-- Posted Monday, 16 August 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $1223.95 | +$9.35 |
Silver | $18.41 | +$0.32 |
XAU | 174.99 | +1.50% |
HUI | 461.57 | +1.69% |
GDM | 1398.81 | +1.83% |
JSE Gold | 2485.23 | +15.84 |
USD | 82.47 | -0.46 |
Euro | 128.18 | +0.67 |
Yen | 117.19 | +1.30 |
Oil | $75.25 | -$0.15 |
10-Year | 2.575% | -0.113 |
T-Bond | 133.875 | +1.875 |
Dow | 10302.01 | -0.01% |
Nasdaq | 2181.87 | +0.39% |
S&P | 1079.38 | +0.01% |
The Metals:
Gold climbed as much as $12.50 to as high as $1227.10 by a little before 9AM EST before it fell back off a bit into the close, but it still ended with a gain of 0.77%. Silver rose over 2% to as high as $18.462 before it also dropped back off a bit, but it still ended with a gain of 1.77%.
Euro gold rose to about €954, platinum gained $11.50 to $1531, and copper rose a few cents to about $3.28
Gold and silver equities rose over 1.5% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
NY Fed - Empire Man. Index | Aug | 7.1 | 7.5 | 5.08 |
Net Long-Term TIC Flows | June | $44.4B | - | $35.3B |
NAHB Housing Market Index | Aug | 13 | 14 | 14 |
Tomorrow at 8:30AM EST brings Housing Starts for July expected at 550,000, Building Permits expected at 573,000, PPI for July expected at 0.2%, and Core PPI expected at 0.1%. At 9:15 is Industrial Production for July expected at 0.6% and Capacity Utilization expected at 74.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil and the U.S. dollar index fell on weak economic data that sent treasuries higher.
The Dow, Nasdaq, and S&P mostly waffled near unchanged as traders digested economic data from Japan and the US.
Among the big names making news in the market today were Capital One, Lowe’s, Dell, Medco Health Solutions, and BP.
The Commentary:
“Dear CIGAs,
News out of Japan overnight that its economy grew a mere 0.4% during the last quarter when economists and analysts were looking for a growth rate averaging 2.3% sent the yen sharply higher against the Dollar. Yes, you read that correctly.
Apparently news out of the US concerning the lackluster Empire State factory index reading had investors rushing for the “safe haven” of the Yen not to mention setting off another buying orgy in the US bond market. The buying sent the yield on the Ten year to an astonishing 2.6%! The bond bubble continues unabated.
Part of the reason that the bonds keep moving higher and higher and interest rates lower and lower is that good quality paper for the fixed income market is getting harder and harder to come by. That is basically making investors choose Treasuries more by default rather than choice. Of course, the other reason is that the banks are reaping millions, if not billions, getting free money from the feds and then investing that in Treasuries, reaping a bonanza on the yield differential risk free.
It certainly seems to me, from looking at the action in the Forex markets, that wild price swings occurring in that venue are symptoms of a growing lack of trust in paper currencies that is now spreading around the globe. Who in their right mind would chase the Yen higher and higher, especially on the dismal growth numbers coming out of Japan? Then there is the open consternation of Japanese monetary officials who are looking on with dismay at the relentless rise in their currency which is choking off the vital export sector of their economy. Quite frankly, I am mystified that they have not ventured forth yet to punish the speculators. The fact that they have done so, is telling. To intervene and sell down the yen, they would have to purchase large amounts of both Treasuries and Euro bonds. Could it be that they can read the telltale signs associated with both the economies of the US and the Euro zone and are unwilling to hold such denominated assets as part of their reserves above and beyond what they are already holding? I am unsure but I had fully expected them to make some sort of effort to stem the yen’s advance by now.
Gold is benefiting from this environment as it moves higher both in Dollar terms and Euro terms once again.
Seasonally, gold tends to put in its chart low during the last part of the month of August before moving higher into the rest of the year. If this is indeed the case, the lifetime high should give way sometime within the next two months. If it does, it is not going to be a pretty autumn this year in the financial markets. Call me superstitious, but October’s always make me nervous. We’ll see.
