-- Posted 16 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $944.95 | +$16.80 |
Silver | $18.30 | +$0.50 |
XAU | 195.11 | +5.84% |
HUI | 475.16 | +5.16% |
GDM | 1421.91 | +4.94% |
JSE Gold | 2603.90 | +83.35 |
USD | 71.39 | -0.69 |
Euro | 159.51 | +1.63 |
Yen | 98.16 | -0.10 |
Oil | $114.93 | +$1.14 |
10-Year | 3.696% | +0.126 |
T-Bond | 117.00 | -1.421875 |
Dow | 12619.27 | +2.08% |
Nasdaq | 2350.11 | +2.80% |
S&P | 1364.71 | +2.27% |
The Metals:
Gold fell to $924.15 in early Asian trade before it rose throughout most of the rest of trade in London and New York and ended near its high of $948.90 with a gain of 1.81%. Silver fell to $17.763 in Asia and rose to $18.51 by late morning in New York before it fell over 1% from that high in the last couple of hours of trade, but it still ended with an impressive gain of 2.81%.
Euro gold rose near €592, platinum gained $49.50 to $2019.50, and copper gained nearly 10 cents to about $3.99.
Gold and silver equities steadily rose throughout trade and ended at or near their highs with almost 6% gains.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Mar | 0.3% | 0.3% | 0.0% |
Core CPI | Mar | 0.2% | 0.2% | 0.0% |
Housing Starts | Mar | 947K | 1010K | 1075K |
Building Permits | Mar | 927K | 970K | 984K |
Industrial Production | Mar | 0.3% | -0.1% | -0.7% |
Capacity Utilization | Mar | 80.3% | 80.4% | 80.3% |
The fed’s Beige Book confirmed the recent economic downturn due to problems in the housing and credit markets that have resulted in cuts in consumer spending.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/12 expected at 375,000, Leading Indicators for March expected at 0.1%, and the Philadelphia Fed survey for April expected at -15.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to another new record intraday high over $115 as supply disruptions continued and inventory numbers came in lower than expected. Oil inventories fell 2.3 million barrels rather than an expected gain, gasoline inventories fell a larger than expected 5.5 million barrels, distillates rose just 100,000 barrels, and refinery utilization fell 1.6% to 81.4%.
The U.S. dollar index fell rather dramatically to a new record low despite higher interest rates in the US as the euro rose to a new record high versus the dollar on a strong euro zone inflation reading that makes it less likely the ECB will join the fed in cutting interest rates.
Treasuries fell as the Dow, Nasdaq, and S&P rose throughout most of trade on strong earnings reports.
Among the big names making news in the market today were IBM, Intel, United Airlines, Coca-Cola, Abbot Laboratories, JPMorgan, Wells Fargo, GE, St. Jude, and J.C. Penney.
The Commentary:
“June Gold finished up 16.3 at 948.3, 3.9 off the high and 6.3 up from the low.
May Silver closed up 0.475 at 18.325. This was 0.175 up from the low and 0.195 off the high.
The gold market was faced with an extremely active scheduled US report flow on Wednesday and apparently the bull camp came away from the data with a definitively supportive environment. Apparently the US CPI report offset the fear of too much slowing that was fostered by the much weaker than expected US Housing starts report. In fact, seeing the Industrial Production and Capacity Utilization readings come in slightly better than expectations seemed to give even more credence to recent views that the US economy was holding together. With energy prices rising to another round of new highs early in the trading session and the US equity market also strong, some players came to the conclusion that classic growth and inflation might be seen in the coming months. In fact, the combination of better than expected US readings, a sharp slide in the US Dollar and ongoing European inflation fears seemed to give the gold market a number of bullish themes to choose from.
