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Gold Seeker Closing Report: Gold Gains 1% and Silver Surges Over $1

By: Chris Mullen, Gold-Seeker.com



-- Posted 22 November, 2011 | |

 

Close

Gain/Loss

Gold

$1699.20

+$16.90

Silver

$32.72

+$1.10

XAU

195.21

+1.47%

HUI

561.66

+1.60%

GDM

1579.95

+1.78%

JSE Gold

3121.75

+90.14

USD

78.24

-0.02

Euro

135.14

+0.25

Yen

129.95

-0.10

Oil

$98.01

+$1.09

10-Year

1.939%

-0.023

T-Bond

144.09375

+0.50

Dow

11493.72

-0.46%

Nasdaq

2521.28

-0.07%

S&P

1188.04

-0.41%

 
 

 

The Metals:

 

Gold chopped its way higher throughout most of world trade and ended near its early afternoon high of $1705.21 with a gain of 1%.  Silver rose to as high as $33.02 and ended with a gain of 3.48%.

 

Euro gold rose to about €1258, platinum gained $16.80 to $1564.80, and copper gained 3 cents to about $3.33.

 

Gold and silver equities rose over 1% at the open before they fell back near unchanged by late morning, but they then climbed back higher midday and ended with almost 2% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q3

2.0%

2.5%

2.5%

GDP Deflator

Q3

2.5%

2.5%

2.5%

 

FOMC minutes from the fed’s November 2nd meeting showed that:

 

“A few members indicated that they believed the economic outlook might warrant additional policy accommodation,” the Fed said in minutes released today in Washington. “It was noted that any such accommodation would likely be more effective if it were provided in the context of a future communications initiative.”

 

Payrolls Rose in 39 U.S. States in October  Bloomberg

U.S. Rating Affirmed by S&P, Moody’s as Supercommittee Fails  Bloomberg

FDIC's problem bank list drops  MarketWatch

U.S. credit rating faces scrutiny; Fitch in review  Yahoo

Supercomittee Failure Poses Threat to U.S. Recovery  Bloomberg

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 11/19 expected at 391,000, Personal Income for October expected at 0.3%, Personal Spending expected at 0.3%, Core PCE Prices expected at 0.1%, and Durable Goods Orders for October expected at -0.9%.  Excluding transportation, orders are expected at 0.0%.  At 9:55 is Michigan Sentiment for November expected at 64.2.

 

The Markets:

 

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

 

Oil rose on rising tensions in the Middle East and rumors of IMF funding for Europe.

 

The U.S. dollar index and the Dow, Nasdaq, and S&P all ended slightly lower as optimism over Europe was countered by poor GDP data.  Bonds saw late session strength after today’s five year note auction drew a record low yield of 0.937%.

 

Among the big names making news in the market Friday were JP Morgan and MF Global, Campbell Soup, Medtronic, Bank of America, UnitedHealth Group and XLHealth, Hewlett-Packard, AIG, and Gilead.

 

The Commentary:

 

“My review of the markets is weighed heavily by the belief that liquidity should become less and less as we moved through December. Here in the U.S., this is really a three-day trading week as Friday’s half-day is usually on very light volume.

 

Yours truly shall be taking a vacation from December 10th to January 3rd.

 

U.S. Stock Market – The “Don’t Worry, Be Happy” crowd on Wall Street would very much like to get their greatest fable into full gear – the Santa Claus rally. Unfortunately, a few silly matters they would like us to consider unimportant, like the financial crisis in Europe and the coming debt disaster here in the U.S., has caused a flight delay of Santa’s ride over Wall & Broad.

 

But with “Gobble, Gobble” day near, I suspect the “happy” people and their favorite landing place for Santa’s reindeers, CNBC-TV, shall help accomplish their yearly feat (albeit somewhat subdued) starting today.

 

The 50-Day M.A. is holding (for now). And while the “happy days are here again” sentiment has yet to be fully worked-off, we’re oversold very near-term. I suspect we shall see a “turkeys can fly” (but don’t ask Les Nessman) attitude for the balance of the week.

 

Gold and Silver – Some unanticipated near-term technical damage has been done. And while the decreasing liquidity through years-end can exaggerate any moves, the longer term picture remains as bright as ever.

