-- Posted 8 September, 2011 | | Discuss This Article - Comments:
| Close | Gain/Loss |
Gold | $1855.00 | +$39.70 |
Silver | $42.38 | +$0.86 |
XAU | 227.03 | +1.13% |
HUI | 634.95 | +1.79% |
GDM | 1845.32 | +1.77% |
JSE Gold | 2795.83 | +71.61 |
USD | 76.24 | +0.79 |
Euro | 138.85 | -2.13 |
Yen | 129.08 | -0.36 |
Oil | $89.05 | -$0.29 |
10-Year | 1.986% | -0.050 |
T-Bond | 141.34375 | +0.59375 |
Dow | 11295.81 | -1.04% |
Nasdaq | 2529.14 | -0.78% |
S&P | 1185.90 | -1.06% |
The Metals:
Gold climbed to as high as $1865.00 by about 9:25AM EST before it pared its gains a bit in late morning trade, but it still ended with a gain of 2.19%. Silver soared to as high as $42.632 and ended with a gain of 2.07%.
Euro gold rose to about €1331, platinum gained $26 to $1843.75, and copper rose slightly to about $4.13.
Gold and silver equities rose about 1.5% at the open and remained near that level for the rest of the day. The HUI and GDM made new record closing highs.
At $1,850/Ounce, Does Gold Still Glitter? Forbes
Bolivia Central Bank to Buy Local Gold Output to Boost Reserves Bloomberg
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 9/03 | 414K | 400K | 412K |
Trade Balance | July | -$44.8B | -$51.5B | -$51.6B |
Consumer Credit | July | $12.0B | $5.0B | $11.3B |
Crisis Recovery Is ‘Much Less Robust’ Than Hoped, Bernanke Says: Full Text Bloomberg
Bernanke: Fed Will Weigh Stimulus at Next Meeting Bloomberg
Bernanke says Fed seeks to restore strong growth
30-year mortgage falls to 4.12 pct., record low Yahoo
Inflation Scare Passing Spurs Central Banks to Refocus on Recession Risks Bloomberg
Geithner urges global action to boost growth Reuters
Tomorrow at 10AM EST brings Wholesale Inventories for July expected at 0.7%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose as the euro dropped “after the European Central Bank signaled a pause in its interest-rate tightening cycle that began just five months ago.”
Treasuries rose as the Dow, Nasdaq, and S&P fell after Bernanke failed to announce any new stimulus in his speech in Minneapolis today.
Treasury to sell $66 billion in bonds next week MarketWatch
Among the big names making news in the market today were Yahoo, Google, Twitter, and FedEx.
The Commentary:
YouTube Video: What Bob Pisani forgot to tell you about GLD
“Note the chart of gold priced in terms of the Swiss Franc. While it is sharply lower today as the Central Banks of the West declare war on the metal, it has only retraced about half of its strong gains made against the Swiss Franc after the Swiss National Bank effectively devalued their domestic currency on Tuesday of this week. While the SNB set about to debauch their currency, those Swiss wise enough to have accumulated gold have fared quite well as their wealth has been protected.
This is what gold does historically - it serves as a haven against the depredations of Central Bankers, monetary officials and inept political leaders who look only at the short term and do not focus on the longer term. This group of leaders seems intent on plundering the wealth of the citizens of their nations.
Carefully compare the two charts and you will see that gold's strong, sustained rise against the Swiss Franc began exactly on the same day that the SNB first announced efforts to derail the strength in the Franc. It moved steadily higher, retraced some gains and then exploded into new highs Tuesday of this week when they effectively devalued their currency and destroyed its safe haven status in the process.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Bolivia's central bank will buy domestic gold production to boost reserves
Ambrose Evans-Pritchard: German court curbs future bailouts, bans EU fiscal union
Look who's watching GATA
The Statistics:
Activity from: 9/06/2011
Gold Warehouse Stocks: | 11,553,499 | -32,039 |
Silver Warehouse Stocks: | 103,070,668 | +179,407 |
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$73,462m |
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$6,880m |
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$7,528m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,649 | US$853m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 45.28 | 1,455,827 | US$2,635m |
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: -0.27 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,854.85: +72.7 change from yesterday’s data.
