-- Posted 16 March, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $921.90 | -$7.70 |
Silver | $12.89 | -$0.30 |
XAU | 120.97 | -1.02% |
HUI | 284.34 | -1.11% |
GDM | 896.02 | -1.26% |
JSE Gold | 2933.42 | -7.79 |
USD | 87.03 | -0.33 |
Euro | 129.65 | +0.35 |
Yen | 101.77 | -0.33 |
Oil | $47.35 | -$1.10 |
10-Year | 2.951% | +0.066 |
T-Bond | 126.25 | -1.265625 |
Dow | 7216.97 | -0.10% |
Nasdaq | 1404.02 | -1.92% |
S&P | 753.89 | -0.35% |
The Metals:
Gold and silver initially fell in Asia before they rebounded to about unchanged in early London trade and then fell to new lows of $915.40 and $12.782 by about 10AM EST in New York, but they then bounced back higher into the close and ended with losses of just 0.83% and 2.27%.
Euro gold fell to about €708, platinum lost $8 to $1052.50, and copper gained over 8 cents to about $1.74.
Gold and silver equities fell over 1.5% in the first half hour of trade before they rebounded to see slight gains by midmorning, but they then fell back off into the close and ended with over 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Empire Manufacturing | Mar | -38.2 | -30.8 | -34.65 |
Net Long-Term TIC Flows | Jan | -$43.0B | $45.0B | $34.7B |
Capacity Utilization | Feb | 70.9% | 71.0% | 71.9% |
Industrial Production | Feb | -1.4% | -1.3% | -1.9% |
Foreign LT Securities Buys Fall to -$43.0 Bln in Jan Forbes
Obama: AIG can't justify 'outrage' of exec bonuses Yahoo
Mortgage fraud reports up 26 percent Yahoo
Homebuilder sentiment index unchanged in March Yahoo
Net Long-Term and Total TIC Flows Come in Below Expectations CEP News
U.S. industrial production falls 1.4 pct in February Reuters
New York Manufacturing Index Slumped to Record Low in March Bloomberg
Bernanke sees U.S. recovery beginning in 2010 Reuters
Tomorrow at 8:30AM EST brings PPI for February expected at 0.4%, Core PPI expected at 0.1%, Housing Starts for February expected at 450,000, and Building Permits expected at 500,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on hopes for a rebound in demand while the U.S. dollar index fell on continued euro strength following last week’s policy shift from the Swiss National Bank.
Treasuries fell rather noticeably while the Dow, Nasdaq, and S&P reversed early gains and ended slightly lower as traders digested last week’s significant gains.
Among the big names making news in the market today were AIG, MGM Mirage, Wells Fargo, UBS, and Virgin.
The Commentary:
“After the advertisement, the statement of the G-20 is meaningless for an economic recovery, but does contain a commitment to hyperinflation. Whatever is required in what amount required should be done. Even Geithner looked amazed. The G-20 statement is directed to the US Treasury and Fed that WILL via swaps provided what is needed, thereby extending the FUBAR.
You think Geitner’s facial expression betrays his knowledge of what is coming at his and the Fed’s hand? Of course he knows!
There is no difference between what is being done by the US Treasury and the Fed from what the IMF and World Bank lectured all the developing nations not to do because of the hyper-inflationary implications IMPLICIT therein.
The USA is headed for the financial condition of a Banana Republic and is already if the truth was to be known. All of this is delivered to you and I by the manufacturers and distributors of OTC derivatives now at the truthful notional value number of one quadrillion, one thousand, one hundred and forty four trillion US dollars. That is cement shoes on the Western Economy.”- Jim Sinclair, JSMineset.com
“April Gold closed down 8.1 at 922. This was 5.6 up from the low and 1 off the high.
May Silver finished down 0.325 at 12.89, 0.075 off the high and equal to the low.
The gold market saw initial weakness on Monday morning in the wake of further gains in the US equity market and in the face of weaker than expected US economic information. Apparently improved macro economic sentiment from the string of favorable gains in the equity markets is prompting some gold longs to bank profits and move to the sidelines. Surprisingly seeing January private net US Treasury capital outflows surge, wasn't initially seen as a troublesome development by the gold trade, even though a pattern of private capital outflows might eventually result in a questioning of US government credit ratings. In the end, noted gains in equity prices seemed to tamp down flight to quality psychology and that in turn seemed to pull money away from gold and toward recently out of favor markets.
