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Gold Seeker Closing Report: Gold and Silver Fall Slightly

By: Chris Mullen, Gold-Seeker.com


-- Posted 2 February, 2011 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1331.00

-$8.50

Silver

$28.27

-$0.22

XAU

204.04

-1.09%

HUI

515.64

-0.84%

GDM

1526.25

-0.89%

JSE Gold

2599.20

+52.27

USD

77.01

+0.02

Euro

138.04

-0.22

Yen

122.63

-0.24

Oil

$90.86

+$0.09

10-Year

3.489%

+0.046

T-Bond

119.53125

-0.40625

Dow

12041.97

+0.02%

Nasdaq

2750.16

-0.04%

S&P

1304.03

-0.27%

 
 

 

The Metals:

 

Gold fell $7.45 to $1332.05 by a little before 8AM EST before it bounced back near unchanged in early New York trade and then fell to a new session low of $1326.54 by early afternoon ahead of a decent rally back higher in the last hour of trade, but it still ended with a loss of 0.63%.  Silver fell to $28.21 in London before it rose to see a 12 cent gain at $28.61 in midmorning New York trade, but it then fell to a new session low of $28.107 by early afternoon and ended with a loss of 0.77%.

 

Euro gold fell to about €965, platinum gained $7.12 to $1824.87, and copper remained at about $4.54.

 

Gold and silver equities fell about 1% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Jan

187K

145K

247K

 

Treasury gives new date for hitting debt limit  Yahoo

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 1/29 expected at 425,000, fourth quarter Productivity expected at 2.2%, and Unit Labor Costs expected at 0.1%.  At 10AM is the ISM Services report for January expected at 57.0 and Factory Orders for December expected at -0.6%.

 

The Markets:

 

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

 

Oil remained slightly higher after the Energy Information Administration reported that crude inventories rose 2.6 million barrels, gasoline inventories rose 6.2 million barrels, and distillates fell 1.6 million barrels.

 

The U.S. dollar index found slight gains as the euro fell on renewed concerns about Egypt.

 

Treasuries fell as the Dow, Nasdaq, and S&P shrugged off geopolitical worries and waffled near unchanged.

 

Among the big names making news in the market today were Gap, Genworth, Time Warner, Mattel, Marathon, and Hewlett-Packard.

 

The Statistics:

Activity from: 2/01/2011

Gold Warehouse Stocks:

11,401,850

-2,898

Silver Warehouse Stocks:

103,594,088

+177,634

 

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

1227.153

39,454,198

US$52,730m

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$5,204m

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$5,766m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,815

US$608m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

50.36

1,619,256

US$2,156m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,962

US$7m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 110.86: -0.31 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,405.17: -21.26 change from yesterday’s data.

 

The Miners:

 

Royal Gold’s (RGLD) amended credit facility, Great Basin’s (GBG) updated mineral reserves, and New Gold’s (NGD) record quarterly and annual gold production were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Claude

CGR +2.97% $2.08

2.  Fronteer

FRG +2.87% $10.40

3.  Northern Dynasty

NAK +1.89% $19.94

 

LOSERS

1.  Minco Gold

MGH -3.78% $2.29

2.  Mines MGMT

MGN -3.16% $3.06

3.  Jaguar

JAG -2.59% $6.02

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:

Commerce Resources Corp.'s Upper Fir Tantalum and Niobium Deposit Confirmed as a Large Indicated Resource, Blue River, B.C. - More
- February 02, 2011 | Item | ShareThis


Redhill Resources Corp.: Extension Drilling Underway at Gullewa - More
- February 02, 2011 | Item | ShareThis


Olympus Announces Bau Project Drilling Update - More
- February 02, 2011 | Item | ShareThis


Mesa Uranium Acquires Uranium Leases - More
- February 02, 2011 | Item | ShareThis


North Arrow Options Hope Bay Oro Gold Project to Chelsea Minerals Inc. - More
- February 02, 2011 | Item | ShareThis


Royal Gold Amends its Revolving Credit Facility and Term Loan - "Key modifications to the Bank Facilities include, among other items: 1) an increase in the maximum availability under the Revolver from $125 million to $225 million; 2) an increase in the total borrowing under the Term Loan from $110.5 million to $130 million; 3) an extension of the final maturity date for each of the Bank Facilities to February 1, 2014; 4) a restructuring of the interest rate applicable to the Term Loan, making it consistent with the interest rate under the Revolver, which results in a reduction in the current effective rate from LIBOR plus 2.25% to LIBOR plus 1.875%; and 5) a reduction in the amortization rate for principal payments under the Term Loan from 5% of the initial funded principal amount per quarter to 3% of the currently funded principal amount per quarter." More
- February 02, 2011 | Item | ShareThis


