-- Posted 17 April, 2008 | | Source: SilverSeek.com
Please note: Due to a personal obligation today’s report is a bit earlier than normal. It comes after the COMEX close for gold and silver, but before NYSE and other market closes. The quotes below reflect intraday readings as of about 2PM EST.
| Close | Gain/Loss |
Gold | $939.80 | -$5.15 |
Silver | $18.25 | -$0.05 |
XAU | 191.72 | -1.74% |
HUI | 467.88 | -1.53% |
GDM | 1401.75 | -1.42% |
JSE Gold | 2560.71 | -43.19% |
USD | 71.59 | +0.20 |
Euro | 158.88 | -0.62 |
Yen | 97.51 | -0.66 |
Oil | $114.42 | -$0.51 |
10-Year | 3.756% | +0.060 |
T-Bond | 116.578125 | -0.421875 |
Dow | 12606.24 | -0.10% |
Nasdaq | 2337.45 | -0.54% |
S&P | 1362.73 | -0.15% |
The Metals:
Gold rose nearly 1% to $952.95 by early trade in London, but it then fell back off for most of the rest of trade and ended with a loss of 0.55%. Silver rose to $18.74 in London before it fell to as low as $18.145 by late morning in New York, but it then rallied over 10 cents from that low in the last couple of hours of trade and ended with a loss of just 0.27%.
Euro gold fell to about €591, platinum gained $29 to $2048.50, and copper fell nearly 5 cents to about $3.94.
Gold and silver equities fell about 1.5% by midmorning and have remained near that level for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/12 | 372K | 375K | 355K |
Leading Indicators | Mar | 0.1% | 0.1% | -0.3% |
Philadelphia Fed | Apr | -24.9 | -15.0 | -17.4 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high at $115.54 before it pulled back off bit in afternoon trade as some supply concerns eased, but it still looks set to end near its new record closing high set yesterday.
The U.S. dollar index rose from yesterday’s new record low after some comments from Eurogroup Chairman Juncker turned the euro lower, but a weaker than expected Philadelphia fed reading encouraged some dollar selling later in the day and the index looks set to end just slightly higher.
Treasuries are falling despite weak economic data and lower stock indices as traders seem to be losing confidence in the traditional safe haven status of bonds.
The Dow, Nasdaq, and S&P have traded generally slightly lower on mostly poorer than expected earnings reports.
Among the big names making news in the market today were Merrill Lynch, Pfizer, CIT Group, United Technologies, and Baxter.
The Commentary:
GATA Posts:
Chinese potash importers agree to triple payments
Oil surges as investors hunt an 'anti-dollar'
Why high gold prices haven't led to more production
The Statistics:
As of close of business: 4/16/2008
Gold Warehouse Stocks: | 7,636,723 | - |
Silver Warehouse Stocks: | 137,089,748 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 641.82 | 20,635,087 | US$ 19,496m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.04 | 3,666,450 | US$ 3,446m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 672,059 | US$ 632m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.88 | 864,302 | US$ 816m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/16/2008 | |
Total Net Assets | $1,945,458,512 | 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 4/16/2008 | |
Total Net Assets | $3,355,233,537 | Ounces of Silver
in Trust | 185,719,016.300 |
Shares Outstanding | 18,750,000 | Tonnes of Silver
in Trust | 5,776.51 |
Note: Change in Total Tonnes from yesterday’s data: 30.8 tonnes were added to the trust.
The Stocks:
Cardero’s (CDY) magnetic survey results, Fortuna’s (FVI.V) financial results, Orko Silver’s (OK.V) test results, Scorpio’s (SPM.TO) project developments, and Silvermex’s (SMR.V) exploration results were among the big stories in the gold and silver mining industry making headlines today.
All of today's gold and silver stock news:
Cardero Announces Magnetic Survey Results & Exploration Potential for Pampa de Pongo Iron Deposit - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce detailed ground magnetic survey results and the interpretation of the significant exploration potential at its 100% owned Pampa de Pongo Iron Deposit in Peru. Pampa de Pongo is the largest undeveloped iron resource on the western seaboard of the Americas, with a N.I. 43-101 Inferred Resource of 953Mt @ 44.7% iron and 0.12% copper." More
- April 17, 2008 | Item | E-mail
Gitennes reports that Urumalqui drilling highlights gold and silver grades at depth - More
- April 17, 2008 | Item | E-mail
Goldcliff Acquires Large Platinum-Gold Land Position - More
- April 17, 2008 | Item | E-mail
Mokambo Project sulphide drill confirmation program - 70% complete - More
- April 17, 2008 | Item | E-mail
Renforth Resources Inc. Completes a $1,282,480 Private Placement - More
- April 17, 2008 | Item | E-mail
Acero-Martin Appoints Chief Geologist for Pinaya Gold-Copper Project, Peru - More
- April 17, 2008 | Item | E-mail
Canadian Arrow Identifies More Exploration Targets; Airborne Geophysical Surveys Completed - More
- April 17, 2008 | Item | E-mail
Houston Lake Mining to Raise $1.0 Million in a Non-Brokered Flow-Through Private Placement - More
- April 17, 2008 | Item | E-mail
Ecuador's Correa backs large-scale mining freeze - "Ecuadorean President Rafael Correa said on Thursday he backs suspending large-scale mining exploration projects while a new mining law is approved to regulate the country's nascent industry." More
- April 17, 2008 | Item | E-mail
Delta Begins to Drill at Manalo Gold Project - More
