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Gold Seeker Closing Report: Gold and Silver Fall Slightly

By: Chris Mullen, Gold-Seeker.com


-- Posted 9 September, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1248.90

-$6.80

Silver

$19.84

-$0.12

XAU

183.49

-1.78%

HUI

479.32

-1.57%

GDM

1453.83

-1.72%

JSE Gold

2513.51

-32.95

USD

82.63

UNCH

Euro

127.07

-0.16

Yen

119.30

+0.04

Oil

$74.25

-$0.42

10-Year

2.761%

+0.107

T-Bond

131.96875

-1.65625

Dow

10415.24

+0.27%

Nasdaq

2236.20

+0.33%

S&P

1104.18

+0.48%

 
 

 

The Metals:

 

Gold waffled on either side of unchanged in Asia and London before it fell in morning New York trade to as low as $1242.35 by a little after noon EST, but it then climbed back higher in the last hour and a half of trade and ended with a loss of just 0.54%.  Silver fell to as low as $19.69 before it also rallied back higher in late trade and ended with a loss of just 0.6%.

 

Euro gold fell to about €984, platinum lost $8.20 to $1548.00, and copper dropped 6 cents to about $3.43.

 

Gold and silver equities fell roughly 2% by late morning and remained at about that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

9/04

451K

470K

478K

Trade Balance

July

-$42.8B

-$47.3B

-$49.8B

 

Tomorrow at 10AM EST is the Wholesale Inventories report for July expected at 0.4%.

 

The Markets:

 

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

 

Oil ended lower after the EIA reported that crude inventories fell 1.9 million barrels, gasoline inventories fell 200,000 barrels, and distillates fell 400,000 barrels.

 

The U.S. dollar index closed unchanged after mixed signals from Japanese authorities about whether or not they will intervene to take the yen down from roughly 15-year highs.

 

Treasuries fell after today’s $13 billion 30-year note auction sold at a high yield of 3.82% with a bid to cover of 2.73.

 

The Dow, Nasdaq, and S&P traded mostly slightly higher on mildly encouraging economic data.

 

Among the big names making news in the market today were Google, McDonald’s, Goldman Sachs, Burger King, Ford, and Calpers.

 

GATA Posts:

 

 

Hinde Capital's Ben Davies takes gold price suppression show on the road

 

The Statistics:

Activity from: 9/08/2010

Gold Warehouse Stocks:

10,732,841

-2,391

Silver Warehouse Stocks:

110,820,558

-426,919

 

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

1294.442

41,617,620

US$52,224m

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

Gold Bullion Securities

126.13

4,055,245

US$5,046m

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

ETFS Physical Gold

128.21

4,122,005

US$5,129m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,558

US$570m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.38

1,555,431

US$1,952m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,970

US$6m

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 1.13 tonnes and the LSE ETFS added 0.17 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 96.71: +0.61 tonne change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9276.73 - No change from yesterday’s data.

 

The Miners:

 

ITH’s (THM) drill results, Coeur’s (CDE) drill results, Great Basin’s (GBG) updated resources, Allied Nevada’s (ANV) drill results, Aurcana’s (AUN.V) second quarter earnings, Silver Quest’s (SQI.V) drilling, and SilverCrest’s (SVL.V) metals pour were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Richmont

RIC +4.98% $5.06

2.  Tanzanian Royalty

TRE +3.03% $6.47

3.  Minco Gold

MGH +1.55% $1.31

 

LOSERS

1.  Timberline

TLR -6.25% $1.05

2.  Seabridge

SA -5.06% $28.72

3.  Nevsun

NSU-4.12% $4.89

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:

Castle Resources Provides Granduc Operations Update - More
- September 09, 2010 | Item | ShareThis


Copper Fox Comments on Trading of its Common Shares - More
- September 09, 2010 | Item | ShareThis


Vangold Resources Ltd.: 3D IP Survey Report for Fergusson and 3D IP Survey Update for Mt Penck Papua New Guinea - More
- September 09, 2010 | Item | ShareThis


Cresval Capital Corp. Closes Private Placement - More
- September 09, 2010 | Item | ShareThis


