-- Posted 28 March, 2008 | | Discuss This Article - Comments:
Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $931.15 | -$17.65 | +1.32% |
Silver | $17.87 | -$0.60 | +5.55% |
XAU | 180.27 | -0.93% | +4.80% |
HUI | 449.16 | -0.72% | +2.30% |
GDM | 1352.80 | -0.62% | +3.24% |
JSE Gold | 2551.21 | +15.06 | +2.34% |
USD | 71.61 | -0.09 | -1.57% |
Euro | 157.74 | -0.13 | +2.08% |
Yen | 100.59 | +0.42 | -0.47% |
Oil | $105.62 | -$1.96 | -1.23% |
10-Year | 3.466% | -0.068 | +4.15% |
Bond | 118.53125 | +0.359375 | -2.19% |
Dow | 12216.40 | -0.70% | -1.17% |
Nasdaq | 2261.18 | -0.86% | +0.14% |
S&P | 1315.22 | -0.79% | -1.07% |
The Metals:
Gold traded just slightly lower around $945 in Asia and London, but it then dropped in early New York trade and fell to as low as $923.72 before it rebounded nearly 1% in afternoon trade and ended with a loss of 1.86%. Silver fell to as low as $17.647 before it rebounded over 1% in the last hour and a half of trade and ended with a loss of 3.25%.
Euro gold fell near €590, platinum lost $36 to $2000, and copper fell nearly 5 cents to about $3.85.
Gold and silver equities fell over 2% in the first half hour of trade, but they quickly rebounded and traded with a little less than 1% losses for most of the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Feb | 0.5% | 0.3% | 0.3% |
Personal Spending | Feb | 0.1% | 0.1% | 0.4% |
Core PCE Inflation | Feb | 0.1% | 0.1% | 0.2% |
Michigan Sentiment | Mar | 69.5 | 70.0 | 70.5 |
All of this week’s economic reports:
Next week’s economic highlights include Chicago PMI on Monday, Construction Spending and the ISM Index on Tuesday, ADP Employment and Factory Orders on Wednesday, Initial Jobless Claims and ISM Services on Thursday, and March’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell nearly $2 as supply concerns eased over the Iraqi pipeline attacked yesterday that is already back in operation.
The U.S. dollar index rose slightly on “improving money market conditions.”
Treasuries rose on tame inflation data that pushed interest rates lower.
The Dow, Nasdaq, and S&P rose slightly in morning trade on the Core PCE inflation reading of just 0.1% for February and 2% year over year to fall within the fed’s target of 1-2%, but stocks fell off in afternoon trade and ended decently lower as traders digested a profit warning from J.C. Penney that dampened the outlook for retail stocks and kept traders wary heading into the weekend.
Among the big names making news in the market Friday were Northwest and Delta, J.C. Penny, KB Home, Fannie and Freddie, Citigroup, Clear Channel, and Maguire Properties.
The Commentary:
“April Gold finished down 18.2 at 930.6, 12.9 off the high and 5.7 up from the low.
May Silver closed down 0.61 at 17.94. This was 0.19 up from the low and 0.39 off the high.
While the gold market managed to pull back away from its lows, the market seemed to be embracing the bear case throughout the trading session. Seeing the Dollar hold in positive ground for most of the trading session and also seeing the end of the quarter approaching directly ahead seemed to give a number of markets a profit taking mentality. Even the stock market faded from its early strength and with a host of physical commodity markets under pressure one almost got a sense of the broad based commodity liquidation wave that was seen from March 17th to March 20th. With crude oil prices falling back by roughly $3 per barrel from the week's highs, there were a number of fundamental and technical angles working in the bear camp's favor.
The silver market forged a rather wide trading range today with the majority of the action favoring the downside. With copper falling back from its initial new high for the move and finishing weaker the silver market couldn't even look to the industrial metals markets for support. In the near term, portions of the trade seems to have attached some importance to the even number zone of $18.00, while other players pointed to the quasi double low level of $17.67 as an important level. In looking back on the week the silver market seemed to tighten its correlation with gold and lessen its track of the copper and platinum markets.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Murray Pollitt: People don't yet see it's a money problem, but they will
John Lee: Silver vs. gold
Richard Daughty: The great silver sellout caper
Chinese exporters shun flagging dollar
South Korean pension fund shuns U.S. debt
John Embry: Don't let gold's volatility bother you
The Statistics:
As of close of business: 3/27/2008
Gold Warehouse Stocks: | 7,622,350 | +64,345 |
Silver Warehouse Stocks: | 135,438,512 | +378,526 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 642.04 | 20,642,203 | US$ 19,536m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.92 | 3,662,597 | US$ 3,411m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.32 | 652,693 | US$ 608m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.22 | 939,163 | US$ 889m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 7.98 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/27/2008 | |
Total Net Assets | $1,953,540,862 | Ounces of Gold
in Trust | 2,059,574.000 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 64.06 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/27/2008 | |
Total Net Assets | $3,263,222,669 | Ounces of Silver
in Trust | 179,367,461.900 |
Shares Outstanding | 18,100,000 | Tonnes of Silver
in Trust | 5,578.95 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
IAMGOLD’s (IAG) fourth-quarter profit and increased resources, Barrick’s (ABX) CEO departure, Central Sun’s (SMC) environmental approval, Paramount’s (PZG) resumed trading, Nevsun’s (NSU) 2007 financial results, and Silver Eagle’s (SEG.TO) drill results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Nevsun | NSU+14.38% $1.83 |
2. Orezone | OZN +9.59% $1.60 |
3. Metallica | MRB +7.66% $5.48 |
LOSERS
1. Banro | BAA-9.54% $8.15 |
2. Paramount | PZG-9.52% $1.90 |
3. Crystallex | KRY -6.96% $2.14 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Investors confident despite Barrick CEO departure - "Barrick Gold's (ABX.TO: Quote, Profile, Research) deep pool of talent and track record of succession planning is letting investors shrug off the surprise departure of Chief Executive Greg Wilkins, as the company's founder, Peter Munk, temporarily retakes the reigns." More
- March 28, 2008 | Item | E-mail
Crowflight Granted License to Commence Production at Bucko Lake Nickel Project - More
- March 28, 2008 | Item | E-mail
Millrock Announces Results of Drilling at Inmachuk Project, Seward Peninsula, Alaska - More
- March 28, 2008 | Item | E-mail
Central Sun Announces Full Environmental Approval for Orosi Mine Project - "We are very pleased with the issuance of the full environmental permitting for the Orosi Mine Expansion Project, including the tailing dam facilities," said Central Sun's President & CEO, Peter Tagliamonte. "The project team has done an exceptional job of working closely and co-operatively with the Nicaraguan Governmental agencies. With the permitting in place, Central Sun will continue on the fast track schedule with gold production expected to start in the first quarter 2009." More
- March 28, 2008 | Item | E-mail
Lake Shore Gold Announces 2007 Year End Results and Provides 2008 Outlook - More
- March 28, 2008 | Item | E-mail
B2Gold Corp. Clarification of Colombian Exploration Update - More
- March 28, 2008 | Item | E-mail
Ressources Minieres Pro-Or Inc.: Private Placement of 800 000$ - More
- March 28, 2008 | Item | E-mail
Uranium One to Host 2007 Results Conference Call - More
- March 28, 2008 | Item | E-mail
Goldcliff Discovers New-Ainsworth Silver Targets - More
- March 28, 2008 | Item | E-mail
Centenario Copper Corporation: Maria Cristina Olivares Appointed to the Board of Directors - More
- March 28, 2008 | Item | E-mail
Golden Dawn Minerals amends option agreement with Stealth Minerals to enable the company to acquire 100% of the Swan Property in the Toodoggone region - More
