Gold erased early Asian losses and bumped up to $1722.92 by about 3:30AM EST before it fell all the way back to $1702.00 by a little after 10AM EST, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.44%.Silver rose to as high as $32.364 in Asia before it dropped back to $31.595, but also rallied back higher in New York and ended with a gain of 2.69%.
Euro gold rose to about €1290, platinum gained $1.80 to $1520.50, and copper gained a couple of cents to about $3.58.
Gold and silver equities rose in afternoon trade and ended with almost 2% gains.
The Economy:
There were no major economic reports today.Tomorrow at 3PM EST brings Consumer Credit for October expected at $7.0 billion.
Oil ended modestly higher as the U.S. dollar index fell back off in late trade and ended slightly lower on hopes that the European Union will be able to agree upon a workable solution at its summit this Friday.
Treasuries fell as the Dow and S&P rose on optimism about Europe.
“Stocks rallied sharply Tuesday after a report that EU officials may be creating two separate rescue funds to help contain the region's ongoing sovereign debt crisis.
Negotiators are considering supplementing the existing 400 billion euro fund with a 500 billion fund, according to a report from the Financial Times.”
Among the big names making news in the market Friday were Lehman Brothers, BofA, Verizon, and Toll Brothers.
The Commentary:
“The failure by Ol' Yeller to extend past $1750 has tripped some of the shorter term technical indicators into a sell mode. As you can from looking at the blue downtrend line, Gold cannot seem to extend past this line. The positive is that it is also holding the uptrending red support line with the result being a tightening pattern or almost a type of coil that is forming.
Gold bulls need to watch this carefully as a failure to hold above $1650 will send the metal very quickly towards the $1600 level where it must find active buying to prevent a deeper setback in price which could potentially take it first towards $1550 and even towards the $1500 level should it fail to hold there.
A push back through $1765 turns the chart pattern friendly with only a closing push through $1800 allowing for the resumption of a strong uptrending pattern and a test of the all time high.
All eyes in gold are on Europe for the time being as its fortunes are tied to developments there. If the European ministers meeting in Brussels this coming Friday come up with a plan that assuages fears of investors/traders in regards to the sovereign debt crisis there, gold should extend to the upside as the market will move towards the risk trades again. If they disappoint, gold is going to be fighting some very strong headwinds as the Dollar will rally and possibly take out strong resistance near the 80 level on the USDX.”- 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
1297.929
41,729,700
US$71,245m
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$6,405m
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$7,009m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,174
US$788m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
awaited
awaited
US$2,310m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,945
US$9m
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.50: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,702.56: No change from yesterday’s data.
Newmont’s (NEM) troubled project in Peru, Centerra’s (CG.TO) resumed supply chain, Midway’s (MDW) project progress, IAMGOLD’s (IAG) investment in Tolima Gold Corp., Nevsun’s (NSU) update on United Nations Actions, South American Silver’s (SAC.TO) exploration results, Endeavour Silver’s (EXK) exploration results, and Silver Bull’s (SVBL) additional stock offering were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1.Solitario
XPL +9.63% $1.48
2.Hecla
HL +9.20% $6.53
3.Great Panther
GPL +9.17% $2.38
LOSERS
1.Loncor
LON -5.76% $1.31
2.Mag Silver
MVG -2.50% $7.81
3.Eldorado
EGO-0.82% $16.99
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:
Aquila Acquires the Bend Copper-Gold Deposit - More - December 06, 2011 | Item | ShareThis
Ressources Appalaches Announces Results of Annual and Special Meeting of Shareholders - More - December 06, 2011 | Item | ShareThis
Stellar Pacific Ventures Inc.: Update on Spin Off-Quebec Mineral Assets and Record Date for Distribution - More - December 06, 2011 | Item | ShareThis
Calais Resources Update - More - December 06, 2011 | Item | ShareThis
