-- Posted 20 October, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1344.00 | +$8.00 |
Silver | $23.83 | +$0.11 |
XAU | 198.79 | +1.72% |
HUI | 504.79 | +1.94% |
GDM | 1527.72 | 1.73% |
JSE Gold | 2526.46 | +13.19 |
USD | 77.21 | -1.01 |
Euro | 139.51 | +1.15 |
Yen | 123.18 | -0.40 |
Oil | $81.77 | +2.28 |
10-Year | 2.470% | -0.005 |
T-Bond | 132.65625 | +0.21875 |
Dow | 11107.97 | +1.18% |
Nasdaq | 2457.39 | +0.84% |
S&P | 1178.17 | +1.05% |
The Metals:
Gold climbed about 0.5% to $1342.87 in Asia before it fell to see a $3.20 loss at $1332.80 by about 9:30AM EST, but it then rallied back higher for most of trade in New York and ended near its late session high of $1346.75 with a gain of 0.6%. Silver rose to $23.865 in Asia and fell to $23.43 in early New York trade before it also rallied back higher and ended near its late morning high of $23.892 with a gain of 0.46%.
Euro gold fell to about €962, platinum gained $12.50 to $1679.75, and copper gained a few cents to about $3.79.
Gold and silver equities rose about 2% by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
MBA Mortgage Applications | 10/15 | -10.5% | - | 14.6% |
The fed’s Beige Book from October showed that “the economy grew sluggishly in recent weeks, with employers reluctant to hire or invest.”
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/16 expected at 455,000. At 10AM are Leading Indicators for September expected at 0.3% and the Philadelphia Fed survey for October expected at 1.4.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after the Energy Information Administration reported that crude inventories rose 700,000 barrels, gasoline inventories rose 1.2 million barrels, and distillates fell 2.2 million barrels.
The U.S. dollar index erased almost all of yesterday’s notable gains on reinforcement that the fed will engage in quantitative easing.
Treasuries rose on the fed’s plans to create inflation.
The Dow, Nasdaq, and S&P rose about 1% on mostly positive earnings reports.
Among the big names making news in the market today were Abbot, BlackRock, Wells Fargo, FDIC and Bank of America, Boeing, Delta Air, U.S. Bancorp, Morgan Stanley, and Altria.
The Commentary:
“Dear CIGAs,
It sure didn’t take long for market participants to look at each other and say, “what the hell were we thinking yesterday”, when a mini selling panic hit the commodity markets on account of a miniscule ¼% interest rate hike in China. The Dollar gave back every bit of its gains from yesterday while the Euro promptly reversed course as if yesterday had never happened. We just dreamed that it did.
Just about every market out there experienced a reversal from yesterday as it was “Game on” for the hedge funds and their algorithms. Gone was fear from any impact of an interest rate hike in China with anticipation of a bag of goodies called QE2 replacing it.
“Fickle” does not even come close to doing justice to the madness that has gripped our markets these days. I cannot even begin to attempt to quantify the casualties mounting in that same hedge fund universe as they proceed to chop each other up and shred each other to itzy bitzy pieces with their whiz bang algorithms.
Dollar up – sell commodities; Dollar down – Buy commodities. Now is that a stunningly brilliant trading strategy or what?
My dog could become a better trader than most hedge fund managers if I took the time to teach him to hit the “Enter” button on my trading platform. For that matter, he could just mash the keyboard with his paws and probably produce a more realistic order flow than that coming from the hedge fund computers. This is what the markets have degenerated into courtesy of the whiz kids at the Fed.
Quite frankly, watching a day like this in which billions of Dollars are stuffed right back into the markets after the same billions were yanked out yesterday fills me with a great sense of dread and foreboding. If the Fed manages to pull the rug out from under the Dollar with its insane policies, the speed at which it can fall and the corresponding affects on the markets will be not only stunningly dramatic, but will be devastating for the chaos that it will unleash. The cost of the basics of life will rise at breakneck speed as this huge sum of hot money jams prices northward, with little to no relief in sight. Pandora’s box will look like a care package compared to what the next round of QE will unleash. And to think all of this is a pathetic attempt to bail out the abominable bastards at the big banks who gave birth to this carnage.
