-- Posted Wednesday, 7 December 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1741.30 | +$12.50 |
Silver | $32.49 | -$0.31 |
XAU | 204.92 | +0.07% |
HUI | 573.22 | +0.29% |
GDM | 1633.89 | +0.27% |
JSE Gold | 3159.53 | +61.75 |
USD | 78.44 | -0.12 |
Euro | 134.12 | +0.10 |
Yen | 128.77 | +0.09 |
Oil | $100.49 | -$0.79 |
10-Year | 2.017% | -0.076 |
T-Bond | 142.125 | +1.09375 |
Dow | 122196.37 | +0.38% |
Nasdaq | 2649.21 | -0.01% |
S&P | 1261.01 | +0.20% |
The Metals:
Gold fell $8.65 to $1720.25 by about 8AM EST, but it then rallied back higher throughout most of trade in New York and ended with a gain of 0.72%. Silver dropped down to $32.20 before it rebounded to $32.79 at about 9:30AM EST, but it then chopped back lower into the close and ended with a loss of 0.95%.
Euro gold rose to about €1299, platinum lost $0.50 to $1520.00, and copper fell four cents to about $3.54.
Gold and silver equities waffled near unchanged and ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | Oct | $7.6B | $7.0B | $6.8B |
Mortgage applications jumped last week: MBA Reuters
Bloomberg News Responds to Bernanke Criticism Bloomberg
2012 Mortgage delinquencies seen dropping sharply Yahoo
France vows powerful summit deal Reuters
Economists see France losing AAA in 3 months: Reuters poll Reuters
Global Poll Predicts U.S. Economy Rebounding Bloomberg
Obama Sees U.S. Economy at ‘Make-or-Break Moment’ Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/03 expected at 395,000. At 10AM is the Wholesale Inventories report for October expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil remained lower after the Energy Information Administration reported that crude inventories rose 1.3 million barrels, gasoline inventories rose 5.1 million barrels, and distillates rose 2.5 million barrels.
The U.S. dollar index ended slightly lower in mixed trade.
Treasuries rose after an unnamed German official raised doubts about Germany’s support for the latest proposals aimed at solving Europe’s debt problems.
The Dow, Nasdaq, and S&P rose in late trade on rumors of a new $600 billion lending plan, but the IMF denied those rumors just as the market was closing and all three indices ended near unchanged.
Among the big names making news in the market Friday were Citigroup, Whirlpool, and Panasonic.
The Commentary:
“Gold seems to be anticipating some sort of monetary stimulus and/or agreement out of the upcoming Brussels meeting this Friday in Europe to deal with the sovereign debt crisis in the Eurozone. For that matter, so too do the US equity markets which are grinding higher.
Failure to come up with some sort of market pleasing action or agreement on the part of these finance ministers will send the equity markets on a very sharp trip lower out of disappointment. On the other hand, any agreement reached will put a firm bid beneath those and engender buying in the Euro, at least for the short term.
The latter will see the Dollar move lower and should bring on the risk trades pushing both gold and silver higher. It might be enough to take gold out of this coiling pattern to the upside. It will need to at least better the $1765 level and hold above it to give us a shot at a test of $1800.
Keep in mind that no matter what they come up with, it is NOT GOING TO SOLVE the longer term, deep-seated structural issues. Conjuring up a mechanism/(s) to shore up the debt of nations who are hopelessly mired into a socialistic style system that has addicted a good portion of their citizenry to endless government handouts merely puts the proverbial bandaid on a growing cancer. When push comes to shove, loaning money to nations who have bankrupted themselves by this sort of lunacy solves nothing. It may and probably will buy a bit of extra time but there is no way out of this except by purging the debt, something no politician or monetary authority seems inclined to do. They can devalue the currency but buyers of the debt will understand that game and will demand higher interest rates to compensate them for currency risk, a guarantee of slower economic growth as it will act as both a drag on the economy and raise the cost of servicing any new debt obligations.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“While I anticipated the recent rally thanks to the yearly “Santa Claus rally” fable from the “Don’t Worry, Be Happy” crowd that roams Wall & Broad, my long-term outlook for U.S. equities remains the same. I believe they shall go no where’s fast and this article’s scenario mirrors my own.