SUNWARD APPOINTS A CHAIRMAN AND APPOINTS 4 NEW DIRECTORS TO THE BOARD - More
- September 09, 2010 | Item | ShareThis


Aurcana Corporation Reports 54% Increase in Earnings From Mining Operations for Q2, 2010 - "For the three months ended June 30, 2010, the Company posted consolidated net sales of $4,935,470 (2009: $3,621,463), earnings from mining operations of $1,324,845 (2009: $858,932), a loss from operations including corporate expenses of $1,152,800 (2009: $685,116), and a consolidated net loss of $3,136,875 (2009: net earnings of $2,837,660)." More
- September 09, 2010 | Item | ShareThis


Anfield Discovers Additional High Grade Nickel Mineralization at Its Mayaniquel Project, Guatemala - More
- September 09, 2010 | Item | ShareThis


Silver Quest Commences Drilling at Prospector Mountain, Yukon - "Silver Quest Resources Ltd. (TSX-V:SQI - News) (the "Company") is pleased to provide an update on its Prospector Mountain Property, located 90 km northeast of Carmacks, Yukon. The Phase II exploration drill program (approximately 1,500 m) has commenced to test the recently discovered Bonanza Zone." More
- September 09, 2010 | Item | ShareThis


EL CONDOR PROVIDES UPDATE ON ANCHACA WORK PROGRAM and ACQUIRES ARIZONA AU-AG PROPERTY OPTION - More
- September 09, 2010 | Item | ShareThis


LIM Signs Impact Benefits Agreement With Naskapi Nation - More
- September 09, 2010 | Item | ShareThis


Amarok Resources, Inc. to Be Covered by Standard & Poor's Market Access Program - More
- September 09, 2010 | Item | ShareThis


Nuinsco Finalizes Agreement on Egyptian Gold Concession - More
- September 09, 2010 | Item | ShareThis


Mountain Boy Minerals Ltd.: Multiple High Grade Zones Drilled in Main Zone, and Strike Length of VMS System Tripled at BA - More
- September 09, 2010 | Item | ShareThis


Orosur Mining Inc. Directors Dealing - More
- September 09, 2010 | Item | ShareThis


Drill Program for Metallurgical Testing Commences at Halo's Lost Deposit - More
- September 09, 2010 | Item | ShareThis


North Atlantic Completes Sale of Shares of Niger Resources for CDN$1 Million - More
- September 09, 2010 | Item | ShareThis


Dia Bras Begins Drilling the Las Coloradas Polymetallic Target in Zacatecas - More
- September 09, 2010 | Item | ShareThis


United Mining Group Commences Trading on TSX under Symbol "UMG" - More
- September 09, 2010 | Item | ShareThis


Northern Shield Announces Exploration Updates For Wabassi, Highbank and Quebec Properties. - More
- September 09, 2010 | Item | ShareThis


MONETA'S SOUTHWEST ZONE OFFERS UP ANOTHER HIGH GRADE GOLD ZONE FURTHER EXPANDING THE MINERALIZED GOLD ENVELOPE - More
- September 09, 2010 | Item | ShareThis


Silvore Fox Minerals Announces Drill Program at Coxheath Property - More
- September 09, 2010 | Item | ShareThis


American Paramount Gold Corp. Appoints Leland D. Verner to Its Board of Directors - More
- September 09, 2010 | Item | ShareThis


Camino Minerals Corporation: First Phase of Exploration Complete; Strenghtens Exploration Team - More
- September 09, 2010 | Item | ShareThis


Bison Gold Resources Inc. Arranges $450,000 Private Placement and $350,000 Convertible Debenture Financing - More
- September 09, 2010 | Item | ShareThis


Pacific Rim Mining Commences Trading on OTCQX - More
- September 09, 2010 | Item | ShareThis


Sona Resources Corp.: Elizabeth Gold Property Exploration Under Way - More
- September 09, 2010 | Item | ShareThis


Matamec Retains Engineering Firm Roche Ltd, Consulting Group, to Assist in the Development of Its Rare Earth-Yttrium-Zirconium Zeus Project - More
- September 09, 2010 | Item | ShareThis


