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Gold Seeker Closing Report: Gold and Silver Fall About 3%

By: Chris Mullen, Gold-Seeker.com



-- Posted 12 September, 2011 | |

 

Close

Gain/Loss

Gold

$1810.90

-$46.10

Silver

$40.12

-$1.37

XAU

217.25

-2.67%

HUI

610.03

-2.91%

GDM

1771.33

-2.94%

JSE Gold

2828.51

-19.40

USD

77.18

+0.03

Euro

136.81

+0.30

Yen

129.41

+0.82

Oil

$88.19

+$0.95

10-Year

1.930%

+0.015

T-Bond

142.59375

+0.09375

Dow

11061.12

+0.63%

Nasdaq

2495.09

+1.10%

S&P

1162.27

+0.70%

 
 

 

The Metals:

 

Gold fell throughout most of trade and ended near its late session low of $1808.60 with a loss of 2.48%.  Silver fell to as low as $40.078 and ended with a loss of 3.3%.

 

Euro gold fell to under €1334, platinum lost $26 to $1801, and copper fell 4 cents to about $3.95.

 

Gold and silver equities fell over 4% by midafternoon, but they then rallied back higher in late trade and ended with less than 3% losses.

 

The Economy:

 

Economists cut growth forecasts for 2011 and 2012  Yahoo

Obama tries to sell jobs plan to Congress, voters  Reuters

Fed’s Fisher Says Commitment to Low Interest Rates May Inhibit Borrowing  Bloomberg

 

There were no major economic reports today.  Tomorrow at 8:30AM EST brings Export and Import Prices for August and at 2PM is the Treasury Budget for August expected at -$132.0 billion.

 

The Markets:

 

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

 

Oil rose on OPEC’s forecast of strong demand from developing nations.

 

The U.S. dollar index waffled near unchanged as worries about a Greek default were offset by rumors that China may buy Italian debt.

 

Greece Default Risk Jumps to 98%  Bloomberg

Greek default fears slam banking sector  Yahoo

 

Treasuries remained higher after today’s $32 billion 3-year note auction sold at a high yield of 0.334% with a bid to cover of 3.15.

 

The Dow, Nasdaq, and S&P fell for most of the day on fears about debt problems in Europe, but they then rose in late trade and ended with decent gains on reports that China may be buying Italian debt.

 

Among the big names making news in the market today were Bank of America, Broadcom, Citigroup, Berkshire Hathaway, Maxim Healthcare Services, McGraw-Hill, and Technip.

 

GATA Posts:

Gene Arensberg: Nothing paper can be a safe haven

QB Asset Management's report on gold's hidden value and price suppression

 

The Statistics:

Activity from: 9/08/2011

Gold Warehouse Stocks:

11,555,868

+2,400

Silver Warehouse Stocks:

103,030,470

-1,331,714

 

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

1241.917

39,928,872

US$73,217m

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$6,718m

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$7,351m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,628

US$825m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

45.28

1,455,795

US$2,695m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,949

US$9m

Note: Change in Total Tonnes from yesterday’s data: SDPR added 10.512 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.06: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,847.28: No change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) inclusion in the Dow Jones Sustainability World Index, Rubicon’s (RBY) drill results, Midway’s (MDW) permit, Seabridge’s (SA) drill results, Silvercorp’s (SVM) reputation, and Mines Management’s (MGN) second quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Vista Gold

VGZ+19.19% $4.41

2.  Minco Gold

MGH +5.00% $1.24

3.  US Gold

UXG +1.79% $6.24

 

LOSERS

1.  Claude

CGR -9.61% $2.07

2.  Silver Standard

SSRI -9.46% $26.79

3.  First Majestic

AG-7.81% $20.89

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:

Probe Mines to Attend the Toronto Resource Investment Conference September 15-16 and the Denver Gold Forum September 18-21 - More
- September 12, 2011 | Item | ShareThis


Northaven Completes Airborne Geophysics at King Solomon Basin Gold/Silver Property - More
- September 12, 2011 | Item | ShareThis


LIM Added to S&P/TSX SmallCap Index - More
- September 12, 2011 | Item | ShareThis


Benton Commences Drilling at Abernethy Gold Project - More
- September 12, 2011 | Item | ShareThis


