-- Posted 16 February, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1374.40 | +$0.60 |
Silver | $30.61 | -$0.13 |
XAU | 211.40 | +0.77% |
HUI | 543.69 | +0.67% |
GDM | 1605.64 | +0.64% |
JSE Gold | 2676.37 | -0.22 |
USD | 78.23 | -0.38 |
Euro | 135.59 | +0.81 |
Yen | 119.58 | +0.21 |
Oil | $84.99 | +$0.67 |
10-Year | 3.621% | +0.005 |
T-Bond | 118.9375 | -0.3125 |
Dow | 12288.17 | +0.50% |
Nasdaq | 2825.56 | +0.76% |
S&P | 1336.32 | +0.63% |
The Metals:
Gold climbed to $1377.78 in Asia before it fell back to $1367.65 by a little after 10AM EST and then jumped to a new session high of $1381.90 by early afternoon in New York, but it then fell back off into the close and ended with a gain of just 0.04%. Silver climbed to as high as $30.962 by a little after noon EST, but it also fell back off in the last hour of trade and ended with a loss of 0.42%.
Euro gold fell to €1013, platinum gained $1.25 to $1825.75, and copper fell over 6 cents to about $4.47.
Gold and silver equities fell about 1% in the first half hour of trade, but they then rose to find slight gains by late morning and remained at about that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
MBA Mortgage Purchases | 2/11 | -9.5% | - | -5.5% |
Housing Starts | Jan | 596K | 540K | 520K |
Building Permits | Jan | 562K | 575K | 627K |
PPI | Jan | 0.8% | 0.7% | 0.9% |
Core PPI | Jan | 0.5% | 0.2% | 0.2% |
Industrial Production | Jan | -0.1% | 0.6% | 1.2% |
Capacity Utilization | Jan | 76.1% | 76.4% | 76.2% |
“U.S. Federal Reserve officials are increasingly confident of the economic recovery but remain unsatisfied with the healing of the job market, minutes of their January meeting released on Wednesday showed.”
Tomorrow brings CPI, Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after the Energy Information Administration reported that crude inventories rose 860,000 barrels, gasoline inventories rose 205,000 barrels, and distillates fell 3.1 million barrels.
Israel Warns It Might Act on Iranian Warships Passing Through Suez Canal FoxNews
The U.S. dollar index fell on worries over escalating tension in the Middle East. "The dollar is being sold off against the Swiss franc and the euro because should there be a conflict with Israel, this would be bad for the U.S. as well.”
Treasuries ended slightly lower as the Dow, Nasdaq, and S&P rose on strong earnings reports.
Among the big names making news in the market today were Sanofi and Genzyme, Dell, Air Products, Comcast, Peltz and Family Dollar, Goldman Sachs, Deere, and Borders.
The Commentary:
“A development complicating matters over in the volatile Mid East spurred additional safe haven buying in gold, dragging up silver in the process in today’s session. Iran is planning on sending two warships through the Suez Canal on their way to the Syria via the Mediterranean Sea. Needless to say, it adds yet another piece of uncertainty in a puzzle that is getting quite mixed up. There are also reports that now Libya is dealing with some population unrest.
Crude oil, both WTI and Brent moved higher on the news with Brent of course leading the charge. With fear comes gold buying as well and the buying was enough to take it into plus territory and up into resistance at $1380. It did fade however coming into the close which is a bit disappointing. A strong chart close today would have set it up for a run back towards $1400. As it stands now, the price action is registering some uncertainty or hesitation on the part of the bulls.
Gold will be keening watching the Mid East overnight for any news.
Open interest registered a sharp increase in yesterday’s run through resistance by gold. Specs came back in a big way adding a bit over 8,000 contracts in what has to be viewed as healthy for the market. For gold to punch through $1380, we are going to need another comparable surge in open interest.
Silver ran right into resistance just shy of $31 once again. For the time being that level is serving as overhead chart resistance. Once that gives way, the high near $31.25 will fall. Same thing as gold - the fade from the session's best levels is disappointing and is registering as indecision on the price chart. Downside support lies first at $30.50 on any setbacks followed by another level just above $30. If silver is going to mount another sharp leg upward, it must hold $30 on any downside test.
