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Gold Seeker Closing Report: Gold and Silver End Slightly Lower

By: Chris Mullen, Gold-Seeker.com



-- Posted 29 August, 2011 | |

 

Close

Gain/Loss

Gold

$1787.90

-$6.40

Silver

$40.52

-$0.46

XAU

215.31

-0.29%

HUI

592.17

-0.81%

GDM

1718.59

-0.92%

JSE Gold

2628.67

-0.55

USD

73.70

-0.05

Euro

145.10

+0.12

Yen

130.18

-0.27

Oil

$87.27

+$1.90

10-Year

2.271%

+0.083

T-Bond

136.8125

-1.34375

Dow

11539.25

+2.26%

Nasdaq

2562.11

+3.32%

S&P

1210.08

+2.83%

 
 

 

The Metals:

 

Gold rose over $30 in afterhours access trade on Friday and held over 1% higher in Asia today before it fell in early New York trade to as low as $1778.78 by about 10:15 AM EST, but it then bounced back higher in the last few hours of trade and ended with a loss of just 0.36%.  Silver dropped to as low as $40.415 before it also rebounded, but it still ended with a loss of 1.12%.

 

Euro gold fell to about €1233, platinum lost $4.75 to $1816.25, and copper dropped a penny to about $4.09.

 

Gold and silver equities waffled near unchanged and ended slightly lower.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

July

0.3%

0.4%

0.2%

Personal Spending

July

0.8%

0.5%

-0.1%

PCE Prices - Core

July

0.2%

0.2%

0.2%

Pending Home Sales

June

-1.3%

-1.4%

2.4%

 

Central Bankers Urge Governments to Keep Global Economic Expansion Intact  Bloomberg

Jobs, ISM reports may spark more recession talk  

 

Tomorrow at 9AM EST brings the Case-Shiller 20-city Index for June expected at -4.7% and at 10AM is Consumer Confidence for August expected at 52.0.

 

The Markets:

 

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

 

Oil rose on better than expected economic data that raised demand expectations.

 

The U.S. dollar index ended slightly lower on lingering worries about a recession.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on relief over minimal damage from hurricane Irene.

 

Among the big names making news in the market today were Donaldson Co., Samsung, and Bank of America.

 

GATA Posts:

Karl Denninger: Real people say 'screw you' to the markets

Walker Todd: Fed's lending against equities was as good as buying them

Record prices spawn new wave of China gold bugs

Alasdair Macleod: Gold, politics, and Venezuela

Ambrose Evans-Pritchard: Euro bailout in doubt as 'hysteria' sweeps Germany

GoldSeek's Peter Spina describes bypassing the mainstream media

 

The Statistics:

Activity from: 8/25/2011

Gold Warehouse Stocks:

11,579,080

+32

Silver Warehouse Stocks:

105,325,155

+560,514

 

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

1230.799

39,571,434

US$70,729m

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$6,722m

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$7,355m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,703

US$818m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

45.65

1,467,647

US$2,624m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,950

US$9m

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.515 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.52: -0.59 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,721.05: +15.15 change from yesterday’s data.

 

The Miners:

 

AuRico’s (AUQ) agreement to acquire Northgate (NXG), Gold Resource’s (GORO) shareholder update, Impact’s (IPT.V) second quarter results, and Silvercorp’s (SVM) AGM and were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Northgate

NXG +27.94% $4.03

2.  Golden Minerals

AUMN+12.11% $14.07

3.  Entree

EGI +10.18% $1.84

 

LOSERS

1.  AuRico

AUQ-18.46%$11.35

2.  Jaguar

JAG -5.12% $6.12

3.  Richmont

RIC -3.47% $9.46

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:

Molycor Announces Non-Brokered Private Placement - More
- August 29, 2011 | Item | ShareThis


Cortez Gold Corp.: Further Clarification and Retraction of Previously Issued Technical Disclosure Regarding Petlacala and Real de Guadalupe Projects - More
- August 29, 2011 | Item | ShareThis


Apella Resources Participates in the Province of Quebec's Trade Delegation to China -Chris Chu Named to Board - More
- August 29, 2011 | Item | ShareThis


Hathor Urges No Action by Shareholders in Response to Cameco Offer - More
- August 29, 2011 | Item | ShareThis


Geodex Engages Venture North for Investor Relations - More
- August 29, 2011 | Item | ShareThis


African Metals Corporation exceeds projected targets with resource update at the Luisha South Project, Katanga Provence, Democratic Republic of Congo - More
- August 29, 2011 | Item | ShareThis


Royal Standard Transitions Existing Bridge Loan Into US$8,000,000 Gold Stream Debt Facility - More
- August 29, 2011 | Item | ShareThis


Silver Range Resources Ltd.   Announces Granting of Incentive Stock - More
- August 29, 2011 | Item | ShareThis