- March 28, 2008 | Item | E-mail
International Nickel Ventures Corporation Reports 2007 Results - More
- March 28, 2008 | Item | E-mail
Talon Metals reports results for the year ended December 31, 2007 - More
- March 28, 2008 | Item | E-mail
Firesteel appoints Director - strengthens its technical team - More
- March 28, 2008 | Item | E-mail
Canadian Shield Cuts 317 Metres of 51.1 g/t Silver Equivalent at La Estrella - More
- March 28, 2008 | Item | E-mail
Virgin Metals Announces Filing of its 2007 Year End Disclosure Documents - More
- March 28, 2008 | Item | E-mail
Buchans River intersects 89.33 metres of 2.44% combined base metals: 1.41% zinc, 0.76% lead, 0.27% copper, 6.29 g/t silver & 0.06 g/t gold - More
- March 28, 2008 | Item | E-mail
Centenario Reports on Fourth Quarter and 2007 Results - More
- March 28, 2008 | Item | E-mail
S.Africa to start forced nationwide power cuts-Eskom - "South African power utility Eskom [ESCJ.UL] will start nationwide planned blackouts from March 31 to reduce demand, as Africa's biggest economy struggles with an electricity crisis, Eskom said on Friday." More
- March 28, 2008 | Item | E-mail
Silver Eagle Intersects Mineralization in 17 New Drill Holes - "Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") (Toronto:SEG.TO - News) is pleased to announce results from 20 additional diamond drill holes, all but one drilled on the Calvario vein system at its Miguel Auza Mine in northwestern Zacatecas, Mexico." More
- March 28, 2008 | Item | E-mail
Lundin Mining Announces Year End 2007 Reserve and Resource Estimate - More
- March 28, 2008 | Item | E-mail
Soltoro Receives Notice Southern Silver Proceeding With Second Year Earn in Option at Quila - More
- March 28, 2008 | Item | E-mail
Argentex now listed on TSX Venture Exchange - More
- March 28, 2008 | Item | E-mail
Cadillac Mining Corp. obtains encouraging moly results from Tuzo Creek, BC drilling - More
- March 28, 2008 | Item | E-mail
Urex Intersects .42% Uranium in Argentina - More
- March 28, 2008 | Item | E-mail
Scandinavian Minerals Adds a New Director to the Board - More
- March 28, 2008 | Item | E-mail
Grande Portage Resources Ltd. announces expansion encompassing Pass Property - More
- March 28, 2008 | Item | E-mail
Uruguay Mineral Exploration Inc. : Additional Listing on AIM - More
- March 28, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Resumes Trading on the American Stock Exchange - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce the resumption of trading of its common stock on the American Stock Exchange. Trading resumed on Friday, March 28, 2008, at 9:30am EDT under the symbol PZG." More
- March 28, 2008 | Item | E-mail
Nevsun Resources Ltd.: Annual Financial Results - "For the year ended December 31, 2007 the Company has reported loss of $12 million, comprised of $4 million from continuing operations and $8 million from discontinued operations. The discontinued operations relate mainly to the Tabakoto mine that was placed on care and maintenance in Q3 2007. The results compare to 2006 when the Company reported a total loss of $109 million, comprised of $10 million from continuing operations and $99 million from discontinued operations." More
- March 28, 2008 | Item | E-mail
IAMGOLD Reports Record Operating Cash Flow in 2007 - "Net earnings for the fourth quarter were $8.5 million or $0.03 per share, which include a non cash charge of $5.9 million or $0.02 per share and the non cash impact from, finalizing in the fourth quarter, purchase accounting related to the Cambior acquisition of $10.8 million or $0.04 per share." More
- March 28, 2008 | Item | E-mail
IAMGOLD Increases Resources by 5% - "At the end of 2007, total proven and probable reserves total 8.0 million ounces, relative to the 9.7 million ounces stated at the end of 2006. The slight decline, when considered net of production, is primarily a result of a combined net decrease in attributable reserves of 0.5 million ounces at Sadiola and Tarkwa. Rosebel reserves decreased, net of production depletion, by 109,900 ounces which was mostly offset by gains from the Company's remaining mines. However, this decline can largely be attributed to the inclusion of a royalty which was previously treated as a corporate charge and not included in the calculation of reserves." More
- March 28, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 March, 2008 | | Discuss This Article - Comments:
