-- Posted 27 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $908.00 | -$17.75 |
Silver | $17.42 | -$0.80 |
XAU | 183.17 | -2.62% |
HUI | 425.56 | -3.54% |
GDM | 1281.20 | -3.27% |
JSE Gold | 2490.50 | -55.96 |
USD | 72.34 | +0.38 |
Euro | 156.89 | -0.78 |
Yen | 95.85 | -0.92 |
Oil | $128.85 | -$3.34 |
10-Year | 3.921% | +0.090 |
T-Bond | 115.640625 | -1.21875 |
Dow | 12548.35 | +0.55% |
Nasdaq | 2481.23 | +1.50% |
S&P | 1385.35 | +0.68% |
The Metals:
Gold rose a few dollars to as high as $929.15 by late trade in Asia and held near $925 in London before it plunged over 2% in early New York trade to as low as $904.00 by about 10AM EST, but it then bounced higher into the close and ended four dollars off that low with a loss of 1.92%. Silver rose to $18.31 and plummeted to $17.37 before it closed with a loss of 4.39%.
Euro gold fell to about €577, platinum lost $43.50 to $2123, and copper fell slightly to about $3.74.
Gold and silver equities fell about 3% at the open and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | May | 57.2 | 60.0 | 62.8 |
New Home Sales | Apr | 526K | 520K | 509K |
Also making economic news today was the Standard & Poor's/Case Shiller composite index of 20 metropolitan areas that fell 2.2% in March from February and plummeted a record 14.4% from a year ago. Tomorrow at 8:30AM EST brings Durable Goods Orders for April expected at -1.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries that recent high prices may finally be starting to cut into demand. Supply concerns in Nigeria and Mexico seemed to have little impact on the market.
The U.S. dollar index rose and treasuries fell as a better than expected US New Home Sales report and a weaker than expected German confidence report pushed US interest rates higher.
The Dow, Nasdaq, and S&P mostly rose on optimism over the housing sector and lower energy prices.
Among the big names making news in the market today were Lehman, Goldman Sachs, Morgan, Bank of America, and GM.
The Commentary:
“Dear CIGAs,
The following is a classic statement. I just heard a talking head say that he agrees with the Bernanke approach:
"If you can control inflationary expectations, you can control inflation."
Translation: If you lie your butt off, issue skewed statistics and do it all at once as a choir singing a single note, all will be ok.
In the last 10 business days CEOs of the following companies have declared the credit problem solved:
Citigroup.
Goldman Sachs.
JP Morgan.
Lehman.
Merrill Lynch.
Morgan Stanley.
And, of course, Secretary of the US Treasury Henry Paulson has declared the credit problems under control.
My answer:
Monetary inflation leads to Price inflation which is a Consequence that cannot be stopped by lying. Consequences are unavoidable.”- Jim Sinclair, JSMineset.com
“June Gold finished down 17.9 at 907.9, 14.1 off the high and 3.1 up from the low.
July Silver closed down 0.825 at 17.465. This was 0.015 up from the low and 0.705 off the high.
The gold market started out soft and then came under more intense liquidation pressure as the session unfolded. While the Dollar didn't exactly explode on the upside, the gold trade seemed to be disappointed in the Dollar's capacity to bounce after another failed attempt to trade under 72.00. With oil prices under pressure and the US equity market at times showing impressive strength, it is possible that some flight to quality/safe Haven buyers of gold were simply pushed to the sidelines. With a host of scheduled US data showing weakness on Tuesday morning and the European numbers also soft, it would almost seem like the gold market was under pressure because of the fear of too much slowing. Apparently the rise in US new home sales was discounted as an anomaly, as the gold trade instead seemed to embrace the weak US consumer sentiment readings and the slack regional Fed survey figures.
With weakness in gold prices and a rise in the Dollar, the silver bears seemed to have the edge for most of the trading session. With oil prices also under periodic aggressive selling pressure it seemed as if a host of physical commodity markets were falling from favor. Some traders suggested that recent positioning reports rekindled concern of long liquidation and with silver failing a series of classic chart support points, it is possible that stop loss selling contributed to the washout in silver prices on Tuesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
LIBOR cracks widen as bankers struggle with reforms
Investors bet Persian Gulf will loosen dollar pegs
As if you can't 'mingle with criminals' at a bank ...
