-- Posted 11 February, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1359.80 | -$2.70 | +0.91% |
Silver | $30.05 | -$0.07 | +3.48% |
XAU | 203.73 | -0.37% | -1.70% |
HUI | 523.46 | -0.56% | -0.82% |
GDM | 1544.66 | -0.62% | -0.91% |
JSE Gold | 2644.32 | +43.53 | -0.70% |
USD | 78.44 | +0.22 | +0.49% |
Euro | 135.46 | -0.58 | -0.31% |
Yen | 119.81 | -0.13 | -1.53% |
Oil | $85.58 | -$1.15 | -3.88% |
10-Year | 3.646% | -0.062 | -0.16% |
Bond | 118.40625 | +0.90625 | +0.45% |
Dow | 12273.26 | +0.36% | +1.50% |
Nasdaq | 2809.44 | +0.68% | +1.45% |
S&P | 1329.15 | +0.55% | +1.39% |
The Metals:
Gold fell $5.30 to $1357.20 in London before it rose to see a $5.63 gain at $1368.13 in early New York trade and then fell back off for most of the rest of the day, but it then bounced off its late session low of $1353.65 in the last half hour of trade and ended with a loss of just 0.2%. Silver fell to $29.91 and rose to $30.285 before it also fell back off in later trade, but it then bounced off its early afternoon low of $29.688 and ended with a loss of just 0.23%.
Euro gold climbed to over €1005, platinum lost $19.25 to $1805, and copper fell slightly to about $4.53.
Gold and silver equities rose over 1% by about 11AM EST, but they then fell back off midday and ended with slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Dec | -$40.6B | -$40.4B | -$38.3B |
Michigan Sentiment | Feb | 75.1 | 75.5 | 74.2 |
Long road ahead for Obama housing overhaul plan Reuters
Obama Administration Calls for Winding Down Fannie, Freddie Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Retail Sales, Empire Manufacturing, Export and Import Prices, Net Long-Term TIC Flows, and Business Inventories on Tuesday, Housing Starts, Building Permits, PPI, Industrial Production, and Capacity Utilization on Wednesday, and CPI, Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose on Mubarak’s resignation that eased geopolitical concerns.
Treasuries rose along with the Dow, Nasdaq, and S&P on relief over Egypt.
Among the big names making news in the market Friday were GM, Chrysler, Kraft, Jamie Dimon, George Soros, John Paulson, Warren Buffett, Kinder Morgan, Apple, Goldman Sachs, and Nokia, Microsoft, Apple, and Google.
The Commentary:
“One thing I want to point out is the open interest numbers. They are basically staying flat which is being reflected in the inability of gold to clear the $1365 level with any sort of conviction. It tells me that specs are not convinced that gold is a buy right now. We need to see that change, which will be reflected by a strong build in the open interest, if this market is going to power higher any time soon. Remember, speculators drive markets and if there are not enough of them in the driver's seat, markets will languish.
There still appears to be decent demand coming in on the lows which is friendly and his holding price together, but we need more fund money flows coming in.
Same thing is going on in silver to a certain extent. It made it to $30 where I thought it would catch the attention of the momentum funds but it appears to be encountering some doubters at that level. I find that rather strange especially given the backwardation board structure.
The weekly silver chart looks good but you can detect that stubborn resistance at the $30 level.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
No wonder Vietnam can never get enough gold
The Statistics:
Activity from: 2/10/2011
Gold Warehouse Stocks: | 11,299,901 | -38,589 |
Silver Warehouse Stocks: | 102,423,696 | -423,076 |
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 | 1225.526 | 39,401,874 | US$53,737m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.58 | 3,716,036 | US$5,060m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 123.10 | 3,957,701 | US$5,389m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,767 | US$620m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 50.00 | 1,607,412 | US$2,194m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,961 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.91 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 111.26 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,388.45: +18.23 change from yesterday’s data.
