-- Posted Tuesday, 1 November 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1708.90 | -$15.80 |
Silver | $32.89 | -$1.58 |
XAU | 199.34 | -0.94% |
HUI | 564.36 | -0.31% |
GDM | 1625.10 | -0.25% |
JSE Gold | 3064.60 | +9.44 |
USD | 77.31 | +0.77 |
Euro | 137.05 | -1.55 |
Yen | 127.67 | -0.25 |
Oil | $92.19 | -$1.00 |
10-Year | 2.001% | -0.074 |
T-Bond | 142.00 | +2.96875 |
Dow | 11657.96 | -2.48% |
Nasdaq | 2606.96 | -2.89% |
S&P | 1218.28 | -2.79% |
The Metals:
Gold fell $43.02 to as low as $1681.68 by a little after 9AM, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.92%. Silver dropped to as low as $32.12 before it rebounded back up to $33.565 at about 10:45, but it then fell back off a bit in late trade and ended with a loss of 4.58%. Both metals are trading nicely higher in afterhours access trade.
Euro gold climbed to almost €1246, platinum lost $27.25 to $1576.50, and copper fell 13 cents to about $3.50.
Gold and silver equities fell about 3% at the open, but they then rallied back higher throughout most of trade ended with only slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Oct | 50.8 | 52.1 | 51.6 |
Construction Spending | Sep | 0.2% | 0.3% | 1.6% |
Tomorrow at 8:15AM EST is ADP Employment for October expected at 100,000 and at 12:30 is the FOMC rate decision.
Fed to pause, sow seeds for more easing Reuters
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose as the euro fell markedly after Greece said it would let its people vote on an unpopular European plan to rescue the Greek economy. All of those moves reversed a bit midafternoon on reports that the referendum may be cancelled, but the latest rumor released just before the US markets closed is that the vote will happen.
“The prime minister of Greece said unexpectedly Monday that he would put the European rescue plan to a binding vote, the first referendum to be held in Greece since 1974.
The plan requires banks that hold Greek national bonds to accept 50 percent losses to the Greek economy afloat. It also beefs up a European bailout fund and requires banks to strengthen their financial cushions.
But international creditors have demanded that Greece enact painful tax increases and drastic cuts in public welfare programs, and Greeks have shown their hostility to those measures in violent protests and strikes.
If the European rescue falls through and Greece defaults on its debt, the ripple effect would be global. Europe could fall into recession, hurting a major market for American exports, and banks could severely restrict lending.”
Treasuries rose as the Dow, Nasdaq, and S&P fell almost 3% on worries about Europe and the fallout from MF Global’s bankruptcy.
“Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the company's operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.”
Official: MF Global admitted using client money Yahoo
Among the big names making news in the market today were Yahoo and Interclick, Chrysler, GM, Credit Suisse, Morgan Stanley, Citigroup, Pfizer, Allstate, MF Global, JPMorgan, and HCA.
GATA Posts:
Weimar inflation expert Adam Fergusson is interviewed by GoldMoney's James Turk
The Commentary:
“Dear Extended Family,
Gold is headed into the $2000s. The mess in Europe is incurable and can only be damage controlled by QE.
MF Global got busted because credit default swaps did not work. MF Global had their Greek and Euro bond position covered by credit default swaps that they thought would protect them. SURPRISE!
They did not work because the Greek situation of a 50% haircut was given another name than “default” by a select group of Banksters and related parties.
97% of all credit default swaps written are carried by the major US banks. That means 97% of all the credit default swaps are the US usual Bankster suspects that swore to be more conservative in their ways.
If the Greek referendum is determined to represent a Greek default, major US banks will return to public insolvency and be bailed out yet another time because of the fraudulent nature OTC derivatives.
You think that game was rigged? China is coming to the rescue of no one. China specializes in picking up the pieces from troubled areas, not being troubled by troubled areas.
After Europe comes the US as media has been successful in keeping the focus of the problems off the US dollar. The only problem with gold shares is the hedge fund wild men and women that will in the end fail to stop the super bull market that is sure to come.
What is good for gold (QE) is also good for general equities so be careful on those that see doom everywhere.
Playing any one currency today is hard. Better hold a spread and seek to maintain buying power only. Competitive forced devaluation is the tool of strong currencies making it hard for exports in that currency. This is another example of making the Western world economic problems worse by curing the strong currency using liquidity to weaken it.
What today’s economic managers don’t know is Titanic in nature. There is no practical solution to the economic problems of today making gold in all forms desirable long term.
Regards,”- Jim Sinclair, JSMineset.com
The Statistics:
Activity from: 10/31/2011
Gold Warehouse Stocks: | 11,213,470 | -39,346 |
Silver Warehouse Stocks: | 106,706,629 | +1,531,637 |
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 | 1243.551 | 39,981,398 | US$67,904m |
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$6,331m |
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$6,925m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,361 | US$785m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.47 | 1,365,570 | US$2,346m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,947 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.02: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,763.56: No change from yesterday’s data.
The Miners:
Freeport’s (FCX) labor strike update, Aurizon’s (AZK) drill program, Seabridge’s (SA) drill results, Randgold’s (GOLD) appointment of Andrew J Quinn as an independent non-executive director, and Silver Bull’s (SVBL) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Jaguar | JAG +11.54% $5.80 |
2. Seabridge | SA +5.26% $25.00 |
3. Golden Minerals | AUMN+4.14% $7.30 |
LOSERS
1. Solitario | XPL -8.47% $1.62 |
2. Silver Standard | SSRI -7.50% $18.12 |
3. Taseko | TGB -6.56% $3.42 |
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:
Golden Fame Clarifies Previous Technical Disclosure - More
- November 01, 2011 | Item | ShareThis
Silvercorp to Announce Second Quarter Results & Hold Analyst Conference Call - More
- November 01, 2011 | Item | ShareThis
Solvista Gold Announces Grant of Stock Options - More
- November 01, 2011 | Item | ShareThis
Northquest Ltd. Reports High Gold Grades Up to 63.20 Grams Gold Per Tonne From Surface Samples and an Update on Diamond Drilling at the Pistol Bay Gold Project - More
- November 01, 2011 | Item | ShareThis
Golden Phoenix Completes Note Settlement Closing With Win-Eldrich; Receives 2% Net Smelter Royalty on Ashdown Project - More
- November 01, 2011 | Item | ShareThis
Updated NI 43-101 Resource Estimate for Atlantis II Deposit to Include Manganese Values - More
- November 01, 2011 | Item | ShareThis
Banks Island Gold Ltd. Provides Update on Drilling Program at Tel Zone - More
- November 01, 2011 | Item | ShareThis
Stillwater Mining Company Fatal Accident Update - More
- November 01, 2011 | Item | ShareThis
Rockex Mining Provides Operations Update - More
- November 01, 2011 | Item | ShareThis
Cerro Resources NL Reports Quarterly Activities and Files Financial Statements for the Period Ending September 30, 2011 - More
- November 01, 2011 | Item | ShareThis
Eurasian Minerals Identifies New Exploration Targets and Adds to Land Position in Haiti - More
- November 01, 2011 | Item | ShareThis
Oremex Silver Will Be Present at the International Precious Metals & Commodities Show on November 4th & 5th, 2011 in Munich, Germany - More
- November 01, 2011 | Item | ShareThis
Highland Resources Inc.: TSX Acceptance Received for JV Agreement to Acquire Copper Resources in Keweenaw and Houghton Counties, Michigan - More
- November 01, 2011 | Item | ShareThis
AXMIN Signs Drilling Contract for Initial 5,000 Metre Program; Satellite Image Study Commissioned in Q2 2011 Delineates New Target Areas Along Bambari Greenston - More
- November 01, 2011 | Item | ShareThis
SEMAFO Recognized as One of Canada’s Most Admired Corporate Cultures - More
- November 01, 2011 | Item | ShareThis
Fire River Gold Corp. Announces Drill Results from the 3550 Hi Grade Recreation Zone - More
- November 01, 2011 | Item | ShareThis
Mansfield Expands Arizaro Porphyry Gold-Copper Discovery; Lindero Gold Project-Argentina; DDH ARD-13: 122 m @ 0.75 g/t Au and 0.24% Cu - More
- November 01, 2011 | Item | ShareThis
SEMAFO Recognized as One of Canada's Most Admired Corporate Cultures - More
- November 01, 2011 | Item | ShareThis
Sagebrush Gold Announces Reduction of Debt and Conversion of Debt for Shares - More
- November 01, 2011 | Item | ShareThis
Lago Dourado Discovers New Gold Zone; Intercepts 20 Metres of 1.28 g/t Gold and 4 Metres of 6.67 g/t Gold at Jacare's Field, Juruena Project, Brazil - More
- November 01, 2011 | Item | ShareThis
Canasil Identifies New Zone With Gold, Silver and Copper Mineralization in Surface Samples at Sandra-Escobar Project in Durango State, Mexico - More
- November 01, 2011 | Item | ShareThis
Roxgold Receives Final Assays From Phase 1 Core Drilling From 35 and 55 Zones, Yaramoko Concession, Burkina Faso, West Africa - More
- November 01, 2011 | Item | ShareThis
New America Energy Corp. Announces Strategic Nevada-Based Acquisition. - More
- November 01, 2011 | Item | ShareThis
Platinum Group Metals Adds to Senior Management Team - More
- November 01, 2011 | Item | ShareThis
Calvista Gold Corporation Intersects 19.41 Metres of 22.16 g/t Gold Including 0.91 Metres of 308.30 g/t Gold - More
- November 01, 2011 | Item | ShareThis
IP/Resistivity Survey at Empire Mining's Karapinar Copper Project in Turkey Outlines a Strong Chargeable Anomaly 800 x 800 Meters Across, Indicating Possible Si - More
- November 01, 2011 | Item | ShareThis
Starcore Reports Year-End Financial Results - More
- November 01, 2011 | Item | ShareThis
Corazon Discovers New High Grade Zone at Santo Domingo, Nicaragua; Latest Drilling Intercepts 2.85 metres of 7.89 g/t Gold including 0.45 metres of 21.00 g/t - More
- November 01, 2011 | Item | ShareThis
Colorado Identifies Two High Grade Epithermal Gold Zones at Heart Peaks - More
- November 01, 2011 | Item | ShareThis
Argonaut Gold Inc. Provides Notice of Third Quarter Financial Results on November 14, 2011 - More
- November 01, 2011 | Item | ShareThis
Malbex Exploration Update - More
- November 01, 2011 | Item | ShareThis
Eagle Plains and Gold Royalties Corporation Execute Agreement on Blende NSR - More
- November 01, 2011 | Item | ShareThis
ScoZinc Completes Drilling for Expansion of the Main Pit - More
- November 01, 2011 | Item | ShareThis
Skyline Announces Completion of 2011 Drill Program - More
- November 01, 2011 | Item | ShareThis
TVI Pacific Inc. Receives Notice of Ordinance That Would Ban New Open Pit Mining in Zamboanga del Norte - More
- November 01, 2011 | Item | ShareThis
Crosshair Announces Name Change to Crosshair Energy Corporation - More
- November 01, 2011 | Item | ShareThis
Fission Energy Corp.: Trenching Yields Additional Off-Scale Boulders at PLS - More
- November 01, 2011 | Item | ShareThis
Augustine Ventures Receives NI 43-101 Mineral Resource Estimate for Surluga Gold Deposit, Wawa, Ontario - More
- November 01, 2011 | Item | ShareThis
Prophecy Platinum Arranges $8.1 Million Private Placement - More
- November 01, 2011 | Item | ShareThis
Otis Completes Detailed Soil Sampling Program at Kilgore - More
- November 01, 2011 | Item | ShareThis
Lithium Corporation Stakes San Emidio Property - More
- November 01, 2011 | Item | ShareThis
General Moly Announces Third Quarter 2011 Results - More
- November 01, 2011 | Item | ShareThis
Red Eagle Mining commences drilling at Pavo Real - More
- November 01, 2011 | Item | ShareThis
Wildcat announces additional drill results and receives permit to expand drilling onto adjacent land claim - More
- November 01, 2011 | Item | ShareThis
Nubian completes acquisition of nine properties in Nevada, Montana, New Mexico and Idaho, USA - More
- November 01, 2011 | Item | ShareThis
Viking Minerals Inc: Extensive Mineralization Encountered Over Wide Area and Depth in all 6 Holes at Dolly Varden, Nevada - More
- November 01, 2011 | Item | ShareThis
Rencore Stakes Claims in Northwestern Quebec and Enters Joint Venture with Bold Ventures and Reports on Exploration - More
- November 01, 2011 | Item | ShareThis
Thundermin and Cornerstone Announce A Positive Preliminary Economic Assessment for the Little Deer Copper Deposit - More
- November 01, 2011 | Item | ShareThis
NMC Resource (TSX VENTURE: NRC) Substantially Increases Mineral Resources at High Grade Producing Moland Mine - More
- November 01, 2011 | Item | ShareThis
Auryx Gold Releases Results of Exploration and Infill Drilling From Central and East Zones at the Otjikoto Gold Project in Namibia - More
- November 01, 2011 | Item | ShareThis
Bralorne Gold Mines Ltd.: High Grade Intercept Confirmed; 51.47 Ounces Gold per Ton for the 3.1 Foot Interval - More
- November 01, 2011 | Item | ShareThis
Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: Infill Drilling Demonstrates Excellent Continuity of Zone - More
- November 01, 2011 | Item | ShareThis
Drilling Begins in Colombia on Miranda's Pavo Real Project - More
- November 01, 2011 | Item | ShareThis
Midas Gold Reports Additional Drill Results From its 2011 Program at its Golden Meadows Project, Idaho - More
- November 01, 2011 | Item | ShareThis
Gowest Continues to Extend Areas of Mineralization Along Strike & at Depth at Frankfield East Gold Deposit, North Timmins Gold Project - More
- November 01, 2011 | Item | ShareThis
Peter J. Hooper Joins the Board of PC Gold - More
- November 01, 2011 | Item | ShareThis
NioGold and Aurizon Commence $5M Phase 2 Program on Marban Block - More
- November 01, 2011 | Item | ShareThis
Bellhaven Hires Ms. Maria Milagros "Millie" Paredes as COO - More
- November 01, 2011 | Item | ShareThis
Reservoir Minerals Inc. Announces Anticipated Trading of Common Shares, Committees and Grant of Stock Options - More
- November 01, 2011 | Item | ShareThis
Rockgate Extends Newly Outlined High Grade Zone, Falea Uranium-Silver-Copper Project, Mali - More
- November 01, 2011 | Item | ShareThis
NEVADO Announces Positive Metallurgical Test Work on NEOMET Technologies Stage 2 Mini-Plant Campaign From the Farrell-Taylor Oxides Mineralization - More
- November 01, 2011 | Item | ShareThis
Timmins Gold Intersects 38.10 Metres of 5.12 g/t Gold Below Existing Pit Floor of San Francisco Open Pit and 100.06 Metres of 1.00 g/t Gold - More
- November 01, 2011 | Item | ShareThis
Torex Continues to Expand the El Limon Deposit - More
- November 01, 2011 | Item | ShareThis
Mina Pascua is Owned by Jorge Lopehandia - More
- November 01, 2011 | Item | ShareThis
Guerrero to Acquire 100% Interest in Coatapec Property Next to Newstrike's Ana Paula Discovery - More
- November 01, 2011 | Item | ShareThis
Maudore Reports an Exceptional Intercept of 673.0 g/t Gold (greater than 19 oz/t) over 0.5m from the Potential Eastern Extension of the Company's Resource - More
- November 01, 2011 | Item | ShareThis
Silver Bull Intersects 63g/t Silver Over 119.3 Meters in a New Silver Discovery at the Sierra Mojada Project, Coahuila, Mexico - "Full credit for this new discovery must go to the team onsite led by Jason Cunliffe. This is a very significant new discovery at Sierra Mojada and considering the grade and thickness of these intercepts it has the potential to add to the silver mineralization already defined at the project. Going forward in the immediate term, this new zone combined with the step out drilling targeting the "at surface" silver mineralization currently underway at the western end of the "Shallow Silver Zone" gives us two very viable targets from which we can potentially add to the silver resource in our next resource report update expected during the first half of 2012." More
- November 01, 2011 | Item | ShareThis
Freeport-McMoRan Copper & Gold Inc. Updates Status of PT-FI Operations - "PT-FI continues to seek a mutually acceptable resolution to the ongoing labor strike which commenced on September 15, 2011. The Company is following the established Indonesian legal process, including pursuit of a resolution through a labor court process, while continuing to seek to negotiate with the union in good faith." More
- November 01, 2011 | Item | ShareThis
Aurizon Announces Commencement of a $5 Million Phase 2 Program on the Marban Block - "Aurizon Mines Ltd. ("Aurizon") (TSX: ARZ.TO - News)(AMEX: AZK - News) is pleased to report that a $5 million, second phase program has been initiated on the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec." More
- November 01, 2011 | Item | ShareThis
Better Than Expected Drill Results Continue at Seabridge Gold's Courageous Lake Project - "These results demonstrate the remarkable continuity of mineralization at FAT and will likely increase both the grade and size of the resource," he said. "Most important, this third tranche of 2011 drill results clearly supports our view that we are successfully upgrading inferred resources to higher categories as required for reporting reserves in the Preliminary Feasibility Study (PFS) of the FAT deposit planned for the second quarter of next year." More
- November 01, 2011 | Item | ShareThis
Randgold Resources Ld: Appointment of independent non-executive director - "Randgold Resources is pleased to announcethe appointment of Andrew J Quinn as an independent non-executivedirector and a member of the audit committee with effect from 1November 2011." More
- November 01, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Tuesday, 1 November 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 5%
