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-- Posted 18 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week | Gold | $912.05 | -$27.75 | -1.28% | Silver | $17.79 | -$0.46 | +0.68% | XAU | 188.51 | -1.94% | +3.75% | HUI | 456.17 | -2.74% | +2.90% | GDM | 1365.45 | -2.83% | +2.40% | JSE Gold | 2542.21 | -18.50 | +0.73% | USD | 71.98 | +0.27 | +0.28% | Euro | 158.07 | -0.87 | -0.13% | Yen | 96.37 | -1.09 | -2.79% | Oil | $116.69 | +$1.83 | +5.95% | 10-Year | 3.743% | +0.014 | +7.84% | Bond | 116.4375 | -0.25 | -2.70% | Dow | 12849.36 | +1.81% | +4.25% | Nasdaq | 2402.97 | +2.61% | +4.92% | S&P | 1390.33 | +1.81% | +4.31% |
The Metals:  Gold rose $6.80 to as high as $946.60 by early trade in London before it sharply sold off over the next few hours to as low as $904.65 by midmorning in New York, but it did end nearly 1% off that low with a loss of 2.95%. Silver rose 22 cents to $18.47 before it fell to as low as $17.357 by about 9AM EST in New York, but it rallied a full 43 cents from that low and ended with a loss of just 2.52%.
Euro gold fell to about €579, platinum lost $7.50 to $2041, and copper dropped a couple of cents to about $3.92. Gold and silver equities fell about 4% by an hour into trade, but they then rallied back a bit in the rest of trade and ended with less than 3% losses. The Economy: All of this week’s economic reports: Next week’s economic highlights include Existing Home Sales on Wednesday, Durable Goods Orders, Initial Jobless Claims, and New Home Sales on Thursday, and Michigan Sentiment on Friday. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell in early trade on dollar strength, but it then rose to a new record high over $116 on news that rebels sabotaged a Shell pipeline in Nigeria and an earthquake in the Midwest US may have impacted refinery operations. The U.S. dollar index rose and treasuries fell as the Dow, Nasdaq, and S&P soared higher on news that Citigroup’s over $5 billion loss was bad, but not as horrible as feared. Among the big names making news in the market Friday were Citigroup, Caterpillar, AT&T, Honeywell, and Take-Two and Electronic Arts. The Commentary:  “Dear CIGAs,
Gold is going to at least $1650 so investors take heart. Citicorp only loses 5.1 billion in the last quarter. Talking heads cheer Citicorp’s earnings because Citicorp lost less than predicted by the Street, declaring now that the OTC derivative problem is over. Talk about world class BS! Euroland big wigs jawbone the US dollar saying, “Hey, we are jawboning so listen to us!” A little help from its friends and the dollar rises against the euro. The Gold Cherubs get the top. The up trend line breaks down as the electronic market takes over and voila, gold is off $30. This is not brain surgery. Gold is a trend line situation, simple and straight forward. It will only experience greater and greater volatility. The Angels and Cherubs will give you the price if you understand how to play them. Speculators in gold who did not get stopped out last US night would be best advised to find a less expensive hobby. The dollar cannot be manipulated against fundamental reality for long. Currency intervention will be small and on Fridays. Gold is going to at least $1650 so investors take heart.”- Jim Sinclair, More free commentary at JSMineset.com  “June Gold finished down 27.7 at 915.2, 4.8 off the high and 7.7 up from the low.
May Silver closed down 0.485 at 17.82. This was 0.43 up from the low and 0.08 off the high. The gold market started out around unchanged before coming under a concentrated aggressive washout that appeared to be mostly the result of a sharp rise in the US Dollar. However, with a number of physical commodity markets under significant selling pressure it appeared as if a broad based liquidation wave was instigated. It should be noted that crude oil prices initially fell $3.00 from their initial highs but by mid session the crude oil market was right back to its highs. In other words, a number of markets exhibited what seems to have been a knee jerk reaction to the Citigroup earnings and to the Dollar rise, but in the end a number of markets managed to recover. The silver market started out choppy before getting hit with a concentrated selling wave that seemed to surface in a broad range of commodity markets on Friday morning. While the action in the Dollar and weakness in the gold market undermined silver traders, some traders have suggested that physically orientated metals like silver and copper could begin to de-link with the Dollar and could now begin to correlate with either the equity market or the oil markets.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
To hide desperation for cash, banks may be falsifying interest rate reports How much gold do Vietnamese keep under their pillows? European authorities losing patience with collapsing dollar The Statistics: As of close of business: 4/17/2008 Gold Warehouse Stocks: | 7,636,723 | - | Silver Warehouse Stocks: | 137,089,748 | - |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 641.82 | 20,635,087 | US$ 19,516m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.04 | 3,666,410 | US$ 3,347m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 672,052 | US$ 614m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.01 | 868,238 | US$ 821m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.13 tonnes. COMEX Gold Trust (IAU) Profile as of 4/17/2008 | | Total Net Assets | $1,934,525,456 | 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 4/17/2008 | | Total Net Assets | $3,446,189,893 | Ounces of Silver
in Trust | 185,719,016.300 | Shares Outstanding | 18,750,000 | Tonnes of Silver
