-- Posted 4 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $909.30 | +$4.10 | -2.35% |
Silver | $17.71 | +$0.32 | -0.90% |
XAU | 184.68 | +1.82% | +2.45% |
HUI | 450.56 | +0.92% | +0.31% |
GDM | 1353.88 | +1.06% | +0.08% |
JSE Gold | 2429.11 | -10.05 | -4.79% |
USD | 71.97 | -0.25 | +0.50% |
Euro | 157.35 | +0.57 | -0.25% |
Yen | 98.41 | +0.66 | -2.17% |
Oil | $106.23 | +$2.40 | +5.61% |
10-Year | 3.481% | -0.11 | +0.43% |
Bond | 119.109375 | +1.5625 | +0.49% |
Dow | 12609.42 | -0.13% | +3.22% |
Nasdaq | 2370.98 | +0.32% | +4.86% |
S&P | 1370.40 | +0.08% | +4.20% |
The Metals:
Gold curiously dipped to as low as $899.17 by about 9AM EST following the release of a worse than expected jobs report that sent the dollar lower, but yellow metal soon rallied back higher and ended at its high of the session with a gain of 0.45%. Silver dropped to as low as $17.222 by about 9AM before it also rallied back higher for the rest of the day and ended near its high of $17.745 with an impressive gain of 1.8%.
Euro gold remained at about €578, platinum gained $20 to $2005, and copper gained over 5 cents to about $3.95.
Gold and silver equities rose about 1% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Mar | -80K | -50K | -76K |
Unemployment Rate | Mar | 5.1% | 5.0% | 4.8% |
Hourly Earnings | Mar | 0.3% | 0.3% | 0.3% |
Average Workweek | Mar | 33.8 | 33.7 | 33.7 |
The BLS net birth/death adjustment added 142,000 payrolls, but that was not enough to halt the third straight monthly decline in jobs. Payrolls in prior months were also revised lower to -152,000 in January and February compared to the previous reading of -85,000 while the Unemployment Rate rose to its highest since September 2005.
Also making economic news today was a poll by the New York Times reporting that 81% of Americans feel the country is heading in the wrong direction.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Credit on Monday, Pending Home Sales and FOMC Minutes on Tuesday, Wholesale Inventories on Wednesday, Initial Jobless Claims, the Trade Balance and Treasury Budget on Thursday, and Export and Import Prices and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 2% on refinery problems and a lower dollar while gasoline made another new record high above $3.30.
The U.S. dollar index fell and treasuries rose on the weaker than expected jobs data that also dragged the Dow, Nasdaq, and S&P lower at the open, but the three indices rose to find small gains by early afternoon and held near unchanged into the close as traders found it more likely that the fed will cut by 50 basis points, rather than just the already assumed 25 basis points, at their next meeting at the end of the month.
Among the big names making news in the market Friday were Family Dollar, UBS, Honeywell and Norcross, Microsoft and Yahoo, and Bear Stearns.
The Commentary:
“April Gold finished up 4 at 909, equal to the high and equal to the low.
May Silver closed up 0.275 at 17.755. This was 0.415 up from the low and 0.015 off the high.
The gold market was initially undermined by the Non Farm payroll report but then managed a mid day recovery bounce and a rise above the prior two sessions highs. However, it was clear that the Dollar weakness wasn't significant enough to drive aggressive buyers back into gold. However, energy prices were supportive to gold as was the initial reaction in the equity market to the monthly payroll information. It is also positive that other metals markets and a host of other physical commodity markets showed some strength on Friday as that suggests the fear of too much slowing and the fear of broad based physical commodity selling has been temporarily mitigated.
