-- Posted 7 April, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $881.80 | +$10.35 |
Silver | $12.24 | +$0.11 |
XAU | 123.93 | +0.54% |
HUI | 296.28 | +0.45% |
GDM | 920.96 | +0.93% |
JSE Gold | 2429.04 | +127.63 |
USD | 85.21 | +0.52 |
Euro | 132.67 | -1.43 |
Yen | 99.65 | +0.65 |
Oil | $49.15 | -$1.90 |
10-Year | 2.909% | -0.030 |
T-Bond | 126.78125 | +7.03125 |
Dow | 7789.56 | -2.34% |
Nasdaq | 1561.61 | -2.81% |
S&P | 815.55 | -2.39% |
The Metals:
Gold rose in Asia and traded roughly 1% higher in London before it fell back to see a gain of just $1.25 at $872.70 shortly after the open in New York, but it then climbed back higher for most of the rest of trade and ended near its new session high of $884.80 with a gain of 1.19%. Silver also traded nicely higher in Asia and London before it fell to see a loss of $0.102 at as low as $12.028 near the open in New York, but it too rose for most of the rest of trade and ended near its high of $12.35 with a gain of 0.91%.
Euro gold rose to about €665, platinum gained $18.50 to $1161, and copper gained over 3 cents to about $1.99 as a drop in inventories supported the market and brought it back to within one cent of last Friday’s five month high.
Gold and silver equities rose about 3% at the open before they fell back off as the day wore on, but the miners still ended with slight gains on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | Feb | -$7.5B | -$1.5B | +$8.1B |
Mortgage delinquencies soar in the U.S. Reuters
Sales likely gloomy for retailers Reuters
Default Rate Surges to Highest Since Depression, Moody’s Says Bloomberg
Optimism on U.S. economy up: poll Yahoo
Tomorrow at 10AM EST brings the Wholesale Inventories report for February expected at -0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back below $50 on continued worries over the economy and falling demand.
The U.S. dollar index rose as investors sold so-called risky assets in order to raise cash.
Communities print their own currency to keep cash flowing USATODAY
The G20 moves the world a step closer to a global currency Telegraph
Treasuries rose slightly as the Dow, Nasdaq, and S&P fell on worries over a likely GM filing for bankruptcy and also on concern over the success of today’s TALF auction that took place towards the end of trade. All three indices dropped over 2% as the results of that auction were released and stocks remained near their lows as the auction went even worse than the poor expectations that were priced in. This is quite significant as it is these Term Asset-Backed Securities Loan Facility (TALF) auctions that are supposed to be the savior to the problems in the credit system. Of the $8.2 billion of TALF-eligible deals that were on offer, only $2.57 billion were sold.
Among the big names making news in the market today were First Niagara and PNC, Polaroid, Old Navy, Pier 1, GM, AIG, Ticketmaster and StubHub, and Harley.
The Commentary:
“June Gold closed up 10.5 at 883.3. This was 9 up from the low and 3.6 off the high.
May Silver finished up 0.1 at 12.21, 0.125 off the high and 0.145 up from the low.
The gold market seemed to mount a combination technical and fundamental bounce on Tuesday. After seeing aggressive selling over the prior four trading session's the market seemed too oversold and in need of a technical bounce. With the rumor mill swirling with talk of an impending bankruptcy at GM, talk that the Treasury's delay in releasing bank stress test was due to potential major problems in the US banking system and finally ongoing speculation on the magnitude of the global toxic asset tally all seemed to rekindle the flight to quality interest in the gold market. While the Dollar was mostly higher during the trade Tuesday, the Dollar wasn't the only currency higher on the day and that might have moderated the negative influence of the currency market action on the gold market.
The silver market showed some signs of bounce on Tuesday but in general the magnitude of the gains were less than stellar when compared to the action in the gold market. Perhaps renewed macro economic concern and a much weaker equity market undermined the physical commodity component of the silver trade, even though the industrial metals and some soft commodities managed to post positive trades. In the end, the silver bulls seemed to be disappointed with the magnitude of the silver gains Tuesday, especially in the wake of possible interest rate cuts from two key international central banks.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: A simple decision about silver
The Statistics:
As of close of business: 4/07/2009
Gold Warehouse Stocks: | 8,583,211 | -1,195 |
Silver Warehouse Stocks: | 115,601,526 | -2,151,389 |
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 | 1,127.37 | 36,246,127 | US$ 31,541m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 136.46 | 4,387,431 | US$ 3,869m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.49 | 400,311 | US$ 354m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.22 | 939,532 | US$ 817m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 4m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.07 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/6/2009 | |
Total Net Assets | $1,898,385,139 | Ounces of Gold
in Trust | 2,178,445.298 |
Shares Outstanding | 22,150,000 | Tonnes of Gold
in Trust | 67.76 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/6/2009 | |
