-- Posted Monday, 15 December 2008 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $835.95 | +$16.80 |
Silver | $10.64 | +$0.44 |
XAU | 112.62 | +4.05% |
HUI | 273.61 | +4.71% |
GDM | 827.96 | +4.35% |
JSE Gold | 2366.99 | +11.37 |
USD | 82.14 | -1.42 |
Euro | 137.10 | +3.60 |
Yen | 110.20 | +0.55 |
Oil | $44.51 | -$1.77 |
10-Year | 2.533% | -0.056 |
T-Bond | 136.3125 | +0.375 |
Dow | 8564.53 | -0.75% |
Nasdaq | 1508.34 | -2.10% |
S&P | 868.57 | -1.27% |
The Metals:
Gold rose over $10 to above $830 in Asia before it fell back near unchanged at as low as $820.75 by about 8:30AM EST, but it then surged to as high as $842.37 by late morning in New York and ended with a gain of 2.05%. Silver rose to over $10.40 in Asia before it dropped back to $10.24 around 10AM EST, but it also soared higher in late morning trade and ended near its high of $10.72 with a gain of 4.31%.
Euro gold fell to about €611 on substantial euro strength, platinum gained $14.40 to $828, and copper fell a couple of cents to about $1.39.
Gold and silver equities rose over 6% by late morning before they fell back off a bit in afternoon trade as the major indices dropped again, but the miners still ended with over 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Net Foreign Purchases | Oct | $1.5B | - | $65.4B |
NY Empire State Index | Dec | -25.8 | -27.0 | -25.4 |
Capacity Utilization | Nov | 75.4% | 75.6% | 76.0% |
Industrial Production | Nov | -0.6% | -0.8% | 1.5% |
U.S. Homebuilders’ Confidence Held at Record Low in December Bloomberg
Tomorrow at 8:30AM EST brings Building Permits for November expected at 700,000, Housing Starts expected at 730,000, CPI for November expected at -1.3%, and Core CPI expected at 0.1%. At 2:15PM is the FOMC Policy Statement expected to announce a 50 basis point cut in rates to 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade to over $50 on speculation over substantial production cuts by OPEC this week, but it then fell back off by the close and ended back under $45 on persistent worries over falling demand.
The U.S. dollar index plummeted and treasuries rose while the Dow, Nasdaq, and S&P fell on worries over the automakers as no plan to help them has been decided on yet by the Treasury.
Among the big names making news in the market today were MGM Mirage and Ruffin, Honeywell, Apollo, Goldman Sachs, and Nintendo.
The Commentary:
“February Gold closed up 16 at 836.5. This was 14.7 up from the low and 6.5 off the high.
March Silver finished up 0.39 at 10.62, 0.06 off the high and 0.28 up from the low.
The gold market started out firm, fell back into the face of the weak US economic reports, and then managed a recovery rally into mid session. However, shortly after mid session the February gold contract fell back as much as $13 an ounce off the mid morning high and that break seemed to come in sympathy to weakening in US equity prices. It also seemed like a mid session setback in energy prices prompted some long profit taking in gold prices. While the market didn't seem to be paying that much attention to physical supply side problems, the market did see fresh evidence of some miners idling production and that could have been seen as long term supportive to prices.
