Please Note: CoT reports are delayed until Monday due to Veterans’ Day.
Close
Gain/Loss
On Week
Gold
$1787.20
+$28.10
+1.80%
Silver
$34.66
+$0.64
+1.58%
XAU
212.43
+3.33%
+1.66%
HUI
603.65
+3.72%
+2.20%
GDM
1727.76
+3.56%
+1.57%
JSE Gold
3182.78
+9.60
+2.57%
USD
76.89
-0.75
-0.10%
Euro
137.50
+1.40
+7.49%
Yen
129.69
+0.90
+1.38%
Oil
$98.99
+$1.21
+5.02%
10-Year
2.056%
UNCH
+0.29%
Bond
141.3125
UNCH
+2.60%
Dow
12153.68
+2.19%
+1.42%
Nasdaq
2678.75
+2.04%
-0.28%
S&P
1263.85
+1.95%
+0.85%
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 saw slight gains in Asia and London, but it then accelerated higher in New York and ended near its early afternoon high of $1788.65 with a gain of 1.6%.Silver rose to as high as $34.826 and ended with a gain of 1.88%.
Euro gold rose to about €1300, platinum gained $25.40 to $1641.20, and copper rose 10 cents to about $3.47.
Gold and silver equities rose over 3% by late morning and remained near that level for the rest of the day.
Next week’s economic highlights include PPI, Retail Sales, Empire Manufacturing, and Business Inventories on Tuesday, CPI, Net Long Term TIC Flows, Industrial Production, and Capacity Utilization on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Leading Economic Indicators on Friday.
The bond market was closed in observance of Veterans’ Day.
Among the big names making news in the market Friday were Facebook, Universal, Sony, EMI, Disney, MF Global, and Nvidia.
The Commentary:
“Risk trades were back on in several markets today with equities rallying, the US Dollar selling off and both gold and silver moving higher. Once again, copper was up and thus so was silver. The link between those two metals lately has been quite tight.
Gold bounced from support near $1750 and is moving back to towards $1800 once again. You might recall from the other day that I mentioned a large number of fresh short positions were shoved on at $1800 and above. We will see how those new bears defend those fresh positions. Bulls can give them plenty of headaches if they can muster the strength to push price through that recent high. Failing that, the market will see some liquidation from both floor traders and shorter term oriented longs who will note the inability to better that level and take that as a signal to book some profits.
Aiding the cause of the gold bulls is the very strong showing in the HUI today as it is currently up better than 3% and is above the 600 level on that index's chart. A strong close above this level to end the week would be very constructive on the weekly chart and would set the sector to mount a charge to the 610 level early next week. Failing to hold above 600 would discourage some of the bulls.
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
1268.666
40,788,871
US$72,287m
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$6,628m
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$7,253m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,307
US$816m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
42.47
1,365,360
US$2,398m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,946
US$9m
Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.513 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.97: +0.53 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,783.71: No change from yesterday’s data.
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:
Inter-Rock Interim Statement Re-filing - More - November 11, 2011 | Item | ShareThis
Fancamp's Lac Lamelee Property-Latest Drilling Results - More - November 11, 2011 | Item | ShareThis
Otis Announces Grant of Stock Options - More - November 11, 2011 | Item | ShareThis
Northern Gold Reports Results for Eight Garrcon Gold Deposit Drill Holes Including 1 M @ 81 g/t - More - November 11, 2011 | Item | ShareThis
Gilman Law LLP Announces Class Action Lawsuit Against Agnico-Eagle Mines, Ltd. - "Gilman Law LLP, a leading national securities law firm, is actively investigating shareholder allegations that Agnico-Eagle Mines, Ltd. ("Agnico-Eagle") and certain of its officers and directors violated the Securities Exchange Act of 1934, by issuing false and misleading information concerning the Company's overall operational and financial condition and well-being resulting from significant problems in the Company's mining operations and gold production at its Goldex mine in Val d'Or Quebec. Founded in 1953, Agnico-Eagle, a Canadian based international gold producer, engages in the exploration, development and production of mineral properties in Canada, Finland and Mexico." More - November 11, 2011 | Item | ShareThis
Osisko Reports Third Quarter 2011 Results Net Profit of $9.3 Million - More - November 11, 2011 | Item | ShareThis
El Tigre Silver Announces First Silver Assays for the Tailings Recovery Project in Sonora, Mexico - More - November 11, 2011 | Item | ShareThis
Takara Identifies Seventeen New Targets on the Tassawini Gold Project, Guyana and Terminates GoldQuest Transaction - More - November 11, 2011 | Item | ShareThis
General Moly Provides Update on State of Nevada Permits - More - November 11, 2011 | Item | ShareThis
Crocodile Gold Reports Revenue of $30 Million on the Sale of 17,900 Ounces Gold in the Third Quarter of 2011 - More - November 11, 2011 | Item | ShareThis
Nautilus Reports Solid Third Quarter Results - More - November 11, 2011 | Item | ShareThis
GoldQuest Terminates Business Combination Transaction With Takara Resources Inc. and Receives a Report on Induced Polarization Survey - More - November 11, 2011 | Item | ShareThis
Amerigo Announces Revised Record Date for Dividend - More - November 11, 2011 | Item | ShareThis
Northern Iron Corp. Joins OTCQX International Marketplace in the U.S.A - More - November 11, 2011 | Item | ShareThis
Mountain Lake: Over 25,000 Metres of Drilling in 150 Drill Holes Completed in 2011 at the Valentine Lake Gold Project in Central Newfoundland - More - November 11, 2011 | Item | ShareThis
Li3 Energy Provides Maricunga Operational Update - More - November 11, 2011 | Item | ShareThis
EURO Ressources Reports Earnings for the Third Quarter and Nine Months Ended September 30, 2011 - More - November 11, 2011 | Item | ShareThis
B2Gold and Auryx Gold Sign Arrangement Agreement - More - November 11, 2011 | Item | ShareThis
Barrick May Acquire Smaller Mines as Part of Expansion Drive - "Barrick Gold Corp. (ABX), the world’s largest producer of the precious metal, may buy smaller assets near existing mines as part of its strategy to boost output.
Barrick will look at such opportunities while also focusing on larger, “substantive” projects, Chief Executive Officer Aaron Regent said in a Nov. 9 interview at the company’s Toronto headquarters.
“It’s almost like a brownfield expansion, if there is a small mine that we discover or potentially acquire, because you bolt it on to existing infrastructure,” he said." More - November 11, 2011 | Item | ShareThis
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