Ur-Energy Progresses With Permitting of Lost Creek Project - More
- August 29, 2011 | Item | ShareThis


Sandstorm Metals & Energy Announces US$15 Million Payment to Thunderbird Energy - More
- August 29, 2011 | Item | ShareThis


Adroit Updates Exploration on the Red Vein Volcanogenic Massive Sulphide (VMS) Property: Summer Programme - More
- August 29, 2011 | Item | ShareThis


Brewery Creek's Expanding Sleeman Discovery Encounters Gold and Silver Mineralization; Drilling to Commence at Antimony and Eureka Projects - More
- August 29, 2011 | Item | ShareThis


Tajiri Resources Receives TSX Venture Exchange Approval for Its INCA Property Acquisition - More
- August 29, 2011 | Item | ShareThis


Kermode Acquires Buzz Lake Manitoba Gold Project - More
- August 29, 2011 | Item | ShareThis


Glass Earth Gold Limited: FINANCIAL STATEMENTS and MANAGEMENT'S DISCUSSION & ANALYSIS for the Second Quarter Ended June 30, 2011 - More
- August 29, 2011 | Item | ShareThis


Victory Resources Corporation - 2nd stage drilling underway on Reforma - More
- August 29, 2011 | Item | ShareThis


First Uranium enters Management Agreement with BEE Company - More
- August 29, 2011 | Item | ShareThis


Ethos Expands "Mascot Creek" Gold Soil Anomaly Area Near the Coffee Fault, Betty Property, White Gold District, Yukon - More
- August 29, 2011 | Item | ShareThis


Lone Star Gold, Inc.   Secures $15 Million Equity Financing Agreement - More
- August 29, 2011 | Item | ShareThis


Platinum Group Metals North Limb Platinum Exploration Update - More
- August 29, 2011 | Item | ShareThis


Starcore International Mines Ltd.: Production Results for San Martin Mine for the Year Ended July 31, 2011 - More
- August 29, 2011 | Item | ShareThis


Stellar Pacific Ventures Inc.   Enters into a Joint Venture Agreement with Newmont Ventures Limited for Namarana Property, in Mali - More
- August 29, 2011 | Item | ShareThis


Prospero Silver IP Survey Further Defines 1,400m X 900m Target at Campana Project, Mexico - More
- August 29, 2011 | Item | ShareThis


Mawson West Announces Positive Feasibility Study for Dikulushi Cutback Project - More
- August 29, 2011 | Item | ShareThis


Preliminary Metallurgical Test Work Indicates Superior Gold Recoveries Using Flotation Processing Methods at Golden Touch's Albanian Gold Project - More
- August 29, 2011 | Item | ShareThis


PBX Drills 113.6 Meters With 0.36% Copper Equivalent at Copaquire - More
- August 29, 2011 | Item | ShareThis


Critical Elements: Blue Note Resumes Drilling and Updates Technical Reports at Croinor - More
- August 29, 2011 | Item | ShareThis


Gryphon Gold Corporation Appoints Steven K.   Jones as VP of Exploration - More
- August 29, 2011 | Item | ShareThis


IMPACT Silver Announces Net Earnings and Record Revenues in Second Quarter 2011 - "In addition to the successful second quarter, the Company achieved record revenues and silver production for the first half of 2011 due to increased throughput from the Noche Buena Mine and improving grades at the San Ramon mine resulting in higher grade mill feed, as well as completing numerous upgrades to the 500-tpd ("tonnes-per-day") Guadalupe processing plant." More
- August 29, 2011 | Item | ShareThis


Magellan Minerals Signs Option on Agua Azul Gold Property, Carajas Mineral Province, Brazil - More
- August 29, 2011 | Item | ShareThis


UC Resources Announces Drilling Update - More
- August 29, 2011 | Item | ShareThis


Trelawney Intersects 356.00 Metres of 1.35 g/t Gold From Continued Expansion Drilling at Cote Lake - More
- August 29, 2011 | Item | ShareThis


Brionor Announces the Closing of a Non-Brokered Private Placement - More
- August 29, 2011 | Item | ShareThis


Red Metal Resources Provides Exploration Update - More
- August 29, 2011 | Item | ShareThis


Uranium Energy Corp Receives Draft Radioactive Material License, the Final State Authorization, for the Goliad Project in South Texas - More
- August 29, 2011 | Item | ShareThis


Woulfe Mining to Fast-Track the Evaluation of its Muguk Gold Mine - More
- August 29, 2011 | Item | ShareThis


Federal Government Provides $3 Million Funding to Assist in Training Aboriginal Employees at Canadian Zinc's Prairie Creek Mine - More
- August 29, 2011 | Item | ShareThis


AQM Copper Drills 66 Metres of 0.84% Cu and 163 Metres of 0.37% Cu on the Eastern Extension of the Zafranal Main Zone and 195 Metres of 0.33% Cu - More
- August 29, 2011 | Item | ShareThis


