-- Posted 30 September, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1307.80 | -$1.10 |
Silver | $21.76 | -$0.14 |
XAU | 196.96 | -1.00% |
HUI | 509.81 | -0.81% |
GDM | 1545.12 | -0.94% |
JSE Gold | 2535.48 | +7.42 |
USD | 78.76 | +0.01 |
Euro | 136.39 | +0.11 |
Yen | 119.79 | +0.32 |
Oil | $79.97 | +$2.11 |
10-Year | 2.517% | +0.011 |
T-Bond | 133.71875 | +0.0625 |
Dow | 10788.05 | -0.44% |
Nasdaq | 2368.62 | -0.33% |
S&P | 1141.20 | -0.31% |
The Metals:
Gold rose to a new all-time high of $1315.68 at about 9AM EST before it fell to as low as $1295.90 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.08%. Silver climbed to a new 30-year high of $22.07 before it fell to as low as $21.532 and then also climbed back higher, but it still ended with a loss of 0.64%.
Euro gold remained at about €960, platinum gained $6.25 to $1652.50, and copper fell slightly to about $3.65.
Gold and silver equities fell over 2.5% by late morning before they rebounded in afternoon trade, but they still ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 9/25 | 453K | 457K | 469K |
GDP | Q2 | 1.7% | 1.6% | 1.6% |
GDP - Deflator | Q2 | 1.9% | 1.9% | 1.9% |
Chicago PMI | Sep | 60.4 | 56.0 | 56.7 |
Tomorrow at 8:30AM EST brings Personal Income and Spending for August both expected at 0.3% and Core PCE Prices expected at 0.1%. At 9:55 is Michigan Sentiment for September expected at 67.0, and at 10AM are Construction Spending for August expected at -0.5% and the ISM Index for September expected at 54.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed back to almost $80 a barrel on better than expected economic data that raised demand expectations.
The U.S. dollar index and treasuries waffled near unchanged as traders debated how today’s economic data may or may not affect the fed’s potential plans to launch a new round of quantitative easing.
The Dow, Nasdaq, and S&P erased early gains and turned down to end modestly lower on worries over the fed’s future actions.
Among the big names making news in the market today were Mattel, Prudential, McDonald’s, and AIG.
The Commentary:
“Dear CIGAs,
It was a rather strange day today in the commodity world with the Dollar seeing a bit of a bounce but with crude oil breaking an upside resistance level even as a goodly portion of the rest of the commodity complex was experiencing some hefty fund selling. The grains in particular were whacked by an unexpected and rather confusing USDA stocks report which sent corn and wheat sharply lower as a mass exodus of speculative fund longs occurred early in both markets. Sugar was slammed quite hard and even cotton did not seem to get much help from overnight news that China’s cotton crop might be hit by some freezing weather. Palladium notched a 28 month high before it too saw a wave of selling surface.
Gold and silver had set fresh highs in overnight trade with gold hitting yet another all time record while silver too scored another 30 year high above $22.10. As the commodity selling wave hit during the US session, gold and silver were also taken down but gold did see buyers come in on the dip towards $1,300, the former capping level by the bullion bank crowd. The push back from session lows in gold which at one point today was down $13 is most impressive. It ended the pit trading session down only a minor amount for the day! Bulls are for the most part refusing to run and that is against a backdrop of the HUI losing the initial support level of 510.
Both bonds and equities were down in tandem which is part of the “weird” nature of today’s trading session but the bonds are holding fairly well even after losing their battle to hold above last week’s high.
Looking at the chart patterns across a wide number of commodity markets today leaves me with the distinct impression that can be summed up in one or perhaps two words: “Confusion” or “Uncertainty”.
The catalyst for all this was the release of two data pieces – one was the Chicago PMI which came in better than expected (60.4 vs 56.7) while the other was a combination of a GDP report of second quarter growth at 1.7 versus an expected 1.6. That had some rethinking the timing or even the necessity of the Fed’s QE2 engagement. It did appear from the price action as the session wore on that many are not quite that confident about the overall strength of the economy. One thing is for certain, it was not a quiet day in most of the markets as volatility was on display in ample portion sizes.
