-- Posted 6 March, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $941.80 | +$15.00 | +0.02% |
Silver | $13.34 | +$0.23 | +1.75% |
XAU | 119.56 | +0.26% | +0.37% |
HUI | 285.02 | -0.45% | -1.67% |
GDM | 903.83 | -0.51% | -1.26% |
JSE Gold | 2797.20 | +171.77 | +4.88% |
USD | 88.65 | -0.36 | +0.67% |
Euro | 126.39 | +0.95 | -0.24% |
Yen | 101.65 | -0.43 | -0.83% |
Oil | $45.52 | +$1.91 | +1.70% |
10-Year | 2.828% | +0.009 | -7.00% |
Bond | 128.5625 | +0.296875 | +3.17% |
Dow | 6626.94 | +0.49% | -6.17% |
Nasdaq | 1293.84 | -0.44% | -6.10% |
S&P | 683.38 | +0.12% | -7.03% |
The Metals:
Gold jumped to a new session high of $944.30 following the release of this morning’s jobs report before it dropped down to see a gain of just $3.50 at $930.30 by about 10AM EST, but it then rallied back higher for most of the rest of trade and ended near its earlier high with a gain of 1.62%. Silver rose to a new session high of $13.517 following the jobs report and then dropped back down to see a gain of just $0.15 at $13.26 before it climbed back above $13.40 in later morning trade, but it then drifted back lower into the close and ended over 1% below its earlier high with a gain of 1.75%.
Euro gold rose to about €744, platinum gained $12 to $1066, and copper gained a few cents to about $1.68.
Gold and silver equities rose about 3% by midmorning before they back off in afternoon trade and saw roughly 2% losses at one point, but they then rallied back higher into the close and ended mixed and near unchanged on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Feb | -651K | -650K | -655K |
Unemployment Rate | Feb | 8.1% | 7.9% | 7.6% |
Hourly Earnings | Feb | 0.2% | 0.2% | 0.2% |
Average Workweek | Feb | 33.3 | 33.3 | 33.3 |
Consumer Credit | Jan | +$1.76B | -$5.0B | -$7.48B |
The BLS Net Birth/Death adjustment added 134,000 payrolls to February’s data and the Unemployment Rate rose to a 25-year high.
All of this week’s other economic reports:
Next week’s economic highlights include Wholesale Inventories on Tuesday, the Treasury Budget on Wednesday, Initial Jobless Claims, Retail Sales, and Business Inventories on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on speculation that OPEC will reduce its output again as the U.S. dollar index seemed to lose its recent safe have status and fell after the disappointing jobs report.
Treasuries rose slightly despite worries over upcoming supply as the Dow, Nasdaq, and S&P fell for most of trade on continued worries over the economy and the banking system. The Dow and S&P fell to new 12-year lows at one point, but they then rallied back higher in late trade and ended with slight gains while the Nasdaq remained lower on the day.
Among the big names making news in the market Friday were GM, Roche and Genentech, H&R Block, Coke, and Wells Fargo.
The Commentary:
“Like all markets, investors have been hesitant to enter a falling market, which all have been doing recently. Gold was no exception tumbling so rapidly like a plane stalling after takeoff last week. Why? When markets across the board fall, investors stand back, even if they have just bought 106 tonnes of gold the week before. Traders then move in to fill the gap by selling short. As we have seen in the last few months gold then returns to the screen and buyers re-enter. So when support came in the lower $900's traders stopped selling and closed positions in the expectation that the long-term buyers would return to the gold Exchange Traded Funds. They are still awaited, but it does look like the mood for gold has become more positive!
