-- Posted 16 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $899.25 | +$20.50 | +1.67% |
Silver | $16.93 | +$0.30 | +0.77% |
XAU | 187.87 | +3.04% | +4.59% |
HUI | 434.70 | +2.85% | +2.77% |
GDM | 1312.18 | +2.67% | +3.11% |
JSE Gold | 2472.40 | -19.24 | -1.77% |
USD | 72.82 | -0.48 | -0.31% |
Euro | 155.95 | +1.46 | +0.76% |
Yen | 96.11 | +0.64 | -1.04% |
Oil | $126.29 | +$2.17 | +0.26% |
10-Year | 3.850% | +0.007 | +2.20% |
Bond | 116.453125 | +0.3125 | -0.68% |
Dow | 12986.80 | -0.05% | +1.89% |
Nasdaq | 2528.85 | -0.19% | +3.41% |
S&P | 1425.35 | +0.13% | +2.67% |
The Metals:
Gold rose about 1% in Asia and London before it accelerated its gains in New York and ended near its high of $904.80 with a gain of 2.33%. Silver rose to as high as $17.042 by late morning in New York before it fell back off slightly in the last couple of hours of trade, but it still ended with a gain of 1.8%.
Euro gold rose to about €577, platinum gained $51 to $2114.50, and copper gained nearly 9 cents to about $3.85.
Gold and silver equities rose nearly 3% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Building Permits | Apr | 978K | 912K | 932K |
Housing Starts | Apr | 1032K | 940K | 954K |
Michigan Sentiment | May | 59.5 | 62.0 | 62.6 |
All of this week’s economic reports:
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high of $127.82 on Goldman’s call for $141 a barrel in the second half off 2008. Gains pared slightly after the Saudis announced they would increase production by 300,000 barrels a day to make up for shortfalls in other countries, but oil still closed with a nearly 2% gain at a new record closing high.
The U.S. dollar index fell and treasuries rose after consumer confidence came out at a 28 year low and pushed interest rates lower in early trade, but bonds turned down to end with just slight gains as stocks rebounded in late trade.
The Dow, Nasdaq, and S&P fell roughly 1% by late morning on another new record high in oil and poor consumer sentiment data, but all three indices rallied higher in afternoon trade and closed mixed and near unchanged on optimism that the housing sector may be rebounding.
Among the big names making news in the market Friday were Fannie Mae, Abercrombie & Fitch, Yahoo and Icahn, and Berkshire Hathaway.
The Commentary:
“June Gold finished up 19.9 at 899.9, 4.6 off the high and 5.4 up from the low.
July Silver closed up 0.275 at 16.96. This was 0.02 up from the low and 0.14 off the high.
The gold market managed a quasi impressive range up extension on Friday and since that move comes in the wake of a two week consolidation the trade seemed to take the action Friday seriously. Certainly seeing what appeared to be a resumption of weakness in the Dollar rekindled currency market related buying interest in gold and with the June gold contract also managing to rise above a series of classic technical points on the charts could have prompted some technical short covering buying. With the stock market initially making a fresh new high for the move and crude oil prices also making a new all time high, it is possible that gold was seeing fresh speculative buying from the inflation angle. In the end, seeing the June gold contract manage a return to the even number level of $900 probably prompted some outright speculative buying interest.
