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Gold Seeker Closing Report: Gold Gains Over $40 More While Dow Drops Over 500 More

By: Chris Mullen, Gold-Seeker.com



-- Posted 10 August, 2011 | |

 

Close

Gain/Loss

Gold

$1782.20

+$42.30

Silver

$39.31

+$1.48

XAU

205.54

+2.15%

HUI

567.09

+3.14%

GDM

1652.46

+3.31%

JSE Gold

2671.87

+159.70

USD

74.73

+0.68

Euro

141.88

-1.83

Yen

130.15

+0.41

Oil

$82.89

+$3.59

10-Year

2.137%

-0.045

T-Bond

138.53125

+1.34375

Dow

10719.94

-4.63%

Nasdaq

2381.05

-4.09%

S&P

1120.76

-4.42%

 
 

 

The Metals:

 

Gold saw roughly 1% gains in Asia and London before it advanced even higher in New York and ended near its noontime record high of $1796.49 with a gain of 2.43%.  Silver rose to as high as $39.469 and ended with a gain of 3.91%.

 

Euro gold climbed to a new record high at about €1257, platinum gained $11 to $1758.25, and copper dropped 8 cents to about $3.89.

 

Gold and silver equities rose throughout most of trade and ended with about 3% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Wholesale Inventories

June

0.6%

1.0%

1.7%

Treasury Budget

July

-$129.4B

-$132.0B

-$165.0B

 

Mortgage applications rose last week: MBA  Yahoo

Job openings rose in June, though levels are low  Yahoo

Obama to meet with Fed chair Bernanke Wednesday  Yahoo

Federal deficit tops $1T for 3rd straight year  Yahoo

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/06 expected at 409,000 and the Trade Balance for June expected at -$48.0 billion.

 

The Markets:

 

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

 

Oil rose after the Energy Information Administration reported that crude inventories fell 5.2 million barrels, gasoline inventories fell 1.6 million barrels, and distillates fell 700,000 barrels.

 

The U.S. dollar index rose as the euro fell on fears that France’s credit rating may be downgraded:

 

“President Nicolas Sarkozy cut short his vacation and pledged to slash France's huge debts, but rising concerns about a possible cut to the country's credit rating helped send bank shares plunging Wednesday afternoon.

 

Worries that France would lose its triple A rating sparked the selloff, which built momentum on rumors that the banks' financial health was in danger.

 

Credit Agricole ended 11.8 percent down. Societe Generale said it "categorically denies" all market rumors, but its shares closed 14.7 percent lower. Its market value has now fallen from over 40 billion euros at the beginning of July to 17 billion euros Wednesday afternoon.”

 

Treasuries extended higher after today’s $24 billion 10-year note auction sold at a high yield of 2.140% with a bid to cover of 3.22.

 

Treasury yields near all-time lows  Yahoo

 

The Dow, Nasdaq, and S&P fell over 4% more on worries over European debt and slow economic growth.

 

Among the big names making news in the market today were Groupon, Bank of New York Mellon, S&P, HSBC, and PepsiCo.

 

The Commentary:

 

It was just last week that we witnessed the Bank of Japan intervene into the Forex markets to derail the Yen's rally back towards the former intervention level. It had completely erased the losses that it suffered after the round of coordinated intervention by the BOJ, the ECB and the Fed back in March of this year. It was evident from their action that the Ministry of Finance was dealing with political pressures from industry leaders whose exports were suffering as a result of the surging yen and were complaining quite vocally about its levels. Out came the intervention gun by the BOJ and down went the Yen.

But look out! The Yen has come back once again and it has only taken it FOUR TRADING SESSIONS to erase all of the losses that the intervention had resulted in. Talk about a gigantic waste of resources by the Central Bank!

The problem is the sheer volumes of liquidity that are tied to carry trades using the Yen as the funding currency. Traders continue to unwind those trades and run from risk with the end result being a repurchasing of the Yen. That buying is overwhelming any efforts by the Japanese monetary authorities to rein in the Yen.

 

There is now an effort by the SNB (Swiss National Bank) to derail the Swiss Franc, which is also attempting to take the Franc lower as it has been the recipient of huge inflows tied to safe haven flows. I expect that they will meet with the same "success" as has the BOJ.

Based on what I am seeing, the Central Banks have now become victims of their own policies. They created this beast of liquidity in an attempt to preserve the status quo and now that it is surging back towards their own shores, they are powerless to stem its tide.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

James Turk interviews Eric Sprott at GATA's London conference

John Crudele: How to 'fix' a market

How to bring central bankers to heel? Ask them some questions

Think gold is high? Wait till dollar bonds are dumped, Davies says

Free money for at least two more years -- maybe forever?

