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


-- Posted Tuesday, 20 July 2010 | Digg This ArticleDigg It! | | Source: GoldSeek.com

 

Close

Gain/Loss

Gold

$1192.25

+$10.35

Silver

$17.68

+$0.13

XAU

169.08

+2.32%

HUI

445.13

+2.00%

GDM

1340.80

+2.01%

JSE Gold

2352.88

-15.81

USD

82.79

+0.19

Euro

128.87

-0.55

Yen

114.33

-0.96

Oil

$77.44

+$0.90

10-Year

2.932%

-0.032

T-Bond

127.96875

+0.375

Dow

10229.96

+0.74%

Nasdaq

2222.48

+1.10%

S&P

1083.48

1.14%

 
 

 

The Metals:

 

Gold traded slightly higher in Asia before it fell off in London and saw a $6.40 loss at $1175.50 a little after 8AM EST, but it then stormed back higher for most of trade in New York and ended near its late morning high of $1193.50 with a gain of 0.88%.  Silver fell to as low as $17.405 before it also rallied back higher and ended near its late morning high of $17.755 with a gain of 0.74%.

 

Euro gold rose to about €924, platinum gained $9 to $1511, and copper gained nearly 7 cents to about $3.00.

 

Gold and silver equities rose over 2% by late morning before they pulled back a bit midday, but they then climbed back higher in afternoon trade and ended near their earlier highs.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Building Permits

June

586K

572K

574K

Housing Starts

June

549K

575K

578K

 

There are no major economic reports due out tomorrow, but Bernanke will begin his biannual testimony on monetary policy before the Senate Banking Committee.  On Thursday he will be before the House Financial Services Committee.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose on poor earnings reports and mixed housing data that sent the Dow, Nasdaq, and S&P over 1% lower at the open, but stocks and oil then climbed back higher in afternoon trade and ended with decent gains as traders positioned themselves ahead of Bernanke’s testimony tomorrow.

 

Among the big names making news in the market today were United Health, Goldman Sachs, PepsiCo, Whirlpool, State Street, BNY Mellon, BP, IBM, MGIC, and J&J.

 

GATA Posts:

 

 

Max Keiser interviews Ben Davies on gold, silver suppression, BIS swaps

 

The Statistics:

Activity from: 7/19/2010

Gold Warehouse Stocks:

11,109,924

+63,886

Silver Warehouse Stocks:

110,666,571

-402,247

 

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

1314.211

42,253,189

US$49,972m

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

Gold Bullion Securities

123.25

3,962,485

US$4,716m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,818

US$545m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.38

1,587,578

US$1,875m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,972

US$6m

 Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 89.66 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9185.29 - No change from yesterday’s data.

 

The Miners:

 

Fronteer’s (FRG) drill results, Midway’s (MDW) Preliminary Economic Assessment results, New Gold’s (NGD) increase in gold production, First Quantum’s (FM.TO) production, Fortuna’s (FVI.V) construction update, Great Panther’s (GPR.TO) drill results, and Avino’s (ASM.V) project developments were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Vista Gold

VGZ +9.56% $1.49

2.  New Gold

NGD +6.57% $5.03

3.  Freeport

FCX+5.69% $64.32

 

LOSERS

1.  Solitario

XPL -2.99% $1.95

2.  Rubicon

RBY -2.06% $3.33

3.  Northgate

NXG-2.02% $2.91

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:

Otterburn Closes $200,000 Non-Brokered Private Placement - More
- July 20, 2010 | Item | ShareThis


Far West Mining Reports High Grade Assays From Western Extension of Santo Domingo - More
- July 20, 2010 | Item | ShareThis


Levon Announces Appointment of Two New Directors - More
- July 20, 2010 | Item | ShareThis


EMX Outlines Significant Copper-In-Soil Anomaly at the Vert de Gris Porphyry Copper Gold Prospect, Haiti - More
- July 20, 2010 | Item | ShareThis


Philippine Metals Inc. Engages Accent Marketing - More
- July 20, 2010 | Item | ShareThis


Adroit Resources Inc.: $400,000 Loan Financing Accepted by TSX-V - More
- July 20, 2010 | Item | ShareThis


Sulliden Commences Drilling Activities and Provides Operations Update - More
- July 20, 2010 | Item | ShareThis


Coro Announces Completion of Titan 24 Geophysical Survey at Chacay Property - More
- July 20, 2010 | Item | ShareThis


Alturas Commences Drilling at La Corina Copper-Gold Project, Chile - More
- July 20, 2010 | Item | ShareThis


Adanac Appoints Chief Restructuring Officer - More
- July 20, 2010 | Item | ShareThis


Andean American Corporate Update - More
- July 20, 2010 | Item | ShareThis


Canada Lithium Corp. Completes Amendment to Articles to Remove Minority Shareholdings - More
- July 20, 2010 | Item | ShareThis


AM Gold Inc.: Announces Granting of Class 3 Approval and Red Mountain Exploration Program - More
- July 20, 2010 | Item | ShareThis


