-- Posted 9 May, 2008 | | Source: SilverSeek.com
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| Close | Gain/Loss | On Week |
Gold | $884.50 | +$4.10 | +3.29% |
Silver | $16.80 | UNCH | +2.60% |
XAU | 179.63 | -1.38% | +6.26% |
HUI | 422.99 | -0.55% | +5.87% |
GDM | 1272.64 | -0.19% | +6.89% |
JSE Gold | 2517.02 | +56.71 | +11.94% |
USD | 73.05 | -0.43 | -0.65% |
Euro | 154.77 | +0.83 | +0.34% |
Yen | 97.12 | +0.70 | +2.33% |
Oil | $125.96 | +$2.27 | +8.37% |
10-Year | 3.767% | -0.038 | -2.03% |
Bond | 117.25 | +0.484375 | +0.87% |
Dow | 12745.88 | -0.94% | -2.39% |
Nasdaq | 2445.52 | -0.23% | -1.27% |
S&P | 1388.28 | -0.67% | -1.81% |
The Metals:
Gold and silver remained near unchanged in Asia and rose to see over 1% gains by midday in London at as high as $889.50 and $17.07 before they fell back off in early New York trade and saw over 1% losses at as low as $870.95 and $16.48 by about 11AM EST, but they then rallied back higher into the close and gold ended with a gain of 0.47% while silver erased a nearly 2% decline and ended unchanged.
Euro gold rose to about €573, platinum gained $67 to $2079, and copper fell nearly 7 cents to about $3.75.
Gold and silver equities rose slightly at the open before they fell roughly 2% by midmorning, but they then rallied back higher into the close and ended with minimal losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Mar | -$58.2B | -$61.3B | -$61.7B |
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Monday, Export and Import Prices, Retail Sales, and Business Inventories on Tuesday, CPI on Wednesday, Initial Jobless Claims, the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, Industrial Production, and the Philadelphia Fed on Thursday, and Building Permits, Housing Starts, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high of $126.25 before it pulled back a bit, but it still made a new record closing high as supply threats remain while demand stays strong. New to supply concerns today was heightened worry about Venezuela’s exports as the WSJ ran a story about Chavez supporting rebels aiming at overthrowing Columbia’s government. These actions could lead to sanctions from the US that may influence Chavez to cut off exports to the U.S. While that oil will still likely make its way to the U.S. anyway, it would do so through middlemen that would add a premium to the price.
The U.S. dollar index fell and treasuries rose on renewed worries over the financial sector as AIG raised credit market fears by posting a larger than expected $7.8 billion loss.
The Dow, Nasdaq, and S&P fell as oil set another new record high and worries reignited over the health of the financial system.
Among the big names making news in the market Friday were Citigroup, AIG, Circuit City, Texas Instruments, Sotheby’s, Clear Channel, and Microsoft and Yahoo.
The Commentary:
“June Gold finished up 3.7 at 885.8, 2.7 off the high and 14.8 up from the low.
May Silver closed up 0.049 at 16.843. This was 0.053 up from the low and equal to the high.
The gold market waffled around both sides of unchanged during the morning trade but managed to climb back into positive ground just after mid session off persistent strength in oil prices and perhaps even because of renewed buying interest off those willing to hold into the weekend. While the Hugo Chavez news regarding Colombia wasn't given that much attention in the morning trade on Friday that could be the type of story to attract in some weekend flight to quality players. Clearly the gold market remains vulnerable to periodic profit taking bouts with the trade still generally concerned about the prospect of a long term Dollar bottom.