Germany joins call for ban on speculation in oil
'Virtual hoarding' by investors is monetizing oil
The Statistics:
As of close of business: 5/23/2008
Gold Warehouse Stocks: | 7,586,739 | - |
Silver Warehouse Stocks: | 133,873,677 | - |
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) | SPDR® Gold Shares | 591.60 | 19,020,521 | US$ 17,636m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.24 | 3,640,774 | US$ 3,306m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,761 | US$ 610m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.61 | 887,582 | US$ 823m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/23/2008 | |
Total Net Assets | $1,822,299,972 | 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 5/23/2008 | |
Total Net Assets | $3,484,490,008 | 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:
Mexico’s one-day mine strike yesterday, Gammon Gold’s (GRS) claim dismissal, Kirkland’s (KGI.TO) drill results, and Silver Dragon’s (SDRG.OB) exploration progress were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +6.89% $1.55 |
2. Nevsun | NSU+3.09% $1.67 |
3. Endeavour | EXK +2.64% $3.11 |
LOSERS
1. Great Basin | GBN-6.76% $3.31 |
2. US Gold | UXG-6.72% $2.22 |
3. Paramount | PZG -6.41% $1.46 |
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:
Avion Resources Team Arrives in Mali and Grants Stock Options - More
- May 27, 2008 | Item | E-mail
GBS Gold Completes New Bought Deal $46.0 Million 3-Year Long-Term Debt and Redeems Previous Debt Due March 2009 - More
- May 27, 2008 | Item | E-mail
Sherwood Copper and Western Keltic Announce Closing of Business Combination - More
- May 27, 2008 | Item | E-mail
Ucore Uranium Announces $4.0 Million Private Placement - More
- May 27, 2008 | Item | E-mail
Chancery Resources Inc. Announces the Launch of Its New Corporate Website - More
- May 27, 2008 | Item | E-mail
Houston Lake Mining Completes Drill Program on West Cedartree Gold Project - More
- May 27, 2008 | Item | E-mail
Macusani Yellowcake Inc.: Excellent Column Leach Results. Tests Show Recoveries of 98.53% and 84.37% After 31 Days With Low Acid Consumption - More
- May 27, 2008 | Item | E-mail
Mercator Mails and Files Materials for Noteholder Meeting to approve Silver Sale Transaction with Silver Wheaton - More
- May 27, 2008 | Item | E-mail
Solex Resources Corp. adopts shareholder rights plan - More
- May 27, 2008 | Item | E-mail
Solex Resources Corp. retains leading investor relations firm - More
- May 27, 2008 | Item | E-mail
Douglas Lake Minerals, Inc. is approved for trading on the "Open Market" Segment of the Frankfurt Stock Exchange - More
- May 27, 2008 | Item | E-mail
Vannessa Arranges $2,000,000 Loan - More
- May 27, 2008 | Item | E-mail
New Horizon Uranium Corporation Default Status Report - More
- May 27, 2008 | Item | E-mail
Mirasol defines multiple drill targets at the Nico Silver-Gold Project - More
- May 27, 2008 | Item | E-mail
Mantis Minerals Reports Completion of VTEM Survey and Preliminary Results on the Rottenstone Project - More
- May 27, 2008 | Item | E-mail
39.64g Au/t (1.16oz/ton) over 2.0 m and 43.97g Au/t (1.25oz/t) over 1.0 m - Premier-Roxmark results at Kailey Zone show significant increase in gold grades - More
- May 27, 2008 | Item | E-mail
Uranium Resources, Inc. Moves Forward With New Mexico Properties - More
- May 27, 2008 | Item | E-mail
Bellhaven Signs Definitive Agreement to Acquire Santa Maria Gold Mine and Surrounding Exploration Area in Colombia - More
- May 27, 2008 | Item | E-mail
Premier-Roxmark - New results at Kailey Zone highlighted by significant increase in gold grades and widths - More
- May 27, 2008 | Item | E-mail
Erin Ventures Inc. - Belize Gold Production Update - More
- May 27, 2008 | Item | E-mail
Alpha Gold Outlines Upcoming Exploration Program and NI 43-101 Progress - More
- May 27, 2008 | Item | E-mail
Piedmont Mining Company Closes Private Placement - More
- May 27, 2008 | Item | E-mail
Gold Eagle Mines Ltd. - Bruce Channel exploration target potential - More
- May 27, 2008 | Item | E-mail
Golden Phoenix Names Roland Vetter, Experienced Mining Executive, to Its Board of Directors - More
- May 27, 2008 | Item | E-mail
UEX expands Horseshoe Deposit intersecting 0.87% U(3)O(8) over 10.3 metres and reports further continuity of mineralization at the Raven Deposit - More
- May 27, 2008 | Item | E-mail
Mega and CanAlaska Define Uranium Targets at Poplar Project, Athabasca Basin, Saskatchewan - More
- May 27, 2008 | Item | E-mail
Main Uranium Targets to be Drilled on DIOS Hotish Project - More
- May 27, 2008 | Item | E-mail
Gammon Gold Announces the Dismissal of Villagomez El Cubo Claim - "Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS): is pleased to announce that the courts of the State of Guanajuato have dismissed a $13 million action brought against Metales, an inactive subsidiary of Gammon, initiated by Rafael Villagomez, a former 50% owner of the El Cubo mine which Gammon's wholly owned subsidiary, Mexgold Resources Inc., acquired in 2004. The Company has always steadfastly maintained that the action was without merit, a position that was upheld by the Court on May 21, 2008." More
- May 27, 2008 | Item | E-mail
Silver Dragon Reports On Progress At Liangdi Ag-Pb-Zn Polymetallic Project and Other Exploration Projects in Northern China - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the discovery of 23 Ag-Pb-Zn mineralized bodies at the Liangdi Silver Project (``Liangdi'') located in the Erbahuo Silver District in Northern China. Silver Dragon has been implementing a comprehensive exploration program at Liangdi including trenching and tunneling. The tunnel has progressed to 60 meters and revealed four parallel mineralized bodies with their thicknesses ranging from 1.4 to 2.5 meters." More
- May 27, 2008 | Item | E-mail
Kirkland Lake Gold Inc.: 43.37 Ounces of Gold Over 10.4 Feet in New Zone in SMC, Including 344.4 Ounces Over One Foot. - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce an update on exploration drilling testing in the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones. Exploration drilling continues to extend previously defined mineralization and intersect new zones." More
- May 27, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 May, 2008 | |
