-- Posted 5 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $872.35 | +$16.00 |
Silver | $16.73 | +$0.355 |
XAU | 174.50 | +3.22% |
HUI | 408.31 | +2.20% |
GDM | 1219.27 | +2.41% |
JSE Gold | 2293.49 | +44.92 |
USD | 73.19 | -0.34 |
Euro | 154.91 | +0.59 |
Yen | 95.38 | +0.47 |
Oil | $119.97 | +$3.65 |
10-Year | 3.845% | UNCH |
T-Bond | 116.125 | -0.109375 |
Dow | 12969.54 | -0.68% |
Nasdaq | 2464.12 | -0.52% |
S&P | 1407.49 | -0.45% |
The Metals:
Gold rose throughout the day in choppy trade and ended near its early afternoon New York high of $873.20 with a gain 1.9%. Silver rose in similar fashion and ended near its midmorning New York high of $16.805 with a gain of 2.2%.
Euro gold rose to over €562, platinum gained $25.50 to $1918.50, and copper gained over 12 cents to about $3.98.
Gold and silver equities gained roughly 3% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Apr | 52.0 | 49.1 | 49.6 |
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 $120.36 on short covering as supply concerns and threats rose in Nigeria, Iraq, and Iran. Word of a possible strike in France later in the week also increased supply worries in the face of still relatively strong demand.
The U.S. dollar index fell in early trade on speculation over the European Central Bank meeting this Thursday before it bounced higher after ISM Services came in better than expected, but it soon fell back off to new lows on the session as commodities of all kinds strongly reasserted their cases for ongoing bull markets.
Treasuries fell after ISM Services came in better than expected, but they rose back near unchanged by the close as the major indices fell.
The Dow, Nasdaq, and S&P fell as Microsoft withdrew its bid for Yahoo and speculation arose that Bank of America may withdraw its offer for Countrywide as suitors realize that the assets they originally bid for may not be worth all that much in an ongoing credit/financial crisis.
Among the other big names making news in the market today were Wal-Mart, Pilgrim's Pride, and Hovnanian.
The Commentary:
“Paul Volcker was right when he said in 2000:
"Inflation is related to monetary policy. It's related to the issue of money. The issue of money is a governmental responsibility predominantly, and to use that authority in a way that leads to inflation is a system that fools a lot of people, and to keep fooling them you have to do it more and more; [that] is a moral issue. I put myself in that camp.”
When, if ever, is some talking head going to point out that over the counter derivatives have killed the financial pillars of the world?
When is someone going to realize that UBS was one of the largest over the counter derivative issuers?
The world put the blame on Michael Milken for the junk bond. He went to jail.
The inventors of over the counter derivatives as it is today, Manko and Edelman, got 5 years for their contribution to the financial world. Maybe they should have gotten a medal from the International investment banks and not hard time.
Nobody will suffer for over the counter derivatives, that is with the exception of everyone but the Fat Cats.
The Feral Reserve is supporting the world via the Begging Bowl loan auctions, Don't be too hard on Bernanke as he has no other choice of action.
There will be consequences.
Those consequences will be through price inflation that few will be able to explain and fewer will expect.
The world will be swamped in this outrageous inflation and severe geopolitical events by January 14th, 2011.”- Jim Sinclair, JSMineset.com
“June Gold finished up 16.1 at 874.1, 0.6 off the high and 8.1 up from the low.
May Silver closed up 0.365 at 16.746. This was equal to the low and 0.004 off the high.
The gold market started out slightly higher and then seemed to gather additional momentum in the wake of a sharp rise in crude and energy prices. With a slightly better than expected ISM Non Manufacturing reading and talk of soaring inflationary pressures from the ISM it wasn't surprising that gold managed to stay out from under its recent liquidating posture. It is also possible that renewed geopolitical anxiety with Iran provided some fresh flight to quality buying of gold. After almost a week of down time at a South African mine, the trade saw news that production would resume later this week and that didn't seem to dent the interest in the long side of gold, perhaps because the trade early in the session saw the prospect of improving demand in the Middle East and from India.
With the copper market ramping significantly into new highs along with crude oil prices, one got the impression that broad based buying in outside markets contributed directly to the gains in silver today. With the gold market providing positive early leadership and the industrial commodity markets also firm, silver was seeing what seemed to be a definitively bullish shift in sentiment. Like gold, the silver market was potentially seeing some speculative bargain hunting buying, but with classic inflationary conditions surfacing again, it is also possible that silver was also being seen as a flight to quality instrument again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gene Arensberg: Back up truck on small gold, silver, uranium miners
Michael Kosares: Has Europe declared war on the weak dollar?
