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| Close | Gain/Loss |
Gold | $674.60 | +$8.60 |
Silver | $13.82 | +$0.06 |
XAU | 162.66 | +2.64% |
HUI | 383.76 | +1.65% |
GDM | 1199.81 | +2.01% |
JSE Gold | 3059.89 | +0.82% |
USD | 85.37 | -0.49 |
Euro | 127.17 | +0.81 |
Yen | 88.10 | +0.13 |
Oil | $69.94 | -$2.34 |
10-Year | 5.150% | +0.006 |
T-Bond | 106.0625 | +0.03125 |
Dow | 11438.86 | +0.34% |
Nasdaq | 2323.90 | +0.87% |
S&P | 1312.25 | +0.34% |
Gold Warehouse Stocks: | 7,334,350 | - |
Silver Warehouse Stocks: | 123,627,373 | - |
Gold traded in a range of about $1-$4 lower in Asia and London and started off in New York on either side of unchanged near $665. It then quickly moved up above $675 before it briefly fell back near unchanged in early afternoon trade, but it then rallied into the close and ended near its highs with a 1.29% gain at a new 25 year high. Silver fell slightly in Asia and traded over 20 cents lower in London, but it also rallied in early New York trade and climbed over $14 before it fell off into the close, but it still ended with a 0.44% gain.
Euro gold made new all-time highs near €535, platinum lost $8 to $1,163 to fall from 26 year highs, palladium remained unchanged at $375, and copper surged over 15 cents higher to new all-time highs near $3.50.
Gold and silver equities found slight losses early on, but they soon rose to find about 2% gains before they fell back near unchanged in early afternoon trade. All three indices then rallied from there, however, and ended the day near their highs with about 2% gains. The XAU and GDM ended at new all-time highs while the HUI ended just 1.57 points short of its all-time closing high set on April 19th.
From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com:
“The markets can do anything on any given trading session. Remember when The Gold Cartel staged a raid when gold hit $645, knocking it down to $608, before it recovered to close at $619. That was the day silver was knocked for a $2 loop. That was nothing more than an effort by The Gold Cartel forces to knock specs out so they could do some short-covering. Here we were this morning and gold was $70 off that low in only two weeks.
What is most important to keep in mind is The Gold Cartel and other shorts STILL have to cover THOUSANDS of tonnes of short positions … and they must do it as expeditiously as possible without driving gold to $1,000 per ounce overnight. The good news is, slowly but surely, more and more of the investment world is learning what GATA has known for years and what was stressed by so many marvelous guest speakers at Gold Rush 21.”
From The Hightower Report, Futures Analysis and Forecasting:
“Gold prices fluctuated in a $17 range but seemed to spend more time higher on the day. The Dollar's early rise seemed to pressure the gold market but into mid morning the Dollar failed and at times was 76 points below its high of the day. Some players were cheered by the talk of significant upside capacity in the gold market by the President of the World Gold Council, while others suggested that the explosive run in copper prices and the 6 year high in the Dow was indicative of a market that could sustain both physical and investment demand for gold. While seeing sharply lower oil prices might lower international economic uncertainty and in turn deflate the flight to quality interest in gold, a setback in energy prices could also serve to accelerate already existing economic growth!
The silver market behaved much more violently than gold in the action Thursday, but it didn't manage to spin the information into as positive of a view as the gold market. We suspect that news of a sharp increase in silver production at Pan American Silver served to undermine silver, which recently has only been confronted with positive investment demand news! In other words, the market did see some selling off the prospect that high flat prices are beginning to stimulate production efforts. While seeing energy prices decline consistently might detract from flight to quality investment demand in silver, persistently strong action in the stock market could mitigate that threat.”
Oil ended the day over 3% lower for the second day in a row and ended under $70 as traders continued to react to yesterday’s data showing flat demand and a build in inventories. Gasoline fell nearly 10 cents to under $2 per gallon.
The dollar fell to new 1 year lows versus the euro as European Central Bank President Jean-Claude Trichet indicated an ECB rate hike would come in June after today’s expected decision to leave rates unchanged at 2.5%.