General Metals Completes Mill Site Cleanup Work Plan at Its Independence Gold Project; Engages World-Renown Metallurgical Engineer - More - December 06, 2011 | Item | ShareThis
Archean Star Updates Gnaweeda Diamond Drill Program - More - December 06, 2011 | Item | ShareThis
Afghanistan to Offer Four Copper, Gold Deposits for Tender - "Afghanistan said it’s seeking investors for four mineral deposits containing copper and gold, a week after Indian steel and mining companies announced plans to spend as much as $11 billion in the war-ravaged country." More - December 06, 2011 | Item | ShareThis
Sunridge Gold Updates United Nations Sanctions on Eritrea - More - December 06, 2011 | Item | ShareThis
Newmont Mine Falters Over Plan to Turn Peru Lakes to Reservoirs - "Newmont Mining Corp., the world’s second-largest gold producer, is finding its biggest growth project runs straight through lakes and land belonging to some of the poorest farmers in Peru’s northern Andes." More - December 06, 2011 | Item | ShareThis
Teryl Resources Corp. Completes Assessment and Rental Fees - More - December 06, 2011 | Item | ShareThis
NQ Exploration Announces a $1,080,000 Private Placement - More - December 06, 2011 | Item | ShareThis
Commonwealth Silver Completes NI 43-101 Technical Report and Commences New 5,000 Meter Drilling Program - More - December 06, 2011 | Item | ShareThis
American Manganese Inc.: Strong Electrolytic Manganese Market Forecast by CPM Group - More - December 06, 2011 | Item | ShareThis
Southern Silver Drills 10.8 metres of 70g/t Ag, 1.6% Pb and 2.2% Zn at Cerro Las Minitas - More - December 06, 2011 | Item | ShareThis
Apella Resources Inc.: Final Assay Results Provide Economic V2O5Eq Data Game-Changer Vanadium-Iron-Titanium Project - More - December 06, 2011 | Item | ShareThis
South American Silver Reports Surface Sampling and Drill Results from Escalones Copper-Gold-Silver Project and Initiates Phase II Exploration Program - "South American Silver Corp. (TSX: SAC.TO - News)(Pinksheets: SOHAF.PK - News) South American Silver Corp. is pleased to announce the start of a Phase-II exploration program at the Company's 100%-controlled Escalones copper-gold-silver project in central Chile following the completion of Phase I program earlier in the year. The exploration program will include up to 7,000 meters of initial drilling, including both step-out testing of the known mineralized zones and testing new targets based on geochemistry and geophysics including the potential to define a large porphyry copper-gold deposit. The Company anticipates reporting the first independent NI 43-101-compliant resource estimate defined by the first 30 historic and recent drill holes in the project by the end of 2011." More - December 06, 2011 | Item | ShareThis
Erdene Completes Private Placement Financing - More - December 06, 2011 | Item | ShareThis
Carlisle Goldfields Signs Memorandum of Understanding with Marcel Colomb First Nation and Marcel Colomb Development Corporation - More - December 06, 2011 | Item | ShareThis
Salazar Provides Corporate Update: Key Development in Ecuador Mining Industry - More - December 06, 2011 | Item | ShareThis
U.S. Precious Metals, Inc. Announces the Restructure of the Board of Directors and Management - More - December 06, 2011 | Item | ShareThis
Plexmar Resources Inc.: Malin Plant Update - More - December 06, 2011 | Item | ShareThis
Globex Update: Turner Falls Rare Earths Project - More - December 06, 2011 | Item | ShareThis
Pershimco Drills 82 Meters of Sulfides at 0,51% Cu Equiv on LaPava East Including 8 Meters of 1.64% Cu - More - December 06, 2011 | Item | ShareThis
Smash Minerals Reports All Assay Results Received, 2012 Drill Targets Ready For Early Season Drilling - More - December 06, 2011 | Item | ShareThis
KGHM Polska Mied%u017A S.A. - Creating a Strong Global Growth Platform with Quadra FNX - More - December 06, 2011 | Item | ShareThis
Lion One Metals Reports on Work at Murau Bulk Area, Begins Trading on OTCQX as LOMLF - More - December 06, 2011 | Item | ShareThis
Banks Island Gold Ltd. Enters into Investor Relations Agreement and Grants Stock Options - More - December 06, 2011 | Item | ShareThis
Vanstar Starts a Drilling Campaign on Joutel - More - December 06, 2011 | Item | ShareThis
Grizzly Commences 2nd Potash Test Well Near Medicine Hat, Alberta and Adds to Gold Copper Discovery in the Dayton Area, Greenwood Gold Project - More - December 06, 2011 | Item | ShareThis
La Ronge Gold Closes Private Placement - More - December 06, 2011 | Item | ShareThis
