-- Posted 20 October, 2011 | |
| Close | Gain/Loss |
Gold | $1611.10 | -$34.10 |
Silver | $30.33 | -$0.87 |
XAU | 181.46 | -0.69% |
HUI | 508.85 | -0.84% |
GDM | 1470.86 | -0.89% |
JSE Gold | 2776.69 | -36.23 |
USD | 76.92 | -0.19 |
Euro | 137.82 | +0.26 |
Yen | 130.17 | -0.03 |
Oil | $85.30 | -$0.81 |
10-Year | 2.180% | +0.021 |
T-Bond | 139.00 | -0.46875 |
Dow | 11541.78 | +0.32% |
Nasdaq | 2598.62 | -0.21% |
S&P | 1215.39 | +0.46% |
The Metals:
Gold dropped all the way to $1608.20 by a little before 4AM EST before it rebounded to $1630.17 in London, but it then fell to a new session low of $1603.87 by early afternoon in New York and ended with a loss of 2.07%. Silver saw a slight gain at $31.333 by a little after 10AM EST, but it then plummeted to as low as $29.948 in the next few hours of trade and ended with a loss of 2.79%.
Euro gold fell to about €1174, platinum lost $33 to $1483.00, and copper dropped 20 cents to about $3.05.
Gold and silver equities fell over 2% by midday before they rebounded in late trade, but they still ended with slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/15 | 403K | 403K | 409K |
Philadelphia Fed | Oct | 8.7 | -8.8 | -17.5 |
Existing Home Sales | Sep | 4.91M | 4.92M | 5.06M |
Leading Indicators | Sep | 0.2% | 0.3% | 0.3% |
Commercial Real Estate Deals Decline in U.S. Bloomberg
Consumers Most Negative on Economy Since Recession Bloomberg
Brooklyn Home Sales Jump as Buyers Seek Deals on New Condo Developments Bloomberg
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries about what will actually be accomplished at this weekend’s euro-zone summit.
The U.S. dollar index ended lower in mixed trade as the euro closed higher on word that the EU summit will at least go on as scheduled (and not delayed as was rumored earlier today).
Treasuries fell while the Dow, Nasdaq, and S&P traded mixed on varied earnings reports.
Among the big names making news in the market today were Fifth Third, New York Times, Janus, Nucor, Wells Fargo, McGraw-Hill, Philip Morris, RIM, Blackstone, AT&T, and Lilly.
The Commentary:
“Once again, the $1680 level has proved to be too high a mountain for the gold bulls to climb. Having failed there the previous trading session, it has now begun moving back down within the recent trading range testing support levels in the process.
The first level that gave way was $1660. We are now challenging $1640. If that gives way, we then move towards $1625 - $1620, followed by the region near $1600.
The HUI is absolutely no help once again as the ratio trades are back, due mainly to weakness in the broad equity markets and the dumping of risk trades.
Traders who love changing their convictions on the markets every day, ought to be head over heels in love with these markets being there simply is no "rhythm" to them. UP- DOWN; UP - DOWN, The entire world of the equity markets has gone Bi-Polar.
Technically the HUI is still in a bearish posture as it cannot get back above the 50 day moving average. That is the first strike. Until it can clear that marker decisively, technicians are going to be selling rallies.
The second strike against it is that it cannot push through the top of its recent trading range which comes in near 555- 560. Having failed there is has now moved back down towards the bottom of the trading range but has thus far failed to hold at the important 520 level. It is now vulnerable to a dip back towards 500 or even 490 once again if the broader equity markets cannot soon rally back.
Silver failed to best very stubborn resistance at $32.50, fell back within its trading range, violated support near $31 but is trying to regain that level. If it does not, it will drop back to $30.