Enough of that for now –
The result of all this “reassessment” was that gold was higher along with silver. Yesterday’s open interest revealed a bout of long side liquidation was the culprit in the sharp drop in price but with the market stabilizing near the $1,330 level, shorts have been thus far stymied in their attempts to induce a larger wholesale exodus of longs out of the market. If bulls can now push price back above $1,350 and HOLD IT THERE, they will force more of these shorts out.
Considering the extent of the decline in gold yesterday based on the extent of the Dollar rally, it is a bit disappointing to see the metal moving up such a small degree as the Dollar gives back all of those gains from yesterday. Based on what I can see, there might be some hedge fund reversal of those ratio spread trades involving the mining shares as the HUI is up over 2% today as I write this compared to a rather modest gain of .71% in gold itself.
It could be that some of those funds are lifting longs out of the Comex and buying back the shorts in the shares in other words. I will know a bit more about this tomorrow when I can see the open interest figures and hopefully draw some conclusions from those numbers.
I still think we are in a holding pattern now in both gold and silver as the market waits for the FOMC meeting in November to determine the size and scope of the next round of QE. That seems to be keeping further aggressive selling at bay for now in both the gold and silver markets but they also lack a fresh catalyst to kick them higher. It could be we need to see another rotten set of data regarding the US economy that would shove the Dollar down below 76.80 on the USDX to jump start both markets.
The news from the Foreclosure Gate front is deteriorating but it looks as if the metals have factored this in, for now. Any further nasty surprises on that front will benefit gold. I still see no possible way for this fiasco to end well. One way or the other, the big banks are going to get slammed.
Technically, support for gold has emerged on the charts down near the $1,330 level. That seems to be attracting buying whether from fresh would-be longs or from some frustrated short sellers. It would take a strong push below this level to dislodge more of the speculative longs. As said many times here on this site, all that is required to force the shorts out is for the bulls to simply not run. There simply does not exist sufficient firepower on the sell side to take the gold market sharply lower without the selling that would come from long side liquidation. If the bulls stand, dig in and use their horns – they win. That simple.
The HUI’s ability to recapture the 500 level is impressive, considering that yesterday’s horrific sell-off really soured the technical picture on the charts. We are back to seeing if it can regain the 520 level. That level is becoming almost etched in stone for its significance from a technical chart perspective. I should point out that the index has held at the 50 day moving average and that probably encouraged some short covering in the gold sector. It will now need to hold above 494 or so to set up a consolidation type trade and avoid another move lower.
Crude oil broke through the bottom of its recent trading range yesterday only to recover a large part of those losses and move back within its price band. The market will need to see two consecutive closes either above $83 or below $80 to set up the next trending move. For now, it appears the market is relatively balanced between the two opposing bull and bear camps.
Soybeans set a 16 month high in price today. Cotton seems to be either going limit up or limit down these days. Yesterday it hit limit down out of fears that a rate hike in China would spell the end of the clothing manufacturing industry over there. Today it hit limit up on fears that the same industry would buy up all the world’s available cotton leaving none for anyone else. And people have the stupidity to say with a straight face that our modern markets are “efficient price discovery mechanisms”?
I am personally thinking of collecting all the rags in my garage and sewing them together to make a fresh set of clothes. Either that or I need to post armed guards around them as wild roaming hordes of bandits have been spotted in the region rampaging through neighborhoods looking for cotton clothing to steal and take to pawn shops for cash. Last week cotton prices posted the highest price since the War between the States for Pete’s sake. Tell me that is a market that has not gone whacky.
