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Gold Seeker Closing Report: Gold and Silver Gain Over 1%
By: Chris Mullen, Gold-Seeker.com


-- Posted Monday, 8 February 2010 | Digg This ArticleDigg It! | | Source: GoldSeek.com

 

Close

Gain/Loss

Gold

$1065.30

+$13.00

Silver

$15.08

+$0.26

XAU

149.34

-3.18%

HUI

374.76

-3.77%

GDM

1127.04

-3.52%

JSE Gold

2208.24

+49.81

USD

80.38

-0.06

Euro

136.55

-0.23

Yen

111.98

-0.08

Oil

$71.89

+$0.70

10-Year

3.592%

+0.046

T-Bond

118.9375

-0.5625

Dow

9908.39

-1.04%

Nasdaq

2126.05

-0.70%

S&P

1056.74

-0.89%

 

 

The Metals:

 

Gold extended last week’s late after hours access trade gains and rose to as high as $1073.70 in late Asian trade before it fell back off in London and dropped to as low as $1061.50 by about 9:30AM EST in New York, but it then chopped its way back higher into the close and ended with a gain of 1.24%.  Silver climbed to $15.305 and dropped to $14.92 before it also rallied back higher and ended with a gain of 1.75%.

 

Euro gold rose to about €779, platinum gained $11 to $1473.50, and copper gained over 5 cents to about $2.91.

 

Gold and silver equities fell about 2% at the open before they rose to see slight gains by late morning, but they then fell back off for most of the rest of trade and ended with over 3% losses.

 

The Economy:

 

Corporate Bond Spreads Rise Most Since November: Credit Markets  Bloomberg

Geithner Says U.S. Will ‘Never’ Lose Aaa Debt Rating  Bloomberg

Greek Ouzo crisis escalates into global margin call as confidence ebbs  Telegraph

AP analysis: US economic stress hit a peak in Dec.  Yahoo

 

There were no major economic reports today.  Tomorrow at 10AM EST brings the Wholesale Inventories report for December expected at 0.5%.

 

The Markets:

 

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

 

Oil rose on cold weather and geopolitical worries while the U.S. dollar index fell as the euro climbed higher after debt problems in Europe didn’t get noticeably worse over the weekend.

 

Treasuries fell ahead of this week’s auction of $81 billion of government securities.  The first auction is tomorrow when the Treasury Department will sell $40 billion in three-year notes.

 

The Dow, Nasdaq, and S&P mostly fell on lingering fiscal and economic worries.

 

Among the big names making news in the market today were Hasbro, CVS Caremark, CIT, CAN, and Hershey.

 

The Commentary:

 

“Now for the open interest numbers on Thursday's massive take-down in the precious metals. They were, as expected, opaque... as the bullion banks covered their tracks in most admirable fashion. Open interest only fell 2,974 contracts. Final volume in gold [298,073 contracts] was very close to the preliminary number. Silver o.i. fell a smallish 475 contracts on reported volume of 74,092 contracts.

Without doubt, the bullion banks purchased longs in huge quantities along with covering a lot of short positions in both metals. In this way they disguised just how much they've improved their net short position... but I can tell you that it was massive. And, as I said yesterday, now we won't have a clear picture of the final clean-out until the Commitment of Traders report next Friday... as these white-collar crooks are masters of covering their tracks until forced by this report to show their hands... and even then they can still pull a fast one.

Yesterday's Commitment of Traders report [for positions held at the close of trading on Tuesday, February 2nd] is a case in point of what I spoke of in the last paragraph. The bullion banks decreased their net short position in silver by a whopping 8,148 contracts. But, like last week's COT, it's the way they did that's most important. They went long 3,536 contracts and covered 4,612 short positions. This is how they covered their tracks last week, this week... and how they did it on Thursday's big take-down. And the 'how they did it' on Thursday won't show up until next Friday. Like I said, these crooks are clever bastards.