What should have triggered the market rise is the report by the new head of the World Gold Council that several central banks from Russia to the Middle East have indicated they will be buyers of gold shortly and that gold could be included in a basket of currencies that determine Middle Eastern currencies. If that happens there will not be enough gold to go around at anywhere near these prices.”- Julian D.W. Phillips, www.goldforecaster.com
“Dear CIGAs,
The big development for today is the price action in the US Dollar, especially in the light of the continued sell off in the US equity markets. By now you all know that the Dollar has been trading inversely to the stock market moving up on lower days in equities and moving down when (the few times) equities have moved higher. That is the result of safe haven flows. Today that came to a rather inglorious end. I noted yesterday that the Dollar was acting weak. Today’s move lower is therefore important as it shows follow through to the selling that began as the Dollar approached technical resistance near the .90 level on the USDX in yesterday’s session.
I am hesitant to call a top in the Dollar just yet because it has been frustrating would-be bears for some time now but its inability to push through the significant .90 level will not go unnoticed by technicians. The monthly chart is showing bearish divergence on the RSI which is also at levels last seen back in the year 2000 so it is at levels commensurate with downturns. The Dollar would have to drop down below .82 to turn the weekly and monthly charts into decidedly bearish patterns. The longer term moving averages however are trending higher so it is a short-term play until those definitively turn down.
Crude oil continues to exhibit resilience in the face of weaker equities which is also telling. While I am not suggesting it is about to immediately embark upon a new bull run, it certainly is looking more and more like a solid bottom is in that market. A further period of basing action is the more likely outcome rather than a new bullish uptrend but that is the thing that eventual bull markets are made of. Supply is drawing down as projects are shut in and with OPEC cuts taking effect, we look to be balancing supply against the new demand level. Any changes in demand will therefore push crude out of a basing pattern and into a trend. A close above $50 would be significant in that regards. That will help gold in my opinion as it will signal a shift out of the deflationary mindset. Keep in mind that many commodity markets appear to be close to bottoming and that at some point, the fears of deflation will give way to fears of inflation – all of which is friendly to gold.
Gold was capped at $940 in New York even in the face of swooning equities. It certainly seems that the gang of usual sellers are active near that level. Bulls will have to shove them out of their lair and move prices to $960 to give gold a shot at resuming its uptrending move and a chance at $1,000 once again.”- Dan Norcini, More at JSMineset.com
“April Gold closed up 14.9 at 942.7. This was 8.4 up from the low and 0.6 off the high.
March Silver finished up 0.218 at 13.323, equal to the high and equal to the low.
Gold and silver remained well bid Friday morning despite the latest sign of further slowing in the US economy. Some players tried to play up the weakness in the Dollar as the source of the strength Friday and that would certainly be a fresh angle. It also seemed as if weakness in the equity markets provided gold a lift and that might also be seen as a break with the patterns seen at the beginning of the week. In the end as long as the fear of deflation and or the fear of too much slowing doesn't trip up the bull camp, further declines in equity prices could rekindle that type of mentality.
The silver market rose in sync with the gold market and with the rest of the metals markets. Weakness in the Dollar also seemed to provide the silver market with support, as a host of physical commodity markets were attempting to firm off the action in the US Dollar. As the session progressed it did seem as if progressive weakness in equities served to pull silver prices back off its highs.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
As safe as gold -- which isn't spelled 'G-L-D'
ECB cuts rates to record 1.5%, mulls radical action
The Statistics:
As of close of business: 3/06/2009
Gold Warehouse Stocks: | 8,685,366 | +20,001 |
Silver Warehouse Stocks: | 124,983,109 | -124,961 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,029.29 | 33,092,632 | US$ 30,203m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 129.99 | 4,179,165 | US$ 3,921m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.49 | 400,448 | US$ 377m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.62 | 920,207 | US$ 840m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/5/2009 | |
Total Net Assets | $2,019,995,869 | Ounces of Gold
in Trust | 2,179,187.377 |
Shares Outstanding | 22,150,000 | Tonnes of Gold
in Trust | 67.78 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/5/2009 | |
Total Net Assets | $3,339,060,750 | Ounces of Silver
in Trust | 253,938,438.700 |
Shares Outstanding | 257,550,000 | Tonnes of Silver
in Trust | 7,898.37 |
Note: Change in Total Tonnes from yesterday’s data: 17.2 tonnes were added to the trust.