Total Net Assets | $3,356,428,289 | Ounces of Silver
in Trust | 270,484,574.500 |
Shares Outstanding | 274,450,000 | Tonnes of Silver
in Trust | 8,413.01 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Gold’s Reserve’s (GRZ) court ruling, Midway’s (MDW) 43-101 Technical Report, Minefinders’ (MFN) first quarter production results, and Silver Dragon’s (SDRG.OB) feasibility study were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Aurizon | AZK +6.60% $4.52 |
2. Lihir | LIHR+5.40% $21.09 |
3. Exeter | XRA +4.94% $2.76 |
LOSERS
1. Entree | EGI -8.70% $1.05 |
2. Banro | BAA-6.79% $1.51 |
3. Taseko | TGB-4.90% $1.36 |
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:
Gold Reserve Reports Rusoro and Endeavour Permission to Appeal Injunction Denied - "Gold Reserve Inc. (TSX:GRZ - News) (NYSE Amex:GRZ) announced today that the Ontario Superior Court of Justice denied Rusoro Mining Ltd. (TSX VENTURE:RML - News) (“Rusoro”) and Endeavour Financial International Corporation (“Endeavour”) permission to appeal the order the Court made on February 10, 2009. The original order granted an injunction precluding Rusoro and Endeavour from proceeding with Rusoro’s hostile take over bid for the Company." More
- April 07, 2009 | Item | E-mail
Atna Extends Gold Mineralization at Cecil R Project - More
- April 07, 2009 | Item | E-mail
Big Red Diamond Corporation Completes the Acquisition of a 50% Interest in Two Uranium Properties in Quebec - More
- April 07, 2009 | Item | E-mail
Queenston Mining Inc.-2008 Year End Results and Outlook 7 Drill Rigs to Operate on Queenston Properties in 2009 - More
- April 07, 2009 | Item | E-mail
Alamos Gold Inc. Reports Record Quarterly Gold Production and Provides Operations Update - More
- April 07, 2009 | Item | E-mail
Ivernia Comments On Griffin Mining Statements - More
- April 07, 2009 | Item | E-mail
Victoria Gold Announces Additional High Grade Gold Intercepts From the Helen Zone - More
- April 07, 2009 | Item | E-mail
Typhoon Intersects 2.76 g/t Gold on 12.5 Meters on Mc Donald Showing - More
- April 07, 2009 | Item | E-mail
Temex discovers new gold trend on Latchford Gold Project - More
- April 07, 2009 | Item | E-mail
MBMI Receives NI 43-101 Resource Estimate on Alpha Property - More
- April 07, 2009 | Item | E-mail
Red Metal Resources Retains Investment Bankers DME Securities - More
- April 07, 2009 | Item | E-mail
Atna Extends Gold Mineralization at Cecil R Project - More
- April 07, 2009 | Item | E-mail
Premier discovers high grade gold at PQ-North; confirms Musselwhite model - More
- April 07, 2009 | Item | E-mail
Pelangio Exploration Commences 2009 Aerial Survey of Obuasi Property, Ghana - More
- April 07, 2009 | Item | E-mail
Iberian Minerals-Issuance of Common Shares to Trafigura - More
- April 07, 2009 | Item | E-mail
Quest Uranium Adds Rare Earth Metals in Its Search for New Resources - More
- April 07, 2009 | Item | E-mail
Fischer-Watt Retains RedChip for Investor Programs - More
- April 07, 2009 | Item | E-mail
Capstone Reports 2nd Batch of Minto Drill Results-New High Grade Area Identified at Ridgetop - More
- April 07, 2009 | Item | E-mail
VMS Ventures Inc.: Puella Bay Project Drilling Completed; Significant Alteration Intersected; 25 Claims Added to Land Package; DeepEM Program Underway - More
- April 07, 2009 | Item | E-mail
Uruguay Mineral Exploration: Independent NI 43-101 Resource Estimate for Arenal Deeps 3,164,000 tonnes at 2.21 g/t (224,000 oz contained gold) - More
- April 07, 2009 | Item | E-mail
Tournigan Energy Ltd. Annual and Special Meeting Results - More
- April 07, 2009 | Item | E-mail
Zoloto Resources announces resignations - More
- April 07, 2009 | Item | E-mail
Capstone Mining Welcomes Three Members to Its Newly Created Advisory Board - More
- April 07, 2009 | Item | E-mail
Minefinders Reports First Quarter Production Results - "The Company produced approximately 14,169 ounces of gold and 282,429 ounces of silver in the first quarter of 2009, its first full quarter of pre-commercial operations. Pre-commercial production of gold and silver at the Company's Dolores Mine in Mexico commenced in November 2008." More
- April 07, 2009 | Item | E-mail
Silver Dragon Completes Feasibility Study for Erbahuo Polymetallic Project - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce receipt of a comprehensive feasibility study with respect to the potential development of its Erbahuo polymetallic project (Silver/Lead/Zinc/Copper/Manganese) into a producing property. The study was prepared and submitted by Beijing Tenstar Technology Ltd. of Beijing, China." More
- April 07, 2009 | Item | E-mail
Midway Gold Completes Filing of Technical Report for Spring Valley 1.8 Million Ounce Gold Resource Update - "Midway Gold Corp. ("Midway") (CDNX:MDW.V - News)(AMEX:MDW - News)(NYSE Amex: MDW.A) has filed a 43-101 Technical Report supporting an updated mineral resource estimate for the Spring Valley Project, Nevada. The Inferred mineral resource estimate of 87.75 million tons grading 0.021 ounce per ton (opt) gold for a total of 1,835,615 ounces of gold was reported March 3, 2009. On March 8, 2009, Midway announced that it had signed a definitive agreement with Barrick Gold Exploration Inc. for an exploration agreement and option to joint venture the Spring Valley project." More
- April 07, 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 7 April, 2009 | |
