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Gold Seeker Closing Report: Gold and Silver Fall Almost 3%
By: Chris Mullen, Gold-Seeker.com


-- Posted Monday, 12 December 2011 | | Disqus

 

Close

Gain/Loss

Gold

$1665.60

-$45.60

Silver

$31.31

-$0.86

XAU

193.78

-3.42%

HUI

542.02

-3.48%

GDM

1546.11

-3.39%

JSE Gold

3038.46

-66.02

USD

79.50

+0.88

Euro

131.85

-2.01

Yen

128.39

-0.45

Oil

$97.77

-$1.64

10-Year

2.009%

-0.043

T-Bond

142.4375

+0.9375

Dow

12021.39

-1.34%

Nasdaq

2612.26

-1.31%

S&P

1236.47

-1.49%

 
 

 

The Metals:

 

Gold fell all the way to $1657.28 by about 10:30AM EST before it bounced back higher midday, but it still ended with a loss of 2.66%.  Silver slipped to as low as $30.883 and ended with a loss of 2.67%.

 

Euro gold fell to about €1263, platinum lost $28.75 $1481.25, and copper fell 10 cents to about $3.45.

 

Gold and silver equities fell over 4% at the open and remained near that level for the most of the rest of the day, but they did see a little bit of strength in the last hour of trade.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Treasury Budget

Nov

-$137.3B

-$138.5B

-$150.4B

 

Forecasters Miss by Most in Nine Months Amid Improving U.S. Data: Economy  Bloomberg

No One Telling Who Took $586B in Fed Swaps  Bloomberg

Firing Fades as Obama Pushes Payroll Tax Cuts  Bloomberg

Euro zone fiscal pact fails to restore confidence  Reuters

Fed to Weigh Publishing a Forecast on Rates  Yahoo

 

Tomorrow at 8:30AM EST brings Retail Sales for November expected at 0.6%.  Excluding autos, sales are expected at 0.5%.  At 10AM is the Business Inventories report for October expected at 0.9% and at 2:15 is a FOMC Rate Decision.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell as the U.S. dollar index rose on disappointment over last week's euro zone summit that failed to come up with an unlimited financial backstop for the euro.

 

Fitch: EU Leaders Failed to Draft Concrete Solution at Summit  Fox Business

Moody's not impressed with EU fix  UPI

 

Treasuries remained higher after today’s $32 billion 3-year note auction sold at a high yield of 0.352% with a bid to cover of 3.62.

 

The Dow, Nasdaq, and S&P fell over 1% on worries about Europe.

 

Among the big names making news in the market Friday were Martin Marietta and Vulcan Materials, Zynga, Lehman Brothers, AMR, and Intel.

 

Bank Credit Highest Since Before Lehman Bankruptcy as Expansion Continues  Bloomberg

Tech Stocks in Sweet Spot as Profits Fall Least  Bloomberg

 

The Commentary:

 

Gold has broken down through the bottom uptrending support line in its triangular consolidation pattern but thus far is holding horizontal support near the $1660 level. Failure to hold this level will send it down towards $1620 initially followed by a test of $1600 should that fail to stem the decline.

A rebound back above $1680 is needed to reinforce the support level at $1660.

The breakdown in the Euro following disappointment over the events in Europe this past weekend has sent the US Dollar strongly higher this morning and that is pressuring many of the commodity markets in general. The CCI, or Continuous Commodity Index, has moved to a new low for the year signaling investor fears of a slowing global economy and thus a dampening off of demand for many commodities in general.

Crude oil will need to stay above the $95 level to prevent a double top from forming on that chart.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

Chris Powell: Suspend habeas corpus and enact martial law?

Just sold for $7.4 million, rare 1787 U.S. gold coin up 147% in seven years

Indians increasingly monetize gold as collateral for loans

Gold producers rush to boost dividends

Dramatic new video cites paper market's silver price suppression

Oil already may be getting priced in gold, analyst says

 

The Statistics:

Activity from: 12/09/2011

Gold Warehouse Stocks:

11,293,669

-8,091

Silver Warehouse Stocks:

110,962,189

+499,021

 

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

1295.401

41,648,427

US$69,104m

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$6,169m

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$6,750m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,141

US$761m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.00

1,318,316

US$2,252m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,944

US$8m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.41 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.06: +0.56 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,769.12: No change from yesterday’s data.