Treasuries traded mostly slightly higher despite inflation concerns raised by today’s economic data as traders positioned themselves for tomorrow’s jobs report. Despite the gains in bonds, the yield on the 10-year still rose slightly to its highest since May of 2002.
The Dow, Nasdaq, and S&P found decent gains as retailers reported their best monthly sales in two years and oil prices fell off markedly for the second day in a row. The Dow closed at a new 6 year high.
Among the big names making news in the market today were the retailers, Goodyear, Wal-Mart, Tyco, Kodak, Unilever, Shell, and CVS.
GATA Posts:
Is The Telegraph trying to crash the copper market?
Peru aims to be No. 4 gold miner in 'short term'
Bolivia's VP quoted as giving assurance against nationalization of mining
Leftist in Mexican presidential campaign falls behind in polls
Gold & Silver Stock News Update from GoldReview.com:
Earnings late yesterday from Barrick Gold and earnings today from Cumberland, Kinross Gold, Seabridge Gold, Royal Gold and Pan American Silver, notes on Barrick Gold’s annual meeting, Almaden’s drilling and resource increase at their ELK gold deposit, and Kinross Gold’s Chief Operating Officer appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero Resource | CDY +10.2% $2.70 |
2. Northgate Minerals | NXG +9.51% $4.49 |
3. Barrick Gold | ABX +6.61% $33.08 |
LOSERS
1. Royal Gold | RGLD -4.61% $30.63 |
2. Minco Mining | MMK -4.17% $2.07 |
3. Vista Gold | VGZ -3.53% $9.02 |
All of today's gold and silver stock news:
Romarco Intersects Wide Zones of Mineralization at Pine Grove Gold Project - More
- May 04, 2006 | Item | E-mail
Cumberland Reports First Quarter 2006 Financial Results and Summary of Activities - "The Company incurred a net loss of $1.0 million ($0.02 per share) in the first quarter of 2006 compared to $0.5 million ($0.01 per share) in the first quarter of 2005. This increase in net loss is primarily due to increased expenses for Meadowbank exploration and development and project financing costs, and a reduction in the gain on sale of investments in public companies. These factors were partially offset by an increase in the annual option payments received from the operator of the Meliadine West joint venture." More
- May 04, 2006 | Item | E-mail
Barrick Gold Announces Dividend - "Barrick Gold Corporation today announced that its Board of Directors has declared a dividend of US11 cents per share, payable on June 15, 2006 to shareholders of record at the close of business on May 31, 2006." More
- May 04, 2006 | Item | E-mail
Pearl Asian Mining Industries Will Buy Back 90% of its Issued and Outstanding Common Shares - More
- May 04, 2006 | Item | E-mail
Corriente Resources Inc.: Environmental Impact Assessment Approved for Mirador Copper Project - More
- May 04, 2006 | Item | E-mail
Aura Gold Inc. Announces Grant of Broker Warrants - More
- May 04, 2006 | Item | E-mail
Love-in for Barrick results sends shares soaring - "Barrick Gold Corp.'s founder, Peter Munk, wants everyone to know that the company's move to gobble up Placer Dome and become the world's biggest producer was not done for his ego. Rather, the acquisition was made out of necessity, in order to survive in a world of global mining companies where resources are becoming scarcer and scarcer." More
- May 04, 2006 | Item | E-mail
Drilling Continues at Odyssey's Tavsan Gold Property in Turkey - More
- May 04, 2006 | Item | E-mail
Almaden Minerals Ltd.: ELK Gold Deposit Resource Increased with New Drilling and New 43-101 Resource Calculation - "Almaden's 100% owned ELK gold deposit is located roughly two kilometres ("km") south of Highway 97 and 45 km southeast of Merritt in the Okanagan area of Southern British Columbia, Canada. The mine is known for its very high gold grades and in the 1990's, 51,750 ounces of gold were produced from 18,400 tons of mesothermal quartz vein ore extracted from the B vein system in open pit and underground operations. To date a total of eight mineralised veins have been discovered on the property. Four vein systems have been drilled in the ELK area: the B system, the WD zone, the GCW zone and the Bullion Creek (BC) zone. Of these two main veins, the B and WD veins have been the focus of practically all the drilling to date and are the only veins for which a resource has been calculated." More