Augyva Mining Resources Inc./Investor Relations Activities: Agreement Reached With First Canadian Capital Corp - More
- August 29, 2011 | Item | ShareThis


Wolverine Initiates Trenching at DDD North - More
- August 29, 2011 | Item | ShareThis


THEMAC Resources Group Appoints New Chief Executive Officer - More
- August 29, 2011 | Item | ShareThis


La Quinta Resources Finds 4 g/t Gold on the Easter Project, S.E.   Nevada - More
- August 29, 2011 | Item | ShareThis


Magma Metals Limited: Summer Drilling Extends Mineralization at Thunder Bay North by 450 Metres - More
- August 29, 2011 | Item | ShareThis


Augyva Mining Resources Inc.: Q1 Financials Filing Reported and Unanswered Questions to Chairman Chim - More
- August 29, 2011 | Item | ShareThis


Canadian Orebodies Provides Update on the Haig Inlet Iron Ore Drill Program - More
- August 29, 2011 | Item | ShareThis


Niocan Announces Private Placement Financing with Nio-Metals Holdings LLC and Changes to Niocan's Board of Directors - More
- August 29, 2011 | Item | ShareThis


Silvercorp Metals Inc.   AGM to be Held on Friday, September 23, 2011; Board Proposes Approval of Shareholder Rights Plan - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM.TO - News)(NYSE: SVM.TO - News) announces that its annual general meeting (the "Meeting") is scheduled to be held at 10:00 am PST on Friday, September 23, 2011. The Meeting will be held at the Malaspina Room located on the Concourse Level of the Fairmont Waterfront Hotel, 900 Canada Place Way, Vancouver, British Columbia." More
- August 29, 2011 | Item | ShareThis


Canada Fluorspar Inc.   Appoints Paul Coombs as Chief Financial Officer - More
- August 29, 2011 | Item | ShareThis


BCM Resources Corporation: Shan South Drill Program Update, Hole LM054 Encounters 42 Metres of 0.119% Mo - More
- August 29, 2011 | Item | ShareThis


Great Western Minerals Group Steenkampskraal Rare Earth Mine Site Refurbishment Project Proceeding on Schedule - More
- August 29, 2011 | Item | ShareThis


Formation Metals Signs Agreement for Underground Mining Operations and Provides Construction Update on Idaho Cobalt Project - More
- August 29, 2011 | Item | ShareThis


Hana Mining Ltd.: Infill Drilling Continues to Encounter Consistent High-Grade Copper-Silver Mineralization Along the South Limb of the Banana Zone - More
- August 29, 2011 | Item | ShareThis


Lara Exploration Ltd.: Letter of Intent Signed for the Company's Brazilian Tin Projects - More
- August 29, 2011 | Item | ShareThis


Primero Announces Termination of Arrangement Agreement With Northgate and Receipt of $25 Million Break-Fee - "Primero Mining Corp. ("Primero" or the "Company") (TSX:P.TO - News)(NYSE: PPP - News) announced today that the arrangement agreement with Northgate Minerals Corporation ("Northgate"), dated July 12, 2011, has been terminated." More
- August 29, 2011 | Item | ShareThis


Gold Resource Corporation Shareholder Update - "Gold Resource Corporation (AMEX: GORO - News) updates shareholders on third quarter production and formal resource report progress. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico. The Company has returned over $24.6 million to shareholders in special monthly dividends since declaring commercial production July 1, 2010." More
- August 29, 2011 | Item | ShareThis


Medusa Achieves Record Full Year Profit - More
- August 29, 2011 | Item | ShareThis


Medusa Mining Limited: 2011 Annual Report - More
- August 29, 2011 | Item | ShareThis


Crosshair to Oppose All Resolutions at AusAm EGM - More
- August 29, 2011 | Item | ShareThis


Crosshair Proposal to Acquire Uranium Assets From Australian American Mining - More
- August 29, 2011 | Item | ShareThis


AuRico Gold to Acquire Northgate Minerals and Create A Leading Intermediate Gold Company - "AuRico Gold Inc. ("AuRico") (TSX:AUQ.to - News) (NYSE:AUQ - News) and Northgate Minerals Corporation ("Northgate") (TSX:NGX.to - News) (NYSE-Amex:NXG) are pleased to announce that they have entered into a definitive acquisition agreement (the "Agreement") to create a new leading intermediate gold producer. The new company will have 5 operating gold mines, a sixth mine targeting production in 2012 and 3 gold development projects in Mexico, Canada, and Australia, three of the top global mining jurisdictions. The combined company is completely unhedged and offers full exposure to record gold and silver prices and an exceptional growth profile from approximately 475,0001 gold equivalent ("Aue") ounces2 this year to 730,000+3 Aue ounces in 2013 (growth of approximately 54%). All figures in Canadian dollars, unless otherwise indicated." More
- August 29, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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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 29 August, 2011 | |


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