-- Posted 1 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $883.50 | -$33.20 |
Silver | $16.845 | -$0.355 |
XAU | 172.87 | -2.20% |
HUI | 425.91 | -2.85% |
GDM | 1281.41 | -2.94% |
JSE Gold | 2391.68 | -124.95 |
USD | 72.55 | +0.80 |
Euro | 156.04 | -1.85 |
Yen | 98.11 | -2.16 |
Oil | $100.98 | -$0.60 |
10-Year | 3.545% | +0.113 |
T-Bond | 117.640625 | -1.15625 |
Dow | 12654.36 | +3.19% |
Nasdaq | 2362.75 | +3.67% |
S&P | 1370.18 | +3.59% |
The Metals:
Gold steadily fell throughout most of world trade and dropped to as low as $872.60 by late morning in New York before it rebounded over $10 from that low in the last couple of hours of trade, but it still ended with a loss of 3.6%. Silver dropped to as low as $16.30 before it rebounded over 50 cents from that low, but it still ended with a loss of 2.1%.
Euro gold fell to about €566, platinum lost $15 to $1895, and copper fell a few cents to about $3.82.
Gold and silver equities fell about 4% in the first hour of trade, but they then slowly climbed back higher for the rest of trade and ended with less than 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | Feb | -0.3% | -0.9% | -1.0% |
ISM Index | Mar | 48.6 | 47.5 | 48.3 |
Tomorrow at 8:15AM EST brings ADP Employment for March expected at -45,000 and at 10AM is the Factory Orders report for February expected at -0.8%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly fell under $100 before settling slightly lower near $101 as a stronger dollar encouraged profit taking ahead of tomorrow’s inventory reports.
The U.S. dollar index rose and treasuries fell as Construction Spending did not fall as much as expected and the ISM Index did not contract as much as expected. The euro fell on news that UBS and Deutsche Bank took a $23 billion hit on their risky assets.
The Dow, Nasdaq, and S&P surged higher throughout trade and ended with over 3% gains on hopes that the credit crisis is over after a couple of “kitchen sink” writedowns were announced and Lehman Brothers’ capital raising inspired confidence at the start of the second quarter.
Among the big names making news in the market today were Blackstone, GM, Ford, Toyota, UBS, Deutsche Bank, and Lehman Brothers.
The Commentary:
“April Gold finished down 33.3 at 882.9, 8.1 off the high and 2.4 up from the low.
May Silver closed down 0.42 at 16.89. This was 0.59 up from the low and 0.08 off the high.
The gold market started out under pressure and seemed to drift back into another concerted physical commodity market liquidation wave. Certainly seeing the US Dollar add to its recent gains and seeing indications that some players are beginning to downplay the US financial sector threat is cause for some long liquidation. However, the magnitude of the washout in gold prices suggests that a combination of technical and fundamental issues might have been applying pressure to gold prices on Tuesday. With sharp gains in US equities it is possible that some more flight to quality longs were pressured into exiting gold positions in favor of more lucrative plays. With the US economic reports continuing to show slightly better than expected readings (particularly in the employment sector) it is possible that macro economic uncertainty is declining and that in turn seemed to prompt some rotation away from gold and other flight to quality instruments.
The silver market remained under moderately intense liquidation pressure and seemed to be at least partially undermined by the strength of the US Dollar. With oil prices somewhat weak and a host of physical commodity markets under ongoing pressure it would seem as if silver continued to see broad based physical commodity selling pressure. With platinum sharply lower and copper prices at times under moderate duress even the industrial metals angle wasn't able to support silver! In short, the financial or flight to quality angle for silver is apparently dominating the trade and the prospect of an improvement in the economy continues to be lost in the shuffle.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Real regulatory reform
James Turk: Another look at the bull market in commodities
Dollar's decline hasn't shaken Arab central bankers yet
Dollar can be weak, strong at same time, ex-Treasury official ... er, explains
Central bank currency riggers buy dollars sold by central bank investment arms
The Statistics:
As of close of business: 3/31/2008
Gold Warehouse Stocks: | 7,623,121 | - |
Silver Warehouse Stocks: | 135,880,691 | +1,072,501 |
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$ 19,262m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.91 | 3,662,434 | US$ 3,226m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,664 | US$ 584m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.97 | 931,530 | US$ 869m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/31/2008 | |
Total Net Assets | $1,886,314,348 | 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 3/31/2008 | |
Total Net Assets | $3,225,375,517 | 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:
Paramount’s (PZG) assay results, Kimber’s (KBX) drilling, Great Basin’s (GBN) increase in losses, Keegan’s (KGN) property acquisition, Newmont’s (NEM) offered share sale to the Indonesian government, IAMGOLD’s (IAG) filed financial statements, Silver Wheaton’s (SLW) financial statements, Penoles’ (PENOLES.MX) dividend, First Majestic’s (FR.TO) new vein, Endeavour’s (EXK) management appointment, Yale’s (YLL.V) and Exmin’s (EXM.V) drilling, Coeur’s (CDE) mine commissioning, Great Panther’s (GPR.TO) 2007 results, and Silverstone’s (SST.V) financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI+3.22% $2.0127 |
2. Exeter | XRA +3.10% $4.33 |
3. Taseko | TGB+2.76%$5.2409 |
LOSERS
1. ITH | THM -11.8% $1.42 |
2. Apex Silver | SIL -7.76% $11.18 |
3. US Energy | USEG -7.46% $3.10 |
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:
Bonaventure Update on Winter Drilling at K9 - More
- April 01, 2008 | Item | E-mail
GoldSpring Announces Best Drill Results to Date - More
- April 01, 2008 | Item | E-mail
East West and Temex Acquire Nickel-Copper-PGE Property South of McFaulds Lake and Noront Discovery - More
- April 01, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Report Gold and Silver Assays From the Montecristo Zone at Their San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces assay results from 12 drill holes in the Montecristo Zone of its San Miguel project, in the Guazapares Mining District, Mexico. These holes (LV 15-17, 19-23, and 25-28) were drilled in the southeastern margin of the Montecristo Zone (see location map at www.paramountgold.com)." More
- April 01, 2008 | Item | E-mail
Acero-Martin Drills 9.80 Meters of 2.28 g/t Gold Within 27.00 m of 1.22 g/t Gold, Pinaya Project Peru - More
- April 01, 2008 | Item | E-mail
Valdez Gold Inc. Announces Appointment of Michael Skead as CEO - More
- April 01, 2008 | Item | E-mail
Olympus Receives Positive Independent Technical Report on Feasibility Studies for the Phuoc Son Gold Project - More
- April 01, 2008 | Item | E-mail
Mantis Mineral Corp. Diamond Drill Program on Tamarack Option in the McFauld's Lake Area, James Bay Lowlands, Ontario - More
- April 01, 2008 | Item | E-mail
Platinum Group Metals Ltd.: Project 2 Update Western Bushveld Joint Venture - More
- April 01, 2008 | Item | E-mail
Tara Gold Reports Gold and Silver Assays From the Montecristo Zone at Their San Miguel Project - More
- April 01, 2008 | Item | E-mail
Freeport announces gold results from Spanish Mountain claims - More
- April 01, 2008 | Item | E-mail
Silver Wheaton's Financial Statements and 40-F Now Available - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) announces that its 2007 Audited Financial Statements are now available on SEDAR and on EDGAR. In addition, a Form 40-F report has been filed with the SEC and is available on EDGAR. Both reports can also be found at www.silverwheaton.com." More
- April 01, 2008 | Item | E-mail
Wave Uranium Adds Industry Veteran To Advisory Board - More
- April 01, 2008 | Item | E-mail
Mexico's Penoles approves 4.86 peso dividend - "Mexico's largest silver miner Penoles (PENOLES.MX: Quote, Profile, Research) approved a 4.86 pesos per share dividend after high metals prices led to positive 2007 results, the company told Mexico's stock exchange on Tuesday." More
- April 01, 2008 | Item | E-mail
Mercator Financial Results for the Year ended December 31, 2007 - More
- April 01, 2008 | Item | E-mail
Lydian Trenches 32 Metres at 25.89% Zinc and 3.86% Lead at Crepulje Project in Kosovo - More
- April 01, 2008 | Item | E-mail
Palladon Signs Long-Term Iron Ore Sales Agreement - More
- April 01, 2008 | Item | E-mail
Intersected 67.08g/t (1.96oz/ton ) over 2.0 metres - Premier-Roxmark discover high-grade gold beneath highway at Magnet Mine Property - More
- April 01, 2008 | Item | E-mail
Atlanta Gold Inc. announces further results from 2007 surface drilling at its Atlanta property in Idaho - More
- April 01, 2008 | Item | E-mail
Ivernia Inc. Announces Filing of Year End 2007 Reports - More
- April 01, 2008 | Item | E-mail
Forsys Increases Ownership of Ondundu Gold Project in Namibia to 90% - More
- April 01, 2008 | Item | E-mail
Premier-Roxmark discover high-grade gold beneath highway at Magnet Mine property - More
- April 01, 2008 | Item | E-mail
Mexivada acquires claims adjacent to Goldstorm property, Nevada - More
- April 01, 2008 | Item | E-mail
Zaruma Resources Updates Progress and Announces 2007 Filing - More
- April 01, 2008 | Item | E-mail
First Majestic Silver Corp.: Discovery of New High Grade Ore Shoot on the Vacas Vein at the La Parrilla Silver Mine - "First Majestic Silver Corp. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that it has identified and defined a new silver-lead- zinc-rich vein and replacement zone located about 2.5 km southeast of the main Rosario vein area within the Company's property boundaries at the La Parrilla Silver Mine. The discovery appears to represent the southern extension to the San Marcos and vein and replacement system delineated by the Company to the north of Vacas. The new ore-deposit area has been named Vacas. The Company has received the assay results from fifteen drill holes in the Vacas area." More
- April 01, 2008 | Item | E-mail
Pelangio Files Audited Financial Statements - More
- April 01, 2008 | Item | E-mail
Murgor drilling extends the new upper zone of the Wim copper-gold deposit in Manitoba - More
- April 01, 2008 | Item | E-mail
Argentex receives $3.85 million capital injection - More
- April 01, 2008 | Item | E-mail
Millstream Signs Letter of Intent to Sell 49% Interest in the Tamarack Gold Property to Nirek Resources Inc. - More
- April 01, 2008 | Item | E-mail
Happy Creek Provides a Review and Update of Projects and its Plans for 2008 - More
- April 01, 2008 | Item | E-mail
Gitennes TotoRoko Property - New results point to additional drilling - More
- April 01, 2008 | Item | E-mail
Temex and East West acquire nickel-copper-PGE property south of McFaulds Lake and Noront discovery - More
- April 01, 2008 | Item | E-mail
Byers-Loveland Project Expands - More
- April 01, 2008 | Item | E-mail
Dynacor Gold Mines Inc. reports net earnings for the year ended 2007 - More
- April 01, 2008 | Item | E-mail
Longview Capital Partners Earns $8.0 Million After-Tax in 2007 - More
- April 01, 2008 | Item | E-mail
Anooraq Provides Project Updates and Announces Year End Filing - More
- April 01, 2008 | Item | E-mail
Alexis Vests Into Seventeen Gold and Base Metal Properties in Central Val d'Or Mining Camp - More
- April 01, 2008 | Item | E-mail
Manicouagan Reports Results from Brabant Lake Drilling: Assays up to 16.27% Zinc Over 3.57 Metres and 2.44% Lead and 88.7 Grams per Tonne Silver - More
- April 01, 2008 | Item | E-mail
El Nino Ventures Inc. appoints new Independent Director - More
- April 01, 2008 | Item | E-mail
A Deep Penetrating UTEM Geophysical Program is Underway over the West Timmins Nickel Project, Ontario - More
- April 01, 2008 | Item | E-mail
Kinbauri Drills 3.15m Grading 11.6g Au/t and 2.76% Cu, Including 1.5m Grading 19.5g Au/t and 5.1% Cu - More
- April 01, 2008 | Item | E-mail
CZM Outlines 2008 Exploration Plans, Tag Gold-Silver Project, B.C. - More
- April 01, 2008 | Item | E-mail
Tombstone Exploration to Begin Aggressive Drill Program Beginning May 2008 - More
- April 01, 2008 | Item | E-mail
Victory Nickel Acquires 8.4% of Wallbridge Mining - More
- April 01, 2008 | Item | E-mail
Castillian Starts 3,500 Line Kilometre Airborne VTEM Electromagnetic (TDEM) and Magnetic Survey Over the San Luis Nickel-Copper-PGE Project, Argentina - More
- April 01, 2008 | Item | E-mail
Sherwood Makes Key Appointments to Its Board & Management - More
- April 01, 2008 | Item | E-mail
Colossus Minerals Assays Confirm High Grade Gold-Platinum-Palladium Mineralisation Remaining at Serra Pelada - More
- April 01, 2008 | Item | E-mail
Probe Mines Discovers Mafic Intrusive Outcrop on McFauld's West Property, James Bay Lowlands, Ontario; Project Update - More
- April 01, 2008 | Item | E-mail
Golden Odyssey Mining Enters Into Joint Venture with AmMex Gold Mining - More
- April 01, 2008 | Item | E-mail
Nirek Signs Letter of Intent to Acquire 49% of Millstream Mines' Tamarack Gold Property - More
- April 01, 2008 | Item | E-mail
Gossan Awards Incentive Stock Options - More
- April 01, 2008 | Item | E-mail
Mazorro Resources-IPO Extension - More
- April 01, 2008 | Item | E-mail
Northern Continental Russell Lake Project Exploration Update - More
- April 01, 2008 | Item | E-mail
Endeavour Silver Management Appointment; 2007 Year-End Financial Results Conference Call, and Webcast Scheduled For Friday, April 4, 2008 - "Endeavour Silver Corp. (EDR: TSX, EJD: DBFrankfurt and EXK: AMEX) is pleased to announce the appointment of Hugh Clarke from Manager, Investor Relations to Vice President, Corporate Communications, effective April 1, 2008." More
- April 01, 2008 | Item | E-mail
Yale and EXMIN Start Drilling at Urique North - "Yale Resources Ltd. (CDNX:YLL.V - News) and partner EXMIN Resources Inc. (CDNX:EXM.V - News) are pleased to announce that the first drill hole has been completed to a depth of 102.1 m in the Cerro Colorado target of the Urique project located in the prolific Sierra Madre Precious Metal Belt in southern Chihuahua State, Mexico." More
- April 01, 2008 | Item | E-mail
Crosshair Exploration & Mining Corp.: Shareholder Letter Issued Regarding Recent Developments With the Nunatsiavut Government - More
- April 01, 2008 | Item | E-mail
Fission Energy Commences Exploration Near Hathor's "Roughrider Zone" and Follow-Up Drilling at Waterbury Lake - More
- April 01, 2008 | Item | E-mail
Capella Resources Intersects 0.815% eU3O8 in Nova Scotia - More
- April 01, 2008 | Item | E-mail
USEC Purchases Boeing's Oak Ridge, Tenn. Facility - More
- April 01, 2008 | Item | E-mail
IAMGOLD Files Complete Audited Year End Financial Statements - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today that all of the Company's required regulatory filings, including annual audited financial statements have been filed with the appropriate regulatory bodies." More
- April 01, 2008 | Item | E-mail
Coeur's San Bartolome Mine Set to Begin Processing Ore - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that the commissioning of the Company’s new San Bartolomé silver mine in Bolivia is well underway. Coeur anticipates processing ore shortly, with the first doré expected to be poured before month’s end." More
- April 01, 2008 | Item | E-mail
Kimber re-commences exploration drilling at Monterde - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) is pleased to report that diamond drilling has commenced on its Arimo target on Kimber's 100% owned Monterde property in the prolific Sierra Madre gold-silver belt of Mexico. The Arimo target, located approximately three kilometres southwest of Kimber's Carmen gold-silver deposit, is an 800 metre long zone of intensively silicified hydrothermal breccia." More
- April 01, 2008 | Item | E-mail
Great Basin Gold Reports Increase in Losses as Capital Expenditure on Growth Projects Increases - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) ("Great Basin" or the "Company") announces that for the year ended December 31, 2007, the Company incurred a loss of 31 cents per share as compared to a loss of 11 cents per share in fiscal 2006." More
- April 01, 2008 | Item | E-mail
Keegan Triples Asumura Gold Project With Acquisition of Contiguous Northern Property - "Keegan Resources, Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce that it has successfully entered into an option agreement with Mt. Olives Goldfields, Ltd., a private Ghanaian firm, which allows Keegan to earn a 100% private ownership of the Mt Olives Reconnaissance Concession." More
- April 01, 2008 | Item | E-mail
Zambia introduces higher taxes on foreign miners - "Zambia began enforcing a new tax code on Tuesday that will see mining firms pay more in royalties and other taxes despite objections that the government has reneged on tax exemption deals with foreign investors." More
- April 01, 2008 | Item | E-mail
Newmont Indonesia offers to sell 7 pct to govt - "The Indonesian unit of U.S. mining firm Newmont Mining Corp (NEM.N: Quote, Profile, Research) has offered to sell another 7 percent of its shares valued at $426 million to the Indonesian government, officials said on Tuesday.
Under its mining contract, PT Newmont Nusa Tenggara, which operates the Batu Hijau copper and gold mine in eastern Indonesia, must sell 51 percent of its shares to local investors. It has sold a 20 percent stake to a local company, PT Pukuafu Indah, and has agreed to sell 31 percent gradually by 2010." More
- April 01, 2008 | Item | E-mail
Great Panther Announces FY2007 Results, Achieves First Mining Profits, Revenues Increase by More Than $10 Million - "We are extremely pleased with our progress during the year on several fronts. Our mineral sales revenue grew to over $17 million, we achieved our first ever mining profit, and most importantly, for the future, the new underground development and drilling activities we have undertaken are showing positive results." More
- April 01, 2008 | Item | E-mail
Silverstone Resources December 31, 2007 Four Month Stub Period Results - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) announces its financial results for the four month stub period ending December 31, 2007. For the four months ended December 31, 2007, Silverstone recorded earnings of US$1.2 million or US$0.01 per share and operating cash flows of US$3.2 million or US$0.03 per share." More
- April 01, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 April, 2008 | |