Peter Brimelow: Buggiest bugs show grit about gold
Asian nations commit $80 billion to set up their own IMF
China farms the world to feed a ravenous economy
Fed likely to prefer more lending over interest-rate cuts
Monetary policy is the forbidden issue of politics, Ron Paul says
Michael Sesit: Dollar's reserve status is tale of fading glory
Richard Daughty: Gold price suppression scheme
GATA delegation will speak at Vancouver conference in June
Central banks push again to ease money market strains
The Statistics:
As of close of business: 4//2008
Gold Warehouse Stocks: | 7,760,217 | -193 |
Silver Warehouse Stocks: | 133,563,426 | -46,414 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 580.45 | 18,662,044 | US$ 15,920m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.02 | 3,665,718 | US$ 3,205m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 671,925 | US$ 588m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 868,095 | US$ 740m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/2/2008 | |
Total Net Assets | $1,728,090,926 | Ounces of Gold
in Trust | 2,018,606.226 |
Shares Outstanding | 20,450,000 | Tonnes of Gold
in Trust | 62.79 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/2/2008 | |
Total Net Assets | $3,085,555,689 | Ounces of Silver
in Trust | 190,589,294.100 |
Shares Outstanding | 19,250,000 | Tonnes of Silver
in Trust | 5,927.99 |
Note: Change in Total Tonnes from yesterday’s data: 43.7 tonnes were added to the trust.
The Stocks:
Gold Fields’ (GFI) memorial service and plans to resume South Deep operations on Thursday, Solitario’s (XPL) drill results, Rubicon’s (RBY) drill results, Apollo’s (AGT) debt financing, Goldcorp’s (GG) earnings and dividend, Entree’s (EGI) exploration budget, Paramount’s (PZG) alliance with Mexoro, Great Panther’s (GPR.TO) drill results, Silvercorp’s (SVM.TO) financial results, ECU’s (ECU.TO) debt financing, Minco’s (MSV.TO) drill program, Coeur’s (CDE) resumed mine operations, Bear Creek’s (BCM.V) metallurgical mapping, Metalline’s (MMG) accelerated work, MAG Silver’s (MVG) exploration program, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY+12.61% $2.50 |
2. Rubicon | RBY+10.77% $1.44 |
3. Vista Gold | VGZ +7.95% $3.80 |
LOSERS
1. Entree | EGI -7.48% $1.36 |
2. Gold Reserve | GRZ -4.37% $2.19 |
3. Apex Silver | SIL -4.29% $9.38 |
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:
Africo Resources reschedules Annual General Meeting until June 12, 2008 - More
- May 05, 2008 | Item | E-mail
Golden Peaks Resources Ltd. - T-11 Zone Extended - More
- May 05, 2008 | Item | E-mail
Lake Shore Gold Comments on May 15, 2008 Shareholder Vote - More
- May 05, 2008 | Item | E-mail
Explor Increases Kidd Township Property - More
- May 05, 2008 | Item | E-mail
Richmont Reaches Half Way Point in ''Initial Commitment Period''; Mine Rehabilitation Nearly Complete and Exploration Efforts to Commence in May - More
- May 05, 2008 | Item | E-mail
Strathmore Minerals Corp. to Webcast Live from Raymond James Uranium Conference in New York - More
- May 05, 2008 | Item | E-mail
Garrison International Ltd. Announces Special Meeting of Shareholders - More
- May 05, 2008 | Item | E-mail
Deep-EM Survey Initiated on Eloro's Hurdman Zinc-Silver Property in the Timmins Mining Camp - More
- May 05, 2008 | Item | E-mail
Mining Operations to Resume at South Deep on Thursday - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) reports today that normal mining operations will only resume in mining areas at 95 level and above at the South Deep Gold Mine near Westonaria on Thursday morning, May 8, 2008 after a Day of Mourning and a Memorial Service which is to be held at the Twin Shaft Complex on Wednesday, May 7." More
- May 05, 2008 | Item | E-mail
Great Western Minerals Group Ltd: Winter Drilling Program Completed at Hoidas Lake; New Mineralized Zone Identified - More
- May 05, 2008 | Item | E-mail
Kola Mining Corporation: Mr. Igor A. Kovarsky Joins Kola Mining Corporation as President and Director - More
- May 05, 2008 | Item | E-mail
Asian Mineral Resources Limited-Jinchuan Offtake and Subscription Agreements - More
- May 05, 2008 | Item | E-mail
Aldridge Minerals announces results of the 2008 annual and special meeting - More
- May 05, 2008 | Item | E-mail
