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Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Rebound

By: Chris Mullen, Gold-Seeker.com


-- Posted 17 March, 2009 | | Source: SilverSeek.com

 

 

Close

Gain/Loss

Gold

$916.00

-$5.90

Silver

$12.67

-$0.22

XAU

119.12

-1.53%

HUI

278.70

-1.98%

GDM

881.41

-1.63%

JSE Gold

2851.94

-81.48

USD

86.90

-0.13

Euro

130.30

+0.30

Yen

101.47

-0.43

Oil

$49.16

+$1.81

10-Year

3.003%

+0.052

T-Bond

125.546875

-0.703125

Dow

7395.70

+2.48%

Nasdaq

1462.11

+4.14%

S&P

778.12

+3.21%

 
 

 

The Metals:

 

Gold rose a couple of dollars in early London trade before it fell to as low as $911.90 after the open of trade in New York, but it then bounced back higher for the rest of the day and ended with a loss of just 0.64%.  Silver climbed ten cents to $12.99 by late trade in Asia, but it then fell back off for most of the rest of the day and ended near its low of $12.63 with a loss of 1.71%.

 

Euro gold fell to about €705, platinum lost $9 to $1043.50, and copper fell roughly two cents to about $1.72.

 

Gold and silver equities fell nearly 4% in the first hour of trade before they rebounded for the rest of trade, but they still ended with almost 2% losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Building Permits

Feb

547K

500K

531K

Housing Starts

Feb

583K

450K

477K

PPI

Feb

0.1%

0.4%

0.8%

Core PPI

Feb

0.2%

0.1%

0.4%

 

Housing starts surge; wholesale prices edge up  Yahoo
U.S. economy shows signs of crawling out of hole  Reuters
Bernanke May Need to Ramp Up Fed’s Asset Purchases  Bloomberg

Auto delinquency rates rise nearly 9 percent in 4Q  Yahoo

 

Tomorrow at 8:30AM EST brings the fourth quarter Current Account Balance expected at -$136.7 billion, CPI for February expected at 0.3%, and Core CPI expected at 0.1%.  At 2:15PM is the FOMC rate decision.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil climbed back near $50 on signs the economy is starting to rebound.

 

The U.S. dollar index erased early gains and ended lower as traders put cash to work.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose roughly 3% on optimism over the economy.

 

Among the big names making news in the market today were Caterpillar, AIG, MGM Mirage, GM, Nokia, and Alcoa.

 

The Commentary:

 

Dear CIGAs,

 

Here are this morning’s news highlights:

 

1. There is no inflation. Oh yeah? There is $9.5 trillion in inflation that will transmit to prices for which there is no practical cure.

 

2. Not to worry, the Fed will drain as inflation starts. Oh yeah? The Fed is going to drain trillions from the world economy? That is total non-sense. There is no tool in the Fed’s power to pull off that miracle without causing a second disaster.

 

3. The mark to market rule of FASB 157 appear as if it is going to be modified so that value will be computer modeled according to assumptions of lines of income to maturity of SIVs, OTC derivatives. As a product of this value cartoon, no balance sheet for anyone from GE to the financials can be relied upon as factual. Who knows, maybe the world wants to be lied to.

 

4. Talk is ramping up as a PR campaign concerning the benefits of the US Fed buying tons of US Treasuries to hold rates. I might add as international demand for Treasuries falls that will threaten rates as that would force the borrowing to inland demand.

 

5. Housing starts are up which simply means that there will be more apartments and condos in inventory. Sales are in the trash can as building increases means more inventory. If builders have or can get building loans they would build them regardless of what the potential to sell is. Builders live off the building loan.

 

The COMEX gang was on gold the instant the PPI came out but that will continue until more deliveries are taken out of the COMEX warehouse. ”- Jim Sinclair, JSMineset.com

 

“April Gold closed down 5.2 at 916.8. This was 2.8 up from the low and 1.2 off the high.

 

May Silver finished down 0.22 at 12.67, 0.23 off the high and 0.01 up from the low.

 

The gold market failed to hold above the prior session's lows despite seeing an initial lift off better than expected US scheduled economic data flow. However, with the Dollar showing signs of holding together, with silver and copper prices weaker throughout the trading session, the outside market forces for gold generally favored the bear camp. With the US data better than expected and the US stock market showing some additional upside extension for most of the US trading session, one could suggest that ongoing flight to quality long liquidation was pressure gold prices.

