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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week

By: Chris Mullen,

-- Posted 9 December, 2011 | |




On Week





















JSE Gold










































The Metals:


Gold dropped $3.75 to $1703.35 in Asia before it rose to as high as $1723.75 in London and then fell back off to see a slight loss at $1706.40 by a little after 9AM EST, but it then rallied back higher in New York and ended with a gain of 0.24%.  Silver slipped to $31.448 in Asia, but it then chopped back higher for most of the rest of trade and ended with a gain of 1.9%.


Euro gold remained at about €1280, platinum gained $20 to $1510, and copper gained 7 cents to about $3.56.


Gold and silver equities rose about 1% by late morning and remained near that level for the rest of the day.


The Economy:







Trade Balance





Michigan Sentiment






All of this week’s other economic reports:


Wholesale Inventories - October

1.6% v. 0.0%


Initial Claims - 12/03

381K v. 404K


Consumer Credit - October

$7.6B v. $6.8B


ISM Services - November

52.0 v. 52.9


Factory Orders - October

-0.4% v. -0.1%


Next week’s economic highlights include the Treasury Budget on Monday, Retail Sales, Business Inventories, and a FOMC Rate Decision on Tuesday, Import and Export Prices on Wednesday, Initial Jobless Claims, PPI, Empire Manufacturing, the Current Account Balance, Net Long Term TIC Flows, Industrial Production, Capacity Utilization, and the Philadelphia Fed on Thursday, and CPI on Friday.


The Markets:


Charts Courtesy of


Oil rose as the U.S. dollar index fell on Europe’s fiscal union.


“Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was isolated.”


“Euro-zone leaders said on Friday they will forge closer fiscal ties via an inter-governmental accord that will likely be adopted by 26 European Union nations, leaving Britain isolated as the only member to definitively refuse to participate.”


Treasuries fell as the Dow, Nasdaq, and S&P rose on better than expected economic data and relief over Europe.


Among the big names making news in the market Friday were Toyota, Samsung, and the CFTC.


The Commentary:


U.S. Stock Market – Once again it was proven that there are three guarantees in life:


1 – Death


2 – Taxes


3 – The “Don’t Worry, Be Happy” crowd on Wall Street shall milk their greatest fable for all its worth – the “Santa Claus Rally”.


As noted in recent comments, I had taken out a temporary membership in the “happy” camp. And while the “Tis the season to be jolly and long” can continue to the New Year thanks to decreasing volume and interest, my long-term outlook remains the same (but I shall not be the Grinch (Grandich) that stole Christmas and leave discussing this for the New Year).


Gold – I’ve just two things to say about gold:


1 – The “Mother” of all gold bull markets continues.


2 – $2,000+ in 2012 is a question of when, not if.


U.S. Bonds – Avoid. I believe it can be the worse investment for the next decade.


U.S. Dollar – The European fiasco gave a reprieve to the condemned world reserve currency. Sadly, it shall make its demise even uglier.


Oil and Natural Gas – $100 is likely to become the floor for oil in 2012 as multiple time bombs in the Middle East are set to explode. Much more ample supply of natural gas than I thought would come available has tempered my bullishness towards natural gas and I suspect we shall see a $3.50 – $5 trading range until if and when one or more of the Middle East time bombs detonate.”- Peter Grandich, Grandich Letter


The mining sector, as evidenced by the HUI, remains mired within its now more-than-a-year long trading range which is bounded on the top by the 600 level and supported on the bottom by the 500 level. Going back into November of 2010, all rallies have eventually failed to hold for long above the top of this range. There were only two weeks in which the index was able to pull off that accomplishment but it then failed and failed very large at that. It collapsed over 85 points in a single week which dropped the index back down to the bottom of the range.


This needs to be kept in mind as we look at the daily chart which is detailing a pattern showing a tightening congestion as it moves into the end of the year. Normally one looks for a breakout of this type of coil and then a strong trending move in the direction of the breakout. However, before such a trending move could occur, we would need to see the breakout from the current constricting coil actually extend beyond the boundaries noted on the weekly chart. In other words, the breakout must have enough force behind it to not just take out the top of the downsloping trend line of the coiling pattern but push past the horizontal resistance line near 600 on the weekly chart if these mining shares are going to start a strong trending move higher.

The flip side of course is that a breakout of the lower upsloping trend line of the coil would have to extend deeply past the bottom of the larger trading range near the 500 level to suggest a trending move to the downside in these stocks.

The summary of all this is that we are still stuck in a very broad, year-long consolidation phase in the mining sector shares with some potential to resolve this stalemate depending on how the market views the efforts of the various Central Banks in dealing with the current sovereign debt crisis. Other than that, it is as much fun as watching paint dry.- Dan Norcini, More at


GATA Posts:


Join GATA at Vancouver and California resource conferences

Murray Pollitt: Bond investors soon may be less mesmerized

BIS, Bank of England, Fed reported to have sold gold today


The Statistics:

Activity from: 12/08/2011

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


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


Silver Trust (SLV) Total Tonnes in Trust: 9,769.12: +42.36 change from yesterday’s data.