Goldcorp Declares Fifth Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its fifth monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Friday, May 16, 2008 will be entitled to receive payment of this dividend on Tuesday, May 27, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- May 05, 2008 | Item | E-mail
Amera Completes Geophysical Program on Cocha Copper-Silver-Gold Project - More
- May 05, 2008 | Item | E-mail
Anaconda Commences Gold Production at Pine Cove - More
- May 05, 2008 | Item | E-mail
Normabec Cuts 828 g/t Ag (24 oz/t) Over 6.10 Metres on its Real de Catorce Property in Mexico - More
- May 05, 2008 | Item | E-mail
Largo Earns Interest in Maracas Vanadium Project in Bahia, Brazil - More
- May 05, 2008 | Item | E-mail
Lundin Mining Announces Plant Expansion at Neves-Corvo - More
- May 05, 2008 | Item | E-mail
Palladon Announces Progress Update for Iron Mountain Project - More
- May 05, 2008 | Item | E-mail
Canasia Industries Corporation: New Claims Receive Exchange Approval - More
- May 05, 2008 | Item | E-mail
Metals Creek Resources Corp. Announces Mining Rights Acquisition in the Betts Cove Ophiolite Suite and the Granting of Stock Options - More
- May 05, 2008 | Item | E-mail
Great Panther Drills 15.94 Metres @ 1,305g/t Silver and 4.60g/t Gold and Discovers New Base Metal Rich Zone in Guanajuato Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that deep diamond drilling at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico continues to enlarge the dimensions of the Cata Clavo with considerable widths of exceptionally high grade silver-gold mineralization and has discovered a new silver-copper-lead-zinc zone in the lower portion of the orebody." More
- May 05, 2008 | Item | E-mail
Golden Valley Mines Ltd./Abitibi Grassroots Program Update: Diamond Drill Program Underway-Bearmac Prospect (Chapais-Chibougamau, Quebec) - More
- May 05, 2008 | Item | E-mail
Prelim Capital Announces Qualifying Transaction with Southern Oregon Gold Corp. - More
- May 05, 2008 | Item | E-mail
Oromin Explorations Ltd.: Excellent Drilling Results Continue at Sabodala, Six Drills Increase Pace of 140,000 Metre 2008 Resource Drilling Program - More
- May 05, 2008 | Item | E-mail
Bolero drills 1,098 feet (at) 0.068% Mo. at Bald Butte - Drilling continues to expand mineralization - Demonstrates continuity of the resource - More
- May 05, 2008 | Item | E-mail
Canadian Mining's Subsidiary Canmin Mexico S.A. de C.V. Assembles Team for Phase 1 - More
- May 05, 2008 | Item | E-mail
Silver Dragon Resources Inc. Amends Annual General Meeting to Shareholders - More
- May 05, 2008 | Item | E-mail
Ireland Inc. Receives BLM Approval for Expanded Drill Program - More
- May 05, 2008 | Item | E-mail
Serengeti Extends Exercise Term of Warrants - More
- May 05, 2008 | Item | E-mail
Goldstake Updates Diamond Drill Program on Clay Property In Northern Ontario - More
- May 05, 2008 | Item | E-mail
Ni-Cu-PGE mineralization discovered on PFN's Tonsina Property - More
- May 05, 2008 | Item | E-mail
El Nino Ventures Commences Irish Drill Program - More
- May 05, 2008 | Item | E-mail
Abacus Names Andrew Pooler Chief Operating Officer - More
- May 05, 2008 | Item | E-mail
Bancroft Metallurgical Test Results Show 91.4% Recovery for Uranium - More
- May 05, 2008 | Item | E-mail
Mexoro Minerals Enters Into Strategic Alliance With Paramount Gold and Silver Corp. - More
- May 05, 2008 | Item | E-mail
Alhambra Resources Ltd. - Appointment of New Director - More
- May 05, 2008 | Item | E-mail
Aircore drilling at Volta's Cluster Property in Ghana extends gold mineralization at the Chert Ridge project - More
- May 05, 2008 | Item | E-mail
Raytec Appoints New Director - More
- May 05, 2008 | Item | E-mail
Belvedere Reports 2007 Financial and Operating Results - More
- May 05, 2008 | Item | E-mail
ECU Silver Arranges New Debt Financing - "The debt facility will have a drawdown feature which will enable the Company to draw up to $10 million subject to certain terms and based on its cash requirements. The debt facility will have a term of 29 months commencing June, 2008 and will bear an annual interest at a rate equal to the one-month London Interbank Offered Rate ("LIBOR") plus 6% but not less than 11%." More
