House resources - More
- August 23, 2010 | Item | ShareThis


Soltoro Identifies Acanthite and Awards Contract to Carry Out Further Metallurgical Testing at El Rayo - More
- August 23, 2010 | Item | ShareThis


Selwyn Project Receives Amended Mining Land Use Permit - More
- August 23, 2010 | Item | ShareThis


MANTIS MINERAL CORP. PROPOSES AMENDMENTS TO WARRANTS - More
- August 23, 2010 | Item | ShareThis


Fortune Minerals announces railway development strategy for Mount Klappan metallurgical coal project - More
- August 23, 2010 | Item | ShareThis


Dia Bras Development Drift Reaches El Gallo Deposit at the Bolivar Property - More
- August 23, 2010 | Item | ShareThis


Houston Lake Mining Announces Potential New Gold Zone is Confirmed by Channel Samples on Robertson Prospect at its West Cedartree Project - More
- August 23, 2010 | Item | ShareThis


Galantas Reports Results for Second Quarter 2010 - More
- August 23, 2010 | Item | ShareThis


NSGOLD CORPORATION ADOPTS 2010 STOCK OPTION PLAN - More
- August 23, 2010 | Item | ShareThis


Probe Mines Announces Initial Resource Estimate for Its Black Creek Chromite Deposit; Commences Phase III Drilling; Borden Lake Update - More
- August 23, 2010 | Item | ShareThis


Tagish Lake announces receipt of proposal from YS Mining Company Inc. - More
- August 23, 2010 | Item | ShareThis


La Mancha Intersects Grades of Up to 135 g/t Au at Its Fetekro Property in Cote d'Ivoire - More
- August 23, 2010 | Item | ShareThis


Hana Mining Shareholders Approve Arrangement Agreement - More
- August 23, 2010 | Item | ShareThis


Mineral Deposits Limited: De-Merger Proposal - More
- August 23, 2010 | Item | ShareThis


Pro-Or Grants Option to Everett for 50% Interest in Menarik Poly-Metallic Property - More
- August 23, 2010 | Item | ShareThis


Evolving Gold Reports First 2010 Assay Results from Rattlesnake Hills; 128.1 Meters at 1.16 gpt Au in Hole RSC-099; Includes 42.6 Meters at 2.40 gpt Au - More
- August 23, 2010 | Item | ShareThis


Nevada Geothermal Power Inc. Announces Settlement with Ormat - More
- August 23, 2010 | Item | ShareThis


Acrex extends priority gold target on its Spanish Mountain Property - More
- August 23, 2010 | Item | ShareThis


Gold American Mining Corp. Announces Geological Engineer's Appointment - More
- August 23, 2010 | Item | ShareThis


Erin to sell Belize Gold Project - More
- August 23, 2010 | Item | ShareThis


Advanced Explorations Inc. Acquires Additional Targets - More
- August 23, 2010 | Item | ShareThis


Adex Announces Private Placement and Project Funding Agreement - More
- August 23, 2010 | Item | ShareThis


Radius Provides Sixty Mile Project Update - More
- August 23, 2010 | Item | ShareThis


Lateegra Strengthens Board - More
- August 23, 2010 | Item | ShareThis


Dynasty Completes First Shipment of Gold from Ecuador to Canadian Refinery - More
- August 23, 2010 | Item | ShareThis


Bold Ventures Acquires Claims on the North Side of the Ring of Fire - More
- August 23, 2010 | Item | ShareThis


New Pacific Offer for Tagish Lake Gold Corp.-Update - More
- August 23, 2010 | Item | ShareThis


Kiska Delivers Whistler Trigger Program Report to Kennecott - More
- August 23, 2010 | Item | ShareThis


X-Cal Shareholder Vote Approves Plan of Arrangement With Paramount - More
- August 23, 2010 | Item | ShareThis


Lara Exploration Ltd.: Updated Technical Report for the Lara Copper Project, Peru - More
- August 23, 2010 | Item | ShareThis


Bayswater: Drill Results From Collins Bay Extension Project in Athabasca Basin - More
- August 23, 2010 | Item | ShareThis


Willow Creek Corporate Update II - More
- August 23, 2010 | Item | ShareThis


Pitchstone Begins Uranium Drilling Program in Namibia - More
- August 23, 2010 | Item | ShareThis


