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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil

By: Chris Mullen, Gold-Seeker.com



-- Posted 6 September, 2011 | |

 

Close

Gain/Loss

Gold

$1870.70

-$3.50

Silver

$41.78

-$1.22

XAU

223.07

+0.13%

HUI

621.75

+0.60%

GDM

1808.84

+0.53%

JSE Gold

2744.19

-0.18

USD

75.89

+1.16

Euro

140.00

-2.05

Yen

128.74

-0.99

Oil

$86.02

-$0.43

10-Year

1.979%

-0.017

T-Bond

142.03125

+0.46875

Dow

11139.30

-0.90%

Nasdaq

2473.83

-0.26%

S&P

1165.24

-0.74%

 
 

 

The Metals:

 

Gold climbed to a new all-time high of $1920.60 in Asia before it fell to $1857.31 at about 4AM EST and then rose back above $1900 in midmorning New York trade, but it then fell to as low as $1863.30 in late morning trade and ended with a loss of 0.19% from Friday’s close.  Silver rose to $43.24 in Asia before it fell to as low as $41.635 in New York and ended with a loss of 2.84%.

 

Euro gold shot to a new record high above €1338, platinum lost $27 to $1844.75, and copper fell to about $4.04.

 

Gold and silver equities rose almost 2% in the first half hour of trade before they fell back to about unchanged by midday, but they then climbed back higher in afternoon trade and ended with slight gains at or near new all-time highs.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ISM Services

Aug

53.3

51.0

52.7

 

Tomorrow at 2PM EST brings the fed’s Beige Book from September.

 

The Markets:

 

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

 

The U.S. dollar index rose as the Swiss franc fell markedly after “the Swiss National Bank’s move to set a floor on the euro exchange rate versus the Swiss currency for the first time since the 1970s.”

 

Treasuries rose as the Dow, Nasdaq, and S&P fell along with oil on renewed worries about European debt and a weak global economy.

 

Among the big names making news in the market today were Dell and Baidu, Carlyle Group, Shaw, Microsoft, Infinera, and International Paper.

 

The Commentary:

 

Sign up for this upcoming webcast: A Case for Investing in Gold - 4:15 PM EST on September 6, 2011:

 

Gold has timeless appeal for its natural luster; as an investment, it’s unique.

 

To learn more about what’s driving gold, we invite you to a special Web event hosted by U.S. Global Investors CEO and Chief Investment Officer Frank Holmes and special guest Jason Toussaint, managing director of the U.S. and Investment for the World Gold Council.

 

In this presentation, you will learn:

 

     • Economic factors affecting gold and gold equities

     • Historical and seasonal patterns affecting gold

     • How culture and emotions shape the gold investing landscape

     • Current trends in jewelry, industrial and investment demand

     • How gold and gold equities can be an integral part of your portfolio

 

Don’t miss this opportunity to learn from the experts!

 

GATA Posts:

GLD trading today at a 2 percent discount to gold

Today's intervention against gold was as brazen as the intervention against the Swiss franc

 

The Statistics:

Activity from: 9/01/2011

Gold Warehouse Stocks:

11,583,984

+7,570

Silver Warehouse Stocks:

102,891,247

-1,446,799

 

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

1232.314

39,620,114

US$75,049m

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$6,937m

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$7,591m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,660

US$859m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

45.28

1,455,859

US$2,759m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,950

US$9m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.94: – 0.03 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,782.15: +35.35 change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRE) PEA contract, Goldcorp’s (GG) dividend, Claude’s (CGR) drill results, Entree’s (EGI) drill results, Barrick’s (ABX) Investor Day presentation, Comstock’s (LODE) new Director of Environmental and Regulatory Management, Vista Gold’s (VGZ) new mineral resource estimate, Franco-Nevada’s (FNV) NYSE listing, Timberline’s (TLR) LOI to sell its wholly-owned contract drilling subsidiary, Aurizon’s (AZK) drill results, Endeavour Silver’s (EXK) option to purchase the La Presidenta silver property, and Aurcana’s (AUN.V) presentation at the Precious Metals Summit in Beaver Creek were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Exeter

