-- Posted 14 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $866.00 | -$3.50 |
Silver | $16.60 | -$0.15 |
XAU | 175.52 | -1.80% |
HUI | 407.01 | -1.75% |
GDM | 1235.50 | -1.61% |
JSE Gold | 2486.24 | +4.12 |
USD | 73.35 | +0.11 |
Euro | 154.63 | -0.12 |
Yen | 95.15 | -0.34 |
Oil | $124.22 | -$1.58 |
10-Year | 3.938% | +0.029 |
T-Bond | 115.50 | -0.34375 |
Dow | 13898.38 | +0.52% |
Nasdaq | 2496.69 | +0.06% |
S&P | 1408.66 | +0.40% |
The Metals:
Gold fell to $859.00 by late trade in Asia before it rose to find a slight gain at $870.85 by early trade in New York, but it then fell back off a bit in the last few hours of trade and ended with a loss of 0.4%. Silver fell to $16.54 and rose to $16.89 before it also fell back off and ended with a loss of 0.9%.
Euro gold fell to about €560, platinum lost $18.50 to $2026, and copper fell over 5 cents to about $3.70.
Gold and silver equities remained near unchanged for most of the day, but they then fell back off in the last couple hours of trade and ended nearly 2% lower.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Apr | 0.2% | 0.3% | 0.3% |
Core CPI | Apr | 0.1% | 0.2% | 0.2% |
Tomorrow at 8:30AM EST brings Initial Jobless claims for 5/10 expected at 370,000 and the NY Empire State Index for March expected at 0.0. At 9AM is the Net Foreign Purchases report for March expected at $62.5 billion, at 9:15 are Capacity Utilization for April expected at 80.2% and Industrial Production expected at -0.3%, and at 10AM is the Philadelphia Fed report expected at -19.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on decreasing demand reports after yesterday’s record high of $126.98. An official from Iran also remarked that they will not be cutting exports and that eased some geopolitical tensions. Crude inventories rose 200,000 barrels, gasoline inventories fell 1.7 million barrels, distillate inventories rose 1.4 million barrels, and refinery utilization rose 1.6% to 86.6%.
The U.S. dollar index rose marginally and treasuries fell slightly despite tame CPI data that did not push interest rates lower as one would typically expect.
The Dow, Nasdaq, and S&P rose on the tame CPI report that eased inflation worries as oil prices also eased from yesterday’s record high.
Among the big names making news in the market today were Sony, EADS, Freddie Mac, Merrill, Deere, and Macy’s.
The Commentary:
“We live in a world which is amoral and believes that there are NO consequences for any act. All that matters is profit at any cost.
Profit is the only virtue. The ends qualify the means. Nothing is above them and they deserve it all, immediately.
This is the perfect definition of all derivative dealers and holders.
I demonstrated to you that what exists now would in fact occur now.
As Volcker has said, this is like the 70s, and will be far worse if the Fed pulls away from financing everyone or if confidence in the Fed is lost because of consequences.
The Fed simply cannot create this amount of liquidity without sinking the dollar.
A central bank can never go broke because they have a blank check with which they can write their own capital.
What a central bank can do is destroy their currency.
The US dollar is going to .5200
Gold is going to $1650
All of this will occur on or before January 14th, 2011.”- Jim Sinclair, JSMineset.com
“June Gold finished down 3.1 at 866.5, 4 off the high and 2.5 up from the low.
July Silver closed down 0.215 at 16.613. This was 0.008 up from the low and 0.287 off the high.
The gold market mostly favored the downside in the action on Wednesday which initially seemed to be the direct result of ongoing strength in the US Dollar. However, gold prices did manage to bounce by as much as $6 an ounce off their post report lows with the still mostly Dollar holding in positive ground. The currency trade continues to suggest that a close above the 74.00 level in the June Dollar Index is an extremely critical level and it appears that the gold market is also watching that level as well. In the end, the bull camp in gold might suggest that prices held up relatively well in the face of minor Dollar strength and moderate weakness in oil prices. In fact, a number of physical commodity markets were under pressure Wednesday and even that didn't seem to add to the initial weakness in gold prices.
