-- Posted Thursday, 15 January 2009 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $807.20 | -$1.30 |
Silver | $10.46 | +$0.02 |
XAU | 108.71 | +4.28% |
HUI | 260.16 | +3.64% |
GDM | 806.33 | +4.01% |
JSE Gold | 2051.08 | -98.05 |
USD | 84.55 | +0.10 |
Euro | 131.52 | -0.36 |
Yen | 111.33 | -1.19 |
Oil | $35.40 | -$1.88 |
10-Year | 2.201% | -0.012 |
T-Bond | 137.140625 | +0.265625 |
Dow | 8212.49 | +0.15% |
Nasdaq | 1511.84 | +1.49% |
S&P | 843.74 | +0.13% |
The Metals:
Gold and silver traded mostly slightly higher in Asia and London and rose to see gains of 1.6% and 2.1% at as high as $821.40 and $10.66 by about 9AM EST in New York before both metals were then torpedoed to new session lows of $801.72 and $10.31 by about 12:45 EST to see losses of 0.84% and 1.2%, but gold rebounded to end with a loss of just 0.16% while silver bounced higher to close with a gain of 0.19%. Both metals have also climbed over 1% further from their closes in after hours access trade.
Euro gold rose to about €617, platinum lost $5.50 to $919, and copper fell a few cents to about $1.44.
Gold and silver equities fell to see over 3% losses by early afternoon, but they then surged back higher in the last few hours of trade and ended with about 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Dec | -1.9% | -2.0% | -2.2% |
Core PPI | Dec | 0.2% | 0.1% | 0.1% |
Initial Claims | 1/10 | 524K | 503K | 470K |
Empire Manufacturing Index | Jan | -22.2 | -25.0 | -27.88 |
Philadelphia Fed | Jan | -24.3 | -35.0 | -36.1 |
Also making economic news today was the House Democrats proposal for $825 billion in stimulus.
US foreclosure filings up 81 percent in 2008 Yahoo
Tomorrow at 8:30AM EST brings CPI for December expected at -1.0% and Core CPI expected at 0.1%. At 9:15 is Capacity Utilization for December expected at 74.7% and Industrial Production expected at -0.8%, and at 9:55 is Michigan Sentiment for January expected at 60.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell another 5% as OPEC cut its demand forecast and the U.S. dollar index rose after the euro fell on the ECB’s decision to cut rates by 50 basis points, but the dollar turned back lower to end with only minor gains after Trichet signaled that any further ECB rate cuts are unlikely to happen anytime soon.
Treasuries reversed early gains to end just slightly higher as the Dow, Nasdaq, and S&P fell markedly again in morning trade on persistent bank worries and then rebounded to end with small gains on hopes for another bailout from congress.
Among the big names making news in the market today were Bank of America, GM, JPMorgan, Apple, Morgan Stanly, and MeadWestvaco.
The Commentary:
“April Gold closed down 1.2 at 809. This was 1.5 up from the low and equal to the high.
March Silver finished down 0.035 at 10.44, 0.01 off the high and 0.01 up from the low.
The April gold contract forged another downside extension but the market seemed to be attracted to the prior session's closing value of $810.2. Lingering weakness in the equity market seemed to keep the gold market off balance and certainly seeing the energy complex add to its early losses left the gold market with another outside market burden. However, it did appear as if the early after bounce in the equity market coincided with April gold's return to positive territory. Perhaps a bullish forecast from Gold Fields Mineral Services for gold was another factor that helped gold rise up off its early lows.
The silver market was mostly under pressure until mid session when the March contract saw the beginning of a very impressive recovery effort. Apparently the silver market was able to break the tight track with the energy complex as the energy complex remained weak while the silver market was able to bounce. All things considered the action in the silver market on Thursday was impressive considering the overt weakness of the US numbers and the initial sharp slide in equity prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Harold Meyerson: Obama and the money-changers
Another analyst predicts a big official revaluation of gold
The Statistics:
As of close of business: 1/14/2009
Gold Warehouse Stocks: | 8,546,200 | -4,467 |
Silver Warehouse Stocks: | 126,867,271 | +39,390 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 790.66 | 25,420,642 | US$ 20,880m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.96 | 3,760,420 | US$ 3,081m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.51 | 374,333 | US$ 303m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.92 | 865,648 | US$ 711m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.06 tonnes to a new record high holding.