in Trust | 5,776.51 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Ecuador’s new mining law, Allied Nevada’s (ANV) exercised over-allotment option, and Vista Gold’s (VGZ) purchase of gold ore processing equipment were among the big stories in the gold and silver mining industry making headlines Friday. WINNERS 1. Cardero | CDY +11.76% $1.90 | 2. US Energy | USEG +6.23% $2.73 | 3. Alexco | AXU +2.33% $4.40 |
LOSERS 1. Great Basin | GBN -6.48% $3.32 | 2. Minco | MGH -6.47% $1.40 | 3. Metalline | MMG-6.22% $2.11 |
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: Uravan - Notice of Grant of Stock Options - More
- April 18, 2008 | Item | E-mail
Corriente Resources Inc.: Ecuador Constitutional Assembly Passes New Mining Mandate - "The company has requested an official version of this Mining Mandate and will advise further as to the impact of this Mandate on the company's operations in Ecuador when the company's analysis is completed." More
- April 18, 2008 | Item | E-mail
Ecuador freezes large-scale mining, boosts control - "Ecuador's popular assembly on Friday ordered the suspension of all mining activity in exploration projects and revoked hundreds of concessions in a move that will increase the leftist government's control over the country's natural resources." More
- April 18, 2008 | Item | E-mail
Latin American Minerals Clarifies Disclosure - More
- April 18, 2008 | Item | E-mail
Baja Mining Clarifies Financing Announcement - More
- April 18, 2008 | Item | E-mail
Molycor Gold Corp. Closes Private Placement With Sextant Strategic Hybrid Hedge Resource Fund - More
- April 18, 2008 | Item | E-mail
Firstgold Clarifies Financing Status - More
- April 18, 2008 | Item | E-mail
Hawk Commences Helicopter-borne VTEM Survey Over the Cluff Lake Uranium Project, Northern Saskatchewan - More
- April 18, 2008 | Item | E-mail
Chapleau Resources Continues to Intersect Low Grade Copper Mineralization on the La Yegua Copper-Gold Porphyry Project in Peru - More
- April 18, 2008 | Item | E-mail
ATW Closes Purchase of Gullewa Gold Mine Project - More
- April 18, 2008 | Item | E-mail
Titan Mobilizes Drill Rigs to East Athabasca Project - More
- April 18, 2008 | Item | E-mail
Canadian firms hit as Ecuador debates mining law - "Canadian miners with projects in Ecuador saw their shares tumble on Friday, a day after the president of the South American country said it would suspend large-scale exploration projects while the government debates a new mining law.
Shares of Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (CTQ.TO: Quote, Profile, Research) and Iamgold Corp (IMG.TO: Quote, Profile, Research), among others, dropped sharply as analysts and investors worried about a delay of up to six months for a special assembly in Ecuador to pass the law." More
- April 18, 2008 | Item | E-mail
Marathon Cuts Wide Sulphide Zone at Ore Fault North Zone: 24.5m grading 0.31% Ni, 0.14% Cu, and 0.43g/t PGM and gold - More
- April 18, 2008 | Item | E-mail
New Island Reports on Drilling Results in the Nugget Pond Area - More
- April 18, 2008 | Item | E-mail
Shoreham Reports Widespread Gold Mineralization at Marudi Mountain Gold Project in Guyana - More
- April 18, 2008 | Item | E-mail
Firstgold Updates Financing Status - More
- April 18, 2008 | Item | E-mail
Pershimco Reports up to 14.40 g/t Gold From Magistral Property, Mexico - More
- April 18, 2008 | Item | E-mail
GBS Gold Secures New Bought Deal $46.0 Million 3-Year Long-Term Debt to Replace Existing Debt due March 2009 - More
- April 18, 2008 | Item | E-mail
Drilling results from Silver Streak & Santa Maria polymetallic prospects in west-central British Columbia - More
- April 18, 2008 | Item | E-mail
Colombia Goldfields Reports Successful Metallurgy Test - More
- April 18, 2008 | Item | E-mail
Quaterra Resources Inc. Non Brokered Private Placement - More
- April 18, 2008 | Item | E-mail
New Chairman of Aquila Resources Inc. - More
- April 18, 2008 | Item | E-mail
Vantex Resources Ltd.: Progress Report - More
- April 18, 2008 | Item | E-mail
Aurelio Resource Corporation Announces Appointment of New Chief Financial Officer - More
- April 18, 2008 | Item | E-mail
Acadian Mining Corporation announces proposed spinout of gold assets - More
- April 18, 2008 | Item | E-mail
Mineral Deposits Limited: Sabodala Gold Project - More
- April 18, 2008 | Item | E-mail
Petaquilla Minerals Ltd. Announces Settlement with Geneva Resources, Inc. - More
- April 18, 2008 | Item | E-mail
Allied Nevada's Underwriters Exercise Over-Allotment Option - "Allied Nevada Gold Corp. (TSX:ANV - News; AMEX:ANV - News; "Allied Nevada") announced today that the underwriters in its recently completed cross-border public offering have exercised their over-allotment option to acquire an additional 1,875,000 common shares at the offering price of $5.25 per share for additional aggregate proceeds of up to Cdn.$9,843,750." More
- April 18, 2008 | Item | E-mail
Vista Gold Corp. Announces Completion of Purchase and First Stage of Transportation of Gold Processing Equipment for the Paredones Amarillos Project - "Vista Gold Corp. ("Vista" or the "Corporation") (TSX & AMEX: VGZ) is pleased to announce that further to the Company's January 7, 2008 press release, the Company has finalized the purchase of gold ore processing equipment to be used at Vista's Paredones Amarillos Project in Baja California Sur, Mexico as contemplated by the Company's previously announced purchase agreement with A.M. King Industries, Inc. ("A.M. King") and Del Norte Company Ltd., a wholly owned subsidiary of A.M. King." More
- April 18, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2008 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 18 April, 2008 | |
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