If you want my opinion as to when all this idiocy is going to end and we are going to get some better behaved markets instead of the madness that we are now forced to witness each and every day - it will end when this stupid attempt by the Central Banks of the West to keep the liquidity spigots open comes to an end. It is this meddling by the monetary authorities, who refuse to let the markets cleanse themselves by punishing foolish decisions, whether made by countries or businesses, and rewarding prudent decisions, which is the source of this volatility. Remove that and the markets will trend in one direction or the other. That is what terrifies them and why they refuse to stop interfering with the necessary cleansing process. All they are doing however is making matters worse and guaranteeing that the day of reckoning will be all that much worse.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
As bunco artists go in the financial world, GATA is pretty small-time
Silver futures data most bullish in 8 years, Arensberg says at GGR
The Statistics:
Activity from: 10/19/2011
Gold Warehouse Stocks: | 11,246,814 | -1,058 |
Silver Warehouse Stocks: | 106,011,868 | -423,806 |
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 | 1227.511 | 39,465,716 | US$63,919m |
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$5,973m |
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$6,536m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,425 | US$739m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.84 | 1,377,389 | US$2,317m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,947 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.21: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,893.73: No change from yesterday’s data.
The Miners:
Rubicon’s (RBY) grid power allocation, NovaGold’s (NG) agreement with NANA Regional Corporation, Paramount’s (PZG) drill results, Seabridge’s (SA) drill results, Agnico-Eagle’s (AEM) increased cash consideration in its offer for Grayd Resource Corporation, and Impact’s (IPT.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Tanzanian Royalty | TRE +3.19% $3.56 |
2. Franco Nevada | FNV +2.45% $38.05 |
3. Great Panther | GPL +2.44% $2.10 |
LOSERS
1. Avino | ASM -9.00% $1.82 |
2. Agnico | AEM-6.15% $43.65 |
3. Kimber | KBX -5.84% $1.29 |
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:
Nuinsco Reports Additional Drill Results From Prairie Lake Rare Metals Project - More
- October 20, 2011 | Item | ShareThis
Cricket Resources Inc.: Appointment of a New Director and Transfer of Escrowed Shares - More
- October 20, 2011 | Item | ShareThis
Stillwater Mining Company Reports Occurrences of Smoke in Its Stillwater Mine - More
- October 20, 2011 | Item | ShareThis
Hard Creek Nickel Corporation: Updated Preliminary Economic Assessment Models Production of Saleable Concentrate - More
- October 20, 2011 | Item | ShareThis
Romex Mining Corporation: Introduction and Operational Update - More
- October 20, 2011 | Item | ShareThis
ICN Issues Shares to Seabridge Gold Inc. - More
- October 20, 2011 | Item | ShareThis
Avalon Resumes Work on its Separation Rapids and Warren Township Rare Minerals Projects - More
- October 20, 2011 | Item | ShareThis
Eastmain Resources Inc.: Clearwater Project - More
- October 20, 2011 | Item | ShareThis
GeoMegA Announces Pre-Development Agreement at Montviel with The Grand Council of the Crees (EI) and The Cree First Nation of Waswanipi - More
- October 20, 2011 | Item | ShareThis
IMPACT Silver Intersects New High Grade Silver Veins at Oscar Project - "IMPACT Silver Corp ("IMPACT" or "the Company") (TSX-V: IPT.V - News) is pleased to announce high grade silver values in initial drilling results at the Oscar Project. Oscar is located only 2.5 kilometers east of the Company's operating 500-tpd (tonnes per day) Guadalupe processing plant in the 423-square-kilometer Royal Mines of Zacualpan District of central Mexico." More