The HUI is maintaining its hold above 540 although it is a bit tenuous here. I would like to see it put a little more space between itself and this level especially to end this week. It has pushed past the 50 day moving average which is bullish but I think more potential longs on the sideline are waiting for it to convince them a bit further before coming back in. If the broader equities shrug off the pressure that came from the Iranian warship news, the HUI should move higher and give us that space we are looking for.
Bonds were all over the board today – first moving lower on some friendly economic news before moving up nearly half a point on the Iranian warship news. They then gave those gains back and moved towards unchanged on the day. It seems as every single market on the planet is being swamped with wild volatility.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
China's demand for gold, silver is 'explosive,' bank executive says
The Statistics:
Activity from: 2/15/2011
Gold Warehouse Stocks: | 11,215,874 | +40,499 |
Silver Warehouse Stocks: | 102,535,263 | -302,311 |
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 | 1224.008 | 39,353,093 | US$53,953m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.57 | 3,715,827 | US$5,110m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 122.53 | 3,939,302 | US$5,420m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,740 | US$628m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.51 | 1,591,775 | US$2,171m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,961 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.518 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 111.66 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,411.23 - No change from yesterday’s data.
The Miners:
Barrick’s (ABX) dividend, Randgold’s (GOLD) greenhouse gas emissions, Almaden’s (AAU) gold deposit sale, Seabridge’s (SA) updated, independent National Instrument 43-101 mineral resource estimate, Northgate’s (NXG) updated NI 43-101 compliant resource estimate, Kimber’s (KBX) second quarter results, Alexco’s (AXU) new discovery, and Pan American’s (PAAS) dividend and 2010 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +6.89% $3.57 |
2. Alexco | AXU +5.97% $7.81 |
3. Vista Gold | VGZ+5.32% $2.97 |
LOSERS
1. Pan American | PAAS -4.33% $34.95 |
2. Gold Reserve | GRZ -3.35% $1.73 |
3. Great Panther | GPL -2.47% $2.76 |
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:
Robex Appoints Investor Relations Firm - More
- February 16, 2011 | Item | ShareThis
Fancamp Increases Interest in Lac Lamalee Iron Property to 100% - More
- February 16, 2011 | Item | ShareThis
St. Elias Mines Ltd. -- 3D Information for the Titan 24 Geophysical Survey Received From Tesoro Gold Project in Peru - More
- February 16, 2011 | Item | ShareThis
Vior : Shares Issued to Fonds de Solidarite FTQ - More
- February 16, 2011 | Item | ShareThis
Drilling Returns Encouraging Initial Results From El Arrayan Copper Project, Chile - More
- February 16, 2011 | Item | ShareThis
North Atlantic Resources Ltd. Retains Renmark Financial Communications Inc. and Small Cap Invest Ltd. - More
- February 16, 2011 | Item | ShareThis
Southern Arc to Host Investor Session at PDAC on March 6, 2011 - More
- February 16, 2011 | Item | ShareThis
Crystallex Files Request for Arbitration Before the World Bank's International Centre for Settlement of Investment Disputes - More
- February 16, 2011 | Item | ShareThis
Kimber Announces Second Quarter Financial Results - "During the three months ended December 31, 2010 Kimber successfully completed a public offering with gross proceeds of $12.7 million and released high grade gold-silver surface trench results at the Carmen Deposit which supported continuity of mineralization and showed potential for extension along strike south of Carmen," said Gordon Cummings, President & CEO of Kimber. "Kimber has now commenced work to complete a pre-feasibility study in 2011 and is progressing with a 30,000 metre drill program to upgrade and expand gold-silver mineral resources at depth and along strike at the existing deposits and to drill test three new targets with potential to host new discoveries that are located less than three kilometres north of the mineral resources in the Carmen structure." More