COMEX Gold Trust (IAU)
Profile as of 1/14/2009 | |
Total Net Assets | $1,770,001,107 | Ounces of Gold
in Trust | 2,190,405.775 |
Shares Outstanding | 22,250,000 | Tonnes of Gold
in Trust | 68.13 |
Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 1/14/2009 | |
Total Net Assets | $2,472,983,947 | Ounces of Silver
in Trust | 229,661,335.200 |
Shares Outstanding | 232,750,000 | Tonnes of Silver
in Trust | 7,143.27 |
Note: Change in Total Tonnes from yesterday’s data: 79.79 tonnes were added to the trust.
The Stocks:
NovaGold’s (NG) Competition Act Approval, IAMGOLD’s (IAG) updated Preliminary Assessment Study, Kirkland’s (KGI.TO) completed issuance of the third tranche of shares, SilverCrest’s (SVL.V) updated resources, and Fortuna’s (FVI.V) metallurgical test results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +14.86% $4.25 |
2. NovaGold | NG +12.21% $1.47 |
3. Tanzanian Royalty | TRE +11.82% $3.31 |
LOSERS
1. Solitario | XPL -7.86% $1.35 |
2. Banro | BAA-6.78% $1.10 |
3. Cardero | CDY-6.19% $1.06 |
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:
Richmond Minerals Inc. - Changes to the Board of Directors, appointment of an officer, and granting of stock options - More
- January 15, 2009 | Item | E-mail
United Uranium Corp. Amends Option Agreement With Denison Mines Corp. - More
- January 15, 2009 | Item | E-mail
SilverCrest Reports Updated Santa Elena Resources - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to announce a new resource estimation for the Santa Elena Project located in Sonora, Mexico. The new resources show an increase of 150% in contained gold ounces in indicated resources and a decrease of 4.6% in contained gold ounces in inferred resources compared to the resource estimates announced June 26, 2008. Contained ounces of silver in Indicated Resources increased by 172% and contained silver ounces in Inferred Resources increased 4.8%." More
- January 15, 2009 | Item | E-mail
Augusta Updates Rosemont Feasibility-After Tax NPV (5%) $1.2B at $1.85/lb Cu - More
- January 15, 2009 | Item | E-mail
VMS Ventures Reports Strong Anomaly South-West of Reed Lake Discovery Zone Near Snow Lake, Manitoba - More
- January 15, 2009 | Item | E-mail
Claim Post Resources Announces Commencement of Drill Program - More
- January 15, 2009 | Item | E-mail
Virginia Grants 139,750 Stock Options - More
- January 15, 2009 | Item | E-mail
Zinc miner SRA files for bankruptcy protection - More
- January 15, 2009 | Item | E-mail
Shallow Prospect Drilling at Sacre-Coeur's Northwest District Reveals Robust Alluvial Gold Target in Near-Surface Mineralization - More
- January 15, 2009 | Item | E-mail
Two NI 43-101 Resource Estimates Completed at Gossan-Marathon PGM's Bird River Project - More
- January 15, 2009 | Item | E-mail
Fortuna Reports Commercial Concentrate Grades of 135 g/t Gold and 17,130 g/t Silver, and 88% Recoveries From Metallurgical Tests at San Jose, Mexico - "Fortuna Silver Mines Inc. (CDNX:FVI.V - News)(BVLAC: FVI) is pleased to report positive metallurgical test results for the San Jose silver-gold project located in Oaxaca, Mexico. A program of comprehensive metallurgical testing conducted by Metcon Research, of Tucson Arizona, has been in progress since October 2008. Main open flotation circuit or batch flotation tests have been concluded on multiple samples for two types of sulfides mineralization in the Trinidad area, which hosts the San Jose resource." More
- January 15, 2009 | Item | E-mail
Ecuador president backs new law to enable mining - "Ecuador President Rafael Correa on Thursday said he will not back down from a recently approved law that encourages mining and has sparked protests by Indians and environmentalists.