- October 20, 2011 | Item | ShareThis
Uragold Confirms the Auriferous Nature of the McDonald Till and Identifies Two Large Gold Occurences - More
- October 20, 2011 | Item | ShareThis
Intersection of 401.5 m Grading 30.7% Total Iron at Fancamp's 17.5% Owned Oil Can Property, Adjoining the CHM/FNC Flagship Fire Lake North Project Near Fermont - More
- October 20, 2011 | Item | ShareThis
Smash Minerals Corp.: First Drilling at Whiskey Property Identifies Anomalous Gold in Several Target Areas - More
- October 20, 2011 | Item | ShareThis
Anconia Reports Strong Base Metal Results From Its Marce Property in Nunavut Territory - More
- October 20, 2011 | Item | ShareThis
Abzu Gold Intersects 4.72 g/t Gold Over 20 Metres in First Drill Program at Asafo Project, Ghana - More
- October 20, 2011 | Item | ShareThis
Stans Energy Provides Corporate Update - More
- October 20, 2011 | Item | ShareThis
Sacre-Coeur Minerals Announces Alluvial Gold Production and Sales Underway - More
- October 20, 2011 | Item | ShareThis
AXMIN's Joint Venture Company-Nimini Holdings Limited ("Nimini") Commences 5,000 Metre Drill Program at the Komahun High Grade Gold Project, Sierra Leone - More
- October 20, 2011 | Item | ShareThis
Northern Freegold Reports the Results from the Titan-24 Geophysics Survey for the Stoddart Zone, Freegold Mountain Project, Yukon: Extends Zones of Potential - More
- October 20, 2011 | Item | ShareThis
Golden Reign Resources Ltd.: Third Drill Rig Active at Las Conchitas, Trenching Intersects 7.0 Metres of 7.64 g/t Gold - More
- October 20, 2011 | Item | ShareThis
Boss Power Settles Lawsuit With Province of British Columbia - More
- October 20, 2011 | Item | ShareThis
MDN Reports a 29% Increase in Gold Production at Tulawaka for the Quarter and Extension of Mine Life - More
- October 20, 2011 | Item | ShareThis
Edgewater Adds Key Executive to Corcoesto Gold Project & Support Continues to Be Highlighted by Local Government - More
- October 20, 2011 | Item | ShareThis
Montero Appoints Grant Pierce as Country Manager in Tanzania - More
- October 20, 2011 | Item | ShareThis
Bayfield Drills 5.5m of 20.23 g/t Gold and 39.19 g/t Silver Near Surface in Rainy River, NW Ontario - More
- October 20, 2011 | Item | ShareThis
Running Fox Brett Gold Project Phase One Drilling Complete - More
- October 20, 2011 | Item | ShareThis
Soltoro Intercepts 15.85 Metres of 236 gpt Silver at Soledad and Commences Catarina Drilling at El Rayo Project - More
- October 20, 2011 | Item | ShareThis
GreenLight Exploration in Bathurst Camp Results in New Gold Targets; Also Confirms High-Grade Silver and Base Metal Assays in Several Locations - More
- October 20, 2011 | Item | ShareThis
Soltoro and Argentum Silver Sampling Returns 2.5 Metres of 458 g/t Silver at the Coyote Silver Gold Project - More
- October 20, 2011 | Item | ShareThis
Pro-Or: New Expert Group Support Hired for St-Augustin Plant - More
- October 20, 2011 | Item | ShareThis
Galantas Reports More Gold Intersects on Joshua Vein at Omagh Property - More
- October 20, 2011 | Item | ShareThis
Argentum Receives High Grade Silver Assays From the Coyote Project Located in Jalisco, Mexico - More
- October 20, 2011 | Item | ShareThis
Paul-Henri Couture Joins Pershimco's Board of Directors - More
- October 20, 2011 | Item | ShareThis
Bearing Resources Provides Exploration Update on the Zymo Copper-Gold Project, British Columbia - More
- October 20, 2011 | Item | ShareThis
Kirrin Resources Announces $1,500,000 Private Placement - More
- October 20, 2011 | Item | ShareThis
