-- Posted 2 December, 2011 | |
| Close | Gain/Loss | On Week |
Gold | $1746.00 | +$2.10 | +3.92% |
Silver | $32.54 | -$0.18 | +4.56% |
XAU | 202.28 | -2.61% | +7.84% |
HUI | 565.35 | -3.30% | +6.99% |
GDM | 1616.52 | -3.15% | +6.51% |
JSE Gold | 3200.85 | -47.20 | +4.53% |
USD | 78.61 | +0.31 | -1.29% |
Euro | 134.00 | -0.64 | +1.32% |
Yen | 128.23 | -0.45 | -0.35% |
Oil | $100.96 | +$0.76 | +4.33% |
10-Year | 2.042% | -0.075 | +3.81% |
Bond | 142.0625 | +1.40625 | -1.24% |
Dow | 12019.42 | -0.01% | +7.01% |
Nasdaq | 2626.93 | +0.03% | +7.59% |
S&P | 1244.28 | -0.02% | +7.39% |
The Metals:
Gold climbed $18.41 to as high as $1762.31 by about 8:30AM EST before it fell all the way back to $1741.60 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a gain of 0.12%. Silver rose to as high as $33.655 in early New York trade, but it then fell back off for most of the rest of the day and ended with a loss of 0.55%.
Euro gold rose to over €1302, platinum lost $14.34 to $1542.00, and copper gained 7 cents to about $3.59.
Gold and silver equities fell about 3% by late morning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Nov | 120K | 123K | 100K |
Unemployment Rate | Nov | 8.6% | 9.0% | 9.0% |
Hourly Earnings | Nov | -0.1% | 0.2% | 0.2% |
Average Workweek | Nov | 34.3 | 34.3 | 34.3 |
The BLS net birth/death adjustment subtracted 29,000 payrolls from November’s data. Private Payrolls rose 140,000.
Fed hawks say central banks can't solve fiscal woes Reuters
Gross Says Fed to Keep Rates Low for Longer Bloomberg
Fiscal deficits hurt Fed's efforts on economy: Fisher Yahoo
Fed’s Fisher Says U.S. Risks ‘Social Unrest’ Amid Rising Federal Deficits Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Factory Orders and ISM Services on Monday, Consumer Credit on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on increased geopolitical tensions after an Iranian cleric spoke out about the storming of a British embassy in Tehran earlier this week.
The U.S. dollar index rose as the euro fell on increased apprehension over Europe’s debt problems that sent treasuries higher.
“British Prime Minister David Cameron threatened on Friday to obstruct a Franco-German drive for swift change to the European Union's treaty intended to help save the euro.
After talks with French President Nicolas Sarkozy, Cameron said he was not convinced treaty change was needed to reinforce the single currency zone, which Britain has refused to join. If the 27-nation bloc's charter were reopened at a crunch summit next week, he would have his own agenda.
The British leader said euro zone institutions such as the European Central Bank needed to "get behind the currency" to convince markets that it had the required firepower, and member states had to make their economies more competitive.”
The Dow, Nasdaq, and S&P rose at the open on today’s unexpected drop in the Unemployment Rate, but worries about Europe cut into those gains late in the day and all three indices ended near unchanged.
Among the big names making news in the market Friday were Mercedes, RIM, MF Global, Zynga, Verizon, Toyota, and New York Times.
The Commentary:
“Dow Jones is reporting that the Bank of Korea has announced that it has increased the amount of gold in its reserves for the second time this year.
The report states that they purchased 15 tons in several batches last month. The last purchase was back in June for a total of 25 tons.
It now has 54.4 tons in reserve. Even with the purchases this year, it still has only 1% of its total foreign exchange reserves in gold. The former amount was a mere 0.7%.
We do not know the actual price at which these purchases were made but there is no doubt in my mind that they occurred on forays down into the zone near the $1600 level. This level has seen strong buying by assorted Central Banks for some time now and I see nothing that would cause this to change anytime soon.
The fact is that many of the banks that have been accumulating gold are doing so to both diversify their reserves and to provide confidence to investors worldwide.
As traders/investors this is valuable information for us as it points to very strong downside support in gold with sizeable accumulation occurring among a group of market participants who are not buying the metal only to try to flip it for some sort of short term gain. They are buying because they see value in the metal at these prices.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
South Korea hastens central bank gold-buying spree
The Statistics:
Activity from: 12/01/2011
Gold Warehouse Stocks: | 11,298,879 | - |
Silver Warehouse Stocks: | 108,170,808 | - |
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 | 1297.929 | 41,729,700 | US$72,876m |
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$6,465m |
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$7,076m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,195 | US$797m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | awaited | awaited | US$2,310m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,945 | US$9m |
Note: Change in Total Tonnes from yesterday’s data. SPDR subtracted 0.605 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.54: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,706.54: No change from yesterday’s data.