Houston Lake Mining Discovers Potential New Gold Zone on its West Cedartree Project - More
- July 20, 2010 | Item | ShareThis


Alexandria Enlarges High Grade Zone at Akasaba with 23.89 g/t Au Over 1 m - More
- July 20, 2010 | Item | ShareThis


First Gold Exploration Retains Octobaan IR to Broaden Company's Market Following in European Markets and Starts Listing Procedures for the US OTCQX Stock Market - More
- July 20, 2010 | Item | ShareThis


Huldra Silver Inc. Receives Long-Term Mines Act Permit - More
- July 20, 2010 | Item | ShareThis


Riverstone Continues to Expand the Goulagou Gold Deposits on its Karma Project - More
- July 20, 2010 | Item | ShareThis


Golden Chalice Resources Posts NI 43-101 Technical Report for Radio Hill Iron Ore Property on SEDAR - More
- July 20, 2010 | Item | ShareThis


Fortuna Provides Update on Construction at the San Jose Project, Mexico - "Construction activities are on schedule and within budget for completion and commissioning of the mine in the third quarter of 2011. Once in operation at a rate of 1,500 tpd, the San Jose Mine will produce 5 million silver equivalent ounces annually at a cash cost of US$ 6.20 per ounce (see Fortuna's news release dated April 26, 2010). At that point, Fortuna's consolidated annual silver equivalent production will be 7 million ounces plus base metal credits from the Caylloma Mine. Management is planning to achieve full production capacity within 24 months from the start of operations. The technical report of the San Jose Project is available on the Company's website at www.fortunasilver.com." More
- July 20, 2010 | Item | ShareThis


ATW Options 70% of Gullewa Copper-Gold Project for AUD$9 Million - More
- July 20, 2010 | Item | ShareThis


NWM Drills 2.155 g/t Au over 25.9 Meters at Lluvia de Oro (R10-08) - More
- July 20, 2010 | Item | ShareThis


AuEx Ventures, Inc.: New Long Canyon Drill Hole Returns 0.154 Opt Over 210 Feet - More
- July 20, 2010 | Item | ShareThis


Great Western Minerals Group Updates True Blue REE Exploration Program: Claim Staking Triples Property Size - More
- July 20, 2010 | Item | ShareThis


Blackstone Acquires 100% Interest in Norway Projects From Xstrata Nickel - More
- July 20, 2010 | Item | ShareThis


Vantex Shareholders Approve Reduced Stock Option Prices - More
- July 20, 2010 | Item | ShareThis


Rare Earth Metals Completes Letitia Lake/Red Wine Airborne Survey - More
- July 20, 2010 | Item | ShareThis


Diadem Announces New Equity "Flow Through" Financing With MineralFields to Raise $1,000,000 - More
- July 20, 2010 | Item | ShareThis


Wildcat and Riva Announce Completion of Acquisition of Mammoth Minerals and Plan of Arrangement; Riva Completes $1.5 Million Private Placement and Appoints... - More
- July 20, 2010 | Item | ShareThis


Lions Gate Enters Into Consulting Agreement With Ken Faulkner - More
- July 20, 2010 | Item | ShareThis


Steele Recording Corporation Announces Preliminary Assay Results: Undertakes Expansion at Comstock-Tyler Project - More
- July 20, 2010 | Item | ShareThis


GoldSpring Acquires Key Properties in the Comstock Lode District and Reports Related Drill Results - More
- July 20, 2010 | Item | ShareThis


Guinness Exploration Receives Yukon Permit Approvals for Trenching and Drilling at Nantawa Project - More
- July 20, 2010 | Item | ShareThis


Northern Superior Resources Inc. Initiates Reverse Circulation Drill Program, Ti-Pa-Haa-Kaa-Ning Gold Property - More
- July 20, 2010 | Item | ShareThis


Dorato Receives Further High-Grade Gold Results From Taricori Drilling:TAR-020 Intercepts 8.9 Metres Grading 10.84 g/t Gold (0.31 oz/t) - More
- July 20, 2010 | Item | ShareThis


Western Copper Provides Update on Management Team - More
- July 20, 2010 | Item | ShareThis


Kent Receives Alexander River IP Survey Results - More
- July 20, 2010 | Item | ShareThis


Cortez Receives Conditional Approval for Petlacala Gold-Silver Project in Guerrero, Mexico - More
- July 20, 2010 | Item | ShareThis


Bullion Monarch Mining Reports Record Annual Revenue - More
- July 20, 2010 | Item | ShareThis


Rainy River Intersects 51.2 g/t Gold Over 1.5 Metres in ODM17 Zone, Reports More High Grade Intercepts in 433 Zone and Provides a 2010 Exploration Update - More
- July 20, 2010 | Item | ShareThis


Oro Gold Adds Fourth Drill Rig and Provides Mid-Year Exploration Update - More
- July 20, 2010 | Item | ShareThis


Western Pacific Announces $2.1M Private Placement - More
- July 20, 2010 | Item | ShareThis