Western Pacific Expands Soil Anomaly - More
- October 20, 2011 | Item | ShareThis
Tyhee Continues to Expand its Wholly-Owned Yellowknife Gold Project, NWT, Canada - More
- October 20, 2011 | Item | ShareThis
Denison Reports Wheeler River Summer Drill Program Completed; Successfully Delineates Phoenix Zone A Extension - More
- October 20, 2011 | Item | ShareThis
Drilling at Croinor Returns 15.11 g/t Au Over 4.1 Meters, 13.12 g/t Au Over 6 Meters and Values up to 50.76 g/t Au - More
- October 20, 2011 | Item | ShareThis
Quaterra Announces Two Properties Added to Goldcorp IFA; Drilling Planned During Fourth Quarter 2011 - More
- October 20, 2011 | Item | ShareThis
ATAC Resources Announces Initial Resource Estimate for its Tiger Gold Deposit, Yukon - More
- October 20, 2011 | Item | ShareThis
Augyva Appoints CFO and Geological Consultant - More
- October 20, 2011 | Item | ShareThis
Thundermin and Cornerstone Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland - More
- October 20, 2011 | Item | ShareThis
Antioquia Gold Reports Additional High-Grade Gold Intersections at Its Cisneros Project in Colombia, Highlighted by 19.56 g/t Au Over 3.50m - More
- October 20, 2011 | Item | ShareThis
Abacus Provides Update on Feasibility Study Progress - More
- October 20, 2011 | Item | ShareThis
Caribou Cuts 3.4 Meters of 3.36% Cu and 5.54 g/t Ag From 2011 Drilling at the Caribou Dome Project, Alaska; Exploration to Continue - More
- October 20, 2011 | Item | ShareThis
Quantum CEO Urges U.S. to Counter China's Rare Earth Strategy; Nebraska Site Helps Secures America's Rare Earth Metals Needs - More
- October 20, 2011 | Item | ShareThis
Minera Andes Announces Third Quarter 2011 San Jose Mine Production - More
- October 20, 2011 | Item | ShareThis
Alder and Calibre Announce Approval of Option Agreement and Commencement of Work Program - More
- October 20, 2011 | Item | ShareThis
Auryx Gold Releases Results of Exploration and Infill Drilling from West Zones at the Otjikoto Gold Project in Namibia - More
- October 20, 2011 | Item | ShareThis
Ressources Appalaches Appointed Mr. John A. Thomas to the Board of Directors - More
- October 20, 2011 | Item | ShareThis
Ashburton Extends the 2011 Drilling Program at Deep Creek, Nevada - More
- October 20, 2011 | Item | ShareThis
Champion Minerals Intersects 401.5 m Grading 30.7% Total Iron at the Oil Can Project, Adjacent to Its Flagship Fire Lake North Project Near Fermont, Quebec - More
- October 20, 2011 | Item | ShareThis
Formation Metals Enhances Management Team - More
- October 20, 2011 | Item | ShareThis
Goldgroup Announces Further Significant Drill Results at its 100% Owned Caballo Blanco Project - More
- October 20, 2011 | Item | ShareThis
Lone Star Gold, Inc. One Step Closer to Production - More
- October 20, 2011 | Item | ShareThis
Molycorp Announces Plan To Accelerate Initial Start-Up of New Rare Earth Processing Facility - More
- October 20, 2011 | Item | ShareThis
Primero Announces Early Repayment of 50% of Its Convertible Note - More
- October 20, 2011 | Item | ShareThis
Avion to Release 2011 Third Quarter Financial Results and MD&A on November 15, 2011 - More
- October 20, 2011 | Item | ShareThis
Goldrush to Begin Exploration Program on Pompoi Permit, Contiguous With Roxgold's Yaramoko Project in Burkina Faso, West Africa - More
- October 20, 2011 | Item | ShareThis
Eastern Platinum Limited: NUM Strike at JIC Impacts CRM Operations - More
- October 20, 2011 | Item | ShareThis
Drilling to Commence on Newly Discovered Gold-Bearing Quartz Veins 1.5 km Southwest Along Strike from Leprechaun Deposit - More
- October 20, 2011 | Item | ShareThis
Continental Gold Drills 8.1 m @ 137.5 g/t Gold, 24 g/t Silver, Extending Yaragua Mineralization to the East and 30 m @ 20 g/t Gold, 33 g/t Silver - More
