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Gold Seeker Closing Report: Gold and Silver Fall Slightly

By: Chris Mullen, Gold-Seeker.com



-- Posted 14 November, 2011 | |

 

Close

Gain/Loss

Gold

$1780.30

-$6.90

Silver

$34.28

-$0.38

XAU

209.09

-1.57%

HUI

593.14

-1.74%

GDM

1696.86

-1.79%

JSE Gold

3195.87

+13.09

USD

77.49

+0.60

Euro

136.27

-1.23

Yen

129.71

+0.12

Oil

$98.14

-$0.85

10-Year

2.043%

-0.013

T-Bond

141.78125

+1.34375

Dow

12078.98

-0.62%

Nasdaq

2657.22

-0.80%

S&P

1251.78

-0.95%

 

Magellan Minerals Ltd. (TSX-V: MNM) is a well-financed, Canadian-based junior exploration company focused on mineral exploration and development in the state of Para in northern Brazil. The Company has interests in a number of properties in the Tapajos region which has a historic gold production estimated at 20-30Moz of gold. The Company has two advanced gold projects, Cuiu Cuiu and Coringa, a 1.7Moz gold resource, and is currently drilling with six rigs. More

The Metals:

 

Gold reversed modest gains seen in Asia and fell to as low as $1773.77 by about 7:30AM EST before it bounced back higher in New York, but it still ended with a loss of 0.39%.  Silver fell to as low as $33.948 before it also bounced back higher in late trade, but it still ended with a loss of 1.1%.

 

Euro gold rose to about €1306, platinum lost $3.70 to $1637.50, and copper gained a couple of cents to about $3.49.

 

Gold and silver equities fell about 2% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

There were no major economic reports today.  Tomorrow at 8:30AM EST brings PPI for October expected at -0.2%, Core PPI expected at 0.1%, Empire Manufacturing for November expected at -0.8, and Retail Sales for October expected at 0.4%.  Excluding autos, sales are expected at 0.2%.  At 10AM is the Business Inventories report for September expected at 0.2%.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index rose on renewed concerns about Europe that sent treasuries higher and the Dow, Nasdaq, and S&P lower.  The trigger today was an Italian bond auction that did not go as well as hoped.

 

Among the big names making news in the market Friday were UniCredit, Olympus, IBM, Sears, Apple, Lowe’s, and J.C. Penney.

 

GATA Posts:

 

GoldMoney's Turk interviews Erste Bank's Ronald-Peter Stoeferle

Former German chancellor silent on Fed memo linking him to gold suppression

Argentines get itchy amid new foreign exchange controls

 

The Statistics:

Activity from: 11/11/2011

Gold Warehouse Stocks:

11,233,289

-3,355

Silver Warehouse Stocks:

107,862,240

+10,000

 

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

1268.666

40,788,871

US$72,407m

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$6,594m

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$7,213m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,291

US$813m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.47

1,365,345

US$2,421m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,946

US$9m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.97: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,783.71: No change from yesterday’s data.

 

The Miners:

 

Ivanhoe’s (IVN) third quarter results, Midway’s (MDW) drill results, Nevsun’s third quarter results, Brigus Gold’s (BRD) third quarter results, Golden Minerals’ (AUMN) third quarter results, Revett’s (RVM) third quarter results, Silver Bear’s (SBR.TO) third quarter results, SilverCrest’s (SVL.V) drill results, and U.S. Silver’s (USA.TO) third quarter results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Great Panther

GPL +5.38% $2.74

2.  Comstock

LODE+4.64% $2.48

3.  Ivanhoe

IVN +2.97% $21.17

 

LOSERS

1.  Avino

ASM -7.18% $1.94

2.  Lake Shore

LSG -6.36% $1.62

3.  Golden Star

GSS -6.05% $2.02

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:

Horizonte Minerals Financial Results for the Third Quarter 2011 and Management Discussion and Analysis - More
- November 14, 2011 | Item | ShareThis


