-- Posted 11 March, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $974.30 | +$4.10 |
Silver | $19.64 | -$0.04 |
XAU | 198.61 | +5.06% |
HUI | 490.64 | +4.15% |
GDM | 1474.36 | +3.95% |
JSE Gold | 2654.22 | -11.82 |
USD | 73.25 | +0.29 |
Euro | 153.27 | -0.19 |
Yen | 96.93 | -1.35 |
Oil | $108.75 | +$0.85 |
10-Year | 3.596% | +0.158 |
T-Bond | 118.265625 | -1.59375 |
Dow | 12156.81 | +3.55% |
Nasdaq | 2255.76 | +3.98% |
S&P | 1320.65 | +3.71% |
The Metals:
Gold rose to as high as $985.55 in London before it dropped to as low as $964.57 by about 10:30AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.42%. Silver climbed to $20.29 and fell to $19.33 before it also rallied back higher into the close, but it still ended with a small loss of 0.2%.
Euro gold rose to about €635, platinum gained $14 to $2050, and copper remained at about $3.80.
Gold and silver equities steadily rose throughout trade along with the major indices and ended with about 4-5% gains.
European signatories report 3.3 tonnes in gold sales last week - Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Jan | -$58.2B | -$59.0B | -$57.9B |
The fed announced a plan to lend up to $200 billion in Treasury securities to primary dealers and allow them to use their agency and mortgage debt as collateral in an effort to increase liquidity and ease financial problems. This eased worries over counterparty risk and also reduced expectations for a dramatic cut in the fed funds rate at the fed’s meeting next Tuesday.
Tomorrow at 2PM EST brings the Treasury Budget for February expected t -$170.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high of $109.72 before it fell back off on reduced consumption forecasts from the Energy Department and the International Energy Agency, but it still ended with a decent gain and ended at a new record closing high as funds continue to put money into commodities.
The U.S. dollar index rose, treasuries fell, and the Dow, Nasdaq, and S&P found impressive gains on the fed’s plan to intervene in the markets in a meaningful way and effectively provide a market for mortgage backed securities.
Among the big names making news in the market today were Amgen, J&J, Thornburg Mortgage, and Boeing.
The Commentary:
“The Federal Reserve action today formalizes what has been the policy of the Fed from almost day one of the visibility of the credit and default derivative meltdown and credit market lockup.
What is occurring is THE MONETIZATION OF BANKRUPTCY.
The predictable result of monetizing bankruptcy is a significant increase in inflation and a sharply lower dollar.
The result of a sharply lower dollar is sharply higher gold regardless of the dress up process being applied to the US dollar and gold today. The dress up is to prevent a stinging rebuff for the Federal Reserve paying a FARCE price for bankrupt derivative packages purely to keep the banks that are almost all on the edge solvent.”- Jim Sinclair, More free commentary at JSMineset.com
“April Gold finished up 4.2 at 976, 9.9 off the high and 9 up from the low.
May Silver closed down 0.022 at 19.763. This was 0.323 up from the low and 0.557 off the high.
The gold market flopped around on both sides of unchanged throughout the session. Two things combined to knock gold off its early rally, with a better than expected US trade deficit reading and some credit market confidence from term auctions serving to undermine gold prices. Seeing the trade balance contract for the 2nd month in a row and central bank efforts to calm credit market problems seemed to reduce flight to safety demand for gold. It also appeared as if the bounce in the US Dollar prompted profit taking in gold. Surprisingly, another new all time high in crude oil prices failed to give gold lasting support.