- May 04, 2006 | Item | E-mail
Positive Drill Results at Bornite Hill - More
- May 04, 2006 | Item | E-mail
Yankee Hat Closes CDN$1,000,000 Private Placement - More
- May 04, 2006 | Item | E-mail
Anvil Mining's Annual and Special Meeting on May 11, 2006 - More
- May 04, 2006 | Item | E-mail
Drill Results From Gossan's Bird River Property - More
- May 04, 2006 | Item | E-mail
Cloudbreak Resources Provides Details from Summary Report on Its Ikiztepe Sarp Project in Western Turkey - More
- May 04, 2006 | Item | E-mail
EuroZinc to Re-Open Aljustrel Zinc Mine - More
- May 04, 2006 | Item | E-mail
Sur American Gold Corporation: Further Wide Gold Zones Obtained from Deep Trenching at Batoto Gold-Copper-Silver Porphyry Project, Philippines - More
- May 04, 2006 | Item | E-mail
African Gold Group, Inc: 10,000 Metre Diamond Drill Program Set to Extensively Test 'Zone 1' at Kobada, Mali; Mobilization Underway - More
- May 04, 2006 | Item | E-mail
Puma intersects 461.8 g/t Ag, 1.9 g/t Au, 3.6% Zn and 2.1% Pb over 6 metres at Nicholas-Denys property - More
- May 04, 2006 | Item | E-mail
Amarillo Discovers Down-Dip Extensions at Mara Rosa; Intercepts Include 21m @ 2.83 g/t - More
- May 04, 2006 | Item | E-mail
Wescan Goldfields Inc. - Drilling resumes at Jasper - More
- May 04, 2006 | Item | E-mail
Mega Uranium Ltd.: New Gold Zone In Hamlin Shebandowan Camp, Thunder Bay, Ontario - More
- May 04, 2006 | Item | E-mail
Wycliffe Announces New Appointments; Release of Annual Financial Results - More
- May 04, 2006 | Item | E-mail
Azimut: Second Year Option by Cambior on the Eastmain Property 'West Block' in James Bay, Quebec - More
- May 04, 2006 | Item | E-mail
North American Palladium First Quarter 2006 Conference Call - More
- May 04, 2006 | Item | E-mail
Simberi Gold Corporation: Annual Financials - More
- May 04, 2006 | Item | E-mail
Wallbridge Annual General Meeting To Be Held In Sudbury - More
- May 04, 2006 | Item | E-mail
Strateco Resources Inc.: Private Placement of CDN$10,000,000 - More
- May 04, 2006 | Item | E-mail
Golden Valley Mines Ltd.: Spring 2006 Abitibi Greenstone Belt Exploration Update - More
- May 04, 2006 | Item | E-mail
Columbia Acquires El Nuevo Magistral-Gold, Silver & Copper Mine - More
- May 04, 2006 | Item | E-mail
Millstream's Koval Gold Property Status Report - More
- May 04, 2006 | Item | E-mail
Brazauro: New Drilling Program Initiated at Tocantinzinho - More
- May 04, 2006 | Item | E-mail
Golden Eagle Clarifies Situation in Bolivia - More
- May 04, 2006 | Item | E-mail
Ressources Pershimco Concludes a Private Placement to Finance its San Miguel Project - More
- May 04, 2006 | Item | E-mail
Taseko Announces Procurement Details for Gibraltar Concentrator Upgrade - More
- May 04, 2006 | Item | E-mail
D'Arianne Reports Very Promising Gold Results on the Opinaca Property - More
- May 04, 2006 | Item | E-mail
Argentex expands global mining footprint, signs Letter of Intent for Nevada gold project - More
- May 04, 2006 | Item | E-mail
Phase 1 2006 Drill Program Announced For Gunman Zinc Project, Nevada - More
- May 04, 2006 | Item | E-mail
Abacus Mining and Exploration Corp.: Abacus Intersects 432 Metres of 0.50% Copper and 0.31 g/t Gold Below Ajax Pit - More
- May 04, 2006 | Item | E-mail
Skygold and Wildrose Commence Diamond Drilling on Spanish Mountain Project - More
- May 04, 2006 | Item | E-mail
Wits Basin Receives Subscription Agreements on the Exercise of 15 Million Common Stock Purchase Warrants - More
- May 04, 2006 | Item | E-mail
Exeter Commences Drilling on Silver Property in Argentina - More
- May 04, 2006 | Item | E-mail
MGM Mineral Resources Appoints New Lead Senior Geologist to Direct Production of La Esperanza Gold Mine - More
- May 04, 2006 | Item | E-mail