The Miners:
Minco Gold’s (MGH) corporate update, Gold Fields’ (GFI) credit rating, US Gold’s (UXG) drill results, Timberline’s (TLR) drill results, Minco Silver’s (MSV.TO) corporate update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude | CGR+9.76% $2.25 |
2. Alexco | AXU+6.95% $9.23 |
3. Extorre | XG+6.90% $10.69 |
LOSERS
1. NovaGold | NG -11.29% $9.51 |
2. Vista Gold | VGZ -5.50% $3.78 |
3. Golden Minerals | AUMN-5.12% $12.97 |
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:
North American Nickel to Begin Line Cutting for EM Survey at its Bell Lake Offset Dyke Property, Southwest Sudbury Basin - More
- September 08, 2011 | Item | ShareThis
Commonwealth Silver Intercepts Significant Gold and Silver Intervals at the Commonwealth Project in Southern Arizona - More
- September 08, 2011 | Item | ShareThis
Uragold Signs Agreement to Acquire Land in Saint-Simon-les-Mines, Including Land Under Which the Beauce River Gold Deposit Sits - More
- September 08, 2011 | Item | ShareThis
Minco Silver Corporation Update - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV.TO - News)(OTCQX: MISVF.PK - News)(WKN: A0ESX5) announces that the consulting agreement with Mr. Dwayne Melrose, VP Exploration of the Company, has been terminated. The company wishes to thank him for efforts and contributions. Mr. Melrose will continue to act as a director of Minco Gold Corporation." More
- September 08, 2011 | Item | ShareThis
Minco Gold Corporation Update - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX: MMM.TO - News)(AMEX: MGH - News)(Frankfurt: MI5.F - News) announces that the consulting agreement with Mr. Dwayne Melrose, VP Exploration of the Company, has been terminated. The company wishes to thank him for efforts and contribution. Mr. Melrose will continue to act as a director of Minco Gold." More
- September 08, 2011 | Item | ShareThis
Xtierra Reports Start Up of Drilling to Follow Up Previously Encountered High Grade Silver Target at Bilbao - More
- September 08, 2011 | Item | ShareThis
Victoria Engages Rothschild as Financial Advisor for the Eagle Gold Deposit - More
- September 08, 2011 | Item | ShareThis
Bravo Reports Status of Engineering, Scoping, and Exploration at Homestake Ridge - More
- September 08, 2011 | Item | ShareThis
Globex's Duquesne-Ottoman Option Inferred Gold Resource Increases 56% - More
- September 08, 2011 | Item | ShareThis
Nautilus Closes C$70.5 million First Tranche of Private Placement - More
- September 08, 2011 | Item | ShareThis
Colombia Crest Gold Announces Significant Increase in Mineral Title Within the Fredonia Gold Project, Colombia - More
- September 08, 2011 | Item | ShareThis
Lupaka Gold Corp. Drills 131 Metres at 1.11 g/t Gold, and 42.0 Meters at 6.76 g/t Gold at Crucero Gold Project - More
- September 08, 2011 | Item | ShareThis
Augustine Ventures Doubles Property Interests in Wawa - More
- September 08, 2011 | Item | ShareThis
Sona Intersects 8.4g Au/t Over 0.51 Metres at Its Elizabeth Gold Deposit Property - More
- September 08, 2011 | Item | ShareThis
DIOS: Private Placement Completed - More
- September 08, 2011 | Item | ShareThis
Pacific Wildcat Resources Corp.: Appointment of Argonaut as Financial and Corporate Adviser - More
- September 08, 2011 | Item | ShareThis
Ascot Resources Continues to Expand a Large Gold System With Numerous Gold Intersections Including High Grade Values - More
- September 08, 2011 | Item | ShareThis
Pacific Wildcat Resources Corp.: Mrima Hill Niobium and Rare Earth Deposit; Kwale, South Coast Kenya - More
- September 08, 2011 | Item | ShareThis
Beaufield Completes Summer Field Work at Schefferville Iron - More
- September 08, 2011 | Item | ShareThis