The technical take on gold is pretty much the same as we have been seeing of late. The bullion banks attempt to cap at intervals of $15 dollars. When that fails, they retreat to the next multiple of “5”, dig in, and try again. Pit locals are piggybacking the bullion banks and when the buyers do not run en masse and price refuses to break down, these locals cover and price moves back up. This has been the same pattern for some time now and as long as it continues (the key being the willingness of the bulls to stand their ground and refuse to be stampeded) prices are going to continue moving up.
Considering that not only is it the last day of the month but also the last day of the third quarter, for the bulls to stand this resolute is remarkable. One typically sees the side that has gained the victory over the past month taking some money off the table, particularly if it is managed money as they like to book some paper gains to show their clients how well they have done on the upcoming statements. In the case of gold, with managed money heavily on the long side, to see only this amount of selling which did meet with buying at this time is unusual.
Open interest dropped in gold yesterday with once again the chief culprit being a drawdown in the October contract. That is not a heavily traded month and is heading into delivery this week. Between the two day’s unwind we have seen about 18,000 contracts closed out in that month. I still suspect that shorts do not want to have to stand for delivery and that is why they are exiting in such a hurry. They did not roll into the December yesterday either which I also find interesting. I want to continue monitoring this to see if we can glean anything by all these antics.
The monthly charts of gold and of silver are most impressive. I will get a copy of the gold chart up later on this afternoon.
The Dollar is getting a bit of a bounce today but considering the “happy” news about the Chicago PMI, the GDP numbers and the mild drop in initial unemployment claims, it ain’t much of a bounce. The Yen is within a mere hairsbreadth of the point at which the BOJ intervened. As said previously here on this site, they either intervene and knock it back down or they are finished as a market force to be reckoned with as the spec crowd will have called their bluff. What sea change that would be if the BOJ was defeated by the Fed’s QE2 and the Yen was going to soar onto new heights.
There is some chatter from the former “Mr. Yen” that intervention is a waste of time because it is not being done in coordination with the Fed nor with their consent and ultimately will prove to be a waste of time. Should his views hold sway and begin to gain a majority, it would signal that just like the Swiss Central Bank, the Bank of Japan has given up trying to fight the sinking Dollar. The implications for gold are obvious as it would remove a bit of further support under the USDX and probably allow the Dollar to quickly break 78 and head down towards 75 quite rapidly. Stay tuned. We might just yet see them in the market this evening.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Murray Pollitt: As intervention fails, only gold market has a pulse
Douglas interview on Fox Business is at 11p ET; Paul interviewed as well
The Statistics:
Activity from: 9/28/2010
Gold Warehouse Stocks: | 10,891,664 | +65,182 |
Silver Warehouse Stocks: | 110,738,126 | -173,259 |
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 | 1305.688 | 41,979,167 | US$54,848m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 125.91 | 4,047,997 | US$5,271m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 128.01 | 4,115,724 | US$5,360m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,451 | US$598m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.98 | 1,574,622 | US$2,038m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,968 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.78 tonnes and the LSE ETFS added 0.37 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 99.42:+ 0.67 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9786.47:+ 30.43 change from yesterday’s data.
The Miners:
Gold Resource’s (GORO) dividend, Vista Gold’s (VGZ) private placement, Northgate’s (NXG) convertible note offering, Fortuna’s (FVI.TO) unaffected project, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +3.23% $1.28 |
2. Exeter | XRA +3.02% $6.49 |
3. Buenaventura | BVN+2.06% $45.18 |
LOSERS
1. Gold Resource | GORO-4.99% $18.66 |
2. Golden Star | GSS -4.64% $4.93 |
3. Mines MGMT | MGN -4.35% $2.20 |
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:
Brazil Gold Rescinds ACP Acquisition - More
- September 30, 2010 | Item | ShareThis
SLAM RECEIVES ADDITIONAL INVESTMENT SUPPORT FROM PINETREE CAPITAL - More
