-- Posted 4 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1382.70 | +$45.60 |
Silver | $25.94 | +$1.57 |
XAU | 214.11 | +4.70% |
HUI | 548.11 | +4.71% |
GDM | 1652.99 | +4.61% |
JSE Gold | 2613.12 | +57.57 |
USD | 75.86 | -0.54 |
Euro | 142.09 | +0.69 |
Yen | 123.94 | +0.57 |
Oil | $86.49 | +$1.80 |
10-Year | 2.484% | -0.135 |
T-Bond | 131.6875 | +1.40625 |
Dow | 11434.84 | +1.96% |
Nasdaq | 2577.34 | +1.46% |
S&P | 1221.05 | +1.93% |
The Metals:
After an initial hiccup immediately following the fed’s announcement in after hours access trade yesterday, gold pretty much steadily rose throughout trade in Asia, London, and New York and ended near its late session high of $1383.90 with a gain of 3.41% at a new all-time closing high. Gold’s intraday record high of $1386.93 was set this past October 14th (and has already been surpassed in today’s after hours access session). Silver climbed to a new 30 year high of $26.075 in the last minutes of trade and ended with an impressive gain of 6.44%.
Euro gold rose to about €973, platinum gained $56.75 to $1748.00, and copper gained roughly 12 cents to about $3.90.
Gold and silver equities rose over 3% at the open, extended their gains in afternoon trade, and ended at about their highs of the day with almost 5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/30 | 457K | 445K | 437K |
Productivity | Q3 | 1.9% | 0.9% | -1.8% |
Unit Labor Costs | Q3 | -0.1% | 1.0% | 1.3% |
Bernanke Experiments With Crisis Tools to Boost Economy Bloomberg
Bernanke: Additional stimulus needed to boost jobs Yahoo
October retail sales signal momentum for holidays Reuters
Tomorrow at 8:30AM EST brings Nonfarm Payrolls for October expected at 60,000, the Unemployment Rate expected at 9.6%, Hourly Earnings expected at 0.1%, and the Average Workweek expected at 34.2. At 10AM is the Pending Home Sales report for September expected at 2.5% and at 3PM is Consumer Credit for September expected at -$3.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil, treasuries, and the Dow, Nasdaq, and S&P all rose markedly as the U.S. dollar index dropped on the fed’s implementation of further quantitative easing.
Among the big names making news in the market today were JPMorgan, Gap, Limited, DirecTV, Cablevision, Time Warner Cable, GM, and Qualcomm.
The Commentary:
“Dear CIGAs,
Nervousness ahead of yesterday’s FOMC announcement concerning its QE plans led to a mild sell off in both gold and silver in the past session but all that did was give buyers a chance at grabbing the metals at a lower level before they were jammed higher today in the commodity buying frenzy that resulted from the Fed’s assault on the US Dollar.
About the only commodity markets that were lower today were the feeder cattle and natural gas markets. Corn is back at levels last seen in August 2008. Soybeans are working at reaching the $13 level while wheat is above $7 once again. Cotton is once again limit up as it continues to trounce one record after another and is now well above levels last seen when Rhett Butler was running Yankee blockages during the era portrayed by “Gone with the Wind”. (We are organizing a raid on neighborhood clothes lines where a rich stash of cotton underwear and T shirts has been sighted).
Crude oil is gearing for a run towards $87 while sugar is well above $0.30. Copper is nearing $4.00, palladium is closing in on $700 and platinum is at $1750. Get the picture? The dollar is collapsing while commodities are surging stoking the fires of inflation which the nitwits at the Fed believe that they can somehow control once they let the genie out of the bottle. What they cannot control is the Foreign Exchange markets which are breaking the back of the green”back”.
Gold has not quite managed to take out its recent all time high but silver is surging into new 30 year highs. It was able to reach the gob of buy stops just above the $25.10 level which was all she wrote. Once those were taken out, the pain inflicted on the trapped shorts was too much for many of them and out they went. I am going to be extremely interested in seeing what the open interest readings look like tomorrow morning when the exchange releases them to see if we might be witnessing the beginning of a commercial signal failure.
I think it goes without much saying – the markets have voted and rendered a verdict on the effect of the Fed’s QE – inflation is coming – as such they are buying tangibles to protect themselves from its ravages on their wealth. The Dollar has been slammed lower and has crashed through support near 77 and looks headed for a test of critical support near 75.
The HUI has put in a huge upside breakout on the weekly price charts as a result of today’s performance. It is a bit tough for me to read what is happening because of the strength across so many markets but it looks like the hedge fund ratio trades involving the mining sector shares have now effectively blown up in their faces and some of them are finally getting out. I would once again counsel them to exit those trades and if they must insist on spreading something, then buy the mining shares and short the broader equity indices.