 

The silver market at times tried to trade higher on the day but the weakness in gold and copper prices seemed to prevent the bull camp from establishing itself. Ongoing strength in the Dollar and a further downgrade of flight to quality anxiety seemed to keep up the pressure on the silver market. Furthermore, with copper prices unable to extend a recent pattern of gains in the face of better than expected US housing starts numbers and a major industrial metals producing cutting its dividend it was clear that silver wasn't about to see any support from the industrial metals complex.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Barrick to pay $24 million to settle fraud lawsuit

IMF urged to flood world with global super-currency

Got Gold Report notes 'shocking' short concentration in silver

Barrick settles securities fraud lawsuit over hedging

Al Korelin interviews GATA's Adrian Douglas on gold

Bank of England warns of fevered tension in banking system

Ted Butler: Crunch time for silver?

 

The Statistics:

As of close of business: 3/17/2009

Gold Warehouse Stocks:

8,721,175

-1,188

Silver Warehouse Stocks:

124,616,884

-425,031

 

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

1,069.05

34,370,922

US$ 31,599m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

129.89

4,176,086

US$ 3,828m

Australian Stock Exchange (ASX)

Gold Bullion Securities

12.49

400,401

US$ 368m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

29.11

935,818

US$ 860m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 12.23 tonnes to a new record high holding and the LSE added 1.00 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 3/16/2009

 

Total Net Assets

$1,980,788,492

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 3/16/2009

 

Total Net Assets

$3,315,704,080

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:

 

Barrick’s (ABX) settled lawsuit, Anglo American’s (AAUK) sold AngloGold (AU) stake, Paramount’s (PZG) equity financing, New Gold’s (NGD) financial results, Gold Fields (GFI) Black Economic Empowerment transaction, Alexco’s (AXU) closed private placement, and First Majestic’s (FR.TO) clean industry certificate were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  International Royalty

ROY +11.86% $1.98

2.  Banro

BAA +7.27% $1.18

3.  Northern Dynasty

NAK +5.49% $5.38

 

LOSERS

1.  Cardero

CDY -18.18% $1.17

2.  NovaGold

NG -6.25% $2.25

3.  Gammon Gold

GRS -5.50% $6.53

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:

Minera Andes selects Chief Operating Officer - More
- March 17, 2009 | Item | E-mail


Gold Resource Corporation Conference Call; El Aguila Project Update - More
- March 17, 2009 | Item | E-mail


Alexco Closes $6 Million Flow-Through Private Placement - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce that it has today closed the non-brokered private placement previously announced on March 9, 2009, issuing a total of 3,428,572 flow-through common shares at a purchase price of $1.75 per flow-through share for total gross proceeds of $6,000,000." More
- March 17, 2009 | Item | E-mail


Paulson & Co. Acquires $1.28 Billion Stake in AngloGold Ashanti - "Paulson & Co., the New York-based investment firm run by John Paulson, bought a stake in AngloGold Ashanti Ltd. from Anglo American Plc for $1.28 billion as hedge funds increase their gold holdings.

Paulson paid $32 a share for the 11.3 percent stake in the Johannesburg-based gold miner, Anglo American said today in a statement. The purchase makes Paulson the company’s second largest shareholder, according to data compiled by Bloomberg." More
- March 17, 2009 | Item | E-mail


Olympus Commences Treatment of High-Grade Phuoc Son Ore as Plant Upgrades Near Completion - More
- March 17, 2009 | Item | E-mail


Acadian announces Cdn$10.0 million private placement - More
- March 17, 2009 | Item | E-mail


Afri-Can Marine Minerals: Diamond Sampling Vessel Arrives in Cape Town - More
- March 17, 2009 | Item | E-mail


Canadian Mining Announces Agreement with Downshire Capital Inc. - More
- March 17, 2009 | Item | E-mail


Ventana Adds Another Drill for Deeper Drilling at La Bodega - More
- March 17, 2009 | Item | E-mail


Silver Shield Mexico Expansion Continues Completes Letter of Intent on Jaripo Silver Property - More
- March 17, 2009 | Item | E-mail


Teryl Resources Announces a US$1.6 Million 2009 Exploration Budget for the Gil Joint Venture Gold Claims, Fairbanks, Alaska - More
- March 17, 2009 | Item | E-mail


Tombstone Exploration to Actively Explore Additional Targets on Its Tombstone Historic Silver Producing Mines Acreage - More
- March 17, 2009 | Item | E-mail


Tanqueray Resources Ltd. - Baker Lake Exploration Update - More
- March 17, 2009 | Item | E-mail


High River Gold Reports Updated Zun-Holba and Irokinda NI 43-101 Compliant Reserve and Resource Estimates - More
- March 17, 2009 | Item | E-mail


Sulliden Exploration Inc. - Nine month financial results - Shahuindo settlement completed - More
- March 17, 2009 | Item | E-mail


