-- Posted 9 April, 2009 | | Source: SilverSeek.com
Please Note: US Markets are closed tomorrow in observance of Good Friday. The Gold Seeker Report will return on Monday.
| Close | Gain/Loss | On Week |
Gold | $881.50 | -$3.00 | -1.63% |
Silver | $12.31 | -$0.045 | -3.45% |
XAU | 122.76 | -0.47% | -3.76% |
HUI | 294.04 | -0.99% | -4.36% |
GDM | 910.37 | -1.27% | -4.59% |
JSE Gold | 2392.31 | -83.41 | -2.16% |
USD | 85.67 | +0.37 | +1.78% |
Euro | 131.65 | -1.11 | -2.40% |
Yen | 99.57 | -0.63 | -0.18% |
Oil | $52.24 | +$2.86 | -0.51% |
10-Year | 2.926% | +0.079 | +0.65% |
Bond | 125.921875 | -1.671875 | -0.84% |
Dow | 8083.38 | +3.14% | +0.82% |
Nasdaq | 1652.54 | +3.89% | +1.89% |
S&P | 856.56 | +3.81% | +1.67% |
The Metals:
Gold and silver traded modestly lower in Asia and rose to see slight gains in early London trade before they both plummeted shortly after 8AM EST and dropped to as low as $874.30 and $12.13 by about 9AM in New York, but they both then stormed back higher for most of the rest of trade and gold ended with a loss of just 0.34% while silver ended near its late session high of $12.40 with a loss of just 0.36%.
Euro gold rose to about €760, platinum gained $11.50 to $1186.50, and copper gained over 7 cents to a new 5 month high at about $2.07.
Gold and silver equities traded in a tight range of roughly 1% on either side of unchanged and ended slightly lower.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Mar | 0.5% | - | -0.1% |
Import Prices ex-oil | Mar | -0.7% | - | -0.7% |
Export Prices | Mar | -0.6% | - | -0.3% |
Export Prices ex-ag. | Mar | -0.3% | - | -0.1% |
Initial Claims | 4/04 | 654K | 660K | 674K |
Trade Balance | Feb | -$26.0B | -$36.0B | -$36.2B |
Tomorrow at 2PM EST brings the Treasury budget for March expected at -$160.0 billion.
All of this week’s other economic reports:
Next week’s economic highlights include PPI, Retail Sales, and Business Inventories on Tuesday, CPI, Empire Manufacturing, Capacity Utilization, Industrial Production, and the fed's Beige Book on Wednesday, Building Permits, Housing Starts, Initial Jobless Claims, and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose with the U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P gained over 3% on eased worries over the banking sector as Wells Fargo surprised the street with a “record-breaking first-quarter profit that was far above analysts' estimates.”
Among the big names making news in the market Friday were Barclays and CVC, Wells Fargo, Wal-Mart, Textron, Chrysler and UAW, Costco, and the steelmakers.
The Commentary:
“Extremely Important
Be Prepared
The end is close for the effectiveness of Naked, Pool and No Up-tick Short Selling
There are still extremely large (legal and otherwise) short positions in junior gold & silvers plus junior producers of both remaining uncovered as the ability TO POUND LOWER is coming to an end.
The short of gold on the COMEX, the short of gold in everything gold and silver is incestuous.
We have differences from time to time in market views, but I believe you respect my understanding of the technical characteristics and mind of the opposition in precious metals.
With a maximum of 60 days for comment on the reinstatement of a form, but an effective form, of the Up Tick Rule, cover needs to be accomplished in the next 90 days for the extremely large short position in the modest or low-volume trading silver and gold issues.
The short sellers, having DONE THEIR BEST TO POUND DOWN THE PUBLIC
COMPANIES TO COVER, now have only one option left.
DIRTY TRICKS
You will recognize the dirty trick when it occurs…”- Jim Sinclair, JSMineset.com
“June Gold closed down 2.6 at 883.3. This was 7.3 up from the low and 2.1 off the high.
May Silver finished down 0.01 at 12.33, 0.065 off the high and 0.22 up from the low.
After starting the week with a full contingent of flight to quality concerns, the gold trade looks to leave the week with a 180 degree shift in anxiety levels. While the Dollar recovery seemed to suggest that investors were beginning to see the prospect of good returns inside the US that same angle didn't seem to be capable of rekindling inflationary interest in the gold market. In other words, flight to quality and safe haven guys were seemingly being forced out, while inflationary players were more interested in selling bonds, buying copper, platinum, energies and soft commodities. Seeing surprisingly up beat US bank sector developments was clearly a major undermine for gold today but seeing an upward extension in the equity markets probably added to the weight hanging over the market.
