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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 6% on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 29 October, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1356.50

+$14.10

+2.42%

Silver

$24.54

+$0.68

+6.14%

XAU

204.30

+1.34%

+3.80%

HUI

522.23

+1.58%

+4.43%

GDM

1578.89

+1.75%

+4.43%

JSE Gold

2588.63

+47.61

+3.70%

USD

77.18

-0.11

-0.32%

Euro

139.16

-0.14

-0.17%

Yen

124.27

+0.81

+1.11%

Oil

$81.43

-$0.75

-0.32%

10-Year

2.612%

-0.049

+1.91%

Bond

130.9375

+0.71875

-0.57%

Dow

11118.49

+0.04%

-0.13%

Nasdaq

2507.41

+0.04%

+1.13%

S&P

1183.26

-0.04%

+0.02%

 
 

 

The Metals:

 

Gold fell about 0.5% to $1335.23 in early London trade before it jumped up to $1352.62 a little after 8AM EST and then fell back to see a $0.62 loss at $1341.78 a little before 10AM EST, but it ultimately climbed back higher in early afternoon trade and ended near its late session high of $1359.30 with a gain of 1.05%.  Silver fell to $23.72 in overnight trade before it rallied back higher for most of trade in London and New York and ended near its late session high of $24.567 with a gain of 2.85%.

 

Euro gold rose to about €975, platinum gained $14.50 to $1698, and copper dropped 5 cents to about $3.73.

 

Gold and silver equities rose over 1% by late morning and remained near their highs into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q3

2.0%

2.0%

1.7%

Chain Deflator

Q3

2.3%

1.9%

1.9%

Employment Cost Index

Q3

0.4%

0.5%

0.5%

Chicago PMI

Oct

60.6

58.0

60.4

Michigan Sentiment

Oct

67.7

68.0

67.9

 

Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States  Bloomberg

U.S. on track for fiscal train wreck: Roubini  Reuters

 

All of this week’s other economic reports:

 

Initial Claims - 10/23

434K v. 455K

 

New Home Sales - September

307K v. 288K

 

Durable Orders - September

3.3% v. -1.0%

 

Durable Orders - ex trans. - September

-0.8% v. 1.9%

 

FHFA Home Price Index - August

0.4% v. -0.5%

 

Consumer Confidence - October

50.2 v. 48.6

 

Case-Shiller 20-city Index - August

1.7% v. 3.18%

 

Existing Home Sales - September

4.53M v. 4.12M

 

The Markets:

 

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

 

Oil and the U.S. dollar index both fell slightly while treasuries rose and the Dow, Nasdaq, and S&P waffled near unchanged as traders wait for the fed announcement next week.

 

Among the big names making news in the market Friday were Estee Lauder, GM, Halliburton, and Merck.

 

GATA Posts:

 

 

Vietnam orders banks to stop acting like LBMA members

Sprott Physical Silver Trust lists in New York and Toronto

 

The Statistics:

Activity from: 10/28/2010

Gold Warehouse Stocks:

11,121,126

+2,765

Silver Warehouse Stocks:

110,791,141

-991

 

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

1293.101

41,574,486

US$55,972m

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

Gold Bullion Securities

124.38

3,998,803

US$5,391m

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

ETFS Physical Gold

130.83

4,206,317

US$5,671m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,304

US$621m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.57

1,593,628

US$2,125m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,967

US$7m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 5.165 tonnes, the LSE ETFS added 0.99 tonnes, and the JSE added 0.24 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.67 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,181.46: -42.59 change from yesterday’s data.

 

The Miners:

 

Timberline’s (TLR) drill results, Gold Resource’s (GORO) dividend, and Silver Standard’s (SSRI) project sales were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  NovaGold

NG +5.65% $11.22

2.  Alexco

AXU +5.26% $6.20

3.  Mag Silver

MVG+4.92% $8.32

 

LOSERS

1.  Golden Minerals

AUMN -4.20% $26.25

2.  Banro

BAA -3.59% $2.95

3.  Gold Reserve

GRZ -2.82% $1.38

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:

Crown Gold Corporation Announces Completion of $1,500,000 Brokered Private Placement - More
- October 29, 2010 | Item | ShareThis


Noront Announces Increase to Underwriters' Option of Previously Announced Private Placement - More
- October 29, 2010 | Item | ShareThis


David Janney Named Chairman and CEO of Bonanza Goldfields - More
- October 29, 2010 | Item | ShareThis


AuEx Shareholders Approve Plan of Arrangement With Fronteer Gold - More
- October 29, 2010 | Item | ShareThis


Canaco Resources Inc.: Corporate Update - More
- October 29, 2010 | Item | ShareThis


AXMIN Regains Control of Mavita Licences in Mozambique - More
- October 29, 2010 | Item | ShareThis


Platinum Group Metals Announces Over Allotment Exercise - More
- October 29, 2010 | Item | ShareThis


Rio Alto Mining Limited Corporate Update: Filing of Technical Report, Change of Auditors - More
- October 29, 2010 | Item | ShareThis


Nuinsco's Initial Exploration at Bukari Gold Concession in Egypt Now Complete - More
- October 29, 2010 | Item | ShareThis