 

The Miners:

 

Paramount’s (PZG) drill results, Newmont’s (NEM) project in Peru, Centerra’s (CG.TO) offer for European Goldfields (EGU.TO), and Revett’s (RVM) revolving credit agreement with Societe Generale were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Loncor

LON +7.50% $1.505

2.  Alexco

AXU +5.54% $7.62

3.  Gold Resource

GORO+2.25% $21.32

 

LOSERS

1.  Mines MGMT

MGN -8.10% $2.27

2.  Northern Dynasty

NAK -7.33% $6.70

3.  DRDGOLD

DROOY -6.87% $6.24

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:

Fancamp's Lac Lamelee South Project-199m Grading 28.4% FeT - More
- December 12, 2011 | Item | ShareThis


TNR Gold Corporate Update - More
- December 12, 2011 | Item | ShareThis


Millstream Sets Terms of Financing - More
- December 12, 2011 | Item | ShareThis


Regal Completes Technical Report on Patagonia (Sunnyside) Property - More
- December 12, 2011 | Item | ShareThis


Long Harbour Reports Grant of Stock Option - More
- December 12, 2011 | Item | ShareThis


St. Elias Mines Ltd. - Drilling Program - Tesoro Gold Project, Tesoro - More
- December 12, 2011 | Item | ShareThis


Seafield Announces Adoption of United Nations Global Compact - More
- December 12, 2011 | Item | ShareThis


American Rare Earths and Materials' Hires Head of Technology for Hydro-Metallurgical Processes Evaluations - More
- December 12, 2011 | Item | ShareThis


TSX Venture Exchange Approves Tajiri Resources Acquisition of the Kaburi Gold Property, Omai Mining District, Guyana, SA - More
- December 12, 2011 | Item | ShareThis


GoviEx Uranium Appoints Founder Govind Friedland as Chairman of the Board - More
- December 12, 2011 | Item | ShareThis


La Ronge Gold Corp. to Commence Confirmation Drilling on Preview SW Gold Deposit in Saskatchewan, Canada - More
- December 12, 2011 | Item | ShareThis


Thunder Mountain Gold Clarifies Letter of Intent to Acquire Green River Energy Corporation and Announces Private Placement - More
- December 12, 2011 | Item | ShareThis


Uragold Grants Stock Options to Directors, Officers and a Consultant of The Company - More
- December 12, 2011 | Item | ShareThis


Bearing Resources HY-JAY Property Returns High Grade Gold - More
- December 12, 2011 | Item | ShareThis


Auracle Resources Ltd.: Mexician Hat Arizona Project-Drilling Update - More
- December 12, 2011 | Item | ShareThis


Pro Minerals Inc.: Drilling Commences-Trench Sampling Completed-Lac Laura Gold Project-Quebec - More
- December 12, 2011 | Item | ShareThis


Golden Tag Resources Ltd.: Drilling Extends Silver-Lead-Zinc Mineralization to Shallow Depths in South Corridor - More
- December 12, 2011 | Item | ShareThis


ECR Minerals plc: Argentina Gold Project Update - More
- December 12, 2011 | Item | ShareThis


Mawson West Announces Agreement for Strategic Investment in Avalon Minerals - More
- December 12, 2011 | Item | ShareThis


Fire River Gold Corp. receives 2nd and final drawdown from Sprott Resource Lending Corp. - More
- December 12, 2011 | Item | ShareThis


AmeriLithium Announces Positive 1st Stage Exploration Results & Commencement of 2nd Stage Exploration on Jackson Wash Lithium Project - More
- December 12, 2011 | Item | ShareThis


Riverstone Continues to Intersect Numerous Higher Grade Gold Zones at the Kao Zone on the Karma Project - More
- December 12, 2011 | Item | ShareThis


Geologix's JV Partner CMQ Resources Commences Drilling at Geologix's RO Property (Sleeper South) in Nevada - More
- December 12, 2011 | Item | ShareThis


Argentum Awards Drilling Contract on its Coyote Project in Jalisco, Mexico - More
- December 12, 2011 | Item | ShareThis


Astral Drills 5m Averaging 39 g/t Gold and 93 g/t Silver at Los Crestones Project, Sierra Madre Gold-Silver Belt, Mexico - More
- December 12, 2011 | Item | ShareThis


Galane Gold Ltd. Announce New General Manager, Operations - More
- December 12, 2011 | Item | ShareThis


Chalice Signs Non-Binding Letter of Intent for Zara Gold Project, Eritrea - More
- December 12, 2011 | Item | ShareThis


Source Drilling Intersects 82 Metres Grading 1.08 g/t Gold, 2.54 g/t Silver and 0.40% Copper at Las Minas - More
- December 12, 2011 | Item | ShareThis


Quaterra Reports on Exploration Planned for 2012 and Work Done in 2011 - More
- December 12, 2011 | Item | ShareThis


Cerro Resources: Namiquipa Drilling Continues to Expand a Major Silver/Lead/Zinc Multiple Vein System - More
- December 12, 2011 | Item | ShareThis


Arianne Resources Inc./Partial Results of the 2011 Fall Drilling Campaign: The Paul Zone Continues to Expand - More
- December 12, 2011 | Item | ShareThis


PC Gold Announces Change in Chief Executive Officer - More
- December 12, 2011 | Item | ShareThis