- May 05, 2008 | Item | E-mail
Minco Silver Completed a Major Step Out Drill Program - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to report the completion of current step out drill program totaling 19,898 metres in 72 holes, on its Fuwan Silver Project located in Guangdong, China. This step out drill program has successfully extended the Fuwan Deposit to the west, southwest, and to the south and also extended the mineralization regionally along strike to the southwest. The deposit remains open along strike to the southwest and down dip to the south. The regional exploration program will continue to follow the mineralization along strike to the southwest along the Fuwan Silver Belt." More
- May 05, 2008 | Item | E-mail
Solitario Intersects 10.8 Meters of High-Grade Gold Mineralization on Its Mercurio Project in Brazil - "Solitario Resources Corporation (AMEX:XPL - News)(TSX:SLR - News) today announced the results of its recently completed third round of drilling on its 100%-owned Mercurio gold project in northern Brazil. Highlights include core holes SB-25 that intersected 10.4 meters grading 8.0 grams per tonne ("g/t") gold and SB-35 that intersected 2.0 meters of 10.1 g/t gold. In total, six of the thirteen widely spaced drill holes intersected significant gold mineralization in this program." More
- May 05, 2008 | Item | E-mail
Rubicon Reports Further High-Grade Gold Intercepts from F2 Zone Discovery Red Lake, Ontario - "Hole F2-09 has returned an interval grading 28.7 g/t over 15.5 metres (0.87 oz/ton over 50.9 feet) including 52.6 g/t gold over 7.4 metres (1.53 oz/ton gold over 24.3 feet) and also a very high-grade interval of 353.8 g/t gold over 0.9 metres (10.32 oz/ton over 3.0 feet). Current interpretations (Figure 1) suggest that the new intercept is associated with a separate structure from that hosting the previously reported quartz-rich high grade intercepts in F2-07 (36.5 g/t over 8.0 metres) and F2-08 (42.4 g/t over 11.0 metres) (see news releases dated March 12 and March 31, 2008). It is characterized by abundant visible gold within altered mafic volcanic rocks." More
- May 05, 2008 | Item | E-mail
Alberta Star Receives Full Authorization to Proceed With Drill Permitting for the Development of the Eldorado South IOCG & Uranium Project - More
- May 05, 2008 | Item | E-mail
DUMONT reports initial historic information and metal grades from its Alberta black shale properties - More
- May 05, 2008 | Item | E-mail
Name Change to Tournigan Energy Ltd. - More
- May 05, 2008 | Item | E-mail
Rio Tinto Plans to Double Uranium Output - More
- May 05, 2008 | Item | E-mail
Coeur's Cerro Bayo Mine Resumes Operations - "Coeur d’Alene Mines Corporation (NYSE:CDE - News)(TSX:CDM - News)(ASX:CXC - News) announced today that its Cerro Bayo Mine in southern Chile has resumed operations after a temporary suspension to upgrade the mine’s electrical infrastructure." More
- May 05, 2008 | Item | E-mail
Bear Creek announces results of Corani metallurgical mapping further confirming scoping study recoveries and indicating upside potential - "Further positive guidance on metallurgical recoveries can be given following completion of metallurgical mapping throughout the deposit. The objective of this study was to establish the distribution of different ore-types, as determined by metallurgical testing, and evaluate the effect on anticipated recoveries. This detailed study confirms that overall silver and lead recoveries remain at 80% and 60%, respectively; whereas there is significant improvement in anticipated zinc recovery from 60% to 75%." More
- May 05, 2008 | Item | E-mail
Apollo Gold Retains Macquarie Bank and RMB Resources as Joint Arrangers and Underwriters of Debt Financing for its Black Fox Project - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News) (AMEX: AGT - News) is pleased to announce that it has retained Macquarie Bank Ltd. (“Macquarie”) and RMB Resources Inc. (“RMB”) as joint arrangers and underwriters for a U.S.$75 million project finance facility to fund development capital for the Black Fox Gold Project (“Black Fox”) located in Ontario, Canada." More
- May 05, 2008 | Item | E-mail
Metalline Mining Accelerates Work on Bankable Feasibility Study for Sierra Mojada Project, Coahuila, Mexico - "Metalline Mining Company, Inc. (Amex: MMG - News) is pleased to announce acceleration of engineering studies on the zinc concentrator process plant for the Sierra Mojada project, Coahuila, Mexico through the appointment of SNC-Lavalin as the study contractor." More
- May 05, 2008 | Item | E-mail
MAG Silver Intersects Silver/Lead/Zinc Over Wide Zone at Batopilas - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) announces that its 2008 exploration program on it's 100% owned Batopilas Native Silver District has encountered a broad zone of silver/lead and zinc mineralization in Hole BA08-21 located in the Animas area. The zone starts immediately beneath the casing at 9.02 metres down hole and extends to 70.87 metres for a total core length of 61.2 metres grading 20.5 g/t silver, 0.66% lead and 0.84% zinc." More
- May 05, 2008 | Item | E-mail
Scorpio's Drilling of the Main Zone from the 8th Level of the Nuestra Senora Deposit Intersects 6.8, 14.3, 12.9 and 30.0 metres of Mineralization in One Hole - "The robust nature of the mineralization within the Nuestra Senora Main Zone and its seven peripheral satellite zones continues to be demonstrated with results such as in Hole NS8L-08-72, which targeted the center of the Main Zone mineralization and reported four mineralized intersections totalling 64 metres core length within a 73.2 metre section of core length overall." More
- May 05, 2008 | Item | E-mail
Goldcorp First Quarter Earnings Increase 84% - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today reported net earnings of $229.5 million, or $0.32 per share, for the quarter ended March 31, 2008, an increase of 84% over net earnings in the first quarter of 2007. Adjusted net earnings(1) doubled to $164.7 million, or $0.23 per share, compared to $82.8 million, or $0.12 per share, in the same period a year ago." More
- May 05, 2008 | Item | E-mail
Entree Budgets $7 Million for 2008 Exploration - "Many public junior resource companies have faced considerable market pressure in the last several months. In contrast, the prices of commodities such as gold and copper have been sustained at near market highs. Entree is committed to advancing our exploration projects as we believe that the long term fundamentals supporting these commodity prices remain intact." More
- May 05, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Enters Into Strategic Alliance with Mexoro Minerals Ltd. in Mexico - "The strategic alliance contemplates both companies combining their mining and exploration expertise including resources such as management, personnel, exploration equipment and mining concessions to maximize shareholder value creating an exciting alignment of interest between the companies." More
- May 05, 2008 | Item | E-mail
Memorial Service and Day of Mourning to be Held at South Deep - "Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) said today that a Memorial Service would be held at the Twin Shafts complex of South Deep gold mine, near Westonaria, on Wednesday, May 7, 2008 following the tragic shaft accident on Thursday, May 1, 2008 in which nine colleagues lost their lives and the fall of ground accident that occurred on April 29 in which one colleague lost his life." More
- May 05, 2008 | Item | E-mail
Goldcorp profit jumps on gain, gold price surge - "Goldcorp (G.TO: Quote, Profile, Research), Canada's No. 2 gold miner, said on Monday its quarterly profit jumped 84 percent as it benefited from the sale of its Silver Wheaton (SLW.TO: Quote, Profile, Research) shares and soaring gold prices.
The company, which has operations in Canada and throughout Latin America, earned $229.5 million, or 32 cents a share, in the first quarter ended March 31. That was up from a profit of $124.9 million, or 18 cents a share, a year earlier." More
- May 05, 2008 | Item | E-mail
Silvercorp Reports Record Sales of $108.4 Million (unaudited), Up 172% for the Year Ended March 31, 2008 - "For the year ended March 31, 2008, sales increased by $68.6 million (CAD$66.6 million), or 172% to $108.4 million (CAD$111.9 million) compared to $39.8 million (CAD$45.3 million) for the same period last year." More
- May 05, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 May, 2008 | |
