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-- Posted 27 April, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $907.00 | -$5.60 | Silver | $12.94 | +$0.05 | XAU | 123.61 | -1.69% | HUI | 309.47 | -0.43% | GDM | 943.91 | -1.23% | JSE Gold | 2418.00 | +62.90 | USD | 85.64 | +0.94 | Euro | 130.35 | -2.22 | Yen | 103.33 | +0.53 | Oil | $50.14 | -$1.41 | 10-Year | 2.921% | -0.075 | T-Bond | 125.03125 | +0.796875 | Dow | 8025.00 | -0.64% | Nasdaq | 1679.41 | -0.88% | S&P | 857.51 | -1.01% |
The Metals:  Gold saw decent gains in early Asian trade before it fell as much as $8 to $904.60 shortly after the open in New York, but it then rallied back higher for the rest of the morning and ended with a loss of just 0.61%. Silver traded over 1% higher in Asia before it fell to see a 5 cent loss at $12.84 by late morning in New York, but it then rallied back higher in the last two and a half hours of trade and ended with a gain of 0.39%.
Euro gold climbed to about €697, platinum lost $35 to $1138.50, and copper fell over 6 cents to about $1.99. Gold and silver equities traded just slightly lower in morning trade before they fell about 2% by mid-afternoon, but they then rallied back higher in late trade and ended just slightly lower. The Economy: There were no major economic reports today. Tomorrow at 10AM EST brings Consumer Confidence for April expected at 28.8 and the S&P/CaseShiller Home Price Index for February expected at -18.8%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell back near $50 on concerns that a potential swine flu outbreak will hurt the economy and energy demand. The U.S. dollar index jumped higher on cash raising a little after 1PM EST after reports of an earthquake in Mexico City added to worries over swine flu. Treasuries rose while the Dow, Nasdaq, and S&P traded mostly slightly lower on worries over Swine Flu and the economy. Among the big names making news in the market today were Whirlpool, GM, Goldman Sachs, Humana, Bank of America, and Qualcomm. The Commentary:  “I have reported in our newsletter [ www.GoldForecaster.com ] that if China was to buy gold for its reserves, it would do it through purchasing local production [around 240 to 270 tonnes at the moment], which means that for the last six years they have been buying 80 tonnes a year.
This buying did not appear in the 'open' market or it would have been quickly picked up. Because it was bought locally, the only impact on the market was an unseen drop in supply. By publicizing this information one has to ask, are they going to buy local supply in larger quantities? Will they take all the local production? If so this will mean a drop in supplies to the open market of a substantial amount. This will be extremely gold positive! It will also mean that not only is Russia buying around 4 tonnes a month for reserves but China is effectively buying over 6 1/2 tonnes of gold a month for reserves. Now add to that that the Central Bank Gold Agreement signatories are selling around 1 tonne of gold a month, with one signatory buying gold now, then it shows that Central Banks of importance are favoring gold far more than before. This does reflect [as the Bundesbank President said] that "gold is a useful counter to the swings in the $".
This will have a broader positive impact on gold investors, institutional and private. It gives great support to gold and direction! Certainly if the I.M.F. is to sell gold [not a foregone conclusion!] at an auction as they did in the past, then I would expect a central bank like Russia or China to be a buyer, at market prices. The implications for gold returning to a monetary role [reserve asset in support of currencies] are tremendous and gold price positive. If it has such a role in the future then the possibility of governments taking over the gold market rears it ugly head."”- Julian D.W. Phillips, www.goldforecaster.com  “Back to the various markets – equities, grains, crude oil, nearly everything commodity, were all sharply lower overnight as the news about the new form of flu spread and traders sold first and asked questions later. If the flu turns out to be the beginning of a serious epidemic world-wide, then fears of a slowdown in consumer spending will be justified as people attempt to minimize as much as possible exposure to the general public. In Mexico the cancellation of soccer games, school classes and other assorted activities gives one a sense of where things might go should this thing ramp up further. I am not a physician or a health expert of any kind but at least this outbreak is occurring during the late spring and summer months here in the northern hemisphere and not during the colder months that we normally associate with flu outbreaks. That is at the very least helpful.