The silver market just didn't seem to get as much of a lift as the gold market early in the trade Friday, but in the end July silver did manage to migrate toward the upper end of the last two week's consolidation range. While silver might have been lifted by a brokerage upgrade of a major silver producer on Friday morning, the main thrust of the gains in silver prices seemed to come from the renewed strength in the Dollar and perhaps because of broad based gains in a host of physical commodities.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Jason Hommel: A further warning to the CFTC
Resource Investor reports on CFTC denial of silver manipulation
Venezuela won't be adding to world's gold supply
ECB affects surprise that banks dump their junk on it
John Embry: Last chance to board gold train at under US$1,000
The Statistics:
As of close of business: 5/15/2008
Gold Warehouse Stocks: | 7,582,138 | -115,879 |
Silver Warehouse Stocks: | 133,104,789 | -649,098 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 583.93 | 18,773,965 | US$ 16,540m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 111.85 | 3,596,217 | US$ 3,239m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,843 | US$ 605m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.00 | 867,971 | US$ 764m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/15/2008 | |
Total Net Assets | $1,730,689,152 | 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 5/15/2008 | |
Total Net Assets | $3,195,997,377 | Ounces of Silver
in Trust | 192,569,101.300 |
Shares Outstanding | 19,450,000 | Tonnes of Silver
in Trust | 5,989.57 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
A free new stock report on Genco Resources by Peter Zihlmann at http://www.goldreview.com/news/ZihlmannInvest/1210955588.php, South Africa’s power problems, International Royalty’s (ROY) first quarter results, AngloGold’s (AU) completed transaction with B2Gold, Crystallex’s (KRY) comments on market activity and Las Cristinas, Kinross Gold’s (KGC) share subscription in Rye Patch, Midway’s (MDW) private placement, Gammon Gold’s (GRS) exploration program, and First Majestic’s (FR.TO) first quarter financial results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Cardero | CDY+27.53% $3.15 |
2. Minco | MGH +10% $1.21 |
3. Jaguar | JAG+7.07% $11.16 |
LOSERS
1. Kimber | KBX-8.38% $1.64 |
2. Timberline | TLR -5.57% $3.90 |
3. Alexco | AXU-2.06% $3.81 |
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:
Breakwater Says Blue Note Lawsuit Unfounded - More
- May 16, 2008 | Item | E-mail
Harte Gold Grants Options - More
- May 16, 2008 | Item | E-mail
Marathon Announces Exercise of Over-Allotment Option for Warrants in Connection with its Unit Financing - More
- May 16, 2008 | Item | E-mail
Alturas Reports Drill Results From Banos del Indio Gold-Silver Project, Southern Peru - More
- May 16, 2008 | Item | E-mail
Pacific Cascade receives results from first hole on Brewster Lake claims - More
- May 16, 2008 | Item | E-mail
Benton Starts Drilling Sally Lake and Area 41 - More
- May 16, 2008 | Item | E-mail
Vena Resources Reports 2008 Second Quarter Financial Results - More
- May 16, 2008 | Item | E-mail
International Royalty Corporation reports first quarter results - "Net earnings during the quarter were $2.4 million, or $0.03 per share, compared to $2.2 million, or $0.03 in the same quarter in 2007." More
- May 16, 2008 | Item | E-mail
Richfield releases Phase 1 Mouse Mountain results and commences drilling at G-South Gold target - More
- May 16, 2008 | Item | E-mail
Nevada Copper Announces Resignation of Director - More
- May 16, 2008 | Item | E-mail
Drilling Commences on Radio Hill Property - More
- May 16, 2008 | Item | E-mail
StrataGold appoints Executive Chairman - More
- May 16, 2008 | Item | E-mail
S.Africa power firm agrees to phase in price rise - "South Africa's state power firm, under pressure from the ruling ANC party, agreed on Friday to phase in electricity price rises over five years instead of pushing for a sharp hike to address a dire power crisis.
Eskom, which produces about 95 percent of South Africa's electricity, provoked public anger when it asked for a revised 53-percent tariff increase. The African National Congress and union allies said that would hurt the poor and stoke inflation." More
- May 16, 2008 | Item | E-mail
Firstgold Corp. Updates Status of Pit Area Drilling at Relief Canyon - More
- May 16, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. records a loss from operations as it starts to prepare for greater production from its own assets - More
- May 16, 2008 | Item | E-mail
AngloGold Ashanti Completes Transaction With B2Gold - "AngloGold Ashanti's purpose in effecting this transaction is to build on its Colombian strategy of continuing to leverage its first-mover advantage through developing its exploration projects, both in its own right and together with partners like B2Gold. Through the transaction, it will acquire a direct interest in B2Gold that will provide AngloGold Ashanti with exposure to B2Gold's global exploration programme, as well as participation in the underlying joint venture interests in Colombia that AngloGold Ashanti will retain with B2Gold." More
- May 16, 2008 | Item | E-mail
Campbell Resources announces a $2.5 million financing - More
- May 16, 2008 | Item | E-mail
Skyline Applies for a Special Use Permit to Construct an Access Road - More
- May 16, 2008 | Item | E-mail
Bison Gold Exploration Inc. Announces Completion of Private Placement - More
- May 16, 2008 | Item | E-mail
Southern Hemisphere Mining Limited: Drilling at El Arrayan Project Intersects Copper Porhyry Mineralization - More
- May 16, 2008 | Item | E-mail
Vaaldiam Reports First Quarter Results - More
- May 16, 2008 | Item | E-mail
B2Gold Corp. Corporate Update - More
- May 16, 2008 | Item | E-mail
First Majestic Silver Corp.: Record First Quarter Financial Results - "We've had an outstanding start to 2008. Some challenges still exist and several improvements are either underway or planned for 2008. However, the momentum underway at each of the Company's three producing silver mines is extremely encouraging. This first quarter marks the best quarter in the Company's history and is the first quarter that a bottom line earnings per share has been achieved." More
- May 16, 2008 | Item | E-mail
U308 Corp. Announces Cancellation of Stock Options - More
- May 16, 2008 | Item | E-mail
Atlanta Gold Inc. to terminate U.S. registration and SEC reporting obligations - More
- May 16, 2008 | Item | E-mail
Southwestern Resources Corp.: Sale of Interest in the Boka Project - More
- May 16, 2008 | Item | E-mail
KWG Resources Inc.: Debuts Diamonds - More
- May 16, 2008 | Item | E-mail
Mar Ked Acquires Key Uranium Claims in Canada's Athabasca Basin - More
- May 16, 2008 | Item | E-mail
ANC pushes for electricity price compromise - "South Africa's ruling party and its labour allies called on Friday for electricity prices to rise only gradually, rejecting the state power firm's appeal for a sharp hike to solve a dire power crisis.
Eskom [ESCJ.UL], which produces about 95 percent of the nation's electricity, is rationing power in response to a supply shortage that has led to regular and widespread blackouts and sent a chill through industry and investors." More
- May 16, 2008 | Item | E-mail
Goldrea Resources Corp. and Molycor Gold Corp.: Drilling Resumes on Empress - More
- May 16, 2008 | Item | E-mail
Acadian Mining reports first profit from operations - More
- May 16, 2008 | Item | E-mail
Crystallex Comments on Market Activity and Las Cristinas - "Crystallex still maintains that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval, Construction Compliance Guarantee Bond Request and Environmental Tax request issued by the same Ministry. Both the posting of the Bond and payment of the requested Tax were satisfied in 2007 and Crystallex obtained receipt of acceptance. Additionally, MinAmb officials testified at a Venezuela National Assembly panel late last year that all the requirements for the issuance of the Las Cristinas Environmental Permit had been satisfied and that the Permit will be issued." More
- May 16, 2008 | Item | E-mail
Southwestern sells troubled Boka gold project - "Southwestern Resources Corp (SWG.TO: Quote, Profile, Research) said on Friday it will sell its scandal-ridden Boka Project to Hong Kong East China Non-Ferrous International Mineral Development Co for $9.4 million, nearly one year after saying it could have much less gold than first reported." More
- May 16, 2008 | Item | E-mail
Alberta Star Completes Staking of an Additional 15,460.32 Acres and Increases the Size of the Eldorado South Iron Oxide Copper, Gold, Silver and Uranium Project - More
- May 16, 2008 | Item | E-mail
Kinross Announces Rye Patch Share Subscription - "Kinross Gold Corporation ("Kinross")(Toronto:K.TO - News)(NYSE:KGC - News) announced today that it has subscribed for 5,000,000 common shares of Rye Patch Gold Corp. ("Rye Patch") pursuant to a non-brokered private placement. After giving effect to the private placement, Kinross will hold approximately 15.18% of the issued and outstanding common shares. The subscription price for the common shares is CAD $0.25 per common share for an aggregate purchase price of CAD $1,250,000." More
- May 16, 2008 | Item | E-mail
Midway Private Placement - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce that it proposes to raise up to $13.0 million by way of a brokered private placement through the issuance of up to 6.5 million common shares at a price of $2.00 per common share. The Company reserves the right to increase the size of the private placement by up to 15% or to modify the type, nature and/or price of the offering for any reason up to closing." More
- May 16, 2008 | Item | E-mail
Gammon Gold Announces a Significantly Expanded Two Year, $26 to $29 Million, 135,000 to 150,000 metre, Exploration Program - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS): is pleased to announce that the Company's 2008-2009 Exploration Program has been significantly expanded up to $29 million and will target reserve & resource expansions at our producing Ocampo and El Cubo mines as well as resource expansions at our highly prospective advanced exploration property, Guadalupe y Calvo." More
- May 16, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 May, 2008 | |