Bonds are basically putting in a repeat performance of yesterday. They are up slightly but remain below the major moving averages. The long bond needs to get over 133 to generate any upside excitement. They continue to bide their time waiting for further evidence of the size of any upcoming QE package.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Lacking trading data, CFTC may delay commodity position limits
J.S. Kim: Banks are rigging all commodity markets along with gold
The Statistics:
Activity from: 10//2010
Gold Warehouse Stocks: | 11,174,476 | +7,587 |
Silver Warehouse Stocks: | 111,849,052 | +900,971 |
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 | 1300.089 | 41,799,147 | US$55,957m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 126.98 | 4,082,645 | US$5,488m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.02 | 4,180,214 | US$5,619m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,350 | US$614m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.33 | 1,585,975 | US$2,124m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,967 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.911 tonnes, the LSE subtracted 0.01 tonnes, the LSE ETFS added 0.09 tonnes, and the NASDAQ Dubai subtracted 0.001 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.29 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,224.05 - No change from yesterday’s data.
The Miners:
Goldcorp’s (GG) completed sale, Royal Gold’s (RGLD) completed gold stream transaction, Paramount’s (PZG) drill program, IAMGOLD’s (IAG) Feasibility Study, Jaguar’s (JAG) summary of its Q3 2010 operating performance, Solitario’s (XPL) joint venture with Ely Gold (ELY.V), Fronteer’s (FRG) drill results, Fortuna’s (FVI.V) production schedule, Silver Standard’s (SSRI) drill results, and Hochschild’s (HOCM.L) third quarter production were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. NovaGold | NG +6.62% $9.18 |
2. Banro | BAA +6.32% $2.69 |
3. Cardero | CDY+5.93% $1.25 |
LOSERS
1. Gold Reserve | GRZ -3.95% $1.46 |
2. Timberline | TLR -0.82% $1.21 |
3. Jaguar | JAG -0.30% $6.67 |
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:
Darnley Bay Resources Provides Update on Its Base Metals Drill Program - More
- October 20, 2010 | Item | ShareThis
Goldcorp Completes Sale of Investment in Terrane Metals - "GOLDCORP INC. (TSX:G.to - News) announced today the completion of the sale of its investment in Terrane Metals Corp. ("Terrane") to Thompson Creek Metals Inc. ("Thompson Creek")." More
- October 20, 2010 | Item | ShareThis
Artha Further Defines Targets Adjoining Pirquitas Silver Mine - More
- October 20, 2010 | Item | ShareThis
Shoshone Silver/Gold, Pending Projects for 2011 - More
- October 20, 2010 | Item | ShareThis
Black Hawk Exploration Closes Million Dollar Financing - More
- October 20, 2010 | Item | ShareThis
Houston Lake Mining Intersects 22.60 Metres of 2.047g/t Gold Including 4.30 Metres of 4.740 g/t on the Newly Discovered Robertson Gold Zone - More
- October 20, 2010 | Item | ShareThis
Marifil Successfully Modifies Lithium Properties Sales Agreement - More
- October 20, 2010 | Item | ShareThis
Thompson Creek Metals Company Completes Acquisition of Terrane Metals Corp. and Gold Stream Transaction With Royal Gold, Inc. - More
- October 20, 2010 | Item | ShareThis
Prospero Signs Deal for Additional Claims, and Stakes Additional Ground in El Dorado Project, Nayarit State - More
- October 20, 2010 | Item | ShareThis
CONTRACT TALKS BETWEEN VALE AND USW AT VOISEY'S BAY END QUICKLY WITH NO DEAL - More
- October 20, 2010 | Item | ShareThis