Tournigan Mobilizes Zone 45 Drill Program - More
- July 20, 2010 | Item | ShareThis


Exploration License of Award-winning Dadi Property Secured by Silver Dragon Subsidiary Inner Mongolia Guangda Mining, Ltd. - More
- July 20, 2010 | Item | ShareThis


Intrepid Mines Limited: Drilling Recommences, Additional Rigs Scheduled, Porphyry Resource Estimate Due September 2010 - More
- July 20, 2010 | Item | ShareThis


Argonaut Gold Inc. Announces 57% Increase in Gold Production Year Over Year - More
- July 20, 2010 | Item | ShareThis


San Marco Readies Tecomate for Drilling - More
- July 20, 2010 | Item | ShareThis


Virgin Metals Inc.: Provides Update on Los Verdes Project - More
- July 20, 2010 | Item | ShareThis


Cadillac Files Thierry Mine Updated Resource Estimate and Technical Report - More
- July 20, 2010 | Item | ShareThis


White Mountain Signs Letter of Intent to License New Titanium Metal Technology - More
- July 20, 2010 | Item | ShareThis


Big Bear Mining Corp. Announces the Addition of New Board Member Michael J. Schifsky - More
- July 20, 2010 | Item | ShareThis


American Rare Earths and Materials, Corp. Announces Ticker Symbol Change to "AREM" Effective Today - More
- July 20, 2010 | Item | ShareThis


Bolero Resources Corp.: Positive Assays Confirm Rare Earth Elements in Soil Grids - More
- July 20, 2010 | Item | ShareThis


Kalimantan Gold Completes C$661,750 Private Placement - More
- July 20, 2010 | Item | ShareThis


Fronteer Gold Inc.: Drilling Along Northern Extension of Deposit Intersects 64 Metres of 5.27 g/t Gold at Long Canyon, Nevada - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) announces that drilling to the northeast of the current resource area at Long Canyon continues to return broad intervals of high-grade oxide gold. The Nevada gold deposit is now 2.7-km long and remains open for expansion." More
- July 20, 2010 | Item | ShareThis


Great Panther Drills 1,681g/t Silver Over 3.15 Metres at Topia Mine - "GREAT PANTHER SILVER LIMITED (TSX:GPR - News) (the "Company") is pleased to report further assays, from the now expanded 7,200 metre (from the initial 6,000 metre) surface drill program on the Topia mine veins. The following core drilling results are from the Cantarranas and San Jorge veins (Hormiguera mine), San Gregorio vein (San Gregorio mine), El Rosario vein (El Rosario mine), Don Benito vein (exploration area) and La Prieta vein (recently purchased La Prieta mine). Highlights are reported in the table below, while plan and longitudinal maps with all of the 2010 surface drilling results reported to date are located on the Company website at www.greatpanther.com. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource calculations for an additional four to five Topia area mines by September 2010." More
- July 20, 2010 | Item | ShareThis


Avino Silver & Gold Mines Ltd.: Further Developments at San Gonzalo - "Avino's mine contractor DMG have been driving two declines, the upper level 1 (2306 m) elevation and the lower level 2 (2260 m elevation). Both levels have intersected the San Gonzalo vein, Level 2 has intersected the San Gonzalo vein and a splay vein. These are known as San Gonzalo vein 1 and San Gonzalo. They are shown on a plan map on Avino's website." More
- July 20, 2010 | Item | ShareThis


Midway Announces Preliminary Economic Assessment Results for Pan Project - "Midway Gold Corp. (“Midway” or the “Company”) (MDW:TSX-V; MDW:NYSE-AMEX) is pleased to report the results of the Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Pan project located in White Pine County, Nevada. The PEA, prepared by Gustavson Associates, is based on the July 1, 2009 resource estimate for the Pan project. This PEA demonstrates the robust economics and technical favorability of the Pan project. Midway expects that drilling planned in 2010 and 2011 may improve the grade and expand the mineral resource." More
- July 20, 2010 | Item | ShareThis


New Gold Announces 62% Increase in Gold Production in Second Quarter of 2010 - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX:NGD) today announces an update on the second quarter performance of the company's three operating assets with 2010 second quarter gold sales of 82,402 ounces at a total cash cost(1) of $490 per ounce, net of by-product sales. The preliminary production, sales and total cash cost(1) information provided are approximate figures and may differ slightly from the second quarter earnings results." More
- July 20, 2010 | Item | ShareThis


First Quantum Minerals Reports Q2 2010 Production of 85,400 Tonnes of Copper and 51,400 Ounces of Gold - "First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM - News)(LSE:FQM - News) today reported second quarter production of 85,400 tonnes of copper and 51,400 ounces of gold. Copper production was lower than planned principally due to management's decision to cut-back capital investment at the Frontier mine during the quarter." More
- July 20, 2010 | Item |

- Chris Mullen, Gold Seeker Report

 

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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 Tuesday, 20 July 2010 | Digg This Article | Source: GoldSeek.com




 



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