The silver market diverged with the gold trade early in the session and spent most of the session trading relatively weaker than gold. Apparently, a slight upward adjustment in economic sentiment and a pulse up in US equity prices failed to lift silver prices. Copper's inability to hold its early gains also seemed to prompt profit taking in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
U.S. Treasuries riskier than German debt, default swaps say
Sovereign funds soon may surpass official foreign reserves
Fed joins three other central banks with $200 billion more in lending
Gold council will list ETF in Asia, make Barrick CEO chairman
Panic in market on fear of insolvency at Bear Stearns, Fannie Mae
Sprott sees financial turmoil pushing gold to $2,000
If the central banks don't get us, the 'death star' still might
Emergency interest rate cut possible, Goldman Sachs says
Billionaire investor Ross sees bank failures ahead
The Statistics:
As of close of business: 3/10/2008
Gold Warehouse Stocks: | 7,408,917 | +100 |
Silver Warehouse Stocks: | 135,281,536 | -110,790 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 654.93 | 21,056,718 | US$ 20,406m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 111.61 | 3,588,284 | US$ 3,492m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 19.39 | 623,314 | US$ 607m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.38 | 880,440 | US$ 853m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 7.37 tonnes to a new record high holding and the JSE added 0.36 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/10/2008 | |
Total Net Assets | $1,949,465,616 | Ounces of Gold
in Trust | 2,010,183.086 |
Shares Outstanding | 20,350,000 | Tonnes of Gold
in Trust | 62.52 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/10/2008 | |
Total Net Assets | $3,374,016,425 | Ounces of Silver
in Trust | 172,431,756.300 |
Shares Outstanding | 17,400,000 | Tonnes of Silver
in Trust | 5,363.23 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Yamana’s (AUY) possible dividend, Cardero’s (CDY) magnetic separator, Gammon Gold’s (GRS) operational indicators, Pacific Rim’s (PMU) third quarter results, Nevsun’s (NSU) project incident, Midway’s (MDW) land expansions, Goldcorp’s (GG) gold price outlook, U.S. Silver’s (USA.V) Corporate Development Award and exploration results, Coeur’s (CDE) director appointment, and Silver Standard’s (SSRI) resource increase were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+11.4% $11.63 |
2. Kimber | KBX +9.43% $1.16 |
3. Freeport | FCX +7.98% $101.47 |
LOSERS
1. Crystallex | KRY -7.49% $1.73 |
2. Richmont | RIC -6.17% $3.65 |
3. Gold Reserve | GRZ -4.95% $4.80 |
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:
International Kirkland ("IKI") Options the Cosby Gold Property, Ontario - More
- March 11, 2008 | Item | E-mail
International KRL Resources to begin drilling Ag-Pb-Zn target - More
- March 11, 2008 | Item | E-mail
Stingray Copper Inc.: Confirmation of Oxide Copper Results Continues at El Pilar, Mexico - More
- March 11, 2008 | Item | E-mail
YSV Ventures Inc. and District Gold Inc.: Press Release - More
- March 11, 2008 | Item | E-mail
Aurora Energy Resources Inc.: Nunatsiavut Government Considers Proposed Changes to Uranium Mining on Labrador Inuit Lands - More
- March 11, 2008 | Item | E-mail
Osisko Creates a Sustainable Development Fund for the Town of Malartic - More
- March 11, 2008 | Item | E-mail
Golden Band Resources Inc. - Preliminary Assay Results From 2008 Decade Gold Mine Drilling - More
- March 11, 2008 | Item | E-mail
North American Gem Inc. Increases Land Holdings at the Louise Lake Project, British Columbia - More
- March 11, 2008 | Item | E-mail
Cardero Announces Delivery and Installation of the Eriez Dry Magnetic Separator at the Pampa El Toro Iron Sands Project, Peru - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce delivery and installation of the Eriez Dry Magnetic Separator for the Pampa El Toro Iron Sands Project, Peru. The magnetic separator has been installed at the Company's custom built testing facility. Processing of the run-of-mine ("ROM") sand is expected to commence in mid March." More
- March 11, 2008 | Item | E-mail
Nethery Appointed to Kinbauri's Advisory Board - More
- March 11, 2008 | Item | E-mail
Taranis Updates Nevada Exploration Activities - More
- March 11, 2008 | Item | E-mail
Erdene Extends Mineralized Zones at the Zuun Mod Molybdenum Deposit - More
- March 11, 2008 | Item | E-mail
Northern Shield Resources Provides Update on its PGE Exploration activities in the James Bay Lowlands; Completes drilling at Eastbank - More