Gold was higher overnight on the news and maintained its gains until, (you guessed it), it came into New York where the usual culprits smashed it down. Don’t ask me to give a reason why it was sold down – I have none other than that which we all know already. Silver also was taken down after surging above $13.20 overnight. The gold shares held up better with the HUI and XAU weaker, albeit only slightly at one point with the XAU actually working into positive territory. Getting a read on any market with today’s flu related volatility is going to be extremely difficult and traders and investors would do well to withhold dogmatic assertions based on price behavior until things simmer down some and we can get a true reading on some of these markets. With that caveat, gold ran into selling resistance near the downsloping trendline shown on the price chart with the market losing its footing above the 40 day moving average. Bulls need to force price above the $930 level to spark a further round of short covering and to tip the technical picture firmly in their favor. Gold is still registering a mixed picture with very short term signals friendly but the intermediate term picture bearish with the longer term picture still bullish with the monthly chart showing the $1,000 level holding the bull charge contained while the 20, 40, 50 and 100 month moving averages are trending solidly higher. Neither side has a clear advantage at this time with the gold shares’ price action probably tipping the balance of power in the favor of one camp or the other. The knee-jerk rush back into the Dollar for a safe haven play against flu fears (I am merely reporting what these mindless cretins are doing) is leading to gold selling with the risk aversion plays the dominant theme for today. Sure – I get it – North American flu fears mean buying the North American US Dollar… no further comment….either way – stronger dollar leads to price capping and gold selling. May Silver will be going into its delivery process this week so we will get a chance to see how that fares especially with the recent drawdown in Comex silver warehouse stocks associated with the sale of SLV. Heavy deliveries with little to none in the way of retenders will be encouraging. We will have to wait and see how things go.”- Dan Norcini, More at JSMineset.com  “June Gold closed down 5.9 at 908.2. This was 2.4 up from the low and 6.3 off the high.
May Silver finished up 0.035 at 12.955, 0.09 off the high and 0.12 up from the low. Initially gold prices benefited from the Swine flu threat. However, seeing the Dollar, Yen and Treasuries also benefit from the swine flu threat seemed to diffuse the safe haven status of gold. In fact, the mid morning recovery in the US equity markets seemed to further undermine the flight to quality status of the gold market. Apparently seeing a noted slow down without a full blown pandemic could end up being a negative for gold prices, as a severe slowdown in the economy could rekindle deflationary selling in a host of physical commodities like gold. In a surprising twist the press was reporting a decline in Indian gold jewelry sales and since that news comes during a festival window that is especially disheartening to the bull camp. After seeing the July silver contract reach the highest level since March 30th early in the trade Monday, the silver market gave some ground. Clearly the silver market outperformed the gold market for most of the trading session as silver seemed to spend more time in positive ground than the gold market. Surprisingly silver wasn't undermined by the surging threat of deflation in many physical commodities and that in turn would seem to suggest that silver was indeed getting some flight to quality buying support during the trade Monday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
Ted Butler: Dangerous parallels James Turk: Gold's strong technical position Judy Shelton: The IMF's gold gambit Ambrose Evans-Pritchard: Capital well is running dry Al Korelin interviews GATA's Ed Steer GATA Chairman Murphy interviewed by TheFinancialTube.com So what happened to selling IMF's gold to help poor? Michael Kosares: China turns IMF gold sales into a wet noodle GATA's credibility soars on China gold-buying news The Statistics: As of close of business: 4/27/2009 Gold Warehouse Stocks: | 8,453,302 | -6,136 | Silver Warehouse Stocks: | 11,793,404 | - |