We’ve lived way beyond our means and by kicking the can down the road over and over again, the enormity of our economic, social and political woes have surpassed the point of no return to the better days of the past. As noted in this post, it shall need to get worse before it can get better. The “happy” people on Wall Street would like their sheep to think that the FED shall always save the day but even members of the “Savior” team know that isn’t realistic.
What’s playing out in Europe doesn’t have a happy ending no matter what the next big news claims. And sadly, it shall be but the opening act to what shall unfold here in the U.S.”- Peter Grandich, Grandich Letter
GATA Posts:
J.S. Kim: Gold and silver shares now are best values by far
The Statistics:
Activity from: 12/06/2011
Gold Warehouse Stocks: | 11,298,480 | -225 |
Silver Warehouse Stocks: | 108,558,853 | +152,006 |
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 | 1297.929 | 41,729,700 | US$72,392m |
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$6,429m |
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$7,040m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,168 | US$796m |
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: 9,696.51: -6.05 change from yesterday’s data.
The Miners:
Rubicon’s (RBY) interim update, Great Basin’s (GBG) executed credit facility, Jaguar’s (JAG) CEO departure, and Extorre’s (XG) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +4.86% $7.34 |
2. Tanzanian Royalty | TRX +4.78% $3.07 |
3. Extorre | XG +3.22% $9.62 |
LOSERS
1. Jaguar | JAG -9.53% $6.55 |
2. ITH | THM-4.36% $4.83 |
3. Taseko | TGB-3.95% $2.19 |
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:
Assay Results From the 2011 Drilling Program Completed at Fancamp's 17.5% Owned Moire Lake Project - More
- December 07, 2011 | Item | ShareThis
Geodex Discovers Rare Earth Element Mineralization in Initial Cumberland Project Drilling - More
- December 07, 2011 | Item | ShareThis
THEMAC Resources Group Limited: Copper Flat Mine 2011 Core Drilling Program Continues To Return Encouraging Results - More
- December 07, 2011 | Item | ShareThis
Ur-Energy Announces 2011 Drill Program Results for the Lost Creek Property Including the Discovery of Additional Mineralized Horizons - More
- December 07, 2011 | Item | ShareThis
Yankee Hat Sets Annual General Meeting - More
- December 07, 2011 | Item | ShareThis
Commonwealth Silver Announces Voting Results of 2011 Annual and Special Meeting and Provides Corporate Update - More
- December 07, 2011 | Item | ShareThis
Coronado Proposes Share Consolidation and Name Change - More
- December 07, 2011 | Item | ShareThis
Strike Hires VP Mine Development for the Edwards Gold Mine Project and Appoints New Director - More
- December 07, 2011 | Item | ShareThis
Kingsman Resources Inc.: Assays Received on International Basin Property - More
- December 07, 2011 | Item | ShareThis
Bralorne Retracts Preliminary Assessment 2011 Update - More
- December 07, 2011 | Item | ShareThis
Undur Tolgoi Minerals Inc. Closes the Second Tranche of its $7 Million Financing - More
- December 07, 2011 | Item | ShareThis
Silver Dragon Completes Initial NI 43-101 Resource Estimate on Its Laopandao Tin-Silver Polymetallic Project - More
- December 07, 2011 | Item | ShareThis
Andover Ventures Announces Preliminary Economic Assessment for Burgin Extension Deposit, East Tintic Mining District, Utah, USA - More
- December 07, 2011 | Item | ShareThis
Golden Phoenix to Be Featured on 21st Century Business Television on Fox Business Network December 10, 2011 - More
- December 07, 2011 | Item | ShareThis
New Jersey Mining Reports Progress for Mill Expansion - More
- December 07, 2011 | Item | ShareThis
Helio Intersects 7.4m Grading 6.1g/t Au at the Quill Zone, SMP Gold Project, Tanzania - More
- December 07, 2011 | Item | ShareThis
Intrepid Mines Limited: Tumpangpitu Porphyry Copper-Gold Resource Increases Over 70 Percent to 1.7 Billion Tonnes at 0.41% Copper, 0.46g/t Gold - More
- December 07, 2011 | Item | ShareThis