Superior Appoints Additional Director and Negotiates Debt Settlement - More
- November 14, 2011 | Item | ShareThis


Delrand Reports Further Iron Ore Exploration Results - More
- November 14, 2011 | Item | ShareThis


Gryphon Gold Announces Financial Results for 2nd Quarter Ended September 30, 2011 - More
- November 14, 2011 | Item | ShareThis


Gulfside Appoints New Director - More
- November 14, 2011 | Item | ShareThis


Goldex Resources Announces Private Placement - More
- November 14, 2011 | Item | ShareThis


Condor Resources Inc.: Stock Options Granted - More
- November 14, 2011 | Item | ShareThis


Toron Inc. signs a property acquisition agreement to acquire 62 mineral claims in Quebec - More
- November 14, 2011 | Item | ShareThis


Driven Capital Arranges $2.1 Million Private Placement of Units and Flow-Through Units - More
- November 14, 2011 | Item | ShareThis


Osisko Releases 2012 Canadian Malartic Mine Schedule - More
- November 14, 2011 | Item | ShareThis


Del Toro Announces Drilling at Dos Naciones - More
- November 14, 2011 | Item | ShareThis


BOWMORE Commences Standard Gold and Duverny Drill Program - More
- November 14, 2011 | Item | ShareThis


First Nickel Reports Financial and Operating Results for the Period Ended September 30, 2011 - More
- November 14, 2011 | Item | ShareThis


KWG Notified of Cliffs Election to Acquire UC Interest - More
- November 14, 2011 | Item | ShareThis


TVI Pacific Declared "The Best Of The Best" In Presidential Mineral Industry Environmental And Safety Awards - More
- November 14, 2011 | Item | ShareThis


GeoMegA Files NI 43-101 Report for Initial Resource Calculation of Montviel Core Zone - More
- November 14, 2011 | Item | ShareThis


Stronghold Engages First Canadian Capital Corp. to Provide Investor Relation Services - More
- November 14, 2011 | Item | ShareThis


True North Gems Completes 2011 Yukon Field Program - More
- November 14, 2011 | Item | ShareThis


Brigadier Gold Announces Date of Special Meeting - More
- November 14, 2011 | Item | ShareThis


Stellar Pacific Ventures Samples 48.4 g Au / T on Namarana and Updates on Exploration Results in Mali, West Africa - More
- November 14, 2011 | Item | ShareThis


Gold/Copper Explorer, Red Metal Resources, Discusses Its Impressive Survey Results - More
- November 14, 2011 | Item | ShareThis


Duncan Park Reports New Gold Mineralization System at Red Lake - More
- November 14, 2011 | Item | ShareThis


Canwealth Minerals Corporation Completes Core Drilling Program at Golden Ridge, Gold Visible on Core Samples. - More
- November 14, 2011 | Item | ShareThis


Cerro Resources NL: Espiritu Santo Jalisco Project TSX-V Approval - More
- November 14, 2011 | Item | ShareThis


Starcore International Mines Ltd.: Over 6,500 Gold Equivalent Ounces of Production for San Martin Mine in First Quarter - More
- November 14, 2011 | Item | ShareThis


Petaquilla Gold, S.A. Moves Toward ICMI Certification - More
- November 14, 2011 | Item | ShareThis


U.S. Rare Earths, Inc. Announces New Drilling Program - More
- November 14, 2011 | Item | ShareThis


Pan American Lithium CEO Predicts Smart Grid Electrical Power Needs Will Drive Demand for Lithium in 2012 and Beyond - More
- November 14, 2011 | Item | ShareThis


Atna Resources Reports Third Quarter Earnings of $2.5 Million - More
- November 14, 2011 | Item | ShareThis


Zoro Mining Corp.: Update on the Don Ben, Piedra Parada and Fritis Projects, Chile, Region III - More
- November 14, 2011 | Item | ShareThis