Galahad Announces Sale of 80 Claims, Landrienne and Barraute Twps, Val d'Or, Qc - More - December 06, 2011 | Item | ShareThis
Pan American Lithium Corp. Completes First Phase Exploration Program at the Llanta, Chile Aquifer Project - More - December 06, 2011 | Item | ShareThis
Tresoro Mining Corp. Obtains Injunctive Relief Against Former President and Mercer BC - More - December 06, 2011 | Item | ShareThis
PolyMet Closes $20 Million Private Placement With Glencore - More - December 06, 2011 | Item | ShareThis
Drilling at Ben Vein Intersects 3.4m @ 11.6 g/t Gold at Terra Project, Alaska - More - December 06, 2011 | Item | ShareThis
Corvus Gold Expands High-Grade Vein Deposit at Terra Project, Alaska: 3.4 metres @ 11.6 g/t Gold and 106.5 g/t Silver - More - December 06, 2011 | Item | ShareThis
Sniper Resources Ltd.: Overland Pass Permitting Update and Guild Exploration Results - More - December 06, 2011 | Item | ShareThis
Wolverine Summarizes Its 2011 Yukon Exploration Programs; A Number of High Quality Drill Targets Identified - More - December 06, 2011 | Item | ShareThis
Tara Minerals Appoints Key Operational Positions - More - December 06, 2011 | Item | ShareThis
Rye Patch Files Lawsuit Against Subsidary of Coeur d'Alene Mines - More - December 06, 2011 | Item | ShareThis
Columbus Gold to Purchase Outright 100% Interest in 1.9 Million oz. Paul Isnard Gold Project; Terminates Earn-in Requirement - More - December 06, 2011 | Item | ShareThis
Galore Drills High-Grade Gold Near Surface at El Alamo - More - December 06, 2011 | Item | ShareThis
Calibre Expands Gold-Silver Mineralized Zone at 100% Owned Riscos de Oro Project, Nicaragua - More - December 06, 2011 | Item | ShareThis
Quadra FNX Agrees to C$15.00 Per Share All-Cash Acquisition by KGHM - More - December 06, 2011 | Item | ShareThis
Treasury Metals Announces Closing of Private Placement - More - December 06, 2011 | Item | ShareThis
Uranium Energy Corp Completes Acquisition of the Workman Creek Project in Arizona - More - December 06, 2011 | Item | ShareThis
Amarc delineation drilling significantly expanding Newton gold discovery - More - December 06, 2011 | Item | ShareThis
NMC Resource (TSX VENTURE: NRC) Confirms Very High Grade Values on Westward Extension - More - December 06, 2011 | Item | ShareThis
Quaterra Announces Final Assays From Partner Grande Portage's 2011 Drill Program at Herbert Glacier, Alaska - More - December 06, 2011 | Item | ShareThis
Strike Buys Out Gold Project Claims in Schreiber, Ontario - More - December 06, 2011 | Item | ShareThis
Crosshair Reaches Agreement to Vest Its 90% Interest in CMB Project - More - December 06, 2011 | Item | ShareThis
Siga Resources Provides Lucky Thirteen Progress - More - December 06, 2011 | Item | ShareThis
Orestone Begins Drilling on Captain Copper-Gold Porphyry Target - More - December 06, 2011 | Item | ShareThis
Preliminary Economic Assessment (Scoping Study) on Kipawa Deposit is Progressing - More - December 06, 2011 | Item | ShareThis
Redstar Intersects Bonanza Grade Gold-Silver on the Unga Project, Alaska - More - December 06, 2011 | Item | ShareThis
Barkerville Gold Mines Receives Provincial Government Approval for the Bonanza Ledge Gold Mine - More - December 06, 2011 | Item | ShareThis
Pacific Wildcat Resources Corp. and Mrima Hill Trust Sign Two Month Extension to Memorandum of Understanding - More - December 06, 2011 | Item | ShareThis
Cresval Capital Stakes Additional Claims at Bridge River - More - December 06, 2011 | Item | ShareThis
Probe Mines Announces Additional Assay Results For Its Borden Lake Gold Project: Infill Drilling Returns Up to 100.9 Metres Grading 1.1 g/t Au; Options Granted - More - December 06, 2011 | Item | ShareThis
Wealth Minerals Ltd.: Drilling Intersects High-Grade Rare Earth Element Mineralization at the La Juli Zone and Confirms El Rulo Zone Discovery - More - December 06, 2011 | Item | ShareThis
Orvana Minerals Corp. Announces Changes in Management - More - December 06, 2011 | Item | ShareThis
Cream Minerals Reports In-Fill Drill Results for Once Bocas North, Nuevo Milenio Silver-Gold Project - More - December 06, 2011 | Item | ShareThis
Williams Creek Gold Limited Reports on Corporate Actions - More - December 06, 2011 | Item | ShareThis
Formation Metals' Idaho Cobalt Project Construction Update - More - December 06, 2011 | Item | ShareThis
Initial Drill Testing Intersects Significant Gold Intervals in a Thick Quartz-Tourmaline-Pyrite Alteration Envelope at J. Frank Zone - More - December 06, 2011 | Item | ShareThis