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 | 1,104.45 | 35,509,158 | US$ 32,216m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.57 | 4,262,361 | US$ 3,866m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.26 | 425,771 | US$ 387m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.36 | 911,854 | US$ 818m | NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.11 tonnes. COMEX Gold Trust (IAU) Profile as of 4/24/2009 | | Total Net Assets | $2,007,684,542 | Ounces of Gold
in Trust | 2,198,111.462 | Shares Outstanding | 22,350,000 | Tonnes of Gold
in Trust | 68.37 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 4/24/2009 | | Total Net Assets | $3,455,687,822 | 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: Richmont’s (RIC) dewatering activities, Rubicon’s (RBY) drill results, Exeter’s (XRA) drilling, Fronteer’s (FRG) test results, Eldorado’s (EGO) study results, SNS Silver’s (SNS.V) director appointment, and First Majestic’s (FR.TO) silver production were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Hecla | HL+16.59% $2.60 | 2. Endeavour | EXK+4.32% $1.69 | 3. Fronteer | FRG+3.91% $2.39 |
LOSERS 1. Taseko | TGB -7.53% $1.35 | 2. ITH | THM -5.66% $2.50 | 3. Golden Star | GSS -5.59% $1.35 |
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: Jasper Mining Corporation reports 224.64 m grading 0.31% Cu.EQ. from hole 50 for the diamond drill program on Isintok property - More
- April 27, 2009 | Item | E-mail
SNS Silver Announces Mr. Grundman as Director - "SNS Silver Corporation ("SNS" or the "Company") (CDNX:SNS.V - News) has appointed Andrew S. Grundman to the Company's Board of Directors. Mr. Grundman was appointed because of his extensive experience concerning the Sunshine Mine in Kellogg, Idaho, and also to comply with the Mining Lease Agreement entered into on April 15, 2009 between SNS and Sunshine Precious Metals, Inc. ("SPMI")." More
- April 27, 2009 | Item | E-mail
Tournigan Grants Stock Options - More
- April 27, 2009 | Item | E-mail
Alamos Gold Inc. Provides an Update of Exploration Activities at Mulatos; Reports Additional High Grade Mineralization at Escondida - More
- April 27, 2009 | Item | E-mail
Canadian Royalties Inc.: Nunavik Nickel Project Exploration Kehoe Update - More
- April 27, 2009 | Item | E-mail
Cadiscor Receives Court Approval to Hold its Special Shareholder Meeting - More
- April 27, 2009 | Item | E-mail
Cogitore Resources Inc.: High Grade Massive Sulphide Hits Conclude Winter Drilling Program on Caribou Project - More
- April 27, 2009 | Item | E-mail
Asia Now Announces Resignation of Director - More
- April 27, 2009 | Item | E-mail
Pele Mountain Enters Into Option Agreement for Ardeen Gold Project - More
- April 27, 2009 | Item | E-mail
CityView Chairman Sends Letter to Shareholders - More
- April 27, 2009 | Item | E-mail
Stingray Unveils Positive Feasibility Study for El Pilar Copper Project, Sonora, Mexico - More
- April 27, 2009 | Item | E-mail
Mirasol reports final Phase 1 drill results at Joaquin, and commencement of Phase 2 drilling at La Negra and La Morocha silver-gold targets - More
- April 27, 2009 | Item | E-mail
Rochester Completes Geological Review of Mina Real Property - More
- April 27, 2009 | Item | E-mail
Forsys Receives Unconditional Court Approval for Second Amendment Agreement With GFI - More
- April 27, 2009 | Item | E-mail
Adex Grants Options to Directors, Officers and Certain Employees and Consultants - More
- April 27, 2009 | Item | E-mail
Noront Resources Completes Preliminary Metallurgical Tests on Blackbird Chromite Mineralization - More
- April 27, 2009 | Item | E-mail
Orex Minerals Commences Drilling at Zambranena - More
- April 27, 2009 | Item | E-mail
Pinnacle Mines Ltd. Launches Scoping Review at its Silver Coin Gold Deposit near Stewart, B.C. - More
- April 27, 2009 | Item | E-mail
Shoreham Negotiates Option to JV Guiana Shield Resources Inc.'s GOLD and PGM Portfolio With Mulgravian Ventures Corporation - More
- April 27, 2009 | Item | E-mail
Silverado's Budget and Financing Review - More
- April 27, 2009 | Item | E-mail
