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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil

By: Chris Mullen,

-- Posted 8 December, 2011 | |



















JSE Gold
































The Metals:


Gold rose $14.85 to $1756.15 by a little after 8:30AM EST, but it then fell to as low as $1704.08 by late morning in New York and ended with a loss of 1.96%.  Silver surged to as high as $33.217 before it also fell back off in New York and ended with a loss of 2.83%.


Euro gold fell to about €1280, platinum lost $30 to $1490, and copper dropped 5 cents to about $3.49.


Gold and silver equities fell over 3% by midmorning before they rebounded slightly at times, but they still ended with about 3% losses.


The Economy:







Initial Claims





Wholesale Inventories






Fixed mortgage rates hover near lows for 6th week  Yahoo


Tomorrow at 8:30AM EST brings the Trade Balance for October expected at -$44.0 billion.  At 9:55 is Michigan Sentiment for December expected at 65.1.


The Markets:


Charts Courtesy of


Oil fell as the U.S. dollar index rose after the ECB did not commit to an extended bond buying program despite widely held expectations that they would do so.


“The European Central Bank doused hopes on Thursday it will ramp up its bond-buying program to fight the bloc's debt crisis, unnerving markets hours before a high-stakes EU summit they had hoped would produce a 'grand bargain' to end the turmoil.”


“The European Central Bank took modest steps Thursday to help revive Europe's economy and financial system, including cutting a key interest rate. But President Mario Draghi said there is no existing plan for large-scale government bond purchases, as markets had been hoping.”


Treasuries rose as the Dow, Nasdaq, and S&P fell on worries about Europe.


Among the big names making news in the market Friday were Zynga, Wells Fargo, Ford, FedEx, Costco, and McDonald’s.


The Commentary:


Dear CIGAs,


The ECB has reasonable funds available to it that, if used in the Euro bond market, would have some impact on containing rates.


Gold rises to $1762.50 , just below the $1764 angel. The new President of the European Central Bank says yes we have the money, but no we are not going to use it. Gold goes straight down into the first area of support at $1709- $1710 where it battles all afternoon.


Bloomberg releases an article saying that concerted central bank activity to control the price of gold was utilized today. Long scalpers barf out their positions based on the above jawboning MOPE. Gold ranges $100 so far today.


1. Now with a clear head, the ECB has the money and will be forced to use it or watch their best bond markets look like "Day After," and "Mad Max."


2. Central banks have been throwing blocks at the gold price ever since $248 without much success.


3. The Federal Reserve has made dollars available at cheap swap rates to the ECB. To think that is not a step in monetization because it will be used to buy non-dollar bonds is so glib that it communicated ignorance, not understanding. Systemic monetization has the same impact an insular monetization; it just uses other hands to do it.


Gold is headed in the $2000s. The low in the accordion chop has been established in the drop toward $1530. It does not matter if gold launches from $1710 or $1650, what matter is that it will.


Regards,”- Jim Sinclair,


Yesterday gold was anticipating a stronger policy response coming out of the upcoming meeting in Brussels dealing with the sovereign debt crisis in the Eurozone. That brought buying back into a host of markets as well with equities rallying and the risk trades back on in full force. Today? Well, that was yesterday.

Once current ECB President Draghi basically squashed the idea of large bond purchases by the ECB, the market promptly threw away everything it put on yesterday totally reversing the risk trades as disappointment that the liquidity punch bowl was not going to be spiked as strongly as most were expecting took hold.

This madness will continue as long as uncertainty remains with traders seizing on every single bit of news to cram gobs of money into the markets or yank those same gobs back out again.

At some point it will resolve itself one way or the other but until it does, up and down is the order of the day. Perhaps something will come out of that meeting in Brussels tomorrow but who knows at this point.

As it now stands, gold remains mired in its coiling pattern. Notice how the downtrending upper resistance line is holding rallies in check.- Dan Norcini, More at


GATA Posts:


John Crudele: Bloomberg News confirms that stock market was rigged

Hinde's Davies talks with MineWeb about intervention against gold

Bix Weir: Join the holiday silver drive

Ron Hera interviews Hugo Salinas Price about remonetizing silver

Banks step up gold lending for dollars


The Statistics:

Activity from: 12/07/2011

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures





Dubai Gold Securities




Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.118 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.50: No change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 9,726.76: +30.25 change from yesterday’s data.


The Miners:


Newmont’s (NEM) Environmental Impact Assessment details, Midway’s (MDW) drill results, Kirkland’s (KGI.TO) second quarter results, Golden Minerals’ (AUMN) drill results, and Alexco’s (AXU) drill results were among the big stories in the gold and silver mining industry making headlines today.



