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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain 13% and 15% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 19 September 2008 | Digg This ArticleDigg It! | | Source: GoldSeek.com

 

Close

Gain/Loss

On Week

Gold

$860.00

-$33.30

+12.97%

Silver

$12.355

-$0.285

+15.14%

XAU

139.39

+5.45%

+9.67%

HUI

323.74

+3.13%

+11.46%

GDM

975.99

+3.42%

+12.56%

JSE Gold

1745.77

-106.30

+8.07%

USD

77.67

-0.33

-1.66%

Euro

144.99

+1.28

+1.94%

Yen

93.26

-1.60

+0.63%

Oil

$104.55

+$6.67

+3.33%

10-Year

3.769%

+0.332

+1.05%

Bond

119.21875

-3.578125

-0.20%

Dow

11388.44

+3.35%

-0.29%

Nasdaq

2273.90

+3.40%

+0.56%

S&P

1254.99

+4.02%

+0.26%

 
 

 

The Metals:

 

Gold fell all the way to $823.40 by late trade in Asia before it rallied to as high as $871.90 in New York, but it then fell back off a bit into the close and ended with a loss of 3.73%. Silver dropped to $11.692 and rose to $12.60 before it closed with a loss of 2.25%.  At the time of writing, both metals are up nearly 2% from their closes in after hours access trade.

 

Euro gold fell to about €596, platinum gained $19 to $1138.50, and copper gained roughly 9 cents to about $3.18.

 

Gold and silver equities chopped their way higher for most of the day and ended with about 4% gains.

 

The Markets:

 

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

 

Oil rose markedly on hopes that the government’s bailout plan will boost liquidity in the markets.

 

The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P rose substantially on short covering as the SEC issued an emergency ban on the short-selling of financial stocks.

 

Among the big names making news in the market Friday were Morgan Stanley, Goldman Sachs, Washington Mutual, and AIG.

 

The Commentary:

 

Dear Friends,

 

  1. Today's reported potential infinite bailout of all and any portends, if adopted, is the largest increase in dollars outstanding since the Jurassic Age.
  2. It closely models actions undertaken regarding the production of currency liquidity seen in the "Weimar Republic."
  3. It is reported now that more than 1000 hedge funds are on the rocks. This has the potential for a significant financial impact.
  4. The only way to hide the numbers from the statistics produced by the suspected actions of the Fed is to value the indebtedness purchased at 100%, claiming a wash transaction.
  5. The only conclusion is that when the smoke clears and the advertised actions have been adopted, nothing more dollar negative than this has ever occurred due to the potential expansion of T bills and therefore dollar supply explosion.
  6. Gold is the only currency with no liability attached to it which, as you have seen recently, will be selected as the currency of the people.

Respectfully yours,”- Jim Sinclair, JSMineset.com

 

“December Gold closed down 32.3 at 864.7. This was 10.7 up from the low and 9.3 off the high.

 

December Silver finished down 0.225 at 12.475, 0.035 off the high and 0.155 up from the low.

 

Gold traded lower pressured by news that the Fed is working on a new bank bailout plan and by a rally in the Dollar. Despite a lack of distinct follow through gold has been a primary beneficiary of this week's meltdown on Wall Street and of flight to quality investor demand seeking safe harbor from the global financial market crisis. The new US bank bailout plan and a sharp recovery in equities may have temporarily reduced risk aversion, which in turn could be part of the reason for Dollars Friday recovery and today's drop in the price of gold.

 

Like Gold, Silver traded lower as the precious metals appear to be trading in tandem. Silver appears to be tracking investor risk sentiment and trading inversely to the direction of the Dollar and equities. A report that the Fed has a new plan to rescue ailing US banks appeared to boost demand for the Dollar and global equities. Higher Dollar and rising equity markets may have sparked investor selling of Silver as risk sentiment temporarily improved on news of the new Fed bank bailout plan. To some degree the sharp run up in equity prices seems to have cushioned or limited the selling pressure in the silver market.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Bugs were right about derivatives disaster, Citigroup analysts say

Treasury taps ESF to guarantee money-market funds

Govt. would buy all bad loans, back money-market funds

Bye-bye, deflation -- Comprehensive bailout in the works

Chinese govt. buys bank shares, drops tax on stock trading

SEC plans to ban short-selling temporarily

 

The Statistics:

As of close of business: 9//2008

Gold Warehouse Stocks:

8,645,227

+52,839

Silver Warehouse Stocks:

136,690,455

-542,402

 

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 Exchage (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

655.10

21,062,029

US$ 18,172m

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

Gold Bullion Securities

115.81

3,723,492

US$ 3,253m

Australian Stock Exchange (ASX)

Gold Bullion Securities

10.86

348,883

US$ 305m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

26.22

843,141

US$ 727m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.29 tonnes and the LSE subtracted 0.09 tonne.