The silver bulls had to be a little disappointed with the action in silver today as copper and platinum and a number of physical commodity markets were very firm. Like the gold market, the silver market was deflated by the decline in US financial sector anxiety and also because of the recovery bounce in the Dollar. Even talk about backwardation and the prospect of developing tightness in the silver market failed to inspire the bulls during the pre-holiday trade today.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gillian Tett: In uncertain times, all that glisters is a gold standard
MineWeb: Chasing the world's top gold stock targets
BNN's 'Bear Attack' interviews Sprott, Roubini, Gordon
Yuan trade settlement to start in five Chinese cities
The Statistics:
As of close of business: 4/09/2009
Gold Warehouse Stocks: | 8,580,603 | -1,574 |
Silver Warehouse Stocks: | 116,346,782 | +536,621 |
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$ 31,894m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 136.15 | 4,377,410 | US$ 3,861m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.49 | 400,302 | US$ 354m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.22 | 939,511 | US$ 826m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 4m |
Note: Change in Total Tonnes from yesterday’s data: The LSE removed 0.31 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/8/2009 | |
Total Net Assets | $1,927,316,598 | 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 4/8/2009 | |
Total Net Assets | $3,321,174,227 | 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:
Northern Dynasty’s (NAK) grants, New Gold’s (NGD) drill results, and Mercator’s shipment of silver to silver Wheaton (SLW) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Banro | BAA+12.43% $1.90 |
2. Taseko | TGB +9.70% $1.47 |
3. Freeport | FCX+8.57% $44.10 |
LOSERS
1. Richmont | RIC -7.93% $3.25 |
2. Mines MGMT | MGN-6.25% $1.50 |
3. Vista Gold | VGZ -5.19% $2.01 |
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:
Mr. Machuca Joins C2C's Board of Administrators - More
- April 09, 2009 | Item | E-mail
Vior to Grant 845,000 Stock Options - More
- April 09, 2009 | Item | E-mail
Uranium Names Investor Mr. Ali Abbas Al-Hazeem to Its Board of Directors - More
- April 09, 2009 | Item | E-mail
Atna Resources Signs Pinson Joint Venture Agreement - More
- April 09, 2009 | Item | E-mail
Duran Option on New Brunswick Properties Amended - More
- April 09, 2009 | Item | E-mail
New Island Reports On Labrador Licences - More
- April 09, 2009 | Item | E-mail
Gold Resource Corporation's Geologists Discover New High-Grade Silver Vein; New Drilling Contract - More
- April 09, 2009 | Item | E-mail
Freeport Updates BC Gold, Tungsten, & Fluorspar-Moly Projects - More
- April 09, 2009 | Item | E-mail
Colossus Minerals Ramps Up Serra Pelada Program; Welcomes New COOMIGASP President and Board - More
- April 09, 2009 | Item | E-mail
Merc Increases Land Position at Its Damoti Lake Gold Project - More
- April 09, 2009 | Item | E-mail
South Africa Mining Output Falls by Most in a Decade - "Mining production in South Africa, the world’s biggest producer of platinum, fell by the most in more than a decade in February after metal and diamond prices declined.
Output dropped 12.8 percent in February from the same month a year ago, Statistics South Africa said on its Web site today." More
- April 09, 2009 | Item | E-mail
Darnley Bay Resources Announces Private Placement Financings - More
- April 09, 2009 | Item | E-mail
MacDonald Mines Acquires 100% Interest in Nickel, PGM & Base Metal Property in the LaRonge District of Saskatchewan - More
- April 09, 2009 | Item | E-mail
Paragon Signs New JV Agreement on Golden Promise Gold Project - More
- April 09, 2009 | Item | E-mail
Marathon Strategy for 2009 - More
- April 09, 2009 | Item | E-mail
Trilliant Exploration Announces New Website - More
- April 09, 2009 | Item | E-mail
B2Gold Corp. Corporate Update - More
- April 09, 2009 | Item | E-mail
Crosshair Cements Interest in 60% of Golden Promise Gold Project - More
- April 09, 2009 | Item | E-mail
Romarco Drills 39.6 Meters of 8.8 g/t Au at Haile - More
- April 09, 2009 | Item | E-mail
Petaquilla Mine Commissioning Update - More
- April 09, 2009 | Item | E-mail
Iberian Minerals-Change in Management - More
- April 09, 2009 | Item | E-mail
Centamin Egypt: Sukari Gold Project Reserve Upgrade - More
- April 09, 2009 | Item | E-mail
Copper Mesa announces corporate update - More
- April 09, 2009 | Item | E-mail
Boxxer provides update on diamond drilling program at Boss project - More
- April 09, 2009 | Item | E-mail
Mercator Announces First Silver Shipment and Production Update - "Mercator Minerals Ltd. ("Mercator") is pleased to announce that it has made its first shipment of silver to Silver Wheaton (Caymans) Ltd., comprising over 11,000 ounces of silver. In March, 2008, a subsidiary of Mercator and Silver Wheaton (Caymans) Ltd., a subsidiary of Silver Wheaton Corp. entered into an agreement whereby, in exchange for an upfront payment of US$42 million, Mercator will transfer to Silver Wheaton (Caymans) Ltd. all the silver from the Mineral Park Mine In Arizona and Silver Wheaton (Caymans) Ltd. will pay Mercator's subsidiary, $3.90 per ounce for those ounces. This shipment represents the first delivery of silver ounces received from the concentrates from Mercator's Mineral Park Mine under that agreement." More
- April 09, 2009 | Item | E-mail
33 Alaska Community Groups Receive Pebble Fund Grants Totaling $1 Million - "Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE Amex: NAK) announces that the Pebble Fund for Sustainable Bristol Bay Fisheries and Communities, established by the Pebble Limited Partnership ("PLP" or the "Pebble Partnership") last year, will dispense its first $1 million in grants to 33 successful applicants this spring." More
- April 09, 2009 | Item | E-mail
New Gold Releases Encouraging Initial Results from the Cerro San Pedro Sulfide Drill Program and Reports on the Amapari Sulfide Scoping Study - "New Gold Inc. ("New Gold") (TSX and NYSE:AMEX - NGD) is pleased to announce the results of the first five diamond drill holes from its Cerro San Pedro Sulfide ("CSP Sulfide") exploration project in San Luis Potosi, Mexico, which include an intersection of 51.9 meters of manto-style sulfide mineralization averaging 2.08 g/t gold, 131.8 g/t silver, 6.14% zinc and 2.01% lead, followed by 169 meters of porphyry sulfide mineralization averaging 0.61 g/t gold, 12.8 g/t silver, 0.48% zinc and 0.14% lead beginning at a vertical depth of approximately 400 meters from surface (Hole CSPD-05C)." More
- April 09, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 April, 2009 | |