Reg Howe: Constitutional money -- Don't ask, don't tell

 

The Statistics:

Activity from: 8/09/2011

Gold Warehouse Stocks:

11,345,076

+5,914

Silver Warehouse Stocks:

104,181,356

-1,290,922

 

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

1296.898

41,696,573

US$73,855m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

115.35

3,708,632

US$6,613m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

126.23

4,058,350

US$7,232m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,804

US$814m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

47.72

1,534,267

US$2,513m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,951

US$9m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 13.024 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.13: +3.49 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,890.74: No change from yesterday’s data.

 

The Miners:

 

Nevsun’s (NSU) second quarter results, Kirkland’s (KGI.TO) first quarter production, Excellon’s (EXN.TO) second quarter results, and Fortuna’s (FVI.TO) mill start-up were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Reserve

GRZ+14.29% $2.40

2.  Almaden

AAU +9.93% $3.21

3.  Richmont

RIC +9.38% $8.75

 

LOSERS

1.  Lake Shore

LSG -5.19% $2.01

2.  Revett

RVM -4.99% $4.00

3.  Claude

CGR -4.43% $1.51

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:

Vior Inc.: Closing of the Sale of the Douay Property to Aurvista - More
- August 10, 2011 | Item | ShareThis


Arcus Dawson Gold Project Update - More
- August 10, 2011 | Item | ShareThis


Sulliden Announces Lima Stock Exchange Listing - More
- August 10, 2011 | Item | ShareThis


Petaquilla Minerals Ltd. Provides Update on Acquisition of Iberian Resources Corp. - More
- August 10, 2011 | Item | ShareThis


Goldstone Resources Inc. Announces the Filing of Second Quarter 2011 Interim Consolidated Financial Statements (Unaudited), MD&A, and Officers' Certificatio - More
- August 10, 2011 | Item | ShareThis


Compass Gold Corporation: Latest Drill Results Continue to Confirm Mineralization at Yanfolila's Solona Target - More
- August 10, 2011 | Item | ShareThis


North American Tungsten Announces Q3 Production of 74,629 mtu's - More
- August 10, 2011 | Item | ShareThis


Spur Ventures Announces Second Quarter, 2011 Results and Update on Progress in China - More
- August 10, 2011 | Item | ShareThis


Capella Resources Announces Changes to Management - More
- August 10, 2011 | Item | ShareThis


Galore Closes Private Placement - More
- August 10, 2011 | Item | ShareThis


Augen Gold Corrects Information from Trelawney - More
- August 10, 2011 | Item | ShareThis


Marifil Acquires Porphyry Copper Property - More
- August 10, 2011 | Item | ShareThis


Callinan Announces First Dividend - More
- August 10, 2011 | Item | ShareThis


Calais Resources Inc. Announces Amendments to Previously Issued Statements - More
- August 10, 2011 | Item | ShareThis


Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project; Confirms Continuity of Gold Mineralization Along Strike and at Surface - More
- August 10, 2011 | Item | ShareThis


Victory Nickel Again Improves Economics at Minago - More
- August 10, 2011 | Item | ShareThis


Anooraq Resources Corporation - Further Cautionary Announcement - More
- August 10, 2011 | Item | ShareThis


La Ronge Gold Announces "Wacke-Trend" Discovery on Greywacke Project-Commences Airborne Geophysics - More
- August 10, 2011 | Item | ShareThis


Excellon Reports Second Quarter Financial Results - "During the second quarter diamond drilling continued to encounter success near existing mine infrastructure, in particular in the high-grade Pierna Manto situated between the Rodilla and NE-1 mantos. In late-June 2011 the Company reported results from eight new holes that intersected high-grade massive sulphides over estimated true widths ranging from 0.30 to 7.01 and expanded the footprint of the Pierna Manto." More
- August 10, 2011 | Item | ShareThis


Cascadero Copper Corporation; Highlight: Discovery Hole-Las Burras Copper-Moly-Gold Porphyry System - More
- August 10, 2011 | Item | ShareThis


Globex Intersects 7.3% Cu, 7.27% Zn, 1.1 g/t Au, 51.8 g/t Ag over 3.0 Metres in Second Tier of Drilling at its Tonnancour Project, Quebec - More
- August 10, 2011 | Item | ShareThis


Fire River Gold Corp. Announces Concentrate Sales Agreement - More
- August 10, 2011 | Item | ShareThis


Savant Intercepts Show Continuity of Near Surface Gold Mineralization on its Parbec Gold Property - More
- August 10, 2011 | Item | ShareThis


Trevali Identifies Laterally and Vertically Extensive High-Grade Silver-Gold Mineralization at Past Producing Huampar Silver Mine in Peru - More
- August 10, 2011 | Item | ShareThis


Malbex Q3 Update - More
- August 10, 2011 | Item | ShareThis


Benton Provides Update on Drill Programs and Options Gold Project in Timmins Area - More
- August 10, 2011 | Item | ShareThis


Advanced Explorations Inc. Commences Drill Program on C-Zone and Provides Update on Melville Peninsula Field Activities - More
- August 10, 2011 | Item | ShareThis