Mineral Mountain Resources Ltd. Engages Kin Communications - More
- August 23, 2010 | Item | ShareThis


Vena Resources Files NI 43-101 Report on Azulcocha Zn/Mn Project-Increases Measured and Indicated Resources to 3.75 Million Tonnes - More
- August 23, 2010 | Item | ShareThis


Largest single shareholder of Tagish Lake Gold Corp. corrects disclosure with respect to unsolicited offer. New Pacific Metals Corp. attempts to correct - More
- August 23, 2010 | Item | ShareThis


Banro restructures its executive management group and completes the staffing of its project development team - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") announces that the Company has completed the restructuring of its executive management group and has fully staffed the mine development team responsible for constructing the Company's wholly-owned Twangiza "Phase I" gold mine in the Democratic Republic of the Congo (the "DRC")." More
- August 23, 2010 | Item | ShareThis


Excellon Temporarily Suspends Production at Platosa - "Excellon Resources Inc. (TSX:EXN - News) announces that it has temporarily suspended production at the Platosa Mine while it seals a large water-bearing fissure encountered during routine operations on August 18th. Immediately following the water inflow mining crews began construction of concrete walls to aid in water containment and on August 19th it was decided to allow the workings to fill with water in order to create a stable environment and allow grouting operations to commence. A grouting hole was completed by surface diamond drilling on August 21st and grouting began on Sunday August 22nd. No employees were injured during the inflow and all mobile and other valuable equipment was brought to surface in an orderly manner." More
- August 23, 2010 | Item | ShareThis


Capital Gold Corporation Provides Production and Operational Outlook for Fiscal 2011 - "Capital Gold Corporation (NYSE Amex: CGC; TSX: CGC) ("The Company") today provided a production and operational outlook for fiscal 2011 (August 1, 2010 to July 31, 2011) at the Company's mining projects in Mexico, including the El Chanate open pit mine in Sonora, the Saric exploration property that is also in Sonora and the Orion project in the State of Nayarit." More
- August 23, 2010 | Item | ShareThis


Paramount Gold and Silver Corp. Closes Acquisition of X-Cal Resources and the Sleeper Gold Project - "Further to our press release dated June 22, 2010, Paramount Gold and Silver Corp. (TSX:PZG - News)(NYSE:PZG - News) (Frankfurt:PG6 - News)(WKN: A0HGKQ) ("Paramount") advises that its previously announced acquisition of X-Cal Resources Ltd. (TSX:XCL - News)("X-Cal") has been approved by 100% of the X-Cal shareholders present or represented by proxy at its recent meeting. The Supreme Court of British Columbia has approved the transaction and the acquisition is now closed." More
- August 23, 2010 | Item | ShareThis


Avino Reaches Operational Milestone - "Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News) is pleased to announce that it has entered into an agreement with MRI Trading AG for the sale of all the copper concentrates produced from stockpiled material that remains on-site from previous mining. This material is currently being used to commission the refurbished 250tpd mill circuit in preparation for the treatment of the 10,000 tonne bulk sample from the underground development at San Gonzalo slated for later this year." More
- August 23, 2010 | Item | ShareThis


Great Basin Provides Mineral Resource Update for its Burnstone Gold Project in South Africa - "The updated mineral resource estimate, inclusive of all drilling and underground evaluation up to June 30, 2010 and at a range of cutoffs, is tabulated below. At a cutoff of 400 cmg/t the total Measured and Indicated Resources has increased by 3% from approximately 11.7 million ounces to 12.1 million ounces of gold." More
- August 23, 2010 | Item | ShareThis


Alexco Issued Type A Water Use Licence, Sets Plans to Commence Silver Production at Keno Hill - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to report that the Yukon Water Board has issued a Type A Water Use Licence for Alexco's wholly owned Bellekeno mine and mill project, located within the Keno Hill Silver District in Canada's Yukon Territory. The Water Use Licence is the final permit required by Alexco to commence commercial mine operations and concentrate production from the Bellekeno mill, currently approaching construction completion." More
- August 23, 2010 | Item | ShareThis


Newscrest Mining and Lihir Gold merge - "Australia's two biggest gold miners have combined forces, creating one of the world's largest producers of the precious metal.

Newcrest Mining, Australia's largest home-grown gold company, today completed its takeover of the country's number two, Lihir Gold." More
- August 23, 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 23 August, 2010 | |


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