-- Posted 25 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $886.95 | -$0.25 | -2.75% |
Silver | $16.825 | +$0.13 | -5.42% |
XAU | 176.06 | +2.00% | -6.60% |
HUI | 410.82 | +0.87% | -9.94% |
GDM | 1238.68 | +1.20% | -9.28% |
JSE Gold | 2380.85 | -41.51 | -6.35% |
USD | 72.80 | +0.23 | +1.14% |
Euro | 156.02 | -0.86 | -1.30% |
Yen | 95.75 | -0.15 | -0.64% |
Oil | $118.52 | +$2.46 | +1.57% |
10-Year | 3.866% | +0.039 | +3.29% |
Bond | 115.59375 | -0.51625 | -0.72% |
Dow | 12891.86 | +0.33% | +0.33% |
Nasdaq | 2422.92 | -0.25% | +0.83% |
S&P | 1397.84 | +0.65% | +0.54% |
The Metals:
Gold fell to $877.50 by late trade in Asia before it rallied back strongly in London and rose to as high as $896.20 by about 9:30AM EST in New York, but it then fell back to $884.20 by late morning, bounced modestly higher in the last couple of hours of trade, and ended with a loss of just 0.03%. Silver dropped to $16.38 and rose to $16.90 before it fell back off to $16.627, but it then rallied back near its high by the close and ended with a gain of 0.78%.
Euro gold rose to about €568, platinum lost $10.50 to $1952, and copper gained over 6 cents to about $3.96.
Gold and silver equities traded roughly 1% higher for most of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Apr | 62.6 | 63.2 | 63.2 |
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, ADP Employment, GDP, the Chain Deflator, the Employment Cost Index, Chicago PMI, and the FOMC Policy Statement on Wednesday, Initial Jobless Claims, Personal Income and Spending, PCE Core Inflation, Construction Spending, and the ISM Index on Thursday, and April’s jobs data and Factory Orders on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on strikes in Scotland and Nigeria, another pipeline attack in Nigeria, and reports that a US cargo ship fired several warning shots towards Iranian fast boats, but the Iranian media denies any confrontation with US interests. Nevertheless when all was said and done oil ended the day with an over 2% gain and just 85 cents away from a new record closing high.
The U.S. dollar index rose a little and treasuries fell slightly despite news that Michigan Sentiment came in at the weakest in 26 years. The bond and currency markets remain focused on next week’s fed meeting that is expected to announce an interest rate cut of 25 basis points to 2.00%, but also signal steady rates going forward.
The Dow, Nasdaq, and S&P fell for most of trade as Microsoft disappointed on earnings, Michigan Sentiment disappointed, and oil soared higher again, but a late day rally brought the Dow and S&P modestly higher by the close on hopes that the credit crisis is over.
Among the big names making news in the market Friday were Microsoft and Yahoo, Honda, Goodyear, and ITT.
The Commentary:
“June Gold finished up 0.3 at 889.7, 9 off the high and 2.7 up from the low.
May Silver closed up 0.19 at 16.85. This was 0.15 up from the low and 0.01 off the high.
The bull camp might suggest that it took a significant geopolitical threat to shut off the liquidation pattern in the gold market. However, it should be noted that the gold market stood up relatively well to residual strength in the US Dollar and rather dismal scheduled US economic news. Certainly seeing June crude oil at times up by more than $3.50 a barrel and seeing the potential for a re-escalation of tension between Iran and the US rekindles flight to quality interest, but the market overall didn't appear to be definitively back into a bullish mode during the trade on Friday.
The silver market seemingly outperformed the gold and platinum markets for most of the session Friday. Certainly sharply higher energy prices provided the bull camp with some fodder but seeing copper prices firming would seem to suggest that both markets were attempting to discount the ongoing strength of the US Dollar. With equity and energy prices both moderately higher at times, some traders might have been prompted to buy into silver off the perfect storm mentality, which in the past has fomented talk of a return to classic inflation.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Al Korelin interviews GATA board member Ed Steer
The Statistics:
As of close of business: 4/24/2008
Gold Warehouse Stocks: | 7,666,012 | -26,999 |
Silver Warehouse Stocks: | 135,359,463 | -339,514 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 591.19 | 19,007,305 | US$ 17,015m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.03 | 3,666,125 | US$ 3,269m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 672,000 | US$ 600m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 868,171 | US$ 777m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 20.56 tonnes.