Xmet Inc. Reports a 56% Increase in NI 43-101 Mineral Resources on Duquesne-Ottoman - More
- September 08, 2011 | Item | ShareThis
Primero Provides Revised Operating Outlook - More
- September 08, 2011 | Item | ShareThis
Rimini Investments Updates Coverage on Source Gold Corp., Resulting in a Restated Buy Recommendation in Turbulent Economy - More
- September 08, 2011 | Item | ShareThis
Platinum Group Metals Acquires Canadian Platinum Project - More
- September 08, 2011 | Item | ShareThis
Moody's Changes Gold Fields Baa3 Credit Rating Outlook to Positive - "The change in outlook was mainly prompted by Gold Fields' continued progress in terms of further diversifying its production and EBITDA geographically and becoming less dependent on South Africa combined with our increased expectation that the company would also be able to maintain its conservative leverage of Net Debt to EBITDA below 1 time and positive free cash flow generation, even in a much lower gold price environment." More
- September 08, 2011 | Item | ShareThis
Midland Adds Several Gold Showings to Its Portfolio With the Acquisition of Its New Valmond Property - More
- September 08, 2011 | Item | ShareThis
Colossus Minerals to Present at Rodman & Renshaw Annual Global Investment Conference - More
- September 08, 2011 | Item | ShareThis
Gryphon Gold Announces Heap Placement at Borealis Mine - More
- September 08, 2011 | Item | ShareThis
AuRo Retains Pinnacle Capital Markets for Investor Relations - More
- September 08, 2011 | Item | ShareThis
Olympus Commences Malaysian Goldfield Feasibility - More
- September 08, 2011 | Item | ShareThis
Avalon Announces Appointment of Mr. Richard Morland to the Board of Directors - More
- September 08, 2011 | Item | ShareThis
Pelangio Extends Strike of Pokukrom East Zone to 850 Metres, Identifies New Nfante Central Zone on Manfo Property - More
- September 08, 2011 | Item | ShareThis
Montero Identifies a Massive New Zone With Bastnaesite Over 256m at 0.6% TREO at the Tumbili Target at the Wigu Hill Rare Earth Project, Tanzania - More
- September 08, 2011 | Item | ShareThis
Trueclaim Exploration-Corporate Update - More
- September 08, 2011 | Item | ShareThis
New Guinea Gold Announces Extension of Contract for Acting CEO - More
- September 08, 2011 | Item | ShareThis
Orocobre Receives Approval for Exploration Drilling at Salar de Cauchari Project - More
- September 08, 2011 | Item | ShareThis
Corvus Gold Announces Further High Grade Gold Mineralization and Second Drill Rig Mobilization at the Chisna Project - More
- September 08, 2011 | Item | ShareThis
Magellan Drills 39.4m @ 1.25 g/t Gold 360m North of Central and Discovers New Zone at Cuiu Cuiu Project, Brazil - More
- September 08, 2011 | Item | ShareThis
West Kirkland Mobilizes Drill to Bullion Mountain Project, Cortez Area, Nevada - More
- September 08, 2011 | Item | ShareThis
Auryx Gold Corp Discovers Massive Iron Oxides at the Otjikoto Gold Project, Namibia - More
- September 08, 2011 | Item | ShareThis
Red Metal Resources Announces Geophysics Program on Mateo Project - More
- September 08, 2011 | Item | ShareThis
Uranium Energy Corp Completes Acquisition of Major South Texas Uranium Exploration Database - More
- September 08, 2011 | Item | ShareThis
Asia Now Drills 26.7 Meters at 73.4 g/t Silver and 6.1% Lead, Expands the Beiya North High-Grade Gold, Silver and Base Metal Zone to 1,840 Meters Long - More
- September 08, 2011 | Item | ShareThis
CuOro Provides Santa Elena Exploration Update - More
- September 08, 2011 | Item | ShareThis
Galore Trenching Expands Gold Mineralization at El Alamo - More
- September 08, 2011 | Item | ShareThis
