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-- Posted 31 October, 2011 | |
| Close | Gain/Loss | Gold | $1724.70 | -$20.70 | Silver | $34.47 | -$0.78 | XAU | 201.24 | -3.24% | HUI | 566.09 | -2.85% | GDM | 1629.17 | -2.88% | JSE Gold | 3055.16 | -2.73 | USD | 76.54 | +1.50 | Euro | 138.43 | +1.94 | Yen | 127.93 | -3.97 | Oil | $93.19 | -$0.13 | 10-Year | 2.175% | -0.131 | T-Bond | 139.03125 | +2.15625 | Dow | 11955.01 | -2.26% | Nasdaq | 2684.41 | -1.93% | S&P | 1253.30 | -2.47% |
The Metals: Gold dropped back down to as low as $1704.55 by a little after 3AM EST before it bounced back higher in London and New York, but it still ended with a loss of 1.19%. Silver fell to as low as $34.095 by a little before 10AM EST before it also rallied back higher, but it still ended with a loss of 2.21%. Euro gold climbed to almost €1239, platinum lost $39.25 to $1603.75, and copper dropped 6 cents to about $3.63. Gold and silver equities fell about 2.5% at the open and remained near that level for the rest of the day. The Economy: Report | For | Reading | Expected | Previous | Chicago PMI | Oct | 58.4 | 58.9 | 60.4 |
Tomorrow at 10AM EST brings the ISM Index for October expected at 52.1 and Construction Spending for September expected at 0.3%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell slightly as the U.S. dollar index rose markedly after the Bank of Japan intervened again and sold the yen. “Japan sold the yen for the second time in less than three months after it hit another record high against the dollar Monday, saying it intervened to counter excessive speculation that was hurting the world's No. 3 economy.” Treasuries rose as the Dow, Nasdaq, and S&P fell about 2% on Japan’s intervention and Europe’s debt problems. Among the big names making news in the market today were Honda, Panasonic, MF Global, Yahoo, Groupon, Humana, and JPMorgan. The Commentary: “The Bank of Japan stepped into the Forex markets overnight in an attempt to punish the impertinent speculators who have dared to nullify their former intervention efforts undertaken back earlier this year when the nation suffered the onslaught of the earthquake/tsunami.
Note the previous intervention, which I might add was a VERY RARE example of COORDINATED CENTRAL BANK EFFORTS involving the BOJ, the ECB and the FED. If intervention is going to be effective, it will generally need to be coordinated, sustained and have an eventual fundamental backing. Without those factors, it always ends up being a gigantic waste of money.
Note that even this coordinated intervention failed to stem the advance of the Yen. Now are we to believe that the Lone Ranger effort by the Bank of Japan this time around is going to be successful? Hardly. They have bought a bit of time but all that will happen is that speculators will use the intervention to step in on the buy side of the Yen and get it at a lower level.
In the process of intervening however, the Bank of Japan is devaluing the Yen when measured against Gold. Gold still remains a store of value protecting those who own it against the depredations of their own monetary authorities.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Japan intervenes again to tame soaring yen ahead of G20 Alasdair Macleod: Inflation and German sensibilities Philip Barton: How much gold stock is there really? Duh, ya think? Canadian central banker says QE weakens the currency The Statistics: Activity from: 10/28/2011 Gold Warehouse Stocks: | 11,252,809 | +7,776 | Silver Warehouse Stocks: | 105,174,992 | -540,096 |
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 | 1243.551 | 39,981,398 | US$68,825m | 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$6,391m | 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$6,994m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,366 | US$787m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.47 | 1,365,570 | US$2,346m | NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,947 | US$9m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.02: +0.41 change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 9,763.56: +28.75 change from yesterday’s data. The Miners: Gold Reserve’s (GRZ) shareholder updates, Entree’s (EGI) drill results, Great Basin’s (GBG) VP appointment, Newmont’s (NEM) supplier of the year, and Harmony’s (HMY) dividend were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Solitario | XPL +4.73% $1.77 | 2. Minco | MGH+2.65% $1.16 | 3. Mines MGMT | MGN +1.38% $2.50 |