The COT in gold [in my opinion] had some serious errors in it... and it's impossible to tell how much the bullion banks really improved their net short position during the last reporting period. But the numbers they do show, indicate that the bullion banks decreased their net short position by a smallish 4,039 contracts. This they did by covering 12,170 short positions... which certainly seems believable... but it also shows they sold 8,131 longs, which is highly unlikely considering the price action. Whether this is an honest mistake [or otherwise] is impossible to tell... but it's not the first time it has happened... and it's particularly annoying that it happen at such a critical juncture. And I doubt that the CFTC will fix it either. So, I'll just have to wait it out until next Friday.”
– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

Dear CIGAs,

 

1. Bretton Woods was folded.

2. The floating exchange rate system is about to be folded.

3. By default or design we are going to a one-world currency and a one-world central bank of central banks.

4. For Portugal, Ireland, Italy, Greece or Spain to break off from the euro would be an expansion of the floating exchange rate system under present conditions.

5. There are presently 3 major currencies. That is the US dollar, the euro and gold.

6. The SDR was an attempt to form a single reserve currency that never took flight.

7. The SDR is an accounting unit made up of an index of currencies much like the USDX.

 

There is no immunity now from the size of funds seeking to speculate or manipulate markets. This type of money is attacking the debt of the weaker euro states by intention or coincidence. Their success in the Iceland situation was only the first chapter of a multi chapter play.

 

Central bankers fear that this type of action, most certainly if it is as successful as it was on Iceland, succeeding against the weaker euro states could easily attack the present functional reserve currencies, the US dollar and the euro.

 

There is an implicit fear that if the ECB refuses to or cannot sustain the debt of Portugal, Ireland, Italy, Greece and Spain the next to fall will be both the US dollar and the euro.

 

The states of the US are no different, in form or short opportunity, than weak members of the euro. Already major money is short California, New York and Pennsylvania debt. A pounding of state debt is as easy as the pounding of the weaker members of the euro.

 

Attack of a currency is primarily an attack of the debt representing that currency.

 

Central banks are run by bankers who used to measure their capital in millions only a few years ago. After the invention of the OTC derivative they measured their capital as today in billions. They now imagine measuring their capital both of their banks and personally in the trillions as they challenge nations, not companies.

 

China knows this and is insulating itself from this.

 

To accomplish this end whilst maintaining and increasing the value of hard assets ( assets of major players) a new single reserve currency must be functionally initiated either by default or by design.

 

A singular world currency must be an index of many currencies adjusted from time to time. Adjustment within its membership is the key to a common currency that the EU forgot about.

 

Whatever institution manages that index becomes the central bank of central banks able to create artificial money according to its allocation of the single currency index. This is what was desired of the SDR originally.

 

The chances of reverting to a Bretton Woods or increasing the Floating Exchange rates are unlikely.

 

A collapse of the weaker states of the euro would be an expansion of the floating exchange rate strengthening the market forces that will attack all nations one by one after their success in Iceland. The weakest will be the first to go, but none are safe.

The chance of an abrupt change to something new now, as above, is unlikely. The probability of moving towards a one world currency in stages over the next 5 years is a reality.

 

In order to make that transition a method of raising the status of the IMF and the SDR would be most likely. Such a transition would be for this entity to assist in sustaining the weaker states of the euro and the USA as the states of the USA are now rolling over harder, balance sheet wise, than the weaker states of the euro

 

The debt of nations is not immune to the tsunami of these speculative and manipulative funds attacking by design or coincidence, focusing on a market all on one side – short.

 

OTC derivatives are being used in the strategy to collapse the weaker states of the euro.

 

OTC derivatives are the cause of this entire trauma by design or coincidence.

 

Nothing has been done to curtail or reduce the ever-growing mountain of these instruments.

 

All that has occurred is the new means of valuation as value to maturity, and the collapse of FASB requiring market valuation. Both items repaired the appearance of the balance sheet of the financial entities by allowing a cartoon of valuations to re-enter the system.

 

The decision will take place that is in the best interest of the majority power of four groups ruling these bi-polar central bank meetings. Those groups are the banksters, bankers, Daddy Warbucks and politicians.

