-- Posted 28 April, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $892.25 | -$14.75 |
Silver | $12.455 | -$0.485 |
XAU | 119.38 | -3.42% |
HUI | 300.04 | -3.05% |
GDM | 913.59 | -3.21% |
JSE Gold | 2372.17 | -45.83 |
USD | 85.19 | -0.45 |
Euro | 131.42 | +1.15 |
Yen | 103.74 | +0.36 |
Oil | $49.22 | -$0.22 |
10-Year | 3.002% | +0.081 |
T-Bond | 123.8125 | -1.21875 |
Dow | 8016.95 | -0.10% |
Nasdaq | 1673.81 | -0.33% |
S&P | 855.16 | -0.27% |
The Metals:
Gold fell $15.58 to $891.42 in early Asian trade last night and then rebounded to back above $900 before it plummeted to a new low of $884.10 at the open of trade in New York, but it then climbed back higher for most of the rest of trade and ended almost 1% off that low with a loss of just 1.63%. Silver fell all the way to $12.347 at the open of trade in New York before it bounced back higher a bit, but it still ended with a loss of 3.75%.
Euro gold fell to about €680, platinum lost $51 to $1087.50, and copper fell another 7 cents to about $1.92.
Gold and silver equities fell over 3% at the open and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Apr | 39.2 | 29.7 | 26.9 |
S&P/C-S Home Price Index | Feb | -18.63% | -18.7% | -19.0% |
Tomorrow at 8:30AM EST brings first quarter GDP expected at -4.9% and the Chain Deflator expected at 1.7% and at 2:15PM is a FOMC rate decision.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly to back under $50 on continued worries that caution surrounding the so called swine flu will discourage travel and reduce energy demand.
The U.S. dollar index erased early gains and ended noticeably lower along with treasuries as the Dow, Nasdaq, and S&P rebounded from early losses and ended just slightly lower on a surprisingly large jump in Consumer Confidence.
Among the big names making news in the market today were Pfizer, Citigroup, Bank of America, Bristol, and Interlink.
The Commentary:
“Dear Comrades In Golden Arms,
Stay Focused.
The first fallout casualty of the Flu panic today is a $50 billion dollar request to the IMF by Mexico. Quantitative Easing is going to shift into high gear everywhere.
The COT are such a lucky bunch that are perfectly positioned to hammer gold from unchanged into the hard negatives since about 5am today.
If you throw away your gold protection, as some of you are right now, you might as well take off your mask on the Swiss train car with the exploding virus vials or run up to someone in Mexico City and say please sneeze on me a few times.
Keep your eye on the ball.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“June Gold closed down 14.6 at 893.6. This was 9 up from the low and 5.6 off the high.
May Silver finished down 0.555 at 12.4, 0.075 off the high and 0.07 up from the low.
Despite better than expected US scheduled data, a mid day recovery attempt in stocks and a sharp slide in US Treasuries, the gold market seemed to be caught in a deflationary washout. Perhaps the selling in gold was technically orientated today or perhaps the weakness being in a host of physical commodity markets was simply indicative of widespread extension of global slowing fears. In fact, the bull camp in gold could have been cheered by slightly better than expected US scheduled data or by the quasi reversal in the Dollar from its early highs, but instead little seemed to discourage the trade from pressing on prices.
Like the gold market, the silver market also seemed to be under distinct selling pressure. While some players suggested that stop loss selling was the primary driving force in the trade, seeing a long list of physical commodities under noted pressure probably means that some fresh outright selling was also being seen. Also like gold, the silver market didn't seem to benefit for better US data and periodic attempts to recover in the US equity market. With copper and platinum prices down very aggressively, it is possible that most would be buyers of silver were simply scared off.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
J.S. Kim: Central banks are full of disinformation on gold
Gene Arensberg: Big players positioning for higher silver
The Statistics:
As of close of business: 4/28/2009
Gold Warehouse Stocks: | 8,453,201 | -101 |
Silver Warehouse Stocks: | 116,221,328 | +203,678 |
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 | 1,104.45 | 35,509,158 | US$ 32,215m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.11 | 4,247,313 | US$ 3,783m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.26 | 425,766 | US$ 380m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.36 | 911,814 | US$ 827m |
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 4/27/2009 | |
Total Net Assets | $1,993,990,245 | 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 4/27/2009 | |
Total Net Assets | $3,509,642,722 | 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:
US Gold’s (UXG) increased resources, NovaGold’s (NG) feasibility study, and Hecla’s (HL) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +2.06% $19.83 |
2. Taseko | TGB+1.48% $1.37 |
3. NovaGold | NG +1.12% $2.70 |
LOSERS
1. Richmont | RIC -6.91% $3.37 |
2. Anglo American | AAUK -6.02% $9.68 |
3. Silver Standard | SSRI -5.90% $16.60 |
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:
First Narrows Provides Corporate Update - More
- April 28, 2009 | Item | E-mail
Golden Dawn Minerals announces a private placement offering & engages Contact Financial for marketing and investor communications - More
- April 28, 2009 | Item | E-mail
Hana Mining Intersects 1.23% Cu and 24.4 g/t Ag Over 9.0 Meters Including 1.90% Cu and 30.5 g/t Ag over 2.5 Meters at Banana Zone-Ghanzi Copper-Silver Project - More
- April 28, 2009 | Item | E-mail
FNX Closes $15 Million Flow-Through Financing - More
- April 28, 2009 | Item | E-mail
Rusoro Mining Ltd. Appoints Chief Operating Officer and VP Corporate Development - More
- April 28, 2009 | Item | E-mail
BTV-Business Television Features Midlands Minerals - More
- April 28, 2009 | Item | E-mail
Oremex Resources Inc. Files Fiscal 2009 First Quarter Financial Statements - More
- April 28, 2009 | Item | E-mail
Lake Shore Gold Commences Advanced Underground Exploration Program at the Bell Creek Complex - More
- April 28, 2009 | Item | E-mail
Noront Resources Continues Drilling in Ring of Fire - More
- April 28, 2009 | Item | E-mail
US Gold Increases Gold Resources in Nevada - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(UXGA - News)(Frankfurt:US8.F - News) is pleased to announce a substantial increase in the estimated mineral resource at the Company's Gold Pick, Gold Ridge North, Cabin Creek and Hunter deposits located on the property commonly referred to by the Company as Gold Bar." More
- April 28, 2009 | Item | E-mail
Rocmec Acquires a 40% Interest in 6 Mining Concessions Located in Peru - More
- April 28, 2009 | Item | E-mail
Waseco Resources Inc.: 2009 Uranium Exploration Program Gets Underway - More
- April 28, 2009 | Item | E-mail
Century Mining Receives Conditional Underwriting Commitment For US$65 Million Lamaque Project Financing - More
- April 28, 2009 | Item | E-mail
Ansell Capital Corp. Acquires Nevada Gold Property and Rearranges Board - More
- April 28, 2009 | Item | E-mail
Noront Resources continues drilling in Ring of Fire - More
- April 28, 2009 | Item | E-mail
Ruby Red Resources announces private placement - More
- April 28, 2009 | Item | E-mail
Donlin Creek Feasibility Study Adds 14.7 Mozs to NovaGold's Reserves - "NovaGold is pleased to announce the results of a feasibility study completed for its Donlin Creek project. The Donlin Creek project is owned equally by NovaGold and Barrick Gold U.S. Inc. and operated by Donlin Creek LLC, a jointly owned limited liability company. The property is under lease from two Native Alaskan Corporations, Calista Corporation (subsurface rights) and The Kuskokwim Corporation (surface rights). The Donlin Creek mine, once built, is expected to be one of only a handful of gold mines worldwide that is capable of producing over one million ounces of gold annually. All amounts are in US$ unless otherwise stated." More
- April 28, 2009 | Item | E-mail
Trilliant Exploration Expands Operating Capacity at Muluncay - More
- April 28, 2009 | Item | E-mail
Termination of proposed distribution of Golden Harp Shares - More
- April 28, 2009 | Item | E-mail
Canadian Mining Completes Grid & Steps-Up Geophysics - More
- April 28, 2009 | Item | E-mail
Midland Obtains High-Grade Gold Intercepts on its Maritime Cadillac Property - More
- April 28, 2009 | Item | E-mail
Rimfire Signs Agreement on Quesnel Trough Porphyry Copper-Gold Targets - More
- April 28, 2009 | Item | E-mail
Shoreham Announces $600,000 Non-Brokered Private Placement - More
- April 28, 2009 | Item | E-mail
Inmet announces first quarter earnings of $1.06 per share - More
- April 28, 2009 | Item | E-mail
Anooraq Provides Update on the Empowerment Transaction with Anglo Platinum - More
- April 28, 2009 | Item | E-mail
Romarco drills 54.9 meters of 5.1 g/t Au at Haile - More
- April 28, 2009 | Item | E-mail
Crosshair Commences Action Against Universal Uranium - More
- April 28, 2009 | Item | E-mail
Alexis Minerals Recognized With Two Awards by the Val d'Or Chamber of Commerce - More
- April 28, 2009 | Item | E-mail
General Metals Closes 480 Acre Private Land Purchase in the 2009 Ramp Up for Near Term Production at the Independence Mine - More
- April 28, 2009 | Item | E-mail
Nevada Copper-Drills High Grade: 42 Meters (136 ft) @ 3.2% Copper, 1 g/t Gold in the E-2 Deposit and 38 Meters (125 ft) @ 3.2% Copper in the East Deposit - More
- April 28, 2009 | Item | E-mail
Hecla Reports First Quarter Profit and Reduced Cash Costs: Silver Production Increases 128%; Cash Costs Below $5 Per Ounce Silver - "Hecla Mining Company (NYSE:HL) today reported net income applicable to common shareholders of $3.9 million, or 2 cents per common share, on revenue of $54.7 million in the first quarter of 2009, compared to net income of $12.1 million, or 10 cents per common share, on revenue of $37.5 million a year ago. The results include a $6.2 million gain on the sale of Hecla’s Velardeña mill in Mexico and a gain of $9.0 million associated with the curtailment of a corporate non-pension benefit plan. Excluding dividends to holders of its preferred shares, Hecla reported net income of $7.3 million for the first quarter of 2009 compared to net income of $15.5 million for the first quarter of 2008." More
- April 28, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 April, 2009 | |