 

U.S. Dollar – You would think with the Euro apparently disintegrating and the only real money (gold) under pressure, good old Uncle Sam could manage to at least get above it’s fairly tight trading range. Again, while lack of liquidity can lead to such a feat, I would look to short the terminally-ill dollar if it got much above 81-82 on the U.S. Dollar Index.

 

U.S. Bonds – Death, taxes and actual losses over the next ten years to anyone who purchases a 10-year Treasury bond today are sure things in my book.

 

Oil and Natural Gas – Oil did briefly get above my target of $100. 2012 could see an historic military fight in the Middle East. $100 oil could be cheap if such an event occurs. Stay tuned.

 

Natural gas is building a very long base in its infant bull market stage. Unfortunately, most natural gas stocks are overpriced in my eyes.

 

Mining and Exploration Shares – Look for continuing tax-loss selling right up to the last days of December. I’ve an increasingly long list of attractive companies I hope Santa can bring me for Christmas.   I shall make it known in the coming days.”- Peter Grandich, Grandich Letter

 

GATA Posts:

Cash for gold in the eurozone bailout

 

The Statistics:

Activity from: 11/21/2011

Gold Warehouse Stocks:

11,234,800

-200

Silver Warehouse Stocks:

105,886,622

-2,759,596

 

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

1291.273

41,515,709

US$70,517m

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$6,293m

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$6,892m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,248

US$777m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.46

1,365,240

US$2,347m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,945

US$8m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.815 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.40: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,685.37: -30.26 change from yesterday’s data.

 

The Miners:

 

Claude’s (CGR) completed property sale, Paramount’s (PZG) metallurgical testing results, and Seabridge’s (SA) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Entree

EGI +9.52% $1.61

2.  Extorre

XG +9.20% $8.43

3.  Avino

ASM+8.82% $1.85

 

LOSERS

1.  Solitario

XPL -3.46% $1.535

2.  Mines MGMT

MGN -2.99% $1.95

3.  Golden Minerals

AUMN -2.55% $6.49

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:

Formation Metals Secures Letter of Credit to Support Low Interest Bonds for Idaho Cobalt Project Construction - More
- November 22, 2011 | Item | ShareThis


Abitibi Royalties Inc.: Engagement of Micon International Limited - More
- November 22, 2011 | Item | ShareThis


Full Metal Identifies Multiple Gold and Silver Anomalies and Expands Rolling Thunder Project, White Gold Trend, Eastern Alaska - More
- November 22, 2011 | Item | ShareThis


Imperial Reports Filing of Huckleberry Mine Technical Report - More
- November 22, 2011 | Item | ShareThis


Imperial Reports Filing of Huckleberry Mine Technical Report - More
- November 22, 2011 | Item | ShareThis


Great Western Minerals: Group Corporate Update - More
- November 22, 2011 | Item | ShareThis


Southern Silver Drills 11.5 Metres of 140g/t Ag, 0.2% Cu, 4.9% Pb and 4.1% Zn at Cerro Las Minitas; Expands Drill Program - More
- November 22, 2011 | Item | ShareThis


Trade Winds Shareholders Approve Acquisition by Detour Gold - More
- November 22, 2011 | Item | ShareThis


Carlisle Goldfields Strengthens Management Team and Appoints Geological Advisory Council - More
- November 22, 2011 | Item | ShareThis


Douglas Lake Successfully Completes Transitional Initiatives and Appoints a New President and CEO - More
- November 22, 2011 | Item | ShareThis


AuRo Granted Titles to Three Key Concessions at Arboledas Gold Project, Colombia - More
- November 22, 2011 | Item | ShareThis


Claude Resources Inc. Completes Sale of 46% Interest in Nokomis Property, Flin Flon, Manitoba to Auriga Gold - "Claude Resources Inc. (TSX:CRJ.TO - News) (NYSE:CGR - News) (Amex:CGR - News) ("Claude" or the "Company") announces that it has completed the sale to Auriga Gold Corp. ("Auriga Gold") of 46% minority interest in the Nokomis property, which was previously announced on November 3, 2011. Prior to the acquisition, Auriga Gold held a 54% interest in the Nokomis property, which is contiguous to the Puffy Lake Property, part of the Maverick Gold Project. The 2,200 hectare, Nokomis property comprises 39 staked claims and is located less than 8 kilometres northeast of the Puffy Lake Mill, near Flin Flon, Manitoba." More
- November 22, 2011 | Item | ShareThis