- February 16, 2011 | Item | ShareThis
Strait Gold Reports Further Results From Drilling at Alicia Including 16.5 Metres of 0.83% Copper, 0.17 g/t Gold; Drill Core to be on Display at PDAC 2011 - More
- February 16, 2011 | Item | ShareThis
Mega Uranium Provides Australian Update - More
- February 16, 2011 | Item | ShareThis
More Gold and Silver on the Globex-Laurion Bell Mountain Project - More
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Hellix Sampling Uncovers New Margarita Gold Zone - More
- February 16, 2011 | Item | ShareThis
Platinum Group Metals Appoints Gordon Chunnett to Advisory Board - More
- February 16, 2011 | Item | ShareThis
Trade Winds Files Updated NI 43-101 Technical Report for Block A on SEDAR - More
- February 16, 2011 | Item | ShareThis
GreenLight Resources 2011 Objectives Exploring Atlantic Canada - More
- February 16, 2011 | Item | ShareThis
Harvest Gold Signs Drill Contract for Second Phase Drilling at Its Rosebud Gold Mine Property in Nevada - More
- February 16, 2011 | Item | ShareThis
Harte Announces Commencement of 10,000 Meter Drill Program and Signing of Exploration Agreement With Pic Mobert First Nation - More
- February 16, 2011 | Item | ShareThis
Caerus: Area of Interest Significantly Expanded in Buritica North Project - More
- February 16, 2011 | Item | ShareThis
Ryan Gold Signs Letter Agreement to Acquire All Shawn Ryan and Wildwood Exploration Inc.'s Gold Properties - More
- February 16, 2011 | Item | ShareThis
First American Silver Corp. Completes Option Agreements for Three Properties in Nevada - More
- February 16, 2011 | Item | ShareThis
CB Gold Inc. Provides a Summary of Drill Results From the Vetas Gold Project and Discovery of Gold Porphyry Mineralisation - More
- February 16, 2011 | Item | ShareThis
Grass Roots Research and Distribution Inc. Initiates Analyst Coverage of Gold Bag/Focus Gold Corp. at $1.31 Target Price - More
- February 16, 2011 | Item | ShareThis
Typhoon Exploration Hits 7.14 g/t Gold Over 10.00 Metres, 318 g/t Silver and Confirms its New High Grade Gold Zones, on the Fayolle Project - More
- February 16, 2011 | Item | ShareThis
Open Gold Announces Drilling Commencement - More
- February 16, 2011 | Item | ShareThis
Latin American Minerals Signs Letter of Intent With Olivut Resources for Development of its Itapoty Diamond Project - More
- February 16, 2011 | Item | ShareThis
Soldi Ventures Inc. Mobilizes Drill to the Rainy River Land Package - More
- February 16, 2011 | Item | ShareThis
Augen Gold Enters Into Option and Joint Venture Agreement With Sanatana - More
- February 16, 2011 | Item | ShareThis
Glen Eagle Announces NI 43-101 Resource on Globex Royalty Property - More
- February 16, 2011 | Item | ShareThis
Commander's Partner Cuts High Grade Copper at Nepisiguit - More
- February 16, 2011 | Item | ShareThis
Rare Earth Expert Alex Knox Joins Artha - More
- February 16, 2011 | Item | ShareThis
Robex Resources Inc./Update on Metallurgical Testwork of Nampala Ores: High Recoveries and Low Reagent Consumption Confirmed - More
- February 16, 2011 | Item | ShareThis
Estrella Announces Trench Results from Second Mineralized Zone at the Colpayoc Gold Project, Yanacocha District, Peru - More
- February 16, 2011 | Item | ShareThis
Lion One Metals Commences First Phase Exploration Program at Tuvatu Project in Fiji; Initial Channel Sample Results Include 119 g/t Au Across 0.43 Meters - More
- February 16, 2011 | Item | ShareThis
Laurentian Goldfields Appoints Darin Labrenz as President, CEO and Director - More
- February 16, 2011 | Item | ShareThis
Fission Energy to Evaluate Alternatives at Macusani, Peru - More
- February 16, 2011 | Item | ShareThis
Focus Metals Inc. Grant of Share Purchase Options - More
- February 16, 2011 | Item | ShareThis
Gee-Ten Ventures Completes First Tranche of Units Offering - More