XRA+15.42% $5.24

2.  Vista

VGZ+12.01% $4.01

3.  Entree

EGI +7.77% $2.08

 

LOSERS

1.  Ivanhoe

IVN -4.91% $20.34

2.  Rubicon

RBY -4.47% $4.27

3.  First Majestic

AG -4.35% $23.32

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:

BE Resources Completes $1 Million Private Placement - More
- September 06, 2011 | Item | ShareThis


North American Nickel Announces the Appointment of Dr.   Walter Peredery to the Advisory Board; Grant of Stock Options - More
- September 06, 2011 | Item | ShareThis


Ur-Energy to Present at Rodman & Renshaw Annual Global and Investment Conference - More
- September 06, 2011 | Item | ShareThis


Callinex Mines Exploration Update - More
- September 06, 2011 | Item | ShareThis


Huldra Silver Files Amended and Restated MD&A for Period Ended June 30, 2011 - More
- September 06, 2011 | Item | ShareThis


Focus Extends Warrants - More
- September 06, 2011 | Item | ShareThis


El Tigre Silver Reports Gold Hill Sampling Results From Sonora, Mexico - More
- September 06, 2011 | Item | ShareThis


Minsud Intercepts 11.33 g/t Gold Over 3.0 m on the Chita Copper-Molybdenum Porphyry and Strongly Suggests Telescoped Porphyry-Epithermal System - More
- September 06, 2011 | Item | ShareThis


Diamcor to Present at Rodman & Renshaw Annual Global Investment Conference - More
- September 06, 2011 | Item | ShareThis


Sono Prepares for Fall Diamond Drilling Program on the Bonnyridge Copper/Silver Exploration License Blocks in Botswana, Africa - More
- September 06, 2011 | Item | ShareThis


Orestone Mining Corporate Update - More
- September 06, 2011 | Item | ShareThis


Tirex Resources Signs Definitive Agreement with Ekin Maden to Commence Copper and Gold Mining Production - More
- September 06, 2011 | Item | ShareThis


Constantine-Carlin Yukon JV Defines 6.5 km Long Gold and Arsenic Soil Anomaly - More
- September 06, 2011 | Item | ShareThis


Cascadero Copper Corp.: Option to Acquire 100% Interest in Pancho Arias, an Argentine Copper-Moly Porphyry Deposit - More
- September 06, 2011 | Item | ShareThis


Millrock Announces Resumption of Drilling at San Jose Copper Porphyry Project, Arizona - More
- September 06, 2011 | Item | ShareThis


Avala Resources Commences Resource Definition Drilling at Korkan-Bigar, Serbia and Provides Exploration Update - More
- September 06, 2011 | Item | ShareThis


Southern Arc Commences Airborne Geophysical Survey at West Lombok - More
- September 06, 2011 | Item | ShareThis


Geodex Announces Dungarvon Drill Program - More
- September 06, 2011 | Item | ShareThis


Big Bear Mining Corp Announces Strategic Management Changes - More
- September 06, 2011 | Item | ShareThis


Guinness Exploration Reports Assays From Charlotte Project 2011 Summer Drill Program - More
- September 06, 2011 | Item | ShareThis


Liberty Star Pays Rental Fees for North Pipes Super Project Claims - More
- September 06, 2011 | Item | ShareThis


Williams Creek Gold Limited Stakes New Claims in Nevada - More
- September 06, 2011 | Item | ShareThis


Cartier Drills Diego Gold Project - More
- September 06, 2011 | Item | ShareThis


IGC Resources Inc.: Exercise/Sale of Options - More
- September 06, 2011 | Item | ShareThis


NV Gold Agrees to Acquire Exploration Permit in Eastern Switzerland - More
- September 06, 2011 | Item | ShareThis


Nevada Gold Explorer Klondex Mines to Present at Rodman & Renshaw Investment Conference in New York, Tuesday, September 13th at 2:00 p.m. - More
- September 06, 2011 | Item | ShareThis


