Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

- CLICK HERE TO VISIT THE NEW SILVERSEEK.COM -

Live Spot Silver

Navigation

Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

By: Chris Mullen, Gold-Seeker.com

-- Posted 24 January, 2011 | | Source: SilverSeek.com

	Close	Gain/Loss
Gold	$1345.20	+$2.50
Silver	$27.37	-$0.06
XAU	198.53	-0.79%
HUI	500.61	-0.82%
GDM	1482.91	-0.98%
JSE Gold	2571.04	-23.72
USD	78.00	-0.14
Euro	136.45	+0.31
Yen	121.27	+0.17
Oil	$87.87	-$1.24
10-Year	3.408%	-0.008
T-Bond	120.3125	+0.21875
Dow	11980.52	+0.92%
Nasdaq	2717.55	+1.04%
S&P	1290.84	+0.58%

Buy Gold Online

The Metals:

Gold climbed $10.25 to as high as $1352.95 in Asia before it fell back off to see a $1.25 loss at $1341.45 by about 10AM EST, but it then bounced back higher in late morning trade and ended with a gain of 0.19%. Silver rose nearly 2% to $27.97 in Asia before it fell to see an almost 1% loss at $27.167 by about 10AM EST, but it then bounced back higher and ended with a loss of just 0.22%.

Euro gold fell to about €986, platinum lost $4 to $1814.50, and copper gained 4 cents to about $4.34.

Gold and silver equities rose about 1% by late morning, but they then fell back off into the close and ended with slight losses.

The Economy:

Survey of business economists shows improved jobs outlook Yahoo

U.S. Jobs Outlook Rises to Decade High, Survey Says Bloomberg

TIPS 17% Returns Diverge From Economists Forecasting 1.7% Rise in Prices Bloomberg

Treasury's toxic asset funds gain 27 percent Reuters

Tomorrow at 9AM EST brings the Case-Shiller 20-city Index for November expected at -1.5%. At 10AM is Consumer Confidence for January expected 53.5 and the FHFA Housing Price Index for November.

The Markets:

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

Oil fell “after Saudi Arabian Oil Minister Ali al-Naimi signaled OPEC may increase supply to meet growing demand.”

The U.S. dollar index ended slightly lower in mixed trade as market participants positioned themselves ahead of this week’s fed meeting.

Treasuries rose on federal reserve buying ahead of this week’s auctions.

The Dow, Nasdaq, and S&P rose on mostly strong earnings reports.

Among the big names making news in the market today were GM, Google, Sara Lee, McDonald’s, J.C. Penney, and Halliburton.

The Commentary:

“Dear Friends,

This week’s analysis of the Commitments of Traders reports is a continuation of the recent pattern we have seen with Managed Money continuing its exodus from the long side of the gold market as well as some fresh selling from that category with new short positions being established. This category does not have a good track record of making much money while attempting to play the downside in gold. They have a habit of selling bottoms.

They are now at levels last seen in May 2009, 20 months ago when it comes to long side exposure. For comparative purposes, gold was trading at $920 when they were last at this level.

The commercial class continues to cover shorts into long side liquidation further reducing their overall exposure to the short side. Ditto for the swap dealers which for gold are basically the commercials under a different guise.

The general public, having bought the top, continues to exit and is coming down to more reasonable levels as suggested would need to occur in last week’s report at this site. We might need to bleed out another 10,000 of those longs in this camp before we set a bottom. A lot of them were probably caught today and Thursday after the battering gold took so their numbers are lower than today’s report suggests seeing it only covered the action through Tuesday of this week.

The “Other Reportables” camp still seems to me to be a bit heavy on gold exposure but their number of longs is slowly moving lower as some in their camp take out some fresh short positions. Maybe another 10,000 – 15,000 shift needs to occur here.

All in all, the report confirms the same old familiar pattern that we have seen in this market for nearly ten years now during each episode of price weakness.

