-- Posted 8 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $914.45 | -$8.10 |
Silver | $17.69 | -$0.385 |
XAU | 182.65 | -1.12% |
HUI | 445.13 | -1.47% |
GDM | 1339.42 | -1.52% |
JSE Gold | 2422.29 | -19.83 |
USD | 72.25 | +0.05 |
Euro | 157.09 | -0.08 |
Yen | 97.49 | -0.11 |
Oil | $108.50 | -$0.59 |
10-Year | 3.558% | +0.002 |
T-Bond | 118.265625 | -0.078125 |
Dow | 12576.44 | -0.29% |
Nasdaq | 2348.76 | -0.68% |
S&P | 1365.54 | -0.51% |
The Metals:
Gold rose to $925.13 by late trade in Asia before it fell to as low as $907.50 by early trade in New York, but it then rallied back higher into the close and ended with a loss of just 0.9%. Silver remained above $18.00 in Asia before it fell to as low as $17.41 by early trade in New York, but it also rallied back higher in the last 4 and ½ hours of trade and ended with a loss of just 2.1%.
Euro gold fell near €582, platinum lost $22.50 to $2008, and copper fell over 8 cents to about $3.91.
Gold and silver equities fell nearly 2% by late morning before they rebounded to find less than 1% losses by mid-afternoon, but they then fell back off in the last couple of hours of trade and ended with a little over 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | Feb | -1.9% | -1.0% | 0.3% |
FOMC minutes from the fed’s March 18th meeting showed that many fed members and staff now see a recession in the first half of 2008 as well as an increased inflation outlook, but many are still banking on a second half recovery for the economy and then reduced inflation in 2009 compared to 2008. The fed also said they think that monetary policy alone cannot solve the housing and financial crises.
Tomorrow at 10AM EST is the Wholesale Inventories report for February expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil waffled near unchanged and closed slightly lower on reports of waning demand, but prices remain just a few dollars from a new all-time high. All eyes now turn to tomorrow’s inventory reports which are expected to show another drop in gasoline stocks despite that reported decreasing demand.
The U.S. dollar index rose slightly in early trade before it cut into its gains following the fed’s minutes, but it still ended with a minor gain on the day.
Treasuries rose on the short end but fell in longer dated maturities as traders compensated for both a recession and increasing inflation worries.
The Dow, Nasdaq, and S&P fell on earnings reports that came in even worse than low expectations while many were also disappointed by the fed’s minutes that revealed a greater bias towards recession than previously thought.
Among the big names making news in the market today were First Marblehead, Alcoa, Washington Mutual, and Northrop Grumman.
The Commentary:
“April Gold finished down 8.7 at 914, equal to the high and 2 up from the low.
May Silver closed down 0.412 at 17.708. This was 0.268 up from the low and 0.072 off the high.
The gold market appeared to be presented with a host of minor bearish developments and that seemed to give the bear camp an edge. Certainly seeing the Dollar hold in positive ground in the face of bearish scheduled US data favored the bear camp but one almost got the impression that broad based physical commodity selling was attempting to surface again in the wake of soft US equity market action. While the gold market was probably undermined by weak action in the energy market, seeing weakness in equity prices also seemed to send some gold bulls to the sidelines on Tuesday.
The silver market showed a rather wide trading range on Tuesday with a number of physical commodity markets showing a tight correlation with the US equity market. In fact, while the silver market seemed to be undermined by the strength in the Dollar, weakness in the US equity market seemed to have a more significant influence on the ebb and flow of silver prices. However, with a relatively large trading range of 66 cents June Silver displayed some rather significant volatility in the face of a relatively slow fundamental news day!”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Rob Kirby: How derivatives suppress commodities to conceal inflation
Even Jon Nadler starts to suspect market manipulation
IMF still needs OK from Congress; says it won't add to official sales
Is gold going east to keep oil principalities in line?
IMF proposes selling 403 tonnes of gold to raise $11 billion
Will Islamic principles require real gold on hand?