Hawthorne Gold Corp.: Update on Private Placement With Skyocean - More
- February 02, 2011 | Item | ShareThis


Uragold Commences Work on the McDonald Gold Property - More
- February 02, 2011 | Item | ShareThis


Western Lithium Joins OTCQX Market in the USA - More
- February 02, 2011 | Item | ShareThis


Bison Gold Resources Inc. Mutually Ends Investor Relations Consulting Agreement With Auburn Partners Inc. - More
- February 02, 2011 | Item | ShareThis


Pacific Iron Ore Corporation Increases Iron Resources and Updates the Bugaboo Creek Iron Ore Project - More
- February 02, 2011 | Item | ShareThis


PHI Gold Corporation Completes Name Changes, Declares Special Stock Dividend - More
- February 02, 2011 | Item | ShareThis


Stina Announces Addition of Geo to Board of Directors - More
- February 02, 2011 | Item | ShareThis


Energizer Resources Announces Closing of First Tranche of Non-Brokered Private Placement of U.S.$11,416,245; Announces Appointment to Special Advisory Committee - More
- February 02, 2011 | Item | ShareThis


African Queen’s Chairman Meets with Kenya’s Prime Minister - More
- February 02, 2011 | Item | ShareThis


First Gold Exploration Inc.: Pre-Feasibility Study Underway for the Rose Deposit - More
- February 02, 2011 | Item | ShareThis


Everton and Brigus Announce More Positive Drill Results on the La Lechoza VMS Prospect in the Dominican Republic - More
- February 02, 2011 | Item | ShareThis


Marifil Mines Ltd.: San Roque Drilling to Begin in March - More
- February 02, 2011 | Item | ShareThis


AXMIN's Interest in Komahun Gold Project, Sierra Leone Increases to 100% - More
- February 02, 2011 | Item | ShareThis


Pinestar Gold Clarifies Becker Options - More
- February 02, 2011 | Item | ShareThis


Copper Canyon Board of Directors Unanimously Recommend Shareholders REJECT NovaGold%u2019s Hostile Takeover Bid - More
- February 02, 2011 | Item | ShareThis


Maya Resumes Drilling at Amizmiz - More
- February 02, 2011 | Item | ShareThis


Diamond Drilling Program Commences at Roy Project in Chibougamau - More
- February 02, 2011 | Item | ShareThis


Woulfe Mining Update on Korea Zinc Agreement and Drilling Progress - More
- February 02, 2011 | Item | ShareThis


First of Six Drill Holes-LME10-08 Demonstrates Positive Results of 17.50 g/t Gold over 0.50, 9.67 g/t Gold over 0.74 m and 7.05 g/t Gold over 0.50 - More
- February 02, 2011 | Item | ShareThis


Alexandria Announces Major 20,000 m Drilling Programme at Akasaba - More
- February 02, 2011 | Item | ShareThis


Ironwood Gold Signs Agreement for Falcon Mine Gold Property in Carlin Trend, Nevada - More
- February 02, 2011 | Item | ShareThis


Canarc to Update Preliminary Economic Assessment of New Polaris Gold Mine Project in Northwestern British Columbia - More
- February 02, 2011 | Item | ShareThis


TINKA GRANTED DRILL PERMIT FOR TIBILLOS COPPER PORPHYRY PROJECT, PERU - More
- February 02, 2011 | Item | ShareThis


North Bay Resources Inc. (NBRI) Renews Ruby Gold Option - More
- February 02, 2011 | Item | ShareThis


Source Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.53% Copper at Las Boquillas; Sampling at Cinco Senores and Area Deposits Confirms Widespread - More
- February 02, 2011 | Item | ShareThis


Estrella Announces Drill Results From Colpayoc Gold Project, Yanacocha District, Peru - More
- February 02, 2011 | Item | ShareThis


Grandview Gold Inc. Issues Update to Shareholders - More
- February 02, 2011 | Item | ShareThis


Augen Gold Reports Preliminary Definition of Six Trends on North Shore Opeepeesway Target - More
- February 02, 2011 | Item | ShareThis