Northern Shield to Raise Approximately $1,028,367 - More
- October 29, 2010 | Item | ShareThis


Gold Bullion Closes $8 Million Private Placement - More
- October 29, 2010 | Item | ShareThis


Creso Exploration Reports 280 Meters of 1.15 g/t Gold From Preliminary Minto Hole 3 Drill Results in the Shining Tree Area, NE Ontario - More
- October 29, 2010 | Item | ShareThis


Arianne Completes a $581,000 Financing - More
- October 29, 2010 | Item | ShareThis


Apella Resources Inc.: Extensive 250 km Iron-T Mag Survey Underway - More
- October 29, 2010 | Item | ShareThis


Strategic Resources Announces New Board Appointment - More
- October 29, 2010 | Item | ShareThis


Melkior Plans More Than 5,000 Metres of Drilling on the Carscallen Gold Project, West Timmins, Ontario - More
- October 29, 2010 | Item | ShareThis


Uranium Resources, Inc. Prices Common Stock Offering - More
- October 29, 2010 | Item | ShareThis


WCB Resources Ltd. Releases Red Hill Soil Sampling Results - More
- October 29, 2010 | Item | ShareThis


High River Gold Announces Appointment of Chief Executive Officer - More
- October 29, 2010 | Item | ShareThis


Asia Now Announces Receipt of Shareholder Approval of Proposed Private Placement - More
- October 29, 2010 | Item | ShareThis


NV Gold Completes Lease of Roberts Gold Property - More
- October 29, 2010 | Item | ShareThis


Laurion Information to Be Available Through Standard & Poor's Market Access Program - More
- October 29, 2010 | Item | ShareThis


Coastal Pacific Mining Announces Details of $1.5 Million Exploration Program for the Hotstone Gold Property - More
- October 29, 2010 | Item | ShareThis


Advanced Explorations Provides Notice to Warrant Holders - More
- October 29, 2010 | Item | ShareThis


Paladin Energy-Settlement of Areva Proceedings - More
- October 29, 2010 | Item | ShareThis


General Moly Announces Third Quarter Results - More
- October 29, 2010 | Item | ShareThis


NWM Warrant exercise prices increase to $0.10 (10 cents) - More
- October 29, 2010 | Item | ShareThis


Eurasian Minerals Drills 71.9 meters of 1.13 g/t Gold-Equivalent Oxide Mineralization at the Akarca JV Project, Turkey - More
- October 29, 2010 | Item | ShareThis


Tagish Lake Enters Into Agreement With New Pacific for Second-Step Transaction - More
- October 29, 2010 | Item | ShareThis


First Gold Exploration Inc.: Listing With Pink OTC Markets Inc. - More
- October 29, 2010 | Item | ShareThis


Northland Signs Off-take Agreement with Tata Steel - More
- October 29, 2010 | Item | ShareThis


Medusa Mining Limited: Co-O Drilling Highlights Growth Potential - More
- October 29, 2010 | Item | ShareThis


Encore Renaissance Intersects #20 Gold Vein at Bonaparte Gold Project; 36 Foot 8x8-Cross-Cut Yields 200 Tons Grading Over 8g/t Gold - More
- October 29, 2010 | Item | ShareThis


Stillwater Mining Reports Earnings for Third Quarter - More
- October 29, 2010 | Item | ShareThis


Issue of Andean Scheme Booklet and Convening of the Scheme Meeting - More
- October 29, 2010 | Item | ShareThis


Timberline Intercepts Additional High-Grade Gold at Butte Highlands - "Timberline Resources Corporation (NYSE Amex:TLR) (TSX-V:TBR - News) ("Timberline" or the "Company") today announced final drill results for its 2010 surface exploration drill program at the Butte Highlands Joint Venture Property in Montana." More
- October 29, 2010 | Item | ShareThis


Gold Resource Corporation Declares Fourth Special Cash Dividend - "Gold Resource Corporation (GORO) (AMEX:GORO - News) is pleased to announce it has declared its fourth 2010 Special Cash Dividend of $0.03 per common share to its shareholders of record November 12th, payable November 24th, 2010. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
- October 29, 2010 | Item | ShareThis


Silver Standard Announces Sale of Snowfield and Brucejack Projects - "Silver Standard Resources Inc. (NASDAQ:SSRI - News)(TSX:SSO - News) ("Silver Standard or the "Company") today announced that it has entered into an agreement (the "Sale Agreement") to sell its Snowfield and Brucejack Projects in northern British Columbia to Pretium Resources Inc. ("Pretium"), a company formed to acquire and explore precious metals projects, led by Robert A. Quartermain. Under the terms of the Sale Agreement, Silver Standard will receive total consideration of $450 million, consisting of a minimum of $215 million in cash and the balance in common shares of Pretium valued at the offering price of such shares under an initial public offering being undertaken by Pretium (the "IPO"). The amount of the purchase price payable in cash will increase by the amount of the proceeds realized by Pretium under the IPO in excess of $265 million. On completion of the transaction, Silver Standard's ownership interest in Pretium is expected to be less than 50%." More
- October 29, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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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 29 October, 2010 | |


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