Josephine Mining Corp. Provides Drilling Update: Step-Out Drilling Delineates Main Lower Zone With Two Massive Sulfide Intercepts - More
- September 12, 2011 | Item | ShareThis


Taseko Announces Inferred Resource at Aley Niobium Project - More
- September 12, 2011 | Item | ShareThis


Huakan International Mining Inc. Extends Closing Date of Sale of Greenwood Gold Project Assets - More
- September 12, 2011 | Item | ShareThis


Klondex Mines Updated Technical Report Generates Indicated Mineral Resource of 1.65 Million Ounces of Gold Plus Inferred Mineral Resource of 0.46 Million Ounces - More
- September 12, 2011 | Item | ShareThis


Catalyst Copper Commences Metallurgical Studies at La Verde - More
- September 12, 2011 | Item | ShareThis


Moly Mines Company Update - More
- September 12, 2011 | Item | ShareThis


Rainy River Resources Ltd. Intersects 255.0 g/t Gold Over 1.5 Metres in the Western Area and Infill Program Continues to Expand the ODM at Depth - More
- September 12, 2011 | Item | ShareThis


Sanatana Reports Significant Rock Sample Gold Assay Values From Trenches Adjacent to Trelawney's Cote Lake Discovery - More
- September 12, 2011 | Item | ShareThis


Gold Reach Announces Drill Results for Seel Including 174.4 Metres Grading 0.4 Grams Per Tonne Gold and 0.35% Copper - More
- September 12, 2011 | Item | ShareThis


AM Gold Extends Mineralization 200 Meters East and Confirms New Gold Zone at Red Mountain - More
- September 12, 2011 | Item | ShareThis


Nevada Sunrise Initiates Titan 3D Geophysical Survey at Golden Arrow Project - More
- September 12, 2011 | Item | ShareThis


7,000 Metre Resource Upgrade and Expansion Drilling Program Underway on Mountain Lake%u2019s Glover Island Gold Project in Newfoundland - More
- September 12, 2011 | Item | ShareThis


100% of expiring warrants exercised for proceeds of $13.9 MM - More
- September 12, 2011 | Item | ShareThis


Everett Resources Announces Drilling Contract and Mobilization on the Menarik Property, Quebec - More
- September 12, 2011 | Item | ShareThis


Lucky Thirteen Placer Project - Metallurgical Update - More
- September 12, 2011 | Item | ShareThis


West Kirkland Cuts 1.55 g/t Gold and 58.52 g/t Silver Over 22.56 Meters at TUG Deposit, Long Canyon Trend Properties - More
- September 12, 2011 | Item | ShareThis


Shelron Group Expands Information Channels - More
- September 12, 2011 | Item | ShareThis


Redhawk Resources Announces Results of Exploration Drilling and 2011 Resource Expansion Drilling at Copper Creek Project - More
- September 12, 2011 | Item | ShareThis


Romarco secures key equipment for Haile - More
- September 12, 2011 | Item | ShareThis


Cardero Options Organullo Gold Project, Northwest Argentina, to Artha Resources Corporation - More
- September 12, 2011 | Item | ShareThis


Great Western Minerals Group to Hold Conference Call and Present at Upcoming Rare Earth Conferences - More
- September 12, 2011 | Item | ShareThis


Sparton Provides Exploration Update on Company Claims Surrounding Hammond Reef Gold Deposit, Ontario - More
- September 12, 2011 | Item | ShareThis


Soltoro Announces Analyst Coverage Initiated by Stonecap Securities Inc. - More
- September 12, 2011 | Item | ShareThis


IBC Vice President of Nuclear Fuels Jim Malone Appointed Chairman of World Nuclear Association Fuels Working Group - More
- September 12, 2011 | Item | ShareThis


Teslin River Signs Binding LOI to Acquire 1.8 Million Ounce Gold Property from Eureka Resources - More
- September 12, 2011 | Item | ShareThis


High Grade Gold Reported and Drilling Program Commences at Lake Victoria%u2019s Uyowa Gold Project%u2013 Tanzania, East Africa - More
- September 12, 2011 | Item | ShareThis


