-- Posted Friday, 19 September 2008 | Digg This Article
| 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,
- Today's reported potential infinite bailout of all and any portends, if adopted, is the largest increase in dollars outstanding since the Jurassic Age.
- It closely models actions undertaken regarding the production of currency liquidity seen in the "Weimar Republic."
- It is reported now that more than 1000 hedge funds are on the rocks. This has the potential for a significant financial impact.
- 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.
- 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.
- 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 |
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain 13% and 15% on the Week