The Miners:
Timberline’s (TLR) first quarter results and Timmins Gold’s (TMM.V) registration statement in respect of its exchange offer to acquire all of the outstanding shares of common stock of Capital Gold (CGC) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Northgate | NXG +3.18% $2.92 |
2. Taseko | TGB +1.54% $5.94 |
3. Cardero | CDY+1.49% $2.04 |
LOSERS
1. Mines MGMT | MGN -5.34% $3.37 |
2. Nevsun | NSU -4.33% $5.96 |
3. Vista Gold | VGZ -3.89% $2.72 |
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:
Cascadero Copper Corporation Receives Subscriptions for 2,525,000 Units at $0.20 Per Unit Flow-Though Private Placement - More
- February 11, 2011 | Item | ShareThis
Mill City Gold Corp.: Grant of Incentive Stock Options - More
- February 11, 2011 | Item | ShareThis
Golden Share Announces the Departure of a Director - More
- February 11, 2011 | Item | ShareThis
Thundermin Arranges Up to $1,750,000 Flow Through Private Placement - More
- February 11, 2011 | Item | ShareThis
Nevado Resources Corporation: Update Regarding the Fermont Transaction - More
- February 11, 2011 | Item | ShareThis
Cerro Resources Reports Shareholders Approval of Namiquipa Transaction - More
- February 11, 2011 | Item | ShareThis
Riverstone Announces Investor Relations Advisor, Stock Options - More
- February 11, 2011 | Item | ShareThis
Eastmain Resources Inc.: Clearwater Project Exploration Drill Results, Infill & Composite Assays - More
- February 11, 2011 | Item | ShareThis
White Canyon Uranium Limited: Hong Kong Investor Converts US$2.5 Million Note to Stock - More
- February 11, 2011 | Item | ShareThis
Severstal Terminates Acquisition of Sacre-Coeur Minerals - More
- February 11, 2011 | Item | ShareThis
Corazon Initiates Drilling on Santo Domingo Property in Central Nicaragua - More
- February 11, 2011 | Item | ShareThis
Mayfair Mining & Minerals, Inc., Issues Corporate Update - More
- February 11, 2011 | Item | ShareThis
Nautilus Unveils a Second High Grade Copper Deposit in Bismarck Sea - More
- February 11, 2011 | Item | ShareThis
Bison Gold Resources Inc. Central Manitoba Property Update: High Grade Gold Intersections from Diamond Drilling on Ogama-Rockland Trend Confirm Depth and Strike - More
- February 11, 2011 | Item | ShareThis
Construction Work Progresses at Garrison's Tovshiir Property - More
- February 11, 2011 | Item | ShareThis
Iberian Minerals Reports Hedging Update at Condestable - More
- February 11, 2011 | Item | ShareThis
Sniper Resources Ltd.: Drilling Continues on the Guild Property - More
- February 11, 2011 | Item | ShareThis
Goldrush Resources Retains Leading Investor Relations Firm - More
- February 11, 2011 | Item | ShareThis
New Mineralized Extension at LIM's Houston Deposits Increases Houston Resource to 20 Million Tonnes - More
- February 11, 2011 | Item | ShareThis
NMC Resource Announces Graduation to Tier 1 of the TSXV - More
- February 11, 2011 | Item | ShareThis
Uranium Resources Completes Initial Testing On Cores Recovered from Ambrosia Lake Property - More
- February 11, 2011 | Item | ShareThis
Riverside Resources Signs an Option Agreement for Three Mexico Gold Projects With BCY Resources Inc. - More
- February 11, 2011 | Item | ShareThis
Batero Gold Initiates Preliminary Metallurgical Testing on the Batero-Quinchia Project, Colombia - More
- February 11, 2011 | Item | ShareThis
Southern Arc Grants Stock Options - More
- February 11, 2011 | Item | ShareThis
Steele Resources, Inc. Executes Definitive Agreements for the Mineral Hill Exploration Project - More
- February 11, 2011 | Item | ShareThis
Sunridge Gold Begins Drill Program at Medrizien Gold Target, Asmara Project, Eritrea - More
- February 11, 2011 | Item | ShareThis
American Manganese Closes Private Placement - More
- February 11, 2011 | Item | ShareThis
Timberline Announces First Quarter 2011 Financial Results - "Our expenditures at Lookout Mountain clearly demonstrate our commitment to fast-track the project toward possible development. We are very pleased with our progress at Lookout Mountain as our efforts consistently yield drilling and metallurgical results that meet or exceed our expectations. Steady progress continues at Butte Highlands, where development is completely funded by our partner and where gold production is targeted for early Q1 2012. On the contract drilling side, our first quarter is often difficult as our client companies typically shut down for extended periods during the holidays. We expect a return to higher gross margins and profitability for the remainder of the year." More
- February 11, 2011 | Item | ShareThis
Timmins Gold Files Registration Statement to Provide Capital Gold Stockholders a Direct Voice in the Proposed Merger of Equals With Timmins - "Timmins Gold Corp. (TSX-V:TMM - News) ("Timmins Gold") announces that on February 10, 2011 it filed a preliminary registration statement with the Securities and Exchange Commission (the "SEC") in respect of its exchange offer to acquire all of the outstanding shares of common stock of Capital Gold Corporation ("Capital Gold"). Under the terms of the exchange offer, Capital Gold stockholders would receive 2.27 Timmins Gold common shares for each share of Capital Gold common stock. Based on the average of the respective closing share prices for the last 30 trading days, the exchange offer has a value of US$5.52 per Capital Gold share and exceeds the value of Gammon Gold's offer by US$0.61 per Capital Gold share." More
- February 11, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 11 February, 2011 | |