Advanced Explorations Inc. Announces Filing of NI 43-101 Technical Report - More
- April 27, 2009 | Item | E-mail
Champion Minerals Completes Magnetic Volumetric Estimates and Taconite (Iron Formation) Tonnage Potentials on the 80km Long Attikamagen Iron Property - More
- April 27, 2009 | Item | E-mail
Nuinsco Announces Completion of Rights Offering To Shareholders - More
- April 27, 2009 | Item | E-mail
AuEx Ventures, Inc.: Initial Metallurgical Results for Long Canyon Announced - More
- April 27, 2009 | Item | E-mail
Mineral Deposits Limited: Sabodala Gold Project-Status of Production "Ramp Up" - More
- April 27, 2009 | Item | E-mail
Richmont Mines Begins Dewatering at its Francoeur Project - "Richmont Mines Inc. (Toronto:RIC.TO - News)(NYSE Amex: RIC)(AMEX:RIC - News) ("Richmont"), a gold exploration, development and production company with operations in Canada, today announced it began dewatering activities of the underground openings at its Francoeur property, located 25 km west of Rouyn-Noranda. The dewatering of the mine, which reaches a depth of approximately 820 metres, will also include the commissioning of the existing hoist and the upgrade of the related infrastructure. This work is expected to be completed over an eight month period." More
- April 27, 2009 | Item | E-mail
Rubicon Intersects More High-Grade Gold and Wide Gold Zones at F2 Zone, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to announce results of ice-based drilling from its 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. The Company is conducting drill programs designed to expand the F2 Zone from which numerous significant high-grade and bonanza-grade gold intercepts have been reported (see news releases from March 12, 2008, onwards)." More
- April 27, 2009 | Item | E-mail
Exeter Resource Corporation: Drilling Continues to Significantly Expand Caspiche Gold Copper Porphyry - "Exeter Resource Corporation (CDNX:XRC.V - News)(XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that ongoing drilling to expand the size of the Caspiche porphyry has encountered significant economic tenor mineralization outside the interim mineral resource estimate announced last month. That resource of 450 million tonnes of rock containing 8.7 million ounces of gold and 2 billion pounds of copper(i) was based solely on drilling to the end of 2008." More
- April 27, 2009 | Item | E-mail
First Majestic Silver Corp.: Silver Production Increases 4% in 1st Quarter - "The equivalent silver production for the quarter consisted of 929,964 ounces of silver representing an increase of 4% compared with the first quarter of 2008 and a minor decrease of 156 ounces of silver when compared with the fourth quarter of 2008. 1,828,739 pounds of lead were produced in the quarter representing a 2% decrease over the first quarter of 2008 and a decrease of 13% or 265,248 pounds when compared with the fourth quarter of 2008. 491 ounces of gold were produced in the quarter representing an increase of 105% when compared with the first quarter of 2008 and an increase of 22% compared with the fourth quarter of 2008." More
- April 27, 2009 | Item | E-mail
Fronteer Development Group Inc.: Initial Metallurgical Tests at Long Canyon Return Gold Recoveries Averaging More Than 90% - "Fronteer Development Group Inc. (Toronto:FRG.TO - News)(AMEX:FRG - News)(NYSE Amex: FRG.A) is pleased to announce that bottle-roll leach testing of coarse Long Canyon samples have returned gold recoveries averaging more than 90%, suggesting mineralization is amenable to low-cost, heap leach processing." More
- April 27, 2009 | Item | E-mail
Eldorado Gold Corporation: Kisladag Optimization Study Results - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News)(NYSE Amex: EGO.A) is pleased to provide a summary of the results of a recently completed internal review of our Kisladag mine, Western Turkey (the "Study"). The Study identified opportunities to effectively increase annual production and lower unit costs at Kisladag and will form the basis of feasibility engineering to be undertaken by the Company and its consultants over the next five months." More
- April 27, 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 27 April, 2009 | |
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