The silver market continued to under perform the gold market, with gold prices climbing back into positive ground just after mid session Friday and silver prices seemingly content to languish in sync with markets like copper. Apparently surging oil prices and a slightly weaker Dollar wasn't enough to give the silver bulls a definitive upper hand. While the market could have been lifted by news of an increase in US silver imports in March, the silver market hasn't been paying that much attention to classic supply side news. Many times US silver export data has served to countervail the anticipated impact of the silver import data.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Citing copper and zinc costs, House votes for return of steel penny
IMF worries that commodities may not be a bubble
The Statistics:
As of close of business: 5/08/2008
Gold Warehouse Stocks: | 7,681,257 | -578 |
Silver Warehouse Stocks: | 133,960,545 | - |
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 | 590.37 | 18,981,087 | US$ 16,643m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.01 | 3,665,555 | US$ 3,231m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,895 | US$ 593m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 868,037 | US$ 761m |
Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 0.20 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/8/2008 | |
Total Net Assets | $1,733,972,700 | Ounces of Gold
in Trust | 1,969,252.636 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.25 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/8/2008 | |
Total Net Assets | $3,159,629,276 | Ounces of Silver
in Trust | 190,589,294.100 |
Shares Outstanding | 19,250,000 | Tonnes of Silver
in Trust | 5,927.99 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
DRDGOLD’s (DROOY) third quarter results, Cardero’s (CDY) metallurgical assessment, Richmont’s (RIC) first quarter results, Gammon Gold’s (GRS) status update, Paramount’s (PZG) acquired mining concessions, Gold Fields’ (GFI) quarterly results, Eldorado’s (EGO) mailed offer for Frontier (FRP.V), Fresnillo’s IPO in London, and Silver Standard’s (SSRI) project update were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. ITM | THM +10.37% $1.49 |
2. MAG Silver | MVG+10.21% $12.84 |
3. Kimber | KBX +9.47% $1.85 |
LOSERS
1. Gold Reserve | GRZ-10.66% $1.76 |
2. Richmont | RIC -9.69% $3.45 |
3. US Energy | USEG -3.57% $2.43 |
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 Mails Offer to Frontier Pacific Shareholders - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado", the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) announced today that Eldorado has filed its formal offer to acquire all of the outstanding shares of Frontier Pacific Mining Corporation (CDNX:FRP.V - News) ("Frontier Pacific") with Canadian securities regulators and a registration statement with the U.S. Securities and Exchange Commission and has commenced the mailing of its offer and related documents to Frontier Pacific shareholders." More
- May 09, 2008 | Item | E-mail
Yale Completes Drill Program and Starts Phase II Work at El Rosario, Urique Project - More
- May 09, 2008 | Item | E-mail
Merit Mining Receives Mine and Mill Operating Permits - More
- May 09, 2008 | Item | E-mail
Gold Eagle Mines Ltd. - 2008 first quarter financial results - More
- May 09, 2008 | Item | E-mail
Chapleau Resources Intersects 11.0 m of 0.62 % Copper and 0.10 g/t Gold in Hole #7 on the La Yegua Copper-Gold Porphyry Project in Peru - More
- May 09, 2008 | Item | E-mail
Douglas Lake Minerals acquires massive 430 sq km alluvial gold deposit - More
- May 09, 2008 | Item | E-mail
Taranis Resources Inc. Increases Land Position at Thor 370% &Selects Atlas Drilling Limited to Conduct 10,000 m of Core Drilling - More
- May 09, 2008 | Item | E-mail
Technical report recommends drilling on Starfire's Stobie Lake Uranium Project, Ontario, Canada. - More
- May 09, 2008 | Item | E-mail
Mexico's Fresnillo raises $1.8 bln in London IPO - "Shares in Fresnillo Ltd FRES.L fell as much as 10 percent after the world's biggest silver producer raised 905 million pounds ($1.77 billion) in a London flotation that was priced at the bottom of the expected range." More
- May 09, 2008 | Item | E-mail
Coro Mining Corp. Announces Release of Its First Quarter Results for 2008 - More
- May 09, 2008 | Item | E-mail
Resignations and Appointments of Directors and Officers of Pan American Gold Corporation - More
- May 09, 2008 | Item | E-mail
Saturn Announces Financing With MineralFields Group - More
- May 09, 2008 | Item | E-mail
Crosshair to Commence Trading on The Toronto Stock Exchange - More
- May 09, 2008 | Item | E-mail
Aeroquest International Limited (TSX-V: AQL) Issues a Clarification of a Recent Press Release - More
- May 09, 2008 | Item | E-mail
Cameco Investor Audiocast Advisory - More
- May 09, 2008 | Item | E-mail
Silver Standard Resources Inc.: San Luis Project Update and New Resource Estimate to be Prepared - "The San Luis Joint Venture of Esperanza Silver Corporation (CDNX:EPZ.V - News) and Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) reports that the Joint Venture has received the necessary permits to begin surface drilling at the San Luis Project. A drill is set to mobilize to site within the next 10 days. The first priority will be to drill test the BP Zone to follow up on the discovery of possible porphyry-style silver and base metal mineralization announced in November 2007." More
- May 09, 2008 | Item | E-mail
Farallon Announces Additional G-9 Drill Results - More
- May 09, 2008 | Item | E-mail
Colombia Goldfields Provides Q1 2008 Exploration and Corporate Updates - More
- May 09, 2008 | Item | E-mail
Noront Receives Analytical Results Eagle One Deposit - More
- May 09, 2008 | Item | E-mail
Louvem Mines Reports its 2008 First Quarter Results - More
- May 09, 2008 | Item | E-mail
Osisko Releases First Quarter Financial Results - More
- May 09, 2008 | Item | E-mail
SAfrica's Gold Fields Q3 profit jumps on gold price - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research), the world's No. 4 gold producer, posted a 67 percent rise in quarterly headline earnings on the back of soaring prices for the metal, but production fell on South Africa's power crunch.
