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Gold Seeker Closing Report: Gold and Silver End Barely Lower

By: Chris Mullen, Gold-Seeker.com


-- Posted 4 October, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1315.70

-$0.80

Silver

$22.01

-$0.01

XAU

196.77

-1.74%

HUI

505.46

-1.75%

GDM

1533.81

-1.68%

JSE Gold

2537.55

-19.64

USD

78.44

+0.35

Euro

136.89

-0.88

Yen

119.88

-0.15

Oil

$81.47

-$0.11

10-Year

2.497%

-0.047

T-Bond

133.90625

+0.53125

Dow

10751.27

-0.72%

Nasdaq

2344.52

-1.11%

S&P

1137.03

-0.80%

 
 

 

The Metals:

 

Gold rose a few dollars to as high as $1319.70 in Asia before it fell to see a $4.60 loss at $1311.90 in London and then rallied back to see a slight gain shortly before 8AM EST, but it then chopped around near $1315 in New York and ended with a loss of 0.06%.  Silver climbed to $22.165 and fell to $21.871 before it rebounded in late trade and ended with a loss of 0.05%.

 

Euro gold rose to about €961, platinum lost $11.45 to $1663.75, and copper fell a few cents to about $3.66.

 

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

 

Most gold bugs confident of more gains
MarketWatch

Super-rich investors buying gold by the ton
Reuters

 

The Economy:

 

Report

For

Reading

Expected

Previous

Factory Orders

Aug

-0.5%

-0.4%

0.5%

Pending Home Sales

Aug

4.3%

1.0%

4.5%

 

Tomorrow at 10AM EST brings ISM Services for September expected at 51.8.

 

The Markets:

 

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

 

Oil ended slightly lower as the U.S. dollar index rose after the euro fell on increased debt and economic worries in Europe.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell on ratings downgrades and mixed economic data.

 

Among the big names making news in the market today were BP, Sara Lee, Sanofi and Genzyme, and Verizon.

 

GATA Posts:

 

 

James Turk charts gold, silver, and the dollar

France approaches China for better way of rigging currency markets

Investors see silver lining in economic gloom

Gotta keep those electrons somewhere

 

The Statistics:

Activity from: 10/01/2010

Gold Warehouse Stocks:

10,896,375

-257

Silver Warehouse Stocks:

111,087,541

+7,776

 

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

1302.345

41,871,691

US$54,977m

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

Gold Bullion Securities

126.57

4,069,220

US$5,352m

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

ETFS Physical Gold

127.58

4,101,715

US$5,395m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,431

US$601m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.98

1,574,587

US$2,058m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,968

US$

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.431 tonnes, the LSE subtracted 0.21 tonnes, and the LSE ETFS subtracted 0.45 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 99.72 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9786.47 - No change from yesterday’s data.

 

The Miners:

 

Taseko’s (TGB) third quarter production, Tanzanian Royalty’s (TRE) closed private placements, Gammon Gold’s (GRS) mine strike declared illegal, Exeter’s (XRA) bought deal financing, and Endeavour’s (EXK) commenced offer to acquire Cream Minerals (CMA.V) were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Resource

GORO+8.95% $20.70

2.  Mines MGMT

MGN +6.07% $2.27

3.  Vista Gold

VGZ +2.99% $2.76

 

LOSERS

1.  Exeter

XRA-7.12% $6.00

2.  Northgate

NXG-5.90% $2.87

3.  Entree

EGI -5.86% $2.73

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:

Endeavour Silver Commences All Cash Offer to Acquire Cream Minerals - "Endeavour Silver Corp. (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) ("Endeavour" or the "Company") announced today that it has commenced its formal offer to purchase all of the outstanding common shares (the "Offer") of Cream Minerals Ltd. ("Cream") (TSX-V:CMA - News). Endeavour has filed its take-over bid circular (the "Circular") on SEDAR at www.sedar.com and the Circular is being mailed to all Cream shareholders today." More
- October 04, 2010 | Item | ShareThis


Caldera to Raise $ 2 Million for Drill Program in Armenia - More
- October 04, 2010 | Item | ShareThis


Decade Resources Announces Additional Assay Results From the Wedeene Copper Gold Property at Kitimat, British Columbia - More
- October 04, 2010 | Item | ShareThis


Taseko Announces Strong Third Quarter Production Results From its Gibraltar Copper Mine - "For the third quarter of 2010, Gibraltar produced 25.7 million pounds of copper and 265 thousand pounds of molybdenum. Third quarter copper production was 5.6 million pounds higher than the previous quarter and 11.7 million pounds higher than the corresponding quarter in 2009." More
- October 04, 2010 | Item | ShareThis


