-- Posted 12 December, 2011 | |
| Close | Gain/Loss |
Gold | $1665.60 | -$45.60 |
Silver | $31.31 | -$0.86 |
XAU | 193.78 | -3.42% |
HUI | 542.02 | -3.48% |
GDM | 1546.11 | -3.39% |
JSE Gold | 3038.46 | -66.02 |
USD | 79.50 | +0.88 |
Euro | 131.85 | -2.01 |
Yen | 128.39 | -0.45 |
Oil | $97.77 | -$1.64 |
10-Year | 2.009% | -0.043 |
T-Bond | 142.4375 | +0.9375 |
Dow | 12021.39 | -1.34% |
Nasdaq | 2612.26 | -1.31% |
S&P | 1236.47 | -1.49% |
The Metals:
Gold fell all the way to $1657.28 by about 10:30AM EST before it bounced back higher midday, but it still ended with a loss of 2.66%. Silver slipped to as low as $30.883 and ended with a loss of 2.67%.
Euro gold fell to about €1263, platinum lost $28.75 $1481.25, and copper fell 10 cents to about $3.45.
Gold and silver equities fell over 4% at the open and remained near that level for the most of the rest of the day, but they did see a little bit of strength in the last hour of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Nov | -$137.3B | -$138.5B | -$150.4B |
Forecasters Miss by Most in Nine Months Amid Improving U.S. Data: Economy Bloomberg
No One Telling Who Took $586B in Fed Swaps Bloomberg
Firing Fades as Obama Pushes Payroll Tax Cuts Bloomberg
Euro zone fiscal pact fails to restore confidence Reuters
Fed to Weigh Publishing a Forecast on Rates Yahoo
Tomorrow at 8:30AM EST brings Retail Sales for November expected at 0.6%. Excluding autos, sales are expected at 0.5%. At 10AM is the Business Inventories report for October expected at 0.9% and at 2:15 is a FOMC Rate Decision.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose on disappointment over last week's euro zone summit that failed to come up with an unlimited financial backstop for the euro.
Fitch: EU Leaders Failed to Draft Concrete Solution at Summit Fox Business
Moody's not impressed with EU fix UPI
Treasuries remained higher after today’s $32 billion 3-year note auction sold at a high yield of 0.352% with a bid to cover of 3.62.
The Dow, Nasdaq, and S&P fell over 1% on worries about Europe.
Among the big names making news in the market Friday were Martin Marietta and Vulcan Materials, Zynga, Lehman Brothers, AMR, and Intel.
Bank Credit Highest Since Before Lehman Bankruptcy as Expansion Continues Bloomberg
Tech Stocks in Sweet Spot as Profits Fall Least Bloomberg
The Commentary:
“Gold has broken down through the bottom uptrending support line in its triangular consolidation pattern but thus far is holding horizontal support near the $1660 level. Failure to hold this level will send it down towards $1620 initially followed by a test of $1600 should that fail to stem the decline.
A rebound back above $1680 is needed to reinforce the support level at $1660.
The breakdown in the Euro following disappointment over the events in Europe this past weekend has sent the US Dollar strongly higher this morning and that is pressuring many of the commodity markets in general. The CCI, or Continuous Commodity Index, has moved to a new low for the year signaling investor fears of a slowing global economy and thus a dampening off of demand for many commodities in general.
Crude oil will need to stay above the $95 level to prevent a double top from forming on that chart.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Chris Powell: Suspend habeas corpus and enact martial law?
Just sold for $7.4 million, rare 1787 U.S. gold coin up 147% in seven years
Indians increasingly monetize gold as collateral for loans
Gold producers rush to boost dividends
Dramatic new video cites paper market's silver price suppression
Oil already may be getting priced in gold, analyst says
The Statistics:
Activity from: 12/09/2011
Gold Warehouse Stocks: | 11,293,669 | -8,091 |
Silver Warehouse Stocks: | 110,962,189 | +499,021 |
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 | 1295.401 | 41,648,427 | US$69,104m |
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$6,169m |
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$6,750m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,141 | US$761m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.00 | 1,318,316 | US$2,252m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,944 | US$8m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.41 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.06: +0.56 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,769.12: No change from yesterday’s data.