- March 11, 2008 | Item | E-mail
New Exploration Funding Agreement Signed on Miranda's Coal Canyon, BPV and CONO Projects - More
- March 11, 2008 | Item | E-mail
Canadian Arrow Mines Announces Change in Board - More
- March 11, 2008 | Item | E-mail
Drilling Identifies New Zone at SRA's Gordonsville Mine - More
- March 11, 2008 | Item | E-mail
Yamana to weigh dividend hike in Q3 - "Canada's Yamana Gold Inc (YRI.TO: Quote, Profile, Research) will consider hiking its dividend in the third quarter of 2008 as it reaps the benefits of record high gold and silver prices, its chief executive said on Tuesday." More
- March 11, 2008 | Item | E-mail
Typhoon Obtains at Monexco 40 g/t Au Over 1.0 Meter - More
- March 11, 2008 | Item | E-mail
Gammon Gold Releases Ocampo Key Operational Indicators & Financial Metrics for February 2008 - "The Company, including both Ocampo and El Cubo, achieved an 18.5% increase in production in February as compared to January and a 21.4% improvement in average monthly production over Q4. In February, the Company produced a total of 11,019 ounces of gold and 446,260 ounces of silver or 19,466 gold equivalent ounces, the best single month of production since June 2007, at a cash cost of $480 per ounce, the lowest cost since commercial production was declared at Ocampo in Q1 2007." More
- March 11, 2008 | Item | E-mail
Verena Minerals Strengthens Board of Directors - More
- March 11, 2008 | Item | E-mail
Freeport announces fluorite-moly study published - More
- March 11, 2008 | Item | E-mail
Canadian Shield Intersects Two 41-Metre Intercepts With 96.2 g/t and 63.7 g/t Silver Equivalent at La Estrella - More
- March 11, 2008 | Item | E-mail
Hana Mining Announces $2.5 Million Private Placement - More
- March 11, 2008 | Item | E-mail
Murgor's initial drilling results return golden surprise at the Hudvam copper-gold-zinc deposit, Manitoba. - More
- March 11, 2008 | Item | E-mail
Temoris Resources Inc.: Acquisition - More
- March 11, 2008 | Item | E-mail
Thompson Creek schedules 2007 financial results conference call/webcast for March 14 at 10:00 a.m. Eastern - More
- March 11, 2008 | Item | E-mail
Happy Creek Intercepts 5.0 metres of 0.33% W0(3) (Tungsten Trioxide) on Fox Property - More
- March 11, 2008 | Item | E-mail
International Wayside Gold Mines Ltd.: Bonanza Ledge Update & New Drill Program - More
- March 11, 2008 | Item | E-mail
Atna Terminates Option Agreement at Jarbidge, Nevada - More
- March 11, 2008 | Item | E-mail
Intrepid / Emperor Merger Complete - More
- March 11, 2008 | Item | E-mail
Millstream Tamarack Gold Property Underground Exploration Progress Report - More
- March 11, 2008 | Item | E-mail
Nevada Exploration Inc. ("NGE") closes second tranche of private placement - More
- March 11, 2008 | Item | E-mail
Alberta Star Intersects 1.5 Meters of 1,467.0 g/ton Silver and 0.32% Copper at the K2-IOCG Discovery at Contact Lake, NT - More
- March 11, 2008 | Item | E-mail
Caledonia Announces the Signing of Two Further Cobalt Sales Agreements - More
- March 11, 2008 | Item | E-mail
Capella Resources Reports 19.5% Lead and 3.9% Zinc Assay Results in Grab Samples - Nova Scotia - More
- March 11, 2008 | Item | E-mail
Mediterranean announces 1,598,417 indicated ounces and 730,889 inferred ounces in its resource estimate for gold and base metals at Tac and Corak - More
- March 11, 2008 | Item | E-mail
Farallon Provides Legal Update - More
- March 11, 2008 | Item | E-mail
Quaterra and Blackberry Expand High-Grade Silver Vein and Discover Possible New Zone of Mineralization at Nieves Project, Mexico - More
- March 11, 2008 | Item | E-mail
Anaconda Increases Size and Grade of Iron Mineralization at San Gabriel - More
- March 11, 2008 | Item | E-mail
General Metals Update: Hole GM-24 Intersects 260 Feet of Oxide Mineralization From 25 to 285 Feet at Wilson Independence Gold - Silver Project - More
- March 11, 2008 | Item | E-mail
San Gold Corporation Acquires Strategic Gold Property in Timmins - More
- March 11, 2008 | Item | E-mail
Pacific North West Capital Acquires New PGM Project in the Coldwell Complex, Ontario - More
- March 11, 2008 | Item | E-mail
Brookmount Explorations Takes Pole Position in Surging Gold Market by Appointing Leading Executive Management Team - More
- March 11, 2008 | Item | E-mail
General Moly Announces Annual Stockholder Meeting Date and Location - More
- March 11, 2008 | Item | E-mail
Anglo Swiss Resources Appoints Edward Nunn, P. Eng. to Its Board of Directors - More
- March 11, 2008 | Item | E-mail
Timberline Announces Management Transition at Kettle Drilling - More
- March 11, 2008 | Item | E-mail
