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Gold Seeker Closing Report: Gold and Silver End Modestly Higher In Volatile Trade
By: Chris Mullen, Gold-Seeker.com


-- Posted Wednesday, 16 March 2011 | | Source: GoldSeek.com

 

Close

Gain/Loss

Gold

$1396.00

+$2.90

Silver

$34.42

+$0.26

XAU

199.57

-2.27%

HUI

522.73

-2.21%

GDM

1532.11

-2.17%

JSE Gold

2634.04

+18.19

USD

76.68

+0.33

Euro

138.89

-1.07

Yen

125.23

+1.35

Oil

$97.98

+$0.80

10-Year

3.212%

-0.111

T-Bond

124.0625

+1.1875

Dow

11613.30

-2.04%

Nasdaq

2616.82

-1.89%

S&P

1256.88

-1.95%

 
 

 

The Metals:

 

Gold climbed $13.10 to as high as $1406.20 by late morning in New York before it fell back off in the last couple of hours of trade, but it still ended with a gain of 0.21%.  Silver climbed to as high as $35.04 before it also fell back off a bit in late trade, but it still ended with a gain of 0.76%.

 

Euro gold climbed to over €1004, platinum lost $6.75 to $1692, and copper climbed 6 cents to about $4.19.

 

Gold and silver equities fell over 3% by mid-afternoon, but they then rallied back higher in late trade and ended with only about 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

MBA Mortgage Index

3/11

-0.7%

-

15.5%

PPI

Feb

1.6%

0.6%

0.8%

Core PPI

Feb

0.2%

0.2%

0.5%

Housing Starts

Feb

479K

575K

618K

Building Permits

Feb

517K

573K

563K

Current Account

Q4

-$113.3B

-$110.0B

-$125.5B

 

Tomorrow brings Initial Jobless Claims, CPI, Industrial Production, Capacity Utilization, Leading Economic Indicators, and the Philadelphia Fed.

 

The Markets:

 

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

 

Oil rose on geopolitical concerns after the Energy Information Administration reported that crude inventories rose 1.75 million barrels, gasoline inventories fell 4.2 million barrels, and distillates fell 2.6 million barrels.

 

The U.S. dollar index rose along with the yen as the euro fell on risk aversion, but the yen rose to a new record high versus the dollar as repatriation further fueled its gains.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell about 2% on worries over a deepening nuclear crisis in Japan.

 

Among the big names making news in the market today were GE and Calpers.

 

GATA Posts:

Big banks investigated over LIBOR rate manipulation

Gold Standard Institute letter cites another stunning admission by Fed Governor Warsh

 

The Statistics:

Activity from: 3/15/2011

Gold Warehouse Stocks:

11,006,997

+22,979

Silver Warehouse Stocks:

101,909,234

-249,662

 

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

1212.745

38,990,959

US$54,654m

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

Gold Bullion Securities

116.51

3,746,032

US$5,249m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

122.56

3,940,260

US$5,516m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,590

US$638m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.40

1,556,140

US$2,196m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,959

US$7m

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.91 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 122.52 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,907.26: -50.1 change from yesterday’s data.

 

The Miners:

 

Vista Gold’s (VGZ) 2010 recap and update on recent activities, Great Basin’s (GBG) repaid Senior Secured Notes, Barrick’s (ABX) Record of Decision, Aurizon’s (AZK) 2010 results, Kirkland’s (KGI.TO) third quarter results,  and Great Panther’s (GPL) 2010 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Solitario

XPL +7.25% $3.70

2.  Vista Gold

VGZ +2.51% $3.27

3.  Great Panther

GPL +4.22% $3.95

 

LOSERS

1.  Mines MGMT

MGN-9.40% $2.41

2.  Banro

BAA -5.76% $2.62

3.  AngloGold

AU -4.95% $43.78

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:

Revolver Resources Inc.: Planning Underway for the 2011 Exploration Program - More
- March 16, 2011 | Item | ShareThis


Critical Elements Corporation Discovers a New Zone in Drilling on the Rose Deposit - More
- March 16, 2011 | Item | ShareThis


Regal Resources Inc.: News Release - More
- March 16, 2011 | Item | ShareThis


Prodigy Drills 261m Grading 1.13 gpt Gold Including 104.6m Grading 2.06 gpt Gold at Magino - More
- March 16, 2011 | Item | ShareThis


Golden Reign Plans 2011 Drill Program - More
- March 16, 2011 | Item | ShareThis


HudBay Minerals Announces Expiry of Offer and Additional Take-Up of Norsemont Mining Shares - More
- March 16, 2011 | Item | ShareThis


Focus Announces Remaining Chúcara Drill Results - More
- March 16, 2011 | Item | ShareThis