The Miners:
Paramount’s (PZG) drill results, Newmont’s (NEM) project in Peru, Centerra’s (CG.TO) offer for European Goldfields (EGU.TO), and Revett’s (RVM) revolving credit agreement with Societe Generale were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Loncor | LON +7.50% $1.505 |
2. Alexco | AXU +5.54% $7.62 |
3. Gold Resource | GORO+2.25% $21.32 |
LOSERS
1. Mines MGMT | MGN -8.10% $2.27 |
2. Northern Dynasty | NAK -7.33% $6.70 |
3. DRDGOLD | DROOY -6.87% $6.24 |
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:
Fancamp's Lac Lamelee South Project-199m Grading 28.4% FeT - More
- December 12, 2011 | Item | ShareThis
TNR Gold Corporate Update - More
- December 12, 2011 | Item | ShareThis
Millstream Sets Terms of Financing - More
- December 12, 2011 | Item | ShareThis
Regal Completes Technical Report on Patagonia (Sunnyside) Property - More
- December 12, 2011 | Item | ShareThis
Long Harbour Reports Grant of Stock Option - More
- December 12, 2011 | Item | ShareThis
St. Elias Mines Ltd. - Drilling Program - Tesoro Gold Project, Tesoro - More
- December 12, 2011 | Item | ShareThis
Seafield Announces Adoption of United Nations Global Compact - More
- December 12, 2011 | Item | ShareThis
American Rare Earths and Materials' Hires Head of Technology for Hydro-Metallurgical Processes Evaluations - More
- December 12, 2011 | Item | ShareThis
TSX Venture Exchange Approves Tajiri Resources Acquisition of the Kaburi Gold Property, Omai Mining District, Guyana, SA - More
- December 12, 2011 | Item | ShareThis
GoviEx Uranium Appoints Founder Govind Friedland as Chairman of the Board - More
- December 12, 2011 | Item | ShareThis
La Ronge Gold Corp. to Commence Confirmation Drilling on Preview SW Gold Deposit in Saskatchewan, Canada - More
- December 12, 2011 | Item | ShareThis
Thunder Mountain Gold Clarifies Letter of Intent to Acquire Green River Energy Corporation and Announces Private Placement - More
- December 12, 2011 | Item | ShareThis
Uragold Grants Stock Options to Directors, Officers and a Consultant of The Company - More
- December 12, 2011 | Item | ShareThis
Bearing Resources HY-JAY Property Returns High Grade Gold - More
- December 12, 2011 | Item | ShareThis
Auracle Resources Ltd.: Mexician Hat Arizona Project-Drilling Update - More
- December 12, 2011 | Item | ShareThis
Pro Minerals Inc.: Drilling Commences-Trench Sampling Completed-Lac Laura Gold Project-Quebec - More
- December 12, 2011 | Item | ShareThis
Golden Tag Resources Ltd.: Drilling Extends Silver-Lead-Zinc Mineralization to Shallow Depths in South Corridor - More
- December 12, 2011 | Item | ShareThis
ECR Minerals plc: Argentina Gold Project Update - More
- December 12, 2011 | Item | ShareThis
Mawson West Announces Agreement for Strategic Investment in Avalon Minerals - More
- December 12, 2011 | Item | ShareThis
Fire River Gold Corp. receives 2nd and final drawdown from Sprott Resource Lending Corp. - More
- December 12, 2011 | Item | ShareThis
AmeriLithium Announces Positive 1st Stage Exploration Results & Commencement of 2nd Stage Exploration on Jackson Wash Lithium Project - More
- December 12, 2011 | Item | ShareThis
Riverstone Continues to Intersect Numerous Higher Grade Gold Zones at the Kao Zone on the Karma Project - More
- December 12, 2011 | Item | ShareThis
Geologix's JV Partner CMQ Resources Commences Drilling at Geologix's RO Property (Sleeper South) in Nevada - More
- December 12, 2011 | Item | ShareThis
Argentum Awards Drilling Contract on its Coyote Project in Jalisco, Mexico - More
- December 12, 2011 | Item | ShareThis
Astral Drills 5m Averaging 39 g/t Gold and 93 g/t Silver at Los Crestones Project, Sierra Madre Gold-Silver Belt, Mexico - More
- December 12, 2011 | Item | ShareThis
Galane Gold Ltd. Announce New General Manager, Operations - More
- December 12, 2011 | Item | ShareThis
Chalice Signs Non-Binding Letter of Intent for Zara Gold Project, Eritrea - More
- December 12, 2011 | Item | ShareThis
Source Drilling Intersects 82 Metres Grading 1.08 g/t Gold, 2.54 g/t Silver and 0.40% Copper at Las Minas - More
- December 12, 2011 | Item | ShareThis
Quaterra Reports on Exploration Planned for 2012 and Work Done in 2011 - More
- December 12, 2011 | Item | ShareThis
Cerro Resources: Namiquipa Drilling Continues to Expand a Major Silver/Lead/Zinc Multiple Vein System - More
- December 12, 2011 | Item | ShareThis
Arianne Resources Inc./Partial Results of the 2011 Fall Drilling Campaign: The Paul Zone Continues to Expand - More
- December 12, 2011 | Item | ShareThis
PC Gold Announces Change in Chief Executive Officer - More
- December 12, 2011 | Item | ShareThis
Inter-Citic Reports Drill Results From New Gold Discoveries at Dachang - More