Selwyn Significantly Expands XY West Deposit - More
- September 06, 2011 | Item | ShareThis


Zone Resources Inc.   Commences Drilling in the Labrador Trough, Northern Quebec (Infographic) - More
- September 06, 2011 | Item | ShareThis


Skyline Provides an Update on Current Exploration Activities - More
- September 06, 2011 | Item | ShareThis


Premium Exploration Acquires Highly Prospective Patented Gold Mining Claims With Industrial Site in the Heart of the Idaho Gold Project - More
- September 06, 2011 | Item | ShareThis


Sandstorm Gold Provides Production Update for Luna Gold's Aurizona Mine - More
- September 06, 2011 | Item | ShareThis


Crosshair Commences Drilling at its Bootheel Uranium Project in Wyoming and Opens Denver Office - More
- September 06, 2011 | Item | ShareThis


Camino Minerals Corporation: Rodeo Gold Project, Maijoma Claim Group Exploration Update - More
- September 06, 2011 | Item | ShareThis


Concordia Resource Corp.   Signs Letter of Intent to Acquire Swala Resources Inc. - More
- September 06, 2011 | Item | ShareThis


Prophecy Commences Wellgreen Metallurgical and PEA Studies With SGS and Wardrop - More
- September 06, 2011 | Item | ShareThis


Argentex Drills 3.00 Meters of 3.18 g/t Au and 501.3 g/t Ag at Marta Oeste Vein at Pinguino Project - More
- September 06, 2011 | Item | ShareThis


Luna Gold Corp.: Aurizona Gold Mine August Production Update - More
- September 06, 2011 | Item | ShareThis


Quaterra Announces Additional High-Grade Gold Intercept by Partner Grande Portage at Herbert Glacier, Alaska - More
- September 06, 2011 | Item | ShareThis


Barkerville Drilling Updates-Assays Pending - More
- September 06, 2011 | Item | ShareThis


Rare Earth Metals Intersects Significant Heavy REE Mineralization at Dory Pond Area, Red Wine Project, With HREO/TREO Ratio of 42.1% from Intersection of 1.55% - More
- September 06, 2011 | Item | ShareThis


Lone Star Gold Inc.   Provides Gold Industry Overview & Outlook - More
- September 06, 2011 | Item | ShareThis


Ongoing Investment in Exploration Increases MDN's Interest in the Ikungu Project to 70% - More
- September 06, 2011 | Item | ShareThis


Nautilus Issues Options and Loan Shares - More
- September 06, 2011 | Item | ShareThis


Queenston Reports New Drill Results from Upper Beaver Including 13.15 g/t Au with 1.14% Cu over 13.5 m and 21.42 g/t Au with 0.54% Cu over 6.0 m - More
- September 06, 2011 | Item | ShareThis


North Bay Resources Inc.   (NBRI) Issues Progress Report on Ruby Gold Project - More
- September 06, 2011 | Item | ShareThis


White Tiger Gold Ltd is Pleased to Announce a New 300 Million Rouble Bank Facility With Sberbank - More
- September 06, 2011 | Item | ShareThis


Spanish Mountain Announces Departure of an Officer - More
- September 06, 2011 | Item | ShareThis


Hydrology Tests Confirms Suitable Conditions for In-Situ Recovery at Excelsior's Gunnison Project - More
- September 06, 2011 | Item | ShareThis


Champion Minerals Appoints Richard Quesnel as Senior Technical Advisor and Head of Advisory Board - More
- September 06, 2011 | Item | ShareThis


Gran Colombia Announces 51% Increase in Measured and Indicated Gold Resources at Marmato - More
- September 06, 2011 | Item | ShareThis


Hathor Intersects 42 m of 2.95% U3O8 at Far East Zone as Roughrider Continues to Grow - More
- September 06, 2011 | Item | ShareThis


Victoria Intersects 15.16 Meters of 3.64 g/t Gold at Olive Zone, Dublin Gulch Property, Yukon - More
- September 06, 2011 | Item | ShareThis