The Miners:
Rubicon’s (RBY) Production Closure Plan, Silver Bull’s (SVBL) stock offering, and Excellon’s (EXN.TO) exploration update were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Loncor | LON+14.07% $1.54 |
2. Kimber | KBX+9.19% $1.212 |
3. Rubicon | RBY +8.49% $3.96 |
LOSERS
1. Endeavour | EXK-6.18% $11.09 |
2. IAMGOLD | IAG -5.24% $19.34 |
3. Ivanhoe | IVN -5.12% $20.18 |
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:
Rubicon Announces that the Ministry of Northern Development and Mines has Accepted its Production Closure Plan As Filed - "Rubicon Minerals Corporation (RMX:TSX) (RBY:NYSE-AMEX) ("Rubicon") is pleased to announce that the Ontario Ministry of Northern Development and Mines ("MNDM") has accepted (approved) its Production Closure Plan as filed for its 100% owned Phoenix Gold Project in Red Lake, Ontario at 3:15 pm Toronto time today. This approval allows Rubicon to continue its development and further construction of the mining facilities for the Phoenix Gold Project." More
- December 02, 2011 | Item | ShareThis
Silver Sun Now Trading on the OTCBB - More
- December 02, 2011 | Item | ShareThis
Geo Minerals Ltd. Provides Update to Information Circular - More
- December 02, 2011 | Item | ShareThis
Regal Accepts Resignation and Appoints New Officer - More
- December 02, 2011 | Item | ShareThis
TAC Accepts Resignation and Appoints New Officer - More
- December 02, 2011 | Item | ShareThis
Cameco Approves Dividend - More
- December 02, 2011 | Item | ShareThis
Petaquilla Minerals Ltd.: Results of Annual General Meeting of Shareholders - More
- December 02, 2011 | Item | ShareThis
Cangold Extends December 21, 2009 Warrants - More
- December 02, 2011 | Item | ShareThis
Eagle Star Strengthens Its Technical and Management Team - More
- December 02, 2011 | Item | ShareThis
Geologix Completes 1,151 Line Kilometre Airborne Survey and Property-Wide Sampling and Mapping Programs at Tepal - More
- December 02, 2011 | Item | ShareThis
ECR Minerals plc: Argentina Project Update - More
- December 02, 2011 | Item | ShareThis
Mustang Acquires Additional Geothermal Concessions in Peru - More
- December 02, 2011 | Item | ShareThis
Legal Proceeding Adjourned - More
- December 02, 2011 | Item | ShareThis
Southern Hemisphere on Track to Deliver Maiden JORC Resource for Llahuin Porphyry Copper Project in Q1 2012 Following Further Strong Drilling Results - More
- December 02, 2011 | Item | ShareThis
Oremex Gold is Attending Mines & Money Show in London December 6th & 7th, 2011 - More
- December 02, 2011 | Item | ShareThis
Oremex Silver is Attending Mines & Money Show in London December 6th & 7th, 2011 - More
- December 02, 2011 | Item | ShareThis
Excelsior Appoints New Chief Financial Officer - More
- December 02, 2011 | Item | ShareThis
Crosshair Appoints New Chief Financial Officer - More
- December 02, 2011 | Item | ShareThis
Continental Nickel Commences Diamond Drilling at the St. Stephen Nickel-Copper Sulphide Project in New Brunswick - More
- December 02, 2011 | Item | ShareThis
Cayden Resources Commences Drilling at Quartz Mountain Silver-Gold Project and Provides Morelos Sur Gold Project Update - More
- December 02, 2011 | Item | ShareThis
Mariana Resources Presentation to the Swiss Resources Conference - More
- December 02, 2011 | Item | ShareThis
Corvus Gold Regains 100% Control of LMS and West Pogo Projects in Alaska - More
- December 02, 2011 | Item | ShareThis
Colossus Minerals to Present at Clarus Securities Inc. "Top of the Rocks" Investment Conference - More
- December 02, 2011 | Item | ShareThis
Malaga Announces Appointment of Pierre Monet as President and Chief Executive Officer - More
- December 02, 2011 | Item | ShareThis
Guerrero Now Listed and Trading on the Frankfurt Stock Exchange Trading Under the Symbol 2GU.F - More
- December 02, 2011 | Item | ShareThis
Silver Bull Announces $US 7.5 Million Non-Brokered Common Stock Offering With a $US 5 Million Lead Order by Coeur d'Alene Mines - "Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) ("Silver Bull") today announced that it has received commitments from various investors for the sale of 15,050,000 shares of common stock at a price of $US 0.50 per share, resulting in gross proceeds of $US 7,525,000 including the sale of 10,000,000 shares for gross proceeds of $US 5,000,000 to Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) ("Coeur d'Alene") and 1,055,000 shares to Silver Bull management and directors for gross proceeds of $US 527,500." More
- December 02, 2011 | Item | ShareThis
Excellon Provides Mexican Exploration Update and Exceeds November Production Targets at Platosa - "Excellon Resources Inc. (TSX: EXN.TO - News) ("Excellon" or "the Company") is pleased to report assay results for five new drill holes located near to but outside of the known massive sulphide mantos being exploited at Platosa and is also pleased to announce that it has significantly exceeded November's production targets." More
- December 02, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 2 December, 2011 | |