- September 30, 2010 | Item | ShareThis
Molycor Announces Non-Brokered Private Placement - More
- September 30, 2010 | Item | ShareThis
Pampa Sur Project - Strong Ag-Sb-As Geochemical Anomalies Defined - More
- September 30, 2010 | Item | ShareThis
Dynasty Completes Additional Shipment of Gold From Ecuador and Comments on Ecuadorian Police Protests - More
- September 30, 2010 | Item | ShareThis
Energy Fuels Accumulates Uranium Pounds and Continues Uravan Mineral Belt Consolidation - More
- September 30, 2010 | Item | ShareThis
Platinum Group Metals Update - More
- September 30, 2010 | Item | ShareThis
Goldcliff Resource Corporation: New Gold Targets at Panorama-Winters East - More
- September 30, 2010 | Item | ShareThis
Opawica Explorations Inc. announces assay results, Atikwa Lake, Ont. - More
- September 30, 2010 | Item | ShareThis
Eurasian Minerals Reports Drill Results Including 42.6 meters Averaging 2.65 g/t Gold from the Grand Bois Deposit, Haiti - More
- September 30, 2010 | Item | ShareThis
Explor Intersects 5.5 Meters of 8.45 g/tonne Au on Timmins Porcupine West - More
- September 30, 2010 | Item | ShareThis
Shareholders Approve Merger of Jalna Minerals and Papuan Precious Metals - More
- September 30, 2010 | Item | ShareThis
Matamec Appoints VNS Consultation as Strategic Communications Consultant - More
- September 30, 2010 | Item | ShareThis
Klondex Approved to Start Surface Prep-Work for Mine Portal at Its Nevada High-Grade Gold Property, Fire Creek - More
- September 30, 2010 | Item | ShareThis
Brookmount Receives a Bid to Build a 350 Ton Plant for Its Mercedes 100 Project - More
- September 30, 2010 | Item | ShareThis
Houston Lake Mining Confirms Identification of Newly Discovered Robertson Gold Zone by Intersecting 42 Metres of .93g/t Gold Including .6 Metres of 6.56g/t - More
- September 30, 2010 | Item | ShareThis
Sparton Reports Results from Summer Exploration, Atikokan Gold Area, Ontario; Four New Gold Zones Located - More
- September 30, 2010 | Item | ShareThis
Geologix Explorations Inc.: Tepal Oxide Cap Metallurgical Test Work Delivers 78.4% Gold Recovery - More
- September 30, 2010 | Item | ShareThis
Olympus Completes Tranche One of Bau Increase - More
- September 30, 2010 | Item | ShareThis
Olympus Announces Placement - More
- September 30, 2010 | Item | ShareThis
Canadian Orebodies Inc. Mobilizes Crews to Lithium Rare Metal Property - More
- September 30, 2010 | Item | ShareThis
Paladin Energy Ltd: NGM Resources Limited & Australian Takeovers Panel - More
- September 30, 2010 | Item | ShareThis
Beaufield Drills 322.15 Metres of 4.20% Zinc, 2.72% Copper, 72.02 g/t Silver and 0.53 g/t Gold at Tortigny - More
- September 30, 2010 | Item | ShareThis
Nortec Minerals Engages Watts Griffis McOuat to Prepare NI 43-101 Compliant Resource Estimate and Technical Report, Lantinen Koillismaa PGE+Au-Cu-Ni Project - More
- September 30, 2010 | Item | ShareThis
Parallel Announces Resignation of Board Member - More
- September 30, 2010 | Item | ShareThis
SEMAFO Commences New Airborne Geophysical Survey at Mana - More
- September 30, 2010 | Item | ShareThis
Crazy Horse Appoints AMEC Minproc as Taysan Study Managers - More
- September 30, 2010 | Item | ShareThis
Threegold Reorganizes its Management and Closes Second Private Placement - More
- September 30, 2010 | Item | ShareThis
Macusani Yellowcake Announces High Grade Discovery at Kihitian Uranium Property, Peru - More
- September 30, 2010 | Item | ShareThis
Lake Shore Gold Extends Mineralized System at Bell Creek by Minimum 300 Metres, Presence of High-Grade Core Confirmed - More
- September 30, 2010 | Item | ShareThis
Crown Gold Announces Grants of Options - More
- September 30, 2010 | Item | ShareThis
Compass Gold Exploration Program Results and Option Exercise - More
- September 30, 2010 | Item | ShareThis
Avalon Announces Closing of $30,030,000 Offering - More
- September 30, 2010 | Item | ShareThis
Cartier Copper Discovery Matched With Prominent EM Conductors - More
- September 30, 2010 | Item | ShareThis
$14 Million Phase Three Drill Program Commences At Valley High's Cordero Silver-Gold Project In Mexico - More
- September 30, 2010 | Item | ShareThis
Century Provides Notice of Release of Third Quarter 2010 Results and Conference Call - More
- September 30, 2010 | Item | ShareThis
Advanced Explorations Inc. Expands Its Development Options Through Agreement With Shandong Fulun Steel Company - More
- September 30, 2010 | Item | ShareThis
Orosur Mining Inc. Posting of Annual Report - More
- September 30, 2010 | Item | ShareThis
Silver Predator Closes Private Placement with Sprott Asset Management LP - More
- September 30, 2010 | Item | ShareThis
