-- Posted Thursday, 11 August 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1749.90 | -$32.30 |
Silver | $38.52 | -$0.79 |
XAU | 208.65 | +1.51% |
HUI | 571.20 | +0.72% |
GDM | 1662.30 | +0.59% |
JSE Gold | 2735.23 | +63.36 |
USD | 74.63 | -0.10 |
Euro | 142.23 | +0.50 |
Yen | 130.13 | +0.13 |
Oil | $85.72 | +$2.83 |
10-Year | 2.336% | +0.199 |
T-Bond | 135.21875 | -3.000 |
Dow | 11143.31 | +3.95% |
Nasdaq | 2492.68 | +4.69% |
S&P | 1172.64 | +4.63% |
The Metals:
Gold climbed to a new record high of $1814.84 in afterhours access trade yesterday afternoon and traded roughly $10 higher in Asia and London, but it then fell throughout most of trade in New York and ended with a loss of 1.81%. Silver fell to as low as $37.822 before it bounced back higher in the last couple of hours of trade, but it still ended with a loss of 2.01%.
Euro gold fell to under €1233, platinum gained $24.60 to $1782.85, and copper gained almost 12 cents to about $4.00.
Gold and silver equities waffled on either side of unchanged and ended with around 1% gains.
40 years on from gold standard, bugs crow Reuters
Gold shares responding (finally)? MarketWatch
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 8/06 | 395K | 409K | 402K |
Trade Balance | June | -$53.1B | -$48.0B | -$50.8B |
Mortgage rates fall again, 30-year near record low Yahoo
Tomorrow at 8:30AM EST brings Retail Sales for July expected at 0.5%. Excluding autos, sales are expected at 0.2%. At 9:55 is Michigan Sentiment for August expected at 62.5 and at 10AM is the Business Inventories report for June expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% on better than expected economic data that raised demand expectations.
The U.S. dollar index fell as the euro rose on easing worries about European debt problems.
Treasuries extended lower after today’s $16 billion 30-year note auction sold at a high yield of 3.75% with a bid to cover of 2.08.
The Dow, Nasdaq, and S&P rose about 4% on better than expected jobs data and a strong earnings report from Cisco Systems.
Among the big names making news in the market today were Deere, AOL, New Corp, Citadel, and Cisco.
The Commentary:
“I was a bit surprised last evening NOT to see some selling related to the margin hikes announced by the CME Group yesterday for carrying futures contracts in gold. Eventually however, the selling did kick in. Along with the upside move in the equity markets in today's session, that was enough to take some of the wind out of the gold market and bring it back down to earth for a bit.
We have had a nice run higher which was threatening to get out of hand due to the very steep angle of ascent being created on the price chart ( remember what happened to silver earlier this year) so some retreat in prices and HOPEFULLY a bit of stability in the gold price after some consolidation will be most welcome. We also need to give some time to the big physical markets of Asia to get accustomed to a higher gold price. Wild swings higher in price tend to scare some buyers away over there initially until they become acclimatized to the new levels.
This market will remain very jumpy however as any further signs of deterioration out of Europe can and will send gold right back up again. The computer programs at the CME which monitor volatility will be watching to see if additional margin hikes are warranted. As downside support levels on the price chart come into play, these margin hikes will tend to bring additional selling as long positions go underwater that were placed on above $1780. That tends to amplify selling pressure that would not otherwise occur.
If you note the enormous spikes in volume on the price chart I have included below, you can see the EMOTION being reflected in the market. This sort of emotional intensity is very difficult to sustain for any extended period of time so I for one am welcoming what I hope will be a bit of relative "calmness" if we can get it. After daily moves from $60 to $80, a day in which gold moves "ONLY" $20 will be a pleasant relief. So much depends however on what happens next in the bizarro-land of the equity markets so for now we wait and see like the rest of the investing/trading world what the computer algorithms will do next.