Sona Intersects 13.6g Au/t Over 1.5 Metres at Its Blackdome Gold Mine Property - More
- November 22, 2011 | Item | ShareThis


Auriga Gold Completes Acquisition of 46% Interest of the Nokomis Property, Maverick Gold, Manitoba - More
- November 22, 2011 | Item | ShareThis


Dynasty Gold Phase One Drilling at Golden Repeat Property in Nevada Intersecting New Mineralized Structure Containing 3.4 g/t Over 1.7 Meters - More
- November 22, 2011 | Item | ShareThis


International Tower Hill Mines Provides Update on Prefeasibility Study at its Livengood Project, Alaska - More
- November 22, 2011 | Item | ShareThis


Teslin River Resources Corp.: Frasergold Definitive Agreement Signed With Eureka Resources-Preliminary Economic Assessment Commences - More
- November 22, 2011 | Item | ShareThis


Zazu Metals Corporation: High Grade Mineralization in Geotechnical Drill Hole - More
- November 22, 2011 | Item | ShareThis


Chief Theresa Okimaw-Hall to Be Executive Director of Canada Chrome - More
- November 22, 2011 | Item | ShareThis


New Base Metal Discovery: Metanor Intersects a Zone With Significant Zinc and Silver While Drilling the Hewfran Gold Zone - More
- November 22, 2011 | Item | ShareThis


Gravity Survey to Begin On November 22, 2011 - More
- November 22, 2011 | Item | ShareThis


Riverside Resources and Partner Mexigold Corp Begin 2000 Meter Drill Program at the Catrina Gold Project in Durango, Mexico - More
- November 22, 2011 | Item | ShareThis


Alto Ventures and Next Gen Metals Commence 3,500 Metres Diamond Drilling Program on Destiny Gold Project, Val d'Or, Quebec - More
- November 22, 2011 | Item | ShareThis


Metals Creek Resources Corp. Samples 24.6 Grams Per Tonne Gold at "Boot n Hammer Zone", Jackson's Arm, Newfoundland - More
- November 22, 2011 | Item | ShareThis


Platinex Reports Success of Till Sampling Program, Shining Tree, Ontario - More
- November 22, 2011 | Item | ShareThis


Rockland Cuts 0.62% Ni, 0.20% Cu and 0.32 g/t Pt+Pd at Retty Lake, Labrador Trough, Quebec, Stakes Additional Claims - More
- November 22, 2011 | Item | ShareThis


Paramount Gold and Silver Reports on Growing Economic Potential of its Sleeper Project Waste Dumps in Nevada - "Paramount Gold and Silver Corp. (TSX: PZG - News) (AMEX: PZG - News) (Frankfurt: P6G.F - News) (WKN: A0HGKQ) ("Paramount") announced today that its first phase of metallurgical testing on the waste dumps at its 100%-owned Sleeper Gold Project in Nevada has been completed and the results confirm average recoveries of 70% of the contained gold and 34% of the silver, as reported earlier. "This data clearly supports the potential for economic gold recoveries from the Sleeper waste dumps," said Christopher Crupi, Paramount`s CEO." More
- November 22, 2011 | Item | ShareThis


Crosshair Completes 2011 Drilling Program In the Central Mineral Belt (CMB), Labrador - More
- November 22, 2011 | Item | ShareThis


Midland Exploration Signs Option Agreement With Osisko for the Casault Gold Property - More
- November 22, 2011 | Item | ShareThis


Paget Options Lamarck Creek Gold Property, West-Central Quebec from Northern Superior Resources Inc. - More
- November 22, 2011 | Item | ShareThis


Kirrin Resources Inc.: 2011 Exploration Results Advance Grevet REE Property - More
- November 22, 2011 | Item | ShareThis


Amex-Bowmore Announce Three Significant Geophysics IP Anomalies Related to Large Low-Sulfidation System at Chivas (Natora-South), Mexico - More
- November 22, 2011 | Item | ShareThis