Golden Hope Reports 380.8 Metres of 0.61 g/t Au in T1 Zone from its 2011 Drilling Program at the Timmins-Bellechasse Gold Project in Quebec - More
- September 12, 2011 | Item | ShareThis


Orezone Gold Corporation: Positive Results Continue at Bombore With Seven Drills Operating - More
- September 12, 2011 | Item | ShareThis


Argentex Drills 9.00 Meters of 2.63 g/t Au and 682.8 g/t Ag at Marta Noroeste Vein at Pinguino Project - More
- September 12, 2011 | Item | ShareThis


Radium Analyses Identify Drill Sites at Kirrin's Alexis River Uranium Project in Labrador - More
- September 12, 2011 | Item | ShareThis


PolyMet to Present at Rodman & Renshaw Annual Global Investment Conference in New York - More
- September 12, 2011 | Item | ShareThis


Uranium Energy Corp Completes Merger to Acquire the Anderson Property in Arizona - More
- September 12, 2011 | Item | ShareThis


Loncor Resources - Regional BLEG Geochemical Survey at Ngayu Project in the DR Congo Outlines Several Gold Targets - More
- September 12, 2011 | Item | ShareThis


Douglas Lake Intersects Numerous Gold Bearing Zones Including Visible Gold During the First Phase of Drilling at Magambazi and Kwandege Targets - More
- September 12, 2011 | Item | ShareThis


Silver Quest Continues to Explore the White Gold District, Yukon - More
- September 12, 2011 | Item | ShareThis


American Vanadium Corp. Announces Positive Feasibility Study for Gibellini Vanadium Project - More
- September 12, 2011 | Item | ShareThis


Selwyn Announces Updated Mineral Resources for Selwyn Project - More
- September 12, 2011 | Item | ShareThis


Redstar Gold Intersects Bonanza Gold Grades in Red Lake - More
- September 12, 2011 | Item | ShareThis


International Northair Mines Intersects 58.40 Metres of 82.6 g/t Silver at La Cigarra, Mexico - More
- September 12, 2011 | Item | ShareThis


Malbex Releases First Resource Estimate for Rojo Grande Gold-Silver Deposit - More
- September 12, 2011 | Item | ShareThis


High-Grade Gold Drill Results from Red Lake - More
- September 12, 2011 | Item | ShareThis


Reliant Gold Announces Results of Drilling at Its MC Dalhousie Project - More
- September 12, 2011 | Item | ShareThis


Miranda Gold Comments on Barrick's Discovery in the Cortez Trend of Nevada - More
- September 12, 2011 | Item | ShareThis


Cresval Commences Drill Program on Bridge River Project - More
- September 12, 2011 | Item | ShareThis


New Hana Provides Exploration Update for the Kuke Project - More
- September 12, 2011 | Item | ShareThis


Champion Minerals Announces Inclusion to the S&P/TSX SmallCap Index - More
- September 12, 2011 | Item | ShareThis


Pele Mountain Drilling Expands Eco Ridge Deposit Northward, Demonstrates Significant Rare Earth Mineralization Outside of Main Conglomerate Bed - More
- September 12, 2011 | Item | ShareThis


All American Gold Corp Announces Drilling Program to Commence on Its Goldfield West Project - More
- September 12, 2011 | Item | ShareThis


Horizonte Minerals Reports Continued High-Grade Nickel Drill Results at Araguaia Project, Brazil - More
- September 12, 2011 | Item | ShareThis


Andina Establishes a New Resource at the Ojo de Agua East Area of the Volcan Gold Project - More
- September 12, 2011 | Item | ShareThis


Avion Gold Announces Inclusion to S&P/TSX Composite Index - More
- September 12, 2011 | Item | ShareThis


Lithium Americas Announces the Completion of Significant Engineering Milestones at its Cauchari-Olaroz Lithium Brine Project - More
- September 12, 2011 | Item | ShareThis


North American Nickel Interprets a Footwall Embayment Structure on Their Post Creek and Halcyon Properties; Drilling to Commence Mid September - More
- September 12, 2011 | Item | ShareThis


North American Nickel Selects Areas for Helicopter Electromagnetic and Magnetic Surveys on its Maniitsoq Project, Southwest Greenland; Signs Contract - More
- September 12, 2011 | Item | ShareThis