Gold Resource Corporation Declares Third Special Cash Dividend - "Gold Resource Corporation (GORO) (AMEX:GORO - News) is pleased to announce it has declared its third 2010 Special Cash Dividend of $0.03 per common share to its shareholders of record October 15th, payable October 27th, 2010. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
- September 30, 2010 | Item | ShareThis
Atna Identifies Potential to Increase Reserves at Reward Project - More
- September 30, 2010 | Item | ShareThis
Corvus Gold Inc. Intersects Copper and Gold Mineralization in First Drill Holes in the POW Target, Chisna Project, Alaska - More
- September 30, 2010 | Item | ShareThis
Search Minerals Announces Non-Brokered Private Placement - More
- September 30, 2010 | Item | ShareThis
Empire Mining Corporation: Bulqiza Chromite Project-Progress Report - More
- September 30, 2010 | Item | ShareThis
Full Metal Identifies Multiple New Gold Anomalies, Extending White Gold District Trend from Yukon into Alaska - More
- September 30, 2010 | Item | ShareThis
Stronghold Announces Strategic Transaction With IAMGOLD on Eagle Mountain Gold Property in Guyana - More
- September 30, 2010 | Item | ShareThis
Levon Begins $14M, 59,000 Metre Phase 3 Drill Program at Cordero, Chihuahua, Mexico - More
- September 30, 2010 | Item | ShareThis
Support for China Gold International Resources Purchase for Jiama Mine Recommended by Two Leading Independent Proxy Advisory Firms - More
- September 30, 2010 | Item | ShareThis
MDN Outlines Strong Gold Potential at its Ikungu Project - More
- September 30, 2010 | Item | ShareThis
Rockgate Intercepts 0.95% U3O8 and 112.5 g/T Silver over 4.0 metres at Falea Project, Mali, West Africa - More
- September 30, 2010 | Item | ShareThis
Fortuna's San Jose Project Unaffected by Oaxaca Mudslides - "Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI): Fortuna's construction operations at the San Jose silver-gold project, 40km south of the City of Oaxaca, are unaffected by the recent mudslides and flooding in the State of Oaxaca. Fortuna's project team in Oaxaca continues to closely monitor the situation around the Company's project and will provide assistance where it can and where needed for local communities that have been impacted by the recent storms." More
- September 30, 2010 | Item | ShareThis
Uranium Energy Corp Announces Major Advance with Permitting for Goliad ISR Project in South Texas - More
- September 30, 2010 | Item | ShareThis
Glen Eagle Resources Inc : Drilling Update - More
- September 30, 2010 | Item | ShareThis
ATAC Resources Ltd. Updates Tiger Zone Drilling at its Rau Gold Project-Yukon - More
- September 30, 2010 | Item | ShareThis
Alexis Minerals Signs Engagement Letter for $60 Million Snow Lake Project Financing - More
- September 30, 2010 | Item | ShareThis
Ventana Intersects 15.2 Metres of 13.48 Grams Per Tonne Gold at Newly Acquired La Baja Property - More
- September 30, 2010 | Item | ShareThis
Teuton Resources Corp.: Drilling Results From Tennyson - More
- September 30, 2010 | Item | ShareThis
Nevada Copper Continues to Intersect Multiple Zones Totaling 481 Feet Including 215.5 Feet of 1.47% Copper - More
- September 30, 2010 | Item | ShareThis
Creso Exploration Closes $1.5 Million Private Placement Financing With Franco-Nevada - More
- September 30, 2010 | Item | ShareThis
Rockcliff Initiates NI 43-101 Resource Estimate at the Rail Property, Adds VP Exploration and Announces Grant of Stock Options - More
- September 30, 2010 | Item | ShareThis
Mineral Deposits Limited: Resignation of Company Secretary - More
- September 30, 2010 | Item | ShareThis
Zincore Discovers Large, Copper-Gold Porphyry at Dolores, Accha District, Peru - More
- September 30, 2010 | Item | ShareThis
Osisko and Clifton Star Intersect 88 Metres Averaging 1.90 g/t Au at Duparquet - More
- September 30, 2010 | Item | ShareThis
Far West Mining Ltd: Santo Domingo Project Update - More
- September 30, 2010 | Item | ShareThis
Virginia Reports on Its Gold Projects in the James Bay Region - More
- September 30, 2010 | Item | ShareThis
Abacus and KGHM to Commence Joint Venture in Early October - More
- September 30, 2010 | Item | ShareThis
TNR Gold Corp.: 100% Interest Negotiated on Shotgun Gold Project, Alaska - More
- September 30, 2010 | Item | ShareThis
Centurion Confirms High Sulphidation Style Alteration Associated With Gold Values in Properties Adjacent to Miwah Epithermal Gold Discovery in Aceh Province - More
- September 30, 2010 | Item | ShareThis
New Pacific Metals Announces Final Take Up Figures for Shares and Payment for Debt of Tagish Lake Gold - More
- September 30, 2010 | Item | ShareThis
Argentine lawmakers pass glacier law to curb mining - "Argentina's Senate passed a law on Thursday that curbs mining on the nation's glaciers, a measure praised by environmentalists but criticized by supporters of the industry as a deterrent to investment.