Yukon-Nevada Gold Corp. announces private placement - More
- March 17, 2009 | Item | E-mail


EurOmax acquires gold-silver projects - More
- March 17, 2009 | Item | E-mail


Zazu's 2008 Highlights and 2009 Goals - More
- March 17, 2009 | Item | E-mail


Uranium Energy Corp Joint Ventures Grants Ridge Project in New Mexico with Uran Limited of Perth, Australia - More
- March 17, 2009 | Item | E-mail


Advanced Explorations Inc. Extends Memorandum Of Understanding to Acquire 100% Interest in the Roche Bay Project - More
- March 17, 2009 | Item | E-mail


Tournigan Begins Preliminary Assessment at High-Grade Kuriskova Uranium Deposit - More
- March 17, 2009 | Item | E-mail


Formation Capital Corporation: Major Cobalt Producer, Xstrata plc, Appeals Idaho Cobalt Project Record of Decision - More
- March 17, 2009 | Item | E-mail


Colorado Goldfields Inc. Announces Upcoming Investor Conference Call Agenda - More
- March 17, 2009 | Item | E-mail


Paladin Energy Ltd: Kayelekera Uranium Project Construction Accident - More
- March 17, 2009 | Item | E-mail


Consolidated Thompson Increases Total Estimated Measured and Indicated Mineral Resources by 189 Million Tonnes to Total of 827 Million Tonnes - More
- March 17, 2009 | Item | E-mail


Corriente Recieves Official Notice That All Suspensions Are Lifted - More
- March 17, 2009 | Item | E-mail


Anvil Mining Reports Fourth Quarter and Year-End 2008 Financial Results - More
- March 17, 2009 | Item | E-mail


Mountain Capital Inc. Hires PaRadox Public Relations Inc. - More
- March 17, 2009 | Item | E-mail


Barrick Investor Gold-Price Suit Settlement to Cost $24 Million - "Barrick Gold Corp., the world’s biggest gold producer, will pay $24 million to settle a lawsuit in which investors claimed the company misled them by saying a hedging program didn’t hurt profits as gold prices rose.

Insurers of the Toronto-based company will probably pay most of the settlement, Vince Borg, a Barrick spokesman, said today in a telephone interview in which he disclosed the settlement amount. Barrick must conclude negotiations over coverage with the insurers before signing the settlement agreement, he said." More
- March 17, 2009 | Item | E-mail


Paramount Gold And Silver Corp. Provides Update on CDN$9,000,000 Equity Financing - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(NYSE.A: PZG)(Frankfurt:P6G.F - News) ("Paramount" or the "Company") announced last week (see release dated March 12, 2009) that it has executed definitive documents in connection with its previously announced C$9,000,000 equity financing. Paramount has now received approval of the NYSE Alternext and expects to close the financing prior to the end of March 2009." More
- March 17, 2009 | Item | E-mail


First Majestic Silver Corp.: La Parrilla Receives "Clean Industry Certification" - "FIRST MAJESTIC SILVER CORP. ("First Majestic" or the "Company") (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that on February 25th, 2009, the Mexican Environmental Authority PROFEPA (Procuradoria Federal Proteccion al Ambiente) awarded a CLEAN INDUSTRY CERTIFICATE to one of the Company's wholly owned subsidiaries, First Majestic Plata, SA de CV., regarding its activities at the La Parrilla Silver Mine (La Parrilla)." More
- March 17, 2009 | Item | E-mail


New Gold Announces 2008 Financial Results for its First Year as a Producer - "Consolidated revenue for the fourth quarter of 2008 was $59.0 million for a total of $218.1 million for the full year. Gold sales in the fourth quarter were 78,194 ounces at a realized gold price of $792 per ounce and for the full year totalled 237,589 ounces at a realized gold price of $863 per ounce, which excludes production from Cerro San Pedro prior to the completion of the business combination with Peak Gold and Metallica." More
- March 17, 2009 | Item | E-mail


Gold Fields and Mvelaphanda Resources Successfully Completes Final Step of Black Economic Empowerment Transaction Initiated in 2004 - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that, in terms of the R4.1 billion Black Economic Empowerment transaction approved by shareholders of Gold Fields on 8 March 2004, and which reached maturity today, Mvelaphanda Resources (Mvela Resources) today took receipt, through its wholly owned subsidiary Mvelaphanda Gold (Proprietary) Limited ("Mvela Gold"), of its 15% shareholding in GFI Mining South Africa (Proprietary) Limited ("GFIMSA"), a subsidiary of Gold Fields which owns and operates the South African gold mining assets of Gold Fields ("the GFIMSA Shares")." More
- March 17, 2009 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2009

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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 17 March, 2009 | |


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