Gold Fields said on Friday its adjusted headline earnings per share for the third quarter to the end of March rose to 155 cents from 93 cents in the second quarter." More
- May 09, 2008 | Item | E-mail
Castillian Completes VTEM Electromagnetic and Magnetic Survey on the Kagera Project, Tanzania - More
- May 09, 2008 | Item | E-mail
Colossus Minerals Inc. Drills Gold at Natividade - More
- May 09, 2008 | Item | E-mail
Medoro Announces Commencement of Drilling in Mali - More
- May 09, 2008 | Item | E-mail
South Africa power cuts hurt DRDGOLD Q3 output - "South African gold producer DRDGOLD reported a 9 percent decline in third quarter output partly due to a power crisis in the country but profit rose on the back of a higher gold price." More
- May 09, 2008 | Item | E-mail
CanAlaska completes winter uranium drilling - More
- May 09, 2008 | Item | E-mail
Cardero Initiates Pilot-Scale Metallurgical Assessment at Pampa de Pongo Iron Deposit, Peru - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that it has initiated an independent pilot-scale metallurgical assessment of the 953 Million tonne (Mt) Pampa de Pongo Iron deposit, in the Marcona district of southeast Peru. The objective is to independently confirm and further improve upon the positive results of the 1996 Met Chem Canada Inc. metallurgical study (see NR08-11)." More
- May 09, 2008 | Item | E-mail
Richmont Mines Reports 46% Increase in Revenue in the First Quarter of 2008 - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News), a gold exploration, development and production company with operations in Canada, today announced financial and operational results for its first quarter ended March 31, 2008. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted." More
- May 09, 2008 | Item | E-mail
Gammon Gold announces further increases in April's consolidated production, a further 55% increase in Ocampo's production - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS) is pleased to provide its unaudited monthly status update for April 2008. Since the launch of the turnaround strategy in December 2007, the Company has been reporting monthly updates on its key performance indicators covering a seven (7) month period that clearly demonstrate the continual improvements in key operational performance indicators, financial metrics, and internal management reporting controls that were encompassed in the Company's turnaround business plan." More
- May 09, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Acquires Mining Concession Extending its San Miguel Vein in Mexico - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(Toronto:PZG-TO.TO - News) (Frankfurt:P6G.F - News)(WKN: A0HGKQ) recently acquired a new mining concession at its San Miguel project in Mexico. Elyca hosts the on-strike extension of its newly discovered 'Clavo 99'." More
- May 09, 2008 | Item | E-mail
Mine Tragedies Overshadow Group Results - "Gold Fields Limited (NYSE & JSE: GFI) today announced headline earnings for the March 2008 quarter of R1,246 million, compared with headline earnings of R456 million and R228 million for the December 2007 and the March 2007 quarters respectively. In US dollar terms headline earnings for the March 2008 quarter were US$176 million, compared with earnings of US$67 million and US$32 million for the December 2007 and the March 2007 quarters respectively." More
- May 09, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 May, 2008 | |