Perhaps projections of record mine production in 2008 from a major Bank/brokerage firm prompted some of the silver selling on Wednesday but recently the silver market hasn't been that interested in the rise and fall of silver supply. In fact, like the gold market, the silver market remains mostly fixated on the action in the Dollar. In the end, it was somewhat surprising that silver wasn't under more selling pressure, when one considers the strength in the Dollar, weakness in oil and the noted pressure in copper and platinum prices on Wednesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
CFTC study denies manipulation in silver market
Fed gets political with market interventions, Volcker warns
Peter Grandich: Did the party end before it started?
The Statistics:
As of close of business: 5/13/2008
Gold Warehouse Stocks: | 7,578,038 | -114,144 |
Silver Warehouse Stocks: | 133,755,900 | +3,002 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 590.37 | 18,981,087 | US$ 16,415m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 112.86 | 3,628,449 | US$ 3,140m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,858 | US$ 582m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 867,990 | US$ 750m |
Note: Change in Total Tonnes from last week’s data: The LSE subtracted 1.15 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/13/2008 | |
Total Net Assets | $1,710,049,413 | 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 last week’s data.
Silver Trust (SLV)
Profile as of 5/13/2008 | |
Total Net Assets | $3,254,704,042 | 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 last week’s data.
The Stocks:
Tanzanian Royalty’s (TRE) private placements, Aurelian’s (ARU.TO) first quarter financials, Apollo’s (AGT) $25 million new issue, Allied Nevada’s (ANV) first quarter results, Midway’s (MDW) drill results, Keegan’s (KGN) drill results, Silvercorp’s (SVM.TO) special advisor appointment, MAG’s (MVG) drill results, Silver Standard’s (SSRI) increased reserves, and Pan American’s (PAAS) senior management changes and first quarter earnings were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Timberline | TLR +12.39% $3.99 |
2. Gold Reserve | GRZ +2.84% $2.17 |
3. Apex Silver | SIL +1.91% $8.55 |
LOSERS
1. Crystallex | KRY -8.26% $1.00 |
2. Taseko | TGB-6.91% $5.12 |
3. ITH | THM-6.90% $1.89 |
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:
Central Sun Appoints New Senior Management Positions - "Central Sun Mining Inc. (Toronto:CSM.TO - News)(Toronto:CSM-WT.TO - News)(AMEX:SMC - News) is pleased to announce the addition of three new senior individuals to the Company's management team. With these latest appointments, Central Sun has strengthened the Company's operational support team and added additional depth and experience to its operations in the Americas." More
- May 14, 2008 | Item | E-mail
Sherwood Starts 2008 Drill Program With New Discoveries at Minto Copper-Gold Mine - More
- May 14, 2008 | Item | E-mail
Consolidated Gold Win Ventures engages drill company - More
- May 14, 2008 | Item | E-mail
MDN Inc: Net Earnings of $1.8 Million or $0.02 Per Share - More
- May 14, 2008 | Item | E-mail
Mercator Reports First Quarter Results and Provides Construction Update - More
- May 14, 2008 | Item | E-mail
Cadillac Mining Corporation hires First Canadian Capital Corp. for investor relations - More
- May 14, 2008 | Item | E-mail
Goldcliff Resource Corporation: York-Viking Drilling Extends Gold Zone - More
- May 14, 2008 | Item | E-mail
Tanzanian Royalty Chairman Completes $2,100,000 Private Placements - "Tanzanian Royalty Exploration Corporation (AMEX:TRE - News) announces that Mr. James E. Sinclair has completed the $375,000 fifth tranche of the $3 million private placement and the $1,725,000 private placement, as announced on May 1, 2008. Both placements closed on May 14, 2008." More
- May 14, 2008 | Item | E-mail
Kootenay Announces 3D Induced Polorization (IP) Geophysical Survey and Surface Sampling Program on Promontorio Completed, Phase II Drill Results Pending - More