 

Results:

 

1. Gold will progressively lock price-wise in the inverse to the SDR or similar item.

2. An exchange will soon begin to trade a virtual SDR or similar item just as they trade a virtual dollar as the USDX or virtual gold as a paper gold.

3. The USDX will become redundant.

4. The ability to pay off the debt of previous reserve currencies with market de-valued paper is facilitated.

5. Currencies as a whole will decline.

6. That decline will be the SDR versus the gold price.

7. The method of attacking a currency is inherent in attacking its debt.

 

The answer is simple even though the problem is complex.

 

Reduce all your currency positions into strength. Buy gold in all its forms other than US or Euro based in weakness.

 

Gold will trade at $1650 and above. The US dollar continues its march in phases towards worth-less and worthlessness.

 

Respectfully,”- Jim Sinclair, JSMineset.com

 

Dear CIGAs,

 

Today was, “Let’s throw away the Dollar and Buy everything else in sight” day. The entire commodity sector had money flowing back into it in a big way today as both the Yen and the Dollar were jettisoned in favor of “risk” plays. Copper reversed its collapse building a bit on Friday’s bounce. Ditto for silver and for crude oil. Even pork bellies were higher today.

 

The effect of all this was a steady flow of buy orders into gold the entirety of the session. So far it has pushed to a high near $1,074. If it can get back above that critical level of $1,080 and hold there for a couple of days, it has a much better chance of entering a range trade rather than making another leg lower as technicians will point to bear-flagging action unless it recaptures the former broken support level where our big buyer of size had once been making their presence felt. While it is nice to see the gains in gold, technically it has a lot of work to do to repair the severe chart damage of the last week.

 

Once again the problem is the mining shares as the HUI still can barely manage even a bounce. The hedgies are continuing to sit on the shares with their ratio trades. The sheer “logic” of this trade reflects just how ignorant the majority of hedge fund managers are and how algorithms have taken over the markets at the expense of reality but it is what it is for now and with as much money at their command as they have, until these guys decide to either reverse those spreads or lift the short leg, the shares are going to underperform. Same comments as Friday – the HUI will need to get back above the 400 level to initiate more short covering and kick in some fresh buying.

 

You can get a pretty good feel for how the battle between the inflationists and deflationists is playing out by watching a few key markets such as copper and soybeans but a better picture still remains the Continuous Commodity Index (I still do not like the CRB index because it is too heavily weighted in energies). The CCI needs a weekly close above 481 – 482 to give the inflationists a reprieve from the recent selling barrage in this sector and turn that weekly chart friendly again on the shorter term. Long term its uptrend still remains intact. Short term the trend encourages selling into rallies.

 

As usual we are back to watching the broader equity markets and the currency markets to gauge the psychology of investors/traders. The S&P 500 will have to climb above 1105 and hold there for two days to convince some of the shorts to get out. While the Dollar is moving lower today, as long as it remains above 79, the short term trend is in favor of the bulls. Money flows are what markets have become all about these days and it is those two primary markets that determine pretty much where that stuff goes.- Dan Norcini, More at JSMineset.com

 

Gold – If a picture is worth a thousand words, than I don’t need to say much about the long-term direction of gold. Back in 2004, 2006 and 2008, many were calling a top in gold. While there was a correction, gold eventually went to much higher levels. Such shall be the case IMHO. In fact, I believe we shall look back at this period and conclude it turned out to be the last great buying opportunity for quite some time. Yes, arguably one could make a case for another $100 down given the recent technical sell-off. But given the selling has been limited to the paper market on the Crimenex (Comex) and the reversal seen late Friday both in gold and gold shares, I think the chances of a substantial fall from here are remote.

 

Silver – The “Rodney Dangerfield” of precious metals. The concentrated short positions on the Crimenex are ridiculous. Like it or not, it plays “second fiddle” to gold and while it can briefly lead, gold remains the big brother. Like gold, downside from here appears very limited.