The silver market started out weak and extended the weakness below the prior session's lows. Clearly weakness in the Dollar and periodic strength in the copper market was of little interest to the silver trade, which in turn seemed to be in the process of further downplaying financial sector concerns. As in the gold market, the silver trade didn't seem to see the Capital Flows data as a supportive development perhaps because the strength of the US equity market was glossing over most of the potentially concerning issues in the headlines.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
UK's Royal Mint is top prospect for privatization
Russia wants new international reserve currency
China lost billions buying stocks just before crash
James Turk: Extraordinary stress in the silver market
U.S. Mint suspends production of more gold and silver coins
Another big story on gold omits most important parts
If Jim Rogers doesn't know about it, it can't be happening
Justice Litle: Is gold on 'deflationary death watch'?
The Statistics:
As of close of business: 3/16/2009
Gold Warehouse Stocks: | 8,722,363 | +9,900 |
Silver Warehouse Stocks: | 125,041,915 | +208,144 |
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 | 1,056.82 | 33,977,729 | US$ 31,527m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 128.29 | 4,124,750 | US$ 3,809m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.49 | 400,405 | US$ 371m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.11 | 935,828 | US$ 868m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 15.29 tonnes to a new record high holding and the LSE added 0.07 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/13/2009 | |
Total Net Assets | $1,998,481,539 | Ounces of Gold
in Trust | 2,149,676.053 |
Shares Outstanding | 21,850,000 | Tonnes of Gold
in Trust | 66.86 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/13/2009 | |
Total Net Assets | $3,328,537,791 | Ounces of Silver
in Trust | 253,938,438.700 |
Shares Outstanding | 257,550,000 | Tonnes of Silver
in Trust | 7,898.37 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
First Quantam’s (FM.TO) appointed interim CFO, SNS Silver’s (SNS.V) drill program and extended loan, Silver Bear’s (SBR.TO) initial resource estimate, MAG’s (MVG) financial results, and Fresnillo’s (FRES.L) refinery strike were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN +12.17% $6.82 |
2. Northern Dynasty | NAK +10.63% $5.10 |
3. Endeavour | EXK +7.03% $1.37 |
LOSERS
1. Cardero | CDY-14.29% $2.34 |
2. Alexco | AXU -8.94% $1.12 |
3. Vista Gold | VGZ -7.07% $1.71 |
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:
SNS Silver Corp.'s JV Partner Announces Drill Program to Extend High-Grade Gold Zone at Friday-Petsite - "SNS Silver Corp. (CDNX:SNS.V - News) and Premium Exploration Inc. (CDNX:PEM.V - News) announce the launch of an 800 meter (2,624 foot) drill program at the Friday-Petsite gold project. The objective of the drill program is to extend a high-grade zone discovered by previous operators Bema Gold, Cyprus-Amax, Kinross Gold Corp., and Beartooth Platinum Corp., located along the Orogrande Shear Zone ("OSZ)" in Idaho, USA." More
- March 16, 2009 | Item | E-mail
American Creek clarifies earlier news release regarding Seabridge and Silver Standard gold-copper resource expansion - More
- March 16, 2009 | Item | E-mail
Osisko to Be Included in S&P/TSX Indices - More
- March 16, 2009 | Item | E-mail
Afri-Can Marine Minerals Closes a Private Placement - More
- March 16, 2009 | Item | E-mail
Hard Creek Nickel Corporation to Be Featured on CEO Clips on The Biography Channel (Canada) - More
- March 16, 2009 | Item | E-mail
Sea Green Capital Corp.-Corporate Update - More
- March 16, 2009 | Item | E-mail
Renforth Announces Completion of Purchase Agreement - More
- March 16, 2009 | Item | E-mail
Minera Andes pays off outstanding Macquarie loan of US$17.5 million - More
- March 16, 2009 | Item | E-mail
Reuters - "Mali, sub-Saharan Africa's fourth biggest gold producer, expects its gold output to fall 13 percent this year to 46 tonnes, a mines ministry forecast showed on Monday." More
- March 16, 2009 | Item | E-mail
Gold World Resources receives government approval to establish Chinese Joint Venture Company - More
- March 16, 2009 | Item | E-mail
Beartooth Platinum Announces Update on Business Combination With Kria Resources; Sets Conference Call for Thursday, March 19th - More
- March 16, 2009 | Item | E-mail
Hawthorne Assays 2.20 Metres Averaging 11.04 g/t Au at Cassiar Gold Camp - More
- March 16, 2009 | Item | E-mail
Teryl Resources Announces 2008 Exploration Summary for the Gil Joint Venture Gold Claims, Fairbanks, Alaska - More
- March 16, 2009 | Item | E-mail