Bard Ventures Ltd.: Results From Lone Pine Molybdenum, Copper, Silver Exploration Program Shows Continued High Grade Mineralization - More
- September 06, 2011 | Item | ShareThis


Driven Samples 9,970 g/t Silver at Lyn - More
- September 06, 2011 | Item | ShareThis


Trade Winds to Speak at the Rodman & Renshaw Global Investment Conference: Al Gore, Dr. Henry Kissinger and Dick Cheney Will Keynote - More
- September 06, 2011 | Item | ShareThis


LIM Reports Production Update; Second Iron Ore Train Operating - More
- September 06, 2011 | Item | ShareThis


Molycorp to Present at Upcoming Investor Conferences - More
- September 06, 2011 | Item | ShareThis


Internationally Recognized Engineering Firm Confirms Results of Earlier Company Autoclave Tests Conducted by Searchlight Minerals Corp. Technical Consultants - More
- September 06, 2011 | Item | ShareThis


Northland's Kaunisvaara Project On Time for Production in 2012 and Within Budget - More
- September 06, 2011 | Item | ShareThis


Tanzanian Royalty Awards Preliminary Economic Study for Buckreef Gold Project to South Africa's Venmyn - "Tanzanian Royalty is pleased to announce that Venmyn Independent Projects (Pty) Limited, a subsidiary of Venmyn Rand (Pty) Limited of South Africa, has been awarded a contract to complete a Preliminary Economic Assessment (PEA) for the Company’s Buckreef Gold Project in Tanzania." More
- September 06, 2011 | Item | ShareThis


smallcapnetwork - More
- September 06, 2011 | Item | ShareThis


Cameco to increase uranium production at Inkai project in Kazakhstan - More
- September 06, 2011 | Item | ShareThis


Paladin seeks partners for global growth - More
- September 06, 2011 | Item | ShareThis


Goldcorp Declares Ninth Monthly Dividend Payment for 2011 - "GOLDCORP INC. (TSX:G.to - News) (NYSE:GG - News) is pleased to declare its ninth monthly dividend payment for 2011 of $0.034 per share. Shareholders of record at the close of business on Friday, September 16, 2011 will be entitled to receive payment of this dividend on Friday, September 23, 2011. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- September 06, 2011 | Item | ShareThis


Endeavour Silver Options La Presidenta Silver Property in Chile - "Endeavour Silver Corp. (TSX: EDR.TO - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) announces that it has acquired an option to purchase the La Presidenta silver property in the Copiapo region of northern Chile. La Presidenta has a history of small scale silver mining and appears to be prospective for the discovery of bulk tonnage, low grade silver mineralization." More
- September 06, 2011 | Item | ShareThis


Claude Resources Inc. Intercepts 261.28 Grams of Gold per Tonne Over 3.6 Metres True Width in Newly Discovered L62 Zone at Seabee Gold Operation - "Claude Resources Inc. (TSX-CRJ) (NYSE Amex-CGR) ("Claude" or the "Company") today reported exploration results from its newly discovered L62 Zone at its 100 percent owned and operated Seabee Gold Operation. The L62 Zone is located approximately 200 metres away from existing development and operations on multiple levels in the hanging wall of the Seabee Mine." More
- September 06, 2011 | Item | ShareThis


Aurcana Corporation to Present at the Precious Metals Summit - "Aurcana Corporation (TSX-V: AUN.V - News)(OTCQX: AUNFF.PK - News)(PINK SHEETS: AUNFF) is pleased to announce that Lenic Rodriguez, President & CEO, has been invited to present at the Precious Metals Summit in Beaver Creek, Colorado on Thursday, September 15, 2011 at 8:20am MT." More
- September 06, 2011 | Item | ShareThis