Goldcliff Resource Corporation: Copper Mountain Exploration in Progress - More
- October 04, 2010 | Item | ShareThis


Prophecy Appoints Derek Liu as Chief Financial Officer, September 30 Conference Call Playback Number Available - More
- October 04, 2010 | Item | ShareThis


Tanzanian Royalty Closes Private Placements - "Tanzanian Royalty Exploration Corporation advises two private placements in the aggregate amount of $2,060,000 announced on September 7, 2010 have both closed. The funds will be utilized for the purchase of equipment and for general corporate expenses." More
- October 04, 2010 | Item | ShareThis


SLAM COMPLETES $2,263,900 NON-BROKERED FINANCING - More
- October 04, 2010 | Item | ShareThis


Capstone Reports Expanded Copper-Gold Zones at Wildfire / Copper Keel, Minto Mine - More
- October 04, 2010 | Item | ShareThis


Eaglecrest Seeks Additional Gold Assets in Colombia: Signs Agreement to Acquire 75% of Venecia Project - More
- October 04, 2010 | Item | ShareThis


Selva Resources Corp. Announces First Earnings From Piura Peru - More
- October 04, 2010 | Item | ShareThis


Amarillo Commences 5,000 Metre Drilling Program at Mara Rosa Project Brazil - More
- October 04, 2010 | Item | ShareThis


Hellix Announces Margarita Gold Silt Sampling Results - More
- October 04, 2010 | Item | ShareThis


2010 Drilling Program Underway at Thunder Mountain Gold's South Mountain Project - More
- October 04, 2010 | Item | ShareThis


TerraX begins initial fieldwork on Stewart gold-copper property in Newfoundland - More
- October 04, 2010 | Item | ShareThis


Ian Stewart Appointed as President and Chief Operating Officer of Inspiration Mining Corporation - More
- October 04, 2010 | Item | ShareThis


Goldcorp Declares Tenth Monthly Dividend Payment for 2010 - "GOLDCORP INC. (GG: NYSE; G: TSX) is pleased to declare its tenth monthly dividend payment for 2010 of $0.015 per share. Shareholders of record at the close of business on Thursday, October 14, 2010 will be entitled to receive payment of this dividend on Friday, October 22, 2010. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- October 04, 2010 | Item | ShareThis


Edgewater Exploration Announces Blayne Johnson as Director - More
- October 04, 2010 | Item | ShareThis


Riverstone Appoints Mining Executive to Board - More
- October 04, 2010 | Item | ShareThis


High River Gold Announces Resignation of Chief Executive Officer - More
- October 04, 2010 | Item | ShareThis


Canadian Mining Retains Corporate Consultant Mr. Paul Lamarche - More
- October 04, 2010 | Item | ShareThis


Metanor in Discussions with Financial Firms for the Financing of the Bachelor Project - More
- October 04, 2010 | Item | ShareThis


Golden Phoenix Completes Phase I Sampling of Vanderbilt Silver and Gold Project; Grades Average 2.1 g/t Gold; 58.6 g/t Silver - More
- October 04, 2010 | Item | ShareThis


Copper Creek Announces Private Placement - More
- October 04, 2010 | Item | ShareThis


Soho Resources Corp. Announces Positive Preliminary Economic Assessment for Current Resource Identified on Its Tahuehueto Project - More
- October 04, 2010 | Item | ShareThis


Wildcat Grants Stock Options - More
- October 04, 2010 | Item | ShareThis


Crown Gold Announces Brokered Private Placement with MGI Securities and Pope and Company - More
- October 04, 2010 | Item | ShareThis


Tarsis Closes Financing & Grants Options - More
- October 04, 2010 | Item | ShareThis


Iberian Minerals Moves to TSX Venture Tier 1 - More
- October 04, 2010 | Item | ShareThis


Inmet Mining Announces Submission of the Cobre Panama Environmental and Social Impact Assessment to the Panamanian Environmental Regulatory Authority - More
- October 04, 2010 | Item | ShareThis


Donner Metals Ltd.: Xstrata Zinc To Conduct Definition Drilling at PD1 Deposit - More
- October 04, 2010 | Item | ShareThis


NV Gold Secures Drill Contractor for Nevada Gold Property - More
- October 04, 2010 | Item | ShareThis


Rye Patch Gold Acquires Cortez Trend Property - More
- October 04, 2010 | Item | ShareThis


Ironwood Gold Successfully Completes Initial Drill Test at Cobalt Canyon, Nevada - More
- October 04, 2010 | Item | ShareThis


