Gold fell throughout most of world trade and ended near its late session low of $1374.80 with a loss of 3.09%.Silver accelerated overnight losses in New York and ended near its early afternoon low of $29.33 with a loss of 4.89%.
Euro gold fell to about €1034, platinum lost $35.25 to $1741.75, and copper dropped 9 cents to about $4.36.
Gold and silver equities fell over 3% by early afternoon before they rebounded a bit, but they still ended with over 2% losses.
FOMC minutes from the fed’s last meeting showed that members thought there was not enough positive economic data to alter their plans for QE2.Tomorrow at 8:15AM EST brings ADP Employment for December expected at 100,000 and at 10AM is the ISM Services report for December expected at 55.7.
Oil fell below $90 as the U.S. dollar index rose on hopes for a rebounding US economy.
Treasuries fell slightly while the Dow, Nasdaq, and S&P waffled near unchanged and ended mixed as market participants waited for important job reports later in the week.
Among the big names making news in the market today were Ford, GM, Dell, Motorola, BP, Wilmington Trust, Ally, Bank of America, Starbucks, and Ford.
'GOLDNOMICS' VIDEO LAUNCHED BY INVESTMENT SPECIALIST GOLDCORE -
VIDEO EXPLAINS WHY GOLD IS AN IMPORTANT ALTERNATIVE TO CASH
•Gold's historical and continuing importance conveyed
•Gold's extreme rarity, liquidity & safe haven status explained
•Video uses music, images, facts and quotations to show how gold is a proven store of value throughout history and an important diversification today:
“Dear Friends,
Every year around this time some of the big commodity indices that are used as benchmarks by various fund managers are reweighted with the percentage of the commodities making up the basket tracked by each particular index varying depending on the methodology employed by the owners of the index.
Two of the larger commodity indexes are the Goldman Sachs Commodity Index (now called the S&P GSCI) and the Dow Jones – AIG Commodity Index).
My preliminary read of the GSCI index shows a heavier weighting in both silver and copper over the weighting given to each last year (2010) and a bit of a lighter weighting given to gold than last year.
Copper and silver are both being increased 2.7% over last year while gold is being reduced 2.5% compared to last year. Disclaimer – I hate reading through these reports issued about the various indices as my head goes numb from looking at the all the calculations so these numbers should not be taken as gospel until I can confirm the exact change. For now – this is my preliminary read.
Generally what this translates to in terms of the average market watcher is that the commodity style funds that commit investment funds into the commodity complex, must match the percentage of their holdings to these various indices. Depending on which index they choose to benchmark against and what changes may or may not be made for the new calendar year, such changes may result in an increase in buying for some commodities and an increase in selling for others. The reason is that the fund managers must rebalance their holdings to bring them into line with the new weightings in the index.
Since the largest portion of the money driving our commodity markets these days is the result of these commodity funds, the changes can sometimes explain some of the price action that the various commodity markets will experience during the rebalancing phase. This phase tends to last a few weeks as the index re-weightings become published and disseminated through the investment community and are then implemented by fund managers.
Keep this in mind as we watch the price action over this month.
Also keep in mind that any fresh money coming into the markets for investment for the new year is going to find itself being spread across all of the various commodities making up each commodity index. Sometimes that new money is more than enough to offset the selling of the older positions from the previous year as the fund managers rebalance. For those markets where the percentage weighting has been increased from the previous year, the combination of fresh, new investment money for the new year in combination with the increased need by the funds to buy extra positions in those commodities, can be quite a powerful combination for any market already in a bullish uptrend.
I have yet to examine the DOW JONES AIG index. When I do, I will report back to our readers.”- Dan Norcini, More at JSMineset.com
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
1280.722
41,176,502
US$57,151m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
123.25
3,962,490
US$5,488m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
132.32
4,254,195
US$5,892m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
474,963
US$631m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
50.99
1,639,283
US$2,304m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,963
US$7m
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 117.66 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,921.57 - No change from yesterday’s data.