Qiao Xing Universal Resources Announces Management Changes - More
- November 22, 2011 | Item | ShareThis


Ryan Gold Identifies Significant Gold-in-Soil Anomalies, Up to 1.39 g/t Au, at the Kilo Prospect, Kluane Project Area in the Yukon Territory - More
- November 22, 2011 | Item | ShareThis


Rodinia Lithium to Participate in San Francisco Hard Assets Conference November 27-28, 2011 - More
- November 22, 2011 | Item | ShareThis


Redstar Gold Expands New Hinge Zone High-Grade Discovery, Red Lake District, Ontario: 11.25 Metres of 5.75 g/t Gold Including 0.50 Metre of 97.80 g/t Gold - More
- November 22, 2011 | Item | ShareThis


Rogue Resources Appoints Freeman Smith Executive VP & Director, Completes Phase One at Radio Hill - More
- November 22, 2011 | Item | ShareThis


BOWMORE Exploration Ltd.: Three Significant Geophysical IP Anomalies Found on Chivas, Mexico - More
- November 22, 2011 | Item | ShareThis


U.S. Antimony Reports Nine Month Record Revenues and Profits - More
- November 22, 2011 | Item | ShareThis


Alderon Resource Upgrade Program Continues On Course - More
- November 22, 2011 | Item | ShareThis


Strongbow Discovers Copper, Gold, and Silver Mineralization at Chilcotin Gold Properties, South Central British Columbia - More
- November 22, 2011 | Item | ShareThis


New Ludovick Zone in Malartic Returns 8.17 g/t Au Over 3.1 Metres - More
- November 22, 2011 | Item | ShareThis


Confederation Minerals Ltd.: Drilling at Newman Todd Intersects 11.25 Metres of 5.75 g/t Gold and 58.00 Metres of 1.11 g/t Gold - More
- November 22, 2011 | Item | ShareThis


Magma to Spin-Out Its West Australian Gold Projects - More
- November 22, 2011 | Item | ShareThis


Red Crescent Provides Update on the Progress of Its Tufanbeyli Zinc Project - More
- November 22, 2011 | Item | ShareThis


Black Iron to Participate in San Francisco Hard Assets Conference November 27-28, 2011 - More
- November 22, 2011 | Item | ShareThis


Avion's Hounde Property, Burkina Faso Returns Intercepts of 3.74 g/t Au Over 61.0 Metres and 4.86 g/t Au Over 38.5 Metres - More
- November 22, 2011 | Item | ShareThis


Dynacor Gold Mines Continues to Increase its Gold Processing Capacity and Reports an All-Time Record Production of 4,255 Ounces of Gold in October 2011 - More
- November 22, 2011 | Item | ShareThis


Mineral Mountain Resources Ltd. Continues to Intersect Hammond Reef Style Gold Mineralization at Pine Centre - More
- November 22, 2011 | Item | ShareThis


Forsys Appoints Johan de Bruin as Chief Geologist - More
- November 22, 2011 | Item | ShareThis


Lara Exploration Ltd.: Corporate Update - More
- November 22, 2011 | Item | ShareThis


WestStar Resources Corp.: WestStar Retains Discovery Geophysics to Conduct IP Survey on the La Paloma Property - More
- November 22, 2011 | Item | ShareThis


White Mountain Increases In-House Engineering Personnel and Provides Marketing and Titanium Metal Technology Update - More
- November 22, 2011 | Item | ShareThis


Seabridge Gold Drill Results to Upgrade Resources and Increase Reserves at Sulphurets - "Results from the final 14 exploration holes drilled this year at the Sulphurets deposit, part of Seabridge Gold's 100% owned KSM Project, support an expansion of reserves and improved overall project economics. Every one of the 34 core holes completed at Sulphurets this year (totaling 11,480 meters) intersected mineralization above the existing reserve's cut-off grade." More
- November 22, 2011 | Item | ShareThis


Orocan Signs Definitive Agreement for Graphite Properties in Ontario - More
- November 22, 2011 | Item | ShareThis


Serabi Gold plc ("Serabi" or "the Company") New Geophysical IP Study Identifies Further Exploration Potential of the Jardim do Ouro Area - More
- November 22, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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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 22 November, 2011 | |


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