 

Base Metals – The serious correction in copper and zinc has led me to feel they’re no longer fully priced and to remove my suggestion to overweight in precious metals. I think both precious and base metals are now equally weighted. But unlike gold and silver, I think base metals rallies are likely to be limited to their previous highs because economies worldwide are net not strong enough to warrant higher levels.

 

U.S. Dollar – I continue to believe this bear market rally can get to the 83-84 area basis the U.S. Dollar Index. But make no mistake about it, longer term we should see new lows on the dollar.

 

U.S. BondsI think this article says it all as far as I’m concern.

 

Oil and Gas – I’ve begun to look at oil again possibly from the long side if we get into the $60s and the dollar gets to the 83-84 area so stay tuned. Pass on gas (pun?).”- Peter Grandich, Grandich Letter

 

GATA Posts:

 

Peter Brimelow: Gold hit hard but bugs buoyant

Ambrose Evans-Pritchard: Greek crisis escalates into global margin call

Secret summit of world's top bankers in Australia

John Embry cites GATA in interview with King World News

Peter Warburton: The debasement of world currency: It is inflation, but not as we know it

Ted Butler: Last gasp for the big commercial shorts in gold and silver?

 

The Statistics:

Activity from: 2//2010

Gold Warehouse Stocks:

9,894,978

-7,917

Silver Warehouse Stocks:

111,381,277

+557,194

 

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

1106.378

35,571,152

US$37,843m

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

Gold Bullion Securities

122.02

3,920,840

US$4,189m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.35

491,646

US$527m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

52.52

1,688,518

US$1,849m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,981

US$5m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.828 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.27 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,351.77 - No change from yesterday’s data.

 

The Miners:

 

Capital Gold’s (CGC) preliminary production results, Randgold’s (GOLD) 2009 results, Harmony’s (HMY) second quarter earnings, and Silvermex’s (SMR.V) private placement were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Nevsun

NSU +11.74% $2.38

2.  Capital Gold

CGC+3.53% $2.427

3.  Richmont

RIC +1.81% $3.94

 

LOSERS

1.  Coeur

CDE -8.57% $13.55

2.  Banro

BAA -6.01% $1.72

3.  Pan American

PAAS -5.64% $20.74

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:

Regal Resources Inc.: News Release - More
- February 08, 2010 | Item | ShareThis


Western Lithium Appoints Corporate Secretary - More
- February 08, 2010 | Item | ShareThis


Tribute Announces the Signing of an Exploration Agreement With Webequie First Nation - More
- February 08, 2010 | Item | ShareThis


Gold Canyon Completes Private Placement for $360,000 - More
- February 08, 2010 | Item | ShareThis


Titan Uranium Inc. Begins 2010 Winter Drilling Program on Border Block Project - More
- February 08, 2010 | Item | ShareThis


Aldrin Makes Advisory Board Appointment - More
- February 08, 2010 | Item | ShareThis


Trevali Expands High-Grade Mineralization at Magistral North Deposit - More
- February 08, 2010 | Item | ShareThis


Appleton Discovers Zone of Continuous Gold Mineralization at Manalo - More
- February 08, 2010 | Item | ShareThis


Compass Gold Announces Increase to Private Placement - More
- February 08, 2010 | Item | ShareThis


Adriana Announces Second Flow-Through Private Placement Closing and 2010 Program to Increase and Upgrade Resources at Its Lac Otelnuk Property in Quebec - More
- February 08, 2010 | Item | ShareThis


Rocmec Intercepts 16.33 g/t on the Boucher Structure at Rocmec 1 - More
- February 08, 2010 | Item | ShareThis


Fission Intersects 4m Zone of High Radioactivity at Unconformity - More
- February 08, 2010 | Item | ShareThis


Medoro Resources Completes Acquisition of Colombia Gold plc - More
- February 08, 2010 | Item | ShareThis


Corex Commences Drilling at Santana Property - More
- February 08, 2010 | Item | ShareThis


Mantis acquires drill core from the Case Pegmatite and plans to re-sample zones potentially hosting significant lithium, rubidium and rare earth concentrations. - More
- February 08, 2010 | Item | ShareThis