The HUI, while higher today, still needs a closing push past 465 to convince doubters. The miners are still experiencing the drag coming from the broader equity markets and the usual ratio trades that are resulting from that condition.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Tons of gold imports in UAE turn out to be fake
Henry Smyth: The recent history of the future of gold
Adrian Douglas: Gold market isn't 'fixed'; it's rigged
Morgan retreating from silver rig, Ted Butler tells King World News
The Statistics:
Activity from: 8/13/2010
Gold Warehouse Stocks: | 11,032,514 | -57,155 |
Silver Warehouse Stocks: | 110,499,297 | -65,883 |
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 | 1286.699 | 41,368,653 | US$50,603m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 124.17 | 3,992,170 | US$4,880m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,680 | US$560m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.12 | 1,579,360 | US$1,904m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,971 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.29 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 92.38 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9151.03 - No change from yesterday’s data.
The Miners:
Almaden’s (AAU) new project, US Gold’s (UXG) assay results, Brigus Gold’s (BRD) second quarter results, MAG Silver’s (MVG) second quarter results, ECU Silver’s (ECU.TO) second quarter results, and First Majestic’s (FR.TO) second quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ+17.69% $1.73 |
2. Seabridge | SA+10.67% $28.00 |
3. Mines MGMT | MGN +6.30% $1.72 |
LOSERS
1. Almaden | AAU -6.01% $1.72 |
2. Tanzanian Royalty | TRE -3.13% $5.26 |
3. Entree | EGI -2.20% $2.18 |
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:
Almaden Acquires New Gold-Silver Project Along Ixtaca Trend - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to announce that it has acquired a 100% interest in the approximately 10,000 hectare Tierra property through staking. The Tierra property is also located in Puebla State roughly 30 kilometres from Almaden's 100% owned Tuligtic project where the Company recently announced a significant drilling discovery at the Ixtaca Zone (see Almaden news release of August 9, 2010; TU-10-1 intersected 1.01 g/t gold and 48 g/t silver over 302.41 meters)." More
- August 16, 2010 | Item | ShareThis
Diamond Fields International Ltd. - Atlantis II Zinc, Copper and Silver Deposit Update - More
- August 16, 2010 | Item | ShareThis
Harmony Gold Corp. Announces Option to Acquire Additional 20% Interest in Lucky Shot Project - More
- August 16, 2010 | Item | ShareThis
Innocent Inc. (INCT): Independent Geological Report Indicates Exploitable Gold Deposits at Murciealago Vizcaya and Lilly Rai Properties - More
- August 16, 2010 | Item | ShareThis
DNI completes second tranche interim financing for drilling at its Alberta polymetallic black shale projects, Athabasca region, Alberta - More
- August 16, 2010 | Item | ShareThis
Galahad Increases Core Interest in Bottle Creek: Amends Issue - More
- August 16, 2010 | Item | ShareThis
Dia Bras Announces Proposed Consolidation of Outstanding Common Shares and Increase in Maximum Number of Shares Reserved Under Stock Option Plan - More
- August 16, 2010 | Item | ShareThis
Yale Announces Additional Results from Guadalupe - More
- August 16, 2010 | Item | ShareThis
Treasury Metals Second Quarter Results and Exploration Update - More
- August 16, 2010 | Item | ShareThis
Creso Exploration Acquires the Indian Lake Property and Expands its Holdings in the Shining Tree Area - More
- August 16, 2010 | Item | ShareThis
War Eagle Announces Reverse Take Over - More
- August 16, 2010 | Item | ShareThis
Ecometals Announces Receipt of Permits to Allow Start of Manganese Exports From Serra do Navio, Brazil - More
- August 16, 2010 | Item | ShareThis
Ecometals Announces Assay Results for Hole RZDDH10-06 and Drilling Update, Rio Zarza Gold Project, Ecuador - More
- August 16, 2010 | Item | ShareThis
Skyline Gold Announces Private Placement - More
- August 16, 2010 | Item | ShareThis
Callinan Receives Q2 Net Profits Interest Payment from HudBay Minerals - More
- August 16, 2010 | Item | ShareThis
San Gold Q2 Results: Continuing exploration success and improved operating results - More
- August 16, 2010 | Item | ShareThis