Silver gave up some of its early gains in the wake of the US scheduled economic report flow but just ahead of mid session the March silver contract had managed a rather impressive compacted rally of roughly almost 50 cents. While silver gave up some of the gains in the early afternoon action in the wake of the slide in equity and energy prices, the bull camp generally seemed to remain in control. Apparently the fear of too much slowing was not serving to dent speculative buying interest which seemed to be coming directly from the ongoing weakness in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
GATA chairman to meet CFTC member and Rep. Paul
Gold suppression scheme was how Clinton deceived bond market
Gene Arensberg: HUI surges while Canadian miners sleep
Adrian Douglas: The gold rush is on
Antal Fekete: Backwardation that shook the world
Swiss gold refineries pushed to the limit by demand
Tom Szabo: No backwardation in gold yet, maybe in silver
China to increase money supply 17%, boost lending
Trace Mayer: A problem with GLD and SLV ETFs
Financial Times hears Comex gold squeeze talk
Comex said warning brokers about December gold squeeze
Former Fed governor hints at big upward revaluation of gold
Germany's bank bailout has failed, MPs say
Fed refuses to disclose recipients of $2 trillion
Silver investigation: CFTC does U-turn
James Turk: More on gold backwardation
The Statistics:
As of close of business: 12/15/2008
Gold Warehouse Stocks: | 8,553,831 | - |
Silver Warehouse Stocks: | 126,824,117 | -2,879 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 762.17 | 24,504,597 | US$ 20,250m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.99 | 3,761,481 | US$ 3,153m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 368,979 | US$ 310m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.93 | 865,962 | US$ 715m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 12/12/2008 | |
Total Net Assets | $1,709,406,843 | Ounces of Gold
in Trust | 2,087,702.264 |
Shares Outstanding | 21,200,000 | Tonnes of Gold
in Trust | 64.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/12/2008 | |
Total Net Assets | $2,153,228,473 | Ounces of Silver
in Trust | 213,860,065.800 |
Shares Outstanding | 216,650,000 | Tonnes of Silver
in Trust | 6,651.79 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Rusoro’s (RML.V) offer for Gold Reserve (GRZ), Seabridge’s (SA) project sale to Fresnillo and Newmont (NEM), Exeter’s (XRA) drill results, IAMGOLD’s (IAG) mine sale, AngloGold’s (AU) purchase of São Bento Gold Company Limited ("SBG") and its wholly-owned subsidiary, São Bento Mineração S.A. ("SBMSA") from Eldorado (EGO), Kirkland’s (KGI.TO) financial results, and Barrick’s (ABX) resumed mine operations in Tanzania were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. NovaGold | NG +74.03% $1.34 |
2. Exeter | XRA +19.21% $1.57 |
3. Vista Gold | VGZ+17.80% $1.39 |
LOSERS
1. Ivanhoe | IVN -5.37% $2.29 |
2. Fronteer | FRG-4.96% $2.49 |
3. AngloGold | AU-3.02% $26.29 |
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:
Murgor Resources engages Northern Securities for maximum $1 million private placement - More
- December 15, 2008 | Item | E-mail
First Gold Increase of the Stock Option Plan - More
- December 15, 2008 | Item | E-mail
Oromin to Commence Trading on Toronto Stock Exchange - More
- December 15, 2008 | Item | E-mail
Royal Roads to make application to extend warrant expiry dates - More
- December 15, 2008 | Item | E-mail
DIAGNOS Acquires Four New Mining Properties in the Gaspesie Region - More
- December 15, 2008 | Item | E-mail
Northern Gold Mining Inc. Files Technical Report for Its Frederick House Lake Property - More
- December 15, 2008 | Item | E-mail
Another Canadian junior miner ends options in Peru - More
- December 15, 2008 | Item | E-mail
Kinbauri Gold Corp. Appoints Financial Advisor to Assist in Strategic Planning - More
- December 15, 2008 | Item | E-mail
Strait Gold to Focus on Gold and Copper Projects in Peru - More
