-- Posted 13 April, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $894.65 | +$13.15 |
Silver | $12.76 | +$0.45 |
XAU | 124.72 | +1.60% |
HUI | 300.98 | +2.36% |
GDM | 929.33 | +2.08% |
JSE Gold | 2392.31 | -83.41 |
USD | 84.52 | -1.15 |
Euro | 133.82 | +2.15 |
Yen | 99.97 | +0.35 |
Oil | $50.05 | -$2.19 |
10-Year | 2.845% | -0.081 |
T-Bond | 127.09375 | +1.171875 |
Dow | 8057.81 | -0.32% |
Nasdaq | 1653.31 | +0.05% |
S&P | 858.73 | +0.25% |
The Metals:
Gold rose almost 1% from last Thursday’s close to about $889 in Asia before it fell in London to see a gain of just $3.25 at $884.75 a little after 8AM EST, but it then jumped higher in New York and ended near its high of $899.75 with a gain of 1.49%. Silver saw a gain of 10 cents at $12.41 shortly after 8AM before it also shot much higher in morning New York trade and ended near its high of $12.868 with a gain of 3.66%.
Euro gold rose to about €669, platinum gained $54.50 to $1241, and copper gained over 5 cents more to about $2.13.
Gold and silver equities rose over 3% by late morning before they fell back off a bit in afternoon trade, but they still ended with about 2% gains.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings PPI for March expected at 0.0%, Core PPI expected at 0.1%, Retails Sales for March expected at 0.3%, and sales excluding auto sales expected at 0.0%. At 10AM is the Business Inventories report for February expected at -1.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the IEA cut its forecasts for world oil demand. “The IEA said on Friday world oil demand would fall by 2.4 million barrels per day (bpd) this year compared with 2008 to 83.4 million bpd as the rate of contraction in fuel consumption reached levels last seen in the early 1980s.”
The U.S. dollar index plummeted as China revealed that it has been slowing its purchases of US assets: “Reversing its role as the world’s fastest-growing buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China’s central bank.”
“Treasuries gained after the Federal Reserve completed its eighth purchase of government securities as part of its effort to revive the world’s largest economy.”
The Dow, Nasdaq, and S&P fell for most of trade on worries over upcoming earnings reports before they turned higher in the last hour of trade on hopes some reports will come in better than expected, but the Dow reversed back down and ended lower while the Nasdaq and S&P ended slightly higher as traders placed their bets.
Among the big names making news in the market today were Boeing, GM, Express Scripts, and Genworth.
The Commentary:
“June Gold closed up 12.5 at 895.8. This was 8.6 up from the low and 5.4 off the high.
May Silver finished up 0.438 at 12.768, 0.102 off the high and 0.278 up from the low.
The gold market started out slightly higher and then managed to add to the initial strength later in the trading session. With the Dollar weak and many traders anxious about the upcoming US financial sector earnings reports it is possible that some buyers of gold were anticipating some increased financial market anxiety in the coming 24 hours of trade. However, with overt strength in platinum and copper prices it is possible that even the industrial metals provided some spillover buying into the gold market. It also goes without saying that increased talk of a structured GM bankruptcy might have inspired some gold buying interest during the trade Monday. With a temporary pulse above the even $900 level, the June gold contract might also have attracted some technically based buying interest.
The silver market saw a range up extension and at times the market was able to test the 200 day moving average. With both gold and the quasi industrial metals markets strong on Monday it appeared as if the silver market was seeing support from a number of different market angles. Clearly the weakness in the Dollar and a measure of ongoing financial sector anxiety was fueling buying interest but it is also possible that the GM situation was providing silver with an additional lift.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Madrid conference in June has GATA orientation
GATA board member Steer interviewed on Korelin show
Chinese researcher wants yuan rivaling dollar, euro
James Saft: Bond market vigilantes saddle up
Roundabout bailout: Fed pumps foreign currency into U.S. banks
Market manipulation figures in economic war game
The Statistics:
As of close of business: 4/13/2009
Gold Warehouse Stocks: | 8,580,217 | -386 |
Silver Warehouse Stocks: | 8,580,217 | -411,222 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,127.68 | 36,255,954 | US$ 31,920m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 136.15 | 4,377,214 | US$ 3,904m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.49 | 400,285 | US$ 358m |
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 Thursday’s data: SPDR added 0.31 tonnes to a new record high holding.
COMEX Gold Trust (IAU)
Profile as of 4/9/2009 | |
Total Net Assets | $1,921,631,519 | 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 Thursday’s data.
Silver Trust (SLV)
Profile as of 4/9/2009 | |
Total Net Assets | $3,326,538,423 | 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 Thursday’s data.
The Miners:
Polyus Gold’s dividend, Tanzanian Royalty’s (TRE) article clarification, and Allied Nevada’s (ANV) test results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB+14.29% $1.68 |
2. Hecla | HL +10.90% $2.34 |
3. Banro | BAA +8.95% $2.07 |
LOSERS
1. Tanzanian Royalty | TRE -15.56% $3.42 |
2. Kinross Gold | KGC -1.20% $14.78 |
3. Allied Nevada | ANV -0.65% $6.16 |
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:
Tao Minerals Ltd. Update to Security Situation on El Colmillo Mine - More
- April 13, 2009 | Item | E-mail
UC Hub Group Due Diligence Continues on Wickenburg Gold Mining Claim - More
- April 13, 2009 | Item | E-mail
Sea Green Capital Corp.-Corporate Update - More
- April 13, 2009 | Item | E-mail
Boxwoods, Inc. Outlines Plan of Operations - More
- April 13, 2009 | Item | E-mail
Russia's Polyus Gold says will pay no '08 dividend - "The board of Russia's top gold miner Polyus Gold, co-owned by billionaires Mikhail Prokhorov and Suleiman Kerimov, recommended the company pay no dividend for 2008, Polyus said in disclosure documents on Monday." More
- April 13, 2009 | Item | E-mail
Advanced Explorations Inc. Corporate Update - More
- April 13, 2009 | Item | E-mail
Eastmain Resources Inc. Announces Amendments to Shareholder Meeting Matters - More
- April 13, 2009 | Item | E-mail
Duran Announces Private Placement for Up to $500,000 - More
- April 13, 2009 | Item | E-mail
Tanzanian Royalty CEO Provides Clarification On Recent Article in Barron's - "One of the article’s shortcomings is its misunderstanding of our business model which is essentially that of a royalty company. Our highly regarded land position in northern Tanzania was acquired and is being developed within the context of this royalty model which is unique within our peer group." More
- April 13, 2009 | Item | E-mail
Allied Nevada Announces Encouraging Preliminary Metallurgical Results on Sulfide Mineralization - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (Toronto:ANV.TO - News)(AMEX:ANV - News)(NYSE Amex: ANV.A) is pleased to provide a summary of the preliminary results from metallurgical testing on sulfide-bearing gold and silver mineralization at its 100% owned Hycroft gold mine located near Winnemucca, Nevada. Two phases of testing have been completed aimed at determining the viability of and establishing potential process scenarios for sulfide mineralization." More
- April 13, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 April, 2009 | |
