-- 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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-- Posted 10 August, 2011 | |