- December 15, 2008 | Item | E-mail
Gold Reserve Receives Unsolicited Offer from Rusoro Mining Ltd and Engages Financial and Legal Advisors - "Gold Reserve Inc. (TSX:GRZ - News) (AMEX:GRZ - News) - Gold Reserve Inc. announced today that Rusoro Mining Ltd. (“Rusoro”) (CDNX:RML.V - News) has commenced an unsolicited offer (the “Offer”) to acquire all of the outstanding shares and equity units of Gold Reserve in consideration for three shares of Rusoro for each Gold Reserve share or equity unit." More
- December 15, 2008 | Item | E-mail
Gold Reserve Receives Unsolicited Offer from Rusoro Mining Ltd and Engages Financial and Legal Advisors - "Gold Reserve Inc. (TSX:GRZ - News) (AMEX:GRZ - News) - Gold Reserve Inc. announced today that Rusoro Mining Ltd. (“Rusoro”) (CDNX:RML.V - News) has commenced an unsolicited offer (the “Offer”) to acquire all of the outstanding shares and equity units of Gold Reserve in consideration for three shares of Rusoro for each Gold Reserve share or equity unit." More
- December 15, 2008 | Item | E-mail
Freewest Resources Canada Inc.: High-Grade Chromite Intersections Continue to Outline Big Daddy Chromite Deposit James Bay Lowlands of Ontario - More
- December 15, 2008 | Item | E-mail
IMA Exploration Inc.: Results of the Annual General Meeting of Shareholders - More
- December 15, 2008 | Item | E-mail
Katanga Mining says in urgent need of additional funds - More
- December 15, 2008 | Item | E-mail
Update by Radisson Mining Resources Regarding its Drill Program on THE O'BRIEN/KEWAGAMA GOLD PROJECT - More
- December 15, 2008 | Item | E-mail
SLAM Exploration announces Nash Creek results - More
- December 15, 2008 | Item | E-mail
Unico, Inc. Issues December 2008 Newsletter With Updates on Recent Activities at the Deer Trail Mine Including Production of Concentrate - More
- December 15, 2008 | Item | E-mail
Colorado Goldfields' CEO Lee R. Rice Sits for 2008 "State Of The Union" Interview With Company's CFO C. Stephen Guyer; Mr. Rice Discovers Bonanza Gold Potential - More
- December 15, 2008 | Item | E-mail
Uruguay Mineral Exploration Inc: Directors Dealing - More
- December 15, 2008 | Item | E-mail
IAMGOLD Declares Eighth Consecutive Annual Dividend - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to declare an annual dividend payment of USD$0.06 per share payable on January 12, 2009 to shareholders of record as of the close of trading on December 24, 2008." More
- December 15, 2008 | Item | E-mail
African Copper-Press Release - More
- December 15, 2008 | Item | E-mail
Intrepid Mines Limited: Paulsens Operation, Western Australia - More
- December 15, 2008 | Item | E-mail
Eagle Plains Reports Diamond Drilling Results Released From Kalum Gold Project - More
- December 15, 2008 | Item | E-mail
Metals Creek Resources Corp. intercepts 81.13m of 1.834 percent copper from drilling on the Tillex copper property - More
- December 15, 2008 | Item | E-mail
Iberian Closes Aguas Tenidas Hedge Contracts And Pays Out MATSA Project Facility - More
- December 15, 2008 | Item | E-mail
Teck Cominco to temporarily shut down zinc mine - More
- December 15, 2008 | Item | E-mail
Golden Harp's MC Zone demonstrates higher grade potential, GH-019 returns 14.29 g/t gold over 2 meters - More
- December 15, 2008 | Item | E-mail
Katanga Announces Proposed Increase in Authorized Share Capital and Appointment of Chief Financial Officer - More
- December 15, 2008 | Item | E-mail
Gladstone Pacific Nickel Limited - ACN 104 261 887 (the "Company" or "GPNL") - GPNL and RDI - Update regarding Merger - More
- December 15, 2008 | Item | E-mail
Capital Gold Corporation Announces a First Quarter Increase of 64% in Net Income Before Tax - More
- December 15, 2008 | Item | E-mail
Rusoro Launches Take-Over Bid for Gold Reserve - More
- December 15, 2008 | Item | E-mail
