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Gold Seeker Closing Report: Gold and Silver End Slightly Lower While Stocks Rebound

By: Chris Mullen, Gold-Seeker.com


-- Posted 21 April, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$881.45

-$4.10

Silver

$12.03

-$0.08

XAU

116.09

-1.44%

HUI

280.49

-1.99%

GDM

866.14

-2.12%

JSE Gold

2302.25

-27.51

USD

86.55

-0.07

Euro

129.43

+0.26

Yen

101.25

-0.85

Oil

$46.51

+$0.63

10-Year

2.902%

+0.059

T-Bond

126.65625

-1.00

Dow

7969.56

+1.63%

Nasdaq

1643.85

+2.22%

S&P

850.08

+2.13%

 
 

 

The Metals:

 

Gold rose to see a gain of $9.40 at $894.95 at about 8:30AM EST before it fell to as low as $880.10 by late morning in New York, but it then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.46%.  Silver rose to as high as $12.247 before it dropped down to $11.97 just before noon EST, but it also rebounded in late trade and ended with a loss of just 0.66%.

 

Euro gold fell to about €680, platinum lost $9.50 to $1150, and copper fell slightly to about $2.09.

 

Gold and silver equities rose to see over 2% gains at the open, but they then fell back off for most of the rest of trade and ended with about 2% losses.

 

The Economy:

 

There were no major economic reports today, but Treasury Secretary Geithner testified before Congress and said that the “vast majority” of banks are well capitalized.  He also said that the Treasury does not need more bailout money and that they have about $110 billion left in their bailout fund.  There are no major economic reports due out tomorrow.

 

The Markets:

 

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

 

Oil fell all the way to $43.83 before it rebounded and ended with a decent gain back above $46 as sentiment over the economy ebbed and flowed on Wall Street and Iran suggested that OPEC may cut supply further.

 

The U.S. dollar index fell as the euro rose on a report showing better than expected investor confidence in Germany.

 

Treasuries fell after the Dow, Nasdaq, and S&P reversed early losses and rose to find decent gains after Geithner inspired a rally in bank stocks with his comments before the Congressional Oversight Panel midday.

 

Among the big names making news in the market today were the Bank of NY Mellon, DuPont, Merck, BlackRock, Caterpillar, UAL, and Lockheed Martin.

 

The Commentary:

 

“June Gold closed down 4.8 at 882.7. This was 1.2 up from the low and 13.7 off the high.

 

May Silver finished down 0.045 at 12.06, 0.165 off the high and 0.095 up from the low.

 

The gold market made an initial attempt to move higher on follow through safe haven buying tied to lingering concerns over macro economic conditions. Poor corporate earnings results pressured the stock market early feeding the early buying interest in gold. Reports of rising physical gold demand from India ahead of a major festival later this month in the overnight news may have also lent some early price support to gold. But the gold market lost ground in the morning trade and was at times pulled lower on as safe having support began to fade as the equity market recovered. Gold wilted as stocks rebounded on better than expected earnings results from United Technologies. Gold also seemed to be undermined by comments from Treasury Secretary Geithner with assurances that most US banks were well capitalized and that the Treasury may not need any more bailout money. The weak action in the Dollar didn't seem to offer enough support to gold to offset the selling interest in the metal tied to the stock market recovery. Overall, the ebb and flow of the equity markets remain the primary influence on gold prices this session.

 

The silver market failed to hold early gains as a recovery in equity markets seemed to diminish the metal's safe haven appeal. But the trade action appeared to be light and there didn't seem to be a lot of selling momentum on the dip to lower price levels in July silver which helped to limit losses. But the weak action in copper and platinum left silver without either precious or industrial metal support.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Gary North: Why gold owners are government's targets

Monetary policy snarls gold-leasing machinery

Mike Kosares: Gordon Brown indicator predicts gold rally

 

The Statistics:

As of close of business: 4/21/2009

Gold Warehouse Stocks:

8,460,537

+7,544

Silver Warehouse Stocks:

116,402,298

-458,894

 

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 Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1,105.98

35,558,287

US$ 31,178m

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

Gold Bullion Securities

132.58

4,262,647

US$ 3,755m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.15

422,048

US$ 372m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

29.22

939,387

US$ 823m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 4m

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.46 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 4/20/2009

 

Total Net Assets

$1,949,300,677

Ounces of Gold
in Trust

2,198,111.462

Shares Outstanding

22,350,000

Tonnes of Gold
in Trust

68.37

Note: Change in Total Tonnes from yesterday’s data: 0.61 tonnes were added to the trust.

 

Silver Trust (SLV)

Profile as of 4/20/2009

 

Total Net Assets

$3,261,119,506

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:

 

New Gold’s (NGD) first quarter production, Kirkland’s (KGI.TO) update on mining activities, Mega Silver’s (SR.V) business combination agreement with Skybridge, and Arian’s (AGQ.V) meeting results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Golden Star

GSS +8.33% $1.30

2.  Entree

EGI +6.93% $1.08

3.  Allied Nevada

ANV +5.64% $6.18

 

LOSERS

1.  Banro

BAA -9.29% $1.4513

2.  Tanzanian Royalty

TRE -5.63% $3.02

3.  Randgold

GOLD -4.98% $43.50

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:

ICS update on Zambian operations - More
- April 21, 2009 | Item | E-mail


Pele Mountain Accelerates Acquisition of Mining Claims at Eco Ridge Mine Uranium Project - More
- April 21, 2009 | Item | E-mail


C2C Names Mr. Richard Brouillard as Chief Finance Officer - More
- April 21, 2009 | Item | E-mail