Calibre Mining Trenches 58.0 Metres Grading 0.70 g/t Gold at the Primavera Gold-Copper Project, Nicaragua - More
- November 14, 2011 | Item | ShareThis


Andina Third Quarter 2011 Update - More
- November 14, 2011 | Item | ShareThis


First Uranium reports financial results for the three and six months ended September 30, 2011. - More
- November 14, 2011 | Item | ShareThis


First Uranium announces fatal accident at Ezulwini Mine - More
- November 14, 2011 | Item | ShareThis


Sphere Resources Discovers a New Mineralized Gold System in Red Lake - More
- November 14, 2011 | Item | ShareThis


Ecometals Limited: Sale of Condor Gold Project Update - More
- November 14, 2011 | Item | ShareThis


Calvista Appoints Edgar Castellanos-Gonzales as Special Advisor to the Board - More
- November 14, 2011 | Item | ShareThis


Mill City Announces Results From 2011 Exploration at Mount Hinton Gold-Silver Project, Yukon - More
- November 14, 2011 | Item | ShareThis


Crazy Horse Resources Inc.: New PEA Increases Post Tax IRR to 29.3% and Reduces Initial Capex by 41% on Taysan Copper Gold Project - More
- November 14, 2011 | Item | ShareThis


Tahoe Drilling Further Expands Known Escobal Mineralization - More
- November 14, 2011 | Item | ShareThis


Lithium Exploration Group CEO in Pennsylvania to See Progress on Ultrasonic Generator - More
- November 14, 2011 | Item | ShareThis


Stans Energy Options Existing Mill for Kutessay II Mine - More
- November 14, 2011 | Item | ShareThis


Fission to Commence 25,000m, $7.3 Million Winter Exploration Program at Waterbury Lake, Athabasca Basin - More
- November 14, 2011 | Item | ShareThis


Blind Creek Reconnaissance Drilling Program Intersects Up To 11.3 g/t Gold and 226.0 g/t Silver near Atlin, BC - More
- November 14, 2011 | Item | ShareThis


Bullfrog Gold Corp. Starts Drilling Newsboy Gold Project in Arizona - More
- November 14, 2011 | Item | ShareThis


Focus Arranges $1.0 Million Financing - More
- November 14, 2011 | Item | ShareThis


First Point Minerals Stakes Land Position in Australia Covering Nickel-Iron Alloy Mineralization - More
- November 14, 2011 | Item | ShareThis


Detour Gold Update on Detour Lake Project Construction - More
- November 14, 2011 | Item | ShareThis


New Pacific Metals Recent Drilling Confirms Gold Mineralization Supporting Potential "Bulk-Mining" Widths in the Goddell Deposit at Tagish Lake Gold Project - More
- November 14, 2011 | Item | ShareThis


Colt Engages Wenzhao "Connie" Wang as Special Advisor to the People's Republic of China - More
- November 14, 2011 | Item | ShareThis


Eastern Platinum Reports Results for the Three Months Ended September 30, 2011 - More
- November 14, 2011 | Item | ShareThis


MacDonald Mines Provides Exploration Update on Semple-Hulbert and Butler Project in Ring of Fire; Prepares for Winter Drill Program - More
- November 14, 2011 | Item | ShareThis


Strait Gold Defines Significant Porphyry Potential at Alicia - More
- November 14, 2011 | Item | ShareThis


Northern Graphite Announces Early Exercise of Warrants - More
- November 14, 2011 | Item | ShareThis


Gowest Gold Releases Preliminary Economic Assessment for Frankfield East Deposit, North Timmins Gold Project - More
- November 14, 2011 | Item | ShareThis


Argonaut Gold Reports Q3 2011 Revenue of $22.7 Million Net Income of $6.0 Million; Cash Flow from Operating Activities of $7.7 Million - More
- November 14, 2011 | Item | ShareThis


Malaga Reports Financial Results for Third Quarter 2011 - More
- November 14, 2011 | Item | ShareThis