- October 20, 2011 | Item | ShareThis
Magellan Stakes Additional 57,000 ha in Tapajos Region of Brazil - More
- October 20, 2011 | Item | ShareThis
SEMAFO Begins Trading on NASDAQ OMX Stockholm - More
- October 20, 2011 | Item | ShareThis
Rubicon Minerals Announces Grid Power Connection to Phoenix Gold Project, Red Lake Ontario - "Rubicon Minerals Corporation (TSX:RMX.to - News) (NYSE-AMEX: RBY) (the "Company") is pleased to announce that it has turned on its first grid power allocation (up to 5.3MW) from Hydro One today at the Phoenix Gold Project. The Company has completed its power line connection and infrastructure, and has obtained the requisite approvals and agreements from adjacent surface rights holders." More
- October 20, 2011 | Item | ShareThis
NovaGold and NANA Sign Cooperative and Long-Term Agreement - "NovaGold Resources Inc. ("NovaGold") (TSX: NG.TO - News)(AMEX: NG.TO - News) and NANA Regional Corporation, Inc. ("NANA"), an Alaska Native Corporation headquartered in Kotzebue, Alaska, have entered into a progressive agreement (the "Exploration Agreement and Option to Lease" or "Agreement") founded on the cooperative development of their respective resource interests in the Ambler mining district of Northwest Alaska. The Agreement consolidates NovaGold's and NANA's land holdings into approximately 180,000-hectare land package and provides a framework for the exploration and development of this high-grade and prospective poly-metallic belt. The Agreement is underlain by a mutual commitment to sustainable development." More
- October 20, 2011 | Item | ShareThis
Paramount Gold and Silver Finds New Gold Zone at Sleeper Project in Nevada - "Paramount Gold and Silver Corp. (AMEX: PZG - News)(TSX: PZG - News)(Frankfurt: P6G.F - News)(WKN: A0HGKQ) ("Paramount") announced today that recent drilling on its 100%-owned Sleeper Gold Project in Nevada has (1) discovered a new mineralized zone (the "Pad zone") beneath the historic heap leach pads and (2) extended the near-surface Facilities zone further to the north. These new results were not included in the recently announced NI 43-101 compliant resource estimate prepared by SRK Consulting (www.srk.com) and should therefore expand the known resource. Further drilling is planned to enlarge the new Pad zone discovery." More
- October 20, 2011 | Item | ShareThis
Seabridge Gold's Sulphurets Deposit Continues to Grow - "Wide intercepts of excellent gold and copper grades highlight new drill results from the Sulphurets zone at Seabridge Gold's 100%-owned KSM Project in northwestern British Columbia, Canada. Results from these 12 core holes are expected to increase reserves and improve project economics." More
- October 20, 2011 | Item | ShareThis
Agnico-Eagle to increase the maximum cash consideration in its offer for Grayd Resource Corporation - "Agnico-Eagle Mines Limited ("Agnico-Eagle") (NYSE:AEM - News) (TSX:AEM.to - News) and Grayd Resource Corporation ("Grayd") (TSXV: GYD) (OTCQX: GYDRF) jointly announced today that they have agreed to amend the acquisition agreement dated September 19, 2011 and Agnico-Eagle will amend the offer ("Offer") made by Agnico-Eagle for all of the outstanding shares of Grayd dated October 13, 2011 to double the maximum amount of cash available under the Offer to approximately $183 million. The maximum number of common shares of Agnico-Eagle available for issuance under the Offer is unchanged at approximately 2.7 million Agnico-Eagle shares (based on the number of shares of Grayd outstanding on a fully-diluted basis as at September 19, 2011)." More
- October 20, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 20 October, 2011 | |