Royal Gold Announces Completion of the Mt. Milligan Gold Stream Acquisition - "Royal Gold, Inc. (NASDAQ:RGLD - News)(TSX:RGL.to - News) today announced the closing of the Mt. Milligan gold stream transaction with Thompson Creek Metals Company Inc. (“Thompson Creek”) (NYSE:TC - News), in which Royal Gold acquired the right to 25% of the payable gold from the copper-gold project. Total consideration for the transaction was $226.5 million, paid in conjunction with the closing of Thompson Creek’s acquisition of Terrane Metals Corp. (“Terrane”), and an additional $85.0 million to be paid over the construction period of the Mt. Milligan project. In addition, Royal Gold will pay Thompson Creek a cash payment equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until 550,000 ounces have been delivered to Royal Gold and the lesser of $450 or the prevailing market price for each additional ounce thereafter." More
- October 20, 2010 | Item | ShareThis
Hawthorne Announces Issuance of Securities Pursuant to Special Warrants - More
- October 20, 2010 | Item | ShareThis
Callinan to Appeal Order of the Manitoba Court of Queen's Bench - More
- October 20, 2010 | Item | ShareThis
Rockland Completes Drilling at Schefferville Gold Property - More
- October 20, 2010 | Item | ShareThis
Thompson Creek Completes Acquisition of Terrane - More
- October 20, 2010 | Item | ShareThis
Mineral Mountain Resources Ltd.: TSX Venture Exchange Approves Option Agreement for Straw Lake Beach Gold Mine Property Prospecting Program Underway - More
- October 20, 2010 | Item | ShareThis
Full Metal and Antofagasta Minerals Drill 195 meters Averaging 0.63% Cu, 0.018% Mo, 0.141 g/t Au or 0.823% Cu Equivalent at Pyramid Porphyry Project, Alaska - More
- October 20, 2010 | Item | ShareThis
Golden Reign Resources Ltd.: San Albino Diamond Drill Program Yields 2 Metres of 29.32 g/t Gold - More
- October 20, 2010 | Item | ShareThis
Stellar Pacific Ventures: Farm-in New Gold Licence at Balandougou, Guinea, West Africa - More
- October 20, 2010 | Item | ShareThis
Mercer Gold Commences Drilling at Guayabales Gold Project, Colombia - More
- October 20, 2010 | Item | ShareThis
Universal Gold Mining Corp. Releases Latest Results From its Sampling Program in Colombia - More
- October 20, 2010 | Item | ShareThis
Mexus Gold U.S. Phase I Drilling Finalized for U.S. Operations Esmeralda County, Nevada - More
- October 20, 2010 | Item | ShareThis
Michael Halvorson and Ron Netolitzky to Join Papuan Precious Metals Corp. Advisory Board - More
- October 20, 2010 | Item | ShareThis
Arianne Resources Inc. Acquires the Chico Property (Chibougamau) and Reinforces its Wabamisk Property (James Bay) - More
- October 20, 2010 | Item | ShareThis
Edgewater Exploration Ltd.: Drilling Program Begins at the Corcoesto Gold Project, Spain - More
- October 20, 2010 | Item | ShareThis
Oro Gold Completes 1200-Metre Drill Campaign at Cimarron Gold Project in Rosario Mining District, Mexico - More
- October 20, 2010 | Item | ShareThis
Ucore Releases Initial Drill Results and Expands Conceptual Estimate - More
- October 20, 2010 | Item | ShareThis
Ventana Awards Contract for Development of Underground Exploration Tunnel - More
- October 20, 2010 | Item | ShareThis
Commerce Resources Corp. and Canadian International Commence Drilling on the Carbo Rare Earth Project, B.C. - More
- October 20, 2010 | Item | ShareThis
SUB Capital Appoints Thomas Henricksen as Director - More
- October 20, 2010 | Item | ShareThis
Nemaska Exploration Inc. Increases Private Placement Financing - More
- October 20, 2010 | Item | ShareThis
Amseco Exploration Ltd.: Acquisition of a Project in the Lac Yasinski Area, Lower James-Bay, Quebec - More
- October 20, 2010 | Item | ShareThis
TintinaGold Resources Inc. Announces Additional High-Grade Drill Results From Its Sheep Creek Copper-Cobalt Property - More
- October 20, 2010 | Item | ShareThis
Farallon Announces Discovery of New Zone at G-9 - More
- October 20, 2010 | Item | ShareThis
Threegold Acquires 100% Interest in Shining Tree Claims - More
- October 20, 2010 | Item | ShareThis
Pele Mountain Resources: Rare Earth Elements May Be A Key To Its Future and Yours - More
- October 20, 2010 | Item | ShareThis
Calibre Amends Borosi Option Agreement Securing 100% Interest in Advanced Gold-Silver Projects - More
- October 20, 2010 | Item | ShareThis
Midland Exploration and JOGMEC Continue to Receive Rare Earth Elements Positive Results on the Ytterby Project South of Strange Lake, Quebec - More