Claude’s (CGR) new board member, Nevsun’s (NSU) gold pour, Paramount’s (PZG) new Vice President of Exploration, Vista Gold’s (VGZ) PFS results, Gold Resource’s (GORO) plans to ring the NYSE Amex Opening Bell, and Silvercorp’s (SVM) drill results and were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Vista Gold
VGZ +5.20% $2.63
2.Ivanhoe
IVN+1.40% $23.82
3.Entree
EGI +0.89% $3.41
LOSERS
1.Timberline
TLR-11.11% $1.04
2.Banro
BAA -8.50% $3.77
3.Minco Gold
MGH -7.53% $2.58
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:
Olympus Requests Trucking Permit Extension - More - January 04, 2011 | Item | ShareThis
All American Gold Reaches Agreement on Three New Properties in Nevada and Appoints CEO - More - January 04, 2011 | Item | ShareThis
Prophecy Announces Accelerated Expiry of Warrants - More - January 04, 2011 | Item | ShareThis
Bison Gold Resources Inc. Completes $825,000 Flow Through Private Placement and Announces a Change to Its Board of Directors - More - January 04, 2011 | Item | ShareThis
Coronet Metals Inc.: Proposed Purchase of Paron Gold Project-Peru - More - January 04, 2011 | Item | ShareThis
Viper Gold Announces Appointment of Interim CFO - More - January 04, 2011 | Item | ShareThis
Alto Closes Second and Third Tranche of Private Placement - More - January 04, 2011 | Item | ShareThis
New Lexam and VG Gold to Trade on TSX and OTCQX Under "LEX" and "LEXVF" - More - January 04, 2011 | Item | ShareThis
Cue Resources Ltd. Appoints Andrew Bell to Board of Directors - More - January 04, 2011 | Item | ShareThis
Silvercorp Metals Inc.: Underground Drilling Discovers 18 Additional High Grade Silver-Lead Veins including 7.51 m Interval Grading 925 g/t Silver - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News)(NYSE:SVM - News) is pleased to report the results of its 2010 underground diamond drilling program at the southwest corner (also called LM Mine West) of the TLP Mining Permit area, Ying Mining District, Henan, China. This successful drill program has not only extended the existing veins to depth and along strike at the LM Mine West, but has also discovered 18 additional high grade silver (Ag) - lead (Pb) veins, increasing the total number of mineralized veins from 9 to 27. The drilling program has also revealed a new type of mineralization as some Ag-Pb veins (LM8 and LM8-1) contain high grade gold that may indicate the existence of gold-dominated mineralized veins in the area." More - January 04, 2011 | Item | ShareThis
Rita Mirwald Joins Claude's Board - "Ms. Mirwald recently retired from her role as Senior Vice President, Corporate Services at Cameco Corporation which she held since 1995. In this role she was responsible for brand and image development, communications, investor relations, human resources, and government and community liaison. She also played a leading role in the execution of Cameco's training, employment and community investment programs for First Nations and Metis people of northern Saskatchewan." More - January 04, 2011 | Item | ShareThis
Excalibur Completes Third Tranche of Private Placement - More - January 04, 2011 | Item | ShareThis
Aultra Gold, Inc. Announces Exploration Program for Recently Acquired Project in Quebec - More - January 04, 2011 | Item | ShareThis
Prodigy Gold Incorporated: Today's Discovery, Tomorrow's Future - More - January 04, 2011 | Item | ShareThis
NWT Uranium Announces Grant of Options - More - January 04, 2011 | Item | ShareThis
Abcourt Mines Inc.: Closing of a $1.5 M Non-Brokered Private Placement With MineralFields Contributing $1.25 M - More - January 04, 2011 | Item | ShareThis
Alto Group Holdings Announces Acquisition of MSI S5 (100 TPH) Gold Mining Production Plant - More - January 04, 2011 | Item | ShareThis
New Guinea Gold Announces That Production and Gold Purity in Dore Continues to Improve at Sinivit Mine, Papua New Guinea - More - January 04, 2011 | Item | ShareThis
North Bay Resources Inc. (NBRI) Graduates to OTCBB - More - January 04, 2011 | Item | ShareThis
AQM Reports 2010 Achievements and Announces Latest Zafranal Drill Results-Including 342 metres of 0.55% Cu-First NI 43-101 Compliant Resource to be Announced - More - January 04, 2011 | Item | ShareThis
Sniper Negotiates Property Extensions - More - January 04, 2011 | Item | ShareThis
Swift Announces Closing of Private Placement - More - January 04, 2011 | Item | ShareThis
Sniper Resources Ltd.: Drilling Update on Guild Property - More - January 04, 2011 | Item | ShareThis
Wealth Acquires Approximately 6,000 Hectares of Ground Surrounding Its Rodeo de los Molles Rare Earth Deposit, San Luis Province, Argentina - More - January 04, 2011 | Item | ShareThis
Uranerz Receives WDEQ Permit to Mine for Nichols Ranch Uranium Project - More - January 04, 2011 | Item | ShareThis
Teslin Signs Option Agreement With Gold Fields on Rand Properties - More - January 04, 2011 | Item | ShareThis
DIAGNOS inc. : Nemaska Exploration Will Use CARDS on its Lac Levac and Lac Arques Projects - More - January 04, 2011 | Item | ShareThis