Encore Renaissance Reports Initial Samples on New Portal Vein - More
- February 08, 2010 | Item | ShareThis


Forum and Hathor Commence Drilling at the Henday Project, Athabasca Basin - More
- February 08, 2010 | Item | ShareThis


Nayarit Gold Announces Robust Preliminary Economic Assessment Results for the Orion District - More
- February 08, 2010 | Item | ShareThis


Stina's Soil Samples Confirm a Strong Gold Anomaly on its Yukon Dime Property - More
- February 08, 2010 | Item | ShareThis


First Gold Exploration Inc.: 1.50% Li2O, 2,755 g/t Rb, 290 ppm Ta2O5 and 155 g/t Be over 13.40 metres - More
- February 08, 2010 | Item | ShareThis


New Exploration Program Developed by Matamec for Matheson JV property - More
- February 08, 2010 | Item | ShareThis


Millstream Closes a Private Loan - More
- February 08, 2010 | Item | ShareThis


SLAM drilling more silver intercepts - More
- February 08, 2010 | Item | ShareThis


EMC Metals enters Agreement to Explore and Develop Australian Rare Earth Scandium Deposit - More
- February 08, 2010 | Item | ShareThis


New Guinea Gold strategy update - More
- February 08, 2010 | Item | ShareThis


Brett Reports That the New Sawbill North Road Opens - More
- February 08, 2010 | Item | ShareThis


Kirrin Resources Announces Results Up to 10.04% TREO From Its Recently Completed Prospecting Program on the Lost Pond REE Project - More
- February 08, 2010 | Item | ShareThis


Duncastle Announces Private Placements and Amendment to Property Agreement - More
- February 08, 2010 | Item | ShareThis


Stans Energy Corp. Options KCMP Rare Earth Processing Plant - More
- February 08, 2010 | Item | ShareThis


Katanga Announces 2009 Fourth Quarter and Year-End Results - More
- February 08, 2010 | Item | ShareThis


Guinness Exploration Provides Nantawa Project Update - More
- February 08, 2010 | Item | ShareThis


Castillian Enters Agreement to Acquire Hope Brook Gold Mine Project, Newfoundland - More
- February 08, 2010 | Item | ShareThis


Forsys Metals Corp Announces Appointment of New CEO and Changes to the Board - More
- February 08, 2010 | Item | ShareThis


Rubidium, Beryllium, Tantalum and Cesium Associated With the DIOS-SIRIOS Lithium Discovery - More
- February 08, 2010 | Item | ShareThis


Medoro Resources Completes Acquisition of Colombia Gold plc - More
- February 08, 2010 | Item | ShareThis


Century Mining Corporation: Workforce at San Juan Gold Mine in Peru Returns to Work - More
- February 08, 2010 | Item | ShareThis


Xemplar Intersects U3O8 Mineralization Over 52 Metres at Big Yellow - More
- February 08, 2010 | Item | ShareThis


Eskay Mining Corporation Announces Grant of Options - More
- February 08, 2010 | Item | ShareThis


Pacific Bay Minerals Ltd.: Strong Rare Earth Element Assays Released for Cueva del Chacho Uranium Property, Argentina - More
- February 08, 2010 | Item | ShareThis


Capital Gold Corporation Reports Preliminary Production Results for Second Fiscal Quarter - "Capital Gold Corporation (NYSE Amex: CGC; TSX: CGC) is pleased to announce preliminary production results for its second fiscal quarter of 2010 (ended January 31, 2010) at its 100% owned and operated El Chanate mine in Sonora, Mexico." More
- February 08, 2010 | Item | ShareThis


Gryphon Gold Announces Partial Reduction and Amendment of Convertible Note and Update on Private Placement - More
- February 08, 2010 | Item | ShareThis


Blue Note Mining Spins Out Mexico Assets to Amex Exploration - More
- February 08, 2010 | Item | ShareThis


Copper Mountain project update - More
- February 08, 2010 | Item | ShareThis


VHGI Announces Letter of Intent to Acquire 2,628 Acres and Related Mining Claims and Equipment in Alaska which include Significant Potential Gold Reserves - More
- February 08, 2010 | Item | ShareThis


