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Gold Seeker Weekly Wrap-Up: Gold Ends 1% Higher on the Week While Silver Soars Over 4% to a 30 Month High

By: Chris Mullen, Gold-Seeker.com


-- Posted 3 September, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1249.00

-$2.00

+1.05%

Silver

$19.85

+$0.33

+4.25%

XAU

186.81

+0.21%

+1.34%

HUI

487.22

-0.17%

+0.08%

GDM

1478.09

-0.03%

+0.19%

JSE Gold

2468.81

-9.77

+0.61%

USD

82.01

-0.39

-1.09%

Euro

128.94

+0.70

+1.25%

Yen

118.53

-0.11

+1.17%

Oil

$74.60

-$0.42

-0.76%

10-Year

2.706%

+0.078

+2.04%

Bond

132.875

-1.0625

-0.61%

Dow

10447.93

+1.24%

+2.93%

Nasdaq

2233.75

+1.53%

+3.72%

S&P

1104.51

+1.32%

+3.75%

 
 

 

The Metals:

 

Gold climbed to as high as $1253.85 in London before it fell all the way to $1238.04 in early New York trade after the jobs report was released, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.16%.  Silver fell to as low as $19.41 by about 9AM EST, but it then stormed to a 30 month high of $19.91 by midday and ended with a gain of 1.69%.  Silver’s previous high of $20.64 was achieved on March 5th of 2008.  Gold closed just $7.65 from its all time high of $1256.65 set just two and half months ago on June 18th.

 

Euro gold fell to about €969, platinum gained $7 to $1552.50, and copper remained at about $3.49.

 

Gold and silver equities fell over 1% by midmorning, but they then rallied back higher for most of the rest of the day and ended near unchanged.

 

Rising prices trigger 2010 gold rush  Reuters

Silver ends at two-year high; gold closes lower  MarketWatch

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Aug

-54K

-120K

-54K

Unemployment Rate

Aug

9.6%

9.6%

9.5%

Hourly Earnings

Aug

0.3%

0.1%

0.2%

Average Workweek

Aug

34.2

34.2

34.2

ISM Services

Aug

51.5

53.0

54.3

 

The BLS net birth/death adjustment added 115,000 jobs to August’s payrolls.  Private payrolls rose 67,000.

 

All of this week’s other economic reports:

 

Factory Orders - July

0.1% v. -0.6%

 

Pending Home Sales - July

5.2% v. -2.8%

 

Productivity - Q2

-1.8% v. -0.9%

 

Unit Labor Costs - Q2

1.1% v. 0.2%

 

Initial Claims - 8/28

472K v. 478K

 

ISM Index - August

56.3 v. 55.5

 

Construction Spending - July

-1.0% v. -0.8%

 

ADP Employment - August

-10K v. 37K

 

Consumer Confidence - August

53.5 v. 51.0

 

Chicago PMI - August

56.7 v. 62.3

 

Case-Shiller 20-city Index - June

4.23% v. 4.64%

 

Personal Income - July

0.2% v. 0.0%

 

Personal Spending - July

0.4% v. 0.0%

 

PCE Prices - Core July

0.1% v. 0.0%

 

Next week’s economic highlights include the fed’s Beige Book and Consumer Credit on Wednesday, Initial Jobless Claims and the Trade Balance on Thursday, and Wholesale Inventories on Friday.

 

The Markets:

 

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

 

Oil fell on easing worries over downgraded storms in the Gulf of Mexico.

 

The U.S. dollar index and treasuries fell on mostly better than expected jobs data that sent the Dow, Nasdaq, and S&P over 1% higher.

 

Among the big names making news in the market Friday were Time Warner Cable, Samsung, Campbell Soup, 3Par, and Ford.