Forsys Announces Third Quarter 2011 Operational Results and Outlook - More
- November 14, 2011 | Item | ShareThis


Talison Lithium Reports Fiscal Q1 2012 Results - More
- November 14, 2011 | Item | ShareThis


Sandspring Resources Ltd. Reports 388.5 m Intercept of 2.01 g/t Gold and 0.30% Copper in Drill Hole TPD 242 in Expansion of Higher-Grade Mineralization - More
- November 14, 2011 | Item | ShareThis


Dynacor Gold Mines Reports Q3-2011 Results: Adjusted EBITDA of $2.4 M, Earnings per Share of $0.05 and Appoints New CFO - More
- November 14, 2011 | Item | ShareThis


Gentor Resources and Al Fairuz Mining upgrade their Mahab 4 VMS copper deposit in Northern Oman - More
- November 14, 2011 | Item | ShareThis


Uranium Resources, Inc. Provides Third Quarter 2011 Update - More
- November 14, 2011 | Item | ShareThis


Paladin Energy Ltd-Mid Quarter Operations & Market Update - More
- November 14, 2011 | Item | ShareThis


Medusa Mining Limited: Director's Shareholding - More
- November 14, 2011 | Item | ShareThis


Rugby Mining Limited: Drilling Commences at the Interceptor Project, Argentina - More
- November 14, 2011 | Item | ShareThis


Paladin Energy Ltd: Financial Report for Three Months Ended 30 September 2011 - More
- November 14, 2011 | Item | ShareThis


Colossus Minerals Discovers Extensive Anomalies at Serra Pelada From Soil Geochemistry and Auger Drilling (Including 124.78 g/t Gold, 6.52 g/t Platinum) - More
- November 14, 2011 | Item | ShareThis


Medusa Mining Limited: Chairman's Address at AGM - More
- November 14, 2011 | Item | ShareThis


Medusa Mining Limited: AGM Presentation - More
- November 14, 2011 | Item | ShareThis


Medusa Mining Limited: Results of Annual General Meeting - More
- November 14, 2011 | Item | ShareThis


Minera IRL Announces Third Quarter 2011 Financial Results - More
- November 14, 2011 | Item | ShareThis


Serabi Gold plc ("Serabi" or "the Company") Financial Results for the Third Quarter 2011 and Management Discussion and Analysis - More
- November 14, 2011 | Item | ShareThis


Golden Minerals Reports Third Quarter 2011 Results and Operational Improvements at Velardena - "For the third quarter 2011, Golden Minerals recorded a net loss of $11.7 million, which included $5.5 million of expense related to the El Quevar project and $4.6 million of exploration expense. The Company incurred approximately $5.4 million of costs associated with the ECU transaction, including banker, legal, accounting and other professional fees, as well as severance related costs for several key executives of ECU. These costs were partly offset by $11.3 million of interest and other income primarily related to net proceeds received from the settlement of an arbitration claim." More
- November 14, 2011 | Item | ShareThis


Revett Reports Q3 Earnings and Provides Guidance for Full Year 2011 - "Revett Minerals Inc. (TSX: RVM.TO - News) (AMEX: RVM.TO - News) today announced net income for the three months ended September 30, 2011 of $2.6 million or $0.08 per share. Quarterly revenues were $16.7 million, a 35% increase compared to the same period last year. The Company has also increased its cash and cash equivalents on hand at the end of the third quarter to $19.9 million from $8.8 million at the beginning of the year. All currency in this release is in United States dollars unless otherwise indicated." More
- November 14, 2011 | Item | ShareThis


Cameco Increases Offer For Hathor To $4.50 In Cash Per Share - More
- November 14, 2011 | Item | ShareThis