Duluth Metals expands strategic land position by over 350 percent - More
- March 11, 2008 | Item | E-mail
Southwestern Resources: Millo-Azucar Project Update - More
- March 11, 2008 | Item | E-mail
Independent Nickel Drills 76.5 Metres of 0.65% Nickel - More
- March 11, 2008 | Item | E-mail
Hawthorne Drill Results Confirm Bulk Tonnage Opportunity at Frasergold - More
- March 11, 2008 | Item | E-mail
Sacre-Coeur Discovers Second Zone in Northwest Project Area; Vein Outcrop 4.1 Meters Apparent Width, Averaging 6.90 g/t Au, Including 1.4 Meters at 17.63 g/t Au - More
- March 11, 2008 | Item | E-mail
CanAlaska stakes new rare earth project: 2008 drilling update - More
- March 11, 2008 | Item | E-mail
Cameco CEO: No uranium buyout too big - More
- March 11, 2008 | Item | E-mail
U.S. Silver Corporation Wins Corporate Development Award From Cambridge House and Announces Stock Option Grants - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to announce that it received the Corporate Development Award for Project Development at the annual Cambridge House Awards Dinner held at the Vancouver Convention and Exhibition Centre in held in January." More
- March 11, 2008 | Item | E-mail
U.S. Silver Corporation Completes Exploration Drift on New Silver-Copper Zone at the Galena Mine - "U.S. Silver Corporation (CDNX:USA.V - News) - is pleased to announce results from the recently completed exploration drift mining on the 3400 level at the Galena mine near Wallace, Idaho. The actual mined grades in the drift were 51.66 ounces per ton (opt) silver and 2.77% copper with an average width of 7.1 feet over a strike length of 66 feet." More
- March 11, 2008 | Item | E-mail
Pacific Rim Announces Fiscal 2008 Third Quarter Results - "The net effect of the $0.2 million decrease in mine operating income and $0.6 million increase in non-operating expenses, plus $0.1 million decrease in income taxes ($0.1 million for Q3 2007 compared to nil for Q3 2008) is a $0.7 million increase in net loss for the three month period ended January 31, 2008 of $3.7 million (compared to $3.0 million for the same period a year earlier)." More
- March 11, 2008 | Item | E-mail
Pacific Rim Announces Fiscal 2008 Third Quarter Results - "The net effect of the $0.2 million decrease in mine operating income and $0.6 million increase in non-operating expenses, plus $0.1 million decrease in income taxes ($0.1 million for Q3 2007 compared to nil for Q3 2008) is a $0.7 million increase in net loss for the three month period ended January 31, 2008 of $3.7 million (compared to $3.0 million for the same period a year earlier)." More
- March 11, 2008 | Item | E-mail
Coeur Appoints Bibiana Betancourt as Director of Corporate Social Responsibility - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced the appointment of Bibiana Betancourt as Director of Corporate Social Responsibility, directing and implementing social and community initiatives at the Company’s international operations." More
- March 11, 2008 | Item | E-mail
Nevsun Resources Ltd.: Bisha - "Nevsun Resources Ltd. (Toronto:NSU.TO - News)(AMEX:NSU - News) ("Nevsun") reports that an incident occurred at the Bisha site on 7th March where a project contractor's Land Cruiser was damaged by ground ordnance, probably a land mine. The driver suffered minor injuries." More
- March 11, 2008 | Item | E-mail
Midway Announces Land Expansion of Gold Rock Project in Nevada - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) has completed an expansion of the Gold Rock (formerly the Monte) project to now include 473 claims covering 14 square miles on the Battle Mountain-Eureka gold trend in Nevada." More
- March 11, 2008 | Item | E-mail
Silver Standard Resources Inc.: Snowfield Measured & Indicated Gold Resources Grow to 3.1 Million Ounces - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to report a significant increase in gold resources at the Snowfield gold project in northern British Columbia. The increased resource is now comprised of measured and indicated gold resources totalling 3.1 million ounces, an increase of 724,300 ounces from the initial Snowfield resource announced in 2006, and inferred gold resources of 466,200 ounces." More
- March 11, 2008 | Item | E-mail
Goldcorp CEO predicts gold to top $1,000 U.S. - "Goldcorp Inc. expects the price of gold to top $1,000 (U.S.) an ounce and stay there for a long time, a development that will allow the company to improve operating margins, CEO Kevin McArthur said yesterday." More
- March 11, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2008
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 11 March, 2008 | |
