-- Posted 14 March, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $998.50 | +$6.55 | +2.68% |
Silver | $20.61 | +$0.28 | +2.28% |
XAU | 206.37 | +0.48% | +5.01% |
HUI | 514.89 | +1.45% | +5.66% |
GDM | 1553.31 | +1.11% | +5.72% |
JSE Gold | 2765.15 | +28.69 | -0.55% |
USD | 71.67 | -0.31 | -1.88% |
Euro | 156.37 | +0.71 | +1.86% |
Yen | 100.78 | +1.99 | +3.31% |
Oil | $110.21 | -$0.12 | +4.81% |
10-Year | 3.412% | -0.113 | -3.64% |
Bond | 120.703125 | +1.3125 | +1.93% |
Dow | 11951.09 | -1.60% | +0.48% |
Nasdaq | 2212.49 | -2.26% | UNCH |
S&P | 1288.14 | -2.08% | -0.40% |
The Metals:
Gold briefly dipped to $990.35 after tame CPI data was released and took some pressure off the fed to dramatically cut interest rates next week, but news of a bailout for Bear Stearns quickly propelled the yellow metal to a new all-time high of $1,007.20 before it pared its gains into the close and ended at a new record closing high with a gain of 0.66%. Silver dipped to $20.243 and rose to $20.868 before it closed just 3 cents away from of new 27 year closing high with a gain of 1.4%.
Euro gold rose near €639, platinum lost $20.50 to $2070, and copper rose slightly to about $3.85.
Gold and silver equities rose about 1.5% to new all-time highs in early trade before they were dragged slightly lower on the session as the Dow fell over 300 points at one point, but the miners then rallied back higher into the close and ended with roughly 1% gains at new record closing highs.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Feb | 0.0% | 0.3% | 0.4% |
Core CPI | Feb | 0.0% | 0.2% | 0.3% |
Michigan Sentiment | Mar | 70.5 | 69.5 | 70.8 |
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, and Industrial Production on Monday, PPI, Building Permits, Housing Starts, and the FOMC Policy Statement on Tuesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday. Markets will be closed on Friday for Good Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil waffled near unchanged as the U.S. dollar index fell to yet another new all-time low and treasuries rose while the Dow, Nasdaq, and S&P plummeted on news that Bears Stearns needed to be bailed out by the fed and JPMorgan Chase after its cash position "significantly deteriorated." The market now expects the fed to cut at least 75 basis points next Tuesday with a further 50% chance that they will cut by 100 basis points priced in.
The Commentary:
“April Gold finished up 5.7 at 999.5, 8 off the high and 7.2 up from the low.
May Silver closed up 0.235 at 20.655. This was 0.305 up from the low and 0.29 off the high.
The gold market showed a rather wide range of trade on Friday morning with the April contract forging a low to high range of roughly $17.50 an ounce. While the gold market was seeing signs of minor production losses due to a mining strike, the main impetus behind the pulse up in prices was seemingly the revived financial sector concerns toward a major US brokerage firm. With a host of physical commodities coming under aggressive selling pressure into mid session, it wasn't all that surprising to see gold prices slide by almost $13 an ounce from the morning highs. Perhaps the market was disappointed in the lack of definitive downside follow through in the US Dollar because gold seemed to lose part of its early bullish vibe.
Like gold, the silver market displayed a volatile trade in the last trading session of the week with the May contract managing a morning rally of roughly 63 cents. However, silver did seem to be at least partially undermined as a result of the mid day rather sharp setback in a host of physical commodity prices. In fact, weakness in platinum, copper, grains, soft commodities and livestock prices also seemed to diffuse some of the speculative long interest in silver during the Friday trade.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Goldman expects 'explosive' commodities, oil rising to $175
Fed bails out Bear Stearns as stocks plunge
David Morgan: Nothing beats gold and silver in hand
Two financial houses are expecting currency intervention
At least there's SOMETHING in Ethiopia's gold vault
ECB urged to rig currency market, just like gold market
The Statistics:
As of close of business: 3/13/2008
Gold Warehouse Stocks: | 7,498,520 | +84,698 |
Silver Warehouse Stocks: | 135,764,892 | -306,331 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 652.48 | 20,977,756 | US$ 20,869m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 112.85 | 3,628,164 | US$ 3,625m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 19.57 | 628,793 | US$ 628m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.24 | 908,036 | US$ 903m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/13/2008 | |
Total Net Assets | $1,994,429,335 | 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 3/13/2008 | |
Total Net Assets | $3,635,740,578 | Ounces of Silver
in Trust | 174,908,876.800 |
Shares Outstanding | 17,650,000 | Tonnes of Silver
in Trust | 5,440.27 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) drilling, Paramount’s (PZG) trading on the TSX, Metallica’s (MRB) 2007 results and operations update, and Gammon Gold’s (GRS) law suit were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Minco Gold | MGH+18.06% $1.70 |
2. Kimber | KBX +14.29% $1.44 |
3. Hecla | HL +7.98% $12.72 |
LOSERS
1. Gammon Gold | GRS -9.75% $9.26 |
2. US Gold | UXG -8.55% $3.10 |
3. Fronteer | FRG -4.69% $6.91 |
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:
United Uranium Corp. - Enters into Agreement with Denison Mines Corp. - More
- March 14, 2008 | Item | E-mail
Cusac Gold Shareholders and Debentureholders Vote Yes to Merger with Hawthorne Gold Corp. - More
- March 14, 2008 | Item | E-mail
Buchans River announces it is not in default in filing financial statements - More
- March 14, 2008 | Item | E-mail
St. Genevieve Resources Ltd. Securityholders Approve Acquisition by Ascendant Copper Corporation - More
- March 14, 2008 | Item | E-mail
Genco Makes Strategic Investment in Two Silver-Gold Mines - More
- March 14, 2008 | Item | E-mail
Inmet says four-day strike at Ok Tedi is over - "Inmet Mining Corp (IMN.TO: Quote, Profile, Research) said on Friday the strike at its partly owned Ok Tedi mine in Papua New Guinea had ended after four days, long enough to shave copper production by 2,500 tonnes and gold production by 6,400 ounces." More
- March 14, 2008 | Item | E-mail
Rocmec Obtains Patents for Thermal Fragmentation in Mexico and Russia - More
- March 14, 2008 | Item | E-mail
Sego Resources Inc. - 2008 exploration underway - More
- March 14, 2008 | Item | E-mail
Inmet Mining Announces End of Ok Tedi Strike Action - More
- March 14, 2008 | Item | E-mail
Golden Valley Mines Ltd.: Winter 2008 Exploration Program Updates - More
- March 14, 2008 | Item | E-mail
Altius' NLRC Provides Southern Head Refinery Project Update - More
- March 14, 2008 | Item | E-mail
Benton Resources Corp. (BTC) Acquires and Joint Ventures New Ni-Cu-Co Property - More
- March 14, 2008 | Item | E-mail
Premier initiates airborne magnetometer survey at PQ-North - More
- March 14, 2008 | Item | E-mail
Molycor Gold Corp.: Magnesium Results Indicating Large Resource in Nevada - More
- March 14, 2008 | Item | E-mail
Wescan Goldfields Inc. appoints Stoeterau as President - More
- March 14, 2008 | Item | E-mail
Capital Gold Corporation Announces Second Fiscal Quarter Financial Results - More
- March 14, 2008 | Item | E-mail
FinMetal Drilling Intersects Significant Nickel Zone at Halvala, Finland - More
- March 14, 2008 | Item | E-mail
PCFG - Black Rock Canyon Mine Testing - More
- March 14, 2008 | Item | E-mail
El Nino Ventures reports additional drilling results and updates on-going work program in the Democratic Republic of Congo (DRC) - More
- March 14, 2008 | Item | E-mail
Radisson Mining Announces Closing of Private Placement - More
- March 14, 2008 | Item | E-mail
Northland Submits Exploitation Concession Application for Stora Sahavaara, Sweden - More
- March 14, 2008 | Item | E-mail
SRA Begins Concentrate Production at Gordonsville - More
- March 14, 2008 | Item | E-mail
Q2 Gold Resources Inc.: Exploration Program to Commence on Caya Gold Target - More
- March 14, 2008 | Item | E-mail
Network drills 36 meters of 0.52% copper - More
- March 14, 2008 | Item | E-mail
Thompson Creek announces approval for Endako expansion - More
- March 14, 2008 | Item | E-mail
Thompson Creek announces 2007 financial results - More
- March 14, 2008 | Item | E-mail
Almaden Minerals Ltd.: Lincoln Gold Commences Drilling at Almaden's Bufa Project, Mexico - "Almaden Minerals Ltd. ("Almaden", "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that Lincoln Gold Corp. ("Lincoln")(OTC BB:LGCP.OB - News) has commenced a diamond drilling program on Almaden's wholly owned Bufa gold-silver project located in the historic Guadalupe y Calvo gold mining district in southwestern Chihuahua State, Mexico." More
- March 14, 2008 | Item | E-mail
Arizona Star to Deregister From U.S. SEC and to Terminate Its U.S. Reporting Obligations - "The delisting and deregistration of the Company's common shares from the AMEX and the termination of the U.S. reporting obligations result from the successful completion of the tender offer and subsequent compulsory acquisition by Barrick Gold Corporation ("Barrick") for all of the issued and outstanding common shares of the Company. As the Company has become a wholly-owned subsidiary of Barrick, there is no required liquidity for its common shares to be listed on the AMEX." More
- March 14, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Resumes Trading on the TSX on Friday March 14, 2008 - "Please note that Paramount will further address this issue during their previously scheduled project update conference call to be held on Tuesday, March 18th,at 1:15 PM EDT." More
- March 14, 2008 | Item | E-mail
Metallica Resources Announces Full Year 2007 Results and Operations Update - "We are proud of the operational performances achieved in 2007 which resulted from strong execution at our Cerro San Pedro mine" said Richard J. Hall, President and CEO. "We are confident that we will achieve enhanced performance in 2008 driven by continuous improvements at Cerro San Pedro, particularly in terms of cost containment" continued Hall. "With the flexibility to sell the mine's output into booming commodity markets we expect to significantly expand our operating margin in 2008." More
- March 14, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 March, 2008 | |