- October 20, 2010 | Item | ShareThis
American Consolidated Minerals Corporation: New Drilling Initiated at Toiyabe Project, Nevada - More
- October 20, 2010 | Item | ShareThis
Moly Mines Limited Announces Iron Ore Sales Agreement-Spinifex Ridge - More
- October 20, 2010 | Item | ShareThis
Valdez Gold and Millrock Intersect 3.8 g/t Gold Over 32 m at the Bluff Gold Project, Alaska - More
- October 20, 2010 | Item | ShareThis
Moly Mines Reports Quarter Highlights - More
- October 20, 2010 | Item | ShareThis
Thompson Creek Metals Company Inc. and Terrane Metals Corp. Announce Commencement of Closing of the Previously Announced Plan of Arrangement - More
- October 20, 2010 | Item | ShareThis
Orvana Minerals Corp.: Confirmation of Tailings Pond Permit and Grant of EUR 4,995,378 for the El Valle Project, Spain - More
- October 20, 2010 | Item | ShareThis
Millrock and Valdez Gold Drill 32.0 m of 3.8 g/t Gold and Extend Daniel's Creek Zone by 625 m at Bluff Gold Project, Alaska - More
- October 20, 2010 | Item | ShareThis
North Atlantic Appoints J. Gianni Kovacevic to the Board of Directors - More
- October 20, 2010 | Item | ShareThis
Gowest Continues to Intersect Significant Gold at 750 Metre Depth and Begins Infill Drilling on Its Frankfield East Gold Deposit Near Timmins, Ontario - More
- October 20, 2010 | Item | ShareThis
Superior Mining Announces Drilling Update on Mangalisa Project in South Africa - More
- October 20, 2010 | Item | ShareThis
ATAC Resources Ltd. Increases its Land Position Near its Recent Osiris Discovery - More
- October 20, 2010 | Item | ShareThis
Richfield Drills 171 metres @ 1.04 g/t Au, and 15 metres of 5.86 g/t Au on the100% owned portion of the Blackwater Gold Project - More
- October 20, 2010 | Item | ShareThis
Minera Andes Announces Production at the San Jose Mine for the Third Quarter 2010 - More
- October 20, 2010 | Item | ShareThis
Adex Closes $4.8 Million Private Placement With Great Harvest - More
- October 20, 2010 | Item | ShareThis
Radisson Mining Announces Broader Scope on the O'Brien-Kewagama Project and Grant of Options - More
- October 20, 2010 | Item | ShareThis
Augen Gold Identifies Sizeable New Target Just North of Cote Lake - More
- October 20, 2010 | Item | ShareThis
Capstone Reports Significant Results in 200m Step-out Drilling on Mala Noche Footwall Zone, Cozamin Mine - More
- October 20, 2010 | Item | ShareThis
Gold Hawk Strengthens Management Team - More
- October 20, 2010 | Item | ShareThis
Big Bear Mining Corp Commences Drilling Program in Rattlesnake Hills - More
- October 20, 2010 | Item | ShareThis
Corvus Gold Inc. Announces Private Placement Financings Totalling CDN $7,000,000 - More
- October 20, 2010 | Item | ShareThis
Mustang Completes Geophysical Survey at Mayville and Zeemel Properties - More
- October 20, 2010 | Item | ShareThis
Astur Gold Welcomes Comments From Mayor of Tapia Regarding Salave - More
- October 20, 2010 | Item | ShareThis
Novus Gold Corp. Outlines New Gold Targets on La Yagua Property in the Dominican Republic - More
- October 20, 2010 | Item | ShareThis
First Uranium Corporation - Q2 2011 PRODUCTION RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 and AN UPDATE ON IMPROVEMENTS AT THE EZULWINI MINE - More
- October 20, 2010 | Item | ShareThis
Fortuna's San Jose Project on Schedule for Production in Q3 2011 - "Fortuna Silver Mines Inc. (TSX:FVI.to - News) is pleased to provide an update on construction activities at its 100% owned San Jose silver-gold project in Oaxaca, Mexico. Construction of the US$ 56 million project is on schedule and budget for completion and commissioning of the mine in the third quarter of 2011." More
- October 20, 2010 | Item | ShareThis
Paramount Gold and Silver Corp. Commences Drill Program to Advance Their Sleeper Gold Project - "Paramount Gold (AMEX:PZG - News)(TSX:PZG - News) (Frankfurt: WKN:A0HGKQ) ("Paramount") announced today that its drill program to expand gold resources at its recently acquired Sleeper Gold Project in Nevada will commence next week. Details of the $3 million exploration program were announced by Paramount on September 13, 2010." More