The Statistics:
As of close of business: 4/07/2008
Gold Warehouse Stocks: | 7,628,122 | - |
Silver Warehouse Stocks: | 135,559,987 | -622,787 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 642.04 | 20,642,203 | US$ 19,116m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.06 | 3,667,149 | US$ 3,355m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,613 | US$ 607m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.97 | 931,458 | US$ 862m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/7/2008 | |
Total Net Assets | $1,899,528,763 | 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 4/7/2008 | |
Total Net Assets | $3,308,531,753 | Ounces of Silver
in Trust | 184,233,513.600 |
Shares Outstanding | 18,600,000 | Tonnes of Silver
in Trust | 5,730.30 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Claude’s (CGR) drill results, Solitario’s (XPL) new agreement, Allied Nevada’s (ANV) completed offering, Oro Silver’s (OSR.V) assay results, Minco Silver’s (MSV.TO) assay results, Coeur’s (CDE) upgrade of electrical systems, and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITH | THM+2.13% $1.44 |
2. Solitario | XPL +1.85% $5.50 |
3. Richmont | RIC +1.32% $3.85 |
LOSERS
1. Kimber | KBX -9.26% $1.47 |
2. Fronteer | FRG -8.81% $4.76 |
3. Lihir | LIHR-4.34% $31.77 |
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:
Geoinformatics Exploration Inc.: Drilling at La Noria Returns High-Grade Molybdenum Intersection - More
- April 08, 2008 | Item | E-mail
Aurora Commits to Working With Nunatsiavut Government on Uranium Development in Labrador - More
- April 08, 2008 | Item | E-mail
Dajin Reports Silver Zinc Lead Results at Jackpot - More
- April 08, 2008 | Item | E-mail
Golden Peaks Resources Ltd. - More
- April 08, 2008 | Item | E-mail
Evolving Gold Appoints New President and Director - More
- April 08, 2008 | Item | E-mail
TEAL and Antofagasta enter into Zambian Copper Exploration joint venture - More
- April 08, 2008 | Item | E-mail
Silvermet Plans Spin-out of Muskox Ni Cu PGM Project to Shareholders - More
- April 08, 2008 | Item | E-mail
NORONT Resources Ltd. and BOLD Ventures Inc. Announce Option Agreement - More
- April 08, 2008 | Item | E-mail
Rocmec Updates Progress on Peruvian Acquisition Project - More
- April 08, 2008 | Item | E-mail
Coeur d'Alene idles Chile silver/gold mine - "Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) said on Tuesday it would halt operations at its Cerro Bayo mine in Chile for six weeks for maintenance, trimming output by 180,000 ounces of silver and 4,000 ounces of gold." More
- April 08, 2008 | Item | E-mail
Claude Resources Drills 185.62 g/t (5.97 oz./t) Gold Over 0.41 m. (1.35 ft.) at Starratt Olsen, Madsen Project, Red Lake - "The new high grade gold mineralization is hosted within a quartz-vein system in the footwall of the Starratt Olsen mine," stated Claude Resources' Vice President Exploration Brian Skanderbeg. "The Starratt Olsen drill results being reported are 3 kilometers (1.9 miles) southwest of the Madsen mineshaft at 190 meters (623 feet) depth." More
- April 08, 2008 | Item | E-mail
Infill drilling at Golden Goose's Magino gold property continues to generate impressive results - More
- April 08, 2008 | Item | E-mail
Macusani Yellowcake Provides Update on Activities/Strike Length Now One Kilometre - More
- April 08, 2008 | Item | E-mail
Typhoon Reports Positive Results of 0.201% U3O8 on the Cote-Nord Property - More
- April 08, 2008 | Item | E-mail
Inspiration Intersects 0.705% Ni Over 31.10m or 102.03ft Containing 1.020% Ni Over 15.97m or 52.40ft (True Width) - More
- April 08, 2008 | Item | E-mail
BacTech Announces Flow-Through Financing - More