From a technical chart standpoint, the market has indicated that it needs a break and that the easy money on the upside is over for a while. Today's BEARISH OUTSIDE DOWN REVERSAL is signaling additional selling should be following. The fact that the market looks like it is not willing to move below $1,740 makes the reversal not as serious as it could have been. Still, the signal is bearish and will have to be noted due to the nature of today’s trading which is highly technical.
Now we have to see at what levels we get some two-sided trading to take place. All depends on just how hungry the bulls are to move back into the market. Initial downside support comes in just below $1720 and then down near $1700. That is followed by more formidable chart support near and just below $1,680. There are a lot of potential gold buyers sitting on the sideline who did not want to chase this market higher out of fears of getting caught flatfooted who are eager to get in. They are going to be doing the same thing as the rest of us; namely watching for a level that they feel they can get in more safely.
If the Bulls are now to have a shot at $1,800, they will have to take price past $1,780 and hold it there first.
I did note that open interest, after falling for the last few days, shot up yesterday on the big volume surge higher. It was a large enough increase that I cannot attribute it all to just spreads being put on so it appears that some of the very strong bearish hands were doing a large amount of selling yesterday. The weak-handed shorts were run out in large numbers recently so this new group of sellers is more formidable. It is going to take a very sharp selloff in equities to threaten them in the least.
If you notice, the Swiss Franc is really getting hammered today, down near 4.5% at one point today. That is an excellent gauge of risk aversion so as it moves lower, gold is moving lower alongside of it. These two markets have recently been moving pretty much in tandem. If Swissie reverses higher, so too will gold.
One last note, as usual, the HUI once again failed to better the 580 level. Until it can take that out convincingly, the shares are not going to go anywhere. Once that level gives way preferably on a weekly basis, the shorts in the shares will be in serious trouble. Until then, they can brazenly sell no matter how much further they push them into severe undervaluation territory.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Big shorts getting bolder in gold and silver, Arensberg reports
Alasdair Macleod: Beyond the tipping point
Thom Calandra views silver in the context of GATA's London conference
The Statistics:
Activity from: 8/10/2011
Gold Warehouse Stocks: | 11,373,967 | +27,605 |
Silver Warehouse Stocks: | 104,842,822 | +661,466 |
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 | 1296.519 | 41,684,377 | US$73,354m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$6,481m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 126.23 | 4,058,350 | US$7,097m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,799 | US$801m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 47.72 | 1,534,267 | US$2,513m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.379 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.13: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,772.56: -118.18 change from yesterday’s data.
The Miners:
Almaden’s (AAU) drill results, Rubicon’s (RBY) technical report, Tanzanian Royalty’s (TRE) comments, US Gold’s (UXG) drill results, Claude’s (CGR) second quarter results, AuRico’s (AUQ) second quarter results, Comstock’s (LODE) second quarter results, Royal Gold’s (RGLD) fourth quarter results, Aurizon’s (AZK) second quarter results and delayed feasibility study, Gold Fields’ (GFI) second quarter results, Pretivm’s (PVG.TO) drill results, Silvercorp’s (SVM) normal course issuer bid, First Majestic’s (FR.TO) second quarter results, Pan American’s (PAAS) Preliminary Economic Assessment, dividend, and second quarter results, Revett’s (RVM.TO) second quarter results, and Fortuna’s (FVI.TO) second quarter results, were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +11.7% $3.15 |