Treasury Metals Intersects Additional High-Grade Gold Mineralization at the Goliath Project, Northwest Ontario - More
- March 16, 2011 | Item | ShareThis


Hard Creek Nickel Corporation: Metallurgical Regime Robust for Average Turnagain Nickel Head Grade; Updated Technical Report Scheduled for Fourth Quarter - More
- March 16, 2011 | Item | ShareThis


Lac Seul First Nation Closes $500,000 Placement in AurCrest Gold Inc. - More
- March 16, 2011 | Item | ShareThis


Stronghold Metals Announces Drill Results From Its Tucuma Project in Brazil - More
- March 16, 2011 | Item | ShareThis


Ethos Capital Corp. Joins OTCQX - More
- March 16, 2011 | Item | ShareThis


Inspiration Provides Revision to Its Press Release Dated February 3rd, 2011 - More
- March 16, 2011 | Item | ShareThis


Vendetta Stakes Additional Ground and Commences Phase 1 Exploration - More
- March 16, 2011 | Item | ShareThis


Papuan Precious Metals Corp. Closes Non-brokered Private Placement Financing - More
- March 16, 2011 | Item | ShareThis


TerraX drills 13.90 m of 1.11 g/t Au at Road Zone on Sunbeam-Pettigrew property, Atikokan, Ontario; further assays pending - More
- March 16, 2011 | Item | ShareThis


Globex's Talc-Magnesite Project Moves to Next Stage of Development - More
- March 16, 2011 | Item | ShareThis


Paladin Energy Ltd-Statement on Japan Nuclear Situation and Conference Call Notice - More
- March 16, 2011 | Item | ShareThis


Afri-Can Charters Sampling Vessel and Receives 43-101 Approval - More
- March 16, 2011 | Item | ShareThis


Advanced Explorations Extends Roche Bay Royalty Buy-Out Terms - More
- March 16, 2011 | Item | ShareThis


Argonaut Gold to Begin Trading on the S&P Canadian Index Operations - More
- March 16, 2011 | Item | ShareThis


Coronado Resources Ltd. Progress Update From the Madison Gold & Copper Mine in Montana Usa - More
- March 16, 2011 | Item | ShareThis


AmeriLithium Confirms Successful Start of Drilling on Nevada-Based Paymaster Lithium Project - More
- March 16, 2011 | Item | ShareThis


Sandspring Infill Drill Results From the Toroparu Gold-Copper Deposit Includes 114m of 1.93g/t Gold and 0.07% Copper in Hole 136 - More
- March 16, 2011 | Item | ShareThis


Geologix Explorations Inc.: New Resource Estimate Increases Indicated and Inferred Tonnes at Tepal Project - More
- March 16, 2011 | Item | ShareThis


Midland Expands Strategic Land Holdings East of Detour Lake and Commences Helicopter-Borne Magnetic Survey on Casault - More
- March 16, 2011 | Item | ShareThis


Alto Group Holdings Announces Nessie N8DX Cutter Head Dredge Transported for Servicing Necessary to Operate Commercially - More
- March 16, 2011 | Item | ShareThis


China Gold International Resources Corp. Ltd.: Deputy Minister of Ministry of Land and Resources of China Affirms Achievements of Chinese Mining Companies - More
- March 16, 2011 | Item | ShareThis


Lions Gate Metals Inc. Second Hole at Poplar Includes 148m of 0.39% Copper - More
- March 16, 2011 | Item | ShareThis


Orbite Upgrades Its Resources to the NI 43-101 Compliant "Indicated Mineral Resources" Category and More Than Triples Those, Reaching One Billion Metric Tons - More
- March 16, 2011 | Item | ShareThis


AurCrest Announces Financing From Lac Seul First Nation - More
- March 16, 2011 | Item | ShareThis


Typhoon Exploration Inc. Adds a 4th Drill on the Fayolle Project - More
- March 16, 2011 | Item | ShareThis


Selwyn Commences Winter Mobilization of Mining Equipment - More
- March 16, 2011 | Item | ShareThis


New Jersey Mining Company Announces High Grade Intercept of 33.0 g/t Gold Over 2.6 Meters at Golden Chest Mine - More
- March 16, 2011 | Item | ShareThis


Liberty Star Contracts SRK Consulting To Produce Technical Report on Tombstone Claims - More
- March 16, 2011 | Item | ShareThis


Canalaska Uranium Commences Diamond Drilling at Fond Du Lac Main Deposit - More
- March 16, 2011 | Item | ShareThis


Drilling Begins on Miranda Gold's Big Blue Project - More
- March 16, 2011 | Item | ShareThis