Like the gold market, the silver market managed an impressive range up extension but silver was actually able to climb above the late March highs. As suggested in the morning commentary, the silver market was probably given an indirect lift in the wake of rather impressive recovery in copper prices. In the end the magnitude of the gains in all the metals markets would seem to suggest that something fresh surfaced in the metals markets on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Prices soaring as biggest grain exporters halt foreign sales
Ted Butler: Super concentration
The Statistics:
As of close of business: 4/15/2008
Gold Warehouse Stocks: | 7,636,723 | - |
Silver Warehouse Stocks: | 137,089,748 | +864,696 |
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 | 641.82 | 20,635,087 | US$ 19,181m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.04 | 3,666,491 | US$ 3,463m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 672,067 | US$ 635m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.88 | 864,312 | US$ 803m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.30 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/15/2008 | |
Total Net Assets | $1,911,714,845 | 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 4/15/2008 | |
Total Net Assets | $3,298,590,914 | Ounces of Silver
in Trust | 184,728,713.100 |
Shares Outstanding | 18,650,000 | Tonnes of Silver
in Trust | 5,745.71 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Anatolia’s (ANO.TO) permit, Aurizon’s (AZK) letter of intent with Radisson (RDS.V), Keegan’s (KGN) drill results, Northgate’s (NXG) assay results, Hecla’s (HL) completed acquisition, Tumi’s (TUMIF.OB) exploration update, Fury’s (FUR.V) permitting, Excellon’s (EXN.TO) mill construction and CEO and President resignation, MAG Silver’s (MVG) assay results, and Hochschild’s (HOCM.L) output target were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY+20.3% $1.60 |
2. Kimber | KBX+9.30% $1.41 |
3. Entree | EGI +8.18% $1.72 |
LOSERS
1. US Energy | USEG-2.51% $2.72 |
2. Crystallex | KRY -2.06% $1.90 |
3. Northgate | NXG -0.89% $3.34 |
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:
Hecla Completes Acquisition of 100% of Greens Creek Joint Venture - "Hecla Mining Company (NYSE:HL - News) today announced it has completed the transaction to acquire the Rio Tinto subsidiaries that held a 70.27% interest in the Greens Creek silver mine and joint venture located near Juneau, Alaska. As a result of the transaction, Hecla subsidiaries now hold 100% of the Greens Creek joint venture, which is believed to be the fifth largest silver mine in the world in terms of annual production." More
- April 16, 2008 | Item | E-mail
EXMIN Provides Moris Mine Update, Retains 100% Interest in Moris Exploration Project and Advances Strategic Alliance - More
- April 16, 2008 | Item | E-mail
Stingray Copper Inc.: In Fill Drilling Results Continue to Demonstrate Oxide Copper Mineralization at El Pilar, Mexico - More
- April 16, 2008 | Item | E-mail
Fission Retains Key Ground Near Roughrider Zone - More
- April 16, 2008 | Item | E-mail
GoldSpring Announces Additional Assay Results - More
- April 16, 2008 | Item | E-mail
Minera Andes drilling cuts 132 meters (433ft) of 1.11 percent copper at Los Azules project - More
- April 16, 2008 | Item | E-mail
Tumi Provides Swedish Exploration Update - "Tumi Resources Limited (the "Company") (CDNX:TM.V - News)(OTC BB:TUMIF.OB - News)(Frankfurt:TUY.F - News). David Henstridge, President, announces progress on the drill program at Sala with two drill holes completed to date. In addition to the drill program, the Company is advancing its baseline geological work and has signed an agreement with SkyTEM of Denmark to fly airborne electromagnetics (EM) and magnetics over a further seven of the Company's licence areas in the Bergslagen District of Sweden. The licence areas to be flown are Koberg, Hallefors, Jonsmossen, Lovasen, Skalbo, Sala 4 and Jugansbo." More
- April 16, 2008 | Item | E-mail
Ascot Mining PLC Begins Trading on PLUS Market - More
- April 16, 2008 | Item | E-mail
Century Announces NI 43-101 Reserves And Technical Report For The San Juan Gold Mine In Peru - More
- April 16, 2008 | Item | E-mail
Anatolia says gets permit for Turkey gold project - "Anatolia Minerals Development Ltd (ANO.TO: Quote, Profile, Research) said on Wednesday that the Turkish Ministry of Environment and Forestry has granted it an environmental permit for its Copler gold project, sending its shares higher." More
- April 16, 2008 | Item | E-mail
Richard Molyneux, Ex President and CEO of De Beers Canada, Joins ICS Board of Directors - More
- April 16, 2008 | Item | E-mail
American Uranium Announces the Appointment of Two New Members to the Advisory Board - More
- April 16, 2008 | Item | E-mail
Latin American Minerals Options Its La Carolina Gold Property to Argentinean Venture Capital Group - More
- April 16, 2008 | Item | E-mail
Claim Inspection Supports Hathor Exploration and Terra Ventures - More
- April 16, 2008 | Item | E-mail
Apella Resources Inc. - Crone's Pulse EM Surface survey results - More
- April 16, 2008 | Item | E-mail
Sub-Terminator Mineralization Confirmed at North American Gem's Louise Lake Project - More
- April 16, 2008 | Item | E-mail
Gold Reef International Submits Drilling Permit Application to the Bureau of Land Management on the Texas Canyon Gold - Uranium - Molybdenum Project - More
- April 16, 2008 | Item | E-mail
Blue Note Mining Celebrates TSX Listing With Market Opening Ceremony on April 16, 2008 - More
- April 16, 2008 | Item | E-mail
First Narrows Completes Resource Estimate for the Near Surface Portion of the Chester Feeder Deposit - More
- April 16, 2008 | Item | E-mail
Typhoon Exploration : Acquisition of a Property With Uraniferous Potential - More
- April 16, 2008 | Item | E-mail
Metals Creek Resources Corp. Announces Appointment of Investment Relations Firm - More
- April 16, 2008 | Item | E-mail
Adex Mining Awards Contract To SGS Lakefield Research Europe for Initial Metallurgical Program Designed to Establish Process for Increasing Metal Recoveries at - More
- April 16, 2008 | Item | E-mail
Andean Reports an Updated Mineral Resource for Eureka West - More
- April 16, 2008 | Item | E-mail
Shoreham Resources Ltd. Advancing Towards Gold Production at Marudi Mountain Gold Project in Guyana - More
- April 16, 2008 | Item | E-mail
Amera Announces $500,010 Brokered Private Placement - More
- April 16, 2008 | Item | E-mail
New Guinea Gold Grants Incentive Stock Options to Employees and Consultants - More
- April 16, 2008 | Item | E-mail
AXMIN Inc.: Drilling Continues to Intersect High Grades at Komahun Project, Nimini Hills, Sierra Leone - More
- April 16, 2008 | Item | E-mail
Shoreham Resources Progress Report, Borland Lake Silver Target, Ontario - More
- April 16, 2008 | Item | E-mail
African Gold Group, Inc. Trenching Returns 84 Meters of 3.0 G Au/T, Including 36 Meters of 6.28 G Au/T & 16 Meters of 13.6 G Au/T - More
- April 16, 2008 | Item | E-mail
Abitibi Grassroots Program Update Diamond Drill Program Underway - Bejopipa Prospect (Chapais-Chibougamau, Quebec) - More
- April 16, 2008 | Item | E-mail
ATW Venture Corp.: Amarillo Drilling Update - More
- April 16, 2008 | Item | E-mail
Timmins Gold Corp. Channel Sampling on Surface Yields 2.21 G/T Gold across 99 Meters at Cocula Property, Jalisco, Mexico - More
- April 16, 2008 | Item | E-mail
East West Strengthens Technical Team - More
- April 16, 2008 | Item | E-mail
Midlands Minerals Retains Agoracom to Provide Investor Relations, Social Network and Google Search Engine Program - More
- April 16, 2008 | Item | E-mail
Canadian Arrow Mines Receives Exceptional Nickel Recoveries from Recent Testwork - More
- April 16, 2008 | Item | E-mail
High River Gold Announces New Chief Operating Officer - More
- April 16, 2008 | Item | E-mail
Radisson Mining Enters into Letter of Intent With Aurizon Mines - More
- April 16, 2008 | Item | E-mail
Capstone Announces Production and Sales for the First Quarter of 2008 - More
- April 16, 2008 | Item | E-mail
Dynacor Gold Mines increases its gold production capacity - More
- April 16, 2008 | Item | E-mail
Colorado Goldfields Announces Equipment Purchase - More
- April 16, 2008 | Item | E-mail
Sune Lundin leaves Boliden - More
- April 16, 2008 | Item | E-mail
Mosquito Files CUMO NI 43-101, Announces 1.1 Billion Tons of Higher-Grade Multi-Element Mineralization - More
- April 16, 2008 | Item | E-mail
Fury's Taylor Silver Project Permitting to Proceed Under Environmental Analysis - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) is pleased to announce that it has signed a Memorandum of Understanding (MOU) with the USDA Forest Service (USFS) for the final stage of USFS permitting for the Company's Taylor Project (the Project) located near Ely Nevada." More
- April 16, 2008 | Item | E-mail
Crosshair Intersects 0.20% U3O8 Over 9.45 Metres at Armstrong - More