The new law slaps royalties on mining companies and lifts a nine-month ban on exploration that hurt the stock price of companies operating in the Andean nation. Foreign mining companies have found massive gold, silver and copper deposits in southern Ecuador." More
- January 15, 2009 | Item | E-mail
Galantas Completes Share for Debt Exchange - More
- January 15, 2009 | Item | E-mail
AIM Receives Updated Valuation of Kelly Rock Limited Common Shares - More
- January 15, 2009 | Item | E-mail
Queenston Reports Further Results From McBean - More
- January 15, 2009 | Item | E-mail
Luna Gold increases measured and indicated resources at the Piaba gold deposit by 21% to 844,000 oz gold - More
- January 15, 2009 | Item | E-mail
Etruscan significantly expands area of rare earth potential in Namibia - More
- January 15, 2009 | Item | E-mail
Romaine Iron-Titanium Assays Support Higher-Grade Mineralization - More
- January 15, 2009 | Item | E-mail
Helio Reports Drill Results from the Kenge Target, SMP Gold Project, Tanzania - More
- January 15, 2009 | Item | E-mail
Arianne Resources Inc.: Better Than Expected Results on the Lac a Paul Phosphorous Property - More
- January 15, 2009 | Item | E-mail
Advanced Explorations Inc. Intersects 90 Metres of 33.80% Iron - More
- January 15, 2009 | Item | E-mail
Marathon Develops Two Resources on Bird River Project - More
- January 15, 2009 | Item | E-mail
Rochester Appoints Mr. Eduardo Luna President and CEO - More
- January 15, 2009 | Item | E-mail
General Metals Completes Phase I Drilling and Assaying at Independence Project and Grows Oxide Mineralization to Estimated 569,347 oz Gold - More
- January 15, 2009 | Item | E-mail
Aquila Provides Updated Mineral Resource at Back Forty - More
- January 15, 2009 | Item | E-mail
Franconia Minerals Receives Final Loan and Grant Payments From the State of Minnesota for Birch Lake - More
- January 15, 2009 | Item | E-mail
Zincore Expands Chilean Gold Targets - More
- January 15, 2009 | Item | E-mail
European Goldfields Limited: Certej Mine Life Extended - More
- January 15, 2009 | Item | E-mail
Mega Uranium Ltd.: Update on Georgetown Project, Queensland, Australia - More
- January 15, 2009 | Item | E-mail
Powertech Submits UIC Permit Application at Dewey-Burdock - More
- January 15, 2009 | Item | E-mail
NovaGold Electrum Financing Obtains Competition Act Approval - "NovaGold Resources Inc. (the "Company" or "NovaGold") (Toronto:NG.TO - News)(AMEX:NG - News) announced today that an Advance Ruling Certificate has been issued under the Competition Act (Canada) permitting the completion of the purchase by Electrum Strategic Resources LLC of 46,153,847 units of the Company for gross proceeds of US$60 million under the financing announced on January 2, 2009. The Toronto Stock Exchange has accepted notice of this US$60 million financing and the additional US$15 million financing announced on January 6, 2009 and conditionally approved the listing of the additional common shares to be issued." More
- January 15, 2009 | Item | E-mail
IAMGOLD Releases Updated Positive Preliminary Assessment Study on Westwood Project - "IAMGOLD Corporation (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) ("IAMGOLD") is pleased to announce positive results from the updated Preliminary Assessment Study (the "Study") on its 100% owned Westwood Gold Project located in Quebec, two kilometres east of IAMGOLD's producing Doyon Mine. The Study was completed by IAMGOLD's Project Development Group. The results of the Study provide confidence for Westwood to move forward with a target for production in early 2013, and with an $86 million budget approved for 2009." More
- January 15, 2009 | Item | E-mail
Kirkland Lake Gold Inc.: Third Tranche of Shares Issued & Cash Payment Made Under South Claims AcquisitionCCNMatthews - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) announces it has completed the issuance of the third tranche of shares and made the third cash payment to the vendor of the South Claims. The Company issued 15,586 common shares valued at C$62,500 (C$4.01 per share) and paid C$62,500. The shares are subject to restrictions on transfer until May 16, 2009. To complete its purchase obligations, the Company must issue a further C$50,000 worth of shares and pay a further C$50,000 to the vendor by January 15, 2010. For complete details see the Company's press release dated April 17, 2007." More
- January 15, 2009 | Item | E-mail
S.Africa gold output falls 8.7 pct yr/yr in Nov - "South African gold output fell 8.7 percent in volume terms and total mineral production dropped 6.1 percent in November last year compared with the same month in the previous year, official data showed on Thursday." More
- January 15, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 15 January 2009 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Near Unchanged and Then Surge Higher In After Hours Trade