2. Jaguar | JAG +6.21% $5.47 |
3. Endeavour Silver | EXK +6.20% $10.45 |
LOSERS
1. IAMGOLD | IAG -5.22% $19.07 |
2. Mino Gold | MGH -4.38% $1.31 |
3. Kinross Gold | KGC-4.12% $15.59 |
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:
Tectonic Closes Qualifying Transaction - More
- August 11, 2011 | Item | ShareThis
NuLegacy Gold Adds Soil Gas Sampling to Red Hill Exploration Program - More
- August 11, 2011 | Item | ShareThis
Primero to Commence Trading on NYSE - More
- August 11, 2011 | Item | ShareThis
Argus Metals Corp.: Diamond Drilling Underway at Hyland Gold Project, Selwyn Basin Yukon-Assays Pending - More
- August 11, 2011 | Item | ShareThis
Stakeholder Closes $287,000 Private Placement - More
- August 11, 2011 | Item | ShareThis
Celtic Minerals Provides Update on Crater Mountain Project - More
- August 11, 2011 | Item | ShareThis
El Tigre Silver Corp. Grants Incentive Stock Options - More
- August 11, 2011 | Item | ShareThis
Golden Phoenix Buys Back and Cancels 500,000 Shares of Common Stock; Previously Announced Stock Buyback Program Continues - More
- August 11, 2011 | Item | ShareThis
Stellar is Granted an Exploration Authorization for the Namarana Area Covering 132 km(2) in Mali, West Africa - More
- August 11, 2011 | Item | ShareThis
Silvercorp Metals Inc.: Update on Normal Course Issuer Bid - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM.TO - News)(NYSE: SVM.TO - News) announces that to date it has acquired, pursuant to its normal course issuer bid, 558,200 of its common shares through the facilities of the TSX and it has acquired 218,258 of its common shares through the facilities of the NYSE for a total of 776,458 common shares (collectively, the "Shares"); the average price paid per Share is CDN $8.185. All Shares will be cancelled." More
- August 11, 2011 | Item | ShareThis
Cerro Grande Mining Corporation Reports Significant Improvement in Results for the Three Months and Nine Months Period Ending June 30, 2011 - More
- August 11, 2011 | Item | ShareThis
Centurion Updates Drilling Progress in Northern Sumatra - More
- August 11, 2011 | Item | ShareThis
First Majestic Silver Corp.: Record Earnings of $30.6 million in Second Quarter - "First Majestic has experienced a new record for quarterly earnings for the second quarter of 2011 due to a 113% increase in average realized silver prices over the second quarter of 2010 and a 13% increase in ounces of silver sold from the second quarter of 2010. Silver equivalent production remained steady with a 1% increase over the first quarter to a total of 1,843,830ounces in the second quarter of 2011, which is up 11% over the same quarter of 2010." More
- August 11, 2011 | Item | ShareThis
Drilling underway on the Villebon Project - More
- August 11, 2011 | Item | ShareThis
Silvore Fox Updates Progress on 3 Projects - More
- August 11, 2011 | Item | ShareThis
Atna Resources Acquires Pinson Gold Mine - More
- August 11, 2011 | Item | ShareThis
Selwyn Mobilizes Drills to ScoZinc Mine - More
- August 11, 2011 | Item | ShareThis
Seafield Announces New General Manager for Its Colombian Operations - More
- August 11, 2011 | Item | ShareThis
Trelawney Provides Update on Offer for Augen Gold Corp. - More
- August 11, 2011 | Item | ShareThis
Golden Predator Continues Easterly Extension of Bohemian-Schooner Zone at Brewery Creek Project, Yukon - More
- August 11, 2011 | Item | ShareThis
Goldboro Gold Project Drill Assay Results Identify Extensions to Mineralized Zones at East Goldbrook - More
- August 11, 2011 | Item | ShareThis
Randsburg Signs Memorandum of Understanding on Flett Project - More
- August 11, 2011 | Item | ShareThis
Eagle Plains/Drexel Commence Airborne Geophysical Survey on Titan Gold Project, NW British Columbia - More
- August 11, 2011 | Item | ShareThis
Western Troy Announces Appointment of Melvyn Williams to Its Board of Directors, Grants Options - More
- August 11, 2011 | Item | ShareThis
Amex Closes $450,000 Private Placement - More
- August 11, 2011 | Item | ShareThis
Metallum Resources Inc. Commences Aggressive Exploration Campaign on M-18 Gold/Silver Property, Argentina - More
- August 11, 2011 | Item | ShareThis
Cerro Resources Initial Namiquipa Drill Results Confirm High Grade Silver/Lead/ Zinc Strike Potential - More
- August 11, 2011 | Item | ShareThis
Nautilus Granted Exploration Tenements in Fijian Waters - More
- August 11, 2011 | Item | ShareThis
Cartier Cuts 3.03 % Copper, 1.63 % Zinc and 83.57 g/t Silver Over 10.0 Metres on Cadillac Extension - More
- August 11, 2011 | Item | ShareThis
Opawica Explorations Inc. Intersects Significant Gold and Copper Mineralization Within 309 Meters of Drill Core in New Footwall Zone Below Open Pit Resources - More
- August 11, 2011 | Item | ShareThis
Bearing Resources Executes Option Agreement With Precipitate Gold Corporation on Jay East Property, Yukon - More
- August 11, 2011 | Item | ShareThis
Pinestar Gold Provides Exploration Update on Becker Property in Chile - More
- August 11, 2011 | Item | ShareThis
Teslin Completes Acquisition of Queensgate Resources - More
- August 11, 2011 | Item | ShareThis
EurOmax Intercepts 187 Meters at 0.29% Copper and 0.46 Grams Per Tonne Gold at Ilovitza - More
- August 11, 2011 | Item | ShareThis
Eastmain Resources Inc.: Clearwater Project-Drilling Continues to Expand the 850 West Zone-Visible Gold in 10 Drill Holes - More
- August 11, 2011 | Item | ShareThis
Drilling Intersects 0.71 g/t Gold Over 84.77 Meters at Almaden's Caballo Blanco Project, Mexico - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM.TO - News)(AMEX: AAU - News) is pleased to report to its shareholders the results contained in a news release of Goldgroup Mining Inc. (TSX: GGA.TO - News) "Goldgroup"; see Goldgroup news release of August 11, 2011) in which Goldgroup announced that additional diamond drill holes at the Company's Caballo Blanco gold project in Veracruz, Mexico have yielded significant gold intercepts, extending the La Paila oxide gold zone to the southwest. Almaden's 30% interest in the project is carried until a bankable feasibility study has been completed by Goldgroup. In the August 11, 2011 release Goldgroup also reported that drilling at Caballo Blanco remains ongoing to define and to expand the eastern, southern and southwestern flanks of the La Paila gold zone as the zone currently remains open in these directions." More
- August 11, 2011 | Item | ShareThis
Amerigo Announces Q2-2011 Financial Results - More
- August 11, 2011 | Item | ShareThis
Galore Appoints Terry Brown as VP Exploration - More
- August 11, 2011 | Item | ShareThis
Greystar Awards Contracts and Sets Time Line for Angostura Feasibility Study - More
- August 11, 2011 | Item | ShareThis
Southeast Asia Mining Announces Non-Brokered Private Placement - More
- August 11, 2011 | Item | ShareThis
Intrepid Mines Limited: Shyri Project Ecuador - More
- August 11, 2011 | Item | ShareThis
B2Gold Reports on Second Quarter 2011 Results - More
- August 11, 2011 | Item | ShareThis
Goldgroup Intercepts Significant Oxide Gold at Caballo Blanco, Mexico - More
- August 11, 2011 | Item | ShareThis
Crosshair Drills 0.07% eU3O8 Over 27 Feet at Juniper Ridge - More
- August 11, 2011 | Item | ShareThis
Nevada Exploration Inc. Strengthens Board and Management Team, and Engages Investor Relations Consultant - More
- August 11, 2011 | Item | ShareThis
Auryx Gold Accelerates Delivery of a Preliminary Economic Assessment for the Otjikoto Gold Project, Namibia - More
- August 11, 2011 | Item | ShareThis
Cadillac Commences Burnt Hill Drill Program - More
- August 11, 2011 | Item | ShareThis
Midland Exploration and JOGMEC Begin Their First Drilling Program on the Ree Ytterby Project - More
- August 11, 2011 | Item | ShareThis
Smash Minerals: Geophysics Survey Completed, Grab Samples Return up to 17.2 g/t Gold, Drilling to Commence Shortly - More
- August 11, 2011 | Item | ShareThis
Newcastle Chester Property Update - More
- August 11, 2011 | Item | ShareThis
Hondo Minerals Provides Year End Review and Operational Outlook - More
- August 11, 2011 | Item | ShareThis
Sono Reaches Agreement in Principle to Acquire Remaining Interest in Bonnyridge to Hold 100% Ownership of the Bonnyridge Copper/Silver Project - More
- August 11, 2011 | Item | ShareThis
Matamec Scoping Study Due Beginning of Q4 - More
- August 11, 2011 | Item | ShareThis
Minera Andes Announces Second Quarter 2011 Financial Results - More
- August 11, 2011 | Item | ShareThis
Oceanic Iron Ore Corp.: Assay Results Return 32.6% Fe Total Over 92.9m; Results Trend with Historical Data - More
- August 11, 2011 | Item | ShareThis
Black Iron Q2 Update - More
- August 11, 2011 | Item | ShareThis
Redstar Engages Doug McKay & Associates for Investor Relations Services - More
- August 11, 2011 | Item | ShareThis
Dunav Resources Ltd. Announces the Closing of the Acquisition of the Lisa Project in Serbia - More
- August 11, 2011 | Item | ShareThis
Lone Star Gold Inc. Acquires Mexico-Based La Candelaria Gold-Silver Project - More
- August 11, 2011 | Item | ShareThis
Kirrin Airborne Survey Shows 13 High Priority Targets at Key Lake SW Uranium Property - More
- August 11, 2011 | Item | ShareThis
Great Western Minerals Group Appoints Director of International Exploration to Rare Earth Team - More
- August 11, 2011 | Item | ShareThis
Mercator Minerals Q2 2011 Financial Results Conference Call/Webcast on August 16, 2011 - More
- August 11, 2011 | Item | ShareThis
EMX Reports Drill Results of 11.1 Meters Averaging 7.82% Lead, 5.92% Zinc, and 419.74 g/t Silver for the Balya Royalty Property in Turkey - More
- August 11, 2011 | Item | ShareThis
Champion Minerals Provides Activity Update-Nine Diamond Drills Currently Delineating Resources at Fermont Iron Ore Holdings - More
- August 11, 2011 | Item | ShareThis
Avion Intersects 2.91 g/t Au Over 54.1 Metres and 3.03g/t Au Over 41.5 Metres, at Vindaloo, Hounde Property, Burkina Faso - More
- August 11, 2011 | Item | ShareThis
Timmins Gold Reports First Quarter Production Results - More
- August 11, 2011 | Item | ShareThis
BonTerra Retains Fugro to Conduct an Airborne Magnetic Survey of the Symphony Property in British Columbia - More
- August 11, 2011 | Item | ShareThis
San Gold Provides Near-Surface Exploration Update - More
- August 11, 2011 | Item | ShareThis
Habanero Resources Inc.: White Gold Work Program Now Underway in Yukon - More
- August 11, 2011 | Item | ShareThis
Serabi Mining plc ("Serabi" or "the Company") Exploration Update - More
- August 11, 2011 | Item | ShareThis
Rubicon Minerals Files Technical Report for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario - "("Rubicon") has filed a NI 43-101 Technical Report today on SEDAR entitled "F2 Gold System - Phoenix Gold Project Bateman Township Red Lake, Canada Technical Report" (the "Technical Report"), pursuant to the press release of Rubicon dated June 29, 2011 announcing the results of a Preliminary Economic Assessment (the "June 29 News Release"). There are no material differences between the results of the Technical Report filed today and the disclosure provided in the June 29 News Release." More
- August 11, 2011 | Item | ShareThis
Tanzanian Royalty Comments on Past Resource Disclosures Pertaining to Buckreef Project - "As a result of a review by the British Columbia Securities Commission, Tanzanian Royalty Exploration Corporation (TSX:TNX.to - News) (the “Company”) is issuing this news release to clarify certain aspects of past resource disclosures pertaining to the Buckreef project." More
- August 11, 2011 | Item | ShareThis
US Gold Corporation: El Gallo Infill Drill Results & High Grade Mineralization Discovered South of Resource - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce assay results from several different areas at the El Gallo Project, located in Sinaloa State, Mexico, including: 1) infill drilling to the east, 2) an emerging high-grade zone to the southwest and 3) the Gold Zone." More
- August 11, 2011 | Item | ShareThis
Claude Resources Inc. Increases Net Profit 136% in Second Quarter - "Claude Resources Inc. ("Claude" or the "Company") today reported its second quarter financial and operating results. For the quarter ended June 30, 2011, the Company recorded net profit of $5.2 million, or $0.03 per share. This compares to a net profit of $2.2 million for the comparable period in 2010, or $0.02 per share. For the six months ended June 30, 2011, the Company recorded net profit of $7.0 million, or $0.05 per share. This compares to a net profit of $0.6 million, or $0.00 per share, for the comparable period in 2010." More
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Pan American Silver and Orko Silver Release Positive Preliminary Economic Assessment for La Preciosa Project - "Pan American Silver Corp. (TSX: PAA.TO - News)(NASDAQ: PAAS - News) ("Pan American") and Orko Silver Corp. (TSX-V: OK.V - News) ("Orko") are pleased to report the positive results of a Preliminary Economic Assessment (the "PEA" or the "Assessment") for the La Preciosa Project (the "Project" or "La Preciosa"), located in the State of Durango, Mexico. Pan American and Orko are advancing the Project under a joint venture agreement by virtue of which Pan American can earn a 55% direct interest in the Project by bringing La Preciosa into production." More
- August 11, 2011 | Item | ShareThis
Revett Reports Record Earnings for Q2 2011 - "Revett Minerals Inc. (TSX: RVM.TO - News)(AMEX: RVM.TO - News) today announced record quarterly revenues of $18.8 million, a 102% increase compared to the same period last year. The Company also increased its cash and cash equivalents on hand at the end of the second quarter to $14.7 million from $8.8 million at the beginning of the year. All currency in this release is in United States dollars unless otherwise indicated." More
- August 11, 2011 | Item | ShareThis
Fortuna Reports Net Income of US$6.20 Million on Revenue of US$24.27 Million in the Second Quarter of 2011 - "The Company continues to benefit from high metal prices as shown by our strong cash flow generation for the period. Now, Fortuna looks with anticipation to the start of commercial production at our new San Jose Mine in Mexico. The San Jose mine will contribute materially to our silver and gold production with the first full impact on our financial statements expected in the fourth quarter of 2011." More
- August 11, 2011 | Item | ShareThis
AuRico Gold Reports Continued Strong Performance in the Second Quarter - "Net earnings of $35.8 million, (or $0.21 per share), prior to non-recurring charges of $8.7 million, (or $0.05 per share), related to the acquisition of Capital Gold, and $2.6 million, net of tax, (or $0.02 per share), in stand-by costs related to the recommencement of operations at El Cubo, a 49% increase over 2010, after adjusting for the Q2 2010 El Cubo impairment charge of $194.6 million, net of tax and $3.7 million, net of tax, in stand-by costs at El Cubo." More
- August 11, 2011 | Item | ShareThis
Comstock Mining Announces Second Quarter 2011 Results - "During the quarter, the Company successfully advanced its drilling program to completion, by completing the infill drilling on the Hartford, Lucerne and Justice claims for the starter mine; completing the first and second phases of development drilling in the Dayton Resource Area; and completed the first phase development drilling on the East-Side target in the Lucerne Resource Area." More
- August 11, 2011 | Item | ShareThis
Royal Gold Reports Record Results for Fourth Quarter and Fiscal Year 2011 - "Royal Gold, Inc. (NASDAQ:RGLD - News) (TSX:RGL.to - News) today announced record net income attributable to Royal Gold stockholders of $71.4 million, or $1.29 per basic share, on record royalty revenue of $216.5 million for fiscal 2011 (ended June 30). This compares to net income attributable to Royal Gold stockholders for fiscal 2010 of $21.5 million, or $0.49 per basic share, on royalty revenue of $136.6 million. Net income available to Royal Gold stockholders for fiscal 2010 was impacted by pre-tax effects of severance and acquisition costs of approximately $19.4 million, related to the Company’s acquisition of International Royalty Corporation (“IRC”). Excluding the after tax effect of these items, net income available to Royal Gold stockholders would have been $35.8 million, or $0.82 per basic share for fiscal 2010." More