- October 20, 2010 | Item | ShareThis
IAMGOLD Launches Expansion Feasibility Study for its Essakane Mine in Burkina Faso - "IAMGOLD Corporation ("IAMGOLD" or the "Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today that it has launched a full Feasibility Study (the "Study") to review the expansion of the Essakane Mine in Burkina Faso in West Africa. The decision to proceed with the Study was based on positive results from the ongoing drill campaign and on the findings of a recently completed Conceptual Study. The Study is scheduled for completion in the third quarter of 2011." More
- October 20, 2010 | Item | ShareThis
Jaguar Mining Declares Caete Operation Commercial; Provides Q3 2010 Operations Overview - "Jaguar Mining Inc. ("Jaguar" or "the Company") (TSX:JAG - News) (NYSE:JAG - News) provided a summary of its Q3 2010 operating performance, including an overview of its Caeté operation, which entered the commissioning phase in July of this year. As announced by the Company on October 19, 2010, Jaguar intends to release its Q3 2010 financial results after the market close on November 9 and hold a conference call the next morning. The Company will be attending and presenting at two financial conferences prior to the release of its Q3 results. Management has determined it is appropriate to provide a preliminary summary of its operations." More
- October 20, 2010 | Item | ShareThis
Ely Gold & Minerals' Shareholders Approve Mt. Hamilton Joint Venture; Solitario Makes Second Private Placement into Ely - "Solitario Exploration & Royalty Corp. (“Solitario;” NYSE Amex: XPL; TSX: SLR) announced that Ely Gold & Minerals Inc. (“Ely;” TSX.V: ELY) received shareholder approval and TSX-Venture Exchange acceptance for the previously announced Letter of Intent (“LOI”) to joint venture Ely’s Mt. Hamilton advanced gold project situated at the southern end of the prolific Battle Mountain gold trend in eastern Nevada. Solitario may earn up to an 80% interest in the project by completing various staged commitments. In addition, Solitario has funded the second tranche private placement in Ely of CDN$250,000 for units, described below. This placement is part of a previously disclosed Letter of Intent between Solitario and Ely signed on August 26, 2010." More
- October 20, 2010 | Item | ShareThis
Fronteer Gold Inc.: 348-Metre Interval Grading 0.28 g/t Gold and 0.31% Copper Expands Halilaga Porphyry Deposit by Additional 150 Metres - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) announces that a new drill hole at the Halilaga porphyry project in northwestern Turkey has returned 348.8 metres of continuous copper-gold mineralization starting at surface, and expanded the width of the mineralized system by an additional 150 metres." More
- October 20, 2010 | Item | ShareThis
Silver Standard Resources Inc.: Brucejack Drilling Concludes for 2010; Significantly Expanded Gold-Silver Zones - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) (the "Company") is pleased to report the results from the final 20 holes of the 33,100-meter diamond drill program at its wholly-owned Brucejack Project. The latest results have defined a new area of mineralization in the West Zone, encountered further high-grade gold and silver mineralization in the Galena Hill Zone and expanded the known mineralization in the West, Galena Hill, Bridge and Shore Zones." More
- October 20, 2010 | Item | ShareThis
Hochschild Mining reported a 12% drop in Q3 production - "Latin American precious metals group Hochschild Mining (HOCM.L) said production fell 12 percent in the third quarter as output dropped at all of its mines, but it kept its full-year target.
It produced 6.6 million silver equivalent ounces in the third quarter, comprising 4.5 million ounces of silver and 34,400 ounces of gold, down from 7.5 million ounces in the year-earlier period." More
- October 20, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 20 October, 2010 | |
