-- Posted 3 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1337.10 | -$19.90 |
Silver | $24.37 | -$0.51 |
XAU | 204.50 | -0.88% |
HUI | 523.47 | -0.70% |
GDM | 1580.20 | -0.66% |
JSE Gold | 2555.55 | -3.77 |
USD | 76.40 | -0.33 |
Euro | 141.27 | +0.87 |
Yen | 123.26 | -0.75 |
Oil | $84.69 | +$0.79 |
10-Year | 2.619% | +0.025 |
T-Bond | 130.28125 | -1.40625 |
Dow | 11215.13 | +0.24% |
Nasdaq | 2540.27 | +0.27% |
S&P | 1197.96 | +0.37% |
The Metals:
Gold rose as much as $7.20 to $1364.20 in London before it fell over 2% in morning New York trade to as low as $1327.70 by a little after 11AM EST, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 1.47%. Silver climbed to as high as $25.01 by about 8AM EST before it dropped almost 4% to as low as $23.918 by late morning in New York, but it also surged back higher in late trade and ended with a loss of just 2.05%. Both metals have also rebounded further in after hours trade in reaction to the fed statement.
Euro gold fell to about €952, platinum lost $22.25 to $1691.25, and copper dropped 6 cents to about $3.77.
Gold and silver equities fell over 2% by late morning, but they then rebounded in afternoon trade and ended with less than 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Oct | 43K | 23K | -2K |
ISM Services | Oct | 54.3 | 53.4 | 53.2 |
Factory Orders | Sep | 2.1% | 1.7% | 0.0% |
The FOMC kept the fed funds rate in its record low range of 0-0.25% as expected and also detailed some of their plans for quantitative easing. They committed to buying $600 billion in longer term treasuries by the end of the second quarter of 2011. Hoenig dissented and said that the risks of these purchases outweigh the benefits. This makes for a total of $850 to $950 billion in purchases when including the already ongoing reinvestment purchases detailed at an earlier meeting. Read the [Full Text] of their statement.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/30 expected at 445,000, third quarter Productivity expected at 0.9%, and Unit Labor Costs expected at 1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after the EIA announced that crude inventories climbed 2 million barrels, gasoline inventories fell 2.7 million barrels, and distillates fell 3.6 million barrels.
The U.S. dollar index waffled near unchanged before the fed announcement and eventually dropped modestly afterwards.
Treasuries rose noticeably before the fed announcement and dropped markedly afterwards.
The Dow, Nasdaq, and S&P fell slightly before the fed announcement and turned up to end modestly higher afterwards.
Among the big names making news in the market today were AOL, MGM, GM, WellPoint, Hartford Financial, Ally Financial, Freddie Mac, and Qwest.
The Commentary:
“The backing and filling noted in last nights post for gold and silver has nicely come in one fast swoon this morning. This is “A” typical to the two steps up and one step back pattern I’ve spoken about for years in this “mother” of all gold bull markets. The lows this morning created a knock at the door for those of us who stepped aside a few weeks ago in anticipation of a correction. I for one consider this opportunity knocking to get fully back in on the long side ASAP!”- Peter Grandich, Grandich Letter
GATA Posts:
Alasdair Macleod: Gold is part of the new economic order
John Rubino: Want to sue the bullion banks?
Kentucky sends Ron Paul's son, Rand, to the Senate
J.S. Kim: Silver probe should extend to gold and silver ETFs
Justice Litle: Is the unrigged silver market set to explode?
The Statistics:
Activity from: 11/02/2010
Gold Warehouse Stocks: | 11,183,840 | -1,093 |
Silver Warehouse Stocks: | 110,463,075 | -255,382 |
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 | 1292.189 | 41,545,185 | US$55,878m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 122.47 | 3,937,587 | US$5,266m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 132.40 | 4,256,859 | US$5,695m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,278 | US$612m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.56 | 1,593,541 | US$2,153m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,967 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.912 tonnes, the LSE subtracted 0.78 tonnes, and the LSE ETFS added 1.33 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.65: -0.02 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,137.92: -4.00 change from yesterday’s data.