Senators approved the law with 35 votes in favor and 33 against after hours of debate, eventually agreeing to accept changes made in the lower house that pro-mining provinces had opposed." More
- September 30, 2010 | Item | ShareThis
Hathor Exploration Limited: Fall Drill Program Underway at Russell Lake - More
- September 30, 2010 | Item | ShareThis
Fjordland Grants Capstone Option for 70% Interest in Tak-Milligan Copper-Gold Properties in BC - More
- September 30, 2010 | Item | ShareThis
Wallbridge Mining Extends Platinum-Palladium-Gold Mineralization at Amy Lake - More
- September 30, 2010 | Item | ShareThis
Bullion Monarch Mining Receives Acquisition Offer From Eurasian Minerals - More
- September 30, 2010 | Item | ShareThis
Crocodile Gold Announces Encouraging Gold Drill Intercepts From JV Partner Thundelarra-Intersects 4.96 g/t Au Over 12 Metres - More
- September 30, 2010 | Item | ShareThis
LKA Expands Golden Wonder Exploration Program - More
- September 30, 2010 | Item | ShareThis
U3O8 Corp. Announces Resignation of VP of Exploration (Guyana) - More
- September 30, 2010 | Item | ShareThis
Geo Minerals to Commence Work Program on BC Ground Adjacent to Richfield Ventures' Blackwater Deposit - More
- September 30, 2010 | Item | ShareThis
Bonterra Engages Bays Street Connect - More
- September 30, 2010 | Item | ShareThis
Vista Gold Corp. Announces Proposed U.S.$30 Million Private Placement and That Proceeds of Private Placement Will Be Used to Repurchase U.S.$23 Million Princ. - "Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Corporation") announces that it intends to undertake a private placement financing, subject to shareholder and regulatory approvals, in which it plans to raise gross proceeds of up to U.S.$30 million from the sale of up to 13,043,479 special warrants of the Corporation (the "Special Warrants"), each priced at U.S.$2.30." More
- September 30, 2010 | Item | ShareThis
Northgate Minerals Successfully Prices and Upsizes Convertible Note Offering to US$150 Million - "Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) ("Northgate") announced today that as a result of strong investor demand for its previously announced public offering of convertible notes due 2016 (the "Convertible Notes"), it has agreed to increase the size of the offering from US$135 million to US$150 million. The Convertible Notes are being offered and sold at a price of 100% of their face value and will bear interest at a rate of 3.5% per year. Northgate expects to receive net proceeds from the offering of approximately US$144.1 million (or approximately US$163.5 million if the US$20 million over-allotment option is exercised in full) after deducting the underwriters' commission and expenses of the offering." More
- September 30, 2010 | Item | ShareThis
Silver Standard Resources Inc.: Snowfield Project-Gold Zone Continues Expanding - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) is pleased to report that ongoing diamond drilling of the Snowfield Project continues expanding known mineralization to the south. Most of the new mineralization is in areas previously classified as waste in the Preliminary Assessment announced in September 2010 (see news release dated September 13, 2010). The wholly-owned Snowfield Project is located 65 kilometers north of the town of Stewart in British Columbia, Canada." More
- September 30, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© 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 30 September, 2010 | |