Inter-Citic Reports Drill Results From New Gold Discoveries at Dachang - More
- December 12, 2011 | Item | ShareThis


Eco Ventures Group Enters Into Mineral Exploitation Agreement to Process 1,100 Tons of Highly Concentrated Black Sands Ore - More
- December 12, 2011 | Item | ShareThis


Fire River Gold Corp. Announces Temporary Suspension of Operations Due To Inclement Weather - More
- December 12, 2011 | Item | ShareThis


Loncor Completes Regional Assessment of Ngayu Greenstone Belt and Defines 13 Key Priority Targets for Follow-Up - More
- December 12, 2011 | Item | ShareThis


Toyota Tsusho Corp. and Matamec Explorations Inc. Sign a MoU Concerning the Kipawa Heavy Rare Earths Deposit - More
- December 12, 2011 | Item | ShareThis


Knight Metals Grant of Stock Options - More
- December 12, 2011 | Item | ShareThis


Barkerville Gold Mines Intercepts 62.3 Meters (204.5 feet) of 14.2 g/T (0.415 oz/t) Including 34.7 Meters (113.9 feet) of 25.2 g/T (0.735 oz/t) Gold - More
- December 12, 2011 | Item | ShareThis


Midas Gold Reports Discovery of New Mineralized Zones at its Golden Meadows Project, Idaho - More
- December 12, 2011 | Item | ShareThis


Bayfield Reports 7.2m of 656.88 g/t Ag in Rainy River, North-Western Ontario - More
- December 12, 2011 | Item | ShareThis


Silver Predator enters into definitive agreement to acquire Nevgold Resource Corp.; Receives lock-up agreements for 49% of Nevgold's shares - More
- December 12, 2011 | Item | ShareThis


Silver Predator Enters Into Definitive Agreement to Acquire Nevgold Resource Corp.; Receives Lock Up Agreements for 49% of Nevgold's Shares - More
- December 12, 2011 | Item | ShareThis


Astur Gold Granted First Permit at Salave Gold Project - More
- December 12, 2011 | Item | ShareThis


AQM Copper Continues to Expand the Victoria Zone and Provides Corporate Update - More
- December 12, 2011 | Item | ShareThis


Tigray Drills 73.8 Metres of 3.8% Copper, 1.3 Grams Per Tonne Gold and 14 Grams Per Tonne Silver-Confirms Copper-Gold VMS Discovery at Harvest Project - More
- December 12, 2011 | Item | ShareThis


Northern Iron Corp. provides first annual exploration & operations summary - More
- December 12, 2011 | Item | ShareThis


Lundin Mining Provides Operating Outlook for 2012-2014 - More
- December 12, 2011 | Item | ShareThis


France's Areva sees 2011 loss of up to 1.6 bn euros - More
- December 12, 2011 | Item | ShareThis


Uranium miner faces Chinese power play - More
- December 12, 2011 | Item | ShareThis


Revett Minerals Announces US$20 Million Revolving Credit Facility With Societe Generale - "Revett Minerals Inc. (TSX: RVM.TO - News)(AMEX: RVM.TO - News) announced today that its wholly-owned subsidiary, the Revett Silver Company, has entered into a revolving credit agreement with Societe Generale as administrative agent. The US$20 million credit facility is subject to interest at the London Interbank Offered Rate ("LIBOR") plus 350 basis points for an initial three year term. The credit facility may be increased to US$30 million under specified circumstances." More
- December 12, 2011 | Item | ShareThis


More High-Grade Drill Results Expand Key Zones at Paramount Gold and Silver's 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 exceptional high-grade intercepts from ongoing in-fill and exploration drilling at its 100%-owned San Miguel Project in northwestern Mexico. The exciting new results are from the Don Ese North target and the San Antonio silver zone, two important discoveries made by Paramount in the past year." More
- December 12, 2011 | Item | ShareThis


Peru to Hire Consultants to Review Stalled Newmont Gold Project - "Newmont Mining Corp.’s suspended $4.8 billion Minas Conga gold mine development, the largest investment project in Peru, will be reviewed by international consultants for its environmental effects, the government said.

The overhaul of the deposit’s environmental impact study is aimed at halting opposition to the project, Cabinet Chief Oscar Valdes Dancuart said. President Ollanta Humala swore in Valdes yesterday as part of a cabinet shake-up that included the Energy & Mines Ministry." More
- December 12, 2011 | Item | ShareThis


Centerra Gold eyes European Goldfields takeover - "Canada's Centerra Gold (CG.T) has made an offer for European Goldfields , The Sunday Times reports, without citing sources.

European Goldfields, which owns the rights to three sites in northeast Greece, confirmed last week it has received several expressions of interest, but that no formal bids have been tabled." More
- December 12, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2011

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


-- Posted Monday, 12 December 2011 | Digg This Article | Source: GoldSeek.com

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