Pan American Silver sets new Q1 records across the board: Production and cash flow up, costs down - "Pan American Silver Corp.'s consolidated revenue for the first quarter of 2006 was a record $45.7 million or 57% greater than in 2005 (despite lower concentrate sales than the year-earlier period) due to significantly higher realized metal prices and increased silver production and sales. Additional revenue from 4,500 tonnes of concentrate produced in the first quarter but not shipped is expected to be recognized in the second and third quarters of 2006. Cash flow from operations before working capital changes rose to $8.9 million from $1.5 million in 2005. Mine operating earnings more than quadrupled to $18.0 million versus $3.5 million in 2006." More
- May 04, 2006 | Item | E-mail
Pan American Silver sets new Q1 records across the board: Production and cash flow up, costs down - "Pan American Silver Corp.'s consolidated revenue for the first quarter of 2006 was a record $45.7 million or 57% greater than in 2005 (despite lower concentrate sales than the year-earlier period) due to significantly higher realized metal prices and increased silver production and sales. Additional revenue from 4,500 tonnes of concentrate produced in the first quarter but not shipped is expected to be recognized in the second and third quarters of 2006. Cash flow from operations before working capital changes rose to $8.9 million from $1.5 million in 2005. Mine operating earnings more than quadrupled to $18.0 million versus $3.5 million in 2006." More
- May 04, 2006 | Item | E-mail
Royal Gold Reports Third Quarter Fiscal 2006 Results - "Royal Gold, Inc., the leading publicly-traded precious metals royalty company, today announced fiscal third quarter 2006 net income of $1.8 million, or $0.08 per basic share, on royalty revenue of $5.8 million. This compares to net income for the third quarter of fiscal 2005 of $2.7 million, or $0.13 per basic share, on royalty revenue of approximately $5.9 million." More
- May 04, 2006 | Item | E-mail
Seabridge Gold Files First Quarter Financial Statements and Report to Shareholders - "Seabridge Gold announced today that it has filed its First Quarter Financial Statements and Report to Shareholders for the period ended March 31, 2006 on SEDAR. To review these documents, please see http://www.seabridgegold.net/2006-Q1.pdf." More
- May 04, 2006 | Item | E-mail
Kinross announces 2006 first quarter revenue growth and earnings of $8.9 million - "Kinross is making substantial progress toward realizing our potential," said Tye Burt, President and Chief Executive Officer of Kinross. "Our revenue has risen more than our costs this quarter, leading to a higher cash margin. We have seen increased costs at two of our non-operated joint ventures, but expect that these costs will improve through the end of the year costs are also higher at the Kubaka mine as it is winding down operations. We have also experienced industry-wide cost pressures and the strengthening of the Canadian and Brazilian currencies. We will continue to focus efforts on our continuous improvement program in order to control costs. We are extremely pleased that the scope of the Paracatu expansion is expanding beyond our original expectations." More
- May 04, 2006 | Item | E-mail
Kinross Announces Appointment of Tim Baker as Chief Operating Officer - "Most recently, Mr. Baker was Executive General Manager of Placer Dome Chile, where he was responsible for the Placer Dome operations there, including the Zaldivar mine and the Kinross-Placer joint venture at La Coipa as well as the Pueblo Viejo project in the Dominican Republic. Mr. Baker has extensive experience in all aspects of international mining operations including cost control, operational efficiency and capital expansions. His 30- year career has spanned several continents, including key posts in Canada, Latin America, Africa and the United States. Mr. Baker and his family will return to Canada to take up his position with Kinross in Toronto." More
- May 04, 2006 | Item | E-mail
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-- Posted 4 May, 2006 | |