- February 16, 2011 | Item | ShareThis
Advanced Explorations Included in TSX Venture 50 - More
- February 16, 2011 | Item | ShareThis
Rockhaven Resources Ltd. Discovers Large Gold-In-Soil Targets at Mount Hinton, Yukon - More
- February 16, 2011 | Item | ShareThis
AndeanGold Announces Approval of Drilling Permit for Urumalqui Au-Ag Project, Peru - More
- February 16, 2011 | Item | ShareThis
Brazil Gold Arranges $5 Million Bridge Financing Facility - More
- February 16, 2011 | Item | ShareThis
Barrick Gold Announces Dividend - "Barrick Gold Corporation (NYSE:ABX - News) (TSX:ABX - News) today announced that its Board of Directors has declared a quarterly dividend of US12 cents per share, payable on March 15, 2011 to shareholders of record at the close of business on February 28, 2011." More
- February 16, 2011 | Item | ShareThis
Rockland Minerals Retains Top Geoscience Firm in Quebec - More
- February 16, 2011 | Item | ShareThis
MDN Announces Tulawaka Year-End 2010 Operational Results - More
- February 16, 2011 | Item | ShareThis
Romios Announces Appointment of New C.F.O. - More
- February 16, 2011 | Item | ShareThis
Papuan Precious Metals Corp.: Australia's Commonwealth Scientific & Industrial Research Organisation ("CSIRO") Contracted to Help Evaluate - More
- February 16, 2011 | Item | ShareThis
Goldeye Extends Big Dome West Zone to Depth and Discovers New Gold Mineralization at Cigar Lake on Shining Tree Project - More
- February 16, 2011 | Item | ShareThis
Everton and Brigus Announce Start of 20,000 Meter Deep Drilling Program at the Ampliacion Pueblo Viejo Project, Dominican Republic - More
- February 16, 2011 | Item | ShareThis
Luna Gold Intersects 81.50 Meters @ 1.18 G/T Au Including 2.04 Meters @ 9.15 G/T Au and 5.10 Meters @ 3.15 G/T Au in Boa Esperanca Trenches, Aurizona - More
- February 16, 2011 | Item | ShareThis
Serengeti Resources Inc.-Mexico Exploration Update: Identifies Mineralized Systems on Two Projects, Airborne Magnetic and Radiometric Survey Planned - More
- February 16, 2011 | Item | ShareThis
Gold Canyon's Winter Drilling at Springpole Gold Project Produces Long Gold Intercepts and First Bonanza Grades From Portage Zone - More
- February 16, 2011 | Item | ShareThis
USEC and DOE Modify American Centrifuge Milestones Agreement - More
- February 16, 2011 | Item | ShareThis
American Lithium Minerals Inc. Issues Corporate Update Letter to Investment Community - More
- February 16, 2011 | Item | ShareThis
Gold Bag's Focus Gold Mexico Corp. Begins Development of Huicicila and Focus 1 Projects - More
- February 16, 2011 | Item | ShareThis
Tahoe Resources Receives Environmental Permit to Commence Underground Development - More
- February 16, 2011 | Item | ShareThis
MacDonald Mines Signs Exploration Agreement with Kasabonika Lake First Nation - More
- February 16, 2011 | Item | ShareThis
Rodinia Lithium Inc. Reports 285 mg/L Lithium Over 145 metres at the Clayton Valley Project - More
- February 16, 2011 | Item | ShareThis
Mercer Gold Receives Updated NI 43-101 Report on Its Guayabales Gold Project, Marmato District, Colombia - More
- February 16, 2011 | Item | ShareThis
Tuffnell Ltd. Announces More Encouraging Details of Phase II Exploration at the Little Butte Gold/Copper Project in Arizona - More
- February 16, 2011 | Item | ShareThis
nental Gold Drills 10.0 Metres of 28.26 g/t Gold & 364 g/t Silver and 7.5 Metres of 39.15 g/t Gold and 44 g/t Silver in the Veta Sur Vein System - More
- February 16, 2011 | Item | ShareThis
Alamos Gold Provides Agi Dagi and Kirazli Exploration Update - More
- February 16, 2011 | Item | ShareThis
Aquila and HudBay Commence Exploration Under Strategic Alliance-HudBay Funds Private Placement - More
- February 16, 2011 | Item | ShareThis
Randgold Resources Sets Record Straight on Greenhouse Gas Emissions - "Randgold Resources said today its rating in the Environmental Investment Organisation's Carbon Rankings Report was based on incorrect information and that the EIO's claim that the data on which the company's ranking was based had to be inferred because Randgold did not disclose its greenhouse gas emissions was unfounded." More
- February 16, 2011 | Item | ShareThis
Almaden Enters Agreement to Sell Its Elk Gold Deposit, BC - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) announces today it has entered into an Asset Sale Agreement under which Beanstalk Capital Inc. ("Beanstalk")(TSX-V:BEG.P - News) will acquire 100% of the Elk gold deposit, British Columbia. Almaden will retain a 2% NSR in the Elk project." More
- February 16, 2011 | Item | ShareThis
Quantum Samples 3.32% TREO and Confirms Zones of Parallel Mineralization at Archie Lake - More
- February 16, 2011 | Item | ShareThis
Earth Dragon Resources Summarizes Initial Results at Nkwanta Gold Project, Ghana - More
- February 16, 2011 | Item | ShareThis
Northland Signs Agreement with Metso for Long-Lead Items and Basic Engineering for the Kaunisvaara Project - More
- February 16, 2011 | Item | ShareThis
Guerrero Adds Expertise, Larry B. Buzan Joins the Advisory Board - More
- February 16, 2011 | Item | ShareThis
Kalimantan Gold Signs Definitive Agreement - More
- February 16, 2011 | Item | ShareThis
Resources Continue to Grow at Seabridge Gold's KSM Project - "Seabridge Gold (TSX:SEA - News)(AMEX:SA - News)announced today that an updated, independent National Instrument 43-101 mineral resource estimate for its KSM project has increased measured and indicated gold resources by 16% to 45.3 million ounces. An additional 14.5 million ounces has been classified as inferred resources. The updated resource estimate was prepared by Resource Modeling Inc. ("RMI") of Stites, Idaho and incorporates the new Iron Cap zone (see news release dated February 8, 2011) as well as increases at KSM`s three other deposits." More
- February 16, 2011 | Item | ShareThis
Alexco Resource Corp.: New Keno Hill Silver Discovery-4.26 Meters of 49.9 Oz Per Ton Silver Intersected at Flame & Moth - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce results from 2010 core drilling at its Flame & Moth property, within the Keno Hill Silver District in Canada's Yukon Territory. This new discovery is a "blind" discovery, the result of a district-wide structural geology study, and is located at depth adjacent to the recently constructed Keno District mill. To date, 13 holes have intersected the northeast-trending Flame & Moth structure over a strike length of approximately 400 meters centered on the current mill site and down dip 300 meters below surface." More
- February 16, 2011 | Item | ShareThis
Pan American Silver Declares First Quarterly Dividend of 2011 - "The cash dividend, in the amount of $0.025 per share, will be distributed on or about Monday, March 14, 2011 to holders of record of common shares as of the close of business on Monday, February 28, 2011. Specific distribution dates and amounts of future dividends will be determined by the Board on an ongoing basis." More
- February 16, 2011 | Item | ShareThis
Pan American Silver Delivers New Records for Production, Income, and Cash Flow for 2010 - "Pan American Silver Corp. (TSX:PAA - News)(NASDAQ:PAAS - News) (the "Company"), today reported on its 15th consecutive year of silver production growth and posted record financial results for the fourth quarter and fiscal year ended December 31, 2010. The Company also provided an update on its operations and development projects, as well as a forecast for production and costs for 2011." More
- February 16, 2011 | Item | ShareThis
Northgate Minerals Announces Updated Resource Estimate for Kemess Underground - "Northgate Minerals Corporation (TSX:NGX.to - News) is pleased to report an updated NI 43-101 compliant resource estimate for the Kemess Underground Project, located five kilometres ("km") north of the Kemess South mine and milling complex in north-central British Columbia. The updated resource estimate follows on the completion of a 30-hole infill diamond drill program at Kemess Underground in 2010." More
- February 16, 2011 | Item |
- Chris Mullen, Gold Seeker Report
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-- Posted 16 February, 2011 | |