Expedition and Aldrin Begin Trenching and Mapping Program on Yukon Brew Property - More
- September 09, 2010 | Item | ShareThis


Coro Announces Positive Conclusions From Hydrological Studies At San Jorge Project - More
- September 09, 2010 | Item | ShareThis


United Reef Reports Mobilization of A Phase 2 Drilling Program by URSA Major Minerals on Nickel Offsets Property, Sudbury - More
- September 09, 2010 | Item | ShareThis


Supatcha Resources Commences Vynohradiv Drill Program - More
- September 09, 2010 | Item | ShareThis


Lithium and Other Multi-Element Anomalies Confirmed at Valleyview, Alberta - More
- September 09, 2010 | Item | ShareThis


Columbus Silver Corporation: Conditional Acceptance of Phase 2 and 3 Drilling Permit at Mogollon Silver-Gold Project - More
- September 09, 2010 | Item | ShareThis


Consolidated Thompson Iron Mines Limited Operational Updates - More
- September 09, 2010 | Item | ShareThis


St. Elias Mines Ltd. Engages INDEVA Corporation to Provide Consulting Services - More
- September 09, 2010 | Item | ShareThis


Batero Gold Discovers New Zone of Porphyry Mineralization - More
- September 09, 2010 | Item | ShareThis


SEMAFO Confirms Continuity of Mineralization at Mana's Kona Zone Delineation Drilling Results Include 4.44 g/t Au Over 21 Meters - More
- September 09, 2010 | Item | ShareThis


Volta Extends Strike of Kiaka Gold Mineralization by 400m to the South - More
- September 09, 2010 | Item | ShareThis


Reunion Manganese Obtains Prospecting Licences for Manganese Over the Historic Matthews Ridge and Pipiani Deposits in Guyana; Appointment of COO - More
- September 09, 2010 | Item | ShareThis


Quaterra Drilling Continues to Expand Acid-Soluble Copper Zone at MacArthur - More
- September 09, 2010 | Item | ShareThis


Quest Rare Minerals Receives Results of Preliminary Economic Assessment (PEA) for Strange Lake B-Zone - More
- September 09, 2010 | Item | ShareThis


USCorp a Junior Gold Exploration Company Signs Letter of Intent With Chinese Conglomerate - More
- September 09, 2010 | Item | ShareThis


Xmet Commences a Diamond Drill Program on Duquesne-Ottoman Property - More
- September 09, 2010 | Item | ShareThis


Beaufield Launches Major Airborne Gravity and Magnetic Survey at Schefferville - More
- September 09, 2010 | Item | ShareThis


REC Minerals Announces Results of Up to 10.8 Grams/Ton Gold and 228 Grams/Ton Silver from Chip Sampling at Its MC Dalhousie Project - More
- September 09, 2010 | Item | ShareThis


Melkior Explores McFaulds East Rim and Sells Brokeback - More
- September 09, 2010 | Item | ShareThis


Creston Moly Intersects 67.1 Metres of 0.134% Molybdenum - More
- September 09, 2010 | Item | ShareThis


Serengeti Reports Final Kwanika 2010 Drilling Results, Identifies Additional Potential on Property - More
- September 09, 2010 | Item | ShareThis


Avion Extends High Grade Tabakoto Mineralization to Depth - More
- September 09, 2010 | Item | ShareThis


San Gold Extends 007 to Depth and Along Strike Nearing Emperor Zone - More
- September 09, 2010 | Item | ShareThis


Bellhaven Drills Wide Intercepts of Gold and Copper at La Mina Porphyry Gold-(Copper) Project, Colombia - More
- September 09, 2010 | Item | ShareThis


American Rare Earths & Materials CEO Applauds New Efforts by Congress on Rare Earths Legislation - More
- September 09, 2010 | Item | ShareThis


Alder Announces Commencement of Work Program and Drill Contract at Its La Montanita Property in Medellin, Colombia - More
- September 09, 2010 | Item | ShareThis


Belmont Options Up to 60% Interest in Lumby/Bufo Gold Property in Atikokan, Ontario to Eurogas - More
- September 09, 2010 | Item | ShareThis