1.  Loncor

LON+3.88% $1.35

2.  Solitario

XPL+1.35% $1.50



1.  Mines MGMT

MGN -9.49% $2.48

2.  Vista Gold

VGZ -8.97% $3.35

3.  US Gold

UXG -8.21% $3.58

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:

Pele Mountain Announces Appointment of Chief Financial Officer - More
- December 08, 2011 | Item | ShareThis

Colorado Court of Appeals Upholds Montrose County Special Use Permit for Energy Fuels' Pinon Ridge Mill - More
- December 08, 2011 | Item | ShareThis

North American Nickel Provides a Comparison Between 2011 SkyTEM and 1995 GeoTEM Geophysical Surveys Over Maniitsoq, Greenland Project - More
- December 08, 2011 | Item | ShareThis

Cassidy Gold Strategy Update - More
- December 08, 2011 | Item | ShareThis

Diamond Frank Exploration Closes a $444,000 Private Placement - More
- December 08, 2011 | Item | ShareThis

Thundermin and Cornerstone Commence 3,800 Metre Drilling Program at the Past-Producing Whalesback Copper Mine - More
- December 08, 2011 | Item | ShareThis

Orestone's Frankfurt Exchange Listing - More
- December 08, 2011 | Item | ShareThis

Ivernia Closes Previously Announced Financing - More
- December 08, 2011 | Item | ShareThis

Millrock Reports Additional Drill Results From Estelle Project, Alaska - More
- December 08, 2011 | Item | ShareThis

Bravo Drills 1024g/t Silver and 3.7g/t Gold Over 4.0 Metres, Expanding the Homestake Silver Deposit; Announces Financing - More
- December 08, 2011 | Item | ShareThis

Ascot Expands Large Gold System, Adds High Grade Values and Opens New Target Areas - More
- December 08, 2011 | Item | ShareThis

Steele Resources Corp. Cross Cuts Massive Structure at Mineral Hill Gold Mine - More
- December 08, 2011 | Item | ShareThis

Foundation Announces Positive Metallurgical Results for its Osmani Gold Deposit of the Coldstream Property - More
- December 08, 2011 | Item | ShareThis

Entourage Discovers High-Grade Gold in Initial Holes at Black Raven, Hemlo Greenstone Belt: 2.38 meters of 44.57 g/t Au, 0.3 meters of 128.0 g/t - More
- December 08, 2011 | Item | ShareThis

Ethos Identifies Gold Soil Anomaly at Wolf Property, Yukon - More
- December 08, 2011 | Item | ShareThis

A Modern Gold Rush: OxBridge Research Profiles Del Toro's Golden Vision - More
- December 08, 2011 | Item | ShareThis

Undur Tolgoi Minerals Inc. Closes the Second Tranche of its $7 Million Financing - More
- December 08, 2011 | Item | ShareThis

Cascadero Grants Gold Fields an Option to Acquire a 75% Interest in the Marble Mountain Gold Prospect in Sudbury, Ontario for a C$20 Million Expenditure - More
- December 08, 2011 | Item | ShareThis

Star Gold Approves 1:6 Reverse Stock - More
- December 08, 2011 | Item | ShareThis

Compass Gold Corporation Receives Minority Shareholder Approval to Africa Mining Acquisition - More
- December 08, 2011 | Item | ShareThis

Bearing Resources Drills 126 Metres Grading 0.54% Copper Equivalent at the Zymo Copper-Gold Project, British Columbia - More
- December 08, 2011 | Item | ShareThis

Puma Exploration Inc.: Dante Lens, a New Discovery on a Second E-W Main Fault Zone at Nicholas-Denys, New Brunswick - More
- December 08, 2011 | Item | ShareThis

First Colombia Gold Signs Assignment Agreement to Acquire South Idaho Silver Project - More
- December 08, 2011 | Item | ShareThis

Legal Proceeding Adjourned a Second Time - More
- December 08, 2011 | Item | ShareThis

Oroco Announces Start of Drilling Program - More
- December 08, 2011 | Item | ShareThis

Estrella Expands Daylight Gold Zone and Identifies Second Porphyry, Colpayoc Gold Project, Peru - More
- December 08, 2011 | Item | ShareThis

Newstrike Resources Ltd. Provides Exploration Update - More
- December 08, 2011 | Item | ShareThis

Rye Patch Announces Results of 2011 Lincoln Hill Drill Program - More
- December 08, 2011 | Item | ShareThis

West Kirkland Reports Expanded Gold Mineralization at TUG Property, Long Canyon Trend, Nevada - More
- December 08, 2011 | Item | ShareThis

Lithium Corporation Initiates Drill Permitting at San Emidio Lithium Prospect - More
- December 08, 2011 | Item | ShareThis

Double Crown Resources Continues to Build a Management Team of Natural Resource Industry Leaders With the Addition of Edwin Morrow - More
- December 08, 2011 | Item | ShareThis

Sandstorm Gold Announces a 250% Increase in Measured and Indicated Resources at Luna Gold's Aurizona Mine - More
- December 08, 2011 | Item | ShareThis

Prophecy Drills 384.9 Meters Grading 0.623 g/t PGM+Au, 0.3% Ni, 0.15% Cu (0.45% NiEq) from Surface at Yukon Wellgreen Project - More
- December 08, 2011 | Item | ShareThis

