-- 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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-- Posted 17 March, 2009 | |