LKA's Golden Wonder Exploration Program Yields over 907 Ounces of Gold to Date - More
- September 09, 2010 | Item | ShareThis


European Goldfields - DIRECTORS DEALINGS - More
- September 09, 2010 | Item | ShareThis


Geo Minerals Acquires BC Ground Adjacent to Richfield Ventures' Blackwater Deposit Plus Ground in Vicinity of Prosperity Mine - More
- September 09, 2010 | Item | ShareThis


Australian mine tax uncertainty to last into 2011 - "Uncertainty over the shape of Australia's controversial mining tax is likely to last well into 2011 after national elections which returned the country's first minority government since World War Two." More
- September 09, 2010 | Item | ShareThis


RockBridge Announces Copper Assay Results Up to 1.95% - More
- September 09, 2010 | Item | ShareThis


Dun Glen Gold Content Analysis Shows Increases Up to 200% - More
- September 09, 2010 | Item | ShareThis


SilverCrest Completes First Metals Pour at Santa Elena - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) has successfully completed its first metals pour of gold and silver dore at its Santa Elena Mine located in Sonora, Mexico. Gold and silver production will continue to escalate over the next 4 months, as ore tonnes under leach and recovery rates increase. There are currently an estimated 100,000 tonnes of ore stacked on the leach pad, with approximately 60,000 tonnes under leach. SilverCrest anticipates that the mine will reach design capacity by the end of the year." More
- September 09, 2010 | Item | ShareThis


International Tower Hill Intersects High-Grade Gold Zone and Expands New Olive Zone at Livengood Gold Deposit, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - is pleased to announce the results from the latest 17 drill holes completed in its 50,000-metre Summer 2010 Livengood Exploration Program (Table 2). Highlighted in these latest holes is not only the continued confirmation and expansion of the deposit but the expansion of a shallow, high-grade, northwest trending zone within the Core Zone (MK-RC-405: 6.1m @ 18.2 g/t gold). This consistent trend of +6 g/t mineralization, which extends for nearly a half a kilometre within the large lower grade deposit, is emerging as one of the key early mining targets for the deposit." More
- September 09, 2010 | Item | ShareThis


Coeur's Exploration Program at Kensington Gold Mine Returning Favorable Results - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today reported that its exploration drilling program at the newly opened Kensington Gold Mine in Alaska has been returning favorable results through the first eight months of this year, with the exploration of new targets continuing." More
- September 09, 2010 | Item | ShareThis


Great Basin Gold Updates Hollister Mineral Resources Measured and Indicated Gold Equivalent Ounces Increase by 14% - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces a revised mineral resource estimate has been completed for the Company's Hollister Project on the Carlin Trend in Nevada, USA. At a cut-off grade of 0.25 oz/ton (8.57 g/t Au), the combined measured and indicated mineral resources contain 1.64 million gold equivalent ounces grading 1.305 oz/ton (44.73 g/t Au) for gold and 10.3 oz/ton (355 g/t) for silver, an increase of 14% compared to 1.44 million ounces in 2009. A further 1.27 million gold equivalent ounces are contained in inferred mineral resources of 1.04 million tons at a grade of 0.59 oz/ton (20.19 g/t) for gold and 13.8 oz/ton (472 g/t) for silver." More
- September 09, 2010 | Item | ShareThis


Allied Nevada Drills 36 Meters Grading 3.13 g/t Gold Equivalent in the North Brimstone Area at the Hycroft Mine - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to provide an update on recent North Brimstone drilling at its wholly owned Hycroft mine, located west of Winnemucca, Nevada. Highlights from this drilling include 36 meters grading 3.13 g/t AuEq (2.52 g/t Au and 35 g/t Ag) and 50 meters grading 1.01 g/t AuEq (0.57 g/t Au and 25 g/t Ag). The intercepts encountered in these recently drilled holes are higher than the average proven and probable reserve grades of 0.48 g/t Au and 7.54 g/t Ag." More
- September 09, 2010 | Item |

- 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 9 September, 2010 | |


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