The Miners:
Western Goldfields’ (WGW) financial results, Minco’s (MSV.TO) board appointment, and Pan American’s (PAAS) financial statements were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. MAG Silver | MVG +8.97% $4.25 |
2. Entree | EGI +8.42% $1.03 |
3. Freeport | FCX+7.05% $33.88 |
LOSERS
1. Western Goldfields | WGW -11.18% $1.51 |
2. Golden Star | GSS -7.38% $1.38 |
3. Seabridge | SA -5.13% $17.75 |
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:
Gowest Announces Board Appointments and Resignations - More
- March 06, 2009 | Item | E-mail
Gowest Completes Acquisition of 100% Interest in Frankfield Project - More
- March 06, 2009 | Item | E-mail
Royal Standard Minerals Inc. Announces Management Changes - More
- March 06, 2009 | Item | E-mail
Glencore halting Zambia copper mines ops -minister - More
- March 06, 2009 | Item | E-mail
Southwestern Resources Corp.: Final Dismissal of Class Actions - More
- March 06, 2009 | Item | E-mail
Northern Gold Mining Inc. Announces Completion of Rights Offering - More
- March 06, 2009 | Item | E-mail
Nuinsco Announces Appointment to Board of Directors - More
- March 06, 2009 | Item | E-mail
Century Mining Provides Update on Lamaque Mine Plan - More
- March 06, 2009 | Item | E-mail
Altius Minerals Corporation (TSX: ALS) Reports Third Quarter Net Earnings of $31.6 Million - More
- March 06, 2009 | Item | E-mail
Uranium Resources, Inc. Announces Fourth Quarter and Year-End 2008 Earnings Teleconference and Webcast - More
- March 06, 2009 | Item | E-mail
Western Goldfields Announces 2008 Financial Results - "Western Goldfields Inc. ("Western Goldfields" or the "Company") (TSX:WGI, NYSE Alternext:WGW) today announced financial results for the year ended December 31, 2008. In 2008 the Company brought the Mesquite mine back into production and strategically adjusted its mine plan to focus on sequential mining of Mesquite's three open pits, thus increasing production and cash flow in the next four years. Results are based on U.S. GAAP and expressed in U.S. dollars unless otherwise indicated." More
- March 06, 2009 | Item | E-mail
High River Gold Provides Update on Operations - More
- March 06, 2009 | Item | E-mail
Macusani Yellowcake Signs Binding Letter of Intent to Acquire Additional Uranium Concessions on Macusani Plateau, Peru - More
- March 06, 2009 | Item | E-mail
Platinex Issues Shares for Services - More
- March 06, 2009 | Item | E-mail
Canstar Resources Announces Date Set for Final Summations on Mary March Property Dispute Hearing - More
- March 06, 2009 | Item | E-mail
Full Metal and Ashburton Discover New Zone at OG; 14.0% Zn, 5.7% Pb and 26.6 g/t Ag Over 11.96 Meters - More
- March 06, 2009 | Item | E-mail
Minco Silver Welcomes Wayne Spilsbury to the Board of Directors - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce the appointment of Mr. Wayne Spilsbury to the Board of Directors and Audit Committee, subject to regulatory approval. Mr. Spilsbury received his B.Sc. (Honors Geology) in 1973 from the University of British Columbia and his M.Sc. (Applied Geology) in 1982 from Queens University in Ontario." More
- March 06, 2009 | Item | E-mail
Pan American Silver Announces Filing of Audited 2008 Financial Statements - "Pan American Silver Corp. (Toronto:PAA.TO - News)(NasdaqGS:PAAS - News) today reported that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2008 audited financial statements and management's discussion and analysis in relation thereto (the "Statements"). The Company will also file the Statements with the United States Securities and Exchange Commission ("SEC") on EDGAR." More
- March 06, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 6 March, 2009 | |