 

COMEX Gold Trust (IAU)

Profile as of 9/18/2008

 

Total Net Assets

$1,720,067,320

Ounces of Gold
in Trust

1,927,148.837

Shares Outstanding

19,550,000

Tonnes of Gold
in Trust

59.94

Note: Change in Total Tonnes from yesterday’s data: 0.31 tonnes were added to the trust.

 

Silver Trust (SLV)

Profile as of 9/18/2008

 

Total Net Assets

$2,744,431,042

Ounces of Silver
in Trust

212,300,851.700

Shares Outstanding

214,800,000

Tonnes of Silver
in Trust

6,603.29

Note: Change in Total Tonnes from yesterday’s data: 70.68 tonnes were added to the trust.

 

The Stocks:

 

NovaGold’s gold production and Timberline’s (TLR) preliminary economic analysis were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Orezone

OZN +44.74% $1.10

2.  US Gold

UXG+39.13% $1.60

3.  Crystallex

KRY +29.21% $1.15

 

LOSERS

1.  Northgate

NXG-27.34% $1.01

2.  Apex Silver

SIL -14.49% $1.18

3.  Vista Gold

VGZ-10.87% $2.05

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:

Orebodies announces Coral Rapids limestone drill program - More
- September 19, 2008 | Item | E-mail


Technical report recommends drilling on Starfire's Langmuir South Nickel Project, Ontario, Canada. - More
- September 19, 2008 | Item | E-mail


Osisko Announces $12.25 Million Flow-Through Financing - More
- September 19, 2008 | Item | E-mail


Darnley Bay Resources Limited (Toronto): Private Placement - More
- September 19, 2008 | Item | E-mail


Inmet Mining presentation at Credit Suisse 2008 Global Steel and Mining Conference - More
- September 19, 2008 | Item | E-mail


Sulliden annual meeting of shareholders - More
- September 19, 2008 | Item | E-mail


Pro-Or: Amendment in the Private Placement of $1,080,000 - More
- September 19, 2008 | Item | E-mail


Redcorp Executes Definitive Agreement With Gold Wheaton Gold Corp. - More
- September 19, 2008 | Item | E-mail


Vantex Sells its 50 % Interest in the Black Dog and Penaroya-Brouillan Properties to Arianne Resources - More
- September 19, 2008 | Item | E-mail


Arianne Acquires the 50% Interest of Vantex Resources in the Black Dog and Penaroya-Brouillan Properties - More
- September 19, 2008 | Item | E-mail


Copper Mesa Announces Confirmation of Ownership of Junin Copper Concessions in Ecuador - More
- September 19, 2008 | Item | E-mail


Southwestern to Voluntarily Terminate Its U.S. Registration and SEC Reporting Obligations - More
- September 19, 2008 | Item | E-mail


Mexoro Minerals Intersects 23 Meters 8.93 g/t Gold and 63.39 g/t Silver and Continues to Extend the Mineralized Body at Its Cieneguita Project in Mexico - More
- September 19, 2008 | Item | E-mail


Further thick zones of high grade uranium mineralisation at Duke Batman - More
- September 19, 2008 | Item | E-mail


Lions Gate Metals Proceeds With NCIB - More
- September 19, 2008 | Item | E-mail


Imperial Announces Normal Course Issuer Bid - More
- September 19, 2008 | Item | E-mail


Coniagas announces commencement of Phase I exploration program on Cyr Lithium Property - More
- September 19, 2008 | Item | E-mail


Jasper Mining Corporation - Further high grade results from diamond drill program on Isintok property - More
- September 19, 2008 | Item | E-mail


Simberi Mining Corporation: Director Resignations - More
- September 19, 2008 | Item | E-mail


NovaGold Starts Gold Production at Rock Creek Mine in Nome, Alaska - "NovaGold Resources Inc. (Toronto:NG.TO - News)(NG - News) today announced that it has received regulatory authorizations and has begun production at its Rock Creek gold mine near Nome, Alaska. State regulators have approved the start of production, allowing NovaGold to begin fully processing ore and depositing inert tailings material into the Tailings Storage Facility. As part of the start up process under the regulatory authorization from the State of Alaska, NovaGold must complete a number of environmental and operational tasks over the next 15, 30 and 90 days to ensure compliance with environmental requirements for the mine." More
- September 19, 2008 | Item | E-mail


Timberline Releases Highlights of Preliminary Economic Analysis for Its Butte Highlands Gold Project - "Nearly 100,000 feet of past drilling by major and junior mining companies outlined historic mineralization (pre-dating and not compliant with NI 43-101 or SEC Guide 7) exceeding 500,000 ounces of gold. The preliminary analysis assumes the successful confirmation of this historic mineralization, including its tonnage and average grade, which is the primary objective of the current drill program." More
- September 19, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

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-- Posted Friday, 19 September 2008 | Digg This Article | Source: GoldSeek.com




 



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