- December 12, 2011 | Item | ShareThis
Eco Ventures Group Enters Into Mineral Exploitation Agreement to Process 1,100 Tons of Highly Concentrated Black Sands Ore - More
- December 12, 2011 | Item | ShareThis
Fire River Gold Corp. Announces Temporary Suspension of Operations Due To Inclement Weather - More
- December 12, 2011 | Item | ShareThis
Loncor Completes Regional Assessment of Ngayu Greenstone Belt and Defines 13 Key Priority Targets for Follow-Up - More
- December 12, 2011 | Item | ShareThis
Toyota Tsusho Corp. and Matamec Explorations Inc. Sign a MoU Concerning the Kipawa Heavy Rare Earths Deposit - More
- December 12, 2011 | Item | ShareThis
Knight Metals Grant of Stock Options - More
- December 12, 2011 | Item | ShareThis
Barkerville Gold Mines Intercepts 62.3 Meters (204.5 feet) of 14.2 g/T (0.415 oz/t) Including 34.7 Meters (113.9 feet) of 25.2 g/T (0.735 oz/t) Gold - More
- December 12, 2011 | Item | ShareThis
Midas Gold Reports Discovery of New Mineralized Zones at its Golden Meadows Project, Idaho - More
- December 12, 2011 | Item | ShareThis
Bayfield Reports 7.2m of 656.88 g/t Ag in Rainy River, North-Western Ontario - More
- December 12, 2011 | Item | ShareThis
Silver Predator enters into definitive agreement to acquire Nevgold Resource Corp.; Receives lock-up agreements for 49% of Nevgold's shares - More
- December 12, 2011 | Item | ShareThis
Silver Predator Enters Into Definitive Agreement to Acquire Nevgold Resource Corp.; Receives Lock Up Agreements for 49% of Nevgold's Shares - More
- December 12, 2011 | Item | ShareThis
Astur Gold Granted First Permit at Salave Gold Project - More
- December 12, 2011 | Item | ShareThis
AQM Copper Continues to Expand the Victoria Zone and Provides Corporate Update - More
- December 12, 2011 | Item | ShareThis
Tigray Drills 73.8 Metres of 3.8% Copper, 1.3 Grams Per Tonne Gold and 14 Grams Per Tonne Silver-Confirms Copper-Gold VMS Discovery at Harvest Project - More
- December 12, 2011 | Item | ShareThis
Northern Iron Corp. provides first annual exploration & operations summary - More
- December 12, 2011 | Item | ShareThis
Lundin Mining Provides Operating Outlook for 2012-2014 - More
- December 12, 2011 | Item | ShareThis
France's Areva sees 2011 loss of up to 1.6 bn euros - More
- December 12, 2011 | Item | ShareThis
Uranium miner faces Chinese power play - More
- December 12, 2011 | Item | ShareThis
Revett Minerals Announces US$20 Million Revolving Credit Facility With Societe Generale - "Revett Minerals Inc. (TSX: RVM.TO - News)(AMEX: RVM.TO - News) announced today that its wholly-owned subsidiary, the Revett Silver Company, has entered into a revolving credit agreement with Societe Generale as administrative agent. The US$20 million credit facility is subject to interest at the London Interbank Offered Rate ("LIBOR") plus 350 basis points for an initial three year term. The credit facility may be increased to US$30 million under specified circumstances." More
- December 12, 2011 | Item | ShareThis
More High-Grade Drill Results Expand Key Zones at Paramount Gold and Silver's San Miguel Project in Mexico - "Paramount Gold and Silver Corp. (AMEX: PZG - News)(TSX: PZG - News)(Frankfurt: P6G.F - News)(WKN: A0HGKQ) ("Paramount") today reported more exceptional high-grade intercepts from ongoing in-fill and exploration drilling at its 100%-owned San Miguel Project in northwestern Mexico. The exciting new results are from the Don Ese North target and the San Antonio silver zone, two important discoveries made by Paramount in the past year." More
- December 12, 2011 | Item | ShareThis
Peru to Hire Consultants to Review Stalled Newmont Gold Project - "Newmont Mining Corp.’s suspended $4.8 billion Minas Conga gold mine development, the largest investment project in Peru, will be reviewed by international consultants for its environmental effects, the government said.
The overhaul of the deposit’s environmental impact study is aimed at halting opposition to the project, Cabinet Chief Oscar Valdes Dancuart said. President Ollanta Humala swore in Valdes yesterday as part of a cabinet shake-up that included the Energy & Mines Ministry." More
- December 12, 2011 | Item | ShareThis
Centerra Gold eyes European Goldfields takeover - "Canada's Centerra Gold (CG.T) has made an offer for European Goldfields , The Sunday Times reports, without citing sources.
European Goldfields, which owns the rights to three sites in northeast Greece, confirmed last week it has received several expressions of interest, but that no formal bids have been tabled." More
- December 12, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 12 December, 2011 | |