NWT Uranium Concludes Successful Meetings With Vietnam Atomic Energy Commission - More
- April 21, 2009 | Item | E-mail


AXMIN Announces Closing of CDN$2.5 Million Non-Brokered Private Placement - More
- April 21, 2009 | Item | E-mail


Fronteer Completes Acquisition of Aurora - "Fronteer Development Group Inc. (Toronto:FRG.TO - News)(AMEX:FRG - News)(NYSE Amex: FRG.A) ("Fronteer") announced today that it has acquired all of the remaining common shares of Aurora Energy Resources Inc. ("Aurora") pursuant to a going private transaction involving the amalgamation (the "Amalgamation") of Aurora and a direct wholly-owned subsidiary of Fronteer. The Amalgamation was approved and adopted at a special meeting of Aurora shareholders today." More
- April 21, 2009 | Item | E-mail


Aurora Announces Completion of Amalgamation With Fronteer Subsidiary and Related Redemption - More
- April 21, 2009 | Item | E-mail


Delta Enters Into Agreement With Citabar Limited Partnership and Citadel Gold Mines Inc. - More
- April 21, 2009 | Item | E-mail


Carlisle Goldfields to Acquire Additional Gold Assets From Delta Uranium Inc. - More
- April 21, 2009 | Item | E-mail


Cantex announces progress on Yemen projects - More
- April 21, 2009 | Item | E-mail


Virginia Finalizes the Sale of Two Properties - More
- April 21, 2009 | Item | E-mail


Uranium Bay Corporate Update - More
- April 21, 2009 | Item | E-mail


Gemini Explorations, Inc. Receives $75,000 Tranche From Previously Announced Financing for Use in Funding Its La Tapata Gold Mine Project - More
- April 21, 2009 | Item | E-mail


Ruby Red Resources signs letters of intent to option gold properties - More
- April 21, 2009 | Item | E-mail


Apoquindo and Minera Announce a Joint Venture Agreement on Apoquindo Copper Oxide Project and Private Placement - More
- April 21, 2009 | Item | E-mail


Eastmain: Eau Claire Winter Drilling - More
- April 21, 2009 | Item | E-mail


Gladstone Pacific Nickel Ltd. (ACN 104 261 887) - Appointment of new board member - More
- April 21, 2009 | Item | E-mail


Nayarit Gold Intersects 25.91 Metres of 3.33 g/t Gold and 272 g/t Silver, or 7.86 g/t Gold Equivalent or 472 g/t Silver Equivalent - More
- April 21, 2009 | Item | E-mail


Anfield to Acquire Mayaniquel, S.A. and Announces a $3.55 Million Private Placement With Lumina Capital Limited Partnership - More
- April 21, 2009 | Item | E-mail


Detour Gold Reports Additional Drill Results From Its 100% Owned Detour Lake Property in Ontario - More
- April 21, 2009 | Item | E-mail


Amex Exploration Inc.: First Resource Estimate at Perron - More
- April 21, 2009 | Item | E-mail


Colorado Goldfields Inc. -- Second in a Special Series on the Pride of the West Mill - More
- April 21, 2009 | Item | E-mail


Dana Resources Acquires the Property "Las Horquetas" - More
- April 21, 2009 | Item | E-mail


Duluth Metals Acquires Additional Strategic Lands in the Duluth Complex - More
- April 21, 2009 | Item | E-mail


Mega Silver Inc. and Skybridge Development Corp. Sign Business Combination Agreement - "Mega Silver Inc. (CDNX:MSR.V - News) ("Mega") and Skybridge Development Corp. (CDNX:SBD.V - News) ("Skybridge") announce that they have signed a business combination agreement in respect of the previously announced proposed acquisition of Skybridge by Mega. Under the terms of the acquisition, Mega will acquire all of the outstanding common shares of Skybridge ("Skybridge Shares") in exchange for common shares of Mega ("Mega Shares"), on the basis of one (1) Mega Share for every two and one-half (2.5) Skybridge Shares outstanding (the "Exchange Ratio")." More
- April 21, 2009 | Item | E-mail


Arian Announces Results of Meetings of Warrantholders Held Today - "Arian Silver Corporation (the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) announces that at separate General Meetings held today in London, England, the holders of the Company's B warrants approved the B Warrants Variation and the holders of the Company's C warrants approved the C Warrants Variation, details of which were set out in the Company's press release of 17 March 2009." More
- April 21, 2009 | Item | E-mail


New Gold Announces 2009 First Quarter Production and Cash Cost Results Ahead of Guidance - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX - NGD) today announces 2009 first quarter gold sales of 55,397 ounces at a cash cost(1) of $513 per ounce, net of by-product sales. Excluding Amapari, cash cost(1) at mining operations (Cerro San Pedro and Peak Mines) was $437 per ounce net of by-product sales. Ounces sold were higher and cash cost(1) was lower than the forecast underlying annual guidance of 190,000 to 210,000 ounces at $465 to $485 per ounce. This previously announced guidance for New Gold remains unchanged. The production and cash cost(1) information provided are approximate figures and may differ slightly from the first quarter earnings." More
- April 21, 2009 | Item | E-mail


Kirkland Lake Gold Inc.: South Mine Complex Production Commences; Company Wins 2008 MASHA Safety Award for Ontario - "Kirkland Lake Gold Inc. ("Kirkland Lake" or the "Company") (TSX:KGI - News; AIM:KGI), an operating and exploration gold mining company located in Ontario, Canada, is pleased to provide an update on its mining activities over the past three months." More
- April 21, 2009 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© 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 21 April, 2009 | |


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