Iron Creek Reports Vaquillas Drilling Results - More
- February 08, 2010 | Item | ShareThis


Kaminak Receives CDN $2.2 Million From Warrant Exercises - More
- February 08, 2010 | Item | ShareThis


Intrepid Mines Limited: Tujuh Bukit KP Converted to IUP Confirms Long Term Tenure - More
- February 08, 2010 | Item | ShareThis


Strongbow Updates Snowbird Nickel Project, Including Nickel King - More
- February 08, 2010 | Item | ShareThis


Firestone Ventures Seeks Approval to Accelerate Warrant Exercise - More
- February 08, 2010 | Item | ShareThis


Latin American Minerals Inc. Applies for Extension of Warrants Exercisable for Common Shares at $0.50 Per Common Share - More
- February 08, 2010 | Item | ShareThis


Conway Resources to Acquire Property North of First Gold Exploration Rare Metals and High Grade Lithium Discovery - More
- February 08, 2010 | Item | ShareThis


Medusa Mining Limited: Investor Presentation - More
- February 08, 2010 | Item | ShareThis


Tiger Resources Limited - Appointment of joint Managing Director and proposed issue of incentive securities - More
- February 08, 2010 | Item | ShareThis


Silvermex Announces Fully Subscribed Private Placement - "Silvermex Resources Ltd. (the "Company") (TSX-V:SMR - News) is pleased to announce that it has fully subscribed a total of 15,350,655 units pursuant to the private placement announced on February 2, 2010 for gross proceeds of $6,907,750. The Company will proceed to file final documentation with the TSX Venture Exchange Inc." More
- February 08, 2010 | Item | ShareThis


Randgold Resources - Profit, Production and Reserves Soar in Record Year - "Randgold Resources (LSE:RRS - News) (NASDAQ:GOLD - News) crowned a year in which it expanded its flagship Loulo operation, progressed the development of a new mine at Tongon, advanced two major new discoveries and completed the Moto acquisition by posting a 79% year-on-year profit increase on the back of record production at Loulo." More
- February 08, 2010 | Item | ShareThis


Randgold Resources Final Dividend for 2009 - Election for Sterling Dividend - "Randgold Resources Limited has declared an annual dividend for the year ended 31 December 2009 of US$0.17 per share. The dividend payment will be made on 18 March 2010 to shareholders on the register on 26 February 2010. The ex-dividend date will be 24 February 2010." More
- February 08, 2010 | Item | ShareThis


Gold price lifts Harmony's Q2 earnings, output down - "Harmony Gold Mining Co. (HARJ.J) second quarter earnings were lifted by a rise in the price of gold and declining costs despite a drop in production, the South Africa-based company said on Monday.

Harmony posted headline earnings per share of 49 South African cents in the quarter to December versus a loss of 12 cents in the preceding quarter, after the gold price averaged $1,100, up 14 percent on the September quarter." More
- February 08, 2010 | Item | ShareThis


Gold price lifts Harmony's Q2 earnings, output down - "Harmony Gold Mining Co. (HARJ.J) second quarter earnings were lifted by a rise in the price of gold and declining costs despite a drop in production, the South Africa-based company said on Monday.

Harmony posted headline earnings per share of 49 South African cents in the quarter to December versus a loss of 12 cents in the preceding quarter, after the gold price averaged $1,100, up 14 percent on the September quarter." More
- February 08, 2010 | Item | ShareThis


Gold price lifts Harmony's Q2 earnings, output down - "Harmony Gold Mining Co. (HARJ.J) second quarter earnings were lifted by a rise in the price of gold and declining costs despite a drop in production, the South Africa-based company said on Monday.

Harmony posted headline earnings per share of 49 South African cents in the quarter to December versus a loss of 12 cents in the preceding quarter, after the gold price averaged $1,100, up 14 percent on the September quarter." More
- February 08, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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-- Posted Monday, 8 February 2010 | Digg This Article | Source: GoldSeek.com




 



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