LOSERS 1. Midway | MDW -11.02% $2.10 | 2. Jaguar | JAG -9.09% $5.20 | 3. Golden Minerals | AUMN -7.15% $7.01 |
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: Gold Reserve Inc. Shareholder Updates - "Gold Reserve Inc. (TSX:GRZ.to - News)(NYSE-Amex:GRZ) (the “Company”) is announcing the following updates to shareholders on the status of its NYSE Amex continued listing and its ICSID international arbitration against the Republic of Venezuela:" More
- October 31, 2011 | Item | ShareThis
Argus Metals Corporate Update-Drill Assays Pending & Resource Update Contracted for Yukon Program - More
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Bellhaven Files National Instrument 43-101 Mineral Resource Estimate Report for the La Mina Gold-Copper Project, Colombia - More
- October 31, 2011 | Item | ShareThis
Quaterra Reports on Exercise of Warrants - More
- October 31, 2011 | Item | ShareThis
TerraX completes drill program at Stewart Gold-Copper Property; results from first hole include 111 m @ 0.13 g/t Gold and 0.05% Copper. - More
- October 31, 2011 | Item | ShareThis
Khan Wins Service Motion in ARMZ Litigation - More
- October 31, 2011 | Item | ShareThis
MAX commences Phase II drill program at Majuba Hill copper/silver project in Nevada to follow up on recent high-grade drill results - More
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Primero Reports Fatality at Its San Dimas Mine - More
- October 31, 2011 | Item | ShareThis
Hard Creek Nickel to Present at The America's Nickel Conference - More
- October 31, 2011 | Item | ShareThis
Khalkos Launches its Initial Public Offering - More
- October 31, 2011 | Item | ShareThis
Ucore XRT Testing Shows Prospective Doubling of Mill Feed Grade - More
- October 31, 2011 | Item | ShareThis
Seafield Intersects 261.9 Metres of 0.80 g/t Gold Including 43.1 Metres of 1.45 g/t at Miraflores Prospect, Quinchia District, Colombia - More
- October 31, 2011 | Item | ShareThis
Great Quest Metals Appoints Mohammed Bouhsane Chief Operating Officer - More
- October 31, 2011 | Item | ShareThis
Goldstrike Finds 18.56 Grams per Tonne Gold in New 11 km Gold Trend - More
- October 31, 2011 | Item | ShareThis
Kenai Resources Ltd.: Encouraging Drilling Results at Sao Chico Gold Project, Brazil - More
- October 31, 2011 | Item | ShareThis
Batero Gold Drills Vertical Hole at La Cumbre Intersecting 212.00 Metres Grading 1.01 g/t Gold and 0.15% Copper From 3.00 Metres Below Surface - More
- October 31, 2011 | Item | ShareThis
Auriga Gold Announces Positive Preliminary Economic Assessment for Open Pit Mining and Milling at Its Maverick Gold Project - More
- October 31, 2011 | Item | ShareThis
Redtail Metals appoints Blair M. Shilleto as Chairman and John W. Legg as President - More
- October 31, 2011 | Item | ShareThis
Riverstone Intersects 26 Metres Averaging 1.34 g/t Gold at the Kao Zone on the Karma Project - More
- October 31, 2011 | Item | ShareThis
Dorato Announces Management and Board Changes - More
- October 31, 2011 | Item | ShareThis
Force Energy Corp. Completes Phase 1 Due Diligence, Verifies Lithium Resource on Zoro 1 Property - More
- October 31, 2011 | Item | ShareThis
Zoro Mining Corp. Announces a 16-hole Drill Program and Continuation of Underground Exploration at the Yura Gold Project, Arequipa District, Peru - More
- October 31, 2011 | Item | ShareThis
Guyana Frontier Reports Trenching Results from Marudi Mountain Gold Project - More
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Cameco Announces Extension of Offer for Hathor Exploration Limited to November 14, 2011 - More
- October 31, 2011 | Item | ShareThis
Uranium Energy Corp Acquiring Major Additional Section of Coronel Oviedo Uranium District in Paraguay - More
- October 31, 2011 | Item | ShareThis
Niblack Joint Venture Continues Successful Drilling at Niblack - More
- October 31, 2011 | Item | ShareThis
Montana Gold Stakes Roar Claims at Silver Bell-St. Lawrence Gold Property, MT - More
- October 31, 2011 | Item | ShareThis
Mazorro Resources Appoints Dean Hanisch as President & CEO - More
- October 31, 2011 | Item | ShareThis
Allied Gold Mining Third Quarter Results - More
- October 31, 2011 | Item | ShareThis
