Gold Financing Glut

GoldSeek.com lists some of the latest precious metal financings.

• Newmont announced a $1.2 billion equity issue


• Kinross Gold – $360 million


• Silver Wheaton - $250 million


• Red Back Mining - $150 million


• Endeavour Financial - $100 million


• Alamos Gold - $75 million

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We would add to that the closed financing by Central Fund of Canada for US$130 million. There have also been some major bullion purchases by the ETFs in 2009. CommodityOnline.com reports that in 24 2009 trading days, the major ETFs have taken up some $3.1 billion in 111 tonnes of gold.

While I'm as bullish as the next guy on gold (OK not GATA bullish), I think we're in the 7th inning of the current gold move.