The Miners:
Seabridge’s (SA) initial assessment of drill data, Endeavour’s (EXK) response to Cream Minerals Directors' Circular, and Metalline’s (MMG) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +6.04% $25.97 |
2. Golden Star | GSS +4.49% $5.35 |
3. Tanzanian Royalty | TRE +4.04% $6.95 |
LOSERS
1. Taseko | TGB -24.23% $4.91 |
2. Golden Minerals | AUMN -4.46% $27.02 |
3. Mines MGMT | MGN -2.75% $2.47 |
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:
Sacre-Coeur Minerals, Ltd. Update Regarding Acquisition - More
- November 03, 2010 | Item | ShareThis
Wits Gold appoints Renaissance BJM Securities (Proprietary) Limited - More
- November 03, 2010 | Item | ShareThis
SAMEX Mining Corp.: Major Funding Completed - More
- November 03, 2010 | Item | ShareThis
GOLDEN DAWN MINERALS INITIATES 2500 METER DRILL PROGRAM, WILD ROSE GOLD-COPPER PROSPECT, HISTORICAL GREENWOOD DISTRICT, BRITISH COLUMBIA, CANADA. - More
- November 03, 2010 | Item | ShareThis
Goldrea Private Placement Over-Subscribed - More
- November 03, 2010 | Item | ShareThis
Wesgold Minerals Inc. - Drilling complete on Snowcap Property - More
- November 03, 2010 | Item | ShareThis
Prophecy Retracts Gross Metal Value in Previous November 3 News Release - More
- November 03, 2010 | Item | ShareThis
First Gold Exploration Inc.: Three New Spudomene Zones Discovered on the Lac Pivert/Rose Property - More
- November 03, 2010 | Item | ShareThis
Mansfield Announces Cdn$2.3 Million Private Placement - More
- November 03, 2010 | Item | ShareThis
Platinum Group Metals Closes Full Over Allotment Option - More
- November 03, 2010 | Item | ShareThis
Alturas Signs Mining Agreement on Its Iron-Copper-Gold Pampa Colorada Project in Northern Peru - More
- November 03, 2010 | Item | ShareThis
Bullion Monarch Acquiring Brazilian Gold Company - More
- November 03, 2010 | Item | ShareThis
North American Palladium Appoints Chief Operating Officer - More
- November 03, 2010 | Item | ShareThis
Sniper Resources Ltd.: Corporate Update - More
- November 03, 2010 | Item | ShareThis
Uranium Resources, Inc. Completes Common Stock Offering - More
- November 03, 2010 | Item | ShareThis
Golden Peaks to Acquire Gold Exploration Portfolio - Strategic Expansion Into Pacific Arc - More
- November 03, 2010 | Item | ShareThis
Canarc Shareholder Update Review of Third Quarter and Outlook for Fourth Quarter of 2010 - More
- November 03, 2010 | Item | ShareThis
GLADSTONE PACIFIC NICKEL LTD - Final Results for the year ended 30 June 2010 - More
- November 03, 2010 | Item | ShareThis
Geologix Files Tepal Preliminary Economic Assessment Report on SEDAR - More
- November 03, 2010 | Item | ShareThis
Amarok to Begin Phase Two Drill Program on Rodeo Creek Property - More
- November 03, 2010 | Item | ShareThis
Champion Minerals Releases Positive Preliminary Economic Assessment Study on the Fire Lake North Project - More
- November 03, 2010 | Item | ShareThis
Metalline Drill Results From Fifty Eight Drill Holes at Sierra Mojada Average 43 Meters Grading 80 gpt Ag, 1.1% Zn, and 0.26% Pb - "Metalline Mining Company (NYSE Amex: MMG; TSX: MMZ) is pleased to announce additional drilling results from the ongoing 2010 and earlier drilling programs at the shallow silver-zinc resource area ("Area A") at the Sierra Mojada Project located in Coahuila, Mexico. Results reported below are at a 30 gpt Ag or 1% Zn external cut-off." More
- November 03, 2010 | Item | ShareThis
Commander Resources Provides Corporate Update - More
- November 03, 2010 | Item | ShareThis
NSGOLD ACQUIRES NEW GOLD AND RARE EARTH ELEMENTS PROPERTIES IN NOVA SCOTIA - More
- November 03, 2010 | Item | ShareThis
Soho Resources Corp. Announces Results of Recent Annual General Meeting - More
- November 03, 2010 | Item | ShareThis
GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - Takeover offer from QNI Resources - application to the Takeovers Panel (Australia) - Panel declines.. - More
- November 03, 2010 | Item | ShareThis
GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - Resignation of Director - More
- November 03, 2010 | Item | ShareThis
Great Western Minerals Group Ltd.: Corporate Update - More
- November 03, 2010 | Item | ShareThis
TITAN URANIUM LAUNCHES FALL GEOPHYSICAL PROGRAM ON BORDER BLOCK PROJECT - More
- November 03, 2010 | Item | ShareThis
GLOBAL MINERALS ANNOUNCES PROPOSED INDEPENDENT DIRECTORS - More
- November 03, 2010 | Item | ShareThis
Mexivada Executes Option To Purchase Golden Porcupine Property, Timmins Gold Camp, Ontario - More
- November 03, 2010 | Item | ShareThis
Silver Falcon Mining, Inc. (SFMI) Launches Its 2011 Sinker Tunnel Plan of Operation - More
- November 03, 2010 | Item | ShareThis
China Gold International Resources Corp. Ltd.: Geological Exploration Seminar on Exploration and Development Updates of Jiama Copper Poly-metallic Mine - More
- November 03, 2010 | Item | ShareThis
Guinness Intersects More High Grade Gold and Silver at Its Charlotte Project, Yukon - More
- November 03, 2010 | Item | ShareThis
Vior Inc. : Drilling to Soon Begin on the Douay Property; Appointment of A New Vice-President Exploration; Amendment to the Company's Stock Option Plan - More
- November 03, 2010 | Item | ShareThis
Lake Victoria Reports Final Phase One Gold Assays From the Singida-Londoni Gold Project, Tanzania - More
- November 03, 2010 | Item | ShareThis
Amerigo Announces Q3-2010 Financial Results - More
- November 03, 2010 | Item | ShareThis
Prophecy Reports Multiple 1g/t Rhodium and 10g/t Platinum Group Metals Chip Samples From Extensive 2.5km Tunnel Sampling - More
- November 03, 2010 | Item | ShareThis
NQ Exploration Makes Changes to Its Exploration Team - More
- November 03, 2010 | Item | ShareThis
Ascot Resources Drills 343.85 Meters of 0.507% Copper on Its Second Hole on the Mt. Margaret Property - More
- November 03, 2010 | Item | ShareThis
White Tiger Mining Corp. Intersects 23 Metres of 1.34% Copper Including 5 Metres of 4.08% Copper, 20.6 g/t Silver and 1.12 g/t Gold - More
- November 03, 2010 | Item | ShareThis
Klondike Gold Corp. Shareholders Approve Consolidation, Commences Trading on Consolidated Basis - More
- November 03, 2010 | Item | ShareThis
Alexis' Snow Lake Feasibility Study Projects 80,000 Ounces Annual Gold Production on New Reserves of 450,000 Ounces Gold - More
- November 03, 2010 | Item | ShareThis
Advanced Explorations Closes Initial $2.8 mm Private Placement with Shandong Fulun Steel - More
- November 03, 2010 | Item | ShareThis
Comstock Mining Acquires 520 Acres Along the Southern Extension of the Occidental Lode Structure; Expands Comstock Land Position By 9% - More
- November 03, 2010 | Item | ShareThis
Copper Mountain Updates Exploration Drilling Program - More
- November 03, 2010 | Item | ShareThis
Yukon-Nevada Gold Corp. Enters Into Ore Purchase Deal With Newmont - More
- November 03, 2010 | Item | ShareThis
Kalahari Resources Receives $3,000,000 From Shandong Gold International Mining Co. Ltd., Closes Private Placement - More
- November 03, 2010 | Item | ShareThis
Cancor Resumes its Gold Exploration Activities in Algeria - More
- November 03, 2010 | Item | ShareThis
Gryphon Gold Begins Critical Data Analysis - More
- November 03, 2010 | Item | ShareThis
Oremex Extends Gold Mineralization at Santa Catarina Project - More
- November 03, 2010 | Item | ShareThis
St. Eugene Mining Corporation Enhances Board of Directors and Disposes Moyie Project, B.C. - More
- November 03, 2010 | Item | ShareThis
Mercer Gold Completes Drilling of First Two Holes at Guayabales Gold Project, Colombia - More
- November 03, 2010 | Item | ShareThis
Coral Drills 18 Metres of 1.096 g/t Au at Robertson - More
- November 03, 2010 | Item | ShareThis
i-minerals inc. Announces Positive Results of the Pre-Feasibility Study for its Kelly's Basin Project in Latah County, Idaho USA - More
- November 03, 2010 | Item | ShareThis
Clifton Star Resources Announces Shareholders' Rights Plan - More
- November 03, 2010 | Item | ShareThis
New Dimension Joins Forces with Strategic Metals: Acquires Gold Project Within the Significant Rackla (Rau) Gold Belt - More
- November 03, 2010 | Item | ShareThis
Dorato Receives Additional Taricori Drilling Results, Expanding the Zone of Gold and Base Metal Mineralization, Cordillera del Condor, NW Peru - More
- November 03, 2010 | Item | ShareThis
GWR Resources Resumes Drilling on Aurizon South Supergold Zone and Continues to Expand Spout Lake Skarn Magnetite-Copper-Gold-Silver Zones - More
- November 03, 2010 | Item | ShareThis
REC Minerals Secures Drill Permit for Its MC Dalhousie Project - More
- November 03, 2010 | Item | ShareThis
Mandalay Resources Producing Ore from Second Vein at Cerro Bayo and Provides Cerro Bayo Operational Update - More
- November 03, 2010 | Item | ShareThis
Queenston Reports New Upper Beaver Drilling Results and Closing of Agnico-Eagle Investment - More
- November 03, 2010 | Item | ShareThis
ECPN Appoints an Expert in Micro-Cluster and Nano-Technology to Determine Value and Cost of Recovery - More
- November 03, 2010 | Item | ShareThis
Centamin Egypt Limited Quarterly Report for the Three Months Ended 30 September 2010 - More
- November 03, 2010 | Item | ShareThis
Gabriel Resources Ltd.: Third Quarter 2010 Report - More
- November 03, 2010 | Item | ShareThis
United Mines, Inc. Has Retained Starlight Investments LLC of Houston, Texas, to Lead Fund-Raising Efforts - More
- November 03, 2010 | Item | ShareThis
Iron Cap Emerges as 4th Major Deposit at Seabridge Gold's KSM Project - "An initial assessment of drill data and mine planning from KSM's new Iron Cap zone suggests that (i) a significant minerals reserve can be expected from the Iron Cap zone in a new Preliminary Feasibility Study ("PFS") scheduled for completion next April; (ii) these additions to reserves, immediately adjacent to the Mitchell zone, could support a significant increase in annual production; and (iii) a potential expansion in mine size should substantially improve project economics." More
- November 03, 2010 | Item | ShareThis
Endeavour Silver Responds to Cream Minerals Directors' Circular - "On November 1, 2010, the Cream Board of Directors announced that it had filed its supplementary directors' circular in which it made NO RECOMMENDATION to Cream shareholders in regards to the Endeavour Offer, and the Cream Board did not offer a better, or any, alternative offer." More
- November 03, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 3 November, 2010 | |