See my notes on the bond chart as action in that venue holds great interest for all of us as citizens.
What more can be said about the rally in equities than has already been said – you are witnessing a liquidity rally which is part of the Fed’s gambit to stoke inflation. The money masters are hoping that a strong rally in the stock market will create an upbeat consumer confidence level which will lead to additional spending. People are not spending however because they are worried about jobs – until we see lasting job creation, the rally in stocks has no fundamental underpinning but that will not stop the equity markets from moving higher. The problem is stocks are not keeping up with gold so in real terms, they are going nowhere.”- Dan Norcini, More at JSMineset.com
GATA Posts:
New silver class action invokes RICO against Morgan, HSBC
The Statistics:
Activity from: 11/03/2010
Gold Warehouse Stocks: | 11,204,240 | +20,400 |
Silver Warehouse Stocks: | 110,183,756 | -279,319 |
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$57,352m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 122.40 | 3,935,167 | US$5,428m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 132.07 | 4,246,006 | US$5,857m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,273 | US$631m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.56 | 1,593,523 | US$2,144m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,966 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.07 tonnes and the LSE ETFS subtracted 0.33 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.65 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,137.92 - No change from yesterday’s data.
The Miners:
Taseko’s (TGB) manpower reductions, Richmont’s (RIC) third quarter results, Royal Gold’s (RGLD) first quarter results, Aurizon’s (AZK) drill results, Gold Fields’ (GFI) operations tracking guidance, Anatolia’s (ANO.TO) merger approval with Avoca, Excellon’s (EXN.TO) assay results, and Coeur’s (CDE) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines MGMT | MGN+15.42% $2.84 |
2. Richmont | RIC +13.06% $5.28 |
3. Minco Gold | MGH+12.49% $1.53 |
LOSERS
1. Taseko | TGB -3.87% $4.72 |
2. Golden Minerals | AUMN -3.22% $26.15 |
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:
Fancamp/Champion Fermont Joint Venture - More
- November 04, 2010 | Item | ShareThis
Supatcha Announces Phase II Drill Results for Barlevskoye Gold Property - More
- November 04, 2010 | Item | ShareThis
DRILLING INTERSECTS SIGNIFICANTLY HIGHER GRADE MINERALIZATION AT SCHAFT CREEK AND CONFIRMS MINERALIZED NATURE OF GEOPHYSICAL ANOMALY - More
- November 04, 2010 | Item | ShareThis
DEADHORSE CREEK RARE EARTH PROJECT EXPLORATION UPDATE - More
- November 04, 2010 | Item | ShareThis
Hudson Continues to Intercept Wide High Grade Rare Earth Zones-Drill Hole SAR10-36 Hits 108m of 2.0%, Including 24m of 3.5% TREO - More
- November 04, 2010 | Item | ShareThis
Apella Resources Inc.: Fundamental Research Corp. Report Released and Update Regarding Raglan NSR - More
- November 04, 2010 | Item | ShareThis
Resource Expansion Likely at Veronica Target on Paramount Gold's San Miguel Project - More
- November 04, 2010 | Item | ShareThis
Detour Gold Receives Approval from Provincial Government to Commence Construction of Mining Facilities at Detour Lake - More
- November 04, 2010 | Item | ShareThis
Geo Minerals Begins Work Program on Chilcotin Claims in B.C. - More
- November 04, 2010 | Item | ShareThis
Red Cliff East Drilling Completed - More
- November 04, 2010 | Item | ShareThis
Tagish Lake Cancels All 2010 Incentive Stock Options - More
- November 04, 2010 | Item | ShareThis
MURGOR RESOURCES ANNOUNCES EXTENSION OF WARRANTS - More
- November 04, 2010 | Item | ShareThis
Court Approves Plan of Arrangment and New Pacific Grants Options - More
- November 04, 2010 | Item | ShareThis
Excellon Announces New High-Grade Drill Hole Assays at Platosa - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce assay results for 11 holes from recent Platosa diamond drilling. Three are from the NE Rodilla area, approximately 50 m northeast of the main known massive sulphides of the Rodilla Manto. Hole LP874 intersected 8.42 metres (m) of massive sulphides grading 818g/t (24 oz/T) Ag, 12.67% Pb, 15.22% Zn. Hole LP872 in the same area intersected 1.85 m grading 1,064 g/t (31oz/T) Ag, 13.54% Pb, 8.53% Zn. The new sulphides may be connected to Rodilla, or may represent a new body developed along a NW-SE-trending structure. The area remains open in several directions." More