- April 17, 2008 | Item | E-mail
Fortuna Reports Operating Cash Flow of $13.24 Million on Revenue of $31.67 Million - "We are very pleased with Caylloma's first year operating and financial results. In the first full year of production, Caylloma self-funded its capital expenditure needs and delivered free cash flow for the Company. The cash flow is being reinvested to expand our current production rate of 830 tonnes per day to the planned target of 1,200 tonnes per day. Our solid cash position is also allowing us to fund the engineering and the initial development at San Jose internally." More
- April 17, 2008 | Item | E-mail
Gentor reports longest moly intercept to-date at its Idaho moly-tungsten-silver project - More
- April 17, 2008 | Item | E-mail
Volta Resources Inc. expands its property portfolio in Burkina Faso - More
- April 17, 2008 | Item | E-mail
Delta Uranium Extends the Richard Lake Uranium Deposit Along Strike and at Depth - More
- April 17, 2008 | Item | E-mail
Sparton Signs Final Share Purchase Agreement for Germanium Production in China - More
- April 17, 2008 | Item | E-mail
East Delta Subsidiary Completes Its Chinese Facility for Producing Nickel-Copper Aggregate - More
- April 17, 2008 | Item | E-mail
Augusta Resource Corporation: Rosemont Copper Awards EPCM to M3 Engineering and Appoints Mine Manager - More
- April 17, 2008 | Item | E-mail
Strathmore Acquires Additional Near-Surface Uranium Deposits in the Gas Hills, Wyoming: Historical Resource Exceeds 2.1 Million Pounds - More
- April 17, 2008 | Item | E-mail
USCorp Reports Over 1.68 Million Ounces Gold at Twin Peaks Property, Arizona in NI 43-101 Report - More
- April 17, 2008 | Item | E-mail
Osisko Intersects Significant Gold Mineralization Over 800 Metres Strike Length at Jeffrey - More
- April 17, 2008 | Item | E-mail
Victory Nickel Announces Dramatic Increase in Frac Sand Potential at Minago - More
- April 17, 2008 | Item | E-mail
Strateco Resources Inc./Matoush: The New MT-22 Zone Continues to Deliver 41.6 Metres at 0.47% eU308 - More
- April 17, 2008 | Item | E-mail
Explorator Commences Gold-Focused Chon Chon Exploration Program - More
- April 17, 2008 | Item | E-mail
Pacific North West Capital Completes VTEM Geophysical Survey Over Nickel Plats Project, Saskatchewan - More
- April 17, 2008 | Item | E-mail
Kinbauri Drills 44m Grading 3.1g Au/t, 12g Ag/t and 0.53% Cu, Including 8.7m Grading 34.9g Au/t, 66g Ag/t and 0.99% Cu - More
- April 17, 2008 | Item | E-mail
Miranda Gold Corp. Acquires and Stakes Claims in Pequop Mountains - More
- April 17, 2008 | Item | E-mail
Melkior Resources Inc.: Launay Gold Drilling Completed and Exploration Progresses - More
- April 17, 2008 | Item | E-mail
Sherwood Reports Minto Copper-Gold Mine Achieves & Exceeds Design Capacity - More
- April 17, 2008 | Item | E-mail
Gold Canyon Stakes Additional Claims Adjacent to Cordero Gallium Property - More
- April 17, 2008 | Item | E-mail
Mirabela Nickel Limited - Issue of Incentive Options to New Executives - More
- April 17, 2008 | Item | E-mail
Preliminary un-audited results for the year ended 31 December 2007 - More
- April 17, 2008 | Item | E-mail
Bluerock Executes Definitive Milling Agreement and Provides Update on US South West Operations - More
- April 17, 2008 | Item | E-mail
USEC Provides Update on American Centrifuge Plant Progress - More
- April 17, 2008 | Item | E-mail
Orko Silver's Metallurgical Test Results Indicate Silver Recoveries Approaching 90% - "Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that it has received results from the first laboratory testing program to investigate the mineral processing characteristics of the La Preciosa silver deposit. The results indicate that metallurgical recovery of silver from the La Preciosa silver deposit will approach 90%." More
- April 17, 2008 | Item | E-mail
Scorpio Granted Increase on Mill Processing Permit and Connects Nuestra Senora Mill Facility to Mexico's Main Power Grid - "Commercial production at Nuestra Senora is scheduled to commence in July 2008 at 1,000 tonnes per day. With the expectation that throughput will eventually increase, the Company applied for and was granted a permit for future increase in mineral processing to 2,000 tonnes per day. Now that the mill is on the electrical grid, the Company can continue with commissioning and an orderly start up, with production of saleable concentrate in the near future. On another front, the Company was recently granted title to the Zaida claim, which is part of a strategic expansion in land holdings through staking of favourable ground. The new claim acquisition hosts three known polymetallic deposits and will be included into future exploration programs." More
- April 17, 2008 | Item | E-mail
Silvermex Extends Strike Length at San Marcial to 3,500 Meters - "Silvermex Resources Ltd. ("Silvermex") (CDNX:SMR.V - News) announces results of its surface and underground exploration programs on its optioned San Marcial Property in southern Sinaloa. Highlights include grades as high as 300 g/t silver across 22.1 meters and a higher grade section of 994 g/t silver over 2 meters. The surface and underground exploration program at San Marcial included geological mapping, surface channel sampling, drill core re-logging and road construction." More
- April 17, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 April, 2008 | |
