-- Posted Wednesday, 10 March 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $1107.65 | -$14.15 |
Silver | $16.99 | -$0.34 |
XAU | 165.83 | -1.42% |
HUI | 415.65 | -1.42% |
GDM | 1239.40 | -1.51% |
JSE Gold | 2205.12 | -0.82 |
USD | 80.42 | -0.14 |
Euro | 136.50 | +0.53 |
Yen | 110.48 | -0.67 |
Oil | $82.09 | +$0.60 |
10-Year | 3.720% | +0.019 |
T-Bond | 117.84375 | -0.125 |
Dow | 10567.33 | +0.03% |
Nasdaq | 2358.94 | +0.78% |
S&P | 1145.61 | +0.45% |
The Metals:
Gold rose as much as $6.14 to $1127.94 in London before it fell to see a slight loss at $1118.85 by about 10AM EST in New York and next rose back to $1127.35 by a little after 11AM, but it then plummeted to as low as $1103.45 shortly after noon and ended with a loss of 1.26%. Silver saw a slight loss at $17.26 in Asia before it rose to see a gain of $0.30 at as high as $17.63 by late morning in New York, but it also fell back off into the close and ended with a loss of 1.96%.
Euro gold fell to about €812, platinum lost $7.50 to $1582, and copper fell over 4 cents to about $3.36.
Gold and silver equities saw about 1% gains by late morning, but they then fell back off for most of the rest of trade and ended with roughly 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Jan | -0.2% | 0.2% | -1.0% |
Treasury Budget | Feb | -$220.9B | -$222.0B | -$42.6B |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/06 expected at 460,000 and the Trade Balance for January expected at -$41.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil was mixed and ended higher as OPEC’s increased 2010 demand forecast was offset by the Energy Information Administration’s report that crude inventories built 1.4 million barrels and gasoline inventories fell 2.9 million barrels.
The U.S. dollar index reversed early gains and ended lower as the euro rose on strong manufacturing data in France and Italy.
Treasuries fell as the Dow, Nasdaq, and S&P found slight gains on continued hopes for improving earnings and economic data.
Among the big names making news in the market today were AIG, Toyota, BofA, Apollo, and Google.
The Commentary:
“As Ted Butler mentioned in private commentary to his clients yesterday... you must have concentration for price manipulation in any commodity. And that is something, dear reader, we have in spades in the silver market. The explanation below is so simple, that even Stevie Wonder could see it.
Looking at last Friday's Commitment of Traders Report... the short position in the Commercial category shows 71,974 contracts held short by 32 different traders. '4 or less' traders [bullion banks] held 47,950 of those contracts... and '8 or less' traders [bullion banks] held 58,100 contracts short. On a straight percentage basis, the '4 or less' bullion banks hold 66.6% of the entire gross short position... and the '8 or less' traders hold 80.7% of the gross short position of 71,974 contracts.
By simple subtraction, this leaves 24 traders holding the balance of the Commercial short position... which is around 13,874 contracts... or 19.3%. Straight division shows that each of these 24 traders, on average... wait for it... holds 578 contracts!
Who controls the silver price? The '8 or less' traders... of which JPMorgan [all by themselves] makes up almost half of the total short position held by these '8 or less' traders... who hold 80.7% of the entire Commercial short position. Or is it the other 24 traders each of whom hold 0.8% of the Commercial short position? You decide. This isn't rocket science.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
GATA Posts:
On BNN, Grandich cites CFTC position limits issue, Ted Butler
CFTC Chairman Gensler urges end to derivatives secrecy
Patrick A. Heller: Days not to buy gold
CFTC warns against exempting energy contracts from its jurisdiction
Another gold analyst strives to miss the point
The Statistics:
Activity from: 3/09/2010
Gold Warehouse Stocks: | 9,998,733 | +22,899 |
Silver Warehouse Stocks: | 110,618,589 | +726,638 |
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 | 1116.120 | 35,884,389 | US$40,202m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.60 | 3,812,292 | US$4,240m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,488 | US$549m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.69 | 1,597,711 | US$1,783m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,980 | US$6m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.57 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,351.40 -61.03 change from yesterday’s data.
The Miners:
Randgold’s (GOLD) gold price outlook, Kimber’s (KBX) mineral resource estimate, ITH’s (THM) updated independently prepared resource estimate, Harmony’s (HMY) suspended output, Royal Gold’s (RGLD) dividend, and Great Panther’s (GPR.TO) drill program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +6.12% $1.04 |
2. Mag Silver | MVG +4.59% $7.29 |
3. Taseko | TGB +4.09% $5.09 |
LOSERS
1. Minco | MGH-10.81% $1.32 |
2. ITH | THM -5.09% $6.15 |
3. Rubicon | RBY -5.03% $4.34 |
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:
Cameco Investor Webcast Advisory - More
- March 10, 2010 | Item | ShareThis
Taku Gold Amends Private Placement - More
- March 10, 2010 | Item | ShareThis
Candorado Closes $100,000 Non-Brokered Private Placement and Proceeds With Work Programs - More
- March 10, 2010 | Item | ShareThis
Paget Minerals Announces $175,000 Private Placement - More
- March 10, 2010 | Item | ShareThis
Mantis announces option agreement with Fieldex Exploration Inc. on its Case Pegmatite Project - More
- March 10, 2010 | Item | ShareThis
Orosur Mining Inc. Stock Options Granted - More
- March 10, 2010 | Item | ShareThis
PDAC-Randgold CEO sees rangebound gold price in 2010 - "The price of gold is likely to remain range-bound through the course of 2010, the head of Randgold Resources (RRS.L) said on Wednesday." More
- March 10, 2010 | Item | ShareThis
Klondex Reports Progress on Permitting for Its Underground Program - More
- March 10, 2010 | Item | ShareThis
Royal Gold Announces Second Quarter Dividend - "Royal Gold, Inc. (NASDAQ:RGLD - News)(TSX:RGL - News) today announced that its Board of Directors has declared its second quarter dividend of $0.09 per share of common stock. The dividend is payable on April 16, 2010 to shareholders of record at the close of business on April 1, 2010." More
- March 10, 2010 | Item | ShareThis
Great Panther Commences 6,000 Metre Drill Program at Topia Mine - "GREAT PANTHER SILVER LIMITED (TSX:GPR - News) (the "Company") is pleased to report that a 6,000 metre surface drill program has begun at the Topia Mine in Durango, Mexico. The program is part of the 65,000 metre drilling campaign announced by the Company (Sept. 16, 2009) that aims to build Great Panther's resource base to approximately 40 million silver equivalent ounces by 2012." More
- March 10, 2010 | Item | ShareThis
Sacre-Coeur Minerals Begins Shipping of Gold Produced from Test Mining Program at Million Mountain Project in Guyana - More
- March 10, 2010 | Item | ShareThis
Eagle Hill Extends Windfall Lake Gold Zone With Initial Drilling Returning 19.61 g/t (Cut 3.51 g/t) Gold Over 33 Meters - More
- March 10, 2010 | Item | ShareThis
Solid Announces Results of Report on Alberta 1 (Doade-Presqueira) Property in Spain - More
- March 10, 2010 | Item | ShareThis
The Grant Hartford Corporation (the Company) Announces the Appointment of Dr. James Sears to the Company's Board of Directors - More
- March 10, 2010 | Item | ShareThis
Bonanza Goldfields posts bond with BLM to begin property exploration - More
- March 10, 2010 | Item | ShareThis
NQ Exploration Inc.: Common Shares Issued to the Fonds de Solidarite FTQ and Sidex - More
- March 10, 2010 | Item | ShareThis
Prominex Resource Corp.: Private Placement Closed - More
- March 10, 2010 | Item | ShareThis
Apoquindo Announces Appointment of James Gilbert to Board - More
- March 10, 2010 | Item | ShareThis
Crowflight Resumes Milling Operations at Bucko - More
- March 10, 2010 | Item | ShareThis
Queenston Nets $10.7 Million from the Exercise of Warrants - More
- March 10, 2010 | Item | ShareThis
VHGI Gold Signs Binding Letter of Intent to Acquire Additional Properties in Western Sierra, Close the Purchase of Treasure Gulch Gold Mine - More
- March 10, 2010 | Item | ShareThis
Iberian Minerals Arranges Financing for Raul Purchase - More
- March 10, 2010 | Item | ShareThis
Castillian Proceeds With Agreement on Hope Brook Gold Mine Project, Newfoundland - More
- March 10, 2010 | Item | ShareThis
Canadian Shield Resources Ltd. - More
- March 10, 2010 | Item | ShareThis
Minatura Gold Announces Commencement of Drilling Program in Colombia at Its Zaragoza Project - More
- March 10, 2010 | Item | ShareThis
General Metals Achieves + 90% Extraction of Gold in Large Diameter Column Tests on Independence Surface Oxide Mineralization - More
- March 10, 2010 | Item | ShareThis
Kimber announces mineral resource estimate for Carotare Deposit and provides Monterde and warrants update - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce a new, upgraded mineral resource estimate for the Carotare Deposit, located approximately 2 kilometres west of the Carmen Deposit, at its 100% owned Monterde project, located in Mexico's Sierra Madre mining district. This estimate is in addition to the Carmen mineral resource estimate reported on November 18, 2009 and the Veta Minitas mineral resource estimate reported on December 1, 2009." More
- March 10, 2010 | Item | ShareThis
International Tower Hill Increases Indicated Resources at Livengood Gold Project, Alaska: Indicated Resource 9.3M Ounces of Gold @ 0.5 g/t Gold Cutoff - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce the results of the updated independently prepared resource estimate for the Livengood gold project, Alaska. Data used in this resource update includes the final 64 drill holes completed in late 2009. Successful infill drilling targeted several previously un-estimated mineralized areas of the Northeast and Sunshine Zones of the deposit. Results are anticipated to have a positive impact on the strip ratio and mining economics (current low strip ratio of 0.8-1, waste-ore). The Money Knob deposit is still open in several directions (including at depth)." More
- March 10, 2010 | Item | ShareThis
Harmony halts ops at S.Africa mine after fatality - "Harmony Gold Mining Co Ltd, the world's No.5 gold producer, suspended output at its Evander No. 8 shaft in South Africa on Wednesday after a mineworker was killed in a rockfall." More
- March 10, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 10 March 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1% and 2%