Silver Bear Provides Operational Update and Announces 2011 Third Quarter Results - "Silver Bear incurred a total loss for the three and nine months ended September 30, 2011 of $5.00 million, ($0.11 per share) and $7.01 million ($0.17 per share) respectively. This compares to a total income of $0.04 million ($Nil per share) and a loss of and $1.53 million ($0.04 per share) respectively for the three and nine months ended September 30, 2010. Exploration costs were $3.79 million and $4.57 million compared to $0.27 million and $1.15 million for the three and nine months ended September 30, 2011 and 2010 respectively." More
- November 14, 2011 | Item | ShareThis


Ivanhoe Mines Announces Financial Results and Review of Operations for the Third Quarter of 2011 - "The Oyu Tolgoi Project initially is being developed as an open-pit operation, with the first phase of mining to start at the near-surface Southern Oyu deposits, which include Southwest Oyu and Central Oyu. A copper concentrator plant, related facilities and necessary infrastructure that will support an initial throughput of 100,000 tonnes of ore per day are being constructed to process ore scheduled to be mined from the Southern Oyu open pit. Commercial production of copper-gold-silver concentrate is projected to begin in the first half of 2013." More
- November 14, 2011 | Item | ShareThis


SilverCrest Identifies Large Bulk Tonnage Target at La Joya; Hole 17 intercepts 205.2m Grading 92.7 gpt Silver Equivalent - "SilverCrest Mines Inc. (the “Company”) is pleased to announce that data compilation for the Phase I drilling program and a newly received historic database has identified a large, near-surface bulk tonnage target at its La Joya property in Durango, Mexico. The compilation by SilverCrest has involved data and/or drill core review of 51 historic holes (14,786 metres) and 26 Company drill holes (5,716 metres) totaling 20,502 metres of drilling in 77 holes on the property. Verification or validation work completed by an Independent Qualified Person included review of 22 historic holes, Company drill information, geologic mapping, sampling, geochemistry, and historic airborne and ground geophysics." More
- November 14, 2011 | Item | ShareThis


Midway Drills 23 Meters of 2.3 gpt Gold at Gold Rock, Nevada - "Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces that drilling on its Gold Rock Project, White Pine County, Nevada intercepted 23 meters of 2.33 grams per tonne (gpt) gold, including 3 meters of 4.56 gpt gold, in drill hole GR11-16 and 44 meters of 0.96 gpt gold in drill hole GR11-11. The drill results continue to confirm the expected grade and location of mineralization defined by historical drilling. Drill intercepts and hole locations are listed in the table and shown on the map below. Gold Rock is 8 km southeast of Midway’s Pan Project and appears to contain similar host rocks and similar styles of gold mineralization to those at Pan." More
- November 14, 2011 | Item | ShareThis


Nevsun Third Quarter 2011 Financial Results - "In Q3 2011 the Company recorded $185 million in revenues for the quarter on sales of 108,600 ounces of gold for an average realized price $1,715 per ounce. With 110,000 ounces produced, gold production averaged approximately 1,200 ounces per day with an average cash cost per ounce sold of $264. Since the Bisha Mine commenced operations in 2011, there are no comparative operating results for Q3 2010." More
- November 14, 2011 | Item | ShareThis


Brigus Gold Reports Q3 2011 Earnings - “Brigus has delivered quarter over quarter production growth through 2011 and expects to continue to increase production in the fourth quarter. Following the merger in June 2010, Brigus has overcome many challenges and has made significant improvements, all of which have made the company fundamentally stronger,” said Wade Dawe, President and CEO of Brigus Gold. “Our management team will continue to implement improvements at Black Fox that will result in ongoing production increases to achieve steady state production levels in excess of 25,000 ounces of gold per quarter.” More
- November 14, 2011 | Item | ShareThis


U.S. Silver Reports Strong 3rd Quarter 2011 Results - “Strong operating performance and pricing continued through the 3rd quarter and we are pleased with the resulting financial performance for the Company,” stated Tom Parker, President and CEO. “These results have provided the Company with strong revenues and cash flows and a further strengthened balance sheet providing the resources to invest in and expand our asset base.” More
- November 14, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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© 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 14 November, 2011 | |


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