- November 04, 2010 | Item | ShareThis
Merit Mining to Drill Main Zone at J&L Property - More
- November 04, 2010 | Item | ShareThis
AM Gold Intercepts 229 m of .57 g/t Gold at Red Mountain - More
- November 04, 2010 | Item | ShareThis
Inca Pacific Resources Inc.: New Sponsor for Lima Exchange - More
- November 04, 2010 | Item | ShareThis
TASEKO ANNOUNCES MANPOWER REDUCTIONS BASED ON FEDERAL GOVERNMENT'S DECISION ON PROSPERITY - "Taseko Mines Limited ("Taseko" or the "Company") announced today that a total of 65 jobs will be eliminated as a result of the November 2, 2010 Federal Government decision to not approve the Company's Prosperity Mine in the Cariboo-Chilcotin Region of British Columbia." More
- November 04, 2010 | Item | ShareThis
URAVAN ANNOUNCES - More
- November 04, 2010 | Item | ShareThis
Nuinsco Begins Drilling at Prairie Lake Rare Metals Project - More
- November 04, 2010 | Item | ShareThis
Newmac Resources Inc.: Drilling Program to Commence Raft Property - More
- November 04, 2010 | Item | ShareThis
Eagle Plains Reports Results on Sprogge Gold Project, Yukon Territory - More
- November 04, 2010 | Item | ShareThis
Sirios Inc.: Diamond Drilling in Progress on High Grade Gold Aquilon Property, James Bay, Quebec - More
- November 04, 2010 | Item | ShareThis
Asian Mineral Resources Announces Management Changes - More
- November 04, 2010 | Item | ShareThis
Coastal Pacific Mining Corp. Completes Initial Payment Towards Santa Rita Option - More
- November 04, 2010 | Item | ShareThis
MURGOR SIGNS LETTER OF INTENT TO ACQUIRES UP TO 70% INTEREST IN THE GOLDEN ARROW GOLD MINE FROM VICTORIA GOLD MINE, TIMMINS, ONTARIO - More
- November 04, 2010 | Item | ShareThis
Uranium North Identifies Zones with High Gold Assays on Robin Property - More
- November 04, 2010 | Item | ShareThis
Diamonds North Reports High Gold Values and Triples Strike Length on HI-1 - More
- November 04, 2010 | Item | ShareThis
Golden Tag Reports Active Drilling On High Grade Gold Zones on the Aquilon Property, James Bay, Quebec. - More
- November 04, 2010 | Item | ShareThis
Golden Phoenix to Begin Phase I Surface Mapping Update at 100% Owned Northern Champion Molybdenum Property; Prepares for 2011 Exploration - More
- November 04, 2010 | Item | ShareThis
Auryx Gold Significantly Expands the Length and Width of the Mineralized System at the Otjikoto Gold Project in Namibia - More
- November 04, 2010 | Item | ShareThis
Goldrush Extends Near-Surface Gold Mineralization on South Zone and Depth of Gold Mineralization on Western Grid During Phase 2-2010 RC Drilling Program - More
- November 04, 2010 | Item | ShareThis
Amarillo Commences Environmental Studies Required to Permit a Mine on the Posse Deposit, Mara Rosa Project, Brazil, 3rd Rig Commences Drilling - More
- November 04, 2010 | Item | ShareThis
GLOBAL MINERALS ANNOUNCES PRIVATE PLACEMENT WITH ESPERANAZA RESOURCES CORP. AND AFFILIATES OF SPROTT ASSET MANAGEMENT - More
- November 04, 2010 | Item | ShareThis
DIOS Discovers a Goldbearing Tonalite Area on U33 Near the Gold Glacial Dispersal Train - More
- November 04, 2010 | Item | ShareThis
Hardrock Project Drilling: Best Results To-Date - More
- November 04, 2010 | Item | ShareThis
Zincore Drilling Confirms Accha North Flank Mineralization - More
- November 04, 2010 | Item | ShareThis
Puma Exploration: Update on the Current Exploration Program on Nicholas-Denys Silver Property - More
- November 04, 2010 | Item | ShareThis
China Gold International Resources Corp. Ltd.: 2010 Drilling Program Produces High Grade Gold Intercepts at Jiama - More
- November 04, 2010 | Item | ShareThis
Toro Resources Submits Permit for Phase I Drill Program, Acquires Additional 56 Mining Claims and Completes Airborne Photogrammetry Survey - More
- November 04, 2010 | Item | ShareThis
African Gold Group, Inc. Intercepts 125 Meters of 1.04 g/t Au from Surface & 90 Meters of 1.29 g/t Au-Both Holes End in Mineralization-at Kobada, Mali - More
- November 04, 2010 | Item | ShareThis
Alderon Announces Further Resource Upside and Comments on Rail Capacity - More
- November 04, 2010 | Item | ShareThis