Talison Lithium Reports Fiscal Q4 and Fiscal Year 2011 Results - More
- September 12, 2011 | Item | ShareThis


Auryx Receives a Positive PEA for Otjikoto Pre-Tax NPV of USD301 Million and IRR of 42% - More
- September 12, 2011 | Item | ShareThis


Canaco Drills 49.0 Metres at 3.92 Grams per Tonne Gold at Magambazi, Including 9.3 Metres at 11.6 Grams per Tonne Gold; Extends Western Lodes - More
- September 12, 2011 | Item | ShareThis


Richard Zimmer Joins Magellan's Board of Directors - More
- September 12, 2011 | Item | ShareThis


Kirkland Lake Gold Inc.-Notice of Shareholder Meeting and 2011 Annual Report - More
- September 12, 2011 | Item | ShareThis


SERABI MINING plc ("Serabi" or "the Company") Exploration Update - More
- September 12, 2011 | Item | ShareThis


Crosshair Thanks Shareholders for Support at AusAm EGM - More
- September 12, 2011 | Item | ShareThis


Newmont Named to Dow Jones Sustainability World Index for Fifth Straight Year - "Newmont Mining Corporation (NYSE:NEM - News) today announced it was named to the Dow Jones Sustainability World Index (DJSI World) for the fifth consecutive year. As Dow Jones' premier sustainability index, the DJSI World includes approximately 300 global companies identified as leaders in the areas of sustainability and economic, environmental and social performance. In 2007, Newmont became the first gold company included in the DJSI World and also has been included on the DJSI North America Index every year since 2006." More
- September 12, 2011 | Item | ShareThis


Rubicon Minerals Provides Update of "9X"Drill Results from the F2 Gold System, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (TSX:RMX.to - News) (NYSE-AMEX: RBY) ("Rubicon") is pleased to provide an update on its underground "9X" exploration drill program being carried out on the F2 Gold System, at its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario." More
- September 12, 2011 | Item | ShareThis


Midway Receives Expanded Permit at Pan Gold Project, Nevada - "Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces it has received regulatory approval of an expanded drilling permit at its Pan Project, White Pine County, Nevada. This approved permit increases the area available for drill roads and drill pads and also includes a new access route to the project that protects areas of potential Sage Grouse habitat. A recent Environmental Assessment report completed by the U.S. Bureau of Land Management (BLM) concluded that the permitted activities will not have a significant environmental impact." More
- September 12, 2011 | Item | ShareThis


Silvercorp Update on Progress to Identify the Anonymous Letter Writer and to Restore Its Reputation - "Silvercorp Metals Inc. (TSX: SVM - News)(NYSE: SVM - News) ("Silvercorp" or the "Company") welcomes the British Columbia Securities Commission (BCSC) taking quick and decisive actions to investigate the allegations against the Company in an anonymous letter dated August 29, 2011 (refuted by the Company's in its September 2, 2011 news release), and in particular the BCSC's efforts to discover the anonymous letter writer's identity." More
- September 12, 2011 | Item | ShareThis


Drilling Confirms Likely Resource Enhancements at Seabridge Gold's Courageous Lake - "The second tranche of 2011 infill drill results from Seabridge Gold's 100% owned Courageous Lake Project are likely to expand the project's multi-million ounce gold resource, increase the average grade and upgrade inferred resources to higher categories. Assays from the latest 13 core holes (reported below) continue to confirm the project's resource model with some intercepts proving to be wider and better grade than predicted. In August, Seabridge reported results from the initial 10 core holes from this summer's infill drilling program which were also highly encouraging." More
- September 12, 2011 | Item | ShareThis


Mines Management Announces Second Quarter 2011 Financial and Operating Results - “Significant progress has been made to advance the Montanore Silver-Copper Project through the re-permitting process. We anticipate completion of the Supplemental Draft Environmental Impact Study (“SDEIS”) in the near term, and commencement of the final phase of permitting following shortly thereafter. We remain in excellent financial condition as we move closer to the completion of permitting of the Montanore Project, and look forward to commencement of the underground delineation drilling program.” More
- September 12, 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 12 September, 2011 | |


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