-- Posted 30 April, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $862.90 | -$11.90 |
Silver | $16.51 | -$0.06 |
XAU | 171.23 | +3.14% |
HUI | 401.90 | +3.24% |
GDM | 1203.31 | +2.54% |
JSE Gold | 2248.57 | -31.73 |
USD | 72.60 | -0.28 |
Euro | 156.22 | +0.54 |
Yen | 96.16 | +0.02 |
Oil | $113.46 | -$2.17 |
10-Year | 3.759% | -0.066 |
T-Bond | 116.890625 | +0.78125 |
Dow | 12820.13 | -0.09% |
Nasdaq | 2412.80 | -0.55% |
S&P | 1385.59 | -0.38% |
The Metals:
Gold fell to $861.95 by midday in London before it rallied to find a small gain at $876.00 by about 10AM EST in New York, but it then fell back off into the close and ended with a loss of 1.36%. Silver fell to $16.359 and rose to $16.78 before it also fell back off into the close and ended with a loss of 0.36%. Both metals have risen in after hours access trade in reaction to the fed’s statement and have more than erased the day’s losses at the time of writing.
Euro gold fell to about €554, platinum lost $6.50 to $1915.50, and copper gained a few cents to about $3.93.
Gold and silver equities rose over 2% at the open before they fell back near unchanged ahead of the fed’s statement, but they quickly rose to new highs after the statement and closed with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Apr | 10K | -60K | 3K |
GDP | Q1 | 0.6% | 0.5% | 0.6% |
Chain Deflator | Q1 | 2.6% | 3.0% | 2.4% |
Employment Cost Index | Q1 | 0.7% | 0.8% | 0.8% |
Chicago PMI | Apr | 48.3 | 47.5 | 48.2 |
Fed Funds Rate | 4/30 | 2.0% | 2.0% | 2.25% |
The fed cut both the fed funds rate and the discount rate by 25 basis points to 2% and 2.25% as most expected. Their statement was essentially the same as last time and did not necessarily imply a halt to their recent campaign of rate cuts at their next meeting as most were expecting they would. There were two dissenters in Fisher and Plosser who preferred no change in the fed funds rate. They removed the phrase “downside risks to growth remain,” but said economic activity currently remains weak. They also noted that some indicators of inflation have risen and that uncertainty about the inflation outlook remains high, but they see inflation moderating and will monitor it closely. In closing the fed said they will act as needed to promote growth and price stability. This pretty much leaves the door wide open for next meeting’s policy. Economic data and other market developments over the coming weeks will likely make significant impacts on the markets as traders judge how it may impact the fed’s next decision on June 25th.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after crude supplies built a larger than expected 3.8 million barrels, gasoline inventories fell 1.5 million barrels, distillates built 1.1 million barrels, and refinery utilization fell 0.2% to 85.4%.
The U.S. dollar index plummeted and treasuries soared after the market digested the fed’s statement that did not turn as hawkish as many had expected it to. The FOMC still expects inflation to moderate on its own and shows little desire to combat it.
The Dow, Nasdaq, and S&P traded nicely higher before the fed’s statement and initially rose to new highs after, but they soon erased their hefty gains and ended modestly lower on uncertainty about market developments and fed actions heading forward.
Among the big names making news in the market today were Exxon, GM, Kraft, Kellogg, Colgate, P&G, and Citigroup.
The Commentary:
“June Gold finished down 11.7 at 865.1, 12.4 off the high and 0.4 up from the low.
May Silver closed down 0.038 at 16.502. This was equal to the low and 0.158 off the high.
Gold managed to recover from an early washout ahead of the scheduled US numbers, but sinking oil prices seemed to prevent the gold market from getting out from under the early bearish tilt until late in the trading session. While the gold market showed signs of increasing its attention of the energy complex action at the expense of the action in the Dollar, it should be noted that the US Dollar forged an extremely tight trading range ahead of the FOMC meeting decision and then weakened very late in the session. The FOMC decided to cut interest rates again by 25 basis points and since that was largely expected, the trade seemed to be more interested in the statement than the rate reduction. Since the initial reaction to the Fed was for a slight decline in the Dollar, it wasn't surprising to see the gold market manage a slight bounce in the wake of the latest Fed news.
For most of the trading session the silver market outperformed the gold market. In fact, the silver market seemed to favor a track with copper than to the gold market and that might suggest that silver is indeed attempting to break out of its recent financial sector track and return to a classic physical commodity market track. With the Fed actually cutting interest rates another 25 basis points, the silver and copper markets mostly maintaining positive ground and the stock market adding to early gains after seeing the Fed's move, it certainly seemed as if the industrial metals markets were left in a better overall position than the patently financial issue focused gold market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: An interesting week
The Statistics:
As of close of business: 4/29/2008
Gold Warehouse Stocks: | 7,760,410 | +42,595 |
Silver Warehouse Stocks: | 133,530,375 | -1,825,211 |
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 | 580.45 | 18,662,044 | US$ 16,415m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.02 | 3,665,921 | US$ 3,207m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 671,962 | US$ 588m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 868,123 | US$ 763m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS removed 10.74 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/29/2008 | |
Total Net Assets | $1,764,703,255 | Ounces of Gold
in Trust | 2,019,331.600 |
Shares Outstanding | 20,450,000 | Tonnes of Gold
in Trust | 62.81 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/29/2008 | |
Total Net Assets | $3,115,075,589 | 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:
Paramount’s (PZG) drill results and resumption of trading, Central Sun’s (SMC) exploration update, Crystallex’s (KRY) update on Las Cristinas, Vista Gold’s (VGZ) permit status, Exeter’s (XRA) drill results, Minco’s (MGH) exploration program, Lihir’s (LIHR) first quarter production report, Gold Fields’ (GFI) additional miner death, Silver Wheaton’s (SLW) acquired silver production, U.S. Silver’s (USA.V) operations update and financial results, and Silverstone’s (SST.V) first quarter silver sales were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +15.98% $2.25 |
2. Western Goldfields | WGW +10.08% $2.84 |
3. Aurizon | AZK +8.78% $4.46 |
LOSERS
1. Crystallex | KRY -45.83% $0.91 |
2. Gold Reserve | GRZ-24.46% $2.78 |
3. Fronteer | FRG -5.33% $3.73 |
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:
Venezuela denies Crystallex permit, stock slumps - "Gold miner Crystallex International Corp (KRY.TO: Quote, Profile, Research) said on Wednesday that Venezuela has denied an exploration permit at its Las Cristinas mine, reigniting fears that the project could be delayed further or nationalized.
Shares of the company plunged as much as 60 percent to their lowest level in years, after the company said denial of the permit runs counter to approvals needed to get the long-awaited mine underway." More
- April 30, 2008 | Item | E-mail
BF Minerals Ltd. Announces Acquisition of Zambian Mineral Assets and Debt Conversions - More
- April 30, 2008 | Item | E-mail
Global Copper Reports 9 Additional Drill Holes and Acquires Surface Right and Additional Mineral Rights at Relincho - More
- April 30, 2008 | Item | E-mail
Los Andes Announces Issuance of Stock Options - More
- April 30, 2008 | Item | E-mail
Altius's NLRC Announces Positive Decision on Federal Environmental Assessment - More
- April 30, 2008 | Item | E-mail
PolyMet Reports Fiscal 2008 Fourth Quarter and Full Year Results - More
- April 30, 2008 | Item | E-mail
Little Squaw Announces Chandalar Gold Resources Positive Economic Scoping Study - More
- April 30, 2008 | Item | E-mail
Canarc Shareholders Approve All Resolutions at Annual and Special General Meeting Held on April 29, 2008 in Vancouver, Canada - More
- April 30, 2008 | Item | E-mail
Harte Gold Announces Additions to Its Board and Management - More
- April 30, 2008 | Item | E-mail
Silver Wheaton to Acquire 45% of Life of Mine Silver Production From Augusta's Rosemont Project - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) ("Silver Wheaton" or the "Company") is pleased to announce that, further to our news release of December 20, 2007, Augusta Resource Corporation (Toronto:AZC.TO - News)(AMEX:AZC - News) ("Augusta") has elected to sell to Silver Wheaton 45% of the payable silver to be produced from its 100% owned Rosemont Copper Project ("Rosemont") for an upfront cash payment of US$165 million." More
- April 30, 2008 | Item | E-mail
U.S. Silver Provides Operations Update and Fourth Quarter and 2007 Financial Results - "The Company recorded revenues of $18,119,939 during the period January 1, 2007 through December 31, 2007 ($6,087,909 for approximately seven months in the prior year). Revenues were lower than anticipated due to ongoing infrastructure repairs and the shortage of skilled mining and professional labour." More
- April 30, 2008 | Item | E-mail
Bullion Monarch Mining Commences Legal Proceedings Against Newmont USA Limited - More
- April 30, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Announces Drill Results That Extends 'Clavo 99' to a Depth of 250 Meters at its San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce assay results from drill hole SM-34 in the San Miguel Vein. Drill hole SM-34 was drilled 50 meters below hole SM-15 to test the depth extent of 'Clavo 99'." More
- April 30, 2008 | Item | E-mail
Yellowcake Mining Corp. Amends Agreement with Strathmore Minerals Corp. - More
- April 30, 2008 | Item | E-mail
Freewest and Rockport Continue to Expand Deep Zone and Intersect 17.25 g/t Gold Over 5 Metres in New Zone, at Clarence Stream, New Brunswick - More
- April 30, 2008 | Item | E-mail
MAX and OX Airborne Surveys Completed - More
- April 30, 2008 | Item | E-mail
Wescan Goldfields Inc. announces year end results - More
- April 30, 2008 | Item | E-mail
Central Sun Provides Update on Exploration Program in Nicaragua - "Central Sun Mining Inc. has completed seven (7) diamond drill holes totaling 2,291 m of a planned 10,000 metre program in the Limon Mine area. Results of the first three holes were previously reported in press releases dated January 29, 2008 and February 20, 2008, respectively. The first three holes successfully intersected a major new zone that significantly extends the potential downdip and on strike extensions of the Santa Pancha orebody as shown on the vertical longitudinal section (Figure 1). The Santa Pancha orebody, which has the highest grade of the Limon Mine area deposits, is currently being mined on the 100 metre level at a reserve grade of approximately 5.6 g Au/t." More
- April 30, 2008 | Item | E-mail
Goldcliff Financings - More
- April 30, 2008 | Item | E-mail
American Uranium Announces Obtaining Reno Creek Deep Injection Well Permit - More
- April 30, 2008 | Item | E-mail
Duran Files Audited Financials and MD&A - More
- April 30, 2008 | Item | E-mail
Globex: Gold Flotation Mill to Be Installed on Russian Kid Gold Property (Rocmec 1) - More
- April 30, 2008 | Item | E-mail
Firesteel acquires mineral claims and grants options to a director - More
- April 30, 2008 | Item | E-mail
American Uranium Corporation: News Release - More
- April 30, 2008 | Item | E-mail
MacDonald Mines Adds to Land Position in James Bay Lowlands; Additional Airborne Surveys Completed, New Quality Targets Outlined - More
- April 30, 2008 | Item | E-mail
Artha Acquires Extensive Data on WY Project in Wyoming - More
- April 30, 2008 | Item | E-mail
Inspiration Intersects 0.812% Ni Over 25.67m or 84.22 Ft Containing 1.705% Ni Over 4.39m or 14.40ft (True Width) - More
- April 30, 2008 | Item | E-mail
United Uranium Corp. - Update on Winter Exploration Program - More
- April 30, 2008 | Item | E-mail
Landore Resources Limited - Lessard, Copper-Zinc-Silver project drilling report - More
- April 30, 2008 | Item | E-mail
Metals Creek Resources Corp. Announces Stock Option Grants - More
- April 30, 2008 | Item | E-mail
Spanish Water Authority Expresses Concerns Regarding Las Cruces Dewatering and Reinjection System - More
- April 30, 2008 | Item | E-mail
Silverstone Provides Q1-2008 Silver Sales - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) reports sales of 403,000 ounces of silver in the first quarter of 2008. Silverstone has forecast fiscal 2008 silver sales of 2,155,000 ounces. Sales for the quarter were slightly below forecast due to timing of shipments. Silverstone purchased Q1 - 2008 production at an average cost of US$3.98 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010." More
- April 30, 2008 | Item | E-mail
Rocmec Acquires Milling Plant for its Rocmec 1 Gold Property - More
- April 30, 2008 | Item | E-mail
Terrane Reports NI 43-101 Resource Estimate at Berg Project - More
- April 30, 2008 | Item | E-mail
Northland Appoints Karl-Axel Waplan Managing Director of European Operations - More
- April 30, 2008 | Item | E-mail
U.S. Energy Corp. Retains Samuel Engineering to Develop Mine Engineering Study for "Lucky Jack" Molybdenum Project - More
- April 30, 2008 | Item | E-mail
Canadian Shield Reports 2007 Results - More
- April 30, 2008 | Item | E-mail
NQ Exploration Inc. Announces the Closing of its Initial Public Offering - More
- April 30, 2008 | Item | E-mail
Marathon Intersects 3.16 g/t PGM and Au and 0.40% Cu Over 14 m at Benton's Bamoos-Claw Lake-Four Dams Property - More
- April 30, 2008 | Item | E-mail
CORRECTING and REPLACING Klondex Mines Provides Investor Update - More
- April 30, 2008 | Item | E-mail
Medoro Resources Announces 2007 Year-end Results - More
- April 30, 2008 | Item | E-mail
Inmet Mining Comments on Petaquilla Copper Arbitration Notice to Teck Cominco - More
- April 30, 2008 | Item | E-mail
Richfield Goes for Gold at G-South - More
- April 30, 2008 | Item | E-mail
Creston Moly Corp.: Further Drilling at El Creston Encounters Strong Mineralization Over Widths in Excess of 200 Metres and Possible Northern Extension - More
- April 30, 2008 | Item | E-mail
Oroco Announces First Sampling Results From Cerro Prieto North Property - More
- April 30, 2008 | Item | E-mail
Arianne/El Rey Property, Mexico: A Surface Sample Returns 40 Metres at 1.07 g/t of Gold and 13.95 g/t of Silver - More
- April 30, 2008 | Item | E-mail
New Management for Gowest - More
- April 30, 2008 | Item | E-mail
Golden Share Provides Update and Outlines Strategy for 2008 - More
- April 30, 2008 | Item | E-mail
Newmont partner halts Ecuador gold project - More
- April 30, 2008 | Item | E-mail
Rochester Continues Profitability From Operations in Third Quarter of Production - More
- April 30, 2008 | Item | E-mail
Romarco Appoints Roberts & Schaefer to Feasibility Team - More
- April 30, 2008 | Item | E-mail
First Nickel Market Update Announcement - More
- April 30, 2008 | Item | E-mail
Abacus Releases First Drill Results From Ajax Joint Venture Area - More
- April 30, 2008 | Item | E-mail
Extract Resources Announces Extension to Strike at Rossing South - More
- April 30, 2008 | Item | E-mail
Amazon Mining Reports Financial Results for 2007 - More
- April 30, 2008 | Item | E-mail
Canadian Arrow Mines New Nickel Discovery - 4.51% Ni over 0.75m - More
- April 30, 2008 | Item | E-mail
Sherwood Copper Reports Year End Results for 2007 - More
- April 30, 2008 | Item | E-mail
Karmin Exploration Receives Additional Drilling Results for the Aripuana Polymetallic Project, Brazil: Includes 9.9 Metres Grading 28.8% Zinc, 10.7% Lead - More
- April 30, 2008 | Item | E-mail
DOT Reports Positive Diamond Drilling Results - More
- April 30, 2008 | Item | E-mail
CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - More
- April 30, 2008 | Item | E-mail
Tamerlane Reports Financial Results For The Full Year 2007 - More
- April 30, 2008 | Item | E-mail
Paramount Gold and Silver Corp. to Resume Trading at 1:00 PM EDT April 30, 2008 - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(Toronto:PZG.TO - News)(Frankfurt:P6G.F - News) is pleased to announce that it has resolved all issues with the Depository Trust Corporation ("DTC") and that full services have resumed with the DTC. In conjunction with the resumption of services, the AMEX is issuing a resumption of trading notice. The trading of Paramount's common stock will resume trading on both the American Stock Exchange and on the TSX." More
- April 30, 2008 | Item | E-mail
Crystallex Updates Shareholders on Las Cristinas - "CRYSTALLEX INTERNATIONAL CORPORATION (Toronto:KRY.TO - News)(AMEX:KRY - News) has become aware that the Director General of the Administrative Office of Permits at the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb") has issued a communication to the Corporacion Venezolana de Guayana ("CVG"), the owner of the Las Cristinas concessions, denying a request for the authorization to affect natural resources to carry out exploration activities in the mining area of Las Cristinas in Sifontes, Bolivar State." More
- April 30, 2008 | Item | E-mail
Bayswater Receives Consultant's Report Defining High Priority Targets at North Thelon Basin Project - More
- April 30, 2008 | Item | E-mail
Vista Gold Corp. Announces Status of Permit for Paredones Amarillos Project - "Vista Gold Corp. ("Vista") (Amex: VGZ; TSX) announced that it has received correspondence from the local La Paz office of the Mexican Environmental and Natural Resource Service (SEMARNAT) which indicates that staff in that office are of the opinion that the Change of Land Use Permit approved by SEMARNAT in 1997 in relation to the Paredones Amarillos Project is no longer valid." More
- April 30, 2008 | Item | E-mail
Exeter Drills 719 Metres (2,358 feet) of 1.0 g/t (0.029 oz/t) Gold and 0.38% Copper at Caspiche, Chile - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") is pleased to report that diamond drill hole CSD-016, at its Caspiche gold/copper porphyry project in Chile, has returned an intersection of 718.75 metres (2,358 feet) at a grade of 1.0 gram per tonne (0.029 ounces per ton) gold and 0.38% copper, from a depth of 73 metres (240 feet)." More
- April 30, 2008 | Item | E-mail
Minco Gold Begins a Comprehensive Exploration Program on Its Changkeng Gold Project - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to report that a comprehensive exploration program has started on the Changkeng Gold project located in Guangdong Province, China." More
- April 30, 2008 | Item | E-mail
LGL's (Lihir Gold Ltd) First Quarter 2008 Production Report - "Gold production for the quarter was 139,000 oz. The scheduled shutdown of the process plant at Lihir for maintenance purposes reduced production time during the quarter by 20%." More
- April 30, 2008 | Item | E-mail
Another miner dies after Gold Fields mine accident - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research) said on Wednesday another miner had died following an underground accident at its Driefontein mine.
Spokesman Andrew Davidson told Reuters the man died in hospital following Tuesday's rock-fall at Thabelang shaft in which three other miners were killed. One other miner died after a rock fall at Gold Fields' South Deep mine on the same day." More
- April 30, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 30 April, 2008 | |