Crosshair Continues Confirming Historical Results in Preparation for an Initial Resource Estimate at Juniper Ridge - More
- September 08, 2011 | Item | ShareThis
Mackie Research Capital Initiates Coverage of Excelsior Mining Corp. - More
- September 08, 2011 | Item | ShareThis
Great Western Minerals Group Selects Drill Contractor for Steenkampskraal Rare Earth Project - More
- September 08, 2011 | Item | ShareThis
Decade Resources Ltd.: Step-Out Drilling Started on Upper Montrose Zone - More
- September 08, 2011 | Item | ShareThis
IBC Advanced Alloys Receives Drilling Permit Approvals for 2011 Utah Drill Program - More
- September 08, 2011 | Item | ShareThis
Columbus Gold Obtains Drill and Sets Drilling Schedule at 1.9 Million Oz. Paul Isnard Gold Project - More
- September 08, 2011 | Item | ShareThis
Montoro Retains Aeroquest for Airborne Surveys Over BC Rare Earth Prospects - More
- September 08, 2011 | Item | ShareThis
Zone Resources Inc. Reports Analyses from New Iron Zones on the Moore Property in the Labrador Trough of Northern Quebec - More
- September 08, 2011 | Item | ShareThis
Tosca Encounters Strong Molybdenum and Copper Mineralization at Red Hills, Texas - More
- September 08, 2011 | Item | ShareThis
Tombstone Exploration Corporation Renews Bureau of Land Management Mining Claims - Arizona - More
- September 08, 2011 | Item | ShareThis
SEMAFO Plans to Increase Mana's Processing Capacity by 6,000 Tonnes per Day - More
- September 08, 2011 | Item | ShareThis
Blind Creek Stakes Additional 16,657 Hectares in the Yukon - More
- September 08, 2011 | Item | ShareThis
Ruby Creek Resources to Present at the Rodman & Renshaw Conference September 13th - More
- September 08, 2011 | Item | ShareThis
Cream Minerals Reports Drill Results for the Veta Tomas Zone, Nuevo Milenio Silver-Gold Project, Mexico - More
- September 08, 2011 | Item | ShareThis
Alderon Releases Positive Preliminary Economic Assessment - More
- September 08, 2011 | Item | ShareThis
Gold Canyon Announces Expansion of Joint Exploration Agreement With Japan Oil, Gas and Metals National Corporation (JOGMEC) for Rare Earth Elements in Malawi - More
- September 08, 2011 | Item | ShareThis
Indigo Defines 4.75km Long Gold Soil Anomaly at Lati - More
- September 08, 2011 | Item | ShareThis
Grandview Gold Inc. Reports Significant Assays at Dixie Lake Property; Re-energizes Red Lake Exploration Program - More
- September 08, 2011 | Item | ShareThis
Lumina Intersects 646 Meters Grading 0.93% Copper Equivalent Including 50 Meters Grading 2.69% Copper Equivalent at Taca Taca Copper-Gold-Molybdenum Project - More
- September 08, 2011 | Item | ShareThis
Palmarito Expansion Drilling Continues to Return Good Results Starting at Surface-Growing Open Pit Potential - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce exploration results from its Palmarito deposit, part of the El Gallo complex in Sinaloa State, Mexico, where Phase 1 mining is planned for mid-2012. Drill results continue to show excellent potential for open pit resource growth, in addition to higher silver grades." More
- September 08, 2011 | Item | ShareThis
Barkerville Adds 2,975 Hectares To Its Cariboo Mining Project - More
- September 08, 2011 | Item | ShareThis
Wildcat drill results continue to expand Hermosa mineralization and confirm resource remains open in all directions - More
- September 08, 2011 | Item | ShareThis
Augusta Resource Provides Rosemont Copper Permit Update - More
- September 08, 2011 | Item | ShareThis
Bullion Monarch Updates Exploration on Bom Jesus and Ouro Mil Properties - More
- September 08, 2011 | Item | ShareThis
Lundin Mining Announces Feasibility Study Results for the Lombador Phase I Project - More