 

GATA Posts:

 

 

James Turk: Big money quickly buying dips in gold and silver

Nielson, Weir badger CFTC to act against silver market manipulation

 

The Statistics:

Activity from: 9/01/2010

Gold Warehouse Stocks:

10,820,796

-

Silver Warehouse Stocks:

110,221,595

-90,443

 

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

1294.908

41,632,601

US$51,624m

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

Gold Bullion Securities

126.91

4,080,230

US$5,100m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

127.79

4,108,435

US$5,128m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,589

US$570m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.60

1,594,626

US$1,988m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,970

US$6m

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 9.12 tonnes, the LSE subtracted 0.14 tonnes, and the LSE ETFS added 0.75 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 96.12: +0.73 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9280.40 - No change from yesterday’s data.

 

The Miners:

 

Almaden’s (AAU) drilling, Goldcorp’s (GG) acquisition of Andean Resources (AND.TO), and MAG Silver’s (MVG) VP of operations appointment were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Almaden

AAU+18.64% $2.61

2.  Vista Gold

VGZ +9.73% $2.48

3.  Alexco

AXU +7.32% $4.40

 

LOSERS

1.  US Gold

UXG -2.31% $5.08

2.  Goldcorp

GG -2.19% $42.84

3.  Eldorado

EGO-1.85% $19.10

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:

Goldrea Terminates Private Placement with China Finance/Negotiating Gold Loan - More
- September 03, 2010 | Item | ShareThis


Goldcorp eyes fresh luster for its treasure chest - "By adding Andean Resources (AND.AX)AND.to to its growing bundle of acquisitions, Canada's Goldcorp (G.TO) will put itself in a solid position to achieve its goal of doubling bullion production by 2018.

Through its aggressiveness, Goldcorp has grown from a junior miner with revenues of $70 million in 2000 to the world's No. 2 gold company by market capitalization, with 2009 annual revenue of more than $2.7 billion." More
- September 03, 2010 | Item | ShareThis


SLAM RECEIVES SUPPORT FROM JOE DWEK MANAGEMENT AND PINETREE CAPITAL - More
- September 03, 2010 | Item | ShareThis


Cadan Completes First Tranche of Private Placement - More
- September 03, 2010 | Item | ShareThis


Maya Gold & Silver Completes Private Placement - More
- September 03, 2010 | Item | ShareThis


Riverstone Announces Stock Options - More
- September 03, 2010 | Item | ShareThis


Almaden Minerals Ltd.: Ixtaca Drilling to Recommence - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to report that a phase II diamond drilling program is set to recommence at the newly discovered Ixtaca zone on its 100% owned Tuligtic Project located in Puebla State, Mexico. Almaden geology staff and drilling personnel are on site and drilling is expected to commence in the coming days. Almaden plans several holes to confirm the orientation of the vein system before systematic step-out drilling, to explore the strike and depth extent of the vein system, commences." More
- September 03, 2010 | Item | ShareThis


ROCA MAX Mine Production Restarts - More
- September 03, 2010 | Item | ShareThis


Eurasian Minerals Announces Appointment of Mr. Paul H. Zink as President of Eurasian Capital, Grant of Bonus Shares and Grant of Stock Options - More
- September 03, 2010 | Item | ShareThis


VHGI Holdings, Inc. Announces Montana Mining Update - More
- September 03, 2010 | Item | ShareThis


Luna Gold Releases Updated Ni 43-101 Technical Report for Aurizona Gold Project - More
- September 03, 2010 | Item | ShareThis


Rockhaven Resources Ltd.: Corporate Update - More
- September 03, 2010 | Item | ShareThis


Crowflight Provides Update on Jinchuan Offer - More
- September 03, 2010 | Item | ShareThis


Gold Canyon Proposes Private Placement for Up to $4,000,000 - More
- September 03, 2010 | Item | ShareThis


Rising prices trigger 2010 gold rush - "The soaring price of gold XAU= has triggered increased M&A activity in the sector. Gold hit a record of almost $1,265 an ounce in June and averaged close to $1,200 in the second quarter -- up about 8 percent from the previous quarter and nearly 30 percent above year-earlier levels." More
- September 03, 2010 | Item | ShareThis


San Gold Tables Mineral Resource Estimate Update for Rice Lake Project Area - More
- September 03, 2010 | Item | ShareThis


Arco Announces Preliminary Drill Results at Predilecta - More
- September 03, 2010 | Item | ShareThis


Magma Metals Limited: Thunder Bay North-Exploration Update - More
- September 03, 2010 | Item | ShareThis


Zaruma Resources Announces Increased Bridge Financing from Gravity Ltd - More
- September 03, 2010 | Item | ShareThis


Salazar Engages First Canadian Capital for Investor Relations - More
- September 03, 2010 | Item | ShareThis


Sutter Gold Mining Closes US $3.65 Million Loan Financing - More
- September 03, 2010 | Item | ShareThis


Victoria Joint Venture - Update - More
- September 03, 2010 | Item | ShareThis


Ruby Creek Resources -- A Year in Review - More
- September 03, 2010 | Item | ShareThis


Champion Obtains Conditional Listing on the Toronto Stock Exchange - More
- September 03, 2010 | Item | ShareThis


LIM Reaches Agreement With Quebec Innu to Remove Barriers - More
- September 03, 2010 | Item | ShareThis


Medusa Mining Limited: Notice of General Meeting - More
- September 03, 2010 | Item | ShareThis


ROCA Update on Temporary Shutdown at MAX Mine - More
- September 03, 2010 | Item | ShareThis


Kinross and Red Back Confident of Value-Creation Potential of Friendly Combination - "Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) and Red Back Mining Inc. (TSX:RBI - News) have re-affirmed their strong commitment to completing a friendly combination of the two companies, and have rejected the recommendation contained in a report from Institutional Shareholder Services (ISS) on the transaction. The report is in contrast to the positive recommendation of Glass, Lewis & Co. LLC, a professional service firm that provides proxy research and voting recommendations to institutional investors." More
- September 03, 2010 | Item | ShareThis


MAG Silver Appoints Michael Petrina, P.ENG as Vice President Operations - "Mr. Petrina brings over 25 years of extensive experience in operations, engineering, mine development, financial modelling and acquisition analysis, and is a past technical advisor and engineering consultant for numerous mining companies. He is a Professional Engineer (P.ENG, Mining) registered in British Columbia and holds a MBA from the University of Athabasca. Mr. Petrina recently held the position of Vice President, Mining for Hawthorne Gold Corp. and has worked directly for or as a consultant for Candente Resource Corp., Adriana Resources Ltd., Adanac Molybdenum Corporation, Pan American Silver Corporation and Breakwater Resources Ltd." More
- September 03, 2010 | Item | ShareThis


Canada's Goldcorp to buy Andean for $3.4 billion - "Canada's Goldcorp Inc agreed to buy Argentina-focused gold miner Andean Resources Ltd for C$3.6 billion ($3.4 billion), trumping a competing offer from rival Eldorado Gold Corp.

The takeover is the latest in a series of gold mining deals this year, including Australia's Newcrest Mining's $8.4 billion purchase of rival Lihir Gold, as near-record prices for the metal boost the hunt for reserves and pump cash into the sector." More
- September 03, 2010 | Item | ShareThis


Goldcorp Enhances Gold Production Pipeline With Acquisition of Andean Resources - "Goldcorp Inc. ("Goldcorp") (NYSE:GG, TSX:G) and Andean Resources Limited ("Andean") (TSX and ASX: AND) today announced an agreement whereby Goldcorp will acquire, through a scheme of arrangement under Australian law ("the Arrangement"), all of the outstanding shares of Andean. The total consideration for the purchase of 100% of the fully diluted shares of Andean is approximately C$3.6 billion." More
- September 03, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

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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 3 September, 2010 | |


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