Sama Resources Announces New Massive Sulphide Intersections and Discovery of Massive Chromite Occurrences at Its Samapleu Nickel-Copper Project, Côte d'ivoire - More - December 06, 2011 | Item | ShareThis
U3O8 Corp. Signs Letter of Intent to Joint Venture Its Non-Core Sierra Cuadrada Project in Argentina - More - December 06, 2011 | Item | ShareThis
North American Nickel Inc.: SkyTEM Helicopter Electromagnetic and Magnetic Surveys on Maniitsoq Project, Southwest Greenland Detect 25 Conductive Target Zones - More - December 06, 2011 | Item | ShareThis
Sunridge Gold Announces Assay Results From Drilling at Gupo Gold Deposit, Asmara Project, Eritrea and Besakoa Project, Madagascar - More - December 06, 2011 | Item | ShareThis
Lions Gate Metals Intersects 0.68% Copper Equivalent Over 147.87 Metres at Poplar Project - More - December 06, 2011 | Item | ShareThis
Additional Wide Interval of Gold Mineralization Intersected at Newton - More - December 06, 2011 | Item | ShareThis
Cameco’s Gitzel Says Investors Underestimate Possible Uranium Shortfall - More - December 06, 2011 | Item | ShareThis
Transfer of Supplies to the Kumtor Mine Resumes - "Centerra Gold Inc. (TSX: CG.TO - News) announces today that the transfer of diesel fuel and other supplies from the Kumtor marshalling yard to the mine has resumed after the voluntary lifting of the previously announced roadblock. The marshalling yard is located in the town of Balykchy in the Issyk-Kul Region of the Kyrgyz Republic and is approximately 270 kilometres from the Kumtor mine." More - December 06, 2011 | Item | ShareThis
Endeavour Silver Continues to Extend High Grade Silver-Gold Mineralization in the Daniela Vein at the Guanajuato Mine in Mexico - "Endeavour Silver Corp. (TSX: EDR.TO - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) announces that exploration drilling in the Lucero South area of Endeavour's Guanajuato Mines project in Guanajuato State, Mexico continues to intersect high silver and gold grades over mineable widths in the recently discovered Daniela vein." More - December 06, 2011 | Item | ShareThis
Midway’s Spring Valley Gold Project, Nevada Advances to Barrick’s Development and Mine Site Exploration Groups - "Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces third quarter progress at its Spring Valley project based on information provided by Barrick Gold Exploration Inc. (“Barrick”), who is earning into the project." More - December 06, 2011 | Item | ShareThis
Silver Bull Announces an Additional $US 3 Million Common Stock Offering to the $7.5 Million Non-Brokered Common Stock Offering Previously Announced December 2 - "Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) ("Silver Bull") is pleased to announce that it has received commitments from various investors for the sale of 6,000,000 shares of common stock at a price of $US 0.50 per share ("the Offering) resulting in gross proceeds of $US 3,000,000 . These commitments are in addition to the commitments received from various investors for the sale of 15,050,000 shares of common stock at a price of $US 0.50 per share, resulting in gross proceeds of $US 7,525,000 as described in the Silver Bull news release dated December 2 , 2011." More - December 06, 2011 | Item | ShareThis
IAMGOLD announces investment in Tolima Gold Corp. in Colombia - "IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that, as a result of a subscription to a private placement, it has acquired 15,384,615 units (each a "Unit") of Tolima Gold Corp. ("Tolima"), at the price of $0.65 per Unit, for a total amount of $10,000,000 (the "Subscription"). Each Unit is comprised of one common share and one-half of a common share purchase warrant (each full warrant a "Warrant"), with each Warrant entitling IAMGOLD to purchase one common share for $0.85 for up to two years from the date of issuance." More - December 06, 2011 | Item | ShareThis
Nevsun: Update on United Nations Actions Regarding Eritrea - "The UNSC resolution 2023 (2011), which was passed on December 5, 2011, includes three sections related to the mining industry and should have no direct impact on the Bisha operations, no direct impact on Nevsun Resources Ltd. and no direct impact to shareholders of Nevsun Resources Ltd. It is not possible to estimate any indirect impacts as the resolution suggests that future guidelines will be prepared for optional use by individual UN member states." More - December 06, 2011 | Item | ShareThis
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Gold Seeker Closing Report: Gold and Silver Rise In Late Trade and End With Decent Gains
