-- Posted 19 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $904.85 | +$5.60 |
Silver | $16.97 | +$0.04 |
XAU | 188.95 | +0.57% |
HUI | 437.90 | +0.74% |
GDM | 1317.91 | +0.44% |
JSE Gold | 2511.86 | +39.46 |
USD | 73.04 | +0.22 |
Euro | 154.98 | -0.96 |
Yen | 95.87 | -0.28 |
Oil | $127.05 | +$0.76 |
10-Year | 3.839% | -0.011 |
T-Bond | 116.609375 | +0.15625 |
Dow | 13028.16 | +0.32% |
Nasdaq | 2516.09 | -0.50% |
S&P | 1426.63 | +0.09% |
The Metals:
Gold rose to $913.60 by midday in London before it fell back to $900.50 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 0.62%. Silver rose to $17.235 and fell to $16.81 before it also rallied back higher and closed with gain of 0.24%.
Euro gold rose to about €583, platinum gained $28.50 to $2143, and copper fell over 5 cents to about $3.79.
Gold and silver equities rose over 1% by early afternoon before they fell back off a bit into the close, but they still ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Leading Indicators | Apr | 0.1% | 0.0% | 0.1% |
Tomorrow at 8:30AM EST brings PPI for April expected at 0.4% and Core PPI expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil eventually rose to a new record closing high as OPEC said they will not increase production and China continues to deal with the aftermath of last week’s earthquake.
The U.S. dollar index rose on speculation that CPI may come out higher than expected and influence the fed to raise interest rates at some point.
Treasuries ended slightly higher after the Dow, Nasdaq, and S&P erased nearly all of their early session gains on worries over the health of the economy.
Among the big names making news in the market today were Campbell, DeVry, and Lowe’s.
The Commentary:
“The price of gold is headed slightly below $1000 before it will fall back as the crowd yells double top, but double top it is NOT. Gold will then break above $1000, $1024 and $1033.
If you do only one thing, I would suggest that it be cancel your open sell orders in both gold, and junior gold shares.
Like always, you do not chase gold up by paying ever increasing prices using margin and then selling at exactly the wrong time.
You do buy the breaks (when foolish moves are made to placate politics trying to put the price of oil lower) to the degree you can afford even if you pay too high on any fall. That pain will be a temporary condition.
As far as selling goes that is up to you.
As I see it the coast is clear, or as clear as the price of gold will ever be, for an appreciation of $300 from present levels.
For the public margin is a financial death wish. Margin is a major DO NOT DO.
Volatility is about to reach a spiritual level, even greater than you have just seen.”- Jim Sinclair, JSMineset.com
GATA Posts:
Peter Brimelow: Gold bugs' grit pays off
Inflation appears tame, but you're paying more
Yes, gold dehedging will end, but central bank reserves will run out too
Bix Weir: Melt the witch -- trade all your gold for silver
Peter DeGraaf: The fuse has been lit and the rocket is rising
The Statistics:
As of close of business: 5/19/2008
Gold Warehouse Stocks: | 7,448,842 | -133,296 |
Silver Warehouse Stocks: | 133,104,789 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 583.93 | 18,773,965 | US$ 16,836m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 111.85 | 3,596,097 | US$ 3,262m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,820 | US$ 610m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.24 | 875,848 | US$ 785m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/16/2008 | |
Total Net Assets | $1,770,055,239 | 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 5/16/2008 | |
Total Net Assets | $3,240,244,489 | 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:
Mining news was slow today with Canadian markets closed for Victoria Day, but Timberline announced plans for a scoping study at its Butte Highlands Gold Project in southwestern Montana.
WINNERS
1. Cardero | CDY +8.57% $3.42 |
2. Fronteer | FRG +7.78% $4.57 |
3. International Royalty | ROY +6.50% $5.836 |
LOSERS
1. Paramount | PZG-8.81% $1.45 |
2. Aurizon | AZK-3.66% $5.01 |
3. Apex Silver | SIL -3.41% $8.78 |
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:
Power disruptions to cut Zambia mine tax earnings - "Zambia is unlikely to collect a projected $415 million from new mining taxes this year because of disruptions in power supply, which cut production in the copper and cobalt mines, a senior official said." More
- May 19, 2008 | Item | E-mail
Timberline to Initiate Preliminary Scoping Study At Butte Highlands - "Butte Highlands, Timberline's most advanced-stage project, was extensively drilled by Placer Dome, Battle Mountain, ASARCO, and Orvana Minerals in the 1980s and 1990s, and contains historic mineralization outlined by Orvana (not compliant with NI 43-101 or SEC Guide 7) exceeding 500,000 ounces of gold. Past drilling highlights include gold intercepts of 50 feet of 0.65 ounces per ton (oz/t), 31 feet of 1.06 oz/t, and 11.5 feet of 1.99 oz/t. The Butte Highlands project lies on patented ground with no underlying royalties and is 100-percent owned by Timberline." More
- May 19, 2008 | Item | E-mail
Bullion River Gold Corp. Receives $2.94 Million - More
- May 19, 2008 | Item | E-mail
Johnson Matthey Releases "Platinum 2008" Industry Review - "The platinum market was in deficit by 480,000 oz in 2007 according to PLATINUM 2008, released today by Johnson Matthey. Disruption to production in South Africa drove global platinum supplies down to 6.55 million ounces. Demand for platinum rose by 8.6 per cent to 7.03 million ounces with increased purchases of metal for autocatalysts and for industrial use. The platinum price rose by 35 per cent in response, hitting a series of record highs. Jewellery demand fell marginally under pressure from the high price." More
- May 19, 2008 | Item | E-mail
Bancroft Uranium Begins Exploration on Elliott Lake Project - More
- May 19, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 May, 2008 | |