StreetTRACKS Gold losses 50 tonnes in 4 days, iShares Silver zero
Resource Investor
COMEX Gold Trust (IAU)
Profile as of 4/24/2008 | |
Total Net Assets | $1,825,263,285 | 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 4/24/2008 | |
Total Net Assets | $3,172,862,288 | 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.
Silver ETF Starts Off the Year Strong: Can It Continue to Shine? - Seeking Alpha
The Stocks:
New Gold’s (NGD) noteholders meeting, DRD Gold’s (DROOY) possible mine closure, Paramount’s (PZG) added core drill rig, IAMGOLD’s (IAG) and Aurelian’s (ARU.TO) meeting with the Ecuadorian government, and Oro Silver’s (OSR.V) non-brokered, private placement financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Minco | MGH+9.33% $1.29 |
2. Rubicon | RBY +7.81% $1.38 |
3. Seabridge | SA +5.56% $21.27 |
LOSERS
1. Tanzanian Royalty | TRE -4.52% $5.07 |
2. DRD Gold | DROOY -3.57% $8.31 |
3. Northgate | NXG -3.27% $2.96 |
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:
Ecuador meets with Canadian miners on assets - "Ecuador's president has met with a group of Canadian miners to offer reassurances about the future of mining in the country, a move that boosted shares of the companies on Friday despite continued uncertainty about their mining concessions and exploration rights." More
- April 25, 2008 | Item | E-mail
Lounor drills 2.54 m of 3.1 g/t au at Harker - More
- April 25, 2008 | Item | E-mail
Ungava Mines Inc.: Expo Ungava Property, Exploration Update - More
- April 25, 2008 | Item | E-mail
Silk Road Resources Ltd. announces financial results for Year Ended December 31, 2007 - More
- April 25, 2008 | Item | E-mail
Taranis Resources Inc. announces Flow-Through Private Placement with the MineralFields Group - More
- April 25, 2008 | Item | E-mail
GoldSpring Provides Results to Exploratory Drilling Holes 18-24 - More
- April 25, 2008 | Item | E-mail
Miners vow to escalate Chile copper strike - "Chilean subcontract workers vowed on Friday to escalate a mine strike that has shut three divisions at the world's largest copper miner Codelco and seen workers injured during 10 days of sometimes violent protests." More
- April 25, 2008 | Item | E-mail
Odyssey Announces Shareholder Approval of Continuance and Consolidation - More
- April 25, 2008 | Item | E-mail
Explor Increases Montrose Property - More
- April 25, 2008 | Item | E-mail
Golden Dawn Minerals Inc. Announces New Board Member Bill McWilliam Joins the Board - More
- April 25, 2008 | Item | E-mail
Wits Gold completes a positive scoping study on the Bloemhoek project in the southern Free State Goldfield - More
- April 25, 2008 | Item | E-mail
Lero Gold Corp. Announces NI 43-101 Compliant Mineral Resource for Taldybulak-Talas Copper-Gold Project, Kyrgyzstan - More
- April 25, 2008 | Item | E-mail
Fischer-Watt Finds Gold Zones at Cruce, Arizona - More
- April 25, 2008 | Item | E-mail
Kinbauri Drills 4.5m Grading 23.4g Au/t, 3g Ag/t and 0.7% Cu, and 7.5m Grading 9.0g Au/t, 57g Ag/t and 2.4% Cu - More
- April 25, 2008 | Item | E-mail
New Gold Inc.: Meeting of Noteholders Called - "New Gold Inc. (the "Company" or "New Gold") (Toronto:NGD.TO - News)(AMEX:NGD - News) announced today that it has mailed to the holders of its 10% Subordinated Notes an information circular in connection with the Meeting of Noteholders on May 9, 2008 to approve certain amendments to the Note Indenture dated as of June 27, 2007." More
- April 25, 2008 | Item | E-mail
S.Africa's DRD Gold reviews mine, 400 jobs at risk - "DRD Gold, South Africa's fourth-largest gold miner, said on Friday it had given unions notice that it will review its loss-making ERPM mine and up to 400 employees could lose their jobs." More
- April 25, 2008 | Item | E-mail
Second Core Drill Added, Bringing Total to Three Rigs, to Expedite San Miguel Project Expansion - More
- April 25, 2008 | Item | E-mail
Platinum Group Metals Ltd.: First Project 3 Resource Adds 1.9 Million Ounces to the Western Bushveld Joint Venture - More
- April 25, 2008 | Item | E-mail
ATW Venture Corp.: Burnakura Drill Results-April - More
- April 25, 2008 | Item | E-mail
Adex Mining Announces an Update of Its Drilling Activities at Mount Pleasant - More
- April 25, 2008 | Item | E-mail
Noront Resources Ltd.: Double Eagle Update - More
- April 25, 2008 | Item | E-mail
Canplats Appoints New Director - More
- April 25, 2008 | Item | E-mail
Mazorro Resources Begins Trading Today Under the Symbol "MZO" on the TSX-V - More
- April 25, 2008 | Item | E-mail
International Minerals and Other Mining Companies Meet With President Correa and Top Officials; Correa Says Responsible Mining Will Go Ahead in Ecuador - More
- April 25, 2008 | Item | E-mail
Guyana Goldfields: Aurora Exploration Update - More
- April 25, 2008 | Item | E-mail
U.S. Precious Metals Appoints New CFO and Director - More
- April 25, 2008 | Item | E-mail
Corriente and Other Mining Companies Meet With President Correa and Top Officials: Correa Says Responsible Mining Will Go Ahead in Ecuador - More
- April 25, 2008 | Item | E-mail
Gold Canyon Holds Annual General Meeting of Shareholders - More
- April 25, 2008 | Item | E-mail
Hathor Exploration Limited: Midwest NorthEast Uranium Project Intercepts 6% Nickel Over 1.7 m - More
- April 25, 2008 | Item | E-mail
Oro Silver Increases Non-Brokered Financing - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has increased its non-brokered, private placement financing announced on April 10, 2008, from 5,000,000 to 6,500,000 common shares. The offering price of $0.66 per share remains the same and the offering would provide gross proceeds of $4,290,000. The offering is subject to regulatory approval. Finder's fees may be payable in connection with the private placement." More
- April 25, 2008 | Item | E-mail
Paramount Adds a Second Core Drill Rig at its San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces that it has added a second core drill rig at its San Miguel project in Mexico, bringing the total number of drill rigs to 3 at the project. This new rig supplied by Layne Drilling will be used to expand the resource at 'Clavo 99' both along strike and at depth." More
- April 25, 2008 | Item | E-mail
IAMGOLD and Other Mining Companies Meet With President Correa and Other Top Officials; Correa Says Responsible Mining Will Go Ahead in Ecuador - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today that the Company and seven other mining companies (Aurelian Resources Inc., Cornerstone Capital Resources, Corriente Resources, Dynasty Metals & Mining, Ecometals Limited, International Minerals and Salazar Resources) collectively met with President Correa and other top officials yesterday afternoon in Quito to discuss the future of mining in Ecuador and the impact of the previously announced Mining Mandate." More
- April 25, 2008 | Item | E-mail
Aurelian and Other Mining Companies Meet With President Correa and Top Officials; Correa Says Responsible Mining Will Go Ahead in Ecuador - "Aurelian Resources Inc. (TSX:ARU - News), today announced that the company and seven other mining companies (Cornerstone Capital Resources, Corriente Resources, Dynasty Metals & Mining, Ecometals Limited, IAMGOLD, International Minerals and Salazar Resources) collectively met with President Correa and other top officials yesterday afternoon in Quito to discuss the future of mining in Ecuador and the impact of the previously announced Mining Mandate." More
- April 25, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 April, 2008 | |