Redhill Completes Gullewa Acquisition Terms With Sherwin Iron Ltd. - More
- August 10, 2011 | Item | ShareThis


Uranerz Announces Second Quarter Financial Results - More
- August 10, 2011 | Item | ShareThis


AndeanGold Reports Final Positive Assay Results, Urumalqui Au-Ag Project, Peru - More
- August 10, 2011 | Item | ShareThis


Canasil Reports on MAG Silver Update on La Esperanza Silver Project - More
- August 10, 2011 | Item | ShareThis


Merrex Provides Siribaya Gold Project Exploration Update - More
- August 10, 2011 | Item | ShareThis


Elissa Commences Drilling at Sage Creek Gold Project, Idaho - More
- August 10, 2011 | Item | ShareThis


Swift Grants Stock Options - More
- August 10, 2011 | Item | ShareThis


Luna Gold Defines Priority Gold Target at Maranhao Greenfields and Further Extends Landholding by 20,000 Hectares - More
- August 10, 2011 | Item | ShareThis


Prophecy Platinum Lists on OTCQX Market - More
- August 10, 2011 | Item | ShareThis


Quaterra Grants Stock Options - More
- August 10, 2011 | Item | ShareThis


Catalina Acquires Additional Property in Rainy River Greenstone Belt - More
- August 10, 2011 | Item | ShareThis


Macusani Yellowcake Intersects 11 m Grading 0.20% U3O8 (4.0 lbs/ton) at Kihitian Property, Peru - More
- August 10, 2011 | Item | ShareThis


Beaufield Advances Schefferville Iron Exploration - More
- August 10, 2011 | Item | ShareThis


Taku Identifies Two Gold-In-Soil Zones at Bishop Property in Yukon - More
- August 10, 2011 | Item | ShareThis


Forsys Announces Up to 92% Recoveries from Heap Leach Laboratory Tests and Commencement of Optimization Study - More
- August 10, 2011 | Item | ShareThis


Primero Reports Second Quarter 2011 Results; Earnings Increase on Silver Spot Sales - More
- August 10, 2011 | Item | ShareThis


Pilot Gold Intersects 1.87 g/t Gold Over 48.0 Metres in Step Out at Kucukdag - More
- August 10, 2011 | Item | ShareThis


Quadra FNX Mining Announces Earnings of $64 Million in the Second Quarter of 2011 - More
- August 10, 2011 | Item | ShareThis


Capstone to Hold Second Quarter and Santo Domingo PFS Conference Call August 16, 2011 - More
- August 10, 2011 | Item | ShareThis


Yukon-Nevada Gold Corp. Announces 2nd Quarter Summary and Outlook Webcast - More
- August 10, 2011 | Item | ShareThis


San Gold and Wildcat Sign Option Agreement - More
- August 10, 2011 | Item | ShareThis


Roxgold Extends Diamond Drill Contract for Yaramoko; Completes Second Bissa West RC Drill Program; Grants Stock Options - More
- August 10, 2011 | Item | ShareThis


Forum Commences Drilling on North Thelon Uranium Project, Nunavut - More
- August 10, 2011 | Item | ShareThis


Brookemont Capital Inc.: Work Program Commences on White Gold Prospect in Yukon - More
- August 10, 2011 | Item | ShareThis


Lake Shore Gold Announces Second Quarter 2011 Financial Results, Comments on Progress Made in Support of Future Production - More
- August 10, 2011 | Item | ShareThis


Fortuna Announces Mill Start-Up at its San Jose Mine in Oaxaca, Mexico - "Fortuna Silver Mines Inc. (TSX:FVI.to - News) is pleased to announce that the processing plant at its 100% owned San Jose silver - gold mine has been in operation since July 15, 2011. The mill is in a balancing phase which is expected to continue through the month of August with intermittent silver-gold concentrate production. Commercial production will be declared when operating performance is within 80% of design parameters for throughput and recovery. The start-up and balancing phase to date has been progressing as planned and Management anticipates commercial production to commence on September 1, 2011." More
- August 10, 2011 | Item | ShareThis


Nevsun Second Quarter 2011 Financial Results - "In Q2 2011 the Company recorded $135 million in revenues for the quarter on sales of 88,700 ounces of gold for an average realized price $1,510 per ounce. With 93,000 ounces produced, gold production averaged over 1,000 ounce per day with an average cash cost per ounce sold of $300. Since the Bisha Mine commenced operations in 2011, there are no comparative operating results for Q2 2010." More
- August 10, 2011 | Item | ShareThis


Kirkland Lake Gold Announces Production for its Fiscal 2012 First Quarter - "Production for the first quarter of its 2012 fiscal year (May 1 to July 31, 2011) was 25,060 ounces of gold from 57,500 tons of ore grading an average of 0.4521 ounces of gold per ton. All results were slightly above plan and budget." More
- August 10, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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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 10 August, 2011 | |


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