Eagle Hill Exploration Corporation-Windfall Lake Property Update: Summary and Plans for 2011 - More
- November 04, 2010 | Item | ShareThis
RX Exploration Commences New Decline at Drumlummon - More
- November 04, 2010 | Item | ShareThis
Michael R. Sonnenreich, Chairman and CEO of Williams Creek, Joins Tyhee Development Corporation Board of Directors - More
- November 04, 2010 | Item | ShareThis
Sultan Minerals Plans Expanded Drill Program for High Grade Gold Corridor Kena Property, BC - More
- November 04, 2010 | Item | ShareThis
Viper Gold Reports 24.3 gpt Gold from a 1.2 X 0.3 Metre Panel Sample from Descubridora Adit on the Corongo Property in Peru - More
- November 04, 2010 | Item | ShareThis
Aldrin Reports IND Project Trench Results Including 4.05 Grams Per Tonne Gold Over 5 Metres - More
- November 04, 2010 | Item | ShareThis
Eastern Platinum Limited: Updates on New Order Mining Rights, Power and Water Supply for Eastern Limb Projects - More
- November 04, 2010 | Item | ShareThis
GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - Board Appointment - More
- November 04, 2010 | Item | ShareThis
Newcastle Provides Drilling Update From Pickle Lake - More
- November 04, 2010 | Item | ShareThis
Northern Shield Closes Financing - More
- November 04, 2010 | Item | ShareThis
Radius Options Guatemalan Geothermal Concessions - More
- November 04, 2010 | Item | ShareThis
Orvana Minerals Corp.: Copperwood Drilling and Surface/Mineral Rights Acquisitions - More
- November 04, 2010 | Item | ShareThis
Selective Mining at Lluvia de Oro yields higher gold grades and more gold ounces - More
- November 04, 2010 | Item | ShareThis
Cadillac Ventures Inc.: First San Platon hole assays 5.42% Cu over 2 metres - More
- November 04, 2010 | Item | ShareThis
Nevada Exploration Completes $180,000 Private Placement - More
- November 04, 2010 | Item | ShareThis
Strategic Metals Ltd. Discovers New Zones and Substantially Expands Keg Area Claim Holdings to Create Silver Range Project - More
- November 04, 2010 | Item | ShareThis
Rockhaven Resources Ltd. Announces Private Placement - More
- November 04, 2010 | Item | ShareThis
Bear Lake Gold Reports High Grade Drill Results at Larder Lake Hole BLG-10-79 Intersects 12.03 g Au/t Over 3.0 Meters - Third Diamond Drill to Arrive Shortly - More
- November 04, 2010 | Item | ShareThis
American Paramount Gold to Commence CSAMT Survey for Capgold Project in Nevada - More
- November 04, 2010 | Item | ShareThis
San Gold Increases Third Quarter Gold Production by 37% - More
- November 04, 2010 | Item | ShareThis
American Lithium Starts Borate Hills Drill Program - More
- November 04, 2010 | Item | ShareThis
Continental Nickel Reports Additional Assay Results from the Nachingwea Nickel Sulphide Project in Tanzania, Including 1.14% Nickel and 0.25% Copper - More
- November 04, 2010 | Item | ShareThis
Astral Reports Drill Results From Jumping Josephine Gold Project Parallel Zone Identified - More
- November 04, 2010 | Item | ShareThis
Romios Gold's Titan 24 Survey Detects Large Conductor 500 by 300 by 200 Metres Below Known Copper Gold Porphyry Mineralization at Trek - More
- November 04, 2010 | Item | ShareThis
Centurion Executes Agreement for Jimeu Gold Property Located in Aceh, Sumatra; Receives Exploration-Stage Mining Business Permit IUP - More
- November 04, 2010 | Item | ShareThis
Kria Resources Enters Into Memorandum of Understanding With the Mi'gmag First Nations in New Brunswick - More
- November 04, 2010 | Item | ShareThis
Spanish Mountain Gold Announces Assay Results From 2010 Drilling at Spanish Mountain and Provides Update on Preliminary Economic Assessment (PEA) - More
- November 04, 2010 | Item | ShareThis
Yorbeau Announces Appointment of Francois Perron as Director - More
- November 04, 2010 | Item | ShareThis
Sunridge Gold Identifies Potential New VMS District at the Besakoa Project, Madagascar - More
- November 04, 2010 | Item | ShareThis
Tagish Lake Obtains Interim Order for Plan of Arrangement - More
- November 04, 2010 | Item | ShareThis
Alto Group Holdings Announces Overview of History and Mineralization of the La Cienega Gold Project - More
- November 04, 2010 | Item | ShareThis
Avion Gold Produces 9,120 Ounces in October 2010 - More
- November 04, 2010 | Item | ShareThis
NioGold and Aurizon Report 1.21 g/t Au Over 80.8 Metres Including 11.06 g/t Au Over 3.6 Metres at Marban - More