Prophecy Reports Measured 524.3 Mt and Indicated 545.7 Mt Coal Resources at Chandgana Khavtgai, Mongolia - More
- August 16, 2010 | Item | ShareThis
Riverstone Reports Expansion of Nami Footprint - More
- August 16, 2010 | Item | ShareThis
Redzone Resources Ltd. Appoints New Director - More
- August 16, 2010 | Item | ShareThis
First Uranium to meet with Competition Tribunal - More
- August 16, 2010 | Item | ShareThis
Crowflight Announces Second Quarter 2010 Financial Results - More
- August 16, 2010 | Item | ShareThis
Laurion Announces Progress on Near Term Production Growth - More
- August 16, 2010 | Item | ShareThis
Don MacDonald Appointed as Chief Financial Officer for Quadra FNX Mining Ltd - More
- August 16, 2010 | Item | ShareThis
Golden Share Signs an Option Agreement With Vanstar for the Lac Fortune West Gold Project in Quebec, Canada - More
- August 16, 2010 | Item | ShareThis
Malbex Q3 Highlights - More
- August 16, 2010 | Item | ShareThis
La Quinta Resources Announces Commencement of Its Drilling Program at Easter Project - More
- August 16, 2010 | Item | ShareThis
Denarii Appoints a New Director, President & CEO - More
- August 16, 2010 | Item | ShareThis
Medoro Announces 2010 Second Quarter Financial Results - More
- August 16, 2010 | Item | ShareThis
Exploration Orbite V.S.P.A. Inc.: Completion of Private Placement of $705,000 - More
- August 16, 2010 | Item | ShareThis
Prominex Resource Corp.: Audit and Compensation Committee Reorganization - More
- August 16, 2010 | Item | ShareThis
Globex Options its Shortt Lake Gold/Rare Earth Property and Other News - More
- August 16, 2010 | Item | ShareThis
Alderon Appoints Former Iron Ore Company Mine Manager as COO - More
- August 16, 2010 | Item | ShareThis
NGEx Signs Definitive Agreement to Option GJ Project - More
- August 16, 2010 | Item | ShareThis
Source Gold Corp. Acquires Property in Arizona - More
- August 16, 2010 | Item | ShareThis
Moly Mines Limited: Award of Crushing Contract Iron Ore Activities on Schedule Molybdenum/Copper Project Financing Update - More
- August 16, 2010 | Item | ShareThis
Ironwood Gold Commences Detailed Drill Program at Cobalt Canyon Property - More
- August 16, 2010 | Item | ShareThis
Gold American Mining Corp. Announces Additional Positive Results From High-Grade Guadalupe Property - More
- August 16, 2010 | Item | ShareThis
Wits Gold Announces Approval for Listing in Mergent Manual and News Reports - More
- August 16, 2010 | Item | ShareThis
Gold Canyon Intersects 217 Meters at 1.57 Grams Per Tonne Gold at Springpole Gold Project - More
- August 16, 2010 | Item | ShareThis
North Country Gold Corp. Discovers High Grade Gold at Hayes - More
- August 16, 2010 | Item | ShareThis
Ireland Inc. Completes Drilling on Phase One of 2010 Drill Program - More
- August 16, 2010 | Item | ShareThis
First Liberty Power Completes Lida Valley Gravity Survey - More
- August 16, 2010 | Item | ShareThis
Lithium Americas Corp. Supports First Ever Cross-Canada Tour of a Purely Electric Powered Passenger Vehicle - More
- August 16, 2010 | Item | ShareThis
Probe Mines Initiates Shareholder Rights Plan - More
- August 16, 2010 | Item | ShareThis
NQ Exploration Options the Gold/Rare Earth Shortt Lake Property - More
- August 16, 2010 | Item | ShareThis
Taku Obtains up to 108 ppb Gold From Initial Soil Survey at Rosebute - More
- August 16, 2010 | Item | ShareThis
Creston Moly Continues to Intersect High Grade Molybdenum - More
- August 16, 2010 | Item | ShareThis
Vanstar Signs an Option With Golden Share for the Lac Fortune West Gold Project in the Rouyn-Noranda Mining Camp, Quebec - More
- August 16, 2010 | Item | ShareThis
Gossan Awards Incentive Stock Options - More
- August 16, 2010 | Item | ShareThis
Grande Portage Resources Ltd. Announces Update - More
- August 16, 2010 | Item | ShareThis
PC Gold-Drilling of Large-Scale Cohen-MacArthur Zone North of Mine Returns Encouraging Results; Planning for Follow-up Holes Underway - More
- August 16, 2010 | Item | ShareThis
Fjordland Closes Private Placement with Gold Fields - More
- August 16, 2010 | Item | ShareThis
Marathon's Hole 205 Confirms Leprechaun's Heart of Gold - More
- August 16, 2010 | Item | ShareThis
LIM Reports First Quarter 2010 Financial Results and Update at Its Schefferville Iron Ore Projects - More
- August 16, 2010 | Item | ShareThis
Searchlight Minerals Provides Clarkdale Operations Update - More
- August 16, 2010 | Item | ShareThis