Managed Money is still the big force in our markets today so until they cease liquidating longs we can head lower but once this camp levels off and returns to the long side, the next leg higher will commence. I like the fact that their numbers are so low on the long side yet gold is holding at a relatively high level, down only some 6% or so from off its recent peak even as their overall net long exposure has been cut nearly 100,000 contracts from September of last year.”- Dan Norcini, More at JSMineset.com

GATA Posts:

Meet GATA's board at conclusion of Vancouver conference

Gene Arensberg: Bullion banks now least short in gold since 2008

China silver demand quadruples, and Greenspan advocates gold standard

China buys gold and the world follows

The Statistics:

Activity from: 1/20/2011

Gold Warehouse Stocks:	11,564,219	-88,134
Silver Warehouse Stocks:	104,155,015	-204,379

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	1271.769	40,888,661	US$54,899m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)	Gold Bullion Securities	121.34	3,901,253	US$5,248m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	134.41	4,321,452	US$5,814m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	474,861	US$614m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	51.10	1,642,806	US$2,206m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,962	US$7m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 20.336 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 117.06: -0.85 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,394.53: -132.17 change from yesterday’s data.

The Miners:

Randgold’s (GOLD) mine progress, Fronteer’s (FRG) plans for 2011, Vista Gold’s (VGZ) permitting progress, Allied Nevada’s (ANV) drill results, Banro’s (BAA) Preliminary Assessment, Almaden’s (AAU) Preliminary Economic Assessment, and Alexco’s (AXU) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1. Ivanhoe	IVN +7.68% $27.49
2. Vista Gold	VGZ +4.17% $2.50
3. Entree	EGI +2.59% $2.77

LOSERS

1. Almaden	AAU-7.94% $3.71
2. Northgate	NXG-6.79% $2.47
3. Nevsun	NSU-6.20% $5.45

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:

Colossus Minerals Announces Results of AGM and Expiry of Warrants - More
- January 24, 2011 | Item | ShareThis

Uranerz Energy Corporation: NRC Determines No Major Environmental Impacts Preclude Licensing of Nichols Ranch ISR Uranium Project - More
- January 24, 2011 | Item | ShareThis

Cameco Provides Date for Q4 Results and Conference Call - More
- January 24, 2011 | Item | ShareThis

Laurentian Goldfields Ltd. Engages Humbercrest Capital Inc. to Provide Investor Relations Services - More
- January 24, 2011 | Item | ShareThis

Yale Summarizes a Successful 2010 - More
- January 24, 2011 | Item | ShareThis

White Canyon Uranium Ltd.: Daneros Milling Yields 204,450 Pounds of U308 - More
- January 24, 2011 | Item | ShareThis

Lions Gate Metals Commences Poplar Project Drill Program - More
- January 24, 2011 | Item | ShareThis

Sulliden Receives Proceeds of Approx. $22.8 Million from Accelerated Expiry of Warrants - More
- January 24, 2011 | Item | ShareThis

Minera Andes Reminds Warrant Holders of Accelerated Expiry on January 31, 2011 at 5 pm (EST) - More
- January 24, 2011 | Item | ShareThis

Redhill Receives AUD$1,558,192 from Mutiny Gold for Gullewa Option - More
- January 24, 2011 | Item | ShareThis

Golden Dawn Minerals Inc. Intersects 55.7 M Grading 0.39G/T Gold, 0.04% Copper Within Broad Gold-Copper Zone, Greenwood Mining District, Bc, Canada. - More
- January 24, 2011 | Item | ShareThis

Quantum Research Report Updated - More
- January 24, 2011 | Item | ShareThis

First Gold Intersects 1.15% Li2O, 173 ppm Ta2O5, 507 ppm BeO, 2,317 ppm Rb and 71 ppm Ga Over 11.6 Metres on the JR Showing - More
- January 24, 2011 | Item | ShareThis

Vantex Receives $489,000 From Warrants Exercised - More
- January 24, 2011 | Item | ShareThis

Molycorp Announces Approval of Phase 2 Expansion at Mountain Pass, a Proposed Mandatory Convertible Preferred Offering by the Company and Proposed Secondary - More
- January 24, 2011 | Item | ShareThis

Minera IRL Announces Exercise of Options and Total Voting Rights - More
- January 24, 2011 | Item | ShareThis

Wolverine Expands Dawson Range Holdings - More
- January 24, 2011 | Item | ShareThis

Nevado Acquires Mining Claims in Fermont - More
- January 24, 2011 | Item | ShareThis

Threegold Resources Inc.: Exploration Resumes on Adanac Project, Quebec, and South Bay Project Update - More
- January 24, 2011 | Item | ShareThis