- April 16, 2008 | Item | E-mail
Paladin Energy Ltd: Comment Regarding Lift Capital Partners Pty Ltd & Merrill Lynch International - More
- April 16, 2008 | Item | E-mail
Excellon's President and CEO Steps Down - "Excellon Resources Inc. (TSX:EXN - News) announces the resignation of Mr. Richard W. Brissenden, its President and Chief Executive Officer. He will remain a director of the Company. Peter A. Crossgrove, the Chairman of the board, will be the acting CEO. An executive search has begun to find Mr. Brissenden's replacement." More
- April 16, 2008 | Item | E-mail
Excellon's Directors Approve Mill Construction - "Excellon Resources Inc. (TSX:EXN - News) reports that its directors have approved the construction of a 350 tonnes per day (120,000 tonnes per annum) lead/zinc flotation mill at its Platosa test-mine site near Bermejillo, Mexico." More
- April 16, 2008 | Item | E-mail
MAG Silver & Fresnillo Intersect High Grade Silver on Juanicipio Vein - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") and Compania Fresnillo S.A. DE C.V. ("Fresnillo") on behalf of Minera Juanicipio SA are pleased to announce assay results from Holes 17P and 18P targeted on the Juanicipio Vein." More
- April 16, 2008 | Item | E-mail
Aurizon Signs Letter of Intent With Radisson - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce that it has entered into a letter of intent with Radisson Mining Resources Inc. (CDNX:RDS.V - News) pursuant to which Radisson has agreed to grant Aurizon an option to acquire an undivided 50% right, title and interest in Radisson's O'Brien/Kewagama Property, located in the Abitibi gold belt, midway between Rouyn-Noranda and Val-d'Or in northwest Quebec." More
- April 16, 2008 | Item | E-mail
Keegan Resources Inc.: Esaase Gold Project Infill Drilling Program Continues to Show Excellent Continuity to Gold Mineralization - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of 42 new infill drill holes as well as 13 holes drilled to the south of the resource area. All of the resource holes, excepting those that drilled the footwall zone, had significant mineralized intercepts." More
- April 16, 2008 | Item | E-mail
Vanguard Retains Senior Geologist for Upcoming Summer 2008 Exploration Season - More
- April 16, 2008 | Item | E-mail
Lake Shore Gold Corp. Announces Revised Agreement With Hochschild Mining; Second Private Placement Priced at 44% Premium to Market - More
- April 16, 2008 | Item | E-mail
S.Africa's Implats says to sell Aquarius stake - "South Africa's Impala Platinum (IMPJ.J: Quote, Profile, Research) said on Wednesday it would sell its holdings in Aquarius Platinum Ltd (AQP.AX: Quote, Profile, Research) and Aquarius unit AQPSA back to the companies for around $744 million in cash." More
- April 16, 2008 | Item | E-mail
Medoro Resources Announces Drilling Results - More
- April 16, 2008 | Item | E-mail
Company completes restructuring and prepares for 2008 exploration season - More
- April 16, 2008 | Item | E-mail
Hawthorne Gold and Cusac Gold Close Merger - More
- April 16, 2008 | Item | E-mail
Exploration drilling at Northgate's Stawell mine intersects high gold grades - "Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) is pleased to announce assay results for seven diamond drill holes in the Golden Gift 6 (GG6) exploration area at its Stawell Gold mine in Australia." More
- April 16, 2008 | Item | E-mail
Aurora Metals (BVI) Limited Announces Lawsuit Settlement Agreement With Trend Mining Company - More
- April 16, 2008 | Item | E-mail
Buffalo Triggers JV With Madison for Mt. Kare in PNG - More
- April 16, 2008 | Item | E-mail
AXMIN Files NI 43-101 Technical Report - More
- April 16, 2008 | Item | E-mail
GobiMin Announces Outstanding 2007 Financial Results and Increases Dividend by 150% - More
- April 16, 2008 | Item | E-mail
Lake Shore Gold Announces Management Changes - More
- April 16, 2008 | Item | E-mail
Hochschild on track for '08 output target after Q1 - "Latin American silver and gold miner Hochschild Mining Plc (HOCM.L: Quote, Profile, Research) is on track to achieve its 2008 output target after a first quarter in line with forecasts and said it was increasing its stake in a Canadian gold miner.
The the world's fourth biggest primary silver producer reaffirmed on Wednesday that it expected largely flat output this year at around 26 million ounces of silver equivalent." More
- April 16, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 April, 2008 | |