- May 14, 2008 | Item | E-mail
Western Troy Updates Otish Mountain Road Development Process - More
- May 14, 2008 | Item | E-mail
La Mancha Increases Production in the First Quarter of 2008 - More
- May 14, 2008 | Item | E-mail
Emgold engages new investor relations representative - More
- May 14, 2008 | Item | E-mail
Aberdeen International Completes Investment in Magma Metals - More
- May 14, 2008 | Item | E-mail
Amarillo Drills 206m @ 2.16 g/t Au on Butia Step-Out Section, Lavras do Sul - More
- May 14, 2008 | Item | E-mail
Little Squaw Changes Name to Goldrich Mining Company - More
- May 14, 2008 | Item | E-mail
Sonic Drill Program Improves Recovery at Gossan's Manigotagan Silica Property - More
- May 14, 2008 | Item | E-mail
Cue Resources Ltd. Reports NI 43-101 Compliant Resource on a Portion of the San Antonio Uranium Deposit, Yuty Project, Paraguay - More
- May 14, 2008 | Item | E-mail
Los Andes Copper Extends Vizcachitas Mineralization Eastwards - More
- May 14, 2008 | Item | E-mail
Metalex/WSR commence drilling for base metals in James Bay Lowlands - More
- May 14, 2008 | Item | E-mail
Great Bear Uranium and Hillcrest Resources Identify Geophysical Anomalies at Thelon Project, NWT - More
- May 14, 2008 | Item | E-mail
Kinbauri Closes Royalty Agreement With Anglo Pacific - More
- May 14, 2008 | Item | E-mail
Murgor Resources appoints new Vice-President of Finance & Treasurer - More
- May 14, 2008 | Item | E-mail
Nevada Copper Expands Drill Program to 40,000 Meters - More
- May 14, 2008 | Item | E-mail
Inspiration Intersects 1.390% Ni Over 7.61m or 24.97ft and 1.179%Ni Over 14.03m or 46.03ft (True Width) - More
- May 14, 2008 | Item | E-mail
Hawk Commences Exploration on the Holdsworth Gold Property, Wawa Area, Northern Ontario - More
- May 14, 2008 | Item | E-mail
Gryphon Gold Enters Joint Venture Agreement With New Dimension Resources in Western Nevada - More
- May 14, 2008 | Item | E-mail
Sirios' Partner Plans Diamond Drilling on the OPINACA NORD Property (Quebec) After Significant Results Were Returned - More
- May 14, 2008 | Item | E-mail
Puma Exploration: Hache Lens 50 Metres Longer, With 339 g/t Ag, 2.2% Zn, 3.8% Pb, and 0.7 g/t Au - More
- May 14, 2008 | Item | E-mail
Nord Resources Announces 2008 First-Quarter Results - More
- May 14, 2008 | Item | E-mail
DIOS: Diamond Drilling Planned on the OPINACA NORD Property (Quebec) After Significant Results Were Returned - More
- May 14, 2008 | Item | E-mail
New Model for Langmuir Nickel Property - More
- May 14, 2008 | Item | E-mail
Blue Note Mining Reports First Quarter Results - Income from mining activities of $2.7 million - More
- May 14, 2008 | Item | E-mail
Landore Resources Limited - Junior Lake-Nickel Project B4-7 Deposit-Resource Statement - More
- May 14, 2008 | Item | E-mail
New Cantech Ventures Inc.: Lucky Ship Molybdenum Property-New Resource Estimate Discloses a 45% Increase in Indicated Resource Tonnage - More
- May 14, 2008 | Item | E-mail
Wesdome announces 2008 first quarter results - More
- May 14, 2008 | Item | E-mail
Bokan Mountain Drill Mobilization Underway - More
- May 14, 2008 | Item | E-mail
Terrane Board Approves Mt. Milligan Feasibility Report - More
- May 14, 2008 | Item | E-mail
Pebble Creek engages SRK Consulting to prepare resource estimate - More
- May 14, 2008 | Item | E-mail
Uranium Resources, Inc. to Raise $14.3 Million in Private Offering to Expand Texas Assets - More
- May 14, 2008 | Item | E-mail
Macusani Yellowcake Announces That the Strike Length of Anomaly Continues to Grow - More
- May 14, 2008 | Item | E-mail
Winter drilling confirms significant gold zone - More
- May 14, 2008 | Item | E-mail
New Horizon Uranium Corporation Notice of Default - More
- May 14, 2008 | Item | E-mail
Largo Resources and Glencore International Enter Into Off-Take Agreement for the Maracas Vanadium Project (Brazil) - More
- May 14, 2008 | Item | E-mail
Modifications of the Agreement to Acquire the Hewfran Property, Signed Between Metanor Resources and Aur Resources - More
- May 14, 2008 | Item | E-mail
Gold World Resources Grants Stock Options - More
- May 14, 2008 | Item | E-mail
Cash Minerals Announces Executive Management Changes - More
- May 14, 2008 | Item | E-mail
Noront and Freewest to Jointly Explore Key Airborne Geophysical Target Located Proximal to the Eagle One Deposit in the McFaulds Lake Area, Northern Ontario - More
- May 14, 2008 | Item | E-mail
GoldSpring Hartford Complex Assay Results Continue Positive Trend - More
- May 14, 2008 | Item | E-mail
Results for Q1 2008 - Certej EIS submitted - Joint venture in Turkey finalised - More
- May 14, 2008 | Item | E-mail
Quaterra Intersects Primary Copper Mineralization in Gallagher Area at MacArthur - More
- May 14, 2008 | Item | E-mail
Ontex Resources Engages Scott Wilson Roscoe Postle Associates to Evaluate the Brookbank Gold Deposit - More
- May 14, 2008 | Item | E-mail
GoldMountain Exploration Announces Private Placement - More
- May 14, 2008 | Item | E-mail
Inmet Mining takes reins at Petaquilla: partner - More
- May 14, 2008 | Item | E-mail
Continental Nickel Reports Grant of Stock Options - More
- May 14, 2008 | Item | E-mail
Equinox wins key land title at Zambia Lumwana mine - More
- May 14, 2008 | Item | E-mail
S.African power supply still tight-Eskom - "State-owned power utility Eskom [ESCJ.UL] warned South Africans on Wednesday to expect more power outages but said disruptions would likely be minor.
Eskom, which produces about 95 percent of South Africa's electricity, has rationed power through a process known as load-shedding since January in response to a supply crisis that has scared investors and clouded the economic outlook." More
- May 14, 2008 | Item | E-mail
Mining in the Democratic Republic of Congo - "Power shortages threaten to slow mining development in Congo and drive up project costs in one of the world's richest copper and cobalt regions." More
- May 14, 2008 | Item | E-mail
Zincore Reports Ongoing Positive Drill Results at Yanque - More
- May 14, 2008 | Item | E-mail
Katanga Project Update and 1Q 2008 Financials - More
- May 14, 2008 | Item | E-mail
Karmin Exploration: Drill Results From Aripuana Project, Brazil - More
- May 14, 2008 | Item | E-mail
Bancroft Uranium Updates Progress With First Nations - More
- May 14, 2008 | Item | E-mail
Harvest Gold Updates Rosebud Mine Historical Data Compilation; NI 43-101 Technical Report to be Commissioned - More
- May 14, 2008 | Item | E-mail
Petaquilla Copper Ltd. Updates its Development Strategy - More
- May 14, 2008 | Item | E-mail
UME Purchases More of Its Own Shares - More
- May 14, 2008 | Item | E-mail
Marathon is Successful in Bid for Discovery PGM Corporation and Extends Offer - More
- May 14, 2008 | Item | E-mail
Uranium Resources, Inc. to Raise $14.3 Million in Private Offering to Expand Texas Assets - More
- May 14, 2008 | Item | E-mail
Pacific Bay Strikes USA Uranium Partnership with Golden Eagle - More
- May 14, 2008 | Item | E-mail
Silvercorp Announces Appointment of the Honourable Jack Austin as a Special Adviser to the Chairman and Chief Executive Officer - "Mr. Austin brings to the Company over 40 years experience in law, business, public service and politics. A graduate of the University of British Columbia in Economics and Law, and from Harvard Law School in International Trade Law, Mr. Austin has had a diversified and successful career. Silvercorp will benefit from Mr. Austin's counsel and expertise in cross-cultural communications and business development." More
- May 14, 2008 | Item | E-mail
Aurelian Files First Quarter Financials and MD&A - ""While we regret the mandated suspension of activities on our concessions, we have lessened the impact on our former employees and local communities through support payments and ongoing development projects in the areas of education and public health. We plan to make the most of the suspension period ordered by the Mining Mandate by moving forward with desktop mine and project planning along with resource updates." More
- May 14, 2008 | Item | E-mail
Apollo Gold Announces $25 Million New Issue - "Apollo Gold Corporation ("Apollo" or the "Company") (Toronto:APG.TO - News)(AMEX:AGT - News), announces that it has filed a preliminary short form prospectus dated May 13, 2008 with the securities regulatory authorities in each of the provinces of Canada, other than Quebec in respect of a new issue of common shares (the "Offering"). Apollo has also filed a preliminary prospectus supplement with the United States Securities and Exchange Commission in respect of the Offering." More
- May 14, 2008 | Item | E-mail
MAG Silver Continues to Intersect Silver/Lead/Zinc Over Wide Area at Cinco de Mayo - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") announces assay results from an ongoing drill program on MAG's 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. This drill program is expanding the "Jose Manto" discovered in Hole 07-20 which intersected 6.8 metres (estimated true thickness) of galena and sphalerite-rich massive sulphides grading 254 g/t (7.4 opt) silver, 6.4% lead and 7.0% zinc." More
- May 14, 2008 | Item | E-mail
Allied Nevada Announces First Quarter 2008 Financial Results - "Allied Nevada reported a consolidated net loss for the three month period ended March 31, 2008, of $6,870,000 compared to a consolidated net loss of $313,000 for the same period in 2007. The increase in the consolidated net loss of $6,557,000 is largely due to an increase of $4,638,000 in exploration, property evaluation and holding costs, an increase of $1,572,000 in corporate administration and investor relations costs, and a decrease of $147,000 of net interest income." More
- May 14, 2008 | Item | E-mail
Drilling Hits 3.6 Ounce Per Ton Gold in Veins at Midway Project - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce that recent drilling has intersected high grade gold at the Midway project, Nevada. Fire assay results from the Discovery zone include 6.2 feet of 3.6 ounces per ton (opt) gold in the Nimitz vein and 1.1 feet of 2.5 opt gold within 10 feet of 0.4 opt gold in the Midway vein. See attached section (http://media3.marketwire.com/docs/mdw514.pdf)." More
- May 14, 2008 | Item | E-mail
Keegan Hits Discovery Hole in NW Structure at Asumura Gold Project - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce that it has intersected 14 m of 4.47 g/t Au along the NW structure at its Asumura Property in SW Ghana. The intercept comes from one of the fences of shallow reconnaissance drill holes that Keegan has drilled as an initial test of this structure." More
- May 14, 2008 | Item | E-mail
Silver Standard Increases Pirquitas Silver Reserves by 43% - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) reports that proven and probable silver reserves at Pirquitas have increased by 43% to 195.1 million ounces. In addition, tin reserves have increased by 41% to 159.2 million lbs and zinc reserves by 32% to 548.5 million lbs. Based on the increased reserves, Pirquitas mine life has been extended to 14.5 years, an increase of 4.5 years from the November 2007 reserve update." More
- May 14, 2008 | Item | E-mail
Pan American Silver Announces Senior Management Changes - "Mr. Steven Busby has been promoted to the position of Chief Operating Officer. Mr. Busby joined Pan American Silver in 2003 as Sr. Vice President - Project Development. He lead the construction of the Alamo Dorado mine in Mexico and is currently leading the expansion of the San Vicente mine in Bolivia and the construction of the Company's eighth mine, Manantial Espejo, in Argentina. Mr. Busby has over 25 years experience in project development and mine operations and holds a BSc. in Mineral Processing Engineering. He is also a member of the Montana Tech Metallurgical Engineering Department Advisory Board." More
- May 14, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 May, 2008 | |