Koza Altýn Ýþletmeleri A.Þ Results for the Twelve Months Ended 31 December 2010 - More
- March 16, 2011 | Item | ShareThis


Quantum Rare Earth Developments Corp.: Elk Creek Carbonatite Host to an Inferred Resource of 83 Mt of 0.62% Nb2O5 - More
- March 16, 2011 | Item | ShareThis


GGG Resources plc (the "Company" or "GGG"): David McArthur Appointed as Finance Director - More
- March 16, 2011 | Item | ShareThis


Vista Gold Corp. Recaps 2010 Financial Results and Provides Update on Recent Activities - "While we continue to advance the permitting for our Concordia gold project in Mexico, we dedicated much of 2010 to developing the other important projects in our portfolio. In Australia, we have successfully completed two positive preliminary feasibility studies for the Mt. Todd gold project and have discovered new exploration targets on our exploration leases. We have commenced the bankable feasibility study and the permitting process for the Mt. Todd gold project. We plan to complete the study by the end of 2011 and expect permitting to be completed in the first half of 2012.: More
- March 16, 2011 | Item | ShareThis


Great Panther Silver Reports Annual Net Profit of $5 Million - "Great Panther continued to achieve record revenue and earnings from mining operations in the fourth quarter of 2010, up 40% and 60% respectively, over 2009," said Kaare Foy, Executive Chairman. "In addition, 2010 marks a significant milestone for the Company as we report our first year of net income." More
- March 16, 2011 | Item | ShareThis


Great Basin Gold Repays Senior Secured Notes - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX:GBG.to - News) (NYSE Amex: GBG) (JSE: GBG) today announced that it has repaid the 2008 Senior Secured Notes ("Notes") with the proceeds of the previously announced Term Loan Facility from Credit Suisse AG. The facility was increased from US$60 million to US$70 million to maximize leverage from this low-cost facility. The facility has been fully drawn down and has a term of 4 years, is repayable in quarterly installments commencing September 2011, and bears interest at a premium of 3.75% over the 3 month US LIBOR rate. It is secured by the Company's Nevada assets. As part of the facility, the Company executed a zero-cost-collar hedging program, consisting of a total of 117,500 ounces of gold spread over a 4 year term commencing in January 2012. The call option price was fixed at US$1,930 per ounce with the put option at US$1,050 per ounce and as long as gold trades within these prices there is no cash cost to the hedge." More
- March 16, 2011 | Item | ShareThis


Barrick Receives Record of Decision on Cortez Hills - "We are pleased to have the Record of Decision in hand and would like to thank the regulatory agencies for their thorough and detailed work," said Aaron Regent, President and CEO of Barrick. "Cortez Hills is a key asset for Barrick and one that will provide significant low cost ounces to the Company for many years to come. This mine is an important contributor to economic development and job opportunities in rural Nevada." More
- March 16, 2011 | Item | ShareThis


Aurizon Reports 2010 Financial Results - "2010 was both challenging and exciting for Aurizon." said David Hall, President and Chief Executive Officer. "Challenging, as we worked our way through a low grade area of the Casa Berardi mine with a short-term, adverse impact on operating and financial performance. Exciting, as we had exploration success at both Casa Berardi and Joanna, and also in optioning six new properties, increasing our property portfolio to ten. Aurizon exited the year with strong fundamentals firmly in place. With our strong production base and increased exploration on various fronts, we are well positioned to benefit from strong long-term gold prices, and to continue to build value for our shareholders." More
- March 16, 2011 | Item | ShareThis


Timmins Urges Board of Capital Gold Not to Postpone Capital Gold Special Meeting: Let the Shareholders Speak! - "Timmins Gold Corp. (TSX-V:TMM - News). In an appearance on Canada's Business News Network this afternoon, the CEO of Gammon Gold Inc. stated: "We will announce tomorrow when the Capital Gold special meeting will be, but it will be this month." It seems that the CEO of Gammon intends to postpone the special meeting of the shareholders of Capital Gold Corporation." More
- March 16, 2011 | Item | ShareThis


Kirkland Lake Gold Inc.; Financial Results Q3 2011: Exploration Program Activity Increases & Mine Expansion on Track for 180,000-200,000 Ounce Annual Run Rate - "The third quarter has not been without its challenges with slightly lower than anticipated grades and difficult choices being made affecting short term production to ensure we remain on track to achieve the target rate of production by November 2011. After meeting all operating costs, spending $16.0 million on capital expenditures and $2.7 million on exploration, total cash resources (including short-term investments) as at January 31, 2011 were $47.4 million." More
- March 16, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2011

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

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Wednesday, 16 March 2011 | Digg This Article | Source: GoldSeek.com




 



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