Can-Cal Replaces Convertible Debenture Financing With Unit Private Placement - More - January 04, 2011 | Item | ShareThis
EurOmax Receives $822,000 from Warrants and Options - More - January 04, 2011 | Item | ShareThis
Vantex Provides an Update on the Moriss Zone of the Galloway Project - More - January 04, 2011 | Item | ShareThis
Assay Values up to 32.0 g/t Gold Reported from Survey/Sampling Program of the Sturgeon River Mine Waste Rock Pile - More - January 04, 2011 | Item | ShareThis
Santa Fe Gold Ships Initial 40 Tons of Gold and Silver Concentrate under 2011 Contract with German Smelter - More - January 04, 2011 | Item | ShareThis
Tombstone Exploration Retains Leading Investor Relations Firm - More - January 04, 2011 | Item | ShareThis
Selwyn Expands Management Team as Selwyn Project Advances - More - January 04, 2011 | Item | ShareThis
Nemaska Exploration Announces $3.7 Million Private Placement With Chinese Strategic Investor - More - January 04, 2011 | Item | ShareThis
Pele Mountain Resources: First-Ever Rare Earth Oxide Resource Estimate for Eco Ridge to Be Released Shortly - More - January 04, 2011 | Item | ShareThis
Metanor Resources Inc.: Bachelor Lake Gold Project's Pre-Feasibility Study Confirms Profitability With an 85% IRR - More - January 04, 2011 | Item | ShareThis
Fission to Commence Three Drill, $7.9 Million Winter Exploration Program at Waterbury Lake, Athabasca Basin - More - January 04, 2011 | Item | ShareThis
Papuan Precious Metals Expands Anomalous Zone to 1,400 m x 600 m With Results From 1006 Soil Samples at Kuliuta Gold Prospect - More - January 04, 2011 | Item | ShareThis
Aura Silver Confirms High-Grade Copper Drill Target Greyhound Project, Nu - More - January 04, 2011 | Item | ShareThis
Century Mining Appoints New President & CEO - More - January 04, 2011 | Item | ShareThis
Focus and Buenaventura Complete Agreement for Minas Chanca Silver Project, Peru - More - January 04, 2011 | Item | ShareThis
First Liberty Power Corp. Lithium Exploration Update - More - January 04, 2011 | Item | ShareThis
Mercer Gold Drill Hole MGDH-02 Encounters 4 Meters of 2.0 Grams Per Tonne Gold and 33.56 Grams Per Tonne Silver at Guayabales Gold Project, Colombia - More - January 04, 2011 | Item | ShareThis
Hudson Resources Reports Significant Rare Earth Mineral Resource Estimate at Sarfartoq: 14 Million Tonnes Averaging 1.51% TREO, Including 40.6 Million KG Neodym - More - January 04, 2011 | Item | ShareThis
New Dimension Receives Last Original Title Confirmation at Cenepa Gold Project, Peru - More - January 04, 2011 | Item | ShareThis
Grandview Gold Inc. Closes $605,000 Flow-Through Financing With MineralFields Group; To Continue Red Lake Drilling to Verify Historic Resource at Dixie Lake - More - January 04, 2011 | Item | ShareThis
Western Copper Updates Casino Pre-Feasibility Study Progress - More - January 04, 2011 | Item | ShareThis
Willow Creek Samples Positive Quantities of Copper, Silver and Gold on Dolly Varden - More - January 04, 2011 | Item | ShareThis
Quantum CEO Predicts China's Export Limits on Rare Earths Will Benefit the Mining Industry - More - January 04, 2011 | Item | ShareThis
Nevsun Resources Ltd.: Milestone-First Gold Pour at Bisha - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is pleased to announce its successful first gold pour at the Bisha Gold Mine during late December. The first pour was part of the plant commissioning process and rendered two dore bars totaling 26 kilograms (approx. 920 ounces)." More - January 04, 2011 | Item | ShareThis
Paramount Gold and Silver Appoints VP Exploration - "Paramount Gold (AMEX:PZG - News)(TSX:PZG - News)(Frankfurt:P6G - News)(WKN: A0HGKQ) ("Paramount") announced today that it has appointed Mr. Glen Van Treek as its new Vice President of Exploration." More - January 04, 2011 | Item | ShareThis
Vista Gold Corp. Announces Results of a New Preliminary Feasibility Study at the Batman Deposit at its Mt. Todd Gold Project, Northern Territory, Australia - "Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ) is pleased to announce the positive results of a new Preliminary Feasibility Study ("PFS") for the Batman deposit at the Company's wholly-owned Mt. Todd gold project in Northern Territory, Australia. The new PFS was managed by Tetra Tech Inc. ("Tetra Tech") of Golden, Colorado, and expands upon the PFS previously completed by Tetra Tech and announced on August 18, 2010. The PFS evaluates the viability of a 30,000 tonne per day processing facility and the optimized extraction of the identified mineral resource." More - January 04, 2011 | Item | ShareThis
Gold Resource Corporation to Ring NYSE Amex Opening Bell - "Gold Resource Corporation (GORO) (AMEX:GORO - News) to ring the opening bell on the NYSE Amex Thursday, January 13, 2011. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More - January 04, 2011 | Item | ShareThis
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Gold Seeker Closing Report: Gold and Silver Fall About 3% and 5%
“Dear Friends,