Entree Gold Continues to Advance Ann Mason - "Entree Gold Inc. (TSX: ETG.TO - News)(AMEX: EGI - News)(Frankfurt: EKA.F - News) ("Entree" or the "Company") has received assay results from three additional deep diamond drill holes on the 100% owned Ann Mason copper molybdenum porphyry deposit in the Yerington district of Nevada. Drilling continues to return long intercepts (448 metres to 814 metres) averaging from 0.35% to 0.43% copper equivalent ("CuEq"). Higher grade mineralization, including intervals greater than 0.60% CuEq, is present in these holes, as shown in Table 1 below. Hole locations and cross sections can be viewed at www.entreegold.com." More
- September 06, 2011 | Item | ShareThis


Barrick Announces Investor Day Presentation and Webcast - "Barrick announced it will hold its Investor Day presentation on Wednesday, September 7, 2011 beginning at 1:00 pm ET. Aaron Regent, President and Chief Executive Officer and other members of Barrick's Senior Management team will provide an update on the Company's business plans, project pipeline and exploration programs, and other opportunities in its global portfolio of assets." More
- September 06, 2011 | Item | ShareThis


Comstock Mining Expands Environmental Team - "Comstock Mining Inc. (the "Company") (NYSE Amex: LODE) announced today the appointment of Cynthia Byrns as Director of Environmental and Regulatory Management. Cynthia has a strong environmental regulatory background, working most recently with Olin Corporation for its Chlor Alkali Products Division. Her duties included program design of environmental, safety and security systems for local, state and federal compliance for four west coast based facilities including Nevada. Prior to Olin, she was the Environmental Manager with Golden Predator Mines with a strong background in mining and mine development, having also worked in a variety of environmental management and staff roles with BHP Nevada Mining Company, Newmont Gold Company, Barrick Gold Strike Mining Inc. and SRK consulting. Cynthia attended the Colorado School of Mines and holds a Bachelor of Arts in Geology from the University of Colorado and a Masters in Environmental Engineering from Kennedy-Western in Wyoming. She is also a Certified Environmental Manager in Nevada, an Environmental Management Systems Auditor and an OSHA trainer." More
- September 06, 2011 | Item | ShareThis


Vista Gold Corp. Announces Increased Estimated Gold Resources at the Batman Deposit at its Mt. Todd Gold Project, Northern Territory, Australia - "Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ) today announced the results of a new mineral resource estimate for the Batman deposit at the Company's Mt. Todd gold project in Northern Territory, Australia. The new mineral resource estimate includes all previous drilling information plus the results from the 2010-2011 drilling program, which were previously announced by the Company on June 27, 2011. The total mineral resource estimate for the Batman deposit is now 5.98 million ounces of measured and indicated mineral resources(1) and 2.61 million ounces of inferred mineral resources(2)." More
- September 06, 2011 | Item | ShareThis


Franco-Nevada Celebrates NYSE Listing - "Franco-Nevada Corporation (NYSE:FNV - News) (TSX:FNV.to - News) is pleased to announce that its common shares have been authorized for listing on the New York Stock Exchange (NYSE) commencing on September 8, 2011. Executives and board members of the company will visit the NYSE on Thursday to attend the company's commencement of trading under the symbol "FNV". The common shares of the Company will continue to be listed on the Toronto Stock Exchange (TSX) in Canada under the same symbol." More
- September 06, 2011 | Item | ShareThis


Timberline Resources Signs Letter of Intent to Sell Its Contract Drilling Subsidiary - "Timberline Resources Corporation (TSX-V: TBR.V - News)(AMEX: TLR - News) ("Timberline" or the "Company") announced today that it has signed a non-binding Letter of Intent ("LOI") to sell its wholly-owned contract drilling subsidiary, Timberline Drilling, Inc. ("TDI"), to a private company formed by a group of investors, including certain members of the current senior management team of TDI." More
- September 06, 2011 | Item | ShareThis


Aurizon Mines Ltd.: Drilling Confirms the Continuity and the Potential Extension of the 123 Zone at the Casa Berardi Mine - "Aurizon Mines Ltd. (TSX: ARZ.TO - News)(AMEX: AZK - News) is pleased to report initial encouraging results from drilling of the 123 Zone from the exploration track drift on the 550 metre level at its Casa Berardi Mine in north-western Quebec." More
- September 06, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2011

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 6 September, 2011 | |


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