- April 08, 2008 | Item | E-mail
Puma Exploration: 113 g/t Ag, 3.3% Zn, 3.8% Pb, and 0.27 g/t Au Over 11 Metres in the Centre of the Shaft Lens - More
- April 08, 2008 | Item | E-mail
Victory Nickel Receives Key Approval at Lac Rocher - More
- April 08, 2008 | Item | E-mail
Spider, KWG and Freewest Provide Drill Update on Freewest Option Property McFauld's Lake Area, Northern Ontario - More
- April 08, 2008 | Item | E-mail
Temoris Resources Inc.: Nomination - More
- April 08, 2008 | Item | E-mail
Noront Commences Work Programme on Hawk Uranium Inc. 50/50 JV Property-"Ring of Fire" Area, McFaulds Lake - More
- April 08, 2008 | Item | E-mail
Eaglecrest Drills 9.3 Metres of 10.5 Grams Per Tonne Gold - More
- April 08, 2008 | Item | E-mail
La Mancha Reports More High-Grade Intersections at its Ity Mine - More
- April 08, 2008 | Item | E-mail
Metanor Pours Gold - More
- April 08, 2008 | Item | E-mail
Freegold Cuts 12 m of 9 g/t Gold at Golden Summit - More
- April 08, 2008 | Item | E-mail
Augusta Announces New In-Pit Copper Zone Drill Results-Signs Letter of Award for Mill Drives - More
- April 08, 2008 | Item | E-mail
New Guinea Gold: Commercial Gold Production Commences at Sinivit NI 43-101 Report With New Resource Estimate for Imwauna on Track for Publication in August 2008 - More
- April 08, 2008 | Item | E-mail
Surface Rights Acquired for Creston Molybdenum Deposit, Sonora, Mexico - More
- April 08, 2008 | Item | E-mail
Geovic Mining Corp. Updates Progress at Nkamouna Cobalt Project - More
- April 08, 2008 | Item | E-mail
Yankee Hat Acquires Lancer Rare Earth Project, Yukon Territory - More
- April 08, 2008 | Item | E-mail
Consolidated Abaddon & Triex Minerals Resume Drilling at Mann Lake Uranium Project, Athabasca, Saskatchewan - More
- April 08, 2008 | Item | E-mail
Skyharbour Resources Ltd.: Drilling Starts on Step-Out Hole at South Bay Project, Red Lake, NW Ontario - More
- April 08, 2008 | Item | E-mail
Beaufield Drills 12.55 Metres of 15.00% Zinc, 6.02% Copper And 145.50 g/t Silver at Tortigny - More
- April 08, 2008 | Item | E-mail
American Creek adopts Shareholder Rights Plan - More
- April 08, 2008 | Item | E-mail
Klondike Star Begins Exploration in Egypt - More
- April 08, 2008 | Item | E-mail
Argentex drills 69 meters of 3% lead-zinc and 30 g/t indium at Pinguino, plans to increase drilling at Marta Centro zone to 400-meter depth - More
- April 08, 2008 | Item | E-mail
Quaterra Discovers New Uranium Mineralized Breccia Pipe on the Arizona Strip - More
- April 08, 2008 | Item | E-mail
Timmins Gold Corp.: Pre-Feasibility Study Confirms Economic Viability of the San Francisco Mine Sonora, Mexico - More
- April 08, 2008 | Item | E-mail
Wave Uranium Completes Field Work in Arizona - More
- April 08, 2008 | Item | E-mail
Explorator Appoints David Prins Chairman of Technical Advisory Committee - More
- April 08, 2008 | Item | E-mail
CanAlaska Uranium winter drilling update - More
- April 08, 2008 | Item | E-mail
Centamin Egypt Limited: Sukari Gold Project Resource Upgrade - More
- April 08, 2008 | Item | E-mail
Golden Patriot Corp. Receives Favorable Uranium Survey - More
- April 08, 2008 | Item | E-mail
Sunridge Gold Selects Wardrop for Scoping Study at Emba Derho Project, Eritrea - More
- April 08, 2008 | Item | E-mail
Miranda Gold Corp. Signs Agreement to Explore in Mexico - More
- April 08, 2008 | Item | E-mail
Tribute Minerals Inc.: Exploration Update - More
- April 08, 2008 | Item | E-mail
Golden Valley Mines Ltd.: Otish Basin Uranium Update - More
- April 08, 2008 | Item | E-mail
Tournigan Reports High Grade Chemical Assay Results at Kuriskova - More
- April 08, 2008 | Item | E-mail
Dia Bras Intersects High-Grade Copper-Gold at the Bolivar Property - More