Latest Results Confirm Mountain Lake's Leprechaun Deposit has a High Grade Heart of Gold - More
- August 16, 2010 | Item | ShareThis
Argonaut Gold Reports Q2 2010 Financial Results - More
- August 16, 2010 | Item | ShareThis
VMS Ventures Receives Joint Venture and Option Agreement Payments From HudBay Minerals - More
- August 16, 2010 | Item | ShareThis
Minera IRL Announces Second Quarter Financial Results - More
- August 16, 2010 | Item | ShareThis
Medusa Mining Limited: Investor Presentation August 2010 - More
- August 16, 2010 | Item | ShareThis
Gryphon Gold Announces Financial Results for 1st Quarter Ended June 30, 2010 - More
- August 16, 2010 | Item | ShareThis
High River Gold Reports Second Quarter 2010 Results - More
- August 16, 2010 | Item | ShareThis
First Nickel Reports Financial and Operating Results for the Three and Six Month Period Ended June 30, 2010 - More
- August 16, 2010 | Item | ShareThis
Galliard Resources Corp. Grants Options - More
- August 16, 2010 | Item | ShareThis
Orvana Reports Third Quarter Results - More
- August 16, 2010 | Item | ShareThis
Nord Resources Reports Second-Quarter 2010 Results - More
- August 16, 2010 | Item | ShareThis
MAG Silver Reports Second Quarter Financial Results - "The Company's loss for the three months ended June 30, 2010 amounted to $1,358,766 or $0.03 per share as compared to $4,384,704 or $0.09 per share for the same period last year. The decrease in the current quarter's loss as compared to the prior period was primarily due to three factors: no stock based compensation expense was recognized in the current quarter (2009:1,211.099) as no stock options were issued in the quarter (2009: 552,142 stock options issued); there were no mineral property write-offs in the quarter (2009: $491,316); and legal expenses for the current quarter decreased to $569,569 from $1,864,685 in 2009 when MAG was exposed to extensive legal costs for its take-over defense and the protracted proceedings in front of the OSC as a result of Fresnillo's intended hostile bid announced in late 2008." More
- August 16, 2010 | Item | ShareThis
US Gold Corporation: El Gallo Drilling Expands Mineralization In Several Directions - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce assay results for 10 new drill holes at the El Gallo project in Sinaloa State, Mexico. Drilling focused on expanding the Main and North Zones. The three best holes from these respective areas returned 2.6 ounces of silver per ton (opt) over 206.7 feet (ft) ((88.2 grams per tonne (gpt) over 63.0 meters (m)), 3.5 opt silver over 93.2 ft (121.5 gpt over 28.4 m), and 17.4 opt silver over 34.4 ft (596.2 gpt over 10.5 m)." More
- August 16, 2010 | Item | ShareThis
Brigus Gold Reports $11.4 Million in Cash Flow from Operations in Q2 2010 - "For Q2 2010, the Company reported a net loss of $19.7 million, primarily due to the impact of non-cash losses on derivative and financial instruments, which more than offset the Company’s $4.6 million of operating income. The quarter’s results include a non-cash, unrealized loss of $23.9 million on derivative instruments related mainly to the change in fair value of the outstanding gold forward sales contracts." More
- August 16, 2010 | Item | ShareThis
ECU Silver Releases Second Quarter Results for 2010 - "During Q2 2010, the Company reported a net loss of $3,400,930, or 1 cent per share, versus $1,852,350, or 1 cent per share, over the previous quarter Q1 2010. The largest impact to this change was due to a $1,706,504 fluctuation in foreign exchange. Before changes in foreign exchange, a net loss of $2,496,439 was realized in Q2 2010, which is a 6% enhancement in net loss versus the comparable net loss for Q1 2010." More
- August 16, 2010 | Item | ShareThis
First Majestic Silver Corp.: Record Earnings and Cash Flows. Purest Silver Producer With 93% of Revenue From Silver Production - "Consolidated gross revenue (prior to smelting and refining charges and metal deductions) for the quarter ended June 30, 2010 was $31.8 million (US$30.3 million) compared to $15.8 million (US$13.5 million) for the quarter ended June 30, 2009 for an increase of $16.0 million or 102%. Compared to the first quarter ended March 31, 2010, consolidated gross revenue increased by $9.9 million or 45%." More
- August 16, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 16 August 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Almost 1% and 2%