Seabridge Gold Completes Sale of Noche Buena to Fresnillo/Newmont JV - "Seabridge Gold (Toronto:SEA.TO - News) (NYSE ALTERNEXT US: SA) announced today that it has completed the sale of its 100% owned Noche Buena gold project in Sonora, Mexico to Minera El Bermejal, S. de R.L. de C.V., an affiliate of Minera Penmont, S. de R.L. de C.V., which operates the La Herradura gold mine in Sonora. Bermejal and Penmont each are owned 56% by Fresnillo plc. and 44% by Newmont USA Limited, a subsidiary of Newmont Mining Corporation. At closing, Seabridge Gold was paid US$25 million in cash. A further US$5 million is payable upon commencement of commercial production from Noche Buena and a 1.5% net smelter royalty is payable on all production sold for US$800 per ounce or greater of gold." More
- December 15, 2008 | Item | E-mail
Bard Ventures Ltd.: Lone Pine Molybdenum Property 2008 Exploration Summary - More
- December 15, 2008 | Item | E-mail
Gold Resource Corporation Intercepts High Grade Mineralization in Deepest Hole Drilled to Date and Extends Arista Mineralization Southeast - More
- December 15, 2008 | Item | E-mail
High River Gold Second Default Status Report - More
- December 15, 2008 | Item | E-mail
Norsemont Mining Announces $6 Million Non-brokered Private Placement - More
- December 15, 2008 | Item | E-mail
Pediment Welcomes Chris Babcock to its Management Team and Announces the Cancellation and Grant of Stock Options - More
- December 15, 2008 | Item | E-mail
Exeter Reports New High Grade Drilling Results at Cerro Moro - "Exeter Resource Corporation (CDNX:XRC.V - News)(NYSE-A: XRA)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports results from eight drill holes at its Cerro Moro project in Santa Cruz Province, Argentina. Highlights from the results include 72.76 grams per tonne (2.11 oz/ton) gold and 6,471 grams per tonne (187.65 oz/ton) silver over a drill intercept of 3.36 meters in drill hole MD389." More
- December 15, 2008 | Item | E-mail
IAMGOLD Completes Sale of the Sleeping Giant Mine and Confirms Equity Position in Cadiscor Resources Inc. - "IAMGOLD Corporation ("IAMGOLD") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) completed the previously disclosed sale of the Sleeping Giant Mine, related milling facilities, and the Flordin property claims to Cadiscor Resources Inc. ("Cadiscor") as of October 31, 2008." More
- December 15, 2008 | Item | E-mail
AngloGold Ashanti Acquires São Bento Gold Limited - "Further to its announcement of 31 July 2008, AngloGold Ashanti (NYSE:AU - News) is pleased to announce that it has today completed the purchase of São Bento Gold Company Limited ("SBG") and its wholly-owned subsidiary, São Bento Mineração S.A. ("SBMSA") from Eldorado Gold Corporation ("Eldorado") for a consideration of US$70 million. The purchase price was settled through the issuance of 2,701,660 AngloGold Ashanti shares." More
- December 15, 2008 | Item | E-mail
Kirkland Lake Gold Reports Financial Results Fiscal Q2 2009 - "Gold production was 8,327 ounces in the quarter; a decrease of 9% compared to the previous quarter (Q1/09 9,193 oz) due lower ore tons hoisted caused by a shortage of developed mining stopes. Management is working actively to increase the number of developed stopes available for mining in the '04 Break and bring the South Mine Complex ('SMC') into production." More
- December 15, 2008 | Item | E-mail
North Mara gold mine operational -Barrick Tanzania - "Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) said on Monday operations had resumed at its North Mara Mine in Tanzania after suspending activity last week when some 200 people invaded the site and destroyed property worth about $15 million." More
- December 15, 2008 | Item | E-mail
Fresnillo-Newmont JV to buy Mexico gold project - "Fresnillo Plc, the world's largest primary silver producer, said on Monday that its Mexican joint venture with US gold miner Newmont Mining Corp had acquired the Noche Buena gold project in Mexico from Canada's Seabridge Gold Inc." More
- December 15, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 15 December 2008 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 2% and 4%