- September 08, 2011 | Item | ShareThis
Osisko Intersects 1.23 g/t Au Over 172 Metres at Barnat Extension - More
- September 08, 2011 | Item | ShareThis
Augen Gold Corp. Shareholders Reminded to Tender to Trelawney Mining and Exploration Inc. Offer - More
- September 08, 2011 | Item | ShareThis
Jayden Resources Inc.: Silver Coin Drilling Update-Excellent Progress and Continued Strong Results - More
- September 08, 2011 | Item | ShareThis
Timberline Resources Announces Drill Results from Its Lookout Mountain Gold Project - "Timberline Resources Corporation (TSX-V: TBR.V - News)(AMEX: TLR - News) ("Timberline" or the "Company") today announced assay results from the first 13 holes of the ongoing 30,000-foot drill program at its flagship Lookout Mountain Gold Project along the Battle Mountain - Eureka Trend of central Nevada." More
- September 08, 2011 | Item | ShareThis
Black Iron Reports Two Additional Twin Holes With Iron Grades Exceeding 32% - More
- September 08, 2011 | Item | ShareThis
Cayden Resources to Commence Drilling at its Wildcat Copper-Gold Project Located in British Columbia, Canada - More
- September 08, 2011 | Item | ShareThis
Red Eagle Mining commmences drilling at Santa Rosa - More
- September 08, 2011 | Item | ShareThis
Antioquia Gold Inc. Commences Trading on the U.S.-OTCQX - More
- September 08, 2011 | Item | ShareThis
Blue Vista Technologies Acquires Hurdman Property - More
- September 08, 2011 | Item | ShareThis
Champion Minerals Appoints Marc Duchesne as Project Finance Advisor - More
- September 08, 2011 | Item | ShareThis
Sheltered Oak Announces First Results from Phase 6 Drilling at the Kerrs Township Properties - More
- September 08, 2011 | Item | ShareThis
Formation Metals Provides Construction Update on Idaho Cobalt Project - More
- September 08, 2011 | Item | ShareThis
Crocodile Gold Intersects Significant High-Grade Mineralization at Union Reefs: 27 Grams/Tonne Gold Over 4.23 Meters at Prospect and 10 Grams/Tonne Gold - More
- September 08, 2011 | Item | ShareThis
Hathor Exploration Limited: Drilling Underway at Russell Lake - More
- September 08, 2011 | Item | ShareThis
Driven Confirms Ultra High Grade Samples at Lyn: Up to 10,505 g/t Silver and 58.14% Lead - More
- September 08, 2011 | Item | ShareThis
Silver Fields Acquires Additional Property in Area of High Silver Assays - More
- September 08, 2011 | Item | ShareThis
Step-Out and Infill Drilling Results Continue to Expand Leprechaun Gold Resource at Valentine Lake Project, Newfoundland - More
- September 08, 2011 | Item | ShareThis
U3O8 Corp's Infill Drilling on Track Towards Maiden NI 43-101 Resource Estimate on the Berlin Project, Colombia - More
- September 08, 2011 | Item | ShareThis
American Manganese Inc.: Indicated Manganese Resource at Artillery Peak Grows by 123% - More
- September 08, 2011 | Item | ShareThis
Torex Reports Third Quarter Results - More
- September 08, 2011 | Item | ShareThis
Castle Resources Intersects 3.17% Copper Over 8 Meters at Depth at Granduc Copper Project - More
- September 08, 2011 | Item | ShareThis
General Metals Receives Updated Independent Technical Report Including CNI 43-101 Compliant Resource Calculation; Measured and Indicated Resources Increase 7.5% - More
- September 08, 2011 | Item | ShareThis
Habanero Resources Inc.: Drilling Now Underway on Haldane Silver Prospect in Keno Hill Silver District of the Yukon - More
- September 08, 2011 | Item | ShareThis
Hathor Exploration Limited Announces Annual General Meeting Results - More
- September 08, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 8 September, 2011 | | Discuss This Article - Comments: