-- Posted 1 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $849.20 | -$13.70 |
Silver | $16.11 | -$0.40 |
XAU | 166.29 | -2.89% |
HUI | 394.37 | -1.87% |
GDM | 1178.21 | -2.09% |
JSE Gold | 2248.57 | -31.73 |
USD | 73.27 | +0.67 |
Euro | 154.66 | -1.61 |
Yen | 95.75 | -0.49 |
Oil | $112.52 | -$0.94 |
10-Year | 3.749% | -0.010 |
T-Bond | 117.140625 | +0.25 |
Dow | 13010.00 | +1.48% |
Nasdaq | 2480.71 | +2.81% |
S&P | 1409.34 | +1.71% |
The Metals:
Gold rose to find a more than 2% gain at over $880 in Asia, but it then fell throughout most of trade in London and New York and closed near its low of $847.05 with a loss of 1.6%. Silver rose to as high as $16.99 in Asia before it fell to as low as $15.97 by late morning in New York and closed with a loss of 2.4%.
Euro gold fell to about €550, platinum lost $52.50 to $1863, and copper plunged over 20 cents to about $3.72.
Gold and silver equities fell over 4% by early afternoon, but they then rallied back higher into the close and ended with only about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/26 | 380K | 360K | 345K |
Personal Income | Mar | 0.3% | 0.4% | 0.5% |
Personal Spending | Mar | 0.4% | 0.2% | 0.1% |
PCE Core Inflation | Mar | 0.2% | 0.1% | 0.1% |
Construction Spending | Mar | -1.1% | -0.7% | 0.4% |
ISM Index | Apr | 48.6 | 48.0 | 48.6 |
Tomorrow at 8:30AM EST brings April’s jobs data. Nonfarm Payrolls are expected at -75,000, the Unemployment Rate is expected at 5.2%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.7. At 10AM is the Factory Orders report for March expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose markedly on hopes that the credit crisis is over and all is well with the economy.
Treasuries rose on the larger than expected climb in jobless claims that indicates tomorrows jobs report may come in worse than expected, but gains were limited as the Dow, Nasdaq, and S&P rose throughout most of trade on confidence in the dollar.
Among the big names making news in the market today were Home Depot, CVS Caremark, Exxon, Comcast, Kodak, Nissan, Abbott, and Starbucks.
The Commentary:
“Let’s cut to the chase:
- The potential for the bottom of the gold price being today is 75%.
- If it is not today, then the bottom for the price of gold is very close by.
- The downside in gold will be in by the end of the first week of May or sooner.
- On the 8th of May interest will increase in junior precious metals shares. This interest will first be in the most meritorious issues.
- Probabilities support the price of gold going back above $1000, failing, and on the third try making a new high.
- The price of gold is going to $1650.
- The euro is going to a minimum of 2 to the dollar.
- The USDX will trade at .5200
- Precious metals shares will be the darlings of the market prior to 2011.”- Jim Sinclair, JSMineset.com
“June Gold finished down 14.2 at 850.9, 14.6 off the high and 1.9 up from the low.
May Silver closed down 0.381 at 16.121. This was equal to the low and 0.059 off the high.
The gold contract forged another big range down extension on Thursday and clearly the action in gold was in many ways linked to a broad based mass liquidation in the commodities market. Seeing the June Dollar rise to the highest level since the big spike up recovery attempt on April 18th seemed to further the idea that the Dollar has indeed made a major bottom. With crude oil, soybeans, copper, cocoa and various other physical commodity markets under intense selling pressure the gold market was ripe to see more weak handed longs move to the sidelines. However, with an extremely critical US Monthly Non Farm payroll report looming on Friday morning, it is possible that some of the recent Dollar gains will have to be justified by a decent or perhaps better than expected employment report. Given the mass exodus the gold market all but ignored news that Gold Fields suspended gold mining operations at a mine which had a fatal accident earlier in the week.
With the relatively tight supplied platinum and copper markets coming under intense liquidation pressure on Thursday, it wasn't that surprising to see the silver market give up initial strength and in the end finish at the lowest level since January 23rd. As in the gold market, the silver market was clearly undermined by the rise in the Dollar and the slide in the oil market. It is also likely that Press hype of the bursting of the commodity bubble played a key role in the washout. However, the problem with an end to the commodities bull market is that lower prices and improved growth ahead will probably resurrect physical demand in place of the exiting investment demand.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 4/30/2008
Gold Warehouse Stocks: | 7,760,410 | - |
Silver Warehouse Stocks: | 133,512,348 | -18,027 |
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$ 16,247m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.02 | 3,665,880 | US$ 3,123m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 671,955 | US$ 573m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 868,123 | US$ 763m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/30/2008 | |
Total Net Assets | $1,741,663,536 | 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 4/30/2008 | |
Total Net Assets | $3,057,460,022 | 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:
Eldorado’s (EGO) financial results, Tanzanian Royalty’s (TRE) private placement, Crystallex’s (KRY) search for clarification, Centerra’s (CG.TO) first quarter earnings and possible changes to the Kumtor agreement, Gold Fields’ (GFI) fatal mine accident, Taseko’s (TGB) royalty interest purchase and drilling, Royal Gold’s (RGLD) third quarter results, Midway’s (MDW) drill results, and Orezone’s (OZN) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG +7.24% $4.00 |
2. Banro | BAA +5.13% $8.40 |
3. ITH | THM+4.00% $1.30 |
LOSERS
1. Gold Reserve | GRZ -14.39% $2.38 |
2. DRDGOLD | DROOY-6.27% $7.17 |
3. Cardero | CDY -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:
Eldorado Gold Corporation: Q1 2008 Financial and Operating Results - "This was an excellent quarter for us, thanks to record sales at our Tanjianshan mine in China, a successful and smooth resumption of production from our Kisladag mine in Turkey, strong gold prices and lower production cost," said Wright. "Looking ahead, we plan to commence construction at Efemcukuru in Turkey in Q2; we're on track for commissioning the Vila Nova Iron Ore project in Brazil and our exploration work plans for 2008 are underway." More
- May 01, 2008 | Item | E-mail
Zincore Completes Positive Pre-Feasibility Study for Accha Concentrator Project - More
- May 01, 2008 | Item | E-mail
Orex Exploration Inc.: Goldboro Drilling Program Update - More
- May 01, 2008 | Item | E-mail
Tanzanian Royalty Chairman to Proceed With 5th Tranche and Provide C$1,725,000 Private Placement - "Tanzanian Royalty Exploration Corporation (Toronto:TNX.TO - News) (AMEX:TRE - News) announces that Mr. James E. Sinclair has agreed to provide C$1,725,000 by way of a private placement with the proceeds being applied to general working capital." More
- May 01, 2008 | Item | E-mail
Crystallex seeking clarification on Venezuela mine - "Crystallex International (KRY.TO: Quote, Profile, Research) said on Thursday it was seeking clarification from the Venezuelan government on the status of its Las Cristinas gold development, adding it was unsure how to proceed following an apparent denial of mining rights in the region." More
- May 01, 2008 | Item | E-mail
Copper Mountain Mining Corporation - Continued drilling success justifies expanded drill program to 50,000 meters for 2008 - More
- May 01, 2008 | Item | E-mail
Platinex Obtains Board and Regulatory Approval on Acquisition of Shiningtree Gold Property - More
- May 01, 2008 | Item | E-mail
San Gold Announces New Chief Operating Officer - More
- May 01, 2008 | Item | E-mail
Shareholders Approve Acqusition of Energentia Resources by Mega Uranium - More
- May 01, 2008 | Item | E-mail
Maestro Identifies New Gold Targets at Green Springs Project, Nevada - More
- May 01, 2008 | Item | E-mail
Metals Creek Resources Corp. Announces the Filing of Its 2007 Year End Financial Statements and Management Discussion and Analysis - More
- May 01, 2008 | Item | E-mail
Nine workers killed in SAfrica mine accident - "Nine workers were killed on Thursday when a cage they were riding plummeted down a shaft at Gold Fields' (GFIJ.J: Quote, Profile, Research) South Deep mine, the latest in a string of fatal mishaps at the mining firm's operations in South Africa.
The accident, believed to have occurred when a cable attached to the cage snapped at around 3,000 metres below the surface, led to the suspension of some operations at South Deep, Gold Fields spokesman Andrew Davidson said." More
- May 01, 2008 | Item | E-mail
MacDonald Mines Partners with Co-Discoverer of Voisey's Bay - Adds Key Ground in the "Ring of Fire", James Bay Lowlands - More
- May 01, 2008 | Item | E-mail
Centerra expects small changes to Kumtor agreement - "Centerra Gold (CG.TO: Quote, Profile, Research), which is hoping to finally firm up its ownership of the Kumtor mine in Kyrgyzstan, said on Thursday it expects the Kyrgyz government will make some small changes to a key mine agreement, but stressed the changes should not be major." More
- May 01, 2008 | Item | E-mail
Tao Minerals Provides Update on the El Colmillo Mine Project - More
- May 01, 2008 | Item | E-mail
Edda Resources Changes Its Name to Razore Rock Resources Inc., Elects One New Director and Acquires New Property - More
- May 01, 2008 | Item | E-mail
Phoenix Matachewan Mines Inc.: Mckellar Lake South Claims Acquisition - More
- May 01, 2008 | Item | E-mail
Campbell Resources confirms the expansion of a mineralized zone at Copper Rand - More
- May 01, 2008 | Item | E-mail
Bannerman Resources Announces Spectrometer Readings of Historic Holes at Rossingburg With Highlights 85m at 240eppm U308, 45m at 247eppm U3O8 - More
- May 01, 2008 | Item | E-mail
American Bonanza Gold Corp.: Copperstone Mine Development Update - More
- May 01, 2008 | Item | E-mail
Copper Reef Announces Results Reported by It's Joint Venture Partner, Foran Mining on Their McIlvenna Bay, Base Metal Property - More
- May 01, 2008 | Item | E-mail
Source Press: Consolidated Spire Validates Gold Claims - More
- May 01, 2008 | Item | E-mail
Yale Reports on Drill Program at Cerro Colorado, Urique North - More
- May 01, 2008 | Item | E-mail
Atlanta Gold Inc. announces further results from 2007 surface drilling at its Atlanta property in Idaho - More
- May 01, 2008 | Item | E-mail
Zoro Mining Has Contracted for 8,000 Meters of Diamond Drilling at Its Don Beno Project, Region III Chile - More
- May 01, 2008 | Item | E-mail
Orebodies Announces Option to Acquire 60% Interest in 603 Claim Units in James Bay Lowlands Staked by Co-Discoverer of Voisey's Bay - More
- May 01, 2008 | Item | E-mail
Yukon Gold Builds Exploration Team - More
- May 01, 2008 | Item | E-mail
Merrex Intersects 5.07 g/t Au Over 33 Metres in Siribaya Drilling, Launches IP Survey and 5,000 Metre Phase II Drill Program - More
- May 01, 2008 | Item | E-mail
Golden Eagle Updates Progress on C Zone Gold Mill Construction - More
- May 01, 2008 | Item | E-mail
Dia Bras: Initial NI 43-101 Resources Report on Cusi - More
- May 01, 2008 | Item | E-mail
Red Lake Exploration, Inc. Raises One Million Dollars Through a Private Placement - More
- May 01, 2008 | Item | E-mail
Tombstone Exploration Corporation Receives Confirmation of High Silver, Gold and Lead Assay Values -- Releases Property Mineralization Report to Shareholders - More
- May 01, 2008 | Item | E-mail
New Investor Relations Vice-President at U3O8 Corp. Brings International Experience to the Firm - More
- May 01, 2008 | Item | E-mail
Tinka to Drill Golden Mountain Project, Australia - More
- May 01, 2008 | Item | E-mail
AXMIN Inc.: High Grade Intersections at Kofi Gold Project, Mali - More
- May 01, 2008 | Item | E-mail
Terra Ventures Inc.: Gravity & Resistivity Surveys Increase the Size of Roughrider Zone Target - More
- May 01, 2008 | Item | E-mail
Capital Gold Announces Gold Production Totals for the Third Quarter of Operations - More
- May 01, 2008 | Item | E-mail
NWT Uranium Drill Results Support Bulk Tonnage Potential at Picachos Project, Mexico - More
- May 01, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. announces its intention to phase out custom milling at Jerritt Canyon, Nevada - More
- May 01, 2008 | Item | E-mail
Black Tusk Minerals Inc. Announces Acquisition of Peruvian Properties - More
- May 01, 2008 | Item | E-mail
Full Metal and Highbury Commence Drilling at Moore Creek Gold Project - More
- May 01, 2008 | Item | E-mail
Laurion Mineral and Geoinformatics Exploration Complete VTEM Airborne Survey over Ni-Cu-PGE Targets in the Gowganda Area, Ontario - More
- May 01, 2008 | Item | E-mail
ATW Initiates Gravity Survey on 750 Km2 Gullewa Project - More
- May 01, 2008 | Item | E-mail
Volta Resources & Freeport-McMoRan Exploration Corporation Amend Gaoua Earn-In Agreement - More
- May 01, 2008 | Item | E-mail
J-Pacific Reports on Montgolfier Project Drilling Progress in Quebec - More
- May 01, 2008 | Item | E-mail
Farallon Announces Best Drill Results to Date at G-9 Deposit: 5 Metres Grading 31% Zinc in North Zone; 6 Metres Grading 20% Zinc in Abajo Zone - More
- May 01, 2008 | Item | E-mail
Everton Receives 12 Million Shares of NQ Exploration - More
- May 01, 2008 | Item | E-mail
Bellhaven Advances Development of the Cerro Quema Gold Project, Completes First Quarter's Objectives - More
- May 01, 2008 | Item | E-mail
Golden Harp Resources appoints new Chairman, President and CEO - More
- May 01, 2008 | Item | E-mail
GWR Reports Expansion of Aurizon Zone - More
- May 01, 2008 | Item | E-mail
Goldeye Explorations and Tribute Minerals Receive Positive Analysis of Airborne Data and Aquire Ground in The 'Ring of Fire' - More
- May 01, 2008 | Item | E-mail
Midlands Minerals Announces 2007 Year End Results - More
- May 01, 2008 | Item | E-mail
Rusoro Confirms Good Standing With Government Agencies in Venezuela - More
- May 01, 2008 | Item | E-mail
Tribute Minerals and Goldeye Explorations Receive Positive Analysis of Airborne Data and Acquire Further Ground in the 'Ring Of Fire' - More
- May 01, 2008 | Item | E-mail
Dios: Diamond Drilling Planned on the Upinor Property (Quebec) - More
- May 01, 2008 | Item | E-mail
Houston Lake Mining Provides an Update on Exploration at West Cedartree Gold Project - More
- May 01, 2008 | Item | E-mail
Sherwood Copper's Western Keltic Starts 2008 Drilling at Kutcho Copper Project - More
- May 01, 2008 | Item | E-mail
Golden Phoenix Minerals Completes Over 6000 Feet of Gold Drilling at Mineral Ridge - More
- May 01, 2008 | Item | E-mail
Galantas Gold Corporation Has Announced Audited Results for the Year Ending 2007 - More
- May 01, 2008 | Item | E-mail
Centerra profit soars on higher gold prices - "Centerra Gold (CG.TO: Quote, Profile, Research) said on Thursday that its first-quarter profit soared as results were lifted by higher gold prices and sales volumes, despite a dip in production.
The Canadian-based mid-tier gold producer said it earned $19.3 million, or 9 cents per share, in the quarter ended March 31, up from a profit of $5.9 million, or 3 cents a share, in the year-earlier period." More
- May 01, 2008 | Item | E-mail
Taseko Purchases Royalty Interest, Initiates Drilling at Gibraltar Mine - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) is pleased to announce that it has purchased a 30% Net Profits Interest in claims that are part of the Gibraltar mine property and located adjacent to the Gibraltar East pit. The purchase was structured as the acquisition of a privately held company, Oakmont Ventures Ltd., whose sole asset was the 30% net profits interest. The purchase price was approximately $5 million." More
- May 01, 2008 | Item | E-mail
Centerra Gold Reports First Quarter Earnings (Before Unusual Items) of $0.11 Per Share - "Centerra Gold Inc. (TSX:CG - News) today reported first quarter earnings before unusual items of $23.7 million or $0.11 per common share based on revenues of $112.7 million compared to net earnings of $5.9 million or $0.03 per common share on revenues of $82.3 million in the same quarter of last year." More
- May 01, 2008 | Item | E-mail
Royal Gold Reports Record Revenues and Free Cash Flow* in Third Quarter of Fiscal 2008 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced fiscal third quarter 2008 royalty revenue of $19.5 million compared with royalty revenue of $11.2 million for the third fiscal quarter of 2007." More
- May 01, 2008 | Item | E-mail
Midway Hits High Grade Gold at Thunder Mountain - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) is excited to announce new gold intercepts from 2008 drilling at the Thunder Mountain project, Nevada. Fire assay results for four holes totaling 1,120 feet drilled this year have been received and include 10 feet of 0.389 ounces per ton (opt) gold within 40 feet of 0.135 opt gold in drill hole TM08-09. The true thicknesses of these intercepts are estimated to be 5.5 and 17.5 feet respectively." More
- May 01, 2008 | Item | E-mail
Orezone Essakane Satellite Gold Deposit Yields Positive Results - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce the results of a recently completed 31 hole, 2,820 m Reverse Circulation (RC) drilling program on the Falagountou Deposit located 8 km east of the Essakane Main Zone (EMZ) in Burkina Faso, West Africa. The program was designed to advance and verify the geological model of two mineralized zones that had been previously outlined by the Company. The recent drilling has confirmed the geological model and intersected higher grade mineralization in several areas including 13 m of 2.46 g/t and 22 m of 1.83 g/t." More
- May 01, 2008 | Item | E-mail
Centerra Gold Reports First Quarter Earnings (Before Unusual Items) of $0.11 Per Share - "Centerra Gold Inc. (TSX:CG - News) today reported first quarter earnings before unusual items of $23.7 million or $0.11 per common share based on revenues of $112.7 million compared to net earnings of $5.9 million or $0.03 per common share on revenues of $82.3 million in the same quarter of last year." More
- May 01, 2008 | Item | E-mail
Royal Gold Reports Record Revenues and Free Cash Flow* in Third Quarter of Fiscal 2008 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced fiscal third quarter 2008 royalty revenue of $19.5 million compared with royalty revenue of $11.2 million for the third fiscal quarter of 2007." More
- May 01, 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 1 May, 2008 | |