The silver market seemed to dodge a bullet today with the weaker than expected Payroll readings failing to rekindle a broad wave of physical commodity selling. In fact, the slack payroll reading didn't seem to undermine the industrial metals or the energy complex and that probably gave the silver bulls the confidence to move back into the long side of silver. While one can't conclude that the fear of excess slowing in the US has passed because of the markets reactions on Friday, it is possible that traders could assume that many markets are becoming less sensitive to macro economic negatives.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MiningMX: Hedge book causing big trouble at AngloGold
Andy LaPerriere: Questions for the Fed
In high prices, moribund mines find a silver bullet
David Morgan: Short silver
The Statistics:
As of close of business: 4/03/2008
Gold Warehouse Stocks: | 7,628,122 | - |
Silver Warehouse Stocks: | 135,101,353 | -251,144 |
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$ 18,497m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.07 | 3,667,312 | US$ 3,332m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,642 | US$ 602m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.97 | 931,499 | US$ 835m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/3/2008 | |
Total Net Assets | $1,863,169,625 | Ounces of Gold
in Trust | 2,058,818.136 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 64.04 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/3/2008 | |
Total Net Assets | $3,117,011,324 | Ounces of Silver
in Trust | 181,757,356.600 |
Shares Outstanding | 18,350,000 | Tonnes of Silver
in Trust | 5,653.29 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) first quarter outlook and Gold Fields’ (GFI) management changes were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Fronteer | FRG +6.18% $5.50 |
2. US Gold | UXG +5.67% $2.61 |
3. Metallica | MRB+4.95% $6.79 |
LOSERS
1. ITH | THM-5.33% $1.42 |
2. Nevsun | NSU-3.73% $1.55 |
3. Aurizon | AZK -3.61% $4.81 |
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:
Sulliden announces closing of $2.25 million private placements and appointment of Vice President Exploration - More
- April 04, 2008 | Item | E-mail
Mega Uranium Ltd. and Energentia Resources Inc. Sign Acquisition Agreement - More
- April 04, 2008 | Item | E-mail
Falcon Ridge Board of Directors Approves Company's CEO and Management to Pursue Discussions for Acquisitions of Mineral Leases - More
- April 04, 2008 | Item | E-mail
Metallurgical Tests Performed by Macusani Yellowcake Indicate High Uranium Recovery-96% Uranium Recovered in 5 Hours - More
- April 04, 2008 | Item | E-mail
Asian Mineral Resources: Ban Phuc Project Development Progress Update - More
- April 04, 2008 | Item | E-mail
Crosshair Closes C$15 Million Bought Deal Financing - More
- April 04, 2008 | Item | E-mail
AngloGold's hedge time bomb - "AN intensive review of AngloGold Ashanti’s assets to prepare the group to deal with a troublesome hedge book has revealed a third of its mines are underperforming, prompting moves to sell some operations and re-plan others to boost production and lower costs as it faces a tough three years on its forward sales." More
- April 04, 2008 | Item | E-mail
Lincoln Gold Corporation (Canada) Announces New Trading Symbol on OTCBB - More
- April 04, 2008 | Item | E-mail
Star Uranium Corp. - Announces a change to the board of directors - More
- April 04, 2008 | Item | E-mail
Kinbauri Gold Confirms Extensive Gold Zones at Aztec, Nevada - More
- April 04, 2008 | Item | E-mail
Iberian Minerals Corp. Secures OPA Exemption Request for CMC Privatization - More
- April 04, 2008 | Item | E-mail
Wildwood Management Corporation Closes Canadian Investor Relations Offices in Vancouver - More
- April 04, 2008 | Item | E-mail
Copper Fox Applauds Advancement of Northwest Power Line Study - More
- April 04, 2008 | Item | E-mail
Golden Band Resources Issuing Stock Options - More
- April 04, 2008 | Item | E-mail
Jasper Mining Corp. completes $133,000 non-brokered financing - More
- April 04, 2008 | Item | E-mail
NWT acquires interest in Kalahari Minerals through Niger Uranium venture - More
- April 04, 2008 | Item | E-mail
Benton Updates Exploration Plans for 2008 - More
- April 04, 2008 | Item | E-mail
Vior Acquires New Nickel-Copper Property in La Tuque Region, Quebec - More
- April 04, 2008 | Item | E-mail
Trun Gold Exploration Program Commenced - More
- April 04, 2008 | Item | E-mail
Odyssey Enters into Letter Agreement to Sell Licenses in Turkey - More
- April 04, 2008 | Item | E-mail
Geovic Mining Corp. Announces 2007 Results - More
- April 04, 2008 | Item | E-mail
Creston Moly Corp.: Infill Drilling Continues to Encounter Significant Molybdenum Mineralization at El Creston Deposit, Mexico - More
- April 04, 2008 | Item | E-mail
Midlands Minerals Reports Indicated Gold Resource on Sian Up 92%-Ghana - More
- April 04, 2008 | Item | E-mail
First Gold Exploration Inc.: Early Warning Report - More
- April 04, 2008 | Item | E-mail
ICS clarifies its press release 08-02 - More
- April 04, 2008 | Item | E-mail
Continental Nickel Options the St. Stephen Nickel-Copper Project - More
- April 04, 2008 | Item | E-mail
AngloGold Ashanti Revises Up First Quarter Outlook - "Following the stabilisation of Eskom power supply to South African operations during the quarter, AngloGold Ashanti is forecasting first quarter production of approximately 1.19 million ounces. The revised production outlook is around 8% above guidance provided at the fourth quarter results presentation. The company has also fully delivered into maturing hedge contracts during the quarter." More
- April 04, 2008 | Item | E-mail
Vishnu Pillay to Head up Gold Fields Operations in South Africa - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) today announced that, further to the executive management changes announced on Monday, 30 March 2008, Vishnu Pillay has been promoted to Executive Vice President and Head of South African Operations, to replace Terence Goodlace who was promoted to Chief Operating Officer for the Group, and will join the Gold Fields Executive Committee." More
- April 04, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 4 April, 2008 | |