CURIS INITIATES FORMAL OPERATING PERMIT AMENDMENT PROCESS FOR FLORENCE COPPER PROJECT - More
- February 02, 2011 | Item | ShareThis


Tournigan Drills Highest Grades to Date in Kuriskova%u2019s Main Zone South - More
- February 02, 2011 | Item | ShareThis


Western Pacific Shows 88% Historic Gold Recoveries in Carbonaceous Rock at Mineral Gulch - More
- February 02, 2011 | Item | ShareThis


Pure Nickel Reports Operating Highlights and Fiscal Year-End Results for the Year Ended November 30, 2010. - More
- February 02, 2011 | Item | ShareThis


Mustang Purchases Bouchard Hebert Mill for Makwa Project - More
- February 02, 2011 | Item | ShareThis


Intrepid Mines Limited Oxide Project Update - More
- February 02, 2011 | Item | ShareThis


JOURDAN Starts Minimum 3,000 Metres Drilling Campaign on the Lamothe Lithium-Rubidium Discovery Where Surface Grab Samples Gave up to 1.88% Li2O - More
- February 02, 2011 | Item | ShareThis


Avino Provides Update on San Gonzalo Mining & Milling and Commences 2011 Drill Program - More
- February 02, 2011 | Item | ShareThis


Creston Intersects 64.85 Metres Averaging 0.080% Molybdenum, 0.17% Copper and 5.38 gpt Silver: Additional Drilling to Commence - More
- February 02, 2011 | Item | ShareThis


Ian Stalker Joins Forum Board of Directors - More
- February 02, 2011 | Item | ShareThis


WESDOME 2010 YEAR END RESERVES AND RESOURCES ESTIMATES GROW - More
- February 02, 2011 | Item | ShareThis


Adit Resources Completes Private Placement and Signs Letter of Intent to Option Picacho Gold and Silver Property - More
- February 02, 2011 | Item | ShareThis


Destor Claim Block Acquisition and Airborne Survey Complete at Tres-Or's Duparquet Gold Project, Quebec - More
- February 02, 2011 | Item | ShareThis


Evolving Gold Declares Dividend-in-Kind and Sets Record Date for Spin Out of Prosperity Goldfields Corp. - More
- February 02, 2011 | Item | ShareThis


Mandalay Resources Closes Second Tranche of $10 Million Secured Credit Facility - More
- February 02, 2011 | Item | ShareThis


Threegold Acquires the Former Standard Gold Mine - More
- February 02, 2011 | Item | ShareThis


Gold Bag CEO, Grant R. White, Interviewed by Media Analysts - More
- February 02, 2011 | Item | ShareThis


Vena Appoints Designated Sponsor for XETRA - More
- February 02, 2011 | Item | ShareThis


Urastar Announces $5 Million Financing - More
- February 02, 2011 | Item | ShareThis


Great Basin Gold Updates Hollister and Burnstone Mineral Reserves and Life of Mine Estimates and Announces New Term Loan Financing - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX:GBG.to - News) announces increases for both its Hollister Project and Burnstone Mine Mineral Reserve and life-of mine ("LOM") estimates. The Company has also received credit committee approval for a US$60 million Term Loan financing from Credit Suisse AG, the proceeds of which will be used to repay the high cost Senior Secured Notes issued during the 2008 credit crisis." More
- February 02, 2011 | Item | ShareThis


New Gold Announces Highest Gold Production and Lowest Cash Cost in its History and Provides 2011 Guidance - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX:NGD) today announces record quarterly and annual gold production of 124,445 and 382,911 ounces, respectively, with production exceeding the 2010 guidance range of 330,000 to 360,000 ounces. Quarterly and annual total cash cost(1) per ounce sold, net of by-product sales, were $354 and $428 per ounce, respectively, with annual total cash cost(1) per ounce sold being below the 2010 guidance range of $445 to $465 per ounce. New Gold is also pleased to provide guidance for 2011 with forecast gold production expected to increase further to 380,000 to 400,000 ounces at total cash cost(1) per ounce sold, net of by-product sales, of $430 to $450 per ounce. The preliminary production, sales and total cash cost(1) information provided are approximate figures and may differ slightly from the final results included in the 2010 annual audited financial statements and MD&A." More
- February 02, 2011 | Item | ShareThis


- Chris Mullen, Gold Seeker Report

 

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© 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 2 February, 2011 | |


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