Del Toro Silver Corp. CFO Patrick Fagen Interview by Wall Street Reporter - More
- December 07, 2011 | Item | ShareThis
Trevali Increases Land Position at Ruttan Copper and Zinc Deposit in Northern Manitoba - More
- December 07, 2011 | Item | ShareThis
Explor Considers Hiring an European Consulting Firm - More
- December 07, 2011 | Item | ShareThis
Robex Resources Inc./Nampala: Drilling Begins to Investigate Extension to the South - More
- December 07, 2011 | Item | ShareThis
Brighton Energy Makes Another Near-Surface Uranium Discovery in Niger - More
- December 07, 2011 | Item | ShareThis
Metals Creek Resources Acquires Additional Claim Units in Ogden Twp, Timmins, Ontario - More
- December 07, 2011 | Item | ShareThis
China Gold International Significantly Increases Water Supply for its CSH Gold Mine - More
- December 07, 2011 | Item | ShareThis
Riverstone Intersects 1.33 g/t Au over 52 Metres on the Karma Project - More
- December 07, 2011 | Item | ShareThis
Crystallex Informed of TSX Delisting - More
- December 07, 2011 | Item | ShareThis
Canarc Defines Gold-Silver Anomalies at Windfall Hills Project Northwest of NewGold's Blackwater Gold Discovery in Central BC - More
- December 07, 2011 | Item | ShareThis
Linux Gold Corp. Completes Assessment and Rental Fees for 2011 - More
- December 07, 2011 | Item | ShareThis
Gold Bullion announces additional positive drill data - More
- December 07, 2011 | Item | ShareThis
Hudson Reports Robust Preliminary Economic Assessment (PEA) For the Sarfartoq Rare Earth Project in Greenland - More
- December 07, 2011 | Item | ShareThis
Hellix Athabasca Underground Rock Sampling Results - More
- December 07, 2011 | Item | ShareThis
Drilling Commences on Columbus Gold's Paul Isnard Gold Project, French Guiana - More
- December 07, 2011 | Item | ShareThis
Zone Resources Inc. 35.64% Iron Intersected Over 137 Metres on Labrador Trough Property - More
- December 07, 2011 | Item | ShareThis
Carmax Reports Partial Results of 2011 Field Program - More
- December 07, 2011 | Item | ShareThis
Globex Expands its IR Efforts - More
- December 07, 2011 | Item | ShareThis
Goldeye Extends High Grade (58.38 g/t Gold, 531.7 g/t Silver/0.5 m) Vein to 175 m on Chile Property and Obtains 12.14 g/t Gold on Gold Rock Claims - More
- December 07, 2011 | Item | ShareThis
Teuton Resources Corp.: Tennyson Copper-Gold Zone Extended to 450 Metres; Westernmost Hole TN11-14 Cuts 107 Metres of 0.59% Copper Equiv. - More
- December 07, 2011 | Item | ShareThis
Gold Canyon Intersects 257 Meters at 1.48 Grams per Tonne Gold at the Springpole Gold Project - More
- December 07, 2011 | Item | ShareThis
Spanish Mountain Gold Announces Discovery of New Gold Zone - More
- December 07, 2011 | Item | ShareThis
First Bauxite Corporation Announces Management and Director Changes as It Positions Itself to Develop the Bonasika Refractory Bauxite Project in Guyana - More
- December 07, 2011 | Item | ShareThis
Oremex Gold Appoints David A. Terry, Ph.D., P.Geo, as CEO and President - More
- December 07, 2011 | Item | ShareThis
Southern Arc Commences Trading on OTCQX - More
- December 07, 2011 | Item | ShareThis
Avanti Mining Announces Loan Agreement With Resource Capital Fund IV L.P. - More
- December 07, 2011 | Item | ShareThis
Batero Gold Intersects Significant Gold and Copper Mineralization from Near Surface at La Cumbre - More
- December 07, 2011 | Item | ShareThis
Huldra Silver Receives Geochemistry Results Up to 124 Grams Per Tonne Silver - More
- December 07, 2011 | Item | ShareThis
Innovation Metals Corp. Announces Results of Successful Study to Produce Separated Rare Earth Oxides From Multiple Feedstocks - More
- December 07, 2011 | Item | ShareThis
Colombia Crest Gold Discovers a Second Anomalous Gold Zone; Applies for Drill Permits in the Arabia Area, Colombia - More
- December 07, 2011 | Item | ShareThis
Champion Minerals Announces Remaining Assay Results from the 2011 Drilling Program Completed at the Moire Lake Project - More
- December 07, 2011 | Item | ShareThis
Midas Gold Makes Senior Technical Appointments for Its Golden Meadows Project, Idaho - More
- December 07, 2011 | Item | ShareThis
Sulliden Purchases 1.5% NSR Royalty on Its Shahuindo Project in Peru - More
- December 07, 2011 | Item | ShareThis
Tournigan Forges Alliance with Areva, Acquires Scandinavian Uranium Assets - More
- December 07, 2011 | Item | ShareThis
Lara Exploration Ltd.: Nickel-PGE Targets Defined at Conceicao, Brazil - More
- December 07, 2011 | Item | ShareThis
Goldrush Rock Sampling Upgrades Targets and Leads to Drilling Decision on Ouavousse Permit, Burkina Faso, West Africa - More
- December 07, 2011 | Item | ShareThis
DIOS: Gold, Copper and Silver Discovered in Tonalite Rocks on 33 CARATS - More
- December 07, 2011 | Item | ShareThis
Oracle Mining announces Rick Lu as Special Advisor - More
- December 07, 2011 | Item | ShareThis
Lago Dourado Extends Jacare's Field Zone: Intercepts 21 Metres of 1.35 g/t Gold and 15 Metres of 2.30 g/t Gold in Step-Out Holes at Juruena Project, Brazil - More
- December 07, 2011 | Item | ShareThis
Arcus Drills Gold Bearing Structural Zones at Dan Man - More
- December 07, 2011 | Item | ShareThis
Star Gold Appoints Ian Falconer to Board of Directors - More
- December 07, 2011 | Item | ShareThis
GeoMegA Stakes Graphite Portfolio - More
- December 07, 2011 | Item | ShareThis
Li3 Energy Announces Letter of Intent to Acquire Additional Properties - More
- December 07, 2011 | Item | ShareThis
CuOro Reports Significant New Drill Results Intercepted 650 Metres South-West and 300 Metres East From First Drill Hole: 6 Metres at 4.84% Cu - More
- December 07, 2011 | Item | ShareThis
Rubicon Provides Drilling and Operational Update F2 Gold System, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (TSX:RMX | NYSE-AMEX:RBY) ("Rubicon") is pleased to provide an interim update of its exploration and development activities at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district. As reported in our news release dated October 19, 2011 , Rubicon is carrying out a 12-month, $55 million program designed to complete sufficient exploration and development work to attain its objective of production in Q4 2013 and to optimize certain aspects of its Preliminary Economic Assessment ("PEA"), dated June 29, 2011 1. The latest drilling results are tabulated in Table 1, along with a plan and section depicting these results in Figures 1 and 2." More
- December 07, 2011 | Item | ShareThis
Great Basin Gold Executes US$150 Million Credit Facility - "Great Basin Gold Ltd, ("Great Basin" or the "Company"), (TSX: GBG.TO - News) (NYSE Amex: GBG) (JSE: GBG.TO - News) today announced that all parties have executed the Term Facility Agreement for the previously announced US$150 million finance facility (the "facility") provided by Credit Suisse AG and Standard Chartered Bank on a co-arranger basis. Following the fulfillment of customary conditions precedent which include finalization of ancillary agreements, counsel opinions and execution of the restructured Zero Cost Collar ("ZCC") hedge agreement, the transaction is expected to close, with funds expected to be available for draw down, on or before December 15, 2011." More
- December 07, 2011 | Item | ShareThis
Extorre Announces More High Grades From Zoe Vein at Cerro Moro - "Extorre Gold Mines Limited (TSX: XG.TO - News)(AMEX: XG.TO - News)(Frankfurt: E1R.F - News) ("Extorre" or the "Company") is pleased to announce high grade to bonanza grade gold-silver results from 17 of 28 new holes drilled on the Zoe zone at Cerro Moro, Santa Cruz Province, Argentina. Some of the drill holes represent potential extensions to the National Instrument 43-101 compliant resource estimate dated November 3rd, 2011." More
- December 07, 2011 | Item | ShareThis
Jaguar Announces CEO Departure - "Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG.TO - News) (NYSE: JAG.TO - News) announced that Daniel Titcomb will be leaving his role as President and Chief Executive Officer of the Company effective today." More
- December 07, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 7 December 2011 | Digg This Article | Source: GoldSeek.com