Great Western Minerals Group Acquires 70.2% of Rareco Shares to Date - More
- January 24, 2011 | Item | ShareThis

Goldrush Trenching Expands Mineralized Zone to the Northeast at Ronguen Gold Deposit, Burkina Faso; RAB Drilling Discovers New Zone at Pouni Artisanal Site - More
- January 24, 2011 | Item | ShareThis

Corazon Gold Completes Initial Mapping of the Santo Domingo Concession in Nicaragua, and Samples Up to 55 g/t Au - More
- January 24, 2011 | Item | ShareThis

Goldstone Appoints Langstaff Senior Project Geologist - More
- January 24, 2011 | Item | ShareThis

Ditem Explorations: 6.2 Meter Highly Altered Hydrothermal Zone Intersected - More
- January 24, 2011 | Item | ShareThis

Macusani Yellowcake Inc. Announces the Significant Possible Extension of the Lower Level "B" at Chilcuno on the Kihitian Property, Peru: 4.0 Metres at 0.5327% - More
- January 24, 2011 | Item | ShareThis

Condor Resources Inc.: Permits Granted and Drill Contract Signed for Pucamayo West - More
- January 24, 2011 | Item | ShareThis

Golden Predator Acquires Harlan Property, Yukon - More
- January 24, 2011 | Item | ShareThis

Pelangio Exploration Intersects 1.50 g/t Gold Over 51 Metres at Pokukrom East on the Manfo Property - More
- January 24, 2011 | Item | ShareThis

United Reef Mobilizes Drilling Program on Nixon Bartleman Property, West Timmins Area - More
- January 24, 2011 | Item | ShareThis

Latin American Minerals Orders Bulk Sampling Plant for Paraguay Gold Project Following Property Acquisition - More
- January 24, 2011 | Item | ShareThis

Tiex Inc. Management and Board Changes - More
- January 24, 2011 | Item | ShareThis

Argentex commences 17,000-meter drill program at Pinguino, Santa Cruz, Argentina - More
- January 24, 2011 | Item | ShareThis

Atna Reports Increased Gold Production and Lower Costs at Briggs Mine - More
- January 24, 2011 | Item | ShareThis

Redox Battery Inventor, Professor Maria Skyllas-Kazacos, Joins Apella's Advisory Board - More
- January 24, 2011 | Item | ShareThis

Mill City Files Form 20-F Registration Statement With the U.S. Securities and Exchange Commission - More
- January 24, 2011 | Item | ShareThis

Extorre Gold Mines Limited: Cerro Moro Infill Drilling for Pre-Feasibility Study Completed- Drilling Now Focussed Entirely on New Veins and Extensions - More
- January 24, 2011 | Item | ShareThis

GoviEx Uranium Appoints International Business Executive Jean Lamarre as New Chairman of the Board - More
- January 24, 2011 | Item | ShareThis

Teryl Resources Receives 2010 Gil Joint Venture Annual Report From Kinross Gold Corporation - More
- January 24, 2011 | Item | ShareThis

Central Resources Reports Geochemical Results from the Selwyn Creek Project ("O" Claims) White Gold District, Yukon - More
- January 24, 2011 | Item | ShareThis

Ironwood Gold Corp. Announces Appointment of Anton Borozdin to Board of Directors - More
- January 24, 2011 | Item | ShareThis

Explorator Announces Highlights From the 2011 El Espino Updated Preliminary Economic Assessment-NPV of US$529 Million and IRR of 24.4% - More
- January 24, 2011 | Item | ShareThis

Queensland Minerals Shares to Resume Trading - More
- January 24, 2011 | Item | ShareThis

Vena Resources Files Preliminary Prospectus Supplement and Announces Strategic Review of Uranium Assets - More
- January 24, 2011 | Item | ShareThis

Cadillac Ventures Inc.: Third Thierry Hole Contains 2.02% Cu Over 21.98 Feet - More
- January 24, 2011 | Item | ShareThis

Midlands' New Kilindi-Tamota Licence on Strike With Major Gold Discovery in Handeni Area, Tanzania - More
- January 24, 2011 | Item | ShareThis

B2Gold Corp. Reports on Fourth Quarter 2010 Gold Production and Guidance for 2011 Production and Exploration Plans and Budget - More
- January 24, 2011 | Item | ShareThis

Continental Nickel Intersects More High Grade Sulphides Grading 2.28% Nickel and 0.57% Copper Over 17.25 Metres at the Sleeping Giant Zone - More
- January 24, 2011 | Item | ShareThis

Geovic Announces New Senior Management Appointments - More
- January 24, 2011 | Item | ShareThis

Abacus Completes Major Definition and Infill Drill Program at Ajax as Part of Ongoing Feasibility Study - More
- January 24, 2011 | Item | ShareThis

Pretivm Exercises Option to Acquire Property Interests - More
- January 24, 2011 | Item | ShareThis

Stroud Announces Final Closing of Placement-Drilling to Re-Commence on Santo Domingo Silver Project - More
- January 24, 2011 | Item | ShareThis

Quadra FNX Announces Fourth Quarter and 2010 Production Results and Provides Guidance for 2011 - More
- January 24, 2011 | Item | ShareThis

Xtra-Gold Resources Inc. Intersects Gold Mineralization in Several Holes - More
- January 24, 2011 | Item | ShareThis

Mustang Minerals Corp.: Drilling Begins at Mayville Property - More
- January 24, 2011 | Item | ShareThis

Mercer Gold Appoints James M. Stonehouse as Director - More
- January 24, 2011 | Item | ShareThis

Evolving Gold - Nevada Exploration Update - More
- January 24, 2011 | Item | ShareThis

Lara Exploration Ltd.: Additional Royalty Negotiated for the Curionopolis Iron Ore Project - More
- January 24, 2011 | Item | ShareThis

U3O8 Corp. Outlines 2011 Exploration Program Aimed at Rapidly Expanding Its NI 43-101 Resource Portfolio in South America - More
- January 24, 2011 | Item | ShareThis

39 feet Averaging 0.201 opt Au Encountered in Underground Exploration Drilling at Jerritt Canyon, Nevada - More
- January 24, 2011 | Item | ShareThis

Lions Gate Receives Results of ROK Coyote Exploration Project - More
- January 24, 2011 | Item | ShareThis

Bellhaven Drills 73 Meters of 0.50 g/t Au and 0.25% Cu (0.92 g/t AuEq) at the La Mina Porphyry Gold-(Copper) Project, Colombia - More
- January 24, 2011 | Item | ShareThis

Earth Dragon Resources Enters Into Gold Venture in Tanzania - More
- January 24, 2011 | Item | ShareThis

Caledonia Mining Corporation: January 2011 Shareholder Update - More
- January 24, 2011 | Item | ShareThis

Minera IRL Announces Strong 2010 Results From The Corihuarmi Gold Mine, Peru - More
- January 24, 2011 | Item | ShareThis

Randgold Resources -- Partnership in Progress Keeps Kibali on Fast Track - "All key pre-production targets set for 2010 have been met by the Kibali development team and the giant gold project is on track for the start-up of construction by the middle of the year, six months earlier than originally scheduled." More
- January 24, 2011 | Item | ShareThis

Fronteer Gold Reports Objectives, Work Plan and Budget for 2011 - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) reports its 2011 objectives, activities and budgets for Long Canyon, Northumberland and Sandman, the key Nevada gold deposits that form the company's near-term production platform. The company also summarizes plans for Halilaga, its joint-venture, copper-gold porphyry project in northwestern Turkey." More
- January 24, 2011 | Item | ShareThis

Vista Gold Corp. Comments on Concordia Gold Project Permitting Process - "Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ), in response to what it believes to be misleading media coverage in Baja California Sur, Mexico ("BCS"), today provided an interim update on the permitting process for its Concordia gold project in BCS. Vista is proceeding with Concordia's development in accordance with federal mining and environmental laws and continues to be in compliance with all statutory obligations and responsibilities in BCS." More
- January 24, 2011 | Item | ShareThis

Allied Nevada Reports Final Drill Results from Its 2010 Exploration Program at Hycroft Including 134 Meters of 2.63 g/t Gold Equivalent - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce the final drill results from the 2010 exploration program at its wholly owned Hycroft mine located near Winnemucca, Nevada. Highlights from the remaining holes include Vortex infill hole 3461 with an interval of 134 meters of grading 2.63 g/t AuEq (1.16 g/t Au and 78.83 g/t Ag) and North Brimstone infill hole 3440 with an interval of 18 meters of material grading 2.30 g/t AuEq (1.56 g/t Au and 34.17 g/t Ag). The North Brimstone interval appears to be oxide mineralization and the Vortex interval appears to be within the oxide/sulfide transitional zone and carries into the sulfide material." More
- January 24, 2011 | Item | ShareThis

Banro's Preliminary Assessment of its Namoya Heap Leach Gold Project Indicates Annual Production of 124,000 Ounces at Average Total Cash Costs of Us$359 - "The positive results of this study highlight the economic benefits of advancing Namoya using heap leach as an initial phase of mining the Namoya deposit, which would essentially double the gold production expected to be generated by Twangiza's Phase I project within a year to around 250,000ozs per annum." said Simon Village, Banro's Chairman. "It is envisaged that Banro would fully fund Namoya through cash-flows generated by Twangiza Phase I. The combined cash-flows of both Twangiza and Namoya would then allow the Company to fund the hydro-electric plant which is required to support the larger expansion of the proposed 5Mtpa Twangiza Phase II project. This expansion would result in Banro being able to target production of up to 500,000ozs per annum, which reflects the 5 year growth path for the Company. For now, though, our focus is to successfully deliver on Twangiza Phase I and complete the necessary work to prepare the Namoya project for development in Q1 2012, and production some 12 months thereafter." More
- January 24, 2011 | Item | ShareThis

Almaden's Elk Project, BC Delivers Positive Preliminary Economics - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to report the results of a positive Preliminary Economic Assessment ("PEA") of the open pit potential of its 100% owned Elk gold project located in British Columbia, Canada. The Positive PEA demonstrates the potential that a viable project could be launched on the Elk property. The results for the base case (at US$1,000 per troy ounce) indicate a mining project with a 7 year mine life producing 139,000 ounces of gold at estimated cash operating costs of $C528 per troy ounce, initial capital expenditures of C$9.91 MM, pre-tax Internal Rate of Return of 51%, payback of 1.85 years and NPV of $C28.7 MM using a discount rate of 8%. The results for US$1,200 per troy ounce case indicate a mining project with a 9 year mine life producing 297,000 ounces of gold at estimated cash operating costs of $C652 per troy ounce, initial capital expenditures of C$17.5 MM, pre-tax Internal Rate of Return (IRR) of 39%, payback of 3.3 years and NPV of $C67.9 MM using a discount rate of 8%." More
- January 24, 2011 | Item | ShareThis

Alexco Identifies New 6.4 to 8.9 Meter Wide Silver Mineralized Zone at Bermingham, Keno Hill, Yukon - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce additional results from the 2010 surface core drilling program at its Bermingham property in the Keno Hill silver district, Yukon Territory. Building on Alexco's recognition of a "blind" mineralized structural zone in the area of the historic Bermingham mine in 2009, follow up work in 2010 has confirmed the presence of significant silver mineralization with minor base metals beginning approximately 150 meters from surface and extending at least 200 meters down plunge where it remains open. The mineralized structure is also recognized at depth over approximately 200 meters of strike extent where it similarly remains open to the southwest. Six of the holes drilled in 2010 to initially test the target structure intersected significant silver grades over drill widths ranging from 6.38 to 8.92 meters within a structural zone up to 20 meters wide. The historical Bermingham mine is located on Galena Hill approximately 1,500 meters southwest of the historical Hector Calumet mine, the district's largest historical silver producer. Mineralization at Bermingham occurs on the southwest extension of the same structural zone that hosted the Hector Calumet ore deposit, which produced approximately 96 million ounces of silver at an average grade of 35 ounces per ton." More
- January 24, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

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 24 January, 2011 | |

Latest Articles

Gold Seeker Closing Report: Gold and Silver Fall Over 2% More
13 December, 2011

Gold Seeker Closing Report: Gold and Silver Fall Almost 3%
12 December, 2011

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
9 December, 2011

Gold Seeker Closing Report - Article Archive List

SilverSeek.com is presented to you by:

The content on this site is protected by U.S. and international copyright laws and is the property of SilverSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on SilverSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of SilverSeek.com, its affiliates or advertisers. SilverSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.