Magellan Minerals Ltd. (TSX-V: MNM) is a well-financed, Canadian-based junior exploration company focused on mineral exploration and development in the state of Para in northern Brazil. The Company has interests in a number of properties in the Tapajos region which has a historic gold production estimated at 20-30Moz of gold. The Company has two advanced gold projects, Cuiu Cuiu and Coringa, a 1.7Moz gold resource, and is currently drilling with six rigs. More
The Metals:
Gold fell $13.35 to $1783.95 in Asia before it rose to see a $5.52 gain at $1802.82 by early afternoon in New York, but it then fell back off rather markedly in the last few hours of trade and ended with a loss of 0.76%.Silver fell to $34.48 in Asia before it climbed to as high as $35.318 in New York, but it also fell back off in late trade and ended with a loss of 0.11%.
Euro gold fell to about €1289, platinum gained $1 to $1655, and copper fell a couple of cents to about $3.55.
Gold and silver equities waffled near unchanged and ended about 1% lower.
Oil continued higher on apprehension about the IAEA’s report on Iran released midday today:
"The agency has serious concerns regarding possible military dimensions to Iran's nuclear programme," the keenly awaited International Atomic Energy Agency report, seen by AFP, said.
"After assessing carefully and critically the extensive information available to it, the agency finds the information to be, overall, credible.
"This information indicates that Iran has carried out activities relevant to the development of a nuclear explosive device."
The U.S. dollar index fell as the euro rose on progress in Europe – “Italian Prime Minister Silvio Berlusconi won a budget vote in Italy’s parliament but without a majority, indicating a confidence vote may come next.”Reports are also coming out that Berlusconi will resign once a budget is passed.
“Italy became a key focus for investors this week after doubts emerged that the country would go through with a tough package of austerity measures. Many investors saw Berlusconi as an obstacle to sweeping economic reforms that would be needed to help Italy cut its debt load and avoid sinking into a debt crisis.”
“Premier Silvio Berlusconi says his decision to resign after parliament passes economic reforms is for the good of the country, and to settle financial markets that have lost confidence in Italy's ability to rein in debt and spur growth.
Berlusconi said late Tuesday that he would prefer to call early elections, but that the decision rests with Italian President Giorgio Napolitano.”
Treasuries fell as the Dow, Nasdaq, and S&P eventually rose on relief over Europe.
Among the big names making news in the market today were Dynegy, Olympus, BNY Mellon, EBay, Targacept, Morgan Stanley, and Toyota.
The Commentary:
“Gold is putting in a very strong showing in today's session as it appears a large influx of new speculative money has found its way into this market. Investors are moving back into both gold and Treasuries as safe havens with gold being the favorite of the two - a nice development to say the least.
Buttressing gold's fortunes us a good showing by silver and a particularly good showing in the mining shares which are surging.
The $1800 level is a psychological resistance level because of the handle change from "17" to "18". If it can clear this level and keep oscillating above it, funds will come in and push it to the $1820 - $1825 level which is the next resistance zone on the chart.
Support should show up on any potential dip to $1755 - $1750 with very strong support now arising closer to $1720.
Note that this very strong move higher in gold is occurring with a backdrop of the US Dollar being relatively unchanged. That means gold is moving higher in terms of most all of the major foreign currencies - a sure sign that the metal is catching its bid as a SAFE HAVEN.
I want to emphasize this because we are repeatedly told by those who should know better that gold has failed as a safe haven. They say this because they do not understand the SHORT TERM effect of money flows in today's financial markets and how interwoven overall commodity market performance is to hedge fund computer algorithms.
Gold gets sold initially during such times of general risk aversion because it is part of the basket of commodities that comprise every single commodity sector index out there. Those indices include the CCI (Continuous Commodity Index), the CRB (Commodity Research Bureau) index, the Dow Jones/AIG Commodity Index or even the Goldman Sachs Commodity Index (GSCI). Computers do not think - they just do whatever they are programmed to do and selling commodities across the board is programmed into these algorithms when certain pre-defined conditions occur. It takes independent thought and analysis, combined with DISCRETIONARY trading, and not system trading, to counteract some of this mindless buying or selling. Only when there is sufficient Discretionary trading taking place, can enough money flows arise to stem some of the effects from these computers.
That means we need buying in the physical gold market that looks for value to counter the hedge funds. That has been the pattern in the gold market for more than a decade now. Those who keep pronouncing such foolishness such as "gold is a poor safe haven", in order to say something designed to get themselves maximum exposure in the US financial press because of its shock value would be well advised to adopt a longer term view and broader their narrow perspective. They are wrong and could not be more ignorant.
Once the value-based buyers absorb the computer generated hedge fund selling, then the technical factors begin to improve for gold as its chart pattern improves and back in come the same hedge funds, this time on the buy side. That is what is happening today once again.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.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
1255.654
40,370,545
US$72,436m
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$6,668m
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$7,297m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,323
US$818m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
42.47
1,365,405
US$2,433m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,946
US$9m
Note: Change in Total Tonnes from yesterday’s data: SPDR added 10.59 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.44: +0.35 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,757.99: -12.1 change from yesterday’s data.
Almaden’s (AAU) drill results, Paramount’s (PZG) drill results, Gold Resource’s (GORO) conference call, Exeter’s (XRA) drilling, and Hecla’s (HL) dividend and third quarter net income were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Almaden
AAU +8.42% $2.96
2.Avino
ASM +6.47% $2.14
3.Gold Reserve
GRZ +5.90% $3.05
LOSERS
1.Minefinders
MFN -8.63% $14.50
2.Golden Star
GSS -6.75% $2.21
3.Claude
CGR -5.36% $1.94
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:
St. Augustine Gold and Copper Limited Announces Private Placement Offering - More - November 08, 2011 | Item | ShareThis
Claude Resources Inc. Announces Third Quarter 2011 Conference Call and Webcast - More - November 08, 2011 | Item | ShareThis
B2Gold Corp.: Notice of 2011 Third Quarter Results Conference Call - More - November 08, 2011 | Item | ShareThis
Golden Phoenix Joint Venture Partner Scorpio Gold Intersects Near Surface Mineralization at Wedge B Zone, Mineral Ridge Gold Project - More - November 08, 2011 | Item | ShareThis
Continental Precious Minerals Inc. Announces Normal Course Issuer Bid - More - November 08, 2011 | Item | ShareThis
Colombia Crest Gold Announces Soil Sample Results of 0.4 Grams Per Tonne Gold Over the Arabia Porphyry Target, Colombia - More - November 08, 2011 | Item | ShareThis
Positive Drill Results From Tanoyan Gold Project, Sulawesi, Indonesia - More - November 08, 2011 | Item | ShareThis
Sagittarius Capital Announces Results of AGM Voting, Resignation of Board Member and Amended and Restated LOI - More - November 08, 2011 | Item | ShareThis
First Nickel Hires New CFO - More - November 08, 2011 | Item | ShareThis
GreenLight Prospectors Discover New Gold-Bearing Boulder Train Dispersed Over 450 Meters at Keymet, Bathurst Camp New Brunswick - More - November 08, 2011 | Item | ShareThis
Victory Resources Corporation - Drilling intersects 12.45% Zinc and 0.88% copper - More - November 08, 2011 | Item | ShareThis
i-minerals Begins Pilot Plant Production of High Purity Quartz Products - More - November 08, 2011 | Item | ShareThis
Lake Victoria Confirms Gold Mineralization in Most of the Workings at the Recently Acquired Kiabakari East License - Tanzania, East Africa - More - November 08, 2011 | Item | ShareThis
Tirex Resources Engages Dorsey & Whitney LLP To File For Quotation On The OTCQX - More - November 08, 2011 | Item | ShareThis
Finore Mining Inc. Appoints New Director - More - November 08, 2011 | Item | ShareThis
Rhyolite Drilling Extends Gold Discoveries at Paxson: Highlights Include 1.6 g/t Au Over 70.1m, 1.0 g/t Au Over 100.1m and 8.6 g/t Au Over 2.2m - More - November 08, 2011 | Item | ShareThis
Adroit Applies for an Extra 19,820 Meters of Drilling and Two Year Extensions for Six Existing Exploration Permits in Italy - More - November 08, 2011 | Item | ShareThis
Alto Sells Its 40% Interest in the Coldstream Gold Project, Ontario to Foundation Resources - More - November 08, 2011 | Item | ShareThis
Foundation Acquires 100% Interest in the Coldstream Gold Project, Ontario - More - November 08, 2011 | Item | ShareThis
Bullfrog Gold Corp. Information to Be Available Through Standard & Poor's Market Access Program - More - November 08, 2011 | Item | ShareThis
SEMAFO Declares Inaugural Dividend - More - November 08, 2011 | Item | ShareThis
Salmon River Resources Announces Conference Call - More - November 08, 2011 | Item | ShareThis
White Tiger Secures $15 Million Shareholders' Loan to Ramp Up Production at Lamaque - More - November 08, 2011 | Item | ShareThis
Southern Silver Announces Corporate Appointments and Updates Exploration Plan at Dragoon Project - More - November 08, 2011 | Item | ShareThis
Cartier Commences Drilling on Silver Zone at Cadillac Extension - More - November 08, 2011 | Item | ShareThis
Gold Reach Announces Additional Drill Results for Seel Including 194 Metres Grading 0.42 Grams Per Tonne Gold and 0.37% Copper - More - November 08, 2011 | Item | ShareThis
Ditem: Up to 6.73% TREO on the Lalande Property - More - November 08, 2011 | Item | ShareThis
La Mancha Posts Its Strongest Quarter to Date: Record Net Earnings and Cash Flow From Operating Activities - More - November 08, 2011 | Item | ShareThis
Uranium Resources Announces Third Quarter 2011 Conference Call and Webcast - More - November 08, 2011 | Item | ShareThis
Probe Mines Announces Completion of Bought Deal Private Placement Including Exercise of Underwriters' Option Raising $15.19 Million - More - November 08, 2011 | Item | ShareThis
GeoMegA Resources Inc./Montviel: Metallurgy and Phase 2 Drilling Update - More - November 08, 2011 | Item | ShareThis
Alexandria Provides Operational Update - More - November 08, 2011 | Item | ShareThis
Edgewater Appoints Mike Vint to Board of Directors - More - November 08, 2011 | Item | ShareThis
American Bonanza Begins Plant Commissioning at Copperstone - More - November 08, 2011 | Item | ShareThis
PJX Resources Inc. Increases Land Holdings on Cranbrook Gold Properties - More - November 08, 2011 | Item | ShareThis
Norman Cay Development Announces Appointment of Mr. Dean Huge as Chief Financial Officer - More - November 08, 2011 | Item | ShareThis
Black Sea Metals, Inc. Welcomes New Directors and Officers - More - November 08, 2011 | Item | ShareThis
Ucore Grants Incentive Stock Options - More - November 08, 2011 | Item | ShareThis
Silver Falcon Mining, Inc. (SFMI) Announces Its First Sale of Bullion Dore, Stock Buy-Back Initiated - More - November 08, 2011 | Item | ShareThis
Almaden Continues to Hit at Ixtaca North and Intersects 10.00 M of 3.05 G/T Au and 198.8 G/T Ag (7.0 G/T AuEq) on Main Ixtaca Zone, Adds Fourth Drill to Program - "Almaden Minerals Ltd. (“Almaden” or “the Company”; AMM: TSX; AAU: NYSE AMEX) is pleased to announce results from the on-going drilling at the Ixtaca Zone with holes TU-11-56, 60, 61, 62 and 65. Holes TU-11-56, 60 and 61 were drilled 180 degrees away from the known Ixtaca veining (at a 330 azimuth) and intersected the zone of mineralisation now referred to as Ixtaca North. The orientation of the Ixtaca North zone remains poorly understood. Hole TU-11-65 was drilled into the main Ixtaca Zone. This hole started in ash and only intersected a portion of the Ixtaca Zone. Final assays remain pending for holes TU-11-59, 63 and 64." More - November 08, 2011 | Item | ShareThis
Oroco Announces Private Placement - More - November 08, 2011 | Item | ShareThis
Indico Announces Further Encouraging Drill Results From Ocana Project, Southern Peru Copper Belt - More - November 08, 2011 | Item | ShareThis
Aurvista Drills High-Grade Intersection (8.4 g/t Gold Over 6.8 m True Width) in the Eastern Extension of the Zone 10 Deposit, Douay Project, Matagami Region - More - November 08, 2011 | Item | ShareThis
Pacific Bay Trenches 10 Metres of 87.42 g/t Silver, 1.49% Zinc, 2.18% Lead at Haskins-Reed - More - November 08, 2011 | Item | ShareThis
Selwyn Resources Grants Stock Options - More - November 08, 2011 | Item | ShareThis
Resinco Capital Partners Inc. Releases Q3 2011 Results - More - November 08, 2011 | Item | ShareThis
Solitaire Minerals Corp. Options Property with Historical Iron Discovery, Quebec - More - November 08, 2011 | Item | ShareThis
Papuan Precious Metals Cease Trade Lifted - More - November 08, 2011 | Item | ShareThis
REBgold Announces Non-Brokered Private Placement - More - November 08, 2011 | Item | ShareThis
Uranium Energy Corp Acquires the Workman Creek Project in Arizona - More - November 08, 2011 | Item | ShareThis
Midland Exploration Announces a $1 M Private Placement - More - November 08, 2011 | Item | ShareThis
Yorbeau Intersects 7.02 g/t Au Over 8.0 Metres at the Cinderella Target in the Rouyn Property - More - November 08, 2011 | Item | ShareThis
Paramount Gold and Silver Reports More High-Grade Drill Results From its San Miguel Project in Mexico - "Paramount Gold and Silver Corp. (AMEX: PZG - News)(TSX: PZG - News)(Frankfurt: P6G.F - News)(WKN: A0HGKQ) ("Paramount") today reported more high-grade gold and silver values from six holes recently drilled at its 100%-owned San Miguel Project in northwestern Mexico. These six holes from the ongoing resource delineation program at the San Miguel Vein target all returned excellent intercepts including 10.8 meters grading 8.33 g/T of gold and 32.5 g/T of silver." More - November 08, 2011 | Item | ShareThis
Lumina Intersects 734 Meters Grading 0.84% Copper Equivalent Including 146 Meters Grading 1.82% Copper Equivalent at Taca Taca Copper-Gold-Molybdenum Project - More - November 08, 2011 | Item | ShareThis
Logan Intercepts 43% Iron Over 49 Metres at Redford - More - November 08, 2011 | Item | ShareThis
Ridgemont Intercepts 43% Iron over 49 Metres at Redford - More - November 08, 2011 | Item | ShareThis
Rare Earth Metals Inc. Outlines a Number of Heavy Rare Earth Targets on Its Dory Pond Area, Red Wine Property - More - November 08, 2011 | Item | ShareThis
Lithium Americas Completes Construction of Pilot Plant and Commences Pilot Production of Battery Grade Lithium Carbonate - More - November 08, 2011 | Item | ShareThis
Yale Starts Drilling at Dos Naciones - More - November 08, 2011 | Item | ShareThis
Hecla Declares First Quarterly Silver Price-Linked Common Stock Dividend and Preferred Dividend - "Hecla Mining Company (“Hecla”) (NYSE:HL) today announced its Board of Directors has declared the first quarterly silver price-linked dividend under Hecla’s recently announced silver price-linked dividend policy. The declared dividend is $0.02 per share of common stock, for a total amount of approximately $5.6 million, based on an average realized silver price of $37.02 in the third quarter 2011." More - November 08, 2011 | Item | ShareThis
Comstock Mining Announces Notice of Third Quarter 2011 Results and Business Update Conference Call - More - November 08, 2011 | Item | ShareThis
Hecla Reports 183% Increase in Third Quarter 2011 Net Income - "Hecla Mining Company (“Hecla”) (NYSE:HL) today announced third quarter net income of $55.8 million, or $0.20 per basic share, and earnings after adjustments applicable to common shareholders of $35.4 million or $0.13 per basic share. Third quarter silver production was 2.3 million ounces at a cash cost of $0.67 per ounce, net of by-products." More - November 08, 2011 | Item | ShareThis
Strongbow Updates Carolina Exploration Projects - More - November 08, 2011 | Item | ShareThis
Balmoral Reports Additional Bonanza Grade Gold Assays From Chip Sampling on Northshore Property, Ontario - More - November 08, 2011 | Item | ShareThis
Robex Resources Inc./Nampala: Feasibility Study Reveals a Pre-Tax Net Present Value (NPV) of $113.6 Million at $1,250 Gold Price Per Ounce - More - November 08, 2011 | Item | ShareThis
Portex Minerals Inc. Retains Consultant to Prepare 43-101 Compliant Technical Report and Resource Estimate for its Lagoa Salgada Project in Portugal - More - November 08, 2011 | Item | ShareThis
New Pacific Metals Reports High Grade Assays at the Mt. Skukum Gold Deposit of Its Tagish Lake Gold Project - More - November 08, 2011 | Item | ShareThis
GTA's Northshore Property Yields Abundant High Grade Gold in Trench Samples - More - November 08, 2011 | Item | ShareThis
Bellhaven Announces Closing of the Strategic Investment by IAMGOLD - More - November 08, 2011 | Item | ShareThis
Search Minerals Awarded Explorer of the Year by Canadian Institute of Mining, Metallurgy & Petroleum, Newfoundland and Labrador Chapter - More - November 08, 2011 | Item | ShareThis
Gold Resource Corporation Announces 2011 Third Quarter Conference Call - "Gold Resource Corporation (AMEX: GORO - News) today announced the timing of its third quarter CEO conference call scheduled November 10, 2011. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $30 million to shareholders in monthly dividends since declaring commercial production July 1st, 2010." More - November 08, 2011 | Item | ShareThis
Drilling Recommences at Exeter's Caspiche Project - "Exeter Resource Corporation (TSX: XRC.TO - News) (AMEX: XRA - News) (Frankfurt: EXB.F - News) ("Exeter" or the "Company") is pleased to report that drilling has recommenced at its 100% owned Caspiche project in northern Chile." More - November 08, 2011 | Item | ShareThis
Boxxer terminates Gordon Lake Option Agreement with Champlain - More - November 08, 2011 | Item | ShareThis
Rainy River Resources Ltd. Intersects High Grade Within the Conceptualized Open Pit and Underground Settings - More - November 08, 2011 | Item | ShareThis
Corvus Gold Intersects 6.8 Metres of 4.5 g/t Gold and 5.1 Metres of 4.6 g/t Gold at the Chisna Project, Alaska - More - November 08, 2011 | Item | ShareThis
TVI Pacific Inc. Sells Alaska Oil Assets - More - November 08, 2011 | Item | ShareThis
Urban Select Announces Letter of Intent With ARNEVUT Resources - More - November 08, 2011 | Item | ShareThis
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Gold Seeker Closing Report: Gold and Silver End Modestly Lower
Magellan Minerals