The Miners:


IAMGOLD’s (IAG) increased dividend and US Gold’s (UXG) business combination with Minera Andes (MAI.TO) were among the big stories in the gold and silver mining industry making headlines Friday.



1.  Gold Resource

GORO+6.87% $20.85

2.  First Majestic

AG +6.87% $16.81

3.  Paramount

PZG +6.15% $2.59



1.  Entree

EGI -3.15% $1.23

2.  AuRico

AUQ-2.32% $8.85

3.  Timmins

TGD-1.38% $2.15

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:

Silvore Fox Test Drill Finds Gold and Copper in Chile - More
- December 09, 2011 | Item | ShareThis

Central Resources Corp.: TAC Property Amendment to Option Agreement - More
- December 09, 2011 | Item | ShareThis

GoldQuest Announces Completion of Drill Program at La Escandalosa Gold Project, Dominican Republic - More
- December 09, 2011 | Item | ShareThis

Explor Resources Annual and Special Meeting - More
- December 09, 2011 | Item | ShareThis

Red Crescent Successfully Wet Commissions Semi-Mobile Gravity Concentrator Plants for Zinc Ores in South Africa - More
- December 09, 2011 | Item | ShareThis

Red Crescent Successfully Wet Commissions Semi-Mobile Gravity Concentrator Plants for Zinc Ores in South Africa - More
- December 09, 2011 | Item | ShareThis

Hinterland Expands Mozart Gold Property in Quebec - More
- December 09, 2011 | Item | ShareThis

Bison Gold Resources Inc. Exploration Update: Drilling and Surface Work Discovers Additional Gold-bearing Structures on the Central Manitoba Property - More
- December 09, 2011 | Item | ShareThis

Centerra Gold, Bruce Walter Acting Chair of Board - More
- December 09, 2011 | Item | ShareThis

President of Starcore Retires - More
- December 09, 2011 | Item | ShareThis

Strait Gold Grants Teck Option to Earn Up to 75% in Alicia - More
- December 09, 2011 | Item | ShareThis

BacTech Files NI 43-101 Technical Report for Snow Lake Gold Residue Stockpile Resource Estimate - More
- December 09, 2011 | Item | ShareThis

China Gold International's CSH Gold Mine Awarded Top 10 Most Productive Gold Mine in China - More
- December 09, 2011 | Item | ShareThis

Golden Share Signs Option Agreement With Viking on Larose in Shebandowan Camp, Ontario, Canada - More
- December 09, 2011 | Item | ShareThis

Source Exploration Corp. Announces Application to Extend Warrants - More
- December 09, 2011 | Item | ShareThis

Mineral Mountain Returns "Copper Hill Main Block" to Golden Harp Resources Inc. - More
- December 09, 2011 | Item | ShareThis

Quartz announces $5 million flow-through and non-flow through financing - More
- December 09, 2011 | Item | ShareThis

Radius and Rackla review Yukon Projects and Investment Holdings - More
- December 09, 2011 | Item | ShareThis

Thunder Mountain Gold Enters Into Letter of Intent to Acquire Green River Energy Corporation and Announces Private Placement - More
- December 09, 2011 | Item | ShareThis

Colossus Minerals to Present at 49 North Resource Conference - More
- December 09, 2011 | Item | ShareThis

Canadian Zinc Receives Environmental Approval - More
- December 09, 2011 | Item | ShareThis

Uranium miner Kalahari agrees takeover by Chinese - More
- December 09, 2011 | Item | ShareThis

IAMGOLD increases dividend by 25% - "IAMGOLD Corporation ("IAMGOLD" or the "Company") today reported that it has increased its annual dividend payment by 25% from $0.20 per share to $0.25 per share. The next semi-annual dividend payment in the amount of $0.125 per share will be paid on January 5, 2012 to shareholders of record as of the close of trading on December 20, 2011. This represents a 317% increase in the dividend over the last twelve months." More
- December 09, 2011 | Item | ShareThis

Minera Andes Announces Receipt of Interim Court Order in Respect of Proposed Business Combination With US Gold - "US Gold Corporation ("US Gold") (NYSE: UXG - News)(TSX: UXG - News) and Minera Andes Inc. ("Minera Andes") (TSX: MAI.TO - News)(OTC.BB: MNEAF.OB - News) are pleased to announce that Minera Andes has been granted an interim order by the Court of Queen's Bench (Alberta), authorizing, among other things, the holding of a special meeting of Minera Andes shareholders. At this meeting, the Minera Andes shareholders will be asked to consider a special resolution approving the proposed arrangement, pursuant to which US Gold will acquire Minera Andes to form McEwen Mining Inc." More
- December 09, 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 9 December, 2011 | |

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