Golden Hope: 2nd Drill Mobilized at Bellechasse-Timmins, Quebec - More
- October 31, 2011 | Item | ShareThis
Pelangio Exploration Intersects 2.24 g/t Gold Over 19 Metres at Pokukrom East Zone on the Manfo Property - More
- October 31, 2011 | Item | ShareThis
Advanced Explorations Inc. Announces $5,000,000 Debenture - More
- October 31, 2011 | Item | ShareThis
New Pacific Metals Corp. Announces Assay Results of 20.2 Meters @ 7.08 g/t Au, 143.95 g/t Ag, and 9.7 Meters @ 8.43 g/t Au, 322.26 g/t Ag - More
- October 31, 2011 | Item | ShareThis
Reunion Gold Announces Results From Preliminary Metallurgical Testwork From its Matthews Ridge Manganese Project - More
- October 31, 2011 | Item | ShareThis
Canadian Orebodies Stakes New Iron Property Near Haig Inlet Iron Ore Project - More
- October 31, 2011 | Item | ShareThis
Paladin Energy Ltd: Quarterly Activities Report for Period Ending-30 September 2011 - More
- October 31, 2011 | Item | ShareThis
Largo Resources Receives Confirmation of Debt Facility from the Brazilian Development Bank to Finance Its Maracas Vanadium Project in Bahia, Brazil - More
- October 31, 2011 | Item | ShareThis
White Tiger Advances Improvements in Production at Lamaque - More
- October 31, 2011 | Item | ShareThis
Yukon-Nevada Gold Corp. Winterization and Production Update for Jerritt Canyon, Nevada - More
- October 31, 2011 | Item | ShareThis
Castle Resources Provides Granduc Copper Project Update - More
- October 31, 2011 | Item | ShareThis
Bannerman Resources Limited: Quarterly Activities Report - More
- October 31, 2011 | Item | ShareThis
Centamin Egypt Limited-Quarterly Report For the Three Months Ended 30 September 2011 - More
- October 31, 2011 | Item | ShareThis
Orocobre Limited-Quarterly Activity Report for the Period Ended 30 September 2011 - More
- October 31, 2011 | Item | ShareThis
Black Iron Releases Preliminary Economic Assessment Showing 42.1% IRR, 2.2 Year Payback and $3.0 Billion NPV for Shymanivske Project - More
- October 31, 2011 | Item | ShareThis
Teranga Gold Corporation: ASX Quarterly Report-For the Three Months Ended September 30, 2011 - More
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Entree Gold Reports Additional Blue Hill Drill Results - "Entree Gold Inc. (TSX: ETG.TO - News)(AMEX: EGI - News)(Frankfurt: EKA.F - News) ("Entree" or the "Company") has received complete drill results for four additional drill holes at its Blue Hill target, located three kilometres northwest of the Company's Ann Mason copper-molybdenum deposit in the Yerington District of Nevada. The holes intersected both oxide and sulphide styles of copper mineralization." More
- October 31, 2011 | Item | ShareThis
Great Basin Gold announces the appointment of Vice President for the Nevada Operations - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (TSX:GBG.to - News) announces an addition to its management team with the appointment of Joseph M. (Joe) Driscoll as Vice President (VP) for Great Basin Gold's Nevada Operations." More
- October 31, 2011 | Item | ShareThis
Newmont Names Moly-Cop as Its Supplier of the Year - "Newmont Mining Corporation (NYSE:NEM - News) announced that Moly-Cop was named Newmont's 2011 Global Supplier of the Year for support of continuous improvement programs, proactive and transparent collaboration and consistently producing high quality products." More
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Sudan hands out 50 more gold exploration licenses - "African gold producer Sudan has handed out 50 more licenses to 73 firms to explore gold and other minerals, state news agency SUNA said on Sunday.
Sudan is trying to expand its small gold production to compensate for the loss of most of its oil reserves to South Sudan which became independent in July." More
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Harmony to Consider Gold Price-Linked Dividend as Profit Surges - "Harmony Gold Mining Ltd., Africa’s third-largest producer of the metal, will consider linking dividend payments to the price of the commodity after gains in its value pushed the company’s profit and cash levels higher." More
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- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here 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 31 October, 2011 | |
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