Silver Bear Announces Initial Resource Estimate, License Extension and 2008 Year End Financial Results - "Silver Bear is pleased to announce that an initial resource estimate for its 100% owned Mangazeisky silver project in Russia has been completed by Wardrop Engineering, Inc., a Terra Tech Company ("Wardrop") in Swindon, UK. Wardrop estimates an inferred mineral resource of 1.9 million tonnes averaging 508 grams per tonne silver totaling approximately 31 million ounces for the central portion of the Vertikalny vein, one of twenty known silver bearing zones identified within the Mangazeisky license area." More
- March 16, 2009 | Item | E-mail
Dia Bras Finalizes Surface Rights Agreement With the Ejido to Accommodate the Bolivar Mill - More
- March 16, 2009 | Item | E-mail
MAG Silver Reports 2008 Annual Financial Results - "The Company reports a net loss of $5,872,889 ($0.12 per share) for the year ended December 31, 2008 compared to a net loss of $8,149,258 ($0.19 per share) for the year ended December 31, 2007. The loss for the year ended December 31, 2008 includes $2.54 million as a non-cash charge for Stock Based Compensation (compared with $5.26 million in 2007) and the write off of mineral property acquisition costs in the amount of $1.22 million (compared with $763,434 in 2007)." More
- March 16, 2009 | Item | E-mail
SNS Silver Extends Term of Loan With Andover Ventures - "SNS Silver Corp. (CDNX:SNS.V - News) and Andover Ventures Inc., (the Company, "AOX") have come to an arrangement whereby SNS will extend the term of the outstanding loan it provided to Andover Ventures. SNS has agreed to extend the term of the agreement by six months from the current due date of March 22nd, 2009 until six months from that date, (September 22nd, 2009). Security of the loan remains the same as disclosed in the Companies joint press release of September 23rd, 2008." More
- March 16, 2009 | Item | E-mail
Shoshone Silver, Kimberly Gold Merger Finalized, and Other News - More
- March 16, 2009 | Item | E-mail
Shoreham Issues Corrections and Clarifications - More
- March 16, 2009 | Item | E-mail
Labrador Iron Mines reports on regulatory approvals for the Schefferville Area Iron Ore Project, Western Labrador - More
- March 16, 2009 | Item | E-mail
American Creek highlights Seabridge and Silver Standard gold-copper resource expansion - More
- March 16, 2009 | Item | E-mail
USCorp Updates on Status of Drilling Results from Twin Peaks Property - More
- March 16, 2009 | Item | E-mail
Farallon Announces Favourable Ruling on Wiltz Case - More
- March 16, 2009 | Item | E-mail
Excellent metallurgical results at Stratabound's Captain Copper-Cobalt Deposit - More
- March 16, 2009 | Item | E-mail
Augen Gold Announces Results From Special Meeting of Shareholders - More
- March 16, 2009 | Item | E-mail
Radisson Mining Signs Agreement With AusCan Gold to Fund Underground Bulk Sample at O'Brien Mine - More
- March 16, 2009 | Item | E-mail
Southwestern Announces Sampling Results From Josnitoro Project, Peru - More
- March 16, 2009 | Item | E-mail
Uranium One Announces Results for 2008 - More
- March 16, 2009 | Item | E-mail
Aurelio Resource Corporation Appoints New Director - More
- March 16, 2009 | Item | E-mail
African Copper Plc: Press Release - More
- March 16, 2009 | Item | E-mail
Rusoro Responds to Inaccurate Vancouver Sun Allegations - More
- March 16, 2009 | Item | E-mail
Anglo Swiss Resources Settles Outstanding Debt - More
- March 16, 2009 | Item | E-mail
Lundin Mining Announces Intention to Voluntarily Delist Its Common Shares From the NYSE - More
- March 16, 2009 | Item | E-mail
Solex Resources Grants Stock Options - More
- March 16, 2009 | Item | E-mail
Midland Exploration Inc.: Amendment to Stock Option Plan - More
- March 16, 2009 | Item | E-mail
Conquest Resources Limited - Press Release - More
- March 16, 2009 | Item | E-mail
First Quantum Minerals Appoints Troy Hayden Interim Chief Financial Officer - "First Quantum Minerals Ltd. ("First Quantum" or the "Company") (Toronto:FM.TO - News)(LSE:FQM.L - News) today announced the appointment of Troy Hayden as Interim Chief Financial Officer of the Company effective immediately. Mr. Hayden assumes the responsibilities of David E. J. Moroney who has resigned the position." More
- March 16, 2009 | Item | E-mail
Fresnillo says no major impact from refinery strike - "Mexico's Fresnillo Plc (FRES.L), the world's largest primary silver producer, expects no major economic impact after a strike at a precious metals refinery meant it would have to move processing of some of its metals elsewhere, the firm said on Monday.
The parent of London-listed Fresnillo, Penoles (PENOLES.MX), said on Friday it had declared force majeure at its MetMex refinery after a five-week strike over pay paralysed work." More
- March 16, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2009
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 16 March, 2009 | |