- August 11, 2011 | Item | ShareThis
Aurizon Reports Second Quarter 2011 Results - "We produced stronger cash flow and profits in the second quarter compared to first quarter 2011 due to improved operational performance at Casa Berardi. Full credit is due to our operations team for resolving the issues that hampered production in the first quarter," said David Hall, Aurizon's Chief Executive Officer. "In addition, we commenced shaft deepening at Casa Berardi and embarked upon the largest exploration program in Aurizon's history, initiatives which we are confident will deliver incremental value for our shareholders in the future. We have delayed the feasibility study on Joanna in order that additional studies and optimization plans can be completed, but we are confident on the future development of the project given its large gold resource, excellent exploration potential and favourable location." More
- August 11, 2011 | Item | ShareThis
Aurizon Reports Joanna Feasibility Study Delayed, However Drilling Programs Continue to Confirm the Continuity and Extension of the Heva and Hosco Mineralizatio - "Aurizon is currently working on a feasibility study on the Hosco deposit of the Joanna property, which incorporates the increased mineral resource estimate of 54.1 million tonnes at an average grade of 1.29 grams of gold per tonne or 2,245,000 ounces of gold, (as reported in Aurizon's news release dated June 13, 2011) together with results of metallurgical pilot tests, geotechnical study, updated capital and operating cost estimates, and other relevant studies." More
- August 11, 2011 | Item | ShareThis
Pretium Resources Inc.: Brucejack Drilling Continues to Intersect High-Grade Gold in Valley of the Kings Zone - "Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report that ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization along strike, and visible gold continues to be encountered." More
- August 11, 2011 | Item | ShareThis
Gold Fields: Q2 - Quarter Ended 30th June 2011 - "Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings for the June quarter of R1,267 million compared with R1,100 million in the March quarter and earnings of R900 million in the June 2010 quarter. In US dollar terms net earnings for the June quarter were US$186 million, compared with US$158 million in the March quarter and earnings of US$120 million in the June 2010 quarter." More
- August 11, 2011 | Item | ShareThis
Pan American Silver Declares Third Quarterly Dividend of 2011 - "The cash dividend, in the amount of $0.025 per share, will be distributed on or about Tuesday, September 6, 2011 to holders of record of common shares as of the close of business on Monday, August 22, 2011. Specific distribution dates and amounts of future dividends will be determined by the Board on an ongoing basis." More
- August 11, 2011 | Item | ShareThis
Pan American Silver Posts Record Sales, Earnings and Cash Flows During the Second Quarter of 2011 - "During the second quarter of 2011, Pan American's revenue climbed to a record $231.9 million, an increase of $81.3 million or 54% from the same period of 2010. The increase was directly attributable to significantly higher metal prices, partly offset by lower quantities sold of all metals produced by the Company, with the exception of lead. In comparison to the second quarter of 2010, prices for silver and gold rose 107% and 26%, respectively, while zinc, lead and copper prices increased by 12%, 31% and 30%, respectively. Increased sales had a positive impact on quarterly mine operating earnings, which were also a record at $118.6 million or 127% more than a year ago." More
- August 11, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 11 August 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold Drops $30 While Dow Gains 400