- April 08, 2008 | Item | E-mail
Alhambra Announces Estimate of 1.07 Million Ounces of Gold Contained in the Measured and Indicated Resource Categories at its Uzboy Gold deposit - More
- April 08, 2008 | Item | E-mail
StarGold Mines Provides Update on UniverCompany Acquisition - More
- April 08, 2008 | Item | E-mail
Skyharbour Resources Ltd.: Drilling Starts on Step-Out Hole at South Bay Project, Red Lake, NW Ontario - More
- April 08, 2008 | Item | E-mail
Consolidated Abaddon & Triex Minerals Resume Drilling at Mann Lake Uranium Project, Athabasca, Saskatchewan - More
- April 08, 2008 | Item | E-mail
Solitario Resources Signs Important New Agreement on Its Chambara Zinc Project in Peru with Votorantim Metais - "Solitario Resources Corporation (AMEX:XPL - News)(TSX:SLR - News) announced that it has signed an important new agreement with Votorantim Metais on its Chambara regional zinc project in northern Peru. The Chambara project consists of approximately 60,000 hectares of mineral rights concessions distributed within an agreed upon Area Of Interest ("AOI") measuring 200 kilometers in a north-south direction and 85 kilometers in an east-west direction." More
- April 08, 2008 | Item | E-mail
Oro Silver Intersects 6.9 g/t Gold and 45 g/t Silver Over 18.4 Metres; Continues to Expand El Compas Adit and El Orito Zones at El Compas Mine - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) is pleased to report significant assay results from its drilling program at its El Compas Mine property in Zacatecas, Mexico. The drilling confirms and expands the gold and silver continuity of both the El Compas Adit and El Orito zones." More
- April 08, 2008 | Item | E-mail
Allied Nevada Gold Corp. Completes Cross-Border Public Offering - "Allied Nevada Gold Corp. (Toronto:ANV.TO - News)(AMEX:ANV - News) ("Allied Nevada") announced today that it has completed its previously announced cross-border public offering of 12,500,000 common shares at a price of Cdn.$5.25 per share for aggregate proceeds of Cdn.$65,625,000. Allied Nevada has also granted to the underwriters an option for a period of 30 days following the closing to purchase up to an additional 1,875,000 common shares at the offering price for additional aggregate proceeds of up to Cdn.$9,843,750 to cover over allotments, if any." More
- April 08, 2008 | Item | E-mail
Minco Silver Continues to Expand Mineralization at Fuwan - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to report the assay results of 19 holes, for a total of 5,257.18 metres (m), from exploration drilling on its Fuwan Silver Project located in Guangdong Province, China. The program was predominantly designed to expand the known resource base through step out drilling with minor in-fill drilling (6 holes) in certain areas to increase the resource confidence." More
- April 08, 2008 | Item | E-mail
Coeur's Cerro Bayo Mine Begins Upgrades of Electrical Systems - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that as part of the ongoing operational improvement program at the Company’s Cerro Bayo mine in southern Chile, the mine will be upgrading its electrical infrastructure, which will result in a temporary suspension of mining operations for approximately 6 weeks." More
- April 08, 2008 | Item | E-mail
SilverCrest Continues to Expand Main Zone at Santa Elena, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to report results for the next series of core holes of an "expanded" Phase II drill program at its Santa Elena Project located in northern Mexico. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property." More
- April 08, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 April, 2008 | |