Luna Gold Announces Major Resource Update at Aurizona - More
- December 08, 2011 | Item | ShareThis

Otis Drills 48.8 Metres of 1.05 g/t Au at Kilgore; New Intercepts Further Extend Open-Ended Mineralization - More
- December 08, 2011 | Item | ShareThis

Grandview Gold Inc. Announces the Appointment of Mr. Carmello Marrelli as CFO and the Extension of the Expiry Date - More
- December 08, 2011 | Item | ShareThis

Indigo Makes Changes to Board of Directors and Advisory Board - More
- December 08, 2011 | Item | ShareThis

Yale Provides Update on Mexican Activities - More
- December 08, 2011 | Item | ShareThis

Siga Resources Announces Additional Lucky Thirteen Information - More
- December 08, 2011 | Item | ShareThis

2011 Drilling Completed at Miranda’s Red Canyon Project - More
- December 08, 2011 | Item | ShareThis

Eurotin's Oropesa Drill Program Continues Intercepting High Grade Tin Mineralization Over Significant Widths - More
- December 08, 2011 | Item | ShareThis

Northern Superior Resources Inc. Defines Four Additional Gold Targets, Ti-pa-haa-kaa-ning (TPK) Gold Property, Northwestern Ontario:Diamond Drilling to Commence - More
- December 08, 2011 | Item | ShareThis

Apogee Provides Update on Trial Mining and Production Plans at its Pulacayo Deposit - More
- December 08, 2011 | Item | ShareThis

F.D.G. Mining Announces Commencement of Drilling on the Topacio Concession, Nicaragua - More
- December 08, 2011 | Item | ShareThis

Brazil Resources Inc. Signs Option Agreement To Acquire Artulandia Gold Property In Goias State, Brazil - More
- December 08, 2011 | Item | ShareThis

THEMAC Resources Provides Further Results from 2011 Drilling at Copper Flat Project - More
- December 08, 2011 | Item | ShareThis

Asia Now Reports First NI43-101 Resource Estimate for its Beiya Gold-Silver-Polymetallic Project - More
- December 08, 2011 | Item | ShareThis

Talison Lithium and Sojitz Sign Memorandum of Understanding - More
- December 08, 2011 | Item | ShareThis

Newmont Provides Details on Conga's Environmental Impact Assessment - "Newmont Mining Corporation (NYSE: NEM - News) today provided additional details on the Conga project's Environmental Impact Assessment (EIA), which was approved in October 2010 . Conga's EIA was reviewed by 12 agencies before being approved by the Ministry of Energy and Mines in Peru . The public engagement process leading up to the approval included approximately 13,000 people from the neighboring communities, the Cajamarca region and elsewhere." More
- December 08, 2011 | Item | ShareThis

Midway Drills 334 gpt Gold at Tonopah Project, Nye County, Nevada - “We are pleased with the grades and length of our drill results in the Discovery Zone. Our 2011 drilling confirmed that the higher grade gold zones occur within lower grade blanket-like gold mineralization. This allows us to evaluate various mining methods including open pit or underground methods and select the best approach for the project. To avoid confusion with the company name, the Midway Project has been renamed the Tonopah Project.” More
- December 08, 2011 | Item | ShareThis

Golden Minerals Continues to Drill High Grade Silver With Wide Intercepts at the Yaxtche Deposit - "Golden Minerals Company (AMEX: AUMN - News) (TSX: AUM.TO - News) ("Golden Minerals" or "the Company") is pleased to provide additional assay results from the Company's drilling program at the Yaxtché deposit on the El Quevar project, located in the Salta Province in northwestern Argentina." More
- December 08, 2011 | Item | ShareThis

Alexco Intersects Multiple Zones of Silver Mineralization to 22.2 Meters True Thickness With Narrower Intervals to 141 Ounces Per Ton Silver Over 1.0 Meters - "Alexco Resource Corp. (TSX: AXR.TO - News)(AMEX: AXU - News) today announces interim results from its 2011 drilling program at the Bermingham property, located adjacent to the historical Hector Calumet mine within the Keno Hill Silver District in Canada's Yukon Territory. Previously-discovered zones of silver mineralization at Bermingham have been confirmed and expanded, with intercepts ranging up to 22.2 meters true width within a complex structural zone. Drill testing has spanned 350 meters along strike with the mineralized zone remaining open 300 meters down plunge, and high-grade intercepts of up to 346.8 ounces per ton (oz/T) silver over 0.12 meters have been recorded." More
- December 08, 2011 | Item | ShareThis

Kirkland Lake Gold Inc.: Fiscal 2012 Second Quarter Financial and Operational Results - "Second quarter production and financial results through end October have seen operations on budget and plan for the first half of fiscal 2012. The mine plan for the year is designed to increase production in the third and fourth fiscal quarters and the annual production target remains between 110,000 to 130,000 of gold. As at end of November, we were slightly ahead of plan in regards of ounces poured and sold." More
- December 08, 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 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. 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’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 8 December, 2011 | |

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