- November 04, 2010 | Item | ShareThis
Halo Updates NI 43-101 Compliant Resources Estimate for Sherridon District, Manitoba - More
- November 04, 2010 | Item | ShareThis
Katanga announces 2010 Third Quarter Results - More
- November 04, 2010 | Item | ShareThis
Alamos Gold Reports Q3 2010 Financial Results and Provides Mulatos Operations and Exploration Update - More
- November 04, 2010 | Item | ShareThis
CB Gold Inc.: Corporate and Exploration Update - More
- November 04, 2010 | Item | ShareThis
Uranium Resources, Inc. Signs Letter of Intent for Exploration Agreement with Cameco Resources to Explore Texas Properties - More
- November 04, 2010 | Item | ShareThis
Momentum Builds as Coeur Completes First Full Quarter with All Three New Gold and Silver Mines in Production - “Over the past three years, Coeur has been executing its strategic plan to transition the Company to three new long-life silver and gold mines. Along with exceptionally strong metals prices, the results from the third quarter demonstrate the momentum being created by these new operations,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. “As metal sales and cash flow increase, the Company’s cash operating costs and capital expenditures continue to decline.” More
- November 04, 2010 | Item | ShareThis
Richmont Mines Reports Solid Growth for Third Quarter of 2010 - "Revenue for the third quarter of 2010 was $23.9 million, a 25% improvement over the $19.1 million of revenue generated in the comparable quarter of 2009. Driving this growth was a higher selling price of US$1,244 (CAN$1,288), versus US$921 (CAN$1,052) in the comparable period of 2009, as well as a 7% increase in the number of gold ounces sold to 18,084, from 16,840 gold ounces in the prior year. The combination of these factors resulted in total precious metal revenues increasing by 31% to $23.3 million in the third quarter of 2010 from $17.7 million in the comparable period of 2009." More
- November 04, 2010 | Item | ShareThis
Royal Gold Reports Record Revenue and Free Cash Flow for First Quarter Fiscal 2011 - "Royal Gold, Inc. (NASDAQ:RGLD - News) (TSX:RGL.to - News) today announced record royalty revenue of $45.3 million for the first quarter of fiscal 2011 and net income attributable to Royal Gold stockholders of $11.8 million, or $0.22 per basic share. This compares to royalty revenue of $26.1 million and net income of $7.1 million, or $0.18 per basic share, for the first quarter of fiscal 2010." More
- November 04, 2010 | Item | ShareThis
Aurizon Reports 80.8 Metres at 1.21 Grams of Gold Per Tonne, Including 11.06 Grams of Gold Per Tonne Over 3.6 Metres at Marban - "Aurizon Mines Ltd. (TSX:ARZ.to - News) ("Aurizon") is pleased to announce results from the first thirteen (13) drill holes at the Marban Block property, located in the Malartic gold camp, in the Abitibi region of Quebec." More
- November 04, 2010 | Item | ShareThis
ANATOLIA ANNOUNCES FIRB APPROVAL FOR MERGER OF EQUALS WITH AVOCA RESOURCES TO FORM ALACER GOLD - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") [TSX:ANO] is pleased to announce that approval has been received from Australia's Foreign Investment Review Board ("FIRB") regarding its proposed merger with Avoca Resources Limited ("Avoca"). This approval is a condition to the proposed merger between Anatolia and Avoca, and is required under Australia's foreign investment laws." More
- November 04, 2010 | Item | ShareThis
Gold Fields Limited: Operations Tracking Guidance - "Gold Fields Limited (NYSE, JSE and Dubai: GFI) today announced net earnings excluding gains and losses on foreign exchange, exceptional items and share of gain or loss of associates after taxation for the September 2010 quarter of R1,016 million compared with earnings of R945 million and R625 million in the June 2010 and the September 2009 quarters respectively. In US dollar terms net earnings excluding gains and losses on foreign exchange, exceptional items and share of gain or loss of associates after taxation for the September 2010 quarter were US$138 million, compared with earnings of US$125 million and US$80 million for the June 2010 and September 2009 quarters respectively." More
- November 04, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 4 November, 2010 | |