Anglo Swiss Resources Inc. Drills 3.2 Meters of 17.29 Grams Gold at the Kenville Gold Mine - More
- October 04, 2010 | Item | ShareThis


AXMIN Hosts Government Representatives From the Central African Republic in Toronto, Canada-Webcast Alert - More
- October 04, 2010 | Item | ShareThis


Rockridge Confirms Gold Discovery at Fatou Gold Project, Mali; Drilling Returns Up To 27m Grading 3.1g/tonne Gold - More
- October 04, 2010 | Item | ShareThis


BCGold Corp. Expands Land Position at Engineer Gold Mine Property, B.C. - More
- October 04, 2010 | Item | ShareThis


Vanstar Acquires 67 Cells in the Frotet-Troilus Volcanic Belt - More
- October 04, 2010 | Item | ShareThis


Southern Arc and Vale Enter Into Option/Joint Venture Agreement - More
- October 04, 2010 | Item | ShareThis


Aura Silver Continues Work at Taviche, Mexico With Renewal of Exploration Permit - More
- October 04, 2010 | Item | ShareThis


Barkerville Assays 8.7 Meters (28.4 feet) of 80.78 g/T (2.356 oz/t) Gold at New Discovery on Barkerville Mountain-Additional Assays Pending - More
- October 04, 2010 | Item | ShareThis


Nevada Exploration Announces a New Phase I Drilling Program at the Shine Claims - More
- October 04, 2010 | Item | ShareThis


High Grade Results Continue to Expand and Upgrade Lookout Zone at Niblack - More
- October 04, 2010 | Item | ShareThis


Peregrine Metals: Measured and Indicated Resource at Altar Increases 74 % to 802 Million Tonnes Grading 0.44% Cu Equivalent - More
- October 04, 2010 | Item | ShareThis


Galore Commences Diamond Drill Program on Dos Santos - More
- October 04, 2010 | Item | ShareThis


Northern Rand Appoints New Officers - More
- October 04, 2010 | Item | ShareThis


San Gold Corporation Files Amended Technical Report in Order to Incorporate and Add Mineral Reserves - More
- October 04, 2010 | Item | ShareThis


Lydian Drills 186m at 1.1g/t and 85m at 1.2g/t Gold in Exploratory Drilling at Erato, 900m North of the Resource Envelope at Amulsar - More
- October 04, 2010 | Item | ShareThis


Capstone Reports Expanded Copper-Gold Zones at Wildfire / Copper Keel, Minto Mine - More
- October 04, 2010 | Item | ShareThis


Colombian Mines Announces Additions to Board - More
- October 04, 2010 | Item | ShareThis


Fjordland: Drilling at Woodjam South Yields 401 m Grading 0.30% Copper and 0.006% Molybdenum - More
- October 04, 2010 | Item | ShareThis


Searchlight Minerals Corp. to Pursue Autoclaving to Extract Precious Metals From Clarkdale Slag Project - More
- October 04, 2010 | Item | ShareThis


Aquila Resources Inc.: Correction to Globe and Mail Report - More
- October 04, 2010 | Item | ShareThis


New Assay Results Substantially Increase Rare Earth Element Values - More
- October 04, 2010 | Item | ShareThis


Initial Discovery Holes at African Queen's King Solomon Project Reveal Significant Copper, Gold and Silver Mineralization and Suggest Robust Polymetallic System - More
- October 04, 2010 | Item | ShareThis


El Cubo Labour Strike Declared Illegal - "On June 3, 2010 the Company announced operations at the El Cubo mine were suspended due to an illegal labour disruption launched by the union workforce. As a result, 397 union workers were terminated as of June 16, 2010 and criminal charges for dispossession and damages were filed against seven union executives. Regardless of their termination, the union subsequently declared a strike on June 30, 2010. Since that time, the legality of the union's strike action has been under consideration by the Federal Labor Board. On October 2, 2010, the Labor Court released its ruling that has declared the strike action illegal. In accordance with this ruling, the union should release the assets to the Company and the Company is now working through all legal channels to recover access to the facilities to assess the potential resumption of mining opportunities." More
- October 04, 2010 | Item | ShareThis


Exeter Resource Corporation Announces CAD$50 Million Bought Deal Financing - "Exeter Resource Corporation (AMEX:XRA, TSX:XRC, Frankfurt:EXB or the "Company") is pleased to announce that it has entered into an agreement with an underwriter (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, pursuant to a Canadian short form prospectus, 8,065,000 common shares (the "Common Shares") of the Company at a price of CAD$6.20 per share for gross proceeds of CAD$50,003,000 (the "Underwritten Offering")." More
- October 04, 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 4 October, 2010 | |


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